Good, good morning, everyone. Please welcome equity investors, bond investors, regulators, and credit rating agency to PT Lippo Karawaci Tbk full year 2023 earnings call. Today, as moderator, I'm Randy, as Head of Investor Relations. With me today, we have Mr. John Riady as the Group CEO, and Mr. Daniel Phua as the Group CFO. Today, we will present, our full year results, followed by, question and answers. During the presentations, you may drop questions on our chat box. Without further ado, please, Daniel, to continue with the presentations. Thank you.
Thank you, Randy. Good morning, everyone. I'm very excited to have everyone here today, for us to share about the FY 2023 results, for PT Lippo Karawaci. Again, just a bit of background, I think, this has been a very strong year for Lippo Karawaci as a group. We booked revenue of IDR 17 trillion in FY 2023. As a bit of a background, I mean, for those who are new, obviously, we are the leaders in integrated real estate and healthcare development, across Indonesia. In real estate, we have a large land bank with end-to-end revenue streams, from real estate developments to township management, water treatments, and so forth.
Healthcare, similarly, we have end-to-end integrations from clinics referring to hospitals, and we have over 3,800 GP specialists and 8,000 nurses working in the healthcare group. We have malls and hotels across 17 provinces in Indonesia, with 1.67 million in NLA being managed. So Lippo Karawaci is a group that touches, I guess, all aspects of the Indonesians' life, be it in the healthcare, be it in housings, or be it in lifestyle and housings. Revenue-wise, basically, largely 66% of the contributions is from healthcare, with another 27% from real estate, and 7% from lifestyle. With that background, I will move into the key highlights for the results of FY 2023.
I think a key theme in terms of the performance of FY 2023 is consistency and sustainability. Since about five years ago, we have consistently beaten the targets that we have given the market, and that is the trend that we intend to continue. What's more important is that if you look at our performances year-over-year, there is sustained improvement.
We basically... Those are not through accidents; those are managed through very disciplined financial governance, very deep research in terms of understanding in regard to what consumers want in the area of both real estate, healthcare, and lifestyles.
In real estate, we have continued to be the innovators, as we have said we would do in the past, to continue to look at innovative products, and to continue to be a leader in pushing our products that we believe would be of interest to the first home buyers, to the basically middle income. And I would illustrate that a little bit more when I go to the real estate sections in terms of some of those exciting products that we have brought to the market in the past.
In healthcare, similarly, we understand that there is an underserved demand in Indonesia due to the lack of many healthcare services in terms of the variety and complexity of healthcare services provided.
In the past, I mean, many Indonesians have had to leave Indonesia to seek healthcare abroad. Our aim is to be able to bring, everything, the best healthcare within regional into Indonesia, such that basically, any, kind of a specialized or complex procedures or services that needs to be performed, could be done within Indonesia, to keep Indonesians' healthcare within Indonesia itself.
And that, strategy has obviously resulted in the strong performances in terms of, quarter-on-quarter and year-on-year growth for Siloam as well. Lifestyles, we continue to anticipate a shift, from, going to malls for shopping into a more lifestyle malls. And, you will see that a lot of our malls continue to transform, to focus more on F&B.
And similarly, for hotel businesses, we have been increasingly focused on leisure and business, that are targeting business travelers who might also want to spend extra time, in Indonesia, for leisure. As a result, I'm very proud to announce the fact that the LPKR has achieved a turnaround NPAT of IDR 50 billion in FY 2023.
Now, this is the first positive NPAT we've achieved, since 2018, through all the incremental improvements, innovative products, financial disciplines that has been exercised, in the past five years. Now, the IDR 50 billion in NPAT, even if you strip that off, various one-off events, I mean, for example, the gains from liability management exercise that was conducted in Q1, the underlying NPAT is also positive.
So I think that is a very important factor to consider. This performance would not have been possible without the 15% year-on-year revenue growth to currently IDR 17 trillion in terms of revenue, and a 28% EBITDA growth to IDR 4.2 trillion for FY 2023. A highlight in terms of the three segments real estate revenue and EBITDA was booked at IDR 4.54 trillion and IDR 1.25 trillion, respectively. This represents a 10% and a 19% year-on-year improvement. This is anchored by strong marketing sales. FY 2024's marketing sales targets was overachieved by 5%. We are again setting an aggressive target for next year.
In addition to beating our record-setting marketing sales target, we do want to overachieve by 10% in FY 2024. So we have set ourselves a target of IDR 5.37 trillion in terms of marketing sales target for FY 2024. Healthcare revenue, EBITDA, NPAT, have all seen the consistent growth year-on-year.
Revenue growing by 18%, and EBITDA by 31%, and NPAT by 61% year-on-year. With revenue closing at IDR 11.1 trillion, EBITDA at IDR 2.95 trillion, and NPAT at IDR 1.37 trillion, respectively. You would have seen that the operational metrics has continued to improve as well as the company continues to focus on increasing the number and complexity of its clinical programs.
To continue to expand both its hospital beds and also the ways that we can reach the various patients through use of teleconsult and home care services. Lifestyle revenue and the EBITDA in comparisons, but it is flatter, but revenue is still improved by 9% to IDR 1.26 trillion year-on-year.
Footfall traffic in malls have increased by 9% year-on-year, averaging 10 million visitors per month. Occupancy rate are stable at 79%. We currently do have various asset enhancement initiative that was put on hold during the COVID period that have restarted since then. Currently ongoing in 8 malls, and we do expect once those asset enhancement initiatives are completed, it would further boost occupancies and visitors.
Hotel average occupancy has increased as well, 2% year-on-year to 69% in FY 2023. Room rate also increased, 10% year-on-year. So this basically anchored the strong performances for FY 2024, 2023, sorry. Going into the financials in further details. As I mentioned before, FY 2023 revenue is booked at IDR 17 trillion, at 15% improvement upon FY 2022, too.
This has contributed, again, you will see the bulk of this came from the healthcare businesses, whereby the... It grew by IDR 1.672 trillion to close at, to increase by 11%. And with real estate also contributing 400 B. On the EBITDA side, similarly, I mean, healthcare has made the biggest contributions with 21% contributions, or about close to IDR 700 B.
With real estate coming in at 6%, with the IDR 200 billion contributions for us to close at EBITDA of IDR 4.2 trillion for FY 2023. Again, if you were to look at the year-on-year performances, you will see that the CAGR for revenue, this is about 5% CAGR from FY 2021 to 2023. For EBITDA is 12% and GP at 8%. NPAT obviously is a lot more significant. Starting from NPAT, you will see that we, the underlying NPAT, I mean, went from negative IDR 1.1 trillion in FY 2022 to IDR 76 billion in FY 2023.
That is built off already a strong improvement from FY 2022 to FY 2021 as well, from a negative IDR 1.668 trillion to negative IDR 1.11 trillion. The NPAT closed at IDR 50 billion. NPAT this year was influenced by two key matters. The close to IDR 1 trillion gain from the liability managements offset by about IDR 700 billion fair value adjustments from the LMIR properties. I will cover those in further details. Again, year-on-year, as you can see, EBITDA improved by 28% on behind the revenue increase of 15% year-on-year. This allows us to achieve a close to doubling of our NPAT compared to the year before.
Here, I want to give a bit more color in regard to the underlying NPAT. You will see that in FY 2023 the EBITDA improved by 28%, as I alluded to earlier. Net interest expense came down slightly as a result of the liability management exercise. There were obviously some one-off fees that had to be offset, but therefore the overall interest movement would look less.
Amortization and depreciations continue to improve as more of Siloam Hospitals matures and running down on its depreciations. We do expect this trend to continue. The tax increase is in line with the increase in EBITDA, and the others row mainly consists of the rental the pre-PSAK 73 rental calculations, basically.
You will see that, that has decreased as well from FY 2022 of about IDR 1.9 trillion, down to IDR 1.56 trillion in FY 2023. So this allows us to print an underlying NPAT of, 76 B, as I say, over 100%, improvement on FY 2022.
You would know as well that for those who are following this closely, that the underlying NPAT has been improving consistently since 2Q. So 3Q is improvement on 2Q, and as you can see here, 4Q 2023, is a 43% improvement upon, 3Q 2023. Below the underlying NPAT, there are various, non-operational adjustments that we basically, separate out, so that it's easier for investors to understand underlying performances.
There is IDR 745 billion in the fair value adjustments of the LMIR's investment properties. This basically represents our 48% share in those fair value adjustments. Now, during 2022, 2023, sorry, LMIR had a change in valuer. The new valuer took a slightly more conservative approach in regard to the cash flow generated from the LMIR properties. But therefore, this resulted in a fair value adjustment in terms of the value of malls that is carried in LMIR's books. Now, keep in mind, LMIR account for its properties on a fair value basis, whereas Lippo Karawaci accounts it on a historical cost basis.
Considering that LMIR is currently no longer subsidiaries, but an affiliate, this is basically represents our equity accounting share of the fair value adjustment, and which is a non-cash adjustment in terms of the value of LMIR's properties. Again, on the bond buyback, I think I shared this in Q1 previously, IDR 1.1 trillion, which obviously carried into the full year, and that basically gives you the IDR 50 billion NPAT results for FY 2023. EBITDA by segments, happy to report that the margin have expanded for both the healthcare and the real estate segment. For the lifestyle segment, the margins decreased slightly, on account of a slight decrease in margin for malls.
Mainly because, for malls, there were various one-off events during 2022 coming out of COVID in regard to, late penalty and, deferred revenue, but which is basically a catch-up in regard to items that were deferred from COVID. So there were some exceptional items, in 2022.
Once you take out those exceptional one-off item, I would say that, 2023 versus 2024, EBITDA for our lifestyle businesses, is relatively flat. So the improvement is largely, has been helped by improvement in both the healthcare and, real estate businesses. Okay, moving on. This is, this is a new way of presenting the segment, compared to what we used to do previously.
But for those who have been following us, you might have noticed I've now split out a holdco segment from real estate. In the past, holdco and real estate is combined. I think that doesn't give the investors a proper understanding in regard to the performance of the real estate business. So what we have done this year is that we have split out a holdco.
I mean, the holdco, as you can see, is mainly the interest for the bonds and also the rental support that is in the others columns. So we have parked out the holdco interest and obviously includes some of the OpExes as well. But so we have parked out the holdco component separately, so that it's easier for you to see the performances of the various segments.
Now, once we park out holdco from real estate, you will notice that the real estate segment is in fact generating the highest EBITDA out of all the businesses so far. But so it is generating a 27% EBITDA margins compared to healthcare, which is generating 26%, and the lifestyle with 23%.
Last year, similarly, I mean, the real estate was generating 25% versus 24% in Siloam and 26% in lifestyles. Once you take it down to the underlying NPAT, you would notice that due to the fact that real estate obviously has very little depreciation compared to healthcare, the underlying NPAT for real estate is actually substantially higher than healthcare, at 22% versus 12% that you get in healthcare.
This obviously carries all the way down to the NPAT margin, whereby real estate is holding a 19% NPAT margin compared to 12% in healthcare and 3%, in lifestyle. I hope that this gives a better understanding of the performance of the real estate businesses. As I mentioned, in the past, the holdco and real estate was combined, which I feel that do not give a fair representations of what the real estate segment is doing. Cash flow, I'm very excited to report, the improvement in cash flow as well. Operating cash flow went from -IDR 235 billion in FY 2022 to a positive IDR 2 trillion in FY 2023.
This is obviously driven by the improvement in EBITDA and also various initiatives that has been taken by Siloam and our other businesses to continue to drive improvement in working capital. The one trillion investments is mainly outflow from Siloam to continue to invest its earnings into you know equipments, into beds, into various expansion and extensions to continue to generate improvement in both average revenue per bed and also throughput.
Other than that, net, we also paid down one trillion in terms of net financing to reduce the overall debt for the group. So overall, I would say that from a liquidity perspective the group is definitely in a much stronger positions compared to where it was a year before.
Whilst I do not present a specific slide, some of you will probably ask me about what is the status in regard to whole co cash flow. I'm happy to report that the Hold co cash flow for this year basically shows a negative movement of about IDR 100 billion, and this is a substantial improvement, again, compared to what we were doing, let's say, in 2020 or 2021, whereby it was about, you know, negative IDR 2 trillion and negative IDR 1 trillion respectively. But so as a result of this improvement, the operating cash flow for Hold co, this is, you know, as those of you who have been following us, after taking into account the interest payments and the rental support.
But once you offset that with the dividends from the groups and the performance of the property businesses, we currently have a delta of about IDR 100 billion, which again, coming back, is a substantial improvement upon the performances from previous years. The liability management exercise, I wouldn't dwell too much on this. I think I've covered this in sufficient details in Q1. But obviously, as you can see, we have now half our outstanding bonds, but by basically transitioning that into a syndicated loan, but in IDR, a IDR 5.25 trillion loan. It allows us to have various advantage in regard to improve the debt maturity profile.
I mean, lower blend interest rate as a whole, and we are not exposed to the interest rate mismatches, and overall healthier debt equity ratio at 0.59x. And again, those we recall, we do have core options to protect the principal of our bonds. So while you do see some of the FX movement reflected in our P&L, those are largely not realized FX movement that we have to carry on our books, but the principal is 100% hedged. All right, I'll move on to real estate. So there's an overview of the financial performances for the group as a whole. I'll cover a bit more details in regard to the real estate performances before moving into healthcare and lifestyle.
Marketing sales, as I mentioned, we did IDR 5.12 trillion in FY 2023. That is a record of marketing sales that we've been able to achieve, and this is 5% above the FY 2023 target. And this was anchored by a very successful launch of Park Serpong in Q4. But again, I'll give a bit more highlight of that in further slides. Financials-wise, you know, handover has been on track, resulting in the 10% year-on-year growth in real estate revenue. And similarly, that gets reflected in growth in both GP and EBITDA as well. EBITDA grew by close to 20% year-on-year.
But we are optimistic. I think based on especially the strong performances from Park Serpong in 2023, that we believe that we can improve the already stellar performances in marketing sales this year and outperform that by another 10%. So we have set ourselves a target of IDR 5.375 trillion in regard to marketing sales for FY 2024.
And so far, based on the performances in January, February, I would believe that we are definitely on track to achieve that target. But I will probably share more with you about that in our Q1 performances next month. Again, historical performances coming back, my same consistent theme of consistent improvement year-on-year.
Marketing sales, we've seen a 26% CAGR from 2018, where we were doing IDR 1.6 trillion up to close to IDR 5 trillion that we're doing over IDR 5 trillion right now. This is anchored, obviously, still majority by Lippo Village projects, followed closely by Lippo Cikarang and other projects. But there's over 1,000 hectares of land banks available currently, which translates to about IDR 155 trillion in GDV. And this allow us to have 25+ years of ongoing developments. So, we do believe that these performances therefore would be sustainable going forward as well, and it's not due to any one-off event. Again, the... No, no surprises.
I don't think this has changed in terms of our strategies. The marketing sales is still largely anchored by landed housing, whereby if you can see in volume, landed housing made up to 82%. And in the absolute amount, it also made up 80% in regard to the marketing sales that was printed for 2023. But majority is still coming through mortgages. I don't think anything has changed in there. And you will see, again, similar to our strategy in the past, that is still largely anchored by landed housing, with 50/50% volume in there. And in regard to the segment, we continue to target the affordable housing segment.
As you can see in FY 2023, 54% of the sale is from segment whereby the ticket price is less than IDR 1 billion. So here are some of the new properties that were being developed. I would probably skip that and also in regard to handovers. Handovers, here are some of the key handovers that we have completed during the year. I would happy to report that the handover is largely on track, which is how it allows us to achieve a 10% year-on-year improvement in regard to revenue, to close at IDR 4.5 trillion. I do want to spend a little bit more time to talk about the Park Serpong project. We are very excited by this launch.
It is a project at the center of Serpong. It is 4.5 hectares of master plan development, and the interest has been phenomenal for those who have been following us. The launch has been very well attended. It had been a sold-out event both for the launch of the residentials and launch of the shophouses.
This is primarily due to the fact that we are offering innovative product at a price point that matches what first-time buyers are looking for. And having all these located in the strategic locations, that is in the center of Park Serpong, that is really very close to, you know, nearby facilities, including school, universities, shopping centers, parks, public transports.
We wanted to build a modern township as well. Those of you who have not visited, I would encourage you to pay a visit to our show units, along with the clubhouses that have been built. We do want to offer a modern, innovative, living environment for our consumers. Here are some of the key products that we have launched. Again, the XYZ series, you know, targeting the Gen X, Gen Y, and Gen Z. With prices starting at, you know, under IDR 300 million, going up to just under IDR 600 million. Again, it's been 100% take up.
The interest from the market has been phenomenal, which is why we'll be doing a second launch in coming months in Park Serpong. And as part of the second launch events, we will also be introducing a new product called Q Livin. Again, this continues the trend that Lippo Karawaci has set as a leader in coming up with innovative products. Q Livin is new in that it's centered by the concept of a center courtyard, whereby you have a center courtyard as a key design of the units. And it's integrated into how into the living room into basically how the units is connected as well.
We have seen strong interest in the Q Livin series as well, and we do believe that this would anchor the second launch event of Park Serpong, which will be in coming months. And obviously, with the Park Serpong, we also have the Cendana series, which is continuing the same trend that we have established with a slightly higher starting price of above IDR 700 million, and the Hive shophouses with the triple key concept that have been very popular in the past. We will also be continuing with those. Probably at this stage, I'll take a pause. But John, if you have any comments to add in regard to real estate?
Not right now, Daniel. I do wanna make a couple of comments. Why don't you finish up, and maybe before the Q&A, I'll make a few remarks and then open start the Q&A session.
Okay, sure. I will continue into a healthcare segment. Healthcare, again, I'm sorry to sound like a broken record, but I do have to repeat a consistent performances. As you can see, from FY 2019, I mean, despite COVID and the coming out of COVID and all the disruptions related to COVID, Siloam has been able to, you know, perform consistently on the top line and the bottom line. Revenue has grew by CAGR 7.4% year-on-year, EBITDA by 17.4% year-on-year, and net profit by 21.1% year-on-year. Now, as you can see, obviously, from revenue down to EBITDA to net profit, the margin have expanded at both an EBITDA level and a net profit level as well.
I mean, FY 2019, I mean, this is the pre-COVID era. I mean, Siloam was doing sixty point sixteen point six percent EBITDA margin. In 4Q of 2023, Siloam is doing 31.4% EBITDA margin. So, there's a substantial improvement in terms of margins that the company was able to achieve.
Again, this was achieved through various programs to improve the complexity of clinical programs, to look at how to optimize costs, and also to look at how to optimize the mix of our payer groups. Revenue grew by 70.2%. This is based on the Siloam published numbers, so this is a non before eliminations, just so that you can compare that with numbers that was actually published by Siloam.
EBITDA grew by 34.6%, to close at IDR 2.67 trillion, with the net profit growing by 75.5%. But again, I think, I do want to highlight, coming back, that improvement in margins, for example, NPAT, was 9.6%, NPAT margin in FY 2022, growing to 14.4% in the FY 2023. Now, if we were to look at the performances of Siloam, let's start with revenue. The way to understand the revenue of Siloam, basically, a revenue for any healthcare business is anchored by three key components. Firstly, the average revenue per bed. Secondly, the throughput. And third, the payer mix. Let's start with average revenue per bed, right, or the revenue intensity of Siloam.
You will see that the revenue intensity or the average revenue per occupied bed of Siloam has been maintained at IDR 3.3 billion per bed, per occupied bed. Now, if you were to compare to peers within Indonesia's, this is basically doubled what our peers are doing. We have been able to maintain that lead. Our average revenue per patient days, again, you are seeing here, is telling a very similar story. But this is deliberate. Since 2019, as part of Siloam's Siloam 5.0 strategy, the focus has been on increasing the complexities of services that Siloam can provide.
As I mentioned earlier, we want to make sure that any services that our patients can get outside of Indonesia's, they will be able to get in Indonesia's. So that reduces the need for people to travel to places like Singapore or Malaysia's to get their treatment, because they cannot get similar treatments, in Indonesia.
So Siloam has continued to grow, and focus on the, what we call the, the CONGO services, the, of, cardiac, oncology, neuro, gastric, and, orthopedic. And the focus on CONGO, has been an anchor point, for us to, to drive the growth in revenue intensity. The second factors in regard to revenue growth is obviously throughput. And in throughput, you will see that, that has improved year-on-year as well.
Inpatient admissions has grew by 25.6% year-on-year. The inpatient days has grown by 15.5%, with average length of stay going down from 3.3 to 3.1. Again, for the healthcare business, we do want to bring down average length of stay, because, with a lower average length of stays, it allows us to turn over the beds more often. Now, the way we achieve a lower average length of stay is by utilizing home care is by utilizing teleconsults, so that people, the patients who do no longer needs to be treated in the hospitals, can be treated outside.
Occupancy rate, as you can see, has improved by over 10% to close at 65.2%, compared to 58.9% the year before. Outpatient visits have seen a 23% improvement as well, but to basically close at close to IDR 4 trillion. Along with what we call the OPD, the IPD conversion rate, which is how many of the OPD visits get converted to IPD. And as you can see, that improved from 2.9% in FY 2022 to 3.1% in FY 2023. Moving on to costs. As I alluded to earlier, that we have seen a substantial improvement in the EBITDA margins for Siloam year on year. And this is driven through a strong focus on the cost management and efficiencies.
You can see, starting from drugs and clinical supplies, in the 4Q19, which is basically the quarter before COVID, drugs and clinical supplies made up 35.1% of revenue, and that has steadily decreased, and as of 4Q23, it made up 28%. Operating expenses similarly has gone from 36.1% in 4Q19 to about 31.9% in 4Q23. Now, some of you would notice that there is an uptick in 4Q23 OpEx compared to 3Q23. That is normal, because usually we onboard our nurses in the fourth quarters. So when we onboard our nurses, there's usually a bump in the OpEx for that quarter.
But EBITDA margins, you can see, has gone from 18.4% in 4Q 2019 to stabilize at over 30% since 3Q 2023. Net profit margins, I think, is also stabilized at around 15-16%. There are various initiatives that Siloam is still working on in order to continue to drive improvement in margins, including looking at revenue leakages, including a look at how we procure for contract services, including at various ESG-related initiatives to reduce the electricity, water expenses, and so forth.
So we do believe that the EBITDA margins do have room to improve further going forward from various initiatives that management has identified. Payer group continue to focus mainly on the non-BPJS.
As you can see, the non-BPJS payer groups is steady at about 81.6% of revenue. Some of the key projects that Siloam is currently undertaking, there is an expansions being carried out in the Makassar. And we basically, as part of our strategy, to improve what I said earlier in relation to CONGO, oncology is obviously one of our key focus areas.
We are building up a new oncology center at Lippo Village. The oncology center will be called MRCCC as well, because that is gonna be our branding going forward for our one-stop-shop oncology center. So there will be a oncology centers, a brand new being built outside the current Lippo Village Hospital.
It will be equipped with a linear accelerator as well. We are basically making good progress on our Surabaya hospitals. But as a lot of you may know, we do have a flagship hospitals in Surabaya, but it is getting very old, and we are building a brand-new hospitals to take over from there. So we continue to focus on digital. Digital is, it continues to be a very key focus of Siloam. But as mentioned, that allows us to serve more customers without necessarily having them only coming to a hospitals. I mean, through various channels like telechat, home care, and teleconsult. But we also had a lot of focus on the patient experience.
But there was a Saya Siap campaign that was carried out to remind our people in terms of what it means to provide top customer services. We have, if you visited Siloam recently, there has been the single queue systems being introduced.
We have reduced our waiting time significantly, I mean, compared to what it was, even just at the start of this year. But there is now a digitized patient feedback system, whereby any complaints from the patients is automatically escalated to the relevant level of managements. And currently, these complaints, we're happy to report, are resolved, 80% of them are resolved in less than two hours.
We have 846,000 outpatients bookings through our digital channels, and, you know, which allows the patients to basically check their appointment time. Be able to track their numbers in the queue, be able to see basically their diagnosis, be able to see the drugs that's been prescribed. And, we are continuing to look at ways to enhance the functionalities of MySiloam as well, but including investigating in the use of AI in basically better be able to serve both our patients and our doctors. I would say, keep your eyes peeled in regard to the digital services for Siloam.
There are certainly a lot more enhancements that we have planned down the track, and we have allocated appropriate resources to continue to improve the digital experience for our patients as well. Lifestyle, again, the brief recap, but we are the largest mall operators with 59 managed malls across Indonesia supported with well-known tenants.
There is now, as you can see, a slow shift away from kind of a department stores, away and into kind of more F&B and more bespoke tenants, and moving away from anchor tenants. And we do see that shift happening across the board. Malls revenue has improved by 11% compared to last year, and EBITDA is down.
As I mentioned earlier, there were some isolated one-off event in FY 2022 as a result of catching up after COVID. So it was an exceptionally high EBITDA for FY 2022. Once you account for those one-off differences, mall EBITDA is largely flat as reflected by largely consistent occupancy rate from the malls.
Hotels, briefly. Hotels revenues has improved by 20%. EBITDA margins for hotels continue to improve in the pre-COVID. For Aryaduta was doing about 20% EBITDA margins, we're now doing close to 40%. This is as a result of various efficiency improvement that was carried out during the COVID era, that was successfully carried over post-COVID, in order to maintain a strong EBITDA margins.
As a result, as you can see, EBITDA for hotels went up by 28%. Occupancy is up 2%, with average room rates up 10%. Looking ahead, for real estate, we will continue the proven strategies that we have carried out in the past to offer innovative products, I mean, for the XYZ and the Q Livin series.
We do continue to see strong demand for the affordable housing segments, as evidenced by the successful launch of the Park Serpong Township. Further launches are planned, and so far, based on the Park Serpong, we do see strong interest continuing for Park Serpong as well. But as mentioned, we do anticipate that the marketing sales, I mean, will be 10% higher.
We are anticipating new launches, not just in Park Serpong, but also in Lippo Cikarang and GMTD, in the Makassar as well. In regard to healthcare, the company's strategy to focus on increased complexity and diversity of clinical programs have anchored the strong performances of Siloam, so it has paid off. And, well, why fix something that's not broken? And, we do see that the way forward is to continue on these proven strategies.
We do see, you know, a lot of our competitors are doing, you know, something similar now, right now, in terms of where they're heading. Which again, further shows that we are on the right path. There are currently five hospitals under construction in densely populated area. But these are basically, we are working on our hospitals in Cempaka Putih.
We are working on a hospital in Bandung. There's another two hospitals planned in Surabaya. So this will continue to improve access, not just by having more physical hospitals for our patients to visit, but also through our digital channel, whereby there will be more ways whereby our patients can access our Siloam services as well. Malls, we do expect to see ongoing year-on-year improvement coming out of COVID.
It will be helped by the asset enhancement initiative that was stalled during the COVID era, that has now since resumed post-COVID. And once these refurbishments are completed, for example, in Plaza Semanggi, we do believe that this will bring substantial improvement in the income for the malls businesses. Aryaduta have seen gradual return of tourists.
But we saw that, for example, the Chinese tourists to Manado is still not 100% back to what it was pre-COVID, but we are seeing that the trend is continuing to be positive. So we do expect that that will continue to help the performances for the Aryaduta hotels as well. So that is all from me in regard to the financial and operational update in regard to Lippo Karawaci.
Again, very excited with our consistent performances. Very excited by the prospect of what it means going forward. With that, I'll close and pass the time to John for any closing remarks before we open the floor for Q&A.
Thank you, Daniel, and good morning to all of you on the call today. A couple of comments, and generally, I'm echoing the remarks and the sense of how pleased we are with some of the results that we've been able to deliver this year. And I'd say that generally, I'm very pleased with how each of our management teams across the real estate business, the healthcare business, the malls business, and also the hospitality business have been running our respective businesses and really focusing on operations.
And if you—for those of you who've been following our call over the last, you know, three, four years, it's really been about that, operations, how do we have better and stronger operations? And, I'm pleased that gradually, we're seeing that translate to better PNL, stronger cash flow, and then gradually also a moderately stronger and stronger balance sheet as well.
And so despite all the challenges we've been through with COVID, all the disruptions around the pandemic, we've been able to overcome, and in some instances, actually capitalize on the opportunity to be able to cut costs, and further streamline and make our businesses more efficient. So, here we are with our FY 2023.
A lot of good work in the last one year, and I think a great foundation for us to continue to build on as we look at FY 2024. So those are my general remarks on our FY 2023 results. I'll open it up to questions and while I give an opportunity for all of you to feel free to send questions on the chat box, I will begin by answering a couple of them that I see here. First, generally on the real estate market, people are asking about more macro stuff. Look, I think the real estate market in Indonesia, I'd say, is flat to slightly positive.
Obviously, if you take a look at our marketing sales results, a number of our peers, generally, there's been a nice growth, sort of a mid- to high-single-digits growth, year-on-year. And that's reasonably reflective of where the market is.
You know, I don't think we're seeing a significant improvement in demand, but I think what we're seeing is an improved ability on the part of the developers to come up with products at the right price points, and that are more appropriate for the market with a stronger product-market fit. So by doing that, we're able to see marketing sales increase. But that's not necessarily reflective of a stronger demand environment for home sales.
I think for the next 1 year, that will remain to be the case. Now, if you pull further out beyond the real estate market itself, I think the general sentiment in Indonesia is positive, or has become more positive compared to 6 months or 12 months ago. Again, I see a number of questions here around the impact of the election results, the impact of, you know, various macro trends on Indonesia.
I'd say generally, in the last 6-12 months, there's been 2 developments that have reduced a little bit of the uncertainty around 2 things. One is the election overhang, obviously. As you know, we're not. This whole year is full of elections. We're not completely done yet.
We've got local elections coming up in the third or fourth quarter of the year. But generally, I think there's a sense of relief that the presidential elections have been completed, and you know, fairly smooth and fair, and I think we anticipate a smooth transition later on this year. So generally, that's been a big relief, and I think that also allows a lot of the consumers to also move forward with larger ticket purchase items. And hopefully, as there's more and more clarity, also allowing FDI and investments, especially in industrial land and things like that, to also improve this year. So that's, I think, one uncertainty that's been uplifted.
So the second one that I think a lot of people and a lot of consumers are watching for is interest rates. To the extent that the US that the Fed starts to ease, if they do, I think that will provide room for Indonesia to do the same. Compared to 12 months ago, I think we have a little bit more clarity, at least people think they have a bit more clarity, although I don't know, looking at the news stream in the last 2, 3 weeks, maybe a little bit more 50/50 now. But these are, I think, the two big sort of macro issues that people are watching.
If we can get a little bit more clarity around politics, if we can get a little bit more clarity around interest rates, I think that will provide a little bit more tailwind behind all of our businesses, all of our consumer businesses. So we'll be watching that closely. There are also a number of questions here with regard to LMIR. This is the only, you know, this call is for LK, so I won't comment on LMIR. But I will say just one thing, which is that we continue to provide LMIR and the management team there as much support as we can. This is something I've mentioned over the last six to nine months.
And so, I'll say that we will continue to do that. I think the LMIR management team has done a reasonably good job amidst the circumstances, the difficult environment that we're in today. But I think, given that, the underlying of the business of LMIR continues to perform reasonably well, and some of the efforts that they've been able to secure and the support that they've been able to secure from the banks, in allowing them to conduct the number of exercises that they have in the last six months, I'm optimistic that they will be able to find a full solution to some of the remaining issues that they have to address on upcoming maturities this year.
Having said that, I don't think they're there yet. I think James Liew, in his most recent call a number of weeks ago, have conveyed the same. I can assure you that James is doing his best, and that Lippo Karawaci is providing as much support as we are able to. With regard to Lippo Karawaci's upcoming maturities, we have a maturity, as you know, in 2025, at the beginning of 2025. It's not something that we have a plan for yet, but we are conscious of the next 12-month horizon. Hopefully, in the upcoming calls later on this year, we can provide more clarity on what our plans are.
I do think we have options. Having said that, I do recognize that this is a very difficult environment for a refinancing of this size. So we'll be keeping you posted on that as well. I think that covers a number of the different questions here.
There's a question on how we should value Lippo Karawaci's sum of the parts. No, I won't. I think you guys are the experts on this. You know, whether we should include LMIR or not, you know, my response to that would be, "Why not?" I include it at, you know, whatever market price the units are trading at. It's really your call. Daniel, anything else you wanna add?
Or if there are any further comments, please feel free to,
Yeah. I'll probably just close it off. I mean, the liability managements, again, all this has been published in the Q1. I probably won't repeat a lot of those details that's already been mentioned. High level, again, for those that weren't following before, I mean, we retired half or more, roughly, at a discount overall, that what is the over IDR 1 trillion gains that was booked in our book. Whole co cash is at about just over IDR 1.2 trillion. Again, as I mentioned earlier during my presentations, it basically a IDR 100 billion delta, compared to the year before. Which is, which I think is very positive.
So with that, I think we have addressed basically all the questions that has been raised, and I think I'll pass time back to you, Randy. I think we're just actually on the dot.
Thank you very much, Daniel. Sorry, Mr. John, really must leave earlier. Thank you for your attendance today at our full year 2023 earnings call. Happy Fasting Month for you who celebrates, and also Happy Easter this week. See you again for the next call next month. See you, and thank you. Bye-bye. Thank you, Daniel. Bye.