Last year HK Realtindo had already issued IDR 550 billion in medium term notes in order to finance land acquisition and operational costs for its seven new projects in Cengkareng, Sawangan, Surabaya, Semarang, Yogyakarta, Cibubur and Bekasi. Most of these projects involve landed houses projects. The company also plans to construct five hotels this year.

In 2015 HK Realtindo collected IDR 600 billion (approx. USD $43 million) in revenues and IDR 150 billion in net profit. This year the company targets revenue to rise to IDR 2.2 trillion and net profit at IDR 220 billion.

Hendy Pagar Alam, Commercial Director of HK Realtindo, said the company is ready to go public. However, it waits for the fourth quarter as it does not want to conduct an IPO too close to the IPO of Wika Gedung, unit of another state-controlled construction company, Wijaya Karya. Pagar Alam said the IPO of HK Realtindo might be less attractive for investors in case both companies go public around the same time.

Further Reading:

Overview and Analysis of Indonesia's Property Sector