Jakarta, December 12, 2024 – Property issuer PT Modernland Realty Tbk. (MDLN) held its 2024 annual Public Expose at the Club House Jakarta Garden City, Jakarta. The event presented financial and marketing performance reports up to September 2024, as well as challenges ahead and strategies to improve the Company’s performance.
The event, attended by the Board of Directors, Commissioners, and Management of PT Modernland Realty Tbk., served as a key moment to communicate performance and growth strategies to shareholders and the public.
“As a publicly listed company, the Public Expose is conducted annually in accordance with the Securities Listing Rule No. 1E,” said William Honoris, President Director of PT Modernland Realty Tbk., opening the event.
William Honoris explained that the purpose of the Public Expose is to provide an overview of the Company’s performance up to September 2024 and the challenges posed by macroeconomic conditions affecting the national property sector. The materials were submitted to the Indonesia Stock Exchange via SPE IDX Net on December 6, 2024, accessible to stakeholders domestically and internationally.
Dharma Mitra, Director of PT Modernland Realty Tbk., stated that Indonesia’s economy remained stable during the first nine months of 2024, despite global financial market uncertainties. Statistics Indonesia (BPS) reported a Q3 2024 GDP growth of 4.95% year-on-year, following 5.05% in the previous quarter. Full-year growth is projected at 4.7–5.5% (yoy), supported by domestic demand.
With clearer government policy direction, the Company is optimistic that the property market will continue to show positive trends. The Company reaffirmed its commitment to expanding housing development, including launching the Super Cluster Great Britania in Modernland Cilejit in early 2024, with over 200 units sold in the first phase.
Additionally, the Company is developing Jakarta Garden City with the Club House Vastu @Garden City in the Vastu @Garden City Cluster, as the second clubhouse in the township. This 3,500 m² facility supports sports, recreation, and social activities for residents.
Through its subsidiary PT Mitra Sindo Sukses, the Company also opened Mayapada Hospital East Jakarta on a 1.5-hectare site at Boulevard Utama, Jakarta Garden City, in collaboration with Mayapada Healthcare. The Company introduced the latest types in Cluster Mahakam The Signature, Sapphire and Topaz, consisting of 48 contemporary homes on 2.1 hectares integrated with nature.
Financial Performance
Director Herman reported that as of Q3-2024, revenue reached IDR 712.25 billion, a 9.01% decrease from IDR 782.76 billion in the same period last year. Operating profit was IDR 78.32 billion, down 50.19% from IDR 157.25 billion, mainly due to lower industrial segment revenue. Net loss stood at IDR 165.98 billion, an increase of 162.08% compared to IDR 63.33 billion last year.
Marketing Performance and 2025 Outlook
As of Q3-2024, marketing sales reached IDR 855 billion, 40% of the non-bulk sales target. Residential sales were IDR 648 billion, up 18% from the previous quarter but down 21% YoY, dominated by Jakarta Garden City, followed by Modernland Cilejit and Kota Modern. Industrial sales reached IDR 79 billion (up 2%), while hospitality, golf & country club, and other segments contributed IDR 128 billion (up 17%).
The Company is positive on residential and commercial property sales, supported by government policies and the establishment of the Ministry of Housing and Settlements. The Company remains committed to launching innovative property products tailored to market demand, consumer purchasing power, quality, and added value for investors.
ModernCikande as Top Investor Choice
Director Pascall Wilson highlighted that ModernCikande Industrial Estate, with strategic location, infrastructure, skilled workforce, supporting facilities, environmental attention, and sustainable development, will remain a preferred choice for investors. The estate spans 3,175 hectares, 40% developed, housing over 350 local and multinational companies, dominated by food & beverages, chemicals, steel, metal products & smelters, and building & household materials. The Company is exploring investment opportunities in industrial land in East Jakarta and Bekasi, with direct access to the JORR 2 toll road.
Wilson emphasized that active government support is key to attracting domestic and foreign investors for business expansion in the East Greater Jakarta corridor.