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Park Filled

Parkville, PT Sentul City's (BKSL) newest residential gem, has captured the hearts of many, with a remarkable 198 units snatched up in record time.

These homes, designed with the modern lifestyle in mind and featuring cutting-edge Smart Home Systems, have become the talk of the town.

Located in Sentul City's CBD, Parkville puts you within arm's reach of all the essentials – from top-notch schools to vibrant shopping hubs, sports arenas, and an array of culinary delights.

Parkville homes are also equipped with the latest in security and convenience tech, including CCTV, Digital Lock Doors, Universal Remotes, and more.

On top of the perfect blend of tranquility and urban convenience, BKSL provides a reassuring 2-year building warranty.

Source: Company

Now, let's break down what has already been sold and what is currently in BKSL's inventory:

  • Parkville has recently sold out amounting to IDR200 bn. As of 20 August, there were 26 units left, and these happened to be sold out within 8 days, each unit priced at approximately IDR1 bn.

  • Spring Valley Extension, which was launched in 7M23, had 110 units remaining, with a total sales of IDR156 bn. As of 20 August, only 14 units have been sold. If we consider all units sold, it would be IDR172 bn.

  • R13A project is set to launch in 10M23. If all units are sold out, it will amount to IDR500 bn for 544 units.

Source: Company, Sucor Research

Under the leadership of Eddy Sindoro's team, who took charge in 8M22, BKSL has achieved remarkable milestones.

After 8 years of inactivity in direct residential sales, the new team accomplished ambitious marketing sales of IDR171 bn in 2H22, IDR242 bn in 1H23, and an additional IDR245 bn from July to August 2023 (including the recently sold-out Parkville).

Source: Company, Sucor Research

The residential sales achieved 2023 YTD have surpassed the figures from 2016-2022. On top of that, what truly stands out is the potential for 2023 residential marketing sales to exceed 2021 figures, which were exclusively derived from land plot sales.

It's worth noting that in 2021, BKSL primarily focused on land plots, but starting from 2022, they expanded their focus to include residential units.

With the current ongoing projects, including R13A and Spring Valley Extension, as well as the potential to sell land plots, we are confident BKSL will out-perform one of their all time high marketing sales from 2021.

Having achieved substantial milestones, and also pocketing a landbank of nearly 5,000 hectares primed for development, BKSL is now forging ahead with confidence and it's safe to say that BKSL's achievements this year are just the beginning.

We expect a remarkable 64% CAGR in marketing sales over the next five years, aiming for IDR3.6 tn by 2027.

While this growth forecast is ambitious, it's essential to consider that it originates from a relatively humble starting point. Our target price is set at IDR122, offering a remarkable 144% upside potential!

Find our previous report here: well as our related sales note here.

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