Reported on Vivanews.com, Bogor district Local Planning Agency said on Monday, Sept 20, 2010 that the government is preparing an infrastructure development within east area of Bogor, following recent discussion of Jonggol area as the country’s new capital city. The project name is called Poros Timur Tengah, which involving four districts, Sukamakmur, Jonggol, Cariu and Tanjung Sari. The project is funded through West java regional budget.
The realization of the project leads to our positive view to ELTY business growth, where the company has 14,000 ha land bank in the area of Jonggol. Based on last trading day, ELTY is trading at 56% discount to our NAV10. We still in review on ELTY forecast following the development.
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