This report does not constitute a rating action. Overview Key strengths Key risks Established mid-tier developer with good brand recognition in Jakarta and Surabaya. Limited scale with geographic concentration in two key cities. Sizable recurring income that shields the company from the volatile development business and industry cycles. Ample liquidity to fund its capital expenditure (capex) and investments. Execution risk in Indonesia's small and concentrated real estate market. This is despite our expectations of elevated capex of Indonesian rupiah (IDR) 2.5 trillion in 2025 and 2026 annually, 50% higher than in 2024. The capex is primarily to fund expansion of existing projects, construction of greenfield projects in new cities, as well as for opportunistic acquisitions of land and investment property.
