Lippo sees property sales growth slowing to 15%

[JAKARTA] Lippo Group expects property sales growth to slow to 15 per cent in Indonesia next year, down from 25-30 per cent in 2013 and in line with a slowdown in the economy, the chief executive of Indonesia's biggest property developer by assets said.

Next year "is the year of consolidation, slowing economic growth, rising interest rates, tight monetary policy. Therefore demand will definitely drop," James Riady, CEO of Lippo Group, told reporters on Tuesday.

He said that he will focus on developing his property business in eastern Indonesia. Listed units in the Lippo Group include PT Lippo Karawaci and PT Lippo Cikarang.