Citra Swarna Group (CSG) expanded its business through its subsidiary PT Bumi Arta Sedayu, by acquiring a four-star hotel in Palembang City, South Sumatra.
The hotel, located on Jalan Kapten A. Rifai no 36, 24 Ilir village, Bukit Kecil sub-district, Palembang City, was acquired from the assets of PT Bank QNB Indonesia Tbk, on October 11, 2023.
This asset is considered a promising investment and business expansion, because the location is quite strategic, located in one of the heart of Palembang City. The value of the asset is estimated at Rp 51 billion.
President Director of Citra Swarna Group, Victor Yap emphasized that the purpose of this acquisition is to capture new opportunities outside Jakarta, Karawang, Bogor, and Serang.
“This is a geographical diversification to obtain potential or opportunities for new growth bases outside Jakarta,” he said during the sale and purchase meeting in Central Jakarta.
According to Victor, the move will open up tremendous growth prospects, strengthen CSG’s presence in the hospitality market, and add value in the long run.
“We expect this additional portfolio in operation will further strengthen the growth base from increased recurring income as well as the company’s cash flow for years to come.
This expansion is a long-term strategic move. In addition, it is proof that Citra Swarna Group continues to grow and strive to be better so that it can provide added value to consumers and stakeholders.
“This acquisition marks the beginning of a new chapter in Citra Swarna Group‘s business, where we will continue to build loyalty and a strong corporate and project reputation. Therefore, it is time for us to expand our business into the hospitality sector,” said Victor.
Citra Swarna Group is committed to applying the principles of good governance in the management of hotel projects in Palembang City.
“The business development of Citra Swarna Group through the acquisition of hotels in Palembang City is also expected to further spur property marketing activities,” concluded Victor
