Old names like Lippo, Ciputra, Sinar Mas Land, or are there newcomers? Kompas.com tried exploring the value of market capitalization of the top developers as well as making comparisons on the achievements of 2017. However, because the property sector is slowing down in the last two years, only one in five developers is able to increase the value of its capitalization. Here is a list of developers who have the greatest capitalization value in Indonesia as of Monday (12/2/2018).
1. PT Bumi Serpong Damai Tbk (BSDE)
The developer with the 6,000 hectares BSD City self-owned city project, recorded a capitalization of Rp 34.06 trillion. Compared to January 2017, this value has decreased, although not too significant, by Rp 1.3 trillion. In addition to managing housing and commercial areas, BSDE also has recurring income from Indonesia Convention and Exhibition (ICE). ICE was built on cooperation between BSDE and Kompas Gramedia Group and has become a venue for exhibition concerts or international events. Not only in Serpong, BSDE also has projects spread across Surabaya, Semarang, Balikpapan, and Batam.
2. PT Pakuwon Jati Tbk (PWON)
PWON became the only national developer on this list that experienced an increase in the value of its capitalization. Last year, the capitalization value of this developer with projects in Jakarta and Surabaya was Rp 28.17 trillion. Currently, its capitalization value has jumped to Rp 32.03 trillion. PWON works on various types of property, ranging from retail, residential, commercial, and hospital. One of the biggest sources of revenue is from the retail sector because PWON manages Gandaria City, Kota Kasablanka, Blok M Plaza in Jakarta and Tunjungan Plaza 1-6 in Surabaya.
3. PT Ciputra Development Tbk (CTRA)
Following BSDE, CTRA also recorded a decrease in the value of capitalization. This year, CTRA has a capitalization value of Rp 23.38 trillion.In fact, last year, developer with city-scale projects across Indonesia was able to record market capitalization of Rp 24.5 trillion. Currently, CTRA works on middle to lower class projects. One such project is Citra Maja Raya which was launched in 2014 with price per unit below Rp 200 million. As for the middle class, CTRA is marketing CitraLand Cibubur by working with PT Panasia Griya Mekarasri. The price per unit starts from Rp 400 million.
4. PT Summarecon Agung Tbk (SMRA)
The property developer who owns the inaugural project in Kelapa Gading has suffered significant capitalization. Compared to last year which amounted to Rp 19.54 trillion, this year SMRA market capitalization was only Rp 16.15 trillion. In addition to projects in Jakarta, SMRA's current projects are located in Serpong, Bekasi, Bandung and Karawang. In the midst of the economic slowdown, Summarecon currently launches more properties whose selling price is less than Rp 1.5 billion.
5. PT Lippo Karawaci Tbk (LPKR)
LPKR succeeded in replacing PT PP Property Tbk who last year was in the 5th position of developers with the largest capitalization. This year, the sister company of PT Lippo Cikarang Tbk (LPCK) recorded a market capitalization of Rp 11.88 trillion. In addition to new projects, LPKR also relies on recurring income from the hospital sector under the brand Siloam. Mid last year, this sector contributed to the company's growth of 13 percent to Rp 1.4 trillion.