PT AGUNG PODOMORO LAND TBK TO DEVELOP ITS FIRST SUPERBLOCK IN MEDAN, NORTH SUMATERA
July 12, 2013
Jakarta, July 11, 2013. PT Agung Podomoro Land Tbk (“APLN” or “the Company”) – (Ticker IDX: APLN) – announced that the Company has entered into conditional sale and purchase agreement to acquire 58% stake for about IDR467 billion in PT Sinar Menara Deli (SMD), an unaffiliated company, which owns around 5.2 hectares of land in the City Center of Medan, North Sumatera. The Company plans to develop its first superblock for middle to high-class segment in the area, including apartment units, office space for sale, shopping mall, hotel and kiosks. This future superblock is expected to generate marketing sales in excess of IDR5trillion in the next 3 – 4 years.
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