Sumitomo Corporation Participates in Sentul City Condominium Project in Indonesia05 December 17, 12:00 am
Sumitomo Corporation (head office: Chuo-ku, Tokyo; Representative Director, President and Chief Executive Officer: Kuniharu Nakamura) will participate in a project involving the sales and marketing of three condominium towers constructed in Sentul City, Bogor Regency, West Java, Indonesia (hereinafter, the “Project”).
In relation to this Project, Sumitomo Corporation has signed an agreement with PT Sentul City Tbk (operations office: Sentul City, Bogor Regency, West Java; President Director: Keith Steven Muljadi; “SC”), an Indonesian real estate developer, to establish a joint venture in Indonesia. The name of the company will be PT. Sentul Summit Development (“SSD”).
SC has been developing residences, condominiums and hotels, in Sentul City for over 20 years. Sentul City is a fully integrated residential community with an environment in harmony with the surrounding nature complete with facilities such as schools, convention center, hospital, hotel and shopping centers.
The Project site is strategically situated very close to the exit and entrance of the Jagorawi Toll Road, the main expressway connecting Jakarta and Bogor. Accessibility will be even further improved in future when Jakarta Light Rail Transit opens a station near the Project site. The Project is the iconic project in Sentul City and is situated in the heart of its Central Business District (CBD). It is also attached to Aeon Mall Sentul City (tentative name), which is under construction. Approximately 1,100 units will be available for sales after the sales launch scheduled for 2018. The construction is scheduled to be completed in 2019.
Sumitomo Corporation has conducted the condominium business in Japan under the Classy House brand. With know-how accumulated through domestic operations, we have advanced into other Asian countries to expand our housing development business. Currently, we have a number of projects underway in Indonesia, India and China.
Through this Project, Sumitomo Corporation will help meet the growing housing demand in Indonesia that is being driven by regional economic development, and contribute to building a foundation for comfortable lifestyles and developing local communities.
|■Outline of Project|
|Ownership||:||Sumitomo Corporation: 70%; PT Sentul City Tbk: 30%|
|Location||:||Sentul City, Bogor Regency, West Java, Indonesia|
|Total number of units||:||Approximately 1,100 units in three buildings|
|■Outline of PT Sentul City Tbk (as of Dec. 31, 2016)|
|Company name||:||PT Sentul City Tbk|
|Operations office||:||Bogor Regency, West Java, Indonesia|
|Established||:||1993 (Listed on the Jakarta Stock Exchange in 1997)|
|Representative||:||Keith Steven Muljadi (President Director)|
|Business||:||Real estate development|
|Total assets||:||IDR11,360 billion (Approximately 94.3 billion yen)|
|Net sales||:||IDR1,207 billion (Approximately 10.0 billion yen)|
|Net income||:||IDR562 billion (Approximately 4.7 billion yen)|
■Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “Contributing to the Development of Local Communities and Industries” and “Establishing a Foundation for Comfortable and Enriching Lifestyles”.