Reaching SkywaRd gRowing with dignity€¦ · Kepatuhan Hukum | Legal Compliance 165 Pedoman Etika Bisnis & Etika Kerja Perusahaan & Budaya Perusahaan | Code of Conduct & Corporate

Reaching SkywaRd gRowing with dignity

LAPORAN TAHUNAN 2017 ANNUAL REPORT

Ikhtisar Keuangan |Financial Highlights 6Ikhtisar Saham | Share Highlights 9Peristiwa Penting | Event Highlights 10Penghargaan & Sertifikasi | Awards & Certifications

22

Tinjauan Ekonomi Makro | Macroeconomic Review

78

Tinjauan Industri Properti | Overview of the Property Industry

80

Tinjauan Operasional | Operational Overview 82Sumber Daya Manusia | Human Resources 87Tinjauan Keuangan | Financial Review 91Analisis Laporan Laba Rugi | Analysis of Statements of Income

91

Analisis Laporan Posisi Keuangan | Analysis of Statements of Financial Positions

93

Analisis Laporan Arus Kas | Analysis of Statements of Cash Flows

94

Struktur Permodalan | Capital Structure 95Ikatan Material | Material Commitments 96Aksi Korporasi | Corporate Actions 96Informasi & Fakta Material Lainnya | Other Material Facts & Information

98

Prospek Usaha, Target & Strategi 2018 | 2018 Business Prospect, Targets & Strategy

99

Sekilas Modernland | Modernland in Brief 40Visi, Misi & Nilai-Nilai Perusahaan | Vision, Mission & Corporate Values

42

Bisnis Modernland | Modernland Business 44Proyek Modernland | Modernland Projects 45Jejak Langkah | Milestones 56Alamat Anak Perusahaan | Address of Subsidiaries 58Struktur Organisasi | Organizational Structure 59Profil Dewan Komisaris | Board of Commissioners’ Profile

60

Profil Direksi | Board of Directors’ Profile 63Manajemen Senior | Senior Management 66Struktur Kepemilikan Saham | Share Ownership Structure

68

Kronologi Pencatatan Saham & Obligasi | Chronology of Share & Bond Listing

71

Entitas Anak | Subsidiaries 74Institusi & Profesi Penunjang Kegiatan di Pasar Modal | Capital Market Supporting Institutions and Professions

76

Laporan Dewan Komisaris | Board of Commissioners’ Report

26

Laporan Direksi | Board of Directors’ Report 32

daftaR iSitable of contentS

Ikhtisar Kinerja 20172017 Performance Highlights

Informasi PerusahaanCorporate Information

Analisis & Pembahasan ManajemenManagement Discussion & Analysis

6 - 24

Laporan ManajemenManagement Report

25–38 39–76 77–102

PT Modernland Realty Tbk | Laporan Tahunan 20172

Filosofi Penerapan Tata Kelola Perusahaan | Foundations of Corporate Governance Implementation

104

Kegiatan Tata Kelola Tahun 2017 | Corporate Governance Activities in 2017

106

Rapat Umum Pemegang Saham | General Meeting of Shareholders

106

Dewan Komisaris | Board of Commissioners 112Direksi | Board of Directors 119Remunerasi Dewan Komisaris & Direksi | Remuneration for the Board of Commissioners & the Board of Directors

126

Rangkap Jabatan Anggota Dewan Komisaris & Direksi | Concurrent Positions Held by Members of the Board of Commissioners & the Board of Directors

127

Kepemilikan Saham oleh Dewan Komisaris & Direksi | Ownership of Shares by the Board of Commissioners & the Board of Directors

128

Hubungan Afiliasi | Affiliations 128Komite Audit | Audit Committee 129

Roadmap & Bidang Program CSR | CSR Roadmap & Programs

184

Penerima Manfaat CSR | Beneficiaries of CSR 185Anggaran & Pelaksanaan Kegiatan CSR | Budget & Implementation of CSR Activities

185

Kepuasan Konsumen | Consumer Satisfaction 186

Pertanggungjawaban Dewan Komisaris & Direksi | Statement by Members of The Board of Directors and Board of Commissioners

187

Laporan Keuangan Teraudit | Audited Financial Statements

189

Tata Kelola PerusahaanCorporate Governance

Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

103–180 181–186 Tinjauan Pemasaran | Marketing Aspect 99Dividen | Dividends 100Penggunaan Dana Hasil Penawaran Umum | Use of Public Offering Proceeds

100

Transaksi Material dengan Benturan Kepentingan | Material Transactions with Conflict of Interest

100

Perubahan Peraturan & Dampak Finansial Terkait | Changes in Regulations & Associated Financial Impacts

100

Perubahan Kebijakan Akuntansi & Dampak Finansial Terkait | Changes in Accounting Policy & Associated Financial Impacts

101

Keberlangsungan Usaha | Business Continuity 102

Komite Nominasi & Remunerasi | Nomination & Remuneration Committee

134

Sekretaris Perusahaan | Corporate Secretary 137Hubungan Investor | Investor Relations 139Akses Informasi & Data Perusahaan | Access to Corporate Information & Data

145

Audit Internal | Internal Audit 158Akuntan Publik Independen | Independent Public Accountant

162

Manajemen Risiko | Risk Management 163Sistem Pengendalian Internal | Internal Control System

164

Perkara Penting yang Dihadapi Perseroan, Dewan Komisaris & Direksi | Material Litigations Involving the Company, the Board of Commissioners & the Board of Directors

165

Kepatuhan Hukum | Legal Compliance 165Pedoman Etika Bisnis & Etika KerjaPerusahaan & Budaya Perusahaan | Code of Conduct & Corporate Culture

165

Kebijakan Perseroan | The Company’s Policies 167Sistem Pelaporan Pelanggaran | Whistleblowing System

170

Tata Kelola Teknologi Informasi | Information Technology Governance

171

Penerapan Rekomendasi Pedoman GCG OJK | Implementation of OJK’s GCG Guideline Recommendations

174

PT Modernland Realty Tbk | 2017 Annual Report 3

Reaching SkywaRd gRowing with dignity





Di tahun 2017 Perseroan melanjutkan inisiatif-inisiatif strategis yang berhasil membawa Perseroan ke posisi yang terpandang di kancah properti Indonesia. Perseroan telah berhasil menjawab kebutuhan akan hunian yang nyaman dan lahan industri yang sarat fasilitas—keduanya berada di kawasan yang aksesnya kini semakin mudah, dan masih berpotensi untuk berkembang pesat. Ke depannya, sambil memperkuat bisnisnya pada basis-basis yang telah ada—kawasan hunian, lahan industri, dan hospitality—Perseroan mulai mengincar segmen-segmen bisnis baru di industri properti untuk semakin mendiversifikasi portofolio produknya. Pengembangan bangunan high-rise dan kawasan industri bersertifikasi halal menjadi dua target strategis yang akan segera Perseroan wujudkan. Dengan demikian, Perseroan akan terus mempertahankan pertumbuhannya dengan cara-cara yang berani, inovatif, dan terhormat, sehingga nilainya bagi seluruh pemangku kepentingan dapat terus meningkat.

The Company in 2017 continued the strategic initiatives that have taken it to a respectable position among property developers in Indonesia. The Company has been able to address the market demand for comfortable living and well-equipped industrial estate—both are located in an area that is enjoying increased accessibility, and set to grow even faster in the future. Going forward, while strengthening its performance in its existing business segments—residential, industrial, and hospitality—the Company is eyeing to expand to new businesses within the property industry, as a move to diversify its products portfolio even further. The development of high-rises and halal-certified industrial areas are currently the Company’s two strategic targets to be achieved. Thus, the Company shall maintain its growth through bold, innovative, and dignified ways, to sustainably increase its value to all stakeholders.

Analisis & Pembahasan ManajemenManagement Analysis & Discussion




ikhtiSaR keuanganfinancial highlightS

dalam juta rupiah, kecuali nilai nominal per saham dan laba (rugi) per saham dalam rupiah penuh, dan jumlah saham

in Rp million, excluding nominal par value per share and earnings (loss) per share in full rupiah amount, and number of shares

Ikhtisar Keuangan 2017 2016 2015 Financial HighlightsPendapatan 3.195.904 2.465.212 2.962.461 Revenues

Laba Bruto 1.938.139 1.601.710 1.675.774 Gross Profit

Laba Usaha 1.220.600 1.047.219 1.437.825 Operating Income

Laba Bersih Tahun Berjalan Net Income for the Year

yang dapat diatribusikan ke: attributable to:

pemilik entitas induk 614.774 501.350 873.420 owners of the parent entity

kepentingan non-pengendali - - - non-controlling interest

Laba Komprehensif Tahun Berjalan Comprehensive Income for the Year

yang dapat diatribusikan ke: attributable to:

pemilik entitas induk 596.925 501.679 885.206 owners of the parent entity

kepentingan non-pengendali - - - non-controlling interest

Jumlah Saham Beredar 12.533.067.322 12.533.067.322 12.533.067.322 Number of Shares Outstanding

Laba Bersih per Saham Dasar 49,05 40,00 69,69 Earnings per Share (Basic)

Total Aset 14.599.669 14.540.108 12.843.051 Total Assets

Aset Lancar 3.158.284 3.921.828 3.145.580 Current Assets

Aset Tidak Lancar 11.441.385 10.618.280 9.697.470 Non-Current Assets

Total Liabilitas 7.522.212 7.944.774 6.785.594 Total Liabilities

Liabilitas Jangka Pendek 2.374.365 2.917.041 3.150.692 Current Liabilities

Liabilitas Jangka Panjang 5.147.847 5.027.733 3.634.901 Non-Current Liabilities

Total Ekuitas 7.077.458 6.595.334 6.057.457 Total Equity

Investasi pada Saham 1.272.475 755.191 - Investment in Shares

% dari Total Aset 8,7% 5,2% - % of Total Assets

Imbal Hasil atas Aset 4,21% 3,45% 6,80% Return on Assets

Imbal Hasil atas Ekuitas 8,69% 7,60% 14,42% Return on Equity

Margin Laba Bruto 60,64% 64,97% 56,57% Gross Profit Margin

Margin Laba Usaha 38,19% 42,48% 48,53% Operating Profit Margin

Margin Laba Bersih 19,24% 20,34% 29,48% Net Profit Margin

Rasio Liabilitas terhadap Ekuitas 1,06 × 1,20 × 1,12 × Liabilities to Equity Ratio

Rasio Liabilitas terhadap Aset 0,52 × 0,55 × 0,53 × Liabilities to Assets Ratio

Rasio Lancar 1,33 × 1,34 × 1,00 × Current Ratio

Rasio Utang terhadap Ekuitas 0,69 × 0,68 × 0,75 × Debt to Equity Ratio





Kewajiban (dalam jutaan rupiah)Liabilities (in million Rupiah)

2015

6.785.594

2016

7.944.774

2017

7.522.212

Aktiva (dalam jutaan rupiah)Assets (in million Rupiah)

2017

14.599.669

2016

14.540.108

2015

12.843.051

Ekuitas (dalam jutaan rupiah)Equity (in million Rupiah)

2015

6.057.457

2016

6.595.334

2017

7.077.458

Pendapatan (dalam jutaan rupiah)Revenues (in million Rupiah)

2015

2.962.461

2016

2.465.212

2017

3.195.904

Laba Bruto (dalam jutaan rupiah)Gross Profit (in million Rupiah)

2015

1.675.774

2016

1.601.710

2017

1.938.139

Laba Bersih (dalam jutaan rupiah)Net Income (in million Rupiah)

2015

873.420

2017

614.774

2016

501.350





ikhtiSaR SahamShaRe highlightS

PeriodeTertinggi

Highest (Rp)

Terendah Lowest

(Rp)

Penutupan Closing

(Rp)

Volume (dalam ribuan Rp)

Volume (in thousand Rp)

Kapitalisasi Pasarper Akhir Triwulan

Marcap End of Q

Triwulan I 346 274 294 471.759.100 3.684.721.792.668

Triwulan II 300 250 270 675.023.200 3.383.928.176.940

Triwulan III 320 258 292 950.280.900 3.659.655.658.024

Triwulan IV 370 292 294 468.996.300 3.684.721.792.668

PeriodeTertinggi

Highest (Rp)

Terendah Lowest

(Rp)

Penutupan Closing

(Rp)

Volume (dalam ribuan Rp)

Volume (in thousand Rp)

Kapitalisasi Pasarper Akhir Triwulan

Marcap End of Q

Triwulan I 481 315 405 679.729.800 5.075.892.265.410

Triwulan II 450 334 436 358.147.100 5.464.417.352.392

Triwulan III 478 336 370 814.061.900 4.637.234.909.140

Triwulan IV 438 310 342 684.225.000 4.286.309.024.124

Summary of Share Trading MDLN - 2017Summary of Share Trading MDLN - 2017

Summary of Share Trading MDLN - 2016Summary of Share Trading MDLN - 2016

Harga Saham di Bursa Efek IndonesiaShare Price at IDX

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0Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Des

CloseVolume (‘00)





PeRiStiwa PentingeventS highlightS

10 Januari / 10 January 2017

Topping off AEON Mall Jakarta Garden City di kawasan perumahan Jakarta Garden City (JGC), sebagai AEON Mall yang pertama di wilayah Jakarta.

Topping off of AEON Mall Jakarta Garden City at the Jakarta Garden City (JGC) residential area. This is the first AEON Mall to open in Jakarta.


JGC menggelar acara Pengenalan Produk Shinano untuk para agen properti di seluruh Jabodetabek di Ballroom JGC.

JGC introduced its Shinano product to property agents in the Jabodetabek region at the JGC Ballroom.

01 Februari / 01 February 2017

Syukuran untuk operasi kantor operasional PT Astra Modern Land (AML) di JGC. AML merupakan perusahaan patungan antara PT Astra Land Indonesia (ALI) dan PT Mitra Sindo Makmur (MSM), anak usaha Perseroan.

Opening ceremony of the PT Astra Modern Land (AML) operational office at JGC. AML is a joint venture between PT Astra Land Indonesia (ALI) and PT Mitra Sindo Makmur (MSM), a subsidiary of the Company.


JGC menyelenggarakan acara rutin, Cap Go Meh, untuk penghuni juga para konsumennya.

JGC conducted the Cap Go Meh celebration, involving the residents of JGC and all customers.


JGC menggelar acara Principal Agent Gathering di Hotel Fairmont Jakarta, dengan tujuan menjalin kerjasama yang lebih solid dengan para agen properti di Jabodetabek untuk memasarkan produk JGC.

JGC conducted the Principal Agent Gathering at the Fairmont Hotel, Jakarta, to build a more solid rapport with property agents in the Greater Jakarta (Jabodetabek) region, thereby boosting JGC’s products marketing.


Perseroan menandatangani nota kesepahaman (MoU) dengan Bank BNI di Hotel Novotel Jakarta Gajah Mada, untuk Loan Agreement Hotel Swiss–Belinn ModernCikande.

The Company signed a memorandum of understanding (MoU) with BNI at Hotel Novotel Jakarta Gajah Mada, for the Hotel Swiss–Belinn ModernCikande Loan Agreement.





11–19 Februari / 11–19 February 2017

JGC mengikuti Indonesia Property Expo 2017 di Jakarta Convention Center untuk memasarkan produk JGC.

JGC participated in the Indonesia Property Expo 2017 held at the Jakarta Convention Center, to promote JGC’s products.


JGC menggelar acara Pengenalan Produk Shinano untuk para agen properti, khususnya area Serpong dan Tangerang, di B’Steak Gading Serpong.

JGC introduced its Shinano product to property agents, mostly from Serpong and Tangerang areas, at B’Steak Gading Serpong.


Perseroan meraih penghargaan Peringkat I untuk Kategori Property & Real Estate – Tbk, pada ajang Indonesia Corporate Social Responsibility Award I–2017 (ICSRA–I–2017) yang diselenggarakan Economic Review dan Indonesia Asia Institute di Balai Kartini, Jakarta.

The Company received the First Prize for the Category of Property & Real Estate – Public Companies, at the Indonesia Corporate Social Responsibility Award I–2017 (ICSRA–I–2017) organized by Economic Review and Indonesia Asia Institute at Balai Kartini, Jakarta.

25–26 Februari / 25–26 February 2017

JGC menggelar acara Launching Produk Shinano di Sales Gallery JGC.

JGC conducted the Shinano Product Launching event at JGC Sales Gallery.


PT Modern Asia Hotel (MAH), unit bisnis Perseroan, bersama Swiss–Belhotel International menggelar acara seremonial topping off Hotel Swiss–Belinn ModernCikande, yang berlokasi di Kawasan Industri ModernCikande, Serang, Banten.

PT Modern Asia Hotel (MAH), a subsidiary of the Company, together with Swiss–Belhotel International conducted the topping off of Hotel Swiss–Belinn ModernCikande, located in the ModernCikande Industrial Estate, Serang, Banten.


Press Conference di Club House JGC tentang rencana keberadaan ferris wheel berteknologi canggih di AEON Mall Jakarta Garden City. Dengan diameter 50 meter, wahana ini akan berdiri menjulang setinggi 77 meter dari lantai, sebagai ferris wheel tertinggi di Indonesia.

Press Conference at the JGC Club House on the plan to build a high-tech ferris wheel at AEON Mall Jakarta Garden City. With a diameter of 50 meters, the ferris wheel will stand at a height of 77 meters from the floor, and become the tallest ferris wheel in Indonesia.





17 Maret / 17 March 2017

Perseroan dan seluruh anak usahanya menyelenggarakan acara olahraga bersama, diikuti seluruh karyawan. Kegiatan ini telah dibuat rutin setiap dua minggu sekali, di wilayah operasional Perseroan, JGC, ModernCikande Industrial Estate (MCIE), dan Kota Modern.

The Company and all of its subsidiaries conducted the sports day, participated by all employees. This is a regular biweekly event held at the Company’s operational areas, namely JGC, ModernCikande Industrial Estate (MCIE), and Kota Modern.


Perseroan melakukan kerjasama untuk pembiayaan Kredit Pemilikan Rumah (KPR) Perumahan Puri Kencana dengan Bank Artha Graha.

The Company entered into a partnership for the Home Ownership Loan (KPR) for Puri Kencana Residential Area with Bank Artha Graha.


JGC resmi membuka Food Garden, zona food and beverage center dengan konsep al fresco yang menyediakan berbagai pilihan kuliner.

JGC officially opened the Food Garden, a food and beverage center featuring an al fresco concept, offering a vast range of culinary choices.


Perseroan menyelenggarakan seminar untuk para agen properti bertema “Together We Go To The Next Level” dengan pembicara Haryanto Kandani di Ballroom Hotel Novotel Jakarta Gajah Mada.

The Company held a seminar titled “Together We Go To The Next Level” for property agents, featuring Haryanto Kandani as speaker, at Hotel Novotel Jakarta Gajah Mada Ballroom.


Perseroan menandatangani kerjasama dengan First Media untuk penyediaan fasilitas internet dan TV kabel di kawasan hunian JGC.

The Company signed the agreement with First Media for the provision of internet and cable TV facility in JGC.


Perseroan menyelenggarakan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) untuk menerima pengunduran diri Andy Kesuma Natanael sebagai Direktur Perseroan, serta menyetujui perubahan jabatan serta pengangkatan L. H. Freddy Chan sebagai Wakil Direktur Utama dan Cuncun M. Wijaya Wibowo sebagai Direktur Perseroan di Hotel Ritz-Carlton, Mega Kuningan, Jakarta.

The Company held its Extraordinary General Meeting of Shareholders (EGMS) to accept the resignation of Andy Kesuma Natanael as the Company’s Director, and to approve the change of position and appointment of L. H. Freddy Chan as the Vice President Director and Cuncun M. Wijaya Wibowo as Director of the Company, at the Ritz-Carlton Hotel, Mega Kuningan, Jakarta.






JGC menggelar acara Pengenalan Produk The Savoy untuk para agen properti di seluruh Jabodetabek di Ballroom JGC.

JGC introduced The Savoy product to property agents in Jabodetabek at the JGC Ballroom.


JGC meraih Top Property Award dari Marketing Group untuk Kategori Perumahan (New Development Project) di Ballroom Hotel Mulia, Jakarta.

JGC received the Top Property Award from Marketing Group for New Development Housing Project Category at the Ballroom of Hotel Mulia, Jakarta.

21 April / 21 April 2017

Perseroan dan segenap anak perusahaannya turut merayakan Hari Kartini, untuk menghormati keberadaan kaum perempuan dalam organisasi Perseroan, yang turut andil dalam membangun Perseroan menjadi salah satu pengembang properti terbesar di Indonesia.

The Company and its subsidiaries celebrated the Kartini Day, which commemorated the presence of women in the Company’s organization, and their role in making the Company one of the foremost property developer in Indonesia.

05 Mei / 05 May 2017

JGC menggelar kegiatan CSR berupa kegiatan bersama membersihkan saluran air warga atau normalisasi saluran air untuk kebersihan lingkungan. Tujuannya antara lain untuk mengurangi dampak banjir di lingkungan sekitar dan mengedukasi warga dalam bertanggung jawab menjaga kebersihan saluran air, khususnya di lingkungan sekitar kawasan hunian JGC.

JGC held a CSR event of cleaning the public water system and normalizing the water channel to ensure environmental cleanliness. The purpose was to reduce the risk of flooding in the surrounding environment while educating locals to be responsible in maintaining the cleanliness of water channels, especially in the vicinity of JGC’s residential area.

06-07 Mei / 06-07 May 2017

Launching produk The Savoy yang terletak di kawasan River Garden, JGC. The Savoy merupakan hunian 2-in-1, yang berfungsi sebagai tempat usaha dan hunian. Dalam launching ini, unit The Savoy terjual seluruhnya.

Launching of The Savoy, located at the River Garden zone in JGC. The Savoy offers 2-in-1 residential units functioning as commercial as well as housing units. At the launching, all units of The Savoy were sold out.





15 Mei / 15 May 2017

Perseroan. melalui anak usahanya PT Modern Panel Indonesia (MPI), membangun Pabrik ModernPrecast di Kawasan Industri ModernCikande, Banten. Pabrik ModernPrecast ini akan berfungsi sebagai tempat diproduksinya beton pracetak (Precast Concrete).

The Company through its subsidiary PT Modern Panel Indonesia (MPI) developed the ModernPrecast Plant at the MCIE in Banten. The ModernPrecast Plant is set to be the site for manufacturing Precast Concrete.

17–21 Mei / 17–21 May 2017

MPI dan PT Modern Industrial Estat (MIE) mengikuti pameran material dan teknologi bangunan terbesar di Indonesia, Indobuildtech Expo Jakarta 2017, di Indonesia Convention Exhibition (ICE), BSD City, Serpong, Banten. Indobuildtech merupakan platform bisnis dan marketplace di bagi para pegiat industri building materials and finishing products.

MPI and PT Modern Industrial Estat (MIE) participated in the biggest building materials and technologies expo in Indonesia, the Indobuildtech Expo Jakarta 2017, at the Indonesia Convention Exhibition (ICE), BSD City, Serpong, Banten. Indobuildtech served as a business platform and a marketplace for those engaged in the building materials and finishing products industries.

22 Mei / 22 May 2017

MIE menggelar writing competition bagi para wartawan media nasional, mengusung tema “Progress Pengembangan Kawasan Industri ModernCikande”.

MIE held a writing competition for national media journalists, with the title of “Progress in the Development of ModernCikande Industrial Estate”.

18 Mei / 18 May 2017

JGC melakukan acara Tasyakuran, yang dihadiri pimpinan dan seluruh karyawan JGC. Acara ini dilaksanakan agar memberikan semangat bagi para karyawan untuk mencapai target tahun ini.

JGC held a celebratory event attended by the management and employees of JGC. The event was intended to boost the spirit of all employees in achieving the year’s targets.

24 Mei / 24 May 2017

Perseroan menyediakan fasilitas perlindungan kesehatan BNI Life bagi para karyawannya, dan menyelenggarakan acara sosialisasi terkait di Kantor Pusat.

Tocc provided the BNI Life healthcare facility to its employees, and conducted a dissemination event related to this facility at the Head Office.

07 Juni / 07 June 2017

MIE menggelar Buka Puasa Bersama melibatkan seluruh karyawan dan mengundang sejumlah panti asuhan, disertai program Corporate Social Responsibility (CSR) berupa penyerahan santunan dan bingkisan untuk anak yatim di sekitar Kawasan Industri ModernCikande.

MIE conducted the Breaking of the Fast event involving all employees and inviting certain orphanages. The event was followed immediately by a CSR program of handing donations and presents for orphans in the surrounding areas of MCIE.





13 Juni / 13 June 2017

JGC menggelar Buka Puasa Bersama melibatkan seluruh karyawan dan mengundang sejumlah panti asuhan, disertai program Corporate Social Responsibility (CSR) berupa penyerahan bantuan kepada masjid yang berada di sekitar kawasan JGC.

JGC conducted the Breaking of the Fast event involving all employees and inviting certain orphanages. The event was followed by a CSR program of handing donations and assistance to mosques located in the surrounding areas of JGC.

15 Juni / 15 June 2017

Menyambut bulan suci Ramadhan 1438 H, keluarga besar Perseroan dan beberapa anak dan entitas usahanya, yaitu PT Mitra Sindo Sukses (MSS), Kota Modern, ModernCikande, dan Green Central City (GCC), menggelar Buka Puasa Bersama. Acara yang bertempat di Ballroom Hotel Novotel Jakarta Gajah Mada ini dihadiri pimpinan, karyawan, mitra usaha serta jajaran Direksi Perseroan, dan juga turut dihadiri sejumlah tokoh masyarakat sekitar.

Welcoming the Islamic holy month of Ramadan 1438 H, the Company and its subsidiaries, namely PT Mitra Sindo Sukses (MSS), Kota Modern, ModernCikande, and Green Central City (GCC), conducted the Breaking of the Fast. The event was held at the Ballroom of Hotel Novotel Jakarta Gajah Mada, and was attended by the management, employees, business partners, and the Board of Directors of the Company, as well as by local public figures.

19 Juni / 19 June 2017

Perseroan menggelar Buka Puasa Bersama Media, sebagai bentuk appresiasi kepada para jurnalis yang selama ini telah mendukung terciptanya brand image Perseroan yang baik. Acara ini bertempat di Hotel Novotel Jakarta Gajah Mada.

The Company conducted the Breaking of the Fast involving the media, as an appreciation to the journalists that continued to support the Company in shaping and maintaining its brand image. The event was held at Hotel Novotel Jakarta Gajah Mada.

21 Juni / 21 June 2017

Perseroan menggelar Rapat Umum Pemegang Saham Tahunan (RUPST) untuk menyetujui Pembagian Dividen Tunai dan Pembelian Kembali Saham. RUPST bertempat di Hotel Novotel Jakarta Gajah Mada.

The Company conducted the Annual General Meeting of Shareholders (AGMS) to approve the Distribution of Cash Dividends and Shares Buyback plans. The AGMS was held at Hotel Novotel Jakarta Gajah Mada.

07 Juli / 07 July 2017

Perseroan menggelar Leadership Sharing dengan Komisaris Besar Polisi Krishna Murti, yaitu acara pembentukan karakter kepemimpinan bagi karyawan yang penting bagi pengembangan manajemen.

The Company conducted Leadership Sharing program with the Police Commissioner Krishna Murti. The program was intended to foster the leadership of employees, an important skill to be honed in order to develop the management of the Company.

12 Juli / 12 July 2017

JGC menggelar acara Pengenalan Produk Cleon Park sebagai thematic shophouse pertama di JGC yang dikembangkan di area rencana pengembangan superblok (mixed use).

JGC introduced its Cleon Park product as the first thematic shophouse in JGC developed in the upcoming mixed use superblock area.





22 Juli / 22 July 2017

PT AEON Mall Indonesia menggelar Corporate Social Responsibility (CSR) berupa kegiatan hijau yang disebut AEON Hometown Forest Creation Tree–Planting Ceremony di AEON Mall Jakarta Garden City. Acara ini turut dihadiri Walikota Jakarta Timur.

PT AEON Mall Indonesia conducted a Corporate Social Responsibility (CSR) program, called the AEON Hometown Forest Creation Tree–Planting Ceremony, at AEON Mall Jakarta Garden City. The event was also attended by the Mayor of East Jakarta.

16 Agustus / 16 August 2017

Memperingati HUT Kemerdekaan Republik Indonesia, berbagai kegiatan lomba diadakan oleh Perseroan beserta unit bisnisnya.

Commemorating the Independence Day of the Republic of Indonesia, the Company and its subsidiaries held various competitions.

21 Juli / 21 July 2017

Perseroan menyelenggarakan Halal Bihalal bersama manajemen, dengan tema “Sucikan Hati untuk Mempererat Silaturahmi”, di Ballroom Modern Golf and Country Club, Kota Modern, Kota Tangerang.

The Company conducted the Halal Bihalal event with the management, titled “Sucikan Hati untuk Mempererat Silaturahmi”, at the Ballroom of Modern Golf and Country Club, Kota Modern, Tangerang.

07 Agustus / 07 August 2017

MIE mengumumkan pemenang writing competition bagi para wartawan dari berbagai media nasional, yang mengusung tema “Progress Pengembangan Kawasan Industri ModernCikande”.

MIE announced the winners of the writing competition for journalists from various national media. The competition’s theme was “Progress in the Development of ModernCikande Industrial Estate”.

25–26 Agustus / 25–26 August 2017

Perseroan mengikuti acara Job Fair Expo 2017 yang diselenggarakan Kementerian Tenaga Kerja bekerja sama dengan PT Jakarta International Expo.

The Company participated in the Job Fair Expo 2017 held by the Ministry of Manpower in collaboration with PT Jakarta International Expo.

26–27 Juli / 26–27 July 2017

JGC melakukan launching produk shophouse Cleon Park, sebagai area komersial di kawasan hunian JGC. Lokasi dan konsep Cleon Park menjadi keunggulan utama area komersial ini.

JGC launched its Cleon Park shophouse product, a commercial area nestled within JGC’s residential zone. Cleon Park’s location and concept were the two main features of this commercial area.





11 September / 11 September 2017

JGC meraih penghargaan untuk Kategori Large Scale Development Project (100–500 Ha) Region Jakarta, pada ajang BTN Golden Property Awards (BTN GPA) 2017, yang diselenggarakan PT Bank Tabungan Negara (Persero) Tbk dan Indonesia Property Watch (IPW) di Raffles Hotel, Jakarta.

JGC received an award for the category of Large Scale Development Project (100–500 Ha) in Jakarta, at the BTN Golden Property Awards (BTN GPA) 2017, held by PT Bank Tabungan Negara (Persero) Tbk and Indonesia Property Watch (IPW) at Raffles Hotel, Jakarta.


MIE sebagai pengembang Kawasan Industri ModernCikande meresmikan Kantor CSR Kabupaten Serang di Kawasan Industri ModernCikande.

MIE, the developer of ModernCikande Industrial Estate, inaugurated the opening of the CSR Office of Serang Regency at the ModernCikande Industrial Estate.


MIE menggelar writing competition seri 2 bagi para wartawan media nasional, dengan mengusung tema “Dari Cikande Untuk Indonesia”. Acara berlangsung di Marketing Office ModernCikande, Serang.

MIE held the second writing competition for journalists from national media, themed “From Cikande to Indonesia”. The event was held at the Marketing Office of ModernCikande, Serang.


AML memberikan pemaparan produk bagi agen properti se-Jabodetabek untuk memasarkan Asya, township satu-satunya yang berada di tepi danau di Jakarta Timur. Danau seluas 15 hektare merupakan nilai tambah proyek Asya, menjadikan Asya sebagai kawasan hunian yang nyaman dan cantik. Acara berlangsung di United Tractors Grand Ballroom, Jakarta.

AML introduced its Asya product to property agents in Jabodetabek. Asya is the only township located on a lakeside in East Jakarta. The 15-hectare lake adds to the value of Asya, making it a convenient and beautiful residential area. The event was held at United Tractors Grand Ballroom, Jakarta.


MIE meresmikan Water Treatment Plant (WTP) atau Instalasi Pengolahan Air (IPA) dengan kapasitas awal 100 liter/detik. WTP mampu mengolah air baku dari proyek menjadi air berstandar mutu siap konsumsi. WTP ini terpasang di Kawasan Industri ModernCikande.

MIE inaugurated the opening of the Water Treatment Plant (WTP), whose initial capacity was 100 liters/second. The WTP is able to process water from projects into water that meets the quality standards for consumption. The WTP is installed at the ModernCikande Industrial Estate.


JGC meraih penghargaan untuk Kategori Green Open Space Township Scale Housing Estate pada acara Housing Estate Green Property Awards (GPA), untuk proyek yang dikembangkan dengan konsep ramah lingkungan, yakni Perumahan Skala Kota (Township) JGC seluas 370 hektare. Acara GPA ini diselenggarakan di National Golf Club Senayan, Jakarta.

JGC received an award for the category of Green Open Space Township Scale Housing Estate at the HousingEstate Green Property Awards (GPA), for its environmentally-friendly development of the 370-hectare JGC township. The GPA was held at National Golf Club Senayan, Jakarta.






Grand Opening AEON Mall Jakarta Garden City, turut dihadiri Walikota Jakarta Timur dan Presiden Komisaris Perseroan. Pusat perbelanjaan yang dikembangkan di atas lahan seluas 8,5 hektare ini memiliki luas lantai 135 ribu m2, dengan total area yang disewakan mencapai 63 ribu m2.

Grand Opening of AEON Mall Jakarta Garden City. The event was also attended by the Mayor of East Jakarta and the Company’s President Commissioner. With a total land area of 8.5 hectares and total floor area of 135,000 m2, the shopping complex offers a total leased area of 63,000 m2.

04 Oktober / 04 October 2017

MIE menjalin kerjasama dengan PT Perusahaan Gas Negara Tbk (PGN) dan PT Mega Akses Persada (penyedia jaringan fiber optik yang dikenal sebagai FiberStar) untuk melengkapi infrastruktur di Kawasan Industri ModernCikande, Serang, Banten.

MIE entered into a cooperation with PT Perusahaan Gas Negara Tbk (PGN) and PT Mega Akses Persada (provider of the FiberStar fiber optic network) to enhance the infrastructure of the ModernCikande Industrial Estate, in Serang, Banten.


Public Expose Tahunan PT Modernland Realty Tbk dilaksanakan di Modern Golf and Country Club, Kota Modern, dengan pembahasan kinerja keuangan, kinerja pemasaran, dan prospek usaha serta kendala–kendala yang dihadapi Perseroan, termasuk kondisi ketidakpastian dan upaya untuk meningkatkan kinerja.

Annual Public Expose of PT Modernland Realty Tbk was held at Modern Golf and Country Club, Kota Modern. The expose discussed the Company’s financial performance, marketing performance, business prospects and challenges faced, including the situation of uncertainty and the corresponding efforts to boost performance.


J–Sky Ferris Wheel, bianglala yang memiliki tinggi 69 meter, berdiri di lantai 3 AEON Mall Jakarta Garden City. Wahana ini memperoleh rekor Museum Rekor Indonesia (MURI) sebagai bianglala tertinggi pertama di Indonesia yang didirikan di atas mal.

J–Sky Ferris Wheel, a 69-meter ferris wheel, now stood on the third floor of AEON Mall Jakarta Garden City. The ferris wheel entered the Indonesian Records Museum (MURI)’s record as the first and tallest ferris wheel in a mall in Indonesia.


JGC meraih penghargaan sebagai pemenang untuk dua kategori sekaligus yakni Best Housing Development untuk Kawasan Jakarta dan Best Housing Development untuk Indonesia, pada ajang PropertyGuru Indonesia Property Awards 2017.

JGC received two awards for the categories of Best Housing Development for Jakarta and Best Housing Development for Indonesia, at the PropertyGuru Indonesia Property Awards 2017.


JGC meraih penghargaan Properti Indonesia Award (PIA) 2017 yang mengambil tema “A Tribute to Creative Innovation Property Industry”. Penghargaan yang JGC terima adalah dalam Kategori Property Development – Township sebagai “The Highly Progressive Township”.

JGC received the Properti Indonesia Award (PIA) 2017, whose theme was “A Tribute to Creative Innovation Property Industry”, for the category of Property Development – Township, as “The Highly Progressive Township”.






MIE meraih penghargaan Properti Indonesia Award (PIA) 2017 untuk Kategori Property Development – Industrial Estate sebagai “The Comprehensive Industrial Development in Banten”.

MIE received the Properti Indonesia Award (PIA) 2017 for the category of Property Development – Industrial Estate, as “The Comprehensive Industrial Development in Banten”.

01 November / 01 November 2017

MIE mengikuti pameran Allpack 2017, pameran B2B berskala internasional di bidang industri pengemasan, bertempat di JIExpo Kemayoran.

MIE participated in the Allpack 2017 expo, an international B2B packaging industry expo, held at JIExpo Kemayoran.


Perseroan meraih penghargaan Indonesia GCG Award–III–2017, yang diselenggarakan Majalah Economic Review bekerja sama dengan IPMI International Business School, Sinergi Daya Prima, dan Indonesia Asia Institute – Ideku Group. Anugerah ini diberikan kepada berbagai perusahaan yang dinilai berkinerja terbaik di bidang tata kelola perusahaan di Indonesia.

The Company received the Indonesia GCG Award–III–2017, from Economic Review magazine in collaboration with IPMI International Business School, Sinergi Daya Prima, and Indonesia Asia Institute – Ideku Group. This award was given to companies that had shown their best performance in the aspect of corporate governance in Indonesia.

07-08 November / 07-08 November 2017

JGC mewakili Indonesia pada ajang Asia Property Award Grand Final 2017 di Sands Expo & Convention Center, Singapura. Selain dari Indonesia, beberapa proyek properti yang memenangkan kompetisi regional dari Kamboja, Filipina, Vietnam, Myanmar, Malaysia, Thailand, dan Singapura turut berpartisipasi. JGC mendapatkan nominasi sebagai Best Housing Development Asia.

JGC represented Indonesia at the Asia Property Award Grand Final 2017, held at the Sands Expo & Convention Center, Singapore. In addition to Indonesia, other countries such as Cambodia, the Philippines, Vietnam, Myanmar, Malaysia, Thailand, and Singapore also participated, represented by the property projects that had won these countries’ regional competitions. JGC was nominated as the Best Housing Development Asia was held at United Tractors Grand Ballroom, Jakarta.

08-10 November / 08-10 November 2017

MIE mengikuti Pameran Konstruksi Indonesia dan The Big 5 Construct 2017, bertempat di Jakarta Convention Center.

MIE participated in the Indonesian Construction Expo and The Big 5 Construct 2017, held at the Jakarta Convention Center.


JGC meraih Indonesia Property & Bank Award (IPBA) dari Majalah Property & Bank dan Aliansi Jurnalis Properti dan Keuangan (AJPK) untuk Kategori Kawasan, Perumahan & Kota Baru (The Best Investment Township In Biggest Realland @ Jakarta).

JGC received the Indonesia Property & Bank Award (IPBA) from Property & Bank magazine and Aliansi Jurnalis Properti dan Keuangan (AJPK) for The Best Investment Township In Biggest Realland @ Jakarta category.






JGC menggelar Pengenalan Produk New East, mengusung tagline “New Heart of the City”. Ini menjadikan JGC sebagai pusat gaya hidup baru di Jakarta Timur. Acara ini melibatkan agen properti se-Jabodetabek dan bertempat di CGV AEON Mall Jakarta Garden City.

JGC introduced its New East product, with “New Heart of the City” as its tagline. This patently established JGC as the new lifestyle epicenter in East Jakarta. The event took place at CGV AEON Mall Jakarta Garden City, and was attended by property agents in Jabodetabek region.

23–24 November / 23–24 November 2017

Perseroan menyelenggarakan workshop untuk menentukan anggaran, perencanaan, dan target Perseroan untuk tahun 2018. Acara ini dihadiri Direktur Utama dan Wakil Direktur Utama Perseroan, dan bertempat di Hotel Novotel Jakarta Gajah Mada.

The Company conducted a workshop to establish the budget, plans, and targets for 2018. This event was also attended by the President Director and Vice President Director of the Company, and was held at Hotel Novotel Jakarta Gajah Mada.


MIE menyelenggarakan Turnamen Golf untuk para tenant dan relasi yang telah membuka usaha di Kawasan Industri ModernCikande. Turnamen ini berlangsung di Modern Golf and Country Club.

MIE held a Golf Tournament for tenants and relations of MCIE. The tournament took place at Modern Golf and Country Club.


MIE meraih penghargaan “The Best Innovation in Property Product Concept” pada ajang Property Innovation Award 2017 yang diselenggarakan Marketing Group. Kawasan Industri ModernCikande dinilai sebagai salah satu kawasan industri yang menerima insentif Kemudahan Layanan Investasi Langsung Konstruksi (KLIK). Dengan fasilitas ini investor dapat langsung mengurus izin pembangunan pabrik hanya dalam waktu sehari tanpa perlu menunggu Izin Mendirikan Bangunan (IMB).

MIE received “The Best Innovation in Property Product Concept” award at the Property Innovation Award 2017 held by Marketing Group. ModernCikande Industrial Estate was considered as one of the industrial estates to receive the Ease of Direct Construction Facility (KLIK). This facility allows investors to apply for the building of their plants and receive a response within one day, without the need to wait for the Building Permit (IMB).


Perseroan meraih penghargaan The 9th IICD Corporate Governance Award 2017 dari Indonesian Institute for Corporate Directorship (IICD) bekerja sama dengan media Kontan. Penghargaan ini ditujukan bagi perusahaan-perusahaan publik yang dinilai terbaik dalam komitmennya menjalankan tata kelola perusahaan.

The Company received The 9th IICD Corporate Governance Award 2017 from the Indonesian Institute for Corporate Directorship (IICD) in collaboration with Kontan daily. This award is given to public companies with the best performance in their commitment to corporate governance.


Perseroan mendapatkan Piagam Penghargaan dalam acara “Pesona Batik Jakarta Tahun 2017” dari Pemerintah Provinsi DKI Jakarta.

The Company received a Plaque at the “Pesona Batik Jakarta 2017” event from the DKI Jakarta Provincial Government.






Perseroan melalui MPI bekerja sama dengan EBAWE (The Progress Group) untuk mengembangkan bisnis baru beton siap pakai dan beton pracetak (Precast Concrete).

The Company via MPI cooperated with EBAWE (The Progress Group) in the development of a new business that is engaged in the production of ready-made concrete and Precast Concrete.

05 Desember / 05 December 2017

MIE mengumumkan pemenang writing competition seri kedua bagi para wartawan dari berbagai media nasional, yang mengusung tema “Dari Cikande Untuk Indonesia”.

MIE announced the winners of the second writing competition for journalists from national media. The competition’s theme was “From Cikande to Indonesia”.

06-09 Desember / 06-09 December 2017

MIE mengikuti 28th International Manufacturing, Machinery, Equipment, Materials and Services Exhibition, pameran manufaktur terbesar di Asia, bertempat di JIExpo Kemayoran.

MIE participated in the 28th International Manufacturing, Machinery, Equipment, Materials and Services Exhibition—the largest manufacturing expo in Asia, held at JIExpo Kemayoran.


Perseroan melakukan kunjungan ke PT Astra International Tbk untuk human capital benchmarking.

The Company paid a company visit to PT Astra International Tbk with the purpose of human capital benchmarking.


JGC meraih penghargaan untuk Kategori “Most Favoured Township Scale Housing Estate in Jakarta” pada Housing Estate Awards 2017 dari majalah Housing Estate.

JGC received an award in the “Most Favoured Township Scale Housing Estate in Jakarta” category at the Housing Estate Awards 2017 from Housing Estate magazine.


JGC menjadi tuan rumah bagi restoran siap saji McDonald’s yang membuka gerai pertamanya di kawasan tersebut.

JGC saw the first McDonald’s fast food restaurant outlet open in its area.


Perseroan meraih penghargaan Indonesia Best Corporate Reputation Award 2017 untuk kategori “Top 5 Corporate Reputation in Property Sector” dari majalah Warta Ekonomi.

The Company received the Indonesia Best Corporate Reputation Award 2017 for the “Top 5 Corporate Reputation in Property Sector” category from Warta Ekonomi magazine.





PenghaRgaan & SeRtifikaSiawaRdS & ceRtificationS

14 Desember 201714 December 2017

14 Desember 201714 December 2017

Indonesia Best Corporate Reputation Award 2017Kategori “Top 5 Corporate Reputation in Property Sector” PT Modernland Realty Tbk

Housing Estate Awards 2017 Kategori “Most Favoured Township Scale Housing Estate in Jakarta” Jakarta Garden City

17 Oktober 201717 October 2017


2 November 20172 November 2017

7–8 November 20177–8 November 2017

Properti Indonesia Award (PIA) Kategori Property Development – TownshipJakarta Garden City

Properti Indonesia Award (PIA)Kategori Property Development – Industrial EstatePT Modern Industrial Estate

Indonesia GCG Award-III-2017PT Modernland Realty TbkPeringkat - 5 Platinum (Perusahaan Swasta Tbk)

PropertyGuru Asia Property Awards 2017Jakarta Garden City (PT Modernland Realty Tbk)Best Housing Development

26 Januari 201726 January 2017

24 Februari 201724 February 2017

31 Maret 201731 March 2017

17 April 201717 April 2017

Consumer Choice Award 2017 Jakarta Garden City Popular Landed In East Jakarta

Indonesia Corporate Social Responsibility Award 2017Peringkat I Kategori Property & Real Estate – Tbk

Top Property Award 2017Kategori Perumahan (New Development Project) Jakarta Garden City

The IICD CG Appreciation Best Right of ShareholdersPT Modernland Realty Tbk 2017TOP 50 EMITEN MIDCAP









Indonesia Property & Bank Award (IPBA)Kategori Kawasan, Perumahan & Kota BaruJakarta Garden City

Property Innovation Award 2017“The Best Innovation in Property Product Concept”PT Modern Industrial Estat

9th IICD Corporate Governance AwardPT Modernland Realty TbkTop 50 of Mid Market Capitalization Public Listed Companies

Pemerintah ProvinsiDaerah Khusus Ibukota JakartaPesona Batik Jakarta Tahun 2017PT Modernland Realty Tbk

11 September 201711 September 2017

27 September 201727 September 2017



BTN Golden Property Awards 2017Kategori Large Scale Development Project (100–500 Ha) Region JakartaJakarta Garden City

Housing Estate Green Property Awards 2017Kategori Green Open Space Township Scale Housing EstateJakarta Garden City

PropertyGuru Indonesia Property Awards 2017 Best Housing Development (Indonesia)Jakarta Garden City

PropertyGuru Indonesia Property Awards 2017Best Housing Development (Jakarta)Jakarta Garden City





laPoRan manajemenmanagement RePoRt

laPoRan dewan komiSaRiSboaRd of commiSSioneRS’ RePoRt

Industri properti yang merupakan cerminan dari situasi perekonomian nasional masih mengalami beberapa hambatan yang cukup substansial sepanjang tahun 2017. Kenaikan tarif listrik, pengetatan pengawasan pajak pasca-program pengampunan pajak (tax amnesty), dan gejolak politik nasional, menyebabkan melemahnya daya beli masyarakat terutama di semester pertama 2017. Namun, pemerintah tetap berupaya melakukan transformasi ke arah ekonomi berbasis produksi sebagai strategi untuk mengurangi ketergantungan pertumbuhan ekonomi Indonesia pada konsumsi.

The property industry, whose performance is a reflection of the national economic situation, was still facing substantial hurdles throughout 2017. The rise of electricity tariff, a tighter tax supervision following the Tax Amnesty program, and certain ripples in the national politics had led to a weakening of the people’s purchasing power, most notably in the first half of 2017. However, the government remained tough in implementing economic transformation, to rely more on production as to reduce the dependency of Indonesia’s economic growth on consumption.

Para Pemegang Saham yang Terhormat,Valued Shareholders,





Luntungan HonorisKomisaris UtamaPresident Commissioner

27PT Modernland Realty Tbk | 2017 Annual Report 27




Komponen Penanaman Modal Tetap Bruto (PMTB), salah satu alat ukur kemajuan produktivitas, mencapai 7,11% pada kuartal ketiga tahun 2017, meningkat dari 5,35% pada kuartal sebelumnya. Pencapaian ini didukung oleh upaya pemerintah yang sukses dalam mengendalikan laju inflasi dan langkah Bank Indonesia dalam menjaga stabilitas nilai tukar rupiah.

Di tengah pengetatan kebijakan pajak, harga komoditas yang belum sepenuhnya pulih dan pergerakan harga properti yang cenderung stagnan di sepanjang 2017, membuat banyak investor memilih untuk wait and see dalam membeli properti, sehingga proporsi tertinggi dari pembeli properti merupakan end user. Lokasi yang strategis, berada di dalam kota Jakarta, serta harga yang relatif masih rendah dibandingkan dengan kawasan sekitarnya, berhasil menjadikan Jakarta Garden City (JGC) sebagai pilihan menarik bagi masyarakat kelas menengah, terutama keluarga muda dan karyawan, yang membutuhkan tempat tinggal di dalam kota Jakarta.

Penilaian Kinerja & Strategi Bisnis Direksi

Dewan Komisaris, dibantu oleh komite-komite di bawah Dewan Komisaris, telah melakukan pengawasan atas kinerja Direksi dalam mengendalikan jalannya bisnis Perseroan sepanjang tahun 2017. Dewan Komisaris secara rutin melaksanakan rapat-rapat dengan Direksi sebagai bentuk pelaksanaan fungsinya sebagai pengawas dan penasihat. Dengan memandang semua pencapaian yang telah Perseroan bukukan di tahun 2017, Dewan Komisaris menyatakan puas atas kinerja dan strategi yang telah dijalankan Direksi sejauh ini.

Di tengah kondisi ekonomi yang mulai pulih, Direksi telah berhasil membukukan kinerja yang cukup baik. Peluncuran tiga proyek baru di JGC yang hampir seluruhnya terjual habis, dan dibukanya AEON Mall Jakarta Garden City pada bulan September 2017, menunjukkan kejelian Direksi dalam melakukan riset dan pengembangan produk sekaligus strategi pemasaran yang tepat. Selain itu, penambahan portofolio baru di segmen hospitality yakni segera dibukanya Hotel Swiss Belinn ModernCikande adalah langkah yang Dewan Komisaris anggap tepat untuk menambah daya tarik serta nilai dari ModernCikande Industrial Estate (MCIE). Penambahan sarana akomodasi ini dibarengi juga dengan pembangunan fasilitas pendukung lain di MCIE secara bertahap, seperti Instalasi Pengolahan Air yang telah selesai di tahun 2017. Langkah-langkah ini kami apresiasi sepenuhnya.

Pencapaian Direksi yang cukup memuaskan tercermin dari kinerja keuangan Perseroan di tahun 2017. Marketing sales tahun 2017 mencapai Rp2,07 triliun, yang sebagian besar dikontribusi oleh penjualan 3 klaster yang diluncurkan di JGC Sementara itu, total pendapatan tercatat sebesar Rp3,20 triliun, naik 29,6%. Ini menghasilkan laba bersih sebesar Rp614,77 miliar, meningkat 22,6% dari Rp501,35 miliar di tahun 2016. Kenaikan laba bersih ini berhasil mengangkat rasio Imbal Hasil atas Ekuitas (ROE) menjadi 8,7%.

Gross Fixed Capital Formation (PMTB), one of the indicators of economic productivity, reached 7.11% in the third quarter of 2017, up from 5.35% in the previous quarter. This achievement was supported by the government’s accomplishment in managing inflation and Bank Indonesia’s policy to maintain the stability of the Rupiah’s exchange rate.

In the wake of the tax policy tightening, not-fully-recovered commodity prices, and the relatively stagnant property prices throughout 2017, many investors opted for a wait-and-see strategy in making their property-related investment decisions, and as such, the largest proportion of property buyers was composed of end users. A strategic location within Jakarta, and a relatively lower price scheme compared to the surrounding area, succeeded in making Jakarta Garden City (JGC) an attractive option for the middle class, especially young families and employees, who are looking for residential property within Jakarta.

The Board of Directors’ Performance & Strategy Assessment

The Board of Commissioners, assisted by the committees under the Board of Commissioners, oversaw the performance of the Board of Directors in managing the Company throughout 2017. The Board of Commissioners regularly conducted meetings with the Board of Directors to perform its duty as supervisor and advisor to the Board of Directors. In view of all the achievements of the Company in 2017, the Board of Commissioners hereby expresses its satisfaction with the performance and strategy that the Board of Directors has undertaken.

In the midst of the national economic recovery, the Board of Directors has managed to record a commendable performance. The launch of three new projects in JGC, which were almost completely sold out, and the opening of AEON Mall Jakarta Garden City in September 2017, demonstrated the Directors’ meticulousness in conducting product research and development as well as taking appropriate marketing strategies. Furthermore, the addition of a new portfolio in the Company’s hospitality segment with the soon-to-be open Hotel Swiss Belinn ModernCikande was an appropriate step for increasing the attractiveness and value of ModernCikande Industrial Estate (MCIE), in our view. The addition of this accommodation facility was paired by the gradual construction of other supporting facilities in MCIE, such as the Water Treatment Plant that was completed in 2017. We appreciate the business measures that have been taken.

The accomplishments of the Board of Directors were reflected in the Company’s financial performance in 2017. Marketing sales in 2017 reached Rp2.07 trillion, mostly contributed by the sales of three clusters launched in JGC. Meanwhile, total revenues reached Rp3.20 trillion, an increase of 29.6% from the previous year’s. This generated a net profit of Rp614.77 billion, climbing 22.6% from Rp501.35 billion in 2016. The increase in net profit propelled the Return on Equity (ROE) ratio to rise by 8.7%.





The Board of Commissioners appreciates the Directors’ actions related to the sale of a portion of the Company’s share ownership in PT Astra Modern Land, a joint venture between the Company’s subsidiary and PT Astra Land Indonesia, and the sale of the Company’s land to PT Astra Modern Land. These measures helped improve the Company’s liquidity, and contributed a substantial proportion to the rising net income in 2017, second only to the contribution from the robust rise in sales in the industrial, residential, and commercial segments altogether. With these achievements, the Board of Commissioners believes, the Company now has a stronger financial foundation to further intensify its portfolio diversification in the coming years. This will in turn boost the level of confidence of the parties seeking to cooperate with, or invest in, the Company.

Implementation of Supervision Function & Corporate Governance PrinciplesThe Board of Commissioners, together with the Board of Directors, ensures that the Company has consistently applied the principles of good corporate governance and refined its business processes in line with all applicable regulations. We extend our appreciation to the management that has endeavored to improve the quality of Good Corporate Governance through the updating and enhancement of the Company’s charters, code of ethics, and governance-related functions throughout 2017. We believe that the implementation of Good Corporate Governance shall ensure the Company’s long-term business continuity, and improve the Company’s performance and credibility in the public eye.

The Board of Commissioners continues to exercise its supervisory function through the corporate governance bodies, including the Audit Committee and the Nomination & Remuneration Committee. These supporting committees perform the supervisory function in accordance with applicable laws and regulations and adhere to the principles of Good Corporate Governance at all times. Both the Audit Committee and the Nomination & Remuneration Committee periodically conduct meetings to prepare reports for the Board of Commissioners, to be subsequently used to inform the Board of Directors in formulating business policies.

2018 Outlook & Strategies

The Board of Commissioners has reviewed the business plans and targets that the Board of Directors has formulated for 2018. We fully approve and support such business plan. Considering the external conditions and internal capabilities of the Company, the Board of Commissioners considers that the established targets are measurable and realistic.

In line with the implementation of good corporate governance principles, and to bolster the Company’s business sustainability, the Board of Commissioners at all times ensure that all members of the Company perform their respective activities in compliance with the regulations.

Dewan Komisaris mengapresiasi langkah Direksi terkait transaksi penjualan sebagian kepemilikan saham Perseroan di PT Astra Modern Land, perusahaan joint venture antara anak usaha Perseroan dengan PT Astra Land Indonesia, dan penjualan lahan milik Perseroan ke perusahaan tersebut. Langkah ini membantu meningkatkan likuiditas Perseroan, selain juga menyumbangkan nilai yang cukup substansial terhadap kenaikan laba bersih tahun 2017. Kontribusi dari AML hanya sedikit di bawah kontribusi dari kenaikan yang kuat dari penjualan segmen industrial, residensial, dan komersial. Dewan Komisaris memandang bahwa dengan pencapaian-pencapaian ini, Perseroan kini memiliki fondasi finansial yang lebih kokoh untuk dapat semakin mengintensifkan diversifikasi portofolionya di tahun-tahun mendatang. Ini tentunya akan turut meningkatkan tingkat kepercayaan para pihak yang ingin bekerja sama dengan Perseroan dan berinvestasi di Perseroan.

Pelaksanaan Fungsi Pengawasan & Prinsip Tata Kelola PerusahaanDewan Komisaris bersama dengan Direksi memastikan bahwa Perseroan telah secara konsisten menerapkan prinsip-prinsip tata kelola perusahaan yang baik dan menyempurnakan berbagai proses bisnisnya agar selaras dengan semua peraturan yang berlaku. Apresiasi khusus kami sampaikan bagi manajemen yang telah mengupayakan peningkatan kualitas tata kelola perusahaan yang baik melalui penyempurnaan piagam-piagam, kode etik perusahaan, dan fungsi-fungsi terkait tata kelola sepanjang tahun 2017. Kami meyakini bahwa penerapan prinsip-prinsip tata kelola yang baik dapat menjamin keberlangsungan usaha Perseroan untuk jangka panjang, serta mampu meningkatkan kinerja dan kredibilitas Perseroan di mata publik.

Dewan Komisaris senantiasa menjalankan fungsi pengawasan melalui organ-organ tata kelola di Perseroan, termasuk Komite Audit dan Komite Nominasi & Remunerasi. Komite-komite pendukung tersebut melakukan fungsi pengawasan sesuai peraturan perundang-undangan yang berlaku dan mengikuti prinsip-prinsip tata kelola perusahaan yang baik. Baik Komite Audit maupun Komite Nominasi & Remunerasi secara berkala melakukan pertemuan untuk menyusun laporan yang menjadi masukan bagi Direksi dalam mengambil kebijakan bisnis, dan melaporkannya kepada Dewan Komisaris.

Pandangan atas Prospek & Strategi Tahun 2018Dewan Komisaris telah meninjau paparan rencana dan target bisnis yang Direksi rumuskan untuk tahun 2018. Kami sepenuhnya menyetujui dan mendukung rencana bisnis tersebut. Dengan mempertimbangkan kondisi eksternal dan kapabilitas internal Perseroan, Dewan Komisaris memandang bahwa target-target yang telah ditetapkan tersebut terukur dan realistis.

Sejalan dengan penerapan prinsip-prinsip tata kelola perusahaan yang baik dan untuk mendukung keberlanjutan usaha Perseroan, Dewan Komisaris senantiasa memastikan bahwa seluruh organ Perseroan menjalankan aktivitas masing-masing secara bersih dengan taat aturan.





Jakarta, 20 April 2018Atas nama Dewan Komisaris PT Modernland Realty Tbk,

On behalf of the Board of Commissioners of PT Modernland Realty Tbk,

Luntungan HonorisKomisaris Utama | President Commissioner

Apresiasi & PenutupDewan Komisaris mengucapkan terima kasih kepada seluruh Direksi, manajemen, dan karyawan PT Modernland Realty Tbk beserta seluruh anak usahanya, atas sumbangsih dan kerja keras yang telah mereka kontribusikan bagi kemajuan Perseroan. Kami juga berterima kasih kepada seluruh konsumen, mitra usaha, pemasok, serta pihak regulator, media, dan masyarakat sekitar, atas kepercayaan, dukungan, dan juga masukan yang telah mereka berikan terhadap Perseroan.

Besar harapan kami di tahun 2018 ini Perseroan dapat terus meningkatkan kinerja bisnisnya sesuai dengan perkembangan kebutuhan di masyarakat, dan menciptakan nilai yang semakin besar, tak hanya bagi pemegang saham, tetapi juga bagi semua pemangku kepentingan.

Appreciation & ClosingThe Board of Commissioners hereby thanks all the Directors, management, and employees of PT Modernland Realty Tbk and all its subsidiaries, for their contribution and hard work that has powered the Company’s progress. We also extend our gratitude to all our customers, business partners, suppliers and regulators, media, and local communities for their trust, support, and inputs to the Company.

We hope that in 2018 the Company will record even better business performance in line with the growing needs of the public, and create even greater value, not only for the shareholders, but also for all stakeholders.





Dewan KomisarisBoard of Commissioners

Oscar Jaro TaveraKomisaris

Commissioner

Iwan SuryawijayaKomisaris Independen

Independent Commissioner

Luntungan HonorisKomisaris Utama

President Commissioner

Nita TanawidjajaKomisaris Independen

Independent Commissioner

Edwyn LimKomisaris

Commissioner





laPoRan diRekSiboaRd of diRectoRS’ RePoRt

Situasi perekonomian global yang mulai pulih di tahun 2017 masih menghadirkan sejumlah tantangan bagi perkembangan industri properti di Indonesia, dan tentunya hal ini semakin memotivasi segenap manajemen dan karyawan PT Modernland Realty Tbk untuk menghasilkan kinerja yang lebih baik. Pertumbuhan ekonomi di negara-negara dengan ekonomi terbesar di dunia, seperti di Amerika Serikat (AS) dan Tiongkok, lebih tinggi dibandingkan di tahun sebelumnya.

The global economy’s recovery in 2017 still posed certain challenges into the property industry in Indonesia, which instilled a greater motivation in the management and employees of PT Modernland Realty Tbk to perform better. Growth rates in the world’s largest economies, such as in the United States (US) and China, were higher than in the previous year.

Para Pemegang Saham yang terhormat,Esteemed Shareholders,





33

William HonorisDirektur UtamaPresident Director





Sementara itu, Tiongkok berhasil mencatat pertumbuhan ekonomi di atas 6,5%, berkat peningkatan pembangunan infrastruktur serta nilai ekspor. Dari dalam negeri, perekonomian nasional yang didorong oleh kondisi fundamental ekonomi dalam negeri yang lebih baik, berhasil mencatatkan pertumbuhan sedikit di atas laju pertumbuhan tahun 2016 dengan kisaran 5,05%.

Namun, beragam peristiwa politik yang terjadi menghambat perkembangan pasar ke kondisi yang lebih baik, sehingga belum dapat tercipta pertumbuhan yang optimal.

Industri properti yang secara umum merupakan cerminan dari perkembangan perekonomian nasional juga menghadapi kendala yang sama. Survei Harga Properti Residensial (SHPR) Bank Indonesia (BI) per akhir 2017 menunjukkan pertumbuhan penjualan rumah di 2017 melamban dibandingkan di dua tahun sebelumnya. Meskipun BI telah menurunkan suku bunga BI 7-Day Repo Rate sebanyak dua kali, suku bunga kredit pemilikan rumah (KPR) yang tergolong tinggi masih menjadi salah satu penghambat pertumbuhan bisnis properti. Kendati demikian, Perseroan melihat bahwa kondisi pasar lebih bergairah dibandingkan tahun sebelumnya. Ini mendorong Perseroan untuk berani melangkah dengan meluncurkan tiga produk baru di dalam proyek unggulan Perseroan: Jakarta Garden City (JGC).

Kinerja KeuanganBerbagai strategi yang telah Perseroan tempuh di tahun 2017 membuat Perseroan berhasil mencatatkan pendapatan sebesar Rp3,20 triliun, atau naik 29,6% dari total pendapatan di tahun 2016. Dari total pendapatan tahun 2017 tersebut, 86,0% dikontribusikan oleh segmen residensial, sementara 10,7% berasal dari segmen industrial dan 3,3% sisanya dari segmen hospitality dan lainnya.

Kenaikan pendapatan ini juga menyebabkan naiknya laba bersih Perseroan sebanyak 22,6% sehingga mencapai angka Rp614,77 miliar. Sejalan dengan kenaikan pendapatan, total ekuitas Perseroan juga meningkat 7,3% menjadi Rp7,08 triliun per 31 Desember 2017. Pencapaian-pencapaian finansial ini mencerminkan kondisi neraca Perseroan yang secara keseluruhan lebih kuat dan kinerja keuangan yang meningkat dibandingkan di tahun 2016.

Kinerja OperasionalSepanjang tahun 2017, JGC meluncurkan tiga produk baru, yaitu kluster Shinano, The Savoy, dan satu produk shophouse yaitu Cleon Park. Peluncuran ketiga produk ini disambut sangat baik oleh masyarakat, sehingga berhasil terjual hingga setidaknya 95% pada hari peluncuran masing-masing. Tingginya minat konsumen membuktikan bahwa produk-produk properti Perseroan masih sangat diincar oleh masyarakat di tengah kondisi ekonomi yang masih banyak dipengaruhi gejolak.

Daya tarik kawasan JGC semakin bertambah dengan dibukanya AEON Mall Jakarta Garden City pada bulan September 2017, serta beroperasinya Jalan Tol Tanjung Priok pada bulan April 2017. Beroperasinya kedua fasilitas pendukung tersebut memberikan nilai tambah tersendiri bagi para penghuni sekaligus mereka yang

Meanwhile, China managed to record economic growth of above 6.5%, due to vigorous infrastructure development and rising export value. Meanwhile, in Indonesia, driven by improved domestic economic fundamentals, the national economy managed to record an approximate growth of 5.05%, which was slightly above the 2016 growth rate.

However, various political events that occurred in 2017 hindered the market’s development from achieving an optimal growth.

The property industry, which in general is a reflection of the national economic development, also faced the same challenges. The Survey of Residential Property Prices (SHPR) of Bank Indonesia (BI) for end of 2017 exhibited that house sales growth was slower than in the previous two years. Although BI has lowered the BI 7-Day Repo Rate twice, the relatively high mortgage interest rate was still one of the main obstacles that derailed the growth of the property business. Nevertheless, the Company perceived that market conditions in 2017 were more uplifting than in 2016. This encouraged the Company to launched three new products within the Company’s flagship project: Jakarta Garden City (JGC).

Financial PerformanceThe various strategies that the Company undertook in 2017 resulted in the success in recording a total revenue of Rp3.20 trillion, or expanded by 29.6% from the total revenue in 2016. Of the total revenue in 2017, 86.0% was contributed by the residential segment, while 10.7% came from the industrial segment and the remaining 3.3% from the hospitality and other segment.

Higher revenue also improved the Company’s net profit by 22.6%, to reach Rp614.77 billion. In line with the improvement of revenue, the Company’s total equity also went up by 7.3% to Rp7.08 trillion as at 31 December 2017. These financial achievements reflected the Company’s overall balance sheet condition and stronger financial performance compared to 2016.

Operational PerformanceThroughout 2017, JGC launched three new products, namely the Shinano cluster, The Savoy cluster, and one shophouse product called Cleon Park. The launch of all three products was very well received by the public, resulting in at least 95% take-up rate on their respective launch days. The exceptionally strong interest among customers proved that the Company’s property products remained highly in demand in the midst of fluctuating economic conditions.

The appeal of JGC was augmented with the opening of AEON Mall Jakarta Garden City in September 2017, as well as the commencement of Tanjung Priok Toll Road’s operation in April 2017. The two supporting facilities provide added value for the residents as well as those who are placing their investment in the property products in the area. They





menempatkan investasinya di produk-produk properti di kawasan ini. Mereka mendapatkan kenyamanan lebih dan kemudahan akses dengan memilih domisili mereka di JGC. Berkat kontribusi yang besar dari keberhasilan peluncuran tiga produk baru di tahun 2017 ini, segmen residensial membukukan marketing sales sebesar Rp1,29 triliun.

Proyek Perseroan di segmen industrial, ModernCikande Industrial Estate (MCIE), terus melakukan pengembangan dengan membangun fasilitas-fasilitas penunjang bagi kegiatan operasional perusahaan-perusahaan penghuni kawasan MCIE. Pada tahun 2017, MCIE mulai mengoperasikan suatu Instalasi Pengolahan Air yang mampu mengolah air baku menjadi air berstandar mutu siap konsumsi. Selain itu, akses jalan melalui Pintu Tol Cikande menambah nilai jual dan memperlancar aktivitas logistik para penghuni kawasan. Pada tahun 2017, MCIE membukukan marketing sales sebesar Rp581,24 miliar, tumbuh 36,8% dari perolehan tahun 2016.

Dari segmen hospitality, persaingan pasar yang semakin ketat akibat pertumbuhan hotel-hotel baru serta pengetatan anggaran meeting perusahaan, menjadi tantangan yang harus dihadapi di tahun 2017. Sehubungan dengan itu, Hotel Novotel Gajah Mada telah melakukan beberapa strategi untuk memitigasinya. Langkah yang ditempuh berupa pemberian rate khusus untuk tour group dan untuk paket meeting.

Selain mempertahankan posisinya di pasar lapangan golf berstandar internasional melalui Modern Golf & Country Club di kawasan Kota Modern, Tangerang, Perseroan juga membuka satu proyek baru di segmen hospitality di tahun 2017, yaitu Swiss-Belinn ModernCikande. Direncanakan untuk beroperasi di tahun 2018, hotel bintang tiga yang dikelola perusahaan hotel management berkelas dunia ini menjawab kebutuhan sarana akomodasi yang berkelas bagi para tamu perusahaan penghuni kawasan ModernCikande Industrial Estate. Di tahun 2017, bersamaan dengan segmen penyewaan, Novotel Gajah Mada berhasil membukukan pendapatan sebesar Rp49,67 miliar, sementara Modern Golf & Country Club mencatatkan pendapatan sebesar Rp52,28 miliar.

Sumber Daya Manusia & Tata KelolaSebagai aspek krusial dalam menentukan keberlanjutan usaha Perseroan, baik kompetensi maupun kemampuan dari karyawan Perseroan terus dibina melalui berbagai upaya. Selain memberikan pelatihan yang dibutuhkan baik berupa hard skills maupun soft skills, Perseroan juga berinvestasi dalam sistem teknologi informasi yang terkini untuk dapat menggali potensi para karyawan dan memberikan kemampuan terbaik mereka, di bawah pengelolaan yang diharapkan semakin tahun semakin sempurna. Menyadari pentingnya penerapan prinsip-prinsip tata kelola perusahaan yang baik untuk menjamin keberlanjutan usahanya di tengah iklim kompetisi yang semakin ketat, seluruh karyawan dan jajaran manajemen selalu berupaya untuk mengaplikasikan prinsip-prinsip tata kelola perusahaan yang baik pada setiap aktivitas mereka. Selain itu, perilaku karyawan juga dijaga untuk senantiasa berada dalam koridor yang sejalan dengan visi, misi, dan kode etik yang berlaku di Perseroan.

gain extra convenience and ease of access by having a residence in JGC. Owing to the sizeable contribution from the successful launch of the three new products in 2017, the residential segment managed to book marketing sales of Rp1.29 trillion.

The Company’s industrial segment, ModernCikande Industrial Estate (MCIE), continued to develop more facilities to support the operations of companies in MCIE. In 2017, MCIE started to operate a Water Treatment Plant capable of processing raw water into ready-to-drink water. In addition, the road access through the Cikande Toll Gate helped drive up property sale price in the area and facilitate logistics activities of the companies in MCIE. In 2017, MCIE booked marketing sales of Rp581.24 billion, growing by 36.8% from 2016.

From the hospitality segment, the increasingly intense market competition due to the proliferation of new hotels and companies’ ceiling on meeting budget, posed a challenge to be overcome in 2017. With respect to that, Hotel Novotel Gajah Mada undertook several strategies to mitigate it. Among the measures taken were providing special rates for tour groups and meeting packages.

In addition to maintaining its position in the market for international standard golf courses through the Modern Golf & Country Club in Kota Modern, Tangerang, the Company also launched a new project in the hospitality segment in 2017: the Swiss-Belinn ModernCikande. Slated to open in 2018, this three-star hotel run by a world-class hotel management company provides the need for an elegant accommodation facility for guests of tenants in the ModernCikande Industrial Estate. In 2017, together with rental segment, Novotel Gajah Mada managed to book a revenue of Rp49.67 billion, while Modern Golf & Country Club recorded revenue of Rp52.28 billion.

Human Resources & GovernanceA vital aspect in shaping the Company’s sustainability, the competence and capabilities of the Company’s employees continue to be fostered in various ways. Besides providing necessary training for hard skills and soft skills alike, the Company also invests in the latest information technology systems to discover the employees’ potential and unleash their best capabilities. At the same time, the Company also seeks to always improve its management of human resources.

Acknowledging the importance of applying the principles of good corporate governance to ensure the sustainability of its business amid the increasingly intense competition, all employees and management personnel strive to implement the principles of good corporate governance in every activity. Furthermore, employee’s attitude is also maintained to be in line with the vision, mission, and code of conduct applicable in the Company.





Di tahun 2016, Perseroan telah menyempurnakan struktur tata kelolanya dengan merevisi sejumlah piagam yang mengatur organ-organ tata kelola perusahaan, termasuk Dewan Komisaris, Direksi, dan Unit Audit Internal. Perseroan juga terus melengkapi kebijakan-kebijakan tata kelolanya berdasarkan standar tata kelola yang diakui internasional dan praktik-praktik terbaik di industri, sebagaimana direkomendasikan oleh Otoritas Jasa Keuangan.

Prospek 2018Perseroan meyakini bahwa kondisi pasar di tahun 2018 akan terus membaik. Meskipun pada tahun 2018 di Indonesia akan menjadi tahun politik, dengan berlangsungnya ratusan pemilihan kepala daerah secara serentak dan juga persiapan pemilu tingkat nasional pada tahun 2019, kondisi politik nasional yang relatif stabil serta indikator makroekonomi yang solid masih dapat mendukung pertumbuhan ekonomi Indonesia di tahun 2018.

Stabilitas ekonomi Indonesia telah diakui oleh dunia internasional, dengan ditingkatkannya peringkat utang Indonesia menjadi BBB dengan outlook stabil oleh Fitch Ratings di bulan Desember 2017, seiring dengan peringkat BBB- yang diberikan beberapa bulan sebelumnya oleh Standard & Poor’s. Kenaikan peringkat utang tersebut mencerminkan kemampuan Indonesia mempertahankan fundamental ekonomi yang baik di tengah guncangan eksternal dan faktor global lainnya dalam beberapa tahun terakhir. Kapabilitas pemerintah untuk mendorong ekonomi nasional ke arah yang lebih positif di tahun 2017 diyakini akan berlanjut ke tahun 2018. Dengan kondisi ekonomi yang lebih stabil, optimisme konsumen dalam membeli properti akan semakin tinggi berkat daya beli konsumen yang meningkat, dan menjadikan iklim properti nasional di tahun 2018 semakin cerah.

Strategi Usaha 2018Menyadari betapa cepatnya perkembangan yang terjadi di dunia, Perseroan akan menerapkan beberapa strategi baru yang inovatif untuk mewujudkan kinerja yang lebih baik lagi di tahun 2018. Perseroan berencana untuk membangun sebuah kawasan industri halal di dalam kawasan MCIE. Sebagai negara dengan populasi muslim terbesar di dunia, Perseroan menyadari betapa besarnya kebutuhan akan fasilitas produksi halal yang dapat menyediakan produk-produk bersertifikat halal bagi umat muslim. Kemudian, dengan tingkat persaingan regional yang semakin ketat, Perseroan akan semakin aktif mencari investor dari negara lain, seperti Jepang dan Korea, untuk berinvestasi di Indonesia.

Di tahun 2018 juga Perseroan akan mencoba membangun hunian vertikal, segmen yang selama ini belum banyak dirambah oleh Perseroan. Lokasi yang strategis serta harga yang lebih terjangkau akan menjadi dua faktor utama Perseroan untuk menarik para konsumen ke konsumen ke hunian vertikal di JGC, yang didukung dengan berbagai fasilitas, seperti AEON Mall, food garden, club house, IKEA, dan lainnya.

Sebagai upaya untuk memitigasi kondisi sektor properti yang masih belum stabil serta untuk menopang pertumbuhan usaha, Perseroan akan memperlebar portfolionya dengan menambah investasi dan meningkatkan

In 2016, the Company has refined its governance structure by revising a number of charters that regulate the corporate governance organs, including Board of Commissioners, Directors, and Internal Audit Unit. The Company also continues to complement its governance policies based on internationally recognized governance standards and industry best practices, as recommended by the Financial Services Authority.

2018 ProspectsThe Company believes that market conditions in 2018 will continue to make headway. Although 2018 will be a political year for Indonesia, with hundreds of regional elections simultaneously held amidst the political parties’ preparation for the general election in 2019, the national political conditions remain relatively stable. This, and the already solid macroeconomic indicators, shall prop up Indonesia’s economic growth in 2018.

Indonesia’s economic stability has been internationally acknowledged, with the Indonesian sovereign debt rating upgraded to BBB with a stable outlook by Fitch Ratings in December 2017, in line with the rating of BBB- given a few months earlier by Standard & Poor’s. These soverign rating upgrades reflect Indonesia’s ability to maintain sound economic fundamentals amid external shocks and other global factors in recent years. The government’s capability to propel the national economy towards a more positive direction in 2017 is believed by many to persist all the way into 2018. With an increasingly stable economic condition, consumer confidence in purchasing property products will be higher because of greater consumer purchasing power. This sets the stage for a brighter property industry in 2018 in Indonesia.

2018 Business StrategyFully realizing that the world is changing at such a rapid pace, the Company plans to implement several new and innovative strategies to post an even better performance in 2018. The Company plans to build a halal industrial area within the MCIE. Being in a country with the largest Muslim population in the world, the Company clearly notices the enormous potential for halal production facilities that can provide halal certified products to cater to the vast Muslim market. Faced with a fiercer competition in the region, the Company will be more active in seeking investors from other countries, such as Japan and Korea, to invest in Indonesia.

In the year 2018 the Company will also strive to build vertical housing, a segment that has not been much entered by the Company. Strategic location and more affordable prices will be the two main factors to attract customers to vertical housing at JGC, supported by the presence of

Documents

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