The property developer Greenwood Sejahtera is planning to offer as many as 3.34 billion shares, 35 per cent of the company’s enlarged income, in a first time share sale next month. The share sale is aiming to raise RP1.09 trillion (US$ 119.9 million). The shares will be valued at RP275 (US$0.03) to RP325 (US$0.35) per share and the shares are to be listed on December 15. Half of the proceeds will go towards expanding The City Centre-Batavia in Jakarta, 30 per cent as working capital and the remainder will be used to acquire new developments.

 The company are looking into purchasing a 3.2 hectare area of land located next to their City Centre Batavia project. The expansion of this area will include the building of three office towers, a shopping mall and entertainment centre. The three office towers will be completed by the end of 2013. The first office tower has had RP300 billion (US$33.32 million) spent on it already this year and all the company’s capital expenditure of RP 405 billion (US$40.48 million) for next year will also be spent on it according to Jakarta Globe.

 Greenwood Sejahtera is trying to acquire more developments in Jakarta’s central business district and sees demand for office space in this area increasing. Property consultant Jones Lang Lasalle came to the same conclusion as they reported a 187 per cent increase in demand for office space in the CBD for the January to September period compared to a year earlier.- http://www.property-report.com