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SINGAPORE: Indonesian property developer Gapuraprima Group wants to raise about S$360 million through a property trust on the Singapore Exchange.
The REIT, to be launched early next year, will be done in partnership with a Malaysian government-linked firm, Amanah Raya.
It will be based on a portfolio of shopping malls in Malaysia and Indonesia.
Gapuraprima boasts assets of US$500 million. Its unit, Perdana Gapuraprima, made its debut on the Jakarta Stock Exchange on Sunday.
The property group said it is optimistic about the property sector in Indonesia.
Rudy Margono, President Director of Gapuraprima Group, said: "Property is in the booming period. The foreign ownership programme by the government to push up the property demand especially the growth of the mid-segment level, I think, will drive the property (demand) up in the next five years."
Gapuraprima plans to expand aggressively by developing five new projects in Jakarta and its surrounding suburbs.
Perdana Gapuraprima is in talks to buy a hotel in either Bali or Jakarta.
The Gapuraprima Group is also planning a local-currency bond issue worth 300 billion rupiah to fund the acquisition.
- CNA/so
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