Tuesday, March 24, 2009

SUMMARECON: "The Reference of City Development"

Founded by Sutjipto Nagaria in 1975, PT Summarecon Agung Tbk (SMRA) developed Kelapa Gading one year later; transformed the swampy area of 500 hectare into the one of most prestigious districts in Greater Jakarta (Jabodetabek). With 30,000 houses and 2,000 shop-houses, the KELAPA GADING of SUMMARECON has been the reference of the area development by other developers.Led by Johanes Mardjuki since 2006, SUMMARECON has been the trusted name among other property developers. Besides the sale of the property, the company’s main income also comes from the property management of MALL KELAPA GADING 1, 2, 3 and 5. It contributes approximately 35 percent of the total revenue.

As the KELAPA GADING district became matured, SUMMARECON cannot rely too much on the sales of the new houses in the district. Since 1992, the company has opened a new land in SERPONG, which until 2004 jointly managed with KERIS GROUP. In the new development area, they have built around 7,000 houses and 450 shop-houses. In the new districts, called GADING SERPONG, the company applies the similar concept as Kelapa Gading’s.

In addition, SUMMARECON has also acquired land in West Bekasi to be developed into SUMMARECON BEKASI. Last year, the company also acquired 40 hectare of land in the vicinity of KELAPA GADING.

SUMMARECON is also known for their success of maintaining the quality of their estates, so that the price of the land always shows a positive increase each year. Several times, their property was sold out in only a few days. Moreover, their selling scheme at any rate disables speculators to enter the market. SUMMARECON allows only one name to buy a maximum of 2 units, and impose penalty if the property transferred before the installment completed.

(Re-write from the article "Philip Kotler's Executive Class: 70 Days to Go" on Kompas Newspaper Online)

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