property expo takeaways - trimegah · 2019-11-04 · pt trimegah securities tbk - sector note 2...

SECTOR NOTE PT Trimegah Securities Tbk - www.trimegah.com 1

Sluggish property expo this year...

The growth prospects of Indonesia's property sector in 2014 have slowed down

amid the country's slowing economic expansion, tighter monetary policy

(mortgage restrictions and higher down payment rules) and uncertainties about

the country's legislative and presidential elections. Hence, JCC’s property expo

seemed inactive as not many buyers and investors are looking to invest at the

moment. We have built a proprietary map to make it easy for investors to

navigate the numerous property projects in Greater Jakarta area.

...and investors have been searching for recurring revenue

Despite the slow outlook of Indonesia's property sector this year, the credit

profiles of Indonesian property developers will probably remain stable. Indone-

sian property developers (particularly residential property) will possibly achieve

lower marketing sales this year. Those companies that can rely on recurring

revenue will have more scope for investments and business expansion. Property

stocks with high proportion of recurring revenues are PWON, SMRA, MTLA.

Apartments in western part of Jakarta are doing well...

The Magnolia tower is the first high-rise apartment tower that will be developed

in BSD with an average price of Rp18mn/sqm (almost equivalent to prices of

apartments located in West Jakarta). Serpong’s Paddington Height tower and

Prominence tower both have an average price of Rp20mn/sqm (close to the price

of apartments in West Jakarta).

...while residential interest is moving towards eastern part of Jakarta

The massive and growing conglomerations of formerly distinct cities that now

make up greater Jakarta are boosting the development of residential projects. A

boom in residential projects is especially seen in the area of Sentul and Bekasi.

BKSL has a number of residential projects, including one apartment tower. Prices

for residential developments range from Rp7-9mn/sqm and the apartment tower

has an approximate price of Rp13mn/sqm. MTLA focuses on residential projects

for the middle income segment. It promoted a number of projects mainly in

Cileungsi and Bekasi. Prices for the residential properties range from Rp4mn-

8mn/sqm. The company also recently launched a shopping centre in Bekasi,

making the company’s residential projects in the area a lot more attractive.

SMRA and BSDE as top picks

We maintain SMRA and BSDE as our top picks for property sector. We like SMRA

for its successful eastern Jakarta projects and we believe the company can also

achieve success in Bandung (1st launching expected in 4Q14). We like BSDE for

its substantial land bank and track record in monetizing this land bank. We will be

monitoring the trend of residential interest moving towards eastern Jakarta

though, as BSDE’s land bank is located in western Jakarta.

Property Expo Takeaways Property Sector Focus

SECTOR UPDATE

July 02, 2014

Naarah Joesoef

[email protected]

+62 21 29249058

Sebastian Tobing

[email protected]

+62 21 29249105

JCI Code Rec Market Cap (Rpbn) Share

Price

BSDE Buy 27,006 1,470

APLN Hold 5,699 278

ASRI Hold 8,665 441

MTLA Buy 3,077 406

MDLN Buy 5,100 407

Target

Price PE 14 EPS 15F

1,900 11.8 127

250 6.1 36

600 6.4 99

480 9.9 69

530 4.7 97

SMRA Buy 16,085 1,115 1,300 15.9 87

EPS 14

115

31

85

52

91

85

RESIDENTIAL PROPERTY VALUATION

Source: TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com SECTOR NOTE 2

FIGURE 1. PROJECT MAPPING (GREATER JAKARTA AREA)


Apartments are doing well in western Jakarta with strong pricing

South and Central Jakarta still have higher property prices as compared to other areas. Nevertheless, a growing middle-upper

class can also be seen in areas such as BSD, Serpong and Kelapa Gading. The Magnolia tower is the first high-rise apartment

tower that will be developed in BSD with an average price of Rp18mn/sqm (almost equivalent to prices of apartments located in

West Jakarta). Serpong’s Paddington Height tower and Prominence tower both have an average price of Rp20mn/sqm (close to

the price of apartments in West Jakarta). Demand for apartments in the outskirts of Jakarta continues to grow along with the

rising population of the upper-middle class. Areas such as BSD City, Serpong and Kelapa Gading are just a few among many

large suburban developments in Jabodetabek (Jakarta, Bogor, Depok, Tangerang, Bekasi).


Rising interest in residential projects in eastern Jakarta

The massive and growing conglomerations of formerly distinct cities that now make up greater Jakarta are boosting the devel-

opment of residential projects. A boom in residential projects is especially seen in the area of Sentul and Bekasi. BKSL has a

number of residential projects, including one apartment tower. Prices for residential developments range from Rp7-9mn/sqm

and the apartment tower has an approximate price of Rp13mn/sqm. MTLA focuses on residential projects for the middle income

segment. It promoted a number of projects mainly in Cileungsi and Bekasi. Prices for the residential properties range from

Rp4mn-8mn/sqm. The company also recently launched a shopping centre in Bekasi, making the company’s residential projects

in the area a lot more attractive.

Other property companies focus on high-rise apartment projects

Developers that we specifically do not cover have a trend that is focusing on the development of high-rise apartment projects.

These projects are scattered all over the greater Jakarta area. Prices of apartments in South and Central Jakarta (Rp30mn/sqm

-Rp40mn/sqm) are far higher than the prices of apartments in West, East and North Jakarta.

FIGURE 2. PROJECT MAPPING (OUTSKIRTS OF JAKARTA)



FIGURE 3. Average property prices based on location (Rpmn/sqm)

24

29

20

11

0

5

10

15

20

25

30

35

West Jakarta South Jakarta North Jakarta East Jakarta

Property Prices


Takeaways per company

BSDE

BSDE has launched 2 residen(al projects (Casa de Parco and Greenwich Park) as well as one apartment (Casa de Parco). Given

the fact that Casa de Parco will be the first apartment tower located in BSD, it has sold 80% of its units with an average price of

Rp15mn/sqm, targe(ng students. Meanwhile, Greenwich Park has sold 50% of its units priced at Rp12mn/sqm and The Emi-

nent has also sold 50% of its units at Rp11mn/sqm. Aside from its property developments in BSD City, BSDE is also set for

expansion towards second (er ci(es outside Greater Jakarta area, i.e. Surabaya, Balikpapan and Medan. Currently, the Compa-

ny is having due-diligence to purchase 5ha of land in Makassar, which will be developed into a mixed-use superblock. Currently,

the company is s(ll targe(ng the middle income segment of consumers.

ASRI

ASRI plans to delay the launching of a number of products un(l the presiden(al elec(ons are over. The company is currently

relying on revenues from exis(ng developments such as residen(al (Sutera Victoria, Kota Ayodhya and The Prominence) which

are located in Serpong and high-rise (Paddington Heights and The Tower) which are located in Serpong and Gatot Subroto.

Sutera Victoria is priced at Rp20mn/sqm, The Prominence at Rp20mn/sqm and Kota Ayodhya at Rp10mn/sqm (largest contri-

bu(on to sales). Paddington Heights Apartment is priced at Rp20mn/sqm and The Tower Office at Rp47mn/sqm. The compa-

ny’s target market ranges from low to high income consumers.

APLN

APLN offered a wide range of products including residen(al (Metro Park and Grand Taruma), superblock (Superblock Medan),

mixed-use (SOHO Capital, SOHO Pancoran and Orchard Park) and also Villa & Resort (Vimala Hills) projects. Metro Park is priced

at Rp19mn/sqm and Grand Taruma at Rp15mn/sqm. Its mixed-use projects, SOHO capital is priced at Rp30mn/sqm and SOHO

Pancoran at Rp15mn/sqm. APLN has also expanded its developments to second (er ci(es, having Orchard Park located in

Batam, priced at Rp7mn/sqm. The company is also developing a superblock project in Medan. As of now, the company is tar-

ge(ng the middle to high income segment of consumers.

MTLA

MTLA focused on promo(ng its residen(al landed house projects. Transyogi, Puri, Cibitung, Cileungsi, and Tambun are all fairly

priced at Rp4mn/sqm and are located on the outskirts of Jakarta. On the other hand, Menteng is priced at Rp6mn/sqm and

Grand Metropolitan at Rp8mn/sqm. The company is s(ll focusing on its lower to middle target market.

BKSL

BKSL promoted numerous projects ranging from residen(al (Habiture, Santorini and Riverside), apartment (Sentul Tower) and a

condotel (The Alana). Habiture, Santorini and Riverside are priced at approximately Rp7mn/sqm-Rp9mn/sqm. Sentul Tower

and STA Niaga are both priced at Rp13mn/sqm. The condotel is priced fairly high at Rp30mn/sqm. The company currently

targets the lower to middle income segment of consumers.

KIJA

KIJA promoted its new Elvis Tower apartment at Jababeka. The first two towers are sold out and its third tower is selling at

Rp10mn/unit, targe(ng lower to middle income consumers. Tower 4 and 5 will be leased for recurring income. The Elvis apart-

ment is set on top of a mixed-used development and is located across from the 16ha Plaza Indonesia Jababeka land, where the

mixed used will start construc(on next year to be completed around 2017.

SMRA

SMRA is currently promo(ng two residen(al projects in the Serpong area (Flamingo Cluster and Edison Cluster) both priced at

approximately Rp7mn/sqm. The company also has an apartment in Kelapa Gading fairly priced at Rp20mn/sqm and an apart-

ment in Kelapa Gading fairly priced at Rp13mn/sqm. The company’s target market ranges from low to high income consumers.


PROJECT TYPE PRICE

(Rpmn/sqm) LOCATION COMMENTS

BSDE

Magnolia Tower Apartment Rp18mn/sqm BSD At Rp11mn-12mn/sqm, Greenwhich Park and The Eminent is selling for more than expected based on what we assume in our NAV for BSDE. Projects in the BSD (Tanggerang) area account for 85% of BSDE’s total NAV.

Greenwich Park Residential Rp12mn/sqm BSD

The Eminent Residential Rp11mn/sqm BSD

ASRI

Paddington Heights Apartment Rp20mn/sqm Serpong Based on our NAV for ASRI, we expect property prices in the Serpong area to amount to approximately Rp14mn/sqm. Sutera Victoria is priced along the lines of our assumed price, Kota Ayodhya fairly below and Paddington Heights fairly above. Note that apartment prices are expected to be higher than residential pric-es, thus giving Paddington Heights its high price. Kota Ayodhya is located somewhat North of Serpong where prices are lower than the main Serpong area. Projects in the Serpong area account for 81% of ASRI’s total NAV.

Sutera Victoria Residential Rp15mn/sqm Serpong

Kota Ayodhya Residential Rp10mn/sqm Serpong

The Prominence Residential Rp20mn/sqm Serpong

The Tower Office Rp47mn/sqm Gatot Subroto

MTLA

Metland Transyogi Residential Rp3mn/sqm Cibitung

Property prices for MTLA’s residential developments are in line with the prices that we assume in our NAV. As of now, Metland Menteng is the biggest NAV con-tributor as it accounts for 42% of MTLA’s total NAV.

Metland Meteng Residential Rp6mn/sqm Menteng

Metland Puri Residential Rp8mn/sqm Puri

Metland Cibitung Residential Rp2mn/sqm Cibitung

Metland Cieungsi Residential Rp2mn/sqm Cileungsi

Metland Tambun Residential Rp4mn/sqm Cileungsi

APLN

Metro Park Residential Rp19mn/sqm Kebon Jeruk

Property prices for APLN’s projects fall higher than what we assume in our NAV. SOHO Pancoran alone accounts for 54% of APLN’s total NAV.

SOHO Capital Mixed-use Rp30mn/sqm Tanjung Duren

SOHO Pancoran Mixed-use Rp28mn/sqm Pancoran

Orchard Park (Batam) Mixed-use Rp7mn/sqm Batam

Vimala Hills Villa & Resort Rp13mn/sqm Gadong

Grand Taruma Residential Rp15mn/sqm Karawang

BKSL

Habiture Residences Residential Rp8mn/sqm Sentul

BSKL’s residential property prices fall higher than what we assume in our NAV that amounts to Rp6mn/sqm. Residential properties account for 13% of BKSL’s total NAV.

Santorini Residence Residential Rp7mn/sqm Sentul

Sentul Tower Apartment Rp13mn/sqm Sentul

Riverside Residence Residential Rp9mn/sqm Sentul

The Alana Condotel Rp30mn/sqm Sentul

STA Niaga Residential Rp13mn/sqm Sentul

KIJA

Elvis Tower Apartment Rp35mn/sqm Cikarang The Elvis Tower Apartment is priced at a higher price than what we assume in our NAV. Residential projects in Cikarang account for 17% of KIJA’s total NAV.

SMRA

Summarecon Serpong Residen(al Rp7mn/sqm Serpong Property prices for Summarecon Serpong and The

Summit Kelapa Gading are in line with the prices that

we assume in our NAV. Projects in the Serpong area

account for 50% of SMRA’s total NAV.

The Summit Kelapa

Gading Apartment Rp30mn/sqm Kelapa Gading

The SpringLake Sum-

marecon Apartment Rp13mn/sqm Bekasi


FIGURE 4. PROPERTY PRICES FOR COVERED COMPANIES

Comment: For property stocks covered, we currently still have a buy suggestion for BSDE, MTLA, MDLN and SMRA and a hold

suggestion for APLN and ASRI.



FIGURE 5. PROPERTY PICTURES (COVERED COMPANIES)


Lippo Karawaci

Leading property developer Lippo Karawaci is selling its Kemang Village apartment units at approximately Rp30mn/sqm. These

apartment towers are located strategically within the Kemang Village superblock, where a hotel, mall, international school and

other commercial areas are easily accessible. Aside from this, the company is also promoting the Embarcadeo Suites, which is

an intergraded development located in the center of Bintaro’s CBD area priced at Rp23mn/sqm and fairly close to Alam Sutra,

Serpong and BSD. In addition, the company also recently launched the Hillcrest House Millenium Village, which is also an

intergraded development located in Lippo Karawaci where apartment units are priced at Rp18mn/sqm.

Pakuwon Jati

PWON’s Casa Grande apartment at Kota Kasablanka has sold above 90% of its units, with only 8 units leH. Its phase 2 Angelo

Tower has sold 60% of its units priced at Rp30mn/sqm and targets the upper market segment of consumers. The development

is expected to be completed by 2017. The Casa Grande resident benefits from several catalysts including having the mosaic

walk that connects the apartment to the Kota Kasablanka Mall. Moreover, Casa Grande is located strategically in the eastern

side of Jalan Satrio, which makes it close to the residen(al area, central business district of Sudirman, Thamrin and Kuningan,

as well as commercial area of Tebet, Salemba, Ja(negara and Kelapa Gading.

Mahkota Asiana Graha

Mahkota Asiana Graha is selling its Senopati Suites apartment units at the price of Rp40mn/sqm, targeting the upper income

market segment as it is situated at a premium and elite location in South Jakarta, where property prices are currently still one

of the highest as compared to West, East and North Jakarta. The development is located strategically close to several catalysts

including: international schools, shopping malls, hospitals and other commercial areas.

Duta Putraland

Duta Putraland is known for focusing on residential landed house developments. However, the company promoted their new

high-rise apartment tower (The Oak Tower) located in Kelapa Gading priced at approximately Rp15mn/sqm, targeting the

middle to lower income market segment. The project consists of 2 towers, with a total of 821 units. To date, the company has

sold up to 80% of thier total units. The Oak Tower is located within proximitiy to the busway terminal, a minute away from

Sentra Kelapa Gading, 3 minutes from the Kelapa Gading toll gate and only 20 minutes away from Semanggi.

Bina Nusantara

PT Bina Nusantara is a joint development of two developers. The company is planning to develop an apartment (Bailey’s La-

goon) in Ciputat, Jakarta Selatan, targeting the lower to middle class with prices approximately at Rp11mn/sqm. The project is

located stratigically as it is only 15 minutes away from tol Simatupang.

PT PP (Persero)

As one of the largest state-owned companies engaged in construction, property, and investments, PTPP, continues to focus on

developing its business.Through its subsidiary, PT PP Properties, the company is on its way to developing a superblock project

development (Kamala Grand Lagoon) in Bekasi. Kamala Grand Lagoon has an area of roughly 25ha, with the value of the

project estimated to reach Rp20tr. Units are priced at at approximatly Rp12mn/sqm and targets the lower to middle market

segment of consumers.

Intiland Development

Intiland Development has a diversified portfolio of projects ranging from superblock, residential, township, condominium and

industrial developments. Currently, the company is launching two towers (London and Shanghai) from its Regatta high-rise

condominium located in Pantai Mutiara, North Jakarta. The Regatta development consists of ten apartment towers, a five-star

hotel, a serviced apartment and an Aqua Park. The London and Shanghai towers are approximately priced at Rp22mn/sqm and

target the middle to upper segment of consumers.

Medialand International

Skyline Residence is a middle-high class apartment located strategically in Cawang right beside the main road and only 200

meters from Kebon Nanas Toll Gate. Advantages are that it is also relatively close to Kuningan, Sudirman, Thamrin, Gatot

Subroto and MT Haryano. The apartment has a total of 481 units, which are fairly priced at Rp20mn/sqm. The Skyline Resi-

dence is expected to be completed by 2017.

Prioritas Land

Priority Land has launched an innovative mixed-use project (K2 Park Gading) priced at Rp14mn/sqm which targets the middle

income segment. The development comes with the concept of a sunken plaza with an underground shopping mall. It covers an

area of 3ha with a total of more than 2500 residential units. The development is located straticially within proximity to an

educational complex, lifestyle mall and hospitals. Furthermore, it is also only 5 minutes away from the Jakarta and Merak toll


gate and 15 minutes from the JORR Jakarta - Serpong toll gate. Aside from this, the company also launched the Indigo Apart-

ment in Bekasi where apartment units are priced at approximately Rp11mn/sqm, targeting the lower to middle market seg-

ment of consumers.

Agung Sedayu Group

Agung Sedayu has various developments located throughout Jakarta. It is currently promoting it’s Puri Indah project priced at

Rp26mn/sqm located in Puri Indah, West Jakarta and it’s Taman Anggrek Residences project priced at Rp30mn/sqm located in

Taman Anggrek. Both proejcts are located strategically close to commercial areas and target the upper market segment.

Gapuraprima

Gapuraprima is well-known for its renowned projects scattered throughout Jakarta. Most projects consist of residential, apart-

ment and mixed-use developments. The company recently launched its apartment project, Bintaro Icon, located in Bintaro,

West Jakarta with units priced at approximately Rp14mn/sqm, targeting the middle segment. Bintaro Icon consists of 4 apart-

ment towers and one condotel tower. Tower 1 and 2 are completely sold out hence, the company is now launching Tower 3.

The project is located close to schools, commercial areas, a hospital and CBD area.

Citicon Propertindo

Initially focused on residential development, Citicon’s growing success enabled it to branch out into commercial property as

well as major power and energy construction projects. Citicon innovatively pursues high quality projects including the iconic

Citicon tower, a grade A office building on the edge of the Jakarta CBD area that is home to leading international and multina-

tional companies. Currently, the company is promoting its high-rise apartment project, Wang Residence, priced at Rp27mn/

sqm located at Kedoya (West Jakarta), targeting the upper market segment. The project is strategically located close to sever-

al catalysts: Central Park and Taman Anggrek Mall, Graha Kedoya and Siloam Hospital as well as the Singaporean Internation-

al School (SIS) and is expected to be completed in 4Q16.

Duta Indah Kencana

Duta Kencana Indah, a member of Ambassadors Group officially launched the Vittoria Residence apartment in Daan Mogot,

West Jakarta. The development targets the middle and upper segment of consumers, priced at roughly Rp18mn/sqm. The

project stands on an area of 1.2ha and will consist of three towers with a height of 24 floors. This apartment is within proximi-

ty to a number of educational facilities, airports as well as the JORR toll access. For the first phase, the company will release

approximately 400 residential units in the first tower. The entire project is expected to be completed in 4Q16.

Jaya Real Property

Jaya Real Property is developing a residential project located in Ancol, North Jakarta which is priced at approximately

Rp20mn/sqm and targets the middle-high market segment. The premium area will consist of condominiums and landed hous-

es with views of the sea with a total of 90 units and a land area of 4ha. The development is located strategically close to the

West and East Ancol toll exit and is within proximity to commercial areas, shopping centres, hospitals and the Ghandhi Inter-

national School.

Gema Indo Property

Gema Indo Property is developing the exclusive and private residence, Grand Pancoran, priced at Rp16mn/sqm, targeting the

middle market income segment of consumers. Being located in South Jakarta, the apartment is only 5 minutes away from

Semanggi and 250 meters from Tugu Pancoran and Pasar Minggu. The development is also surrounded by Jakarta’s business

district, close to malls and within proximity to the Tebet toll gate.

Trimitra Property

Trimitra Property is currently promoting its high-rise apartment project, Parkland Avenue which is located in BSD, Tang-

gerang. Units are sold at Rp13mn/sqm and target the middle income market segment of consumers. The property is priced

fairly cheaper compared to other apartment projects within the area (BSDE’s Magnolia Tower is priced at Rp18mn/sqm). It is

located strategically close to schools, shopping centres as well as commercial areas.

Seremotu Group

Puri Orchard will be a mix-used development (superblock) standing on 3.5ha of land bank that consists of 5 towers, which is

an integration of three apartment towers, 1 office building and one hotel as well as a shopping arcade. The area combines

residential, offices and shops into one area so that residents can benefit from the various developments. Apartment towers are

priced at approximately 18mn/sqm and targets the middle-high market segment. The development benefits as it located close

to Puri Indah’s CBD area (approximately 5 minutes), an airport, Jakarta’s outer ring road, an international school as well as

hospitals.

Griya Karuni Sejahtera

Griya Karuni Sejahtera is promoting the ForesQue aparmtent located in Simatupang, Jakarta Selatan is strategically located 2

mintues away from the West entrance of Ragunan and 5 minutes from the TB Simatupang toll gate. The development stands

on an area of 1.2ha and is priced at approximately Rp19mn/sqm, targeting the middle to upper market segment.


PROJECT TYPE PRICE (Rpmn/sqm)

Location Location

Lippo Karawaci

Kemang Village Apartment Rp30mn/sqm Kemang LPKR is currently traded at PE14 of 14x (based on consensus average) vs. industry average of 9.7x.

Embarcadeo Suites Apartment Rp23mn/sqm Bintaro

Hillcrest House Apartment Rp18mn/sqm Karawaci

Pakuwon Jati

Casa Grande Apartment Rp40mn/sqm Kasablanka PWON is currently traded at PE14 of 11.2x (based on consensus estimate) vs. industry average of 9.7x.

Mahkota Asiana Graha

Senopati Suites Apartment Rp40mn/sqm Senopati Mahkota Asiana Graha is a non-listed com-pany.

Duta Putraland

The Oak Tower Residential Rp15mn/sqm Kelapa Gading Duta Putraland is a non-listed company.

Bina Nusantara

Bailey's Lagoon Apartment Rp11mn/sqm Ciputat Bina Nusantara is a non-listed company.

PT PP (Persero)

Grand Kamala Lagoon Apartment Rp11mn/sqm Bekasi

PTPP is currently traded at PE14 of 18.4x vs. industry average of 9.7x. We put a BUY rec-ommendation on the counter with a target price of Rp1,800/share.

Intiland Development

Regatta Apartment Rp22mn/sqm Pantai Mutiara DILD is currently traded at PE14 of 11.08x (based on consensus estimate) vs. industry average of 9.7x.

Medialand International

Skyline Residence Cawang Apartment Rp20mn/sqm Cawang Medialand International is a non-listed com-pany.

Prioritas Land

K2 Park Gading Serpong Apartment Rp14mn/sqm Gading Serpong Prioritas Land is a non-listed company.

Indigo Bekasi Apartment Rp11mn/sqm Bekasi Prioritas Land is a non-listed company.

Agung Sedayu Group

Puri Mansion Apartment Rp26mn/sqm Puri Indah Agung Sedayu Group is a non-listed compa-ny.

Taman Anggrek Residences Apartment Rp30mn/sqm Taman Anggrek Agung Sedayu Group is a non-listed compa-ny.

Gapura Prima

Bintaro Icon Apartment Rp14mn/sqm Bintaro GPRA is currently traded at PE14 of 10.14x (based on consensus estimate) vs. industry average of 9.7x.

Citicon Propertindo

Wang Residence Apartment Rp27mn/sqm Keyoya Citicon Propertindo is a non-listed company.

Duta Indah Kecana

Vittoria Residence Apartment Rp18mn/sqm Daan Mogot Duta Indah Kencana is a non-listed compa-ny.

Jaya Real Property

Jaya Ancol Seafront Apartment Rp20mn/sqm Ancol JRPT is currently traded at PE14 of 17.31x (based on consensus estimate) vs. industry average of 9.7x.

Gema Indo Property

Grand Pancoran Apartment Rp16mn/sqm Pancoran Gema Indo Property is a non-listed compa-ny.

Trimitra Property

Parkland Avenue Apartment Rp13mn/sqm BSD Trimitra Property is a non-listed company.

Serenity Group

Puri Orchard Apartment Rp18mn/sqm Cengkareng Serenity Group is a non-listed company.

Griya Karuni Sejahtera

The Foresque Apartment Rp19mn/sqm Simatupang Griya Karuni Sejahtera is a non-listed com-pany.


FIGURE 6. PROPERTY PRICES FOR OTHER COMPANIES



FIGURE 7. PROPERTY PICTURES (OTHER COMPANIES)

PT Trimegah Securities Tbk

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Jakarta 12190, Indonesia

t. +62-21 2924 9088

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www.trimegah.com

DISCLAIMER

This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affiliated companies and is provided for information

purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has

been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Securities.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication,

Trimegah Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is

provided solely for the information of clients of Trimegah Securities who are expected to make their own investment decisions without reliance

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consequential loss arising from any use of this report or its contents. Trimegah Securities and/or persons connected with it may have acted

upon or used the information herein contained, or the research or analysis on which it is based, before publication. Trimegah Securities may in

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property expo takeaways - trimegah · 2019-11-04 · pt trimegah securities tbk - sector note 2...

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