Jakarta, May 23, 2025 – Property developer PT Modernland Realty Tbk. (MDLN) officially approved a reshuffle of its Board of Commissioners and set a new strategic direction emphasizing sustainable development at the Annual General Meeting of Shareholders (GMS) held on Friday, May 23, 2025, at the Club House Jakarta Garden City, Jakarta.
During the meeting, shareholders approved the resignation of Luntungan Honoris as President Commissioner, as well as Edwyn Lim and Nita Tanawidjaja from the Board of Commissioners. Dharma Mitra was appointed as the new President Commissioner, alongside Herman, Yustinus Saleh, and Robert Tumedia as Commissioners. Sami Veikko Tapio Miettinen joined the Board of Directors as a new Director.
The current management structure is:
Board of Commissioners
- Dharma Mitra – President Commissioner
- Herman – Commissioner
- Yustinus Saleh – Commissioner
- Iwan Suryawijaya – Independent Commissioner
- Robert Tumedia – Independent Commissioner
Board of Directors
- William Honoris – President Director
- Fetrizal Bobby Heryunda – Director
- Pascall Wilson – Director
- Sami Veikko Tapio Miettinen – Director
William Honoris highlighted that the 2024 fiscal year faced significant pressures, including global volatility and declining domestic purchasing power. The Company recorded operating revenue of IDR 1.02 trillion, down 11.69% YoY. Nevertheless, Modernland Realty achieved strategic milestones, including a USD 104.3 million reduction in foreign bond obligations through a Buyback and Exchange Offer.
Operationally, Pascall Wilson reported that 2024 marketing sales reached IDR 1.10 trillion, dominated by the residential segment through Jakarta Garden City. ModernCikande Industrial Estate showed conservative growth, while the hospitality sector began to recover.
Entering 2025, Fetrizal Bobby Heryunda emphasized the Company’s focus on optimizing residential product launches, accelerating construction and handover, and monetizing non-productive assets. Marketing sales for Q1 2025 reached IDR 484 billion, up 54% YoY. In line with business transformation, MDLN reaffirmed its commitment to sustainability.
Dharma Mitra explained that this year’s social program focuses on “Becoming an Environmentally Friendly & B2G Unemployment Recovery”, continuing the ESG initiatives strengthened by the formation of ESG and OHS Committees. ESG implementation reflects compliance with international standards and the Company’s moral commitment to conducting ethical, inclusive, and environmentally conscious business. The main reference is the Environment and Social Action Plan (ESAP), guiding operational strategy over the next few years and integrating environmental preservation, social responsibility, and good corporate governance into all business activities.
Shareholders also agreed on no dividend distribution for the 2024 fiscal year and granted authority to the Board of Commissioners to determine Directors’ and Commissioners’ remuneration without increase compared to the previous year. The GMS also approved the reappointment of Tanubrata Sutanto Fahmi Bambang & Partners Public Accounting Firm as independent auditor for 2025.
With all GMS agendas ratified, Modernland Realty is ready to enter a new chapter, strengthening governance and growth strategies based on sustainability to respond to national property market dynamics.
For further information:
Corporate Secretary
PT Modernland Realty Tbk.
Email: corporate.secretary@modernland.co.id
Website: www.modernland.co.id