JAKARTA – As of May 27, 2024, PT Indonesian Paradise Property Tbk (INPP) is no longer listed under Special Monitoring Board of Indonesia Stock Exchange (IDX), and is now entering the Development Board.

With this status update, INPP also reveals its plan to issue corporate bonds in the second half of 2024.

“It has become our work plan for the second half of this year,” Anthony P. Susilo, President Director of INPP, confirmed during the Annual Public Expose 2024 of INPP last Thursday (6/6).

According to the official release, the bonds will be used for three of its main business lines: commercial, hospitality, and property projects.

For the record, Pefindo has given INPP a rating and outlook of “idBBB+ Stable”. As of 2023, 85% of INPP’s revenue indeed came from recurring income, allowing the company to consistently hit its performance target.

“As of now, it [recurring income portion] remains at 80%. However, in full-year, we aim for 70%, as we will record some property sales of Antasari project in Q4,” said Surina, Director of Finance of INPP.

“The Company is confident that this strategic decision will be well-received by the public, given the Company's track record of maintaining growth momentum, thanks to a significant contribution from recurring income,” said the management in the press release.

For 2024, INPP aims to secure 20% growth in its performance, setting a capital expenditure budget of IDR 980 billion.

As of Q1 2024, Surina mentioned that the company has used 20% of it, mainly directed for Antasari project. Then, she projects a realisation increase in Q3 and Q4, following ongoing constructions of 23 Paskal extension and 23 Semarang. (ZH)