PT Duta Pertiwi Tbk (IDX: DUTI), a subsidiary of PT Bumi Serpong Damai Tbk (BSDE), acquired PT Itomas Kembangan Perdana shares, the developer of the Aerium Apartments located in Jakarta for Rp293.24 billion (US$20.36 million) - Photo by Sinas Mas Land Office

JAKARTA (TheInsiderStories) – Publicly listed firm, PT Duta Pertiwi Tbk (IDX: DUTI), a subsidiary of PT Bumi Serpong Damai Tbk (BSDE), acquired PT Itomas Kembangan Perdana shares, the developer of the Aerium Apartments located in Jakarta for Rp293.24 billion (US$20.36 million). The management said, the real estate firm will taking over 14,700 Series A shares and 25,068 shares of Itomas.

The director, Hermawan Wijaya, said on Tuesday (03/23), the unit took over the shares from PT Jcreal and Singapore’ TPB Development Pte. Ltd.  Itomas Kembangan Perdana is a company formed by the unit of Duta Pertiwi, PT Kembangan Permai Development, Japan’ Itochu Corporation, and TPB Development. In 2014, Itochu sold its shares to Jcreal.

On Feb. 25, 2021, the parent of both developers, Sinarmas Land Ltd., has acquired three property companies in Indonesia PT Bhumindo Repenas Jayautama, PT Cibubur Permai Lestari, and PT Gunung Indah Permai Lestari with total amount Rp347.76 billion. According to the director, Robin Ng Cheng Jiet, the transaction is paid in cash.

Apart from this transaction, Singapore-based investment firm has added share ownership in the unit, Bumi Serpong Damai from 59 percent to 60.07 percent. With the addition, Sinarmas Land’ share in Duta Pertiwi also improved to 53.2 percent from previous 52.25 Percent. The company also increased shares in an investment company, PT Serpong Mas Media, with a transaction value of Rp82.52 billion.

Beside, the unit of Sinar Mas Group raised its share ownership in PT Bhineka Karya Pratama from 81.32 percent to 95.13 percent.  Then, PT Simas Tunggal Center to 92.56 percent from initially 92.28 percent and in PT Sinar Mas from 68.59 percent to 69.65 percent. The company carried out a series of transactions since July 1 to Dec. 31, 2020.

Last year, Sinarmas Land joined wit Japan Overseas Infrastructure Investment Co., formed JOIN SML Investment Partners Pte. Ltd. Both parties has injected fresh capital $2 million in the new entity with 50:50 ownerships.

The group’ CEO, Michael Widjaja commented, “This JVC focuses on infrastructure projects and transit-oriented developments. Its also expected to contribute positively to the development of our township.”

JOIN is an investment institution sponsored by the Japanese government and private sector. The company was founded in October 2014 and aims to encourage Japanese companies to leverage their knowledge, technology and experience in the infrastructure sector to expand outside Japan.

So far, the company has penetrated Brazil, Malaysia, Myanmar, India, the Republic of Palau, Vietnam, United States, Russia, Thailand and Canada. In Indonesia, JOIN has invested in seven projects from 2016 – 2020, consisting of two brown and five green field projects. With the Sinarmas Group, the firm collaborated on the BSD City Mixed-use project in 2016.

Participating in this project are Mitsubishi Corporation, Nishi – Nippon Railroad, Hankyu Hanshin Properties and Keikyu. While, Bumi Serpong Damai established a strategic partnership with Mitbana Pte. Ltd., a joint venture between Mitsubishi and Singapore’ Surbana Jurong Pte. Ltd. Both aimed to build a transit-oriented development project on an area of ​​more than 100 hectares with a smart city concept in Serpong, Tangerang.

Cooperation with Mitsubishi Corporation is carried out through the development of The Zora area in BSD City, which is an exclusive residential zone with leading smart-home technology from Mitsubishi. In another township, Sinarmas Land is working with Citra Mas to appoint Surbana in developing the concept of the Eco Digital Project master plan in Nongsa, Batam, Riau Islands, covering an area of ​​62 hectares.

While, the trading company from Japan, Mitsubishi has a comprehensive Urban Development Group in-house team in real estate, infrastructure, leasing and trade banking worldwide. This working group has a mission to support large-scale and value-added urban development for social and environmental needs.

In 2020, Sinarmas Land‘ revenues dropped by 22.4 percent to S$910.47 million ($698.75 million) from the previous year of S$1.17 billion. The net profit also fell 24.8 percent on an annual basis to S$125.2 million.

In this year, the company is still pursuing a cautious optimistic strategy in 2021. The two units, Bumi Serpong Damai and PT Puradelta Lestari Tbk (IDX: DMAS) are targeting the marketing sales of Rp7 trillion and 2 trillion, respectively.

US$1: Rp14,400

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