As of Monday, the company had already sold 36 hectares of its industrial land to tenants, which include foreign and local manufacturers. This figure is equivalent to 60 percent of the company's target for this year.

Land sales are expected to increase further this year.

The developer has achieved Rp 559 billion of its Rp 1.5 trillion marketing sales target the first quarter.

Puradelta also suffered from a slowdown in property demand this year amid challenging economic conditions. This saw the developer's net income decline 54.6 percent year-on-year to Rp 123 billion in the first quarter.

Revenue was also down 68.5 percent to Rp 222 billion.

Puradelta has been diversifying its business by developing its non-industrial business segment, such as commercial and residential developments, to expand revenue sources.

The company still relies on its industrial estate business, which involves the sale and management of land for tenants in its estate. The bulk of its revenue, or 80.5 percent of the total as of end of March this year, came from this segment.

This proportion has been reduced from 98.7 percent in the same period last year, amid a strong push by the company to diversify.

The commercial business segment contributed 12.1 percent, while the residential and hotel business segment contributed 3.8 percent and 3.6 percent, respectively.