PT Pakuwon Jati, Tbk.
Code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
Credit Rating Upgrade: Fitch BB to BB+ and Moody’s Ba2 to Ba1, Stable Outlook


International credit rating agencies, Fitch and Moody’s, have upgraded PT Pakuwon Jati (“PWON”) rating in 2024. Fitch upgraded from initially BB to BB+ with stable outlook on May 13th, 2024 while Moody’s upgraded from Ba2 to Ba1 with stable outlook on April 9th, 2024. These ratings are the highest among all property real estate companies in Indonesia. 

Both agencies stated that the upgrade were based on Company’s ability to consistently generate recurring income supported by the Company’s good financial policy as well as strong liquidity.  


Recurring business activities remain strong

In the report, Fitch believes that EBITDA generated from recurring activities will increase to Rp 2.7 trillion in 2024 supported by the increase of revenue from rent and service charge. 

While Moody’s hopes that Retail Mall occupancy will remain stable at mid 90% in a few years while average occupancy in 2023 was at 94%. Recurring revenue from hospitality is predicted to remain high. 

Fitch and Moody’s predicted Company’s pre-sales will remain at around Rp 1.4 – Rp 1.6 trillion within 2024-2025 supported by government initiative on VAT (PPNDTP) which has been implemented since Q4 2023. 


Solid PWON financial profile 

Company’s liquidity is deemed strong with cash balance Rp 7.6 trillion at the end of 2023 where Company’s USD 400 million notes is due in 2028 (valued at Rp 6.5 trillion with current USD-IDR exchange rate).

Both rating agencies agree that the Company has strong balance sheet position to fund further expansion. 


Overview of PT Pakuwon Jati Tbk.

Pakuwon Jati is the owner, manager and property developer who, in 2024, has been in the field for 42 years. In 1989, Pakuwon Jati was the first property developer company to be listed on BEI and has been ever since. The Company adopted a well-diversified business concept through property investment, where Pakuwon Jati develops, owns and manages commercial shopping center, office buildings, hotels, as well as property development. Besides, Pakuwon Jati also develops office buildings, strata-title condominiums, and township-scale residential.

Below is the Company’s portfolio:

  • Gandaria City Superblock, Jakarta (retail shopping center, apartment, office, and hotel)
  • Kota Kasablanka Superblock, Jakarta (retail shopping center, apartment, and office)
  • Somerset Berlian, Jakarta (serviced apartment)
  • Blok M Plaza, Jakarta (retail shopping center)
  • Tunjungan City Superblock, Surabaya (retail shopping center, apartment, office, and hotel) 
  • Pakuwon Mall Superblock, West Surabaya (retail shopping center, apartment, serviced apartment, and hotel)
  • Royal Plaza, Surabaya (retail shopping center)
  • Pakuwon City Superblock, East Surabaya, Pakuwon City Mall phase 3 (retail shopping center, hotel and apartment that is still under construction)
  • Pakuwon City township (landed residential) and Educity apartment in East Surabaya 
  • Grand Pakuwon township (landed residential) and Food Junction (Hypermarket, culinary & leisure destination), in West Surabaya
  • Pakuwon City Mall, Bekasi Superblock (retail shopping center, apartment and hotel that are all under construction)
  • Pakuwon Mall Jogja dan Yogyakarta Marriott Hotel (retail shopping center and hotel)
  • Pakuwon Mall Solo Baru (retail shopping center)
  • Four Points by Sheraton Bali, Kuta (hotel)


For further information, please contact :

Minarto Basuki (Director and Corporate Secretary) 
PT Pakuwon Jati, Tbk.

Pakuwon City Mall 5th Floor 
Jl. Kejawan Putih Mutiara No. 17, Surabaya
Phone : (6231) 58208788