TRINITI LAND | EXECUTIVE SUMMARY 2018 TOGETHER WE CRAFT A NEW HORIZON SINCE 2009 EXECUTIVE SUMMARY 2018
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TOGETHERWE CRAFTA NEWHORIZON
S I N C E 2 0 0 9 E X E C U T I V E S U M M A R Y 2 0 1 8
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PT Perintis Triniti Property is a property
developer company, highly experienced
in developing landed house and high-rise
building. Completed projects mainly located
in Alam Sutera and Serpong Area. Moving
forward, the Company will expand its horizon
to other big cities in Indonesia.
PT Perintis Triniti Properti (“Triniti Land”), was
established on March 13, 2009. The scope of
its activities is mainly to engage in trading,
development, service and industrial affairs
related to real estate and commercial property
in Jakarta Greater Area.
During its journey, Triniti Land has completed
some notable projects namely Ubud Village,
Melrose Place, Brooklyn and Springwood.
In addition to its portfolio, the ongoing
projects that the company currently working
on are Yukata Suites, the Smith, and Collins
Boulevard. Triniti Land has also collaborated
with PT Waskita Karya Realty for joint
operation project of the Yukata Suites and
Brooklyn development.
Triniti Land constantly striving to improve its
product and service quality offered in line
with the market demand through outstanding
selling performance, exceptional quality
product and on-time handover.
In addition to its landed house and high rise
building residential development, Triniti Land
also intends to expand its horizon to hotel
business, resort and mixed-use development.
At the end of 2018, Triniti Land will acquire 4+
star hotel in Tangerang’s golden triangle and
will be managed by Aston.
COMPANY BACKGROUND COMPANY ESTABLISHMENT
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8TABLE OF CONTENTS
0504
TABLE OFCONTENTS
16Core Values
18Notable Completed Projects 20
Ongoing Projects
10Founders
13Board of Commissioners and Directors 14
Vision and Mission
06Financial Highlight
08Management Discussionand Analysis
30The Overview
12Ownership Structure
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-F I N A N C I A L H I G H L I G H T
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FINANCIAL HIGHLIGHT
in Billions RupiahSource: Company
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-M A N A G E M E N T D I S C U S S I O NA N D A N A LY S I S
Established in 2009, Triniti Land started the journey with its first
ever project, Ubud Village, situated in Ciledug Jakarta on 5 ha
land to build 360 units of house with total project value of Rp
180 billion. Afterwards, in 2011, Melrose Place Dormitory was
built in Palmerah Jakarta on 1,850 m2 land with total of 312 units
of room and 3 units of retail space with total project value of Rp
50 billion.
With the success of the Ubud Village and Melrose Place
development, Triniti Land expanded its scope to high-rise
building project situated in Alam Sutera – Tangerang, namely
Brooklyn Suites (Soho and Apartment) as its first high-rise
project in 2014. Within 45 days the units are sold and at the
end of 2016, the units were handed over to the buyer. In 2015,
the Springwood Residence, located in Serpong, commenced its
construction. Within 180 days, the units are sold and at the end
of 2017, the units were handed over to the buyer.
The next big projects are high-rise building development, namely
Yukata Suites and the Smith, which commenced its construction
in 2015 and 2016 respectively.
Besides high-rise building projects, Triniti Land has broaden its
scope and developed a mixed-use project. Its first mixed-use
project is called Collins Boulevard, comprises of 3 apartment
towers, 1 floor of commercial area, 1 hotel tower and 1 office
tower.
Looking forward, Triniti Land commits to grow and expand
through going public and penetrate into new business streams,
which generate recurring income.
Triniti Land commits to
grow and expand through
going public and penetrate
into new business streams,
which generate recurring
income.
MANAGEMENT DISCUSSION & ANALYSIS
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FOUNDERS left to right:
ISHAK CHANDRA, BONG CHANDRA, MATIUS JUSUF, SEPTIAN STARLIN, JOHANES L. ANDAYAPRANAAs of 31 December 2017, Triniti Land and its subsidiaries (“Group”) had 109 permanent
employees. Currently Triniti Land has 5 subsidiaries and 2 second-tier subsidiaries in the property and service industry.
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1312
OWNERSHIP STRUCTURE
PT Kunci DaudIndonesia
PT Intan InvestamaIndonesia
PT Perintis TrinitiProperti
PT Triniti Dinamik(2010)
PT Triniti PilarGemilang (2013)
PT Sirius TerangCemerlang (2013)
PT Triniti MenaraSerpong (2016)
PT Puri TrinitiBatam (2018)
PT Triniti MenaraGading (2017)
PT Triniti DinamikSantoz
BOARD OF COMMISSIONERS
MATIUS JUSUF
Commissioner
ERMAN SUPARNO
Independent Commissioner
SEPTIAN STARLIN
President Commissioner
BONG CHANDRA
Vice President Director
JOHANES L. ANDAYAPRANA
Director
HIZKIA WEHANTOUW
Director
YOHANES E. CHRISTIANTO
Independent Director
TOMMY YUDISTIRA
Director
BOARD OF DIRECTORS
BOARD OF COMMISSIONERS & DIRECTORS
ISHAK CHANDRA
President Director
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Collaborating with world class consultants, architects and
building managements to establish iconic projects for countless
generations.
Constructing and adapting a “Green Eco Building” concept
while contributing positively to the government.
Recruiting professional workforce by enforcing welfare needs
and career prospects.
VISION &MISSION
VISION
MISSION
To be one of the top 10 developers in Indonesia by initiating
a leading standard platform in the industry; innovation,
punctuality and high investment values for both stakeholders
and consumers.
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VISION & MISSION
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COREVALUES
3Generations
WorldBest
Partner
IconicLandmark
MAINTENANCE
Triniti Land ensures a durable
asset build for 3 generations
to relish, with a strong
foundation as the key for every
development projects done.
PARTNERSHIP
A commitment to
collaborate with world
class architectures and
trusted partners are
held high, allowing no
compromises to invent a
perfect construction.
INNOVATION
Innovation is the
foundation for Triniti
Land, having a
remarkable philosophy
for every development
build, entitling it to
be an iconic landmark
through all eyes.
EcoFriendly
ENVIRONMENT
Triniti Land understands
the value of “Green”, and
commits to be an eco-friendly
developer by constructing an
energy saving environmental
concept at its most.
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CORE VALUES
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-N O TA B L EC O M P L E T E D P R O J E C T S
2009
2011
2013
Ubud Village
Melrose Place
Brooklyn
NOTABLE COMPLETED PROJECTS
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-O N G O I N GP R O J E C T S
Springwood ResidenceProject Handover: End of 2017
Yukata SuitesProject Handover: End of 2019
The SmithProject Handover: End of 2019
Collins BoulevardProject Handover: End of 2021
ONGOING PROJECTS
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SPRINGWOOD RESIDENCE
Springwood is situated in Serpong prime area, just 1 minute
away from Serpong Toll exit, Mall Alam Sutera and Binus
University, with total area of 6,700 m2. Springwood comprises of
1,400 apartment units, 5 floors of hotel or 150 rooms operated
by Aston and Aston Hotel Springwood. Total project value is Rp
900 billion.
Current Progress
Construction progress has reached 95% and handover was
conducted at the end of 2017.
Mixed-use Development
Comprises of apartment, retail, hotel and commercial arcade.
Marketing Sales
Marketing sales has reached 80%, the total sales has been
booked for Rp 489 billion and the remaining shall be booked
until 2019.
Recurring Income
Hotel will operate at the end of 2018 and projected occupancy
rate up to 70% with total revenue around Rp 6 billion at the end
of 2018.
FACILITY
1413
Units
500
Parking lots
Health and Leisure
Infinity pool, sky lounge,
BBQ pavilions, fitness
center
Security
Private access card and
24-hour security
Free Shuttle Bus
To Binus University &
Mall @ Alam Sutera
Retail and Commercial
Arcade
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YUKATA SUITES
Yukata is the first Japanese-themed condominium located in
Alam Sutera. It is a form of joint venture between Triniti Land and
PT Waskita Karya Realty. In 2015, Yukata was awarded as the best
apartment design in Serpong by Consumer Choice Award. The
total project value is Rp 900 billion.
Current Progress
Topping off on November 2018
Marketing Sales
The marketing sales has reached 90% and will be booked for Rp
306 billion in 2018 and the remaining shall be booked within the
following 3 years.
The Theraphy
Yukata Suites combined 5 elements namely wood, water, air,
earth and metal which reflect modern Japanese architecture,
designed by architect who previously designed “Garden by the
Bay Singapore”
Precision
With perfection and attention to detail in mind, the development
is inspired by the characteristic of Japanese people which widely
known as “Swiss citizen of Asia”
Luxury of Silence
With concern that the needs of privacy and serenity has become
scarce nowadays, there are units available facilitated with private
lift and dedicated parking spot
FACILITY
363
Units
Sound Proof
With full glass facade
Private Lift
Limited units
Dedicated Parking
Smart Toilet
Hygenic and all-in-one
solution in modern
bathroom
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THE SMITH
The Smith is a high-rise building project fixated on SOHO and
office building in Alam Sutera Tangerang with area of 5000 m2
faciliteted with more than 1000 m2 amenities consist of meeting
room, business lounge, auditorium, receptionist and coworking
space. Total project value is Rp 1 trillion.
Current Progress
In 2019, the construction progress is targeted to be 30%
Marketing Sales
To date, the marketing sales has reached 80% and targeted to
be booked up to Rp 284 billion in 2018 and the remaining shall
be booked until 2020.
Community
The Smith is facilitated with co-working space and incubator for
start-up community in Indonesia
Professional
It comes with 10 meeting rooms and 1 auditorium
FACILITY
Office Space
Co-working space,
meeting room, auditorium
Health and Leisure
Fitness Lounge, sky pool,
indoor garden plaza
F & B
Meeting package, coffee
shop
Service
Receptionist, multimedia
operator
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COLLINS BOULEVARD
Triniti land work together with DP Architect Singapore to design
Collins Boulevard. DP Architecht has abundant iconinc projects
added to its portfolio with notable project, to name a few, Dubai
Mall, Resort World Sentosa, Singapore National Stadium and
Mass Rapid Transit (MRT). The total project value is Rp 4 trillion.
Superblock
Collins will be comprised of 5 towers including SOHO (Small
Office Home Office) which brings together home, office, and
hotel.
Current Progress
In 2018, the construction progress for tower A is targeted to
be 20%. Tower B and Tower C will commence its construction
in 2019 and 2020 respectively. Each tower is targeted to be
completed within 3.5 years.
Art
Inspired by a prestigious street in one of the most livable city in
the world that is known for its arts, Melbourne.
Marketing Sales
Marketing sales for tower A in 2018 is targeted to be 50% which
will be booked for Rp 290 billion.
FACILITY
3000 Units
3 Residential towers
1 Office tower
4-star Hotel
2000 Parking lot
1.500 m2
Luxurious ballroom
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T H EO V E R V I E W
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As cited from Bank Indonesia, the national
economy has continued to accelerate with
a more balanced growth. Domestic growth
realization in the first semester of 2018 has
shown improvement. GDP growth in the first
quarter of 2018 was recorded at 5,06% (yoy),
backed by stronger investment structure and
surging private consumptions. This indicates
a continuation of the economy recovery trend
started in third quarter of 2015.
Investment growth has derived economic
growth in the first quarter of 2018, cited
from Bank Indonesia. Investment growth in
the first quarter of 2018 is surging to 7.95%
(yoy), an increase from previous quarter which
was recorded at 7.27% (yoy), this was the
highest achievement within the last five years.
Stronger investment growth was reported due
to soaring building investment in line with
contiunuation of infrastructure development
by government and private party and
increasing building investment growth as
anticipation of future demand in line with
gradual property market, particularly housing.
Inflation in the first quarter of 2018 slowed
down compared to previous quarter. Inflation
reached 3,40% (yoy) in the Q1 2018, lower than
previous quarter which was recorded at 3,61%
(yoy). This stimulated private consumption
coupled with increasing household income
thus prvate’s purchasing power still
maintained. The increasing consumption also
supported by consumer’s optimism especially
economic prospect.
With such economy performance, Indonesia
should be considered as top country for
investment by both local and foreign investors
due to massive support by government and
related agencies through the implementation
of policy which eases the investment in
numerous sectors ranging from primary sector,
secondary sector and tertiary sector.
INDONESIA MACROECONOMICS OVERVIEW
INDUSTRY ANALYSIS
Investment Growth Contribution
Source: Bank Indonesia
Interest Rate PUAB O/N Growth
Source: Monetary Policy Review March 2018
3332
THE OVERVIEW
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Property industry has become the top
investment choice for investors, due to its
characteristics such as solid investment, hedge
inflation, surging asset price, solid collateral
and generate income. Recognizing the
potential, government attempt to escalate the
growth of property sector through monetary
policy transmission which affects the Loan-to-
Value (LTV) ratio and home credit loan (KPR).
One of its policy is Bank Indonesia 7-day repo
rate (BI 7DRR) policy, as a primary instrument to
alter the economy activities. This mechanism
causes interaction between the central bank,
the banking system, financial sector and the
real sector. Based on the board of governors
meeting (RDG) held in 28-29 June 2018, it is
decided that the BI 7DRR, Deposit Facility,
and Lending Facility rate will increase 50
bps to 5.25%, 4.50%, and 6.00%, in effect
since 29 June 2018. As a result, commercial
housing developers will face a difficulty as
inclining rates will push the credit demand
from corporation and household, however this
could be counterbalanced with LTV leeway
policy by the government.
Another policy is LTV leeway. LTV expresses
the ratio of a loan to the value of property
purchased, set by the bank for the credit
applicants to pay the property’s down
payment. BI has decided to review the easing
monetary policy transmission for property
segmentation LTV and spatial LTV. Segmented
LTV will include the credit given for purchasing
apartment, flat, landed house or other form
of targeted assets. It is proclaimed that the
property LTV in Indonesia is still considered
high, roofing to 85% until the first quarter
of 2018; meanwhile, LTV in other countries
ranging between 70% to 80%. With such
alleviation, it is anticipated to boost property
credit growth considering that property,
construction and real estate industry has
recorded a low risk Non-Performing Loan
(NPL).
MONETARY POLICY TRANSMISSION IMPACT ON PROPERTY INDUSTRY
Another factor that is expected to increase
the home credit loan demand is the national
economy growth and consumer confidence
which indicate a growing interest of owning a
house. Home credit loan growth was recorded
above the overall credit in the same period
amounted to 8.4% yoy. In April 2018, the
prime lending rate of the 4 biggest banks
in Indonesia (BRI, Mandiri, BCA, and BNI) is
10.225%, a slight increase compared to the
prime lending rate in November 2017, which
was recorded at 10.23%.
A weakening in the Rupiah exchange rate
also perceived as the right moment to boost
the export and seemed like a cheaper-than-
before option for foreign investors due to a
depreciation in value. Indonesia has promising
prospect where 40% of ASEAN market is
situated in Indonesia. Coupled with better
exchange rate performance as compared
to peers, shows that Indonesia fundamental
economy policy is effective to push down any
further loss of depreciating currency rate.
3534
Monetary Policy Scheme
Source: Bank Indonesia
THE OVERVIEW
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The current foremost activities which Triniti
Land runs is apartment or high rise residential.
In this sector, the monetary policy remains
accommodative to support the growth
of residential property. Bank Indonesia
is currently planning to differentiate the
down payment regulation particularly for
automotive and residential based on the
region. Last year, Bank Indonesia alleviated
the LTV ratio requirement, decrease the
minimum down payment nationally from 20-
40% to 15-25%. Bank Indonesia has also been
reviewing requirements for credit applicants
and financial ratio to boost credit.
On the other hand, for the fiscal policy, despite
high sales tax on luxury goods that has reverse
impact on higer end market demand, the sales
figure is still showing healthy performance.
The topmost consideration of buying property
revolves around developer quality, location,
accessability, and facilities offered.
As for the strata title apartement demand,
change in Quarter-on-Quarter (QoQ),
cumulatively, has shown increasing trend. The
same trend goes for the apartment pricing as
well. Area with the most significant increase
occurred in CBD and Jakarta Selatan. The
surging price may cause consumer shifts
to outside CBD and Jakarta Selatan area,
therefore the surrounding areas that benefits
from this occurrence are DeTaBek (Depok,
Tangerang and Bekasi) area.
Yearly, supply index of commercial property
in Q1 2018 is facing a higher increase as
compared to previous quarter, from 1.37%
(yoy) to 2.57% (yoy). Such growth is mainly
contributed by strata title apartment segment
which made up to 9.07% (yoy) in Banten area
based on data from Bank Indonesia.
The demand for commercial property
increased in Q1 2018 as compared to previous
quarter, from 1.17% (yoy) to 1.92% (yoy). The
increasing figures mainly contributed from
hotel segment which made up to 10.38% (yoy),
followed by apartment segment at 8.88%
(yoy) as data shown from Bank Indonesia.
As for index price of commercial property is
increasing in line with increasing demand to
0.54% (qtq) in Q1 2018, higher than 0.09%
(qtq) recorded in previous quarter. Yearly,
commercial property prices showed an
increasing trend of 0.62% (yoy), an upturn
from the decreasing trend in previous quarter,
which faced a deflation of 0.09% (yoy).
In short, increasing demand along with
increasing supply in property market breaks
CURRENT BUSINESSACTIVITIES OVERVIEW
INDUSTRY ANALYSIS
Condominium Sales Rate
Source: JLL Research Report Southeast Asia 2018 Outlook
Coworking Space as % of Total Office Stock
Source: JLL Research Report Southeast Asia 2018 Outlook
Office Cumulative Supply
Source: Colliers Jakarta Property Q3 2017
THE OVERVIEW
3736
the previous decreasing trend.
Stabilization is also supported
with with declining consumption
interest rate and apartment
credit loan (KPA), which
accommodative to property
sector and will bost up the
upcoming demand.
Currently buyers are highly
attracted to the property
accessibility, such as access
to public transportation which
facilitate mobility. As the number
of government infrastructure
projects keep increasing, buyers
would prefer a TOD (Transit
Oriented Development) area
and expecting an ascending
property prices surround the
area in the near future.
Recently, foreign companies
have shown interest in
investing in Jakarta Greater
Area (DeTaBek). The love calls
mainly come from Japanese
and Chinese investors. The
Chinese investors tend to
focus on acquiring land bank
and get involved in residential
development (landed house
and apartment) especially in
North West area; meanwhile,
Japanese investors tend to
target the upper middle class in
mature and established area.
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Along with the company objective to expand
the business and capture new market aiming
to generate recurring income, in the future,
the projects that will be developed are office
space, retail, and hotel.
Office sector is still being the investment of
choice by many investors. The most concerning
factor in this sector is the changing of tenant
profile. In South East Asia, the demand from
financial firms has decreased for the past three
years, conversely the increase in demand
come from tech companies. In Jakarta, online
market places, travel booking websites,
fintech companies, and online gaming firms
have flooded the demand in 2017.
The shift in demography and working style
also become the factor that contributes to
the rise of coworking space. This office space
model offers flexibility for companies to rent a
space following the drastic change in business
environment and shorter business cycle.
The average price of rental rate has decreased
for the past three years; however, a recover is
yet to be seen in 2019-2021. The decrease in
rental rate is mainly due to the oversupply of
PROSPECT BUSINESS ACTIVITIESOVERVIEW
THE OVERVIEW
office space in Jakarta.
As for the retail sector, mall is the most go-to
place to escape from hustle and bustle. With
terrible traffic jam and limited of entertainment
choices that offer attractive retail facilities
for many, malls with good mix of Food and
Beverage (F&B) and fast fashion tenant are
able to captivate visitors.
High demand comes from F&B and
entertainment tenants which also need bigger
space for their needs. It is often that F&B,
entertainment, and also fast fashion retailer
tenants pay below average rental rate. On the
other hand, tenant with the like of department
store walked out of the market in 2017, due
to the shifting of how people shop through
e-commerce and online retailer. This also
causes the mall management selectively picks
F&B and entertainment tenants with strong
online and offline presence.
In DeTaBek area, Tangerang is the biggest
retail space contributor. It is expected that
Bekasi will overtake Tangerang’s position, as
currently there are 5 shopping centres being
developed with total area of 290.000 m2
Average Asking Office (Outside CBD) Rents Based on Grade
Source: Colliers Jakarta Property Q3 2017
INDUSTRY ANALYSIS Cumulative of Retail Space in Greater Jakarta (Detabek)
Source: Colliers Jakarta Property Q3 2017
3938
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FINANCIAL OVERVIEW
THE OVERVIEW
4140
Actual and Projected Income Statement
Actual and Projected Balance Sheet
Actual and Projected Balance Sheet
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4342
THE OVERVIEW
Actual and Projected Cash Flow
FINANCIAL OVERVIEW
Actual and Projected Cash Flow
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Profitability
Income Statement Vertical Analysis
Income Statement Horizontal Analysis
TRINITI LANDCURRENT BUSINESS FINANCIAL CONDITION
THE OVERVIEW
The projected revenue is mainly
generated from sales revenue
of apartment units that will be
developed in the coming years. In
2018, projected sales that could
be recorded is Rp698 billion, or a
216% increase compared to last
year amounted to Rp221 billion.
Gross profit in 2018 is projected to
be Rp523 billion with net income
of Rp303 billion or a 15% increase
compared to last year. EBITDA in
2018 is expected to reach Rp244
billion.
4544
Source: Company
Source: Company
Source: Company
Billions
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8THE OVERVIEW
Balance Sheet Composition Balance Sheet Vertical Analysis
Balance Sheet Horizontal Analysis
Total asset is projected to grow continuously
and dominated by current asset. In 2018,
total asset is forcasted to be Rp2,155 billion
or a 47% increase compared to previous year
amounted to Rp1,468 billion. On the other
hand, total liabilities in 2018 is forcasted to
be Rp982 billion or 8% decrease compared
to previous year amounted to Rp1,071 billion.
Whereas total equity is projected to increase
by 78% or amounted to Rp1,173 billion,
last year total equity was recorded at Rp397
billion.
4746
Source: Company
Source: Company
Source: Company
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4948
THE OVERVIEW
National economic growth has driven the
climate of property market in Indonesia
with surging demand coupled with growing
consumer confidence. In Indonesia real estate
market, Jakarta and its Greater Area has
contributed the highest revenue in the overall
market.
Currently the area with good prospect for
investment is the one facilitated with Transit
Oriented Development (TOD) like LRT, MRT,
and toll road. Moreover, strategic location
with potential of development where there
is space available to be built and developed.
Along with the advancement in the area, the
property value within the area will increase as
well.
The Prospective Project
Triniti Land is planning for involvement in
recurring income generated project, where
the company does not have to rely solely on
the available units but income from rental
revenue.
LOOKING FORWARD
3 TY
PES
3 N
EED
S
7 SP
OTS• Hotel
• Office Space
• Mixed-use
• Commercial
• Residential
• Business &
Leisure
• Batam
• Manado
• Balikpapan
• Medan
• Serpong
• Bali
• Mataram
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Springwood Residence Yukata Suites
The Smith Collins Boulevard
Brooklyn
Ongoing Projects’ Final Forecast
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01THE OVERVIEW
TRINITI LANDPROSPECTIVE PROJECTSOVERVIEW
To meet its expansion target, the prospective project that will be engaged by
Triniti Land for the following three years is hotel business, office space, and
mixed-use.
Hotel business opportunity in Indonesia
has shown constant growth along with
growing national economy and Indonesia’s
mesmerizing landscapes. This opportunity
could be resorted to fulfill the needs for
business and leisure. Hotel development has
become more dynamic to capture various
consumer segment.
The most vital selling point in the industry is
service excellence with competitive price.
Besides, in big cities, to stay in the competition
it requires more than service excellence but
also strong hotel chain presence.
With limited land bank available, rental
property to generate recurring income has
become an excellent choice. For its daily
operation, hotel business could also be
operationally automated by working together
with hotel management consultant.
Financial Projection
The main objective of Triniti Land and its
subsidiaries from the hotel business is to
earn recurring income. On aggregate, in its
first year of operating commercially (in 2021,
except Aston Serpong), Triniti Land able
to earn positive net income from its hotel
business. The hotel that will be built is 4-star
hotel with at least 150 room facilitated with
meeting room and function hall.
Assumption implied for the hotel business
opportunity projection is based on the
development plan for at least 150 rooms
hotel divided into several types of room such
as Superior, Deluxe, Suite, and Family with
total of 8 hotels situated in Batam, Manado,
Balikpapan, Medan, two in Serpong, Bali, and
Mataram. The pricing is scaled according to
the market room rate within the same area,
and the price increment is adjusted to the
target.
Projected capital structure for the hotel
development is 50% equity and 50% loan.
As for the working capital, the turnover for
account receivables, inventory, and account
payables are adjusted to the target.
Revenue generated is comprised of room
revenue, meeting room revenue, function hall
revenue and laundry. Whereas the expenses
come from general and administration, sales
and marketing, management fee, reserves,
insurance fee, utilities, and depreciation.
HOTEL
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02THE OVERVIEW
Investment Analysis for Hotel Projects
Total Revenue and Net Income Projection – Hotel Projects
The investment opportunity for office space in
Indonesia still one of the investors’ favourite.
For the last three years, the rent rate for
office space in Jakarta has shown decreasing
figure, however it is expected that the rate will
recover and growing for 5-10% in 2019-2021.
The cause of the decreasing rent rate is due to
oversupply of office space in Jakarta. In 2017
there were additional of 600,000 m2 of grade
A offices, however it is expected that in 2018-
2021 the additional space only amounted
to 270,000 m2. There has been opportunity
spillover outside the Central Business District
(CBD) area, for instance in TB Simatupang.
It is widely known that TB Simatupang has
become the top contributor of office space
with at least 70% of the future office supply
will be situated in TB Simatupang, South
Jakarta. For the following years, the supply
in TB Simatupang will increase however with
limited growth.
Although there has been a decrease in rent
rate within CBD Jakarta area, the rent rate
is still considered expensive. Therefore, it
creates more opportunity for other area in the
West and South area, especially in Serpong
which is the next target right after the TB
Simatupang streamline. The occupancy rate
for office space outside the CBD area has also
been higher than it is in the CBD since 2014,
thus creating opportunity for office space
business outside Jakarta.
Financial Projection
Assumption implied for the office space
business projection is based on the
development plan with total area of 35,000
m2 in Serpong Area. The pricing is scaled
according to the market rate of Grade A office
and the price increment is adjusted to the
target.
Projected capital structure for the office space
development is 50% equity and 50% loan.
As for the working capital, the turnover for
account receivables, inventory, and account
payables are adjusted to the target.
Revenue generated is comprised of rent
revenue. Whereas the expenses come
from general and administration, sales and
marketing, management fee, reserves,
insurance fee, utilities, and depreciation. In its
first year of operating commercially (in 2021),
the hotel office space business is able to earn
positive net income.
OFFICE
52 53
Source: Company
in Billions RupiahSource: Company
10,01% 17,22% 10,54
10,01% 19,19% 9,22
10,01% 16,23% 11,53
10,01% 18,39% 9,65
10,01% 17,19% 10,73
10,01% 15,06% 11,17
10,01% 18,89% 8,41
10,01% 13,48% 12,59
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03Investment Analysis for Office
Total Revenue and Net Income Projection – Office Space Project
THE OVERVIEW
Due to limited land bank in big cities, a concept
called mixed-use arises as the new paradigm
and solution of the problem. The mixed-use
project concept aims to maximize limited
space with multi-function development that
is capable to accommodate several needs
and facilities such as residential, retail centre,
office, education, recreation, and more to
come.
This breakthrough can be the solution of
urban problem which is full of hustle and
bustle coupled with terrible traffic jam and
long distance between residential, office and
commercial centre. This new concept will shift
the effectiveness of activities and minimize
the energy consumption, where in the future
it will no longer the case that suburban come
and go in the morning and afternoon, but
development of economic centres spread to
other residential area.
Recognizing this opportunity, Triniti Land is
planning to develop mixed-use type property
in several areas outside Java, namely in Batam
with total area of 20 Ha and forecasted project
value of Rp 3.7 trillion, Balikpapan with total
area of 21 Ha, and Manado with total area of
52 Ha and forecasted project value of Rp 4
trillion.
MIXED-USE
54 55
Source: Company
in Billions RupiahSource: Company
12,66% 17,64% 8,01
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INVESTMENT OPPORTUNITY“Indonesia has shown progressive achievement in the past years”
Indonesia has stepped up its rank to 72,
previously 91, for the Ease of Doing Business
(EODB) in 2018. The improvement has been
shown in resolving insolvency, protecting
minority investors and ease of doing business.
Government through Capital Invesment
Coordinating Board (BKPM) also thriving for
breakthrough by implementation of Ease
of Direct Construction Investment (KLIK).
Through this innovation, investor whose
investment located in industrial zone could
immediately construct its factory. This Ease
of Direct Construction Investment can be
beneficial to every sector without minimum
limit of investment or number of human
capital, it only requires that it should be
situated within particular industrial zone.
With inflow investment target to increase
by 11% in 2018, Government encourages
investor to invest and commit to be
Indonesia’s strategic partner for long term.
Many foreign investors have planned to invest
in the development of real estate, residential
and properties.
To achieve the target, BKPM is commited
to improve investment climate, through
improvement in any permit application through
integrated service system and consolidated
process in regency / town, investor permit
convenience, improvement for tax allowance
and tax holiday to attract investors.
As stated in the Economy Policy Package I, the
government through BKPM, giving consent
to support the property sector through
commitment of implementing accommodative
policy to stimulate the housing development
and at the same time offering more investment
opportunity.
This form of support surely brings more
investment opportunity in various sector
including property industry, particularly Triniti
Land which is currently growing.
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TRINITI HEADQUARTERSBrooklyn Premium OfficeJl Sutera Boulevard Kav 22-26Alam Sutera - Indonesia-trinitiland.com
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