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Investinginto the Future

Laporan TahunanAnnual Report

2019

PT Alam Sutera Realty TbkWisma Argo Manunggal 18th Floor

Jl. Jend. Gatot Subroto, Kav. 22Jakarta 12930 - IndonesiaTel. +6221 252 3838Fax. +6221 252 5050

www.alamsuterarealty.co.id

Laporan TahunanAnnual Report

2019


Salah satu kunci pertumbuhan kinerja Perseroan adalah komitmen untuk menyelesaikan proyek-

proyek secara tepat waktu serta terus berinovasi untuk meluncurkan produk properti dengan konsep

hunian yang memiliki nilai investasi tinggi dan mampu memberikan manfaat yang optimal dalam jangka panjang. Selain itu, Perseroan juga menangkap

potensi pasar bagi generasi milenial atas kebutuhan hunian yang mampu memenuhi gaya hidup masa

kini dengan suasana perkotaan yang asri, aman, dan nyaman. Keberhasilan Perseroan untuk menghadirkan

produk-produk properti yang modern, fungsional, dan nyaman, serta dukungan manajemen proyek secara detail dan terstruktur merupakan langkah strategis Perseroan untuk memaksimalkan kinerja

pertumbuhan di masa depan.

One of the keys to the growth of the Company’s performance is its commitment in on-time delivery of projects with continuous innovation in launching

residential property products that have high investment value and optimum long-term benefits. In addition, the Company has also identified a market potential for the

residential needs of millennial generation that are suited to today’s lifestyle with a green, safe, and comfortable

urban atmosphere. The Company’s success in delivering modern, functional and comfortable property products,

supported by a comprehensive project management capability, represents a strategic step for the Company to

maximize its growth performance in the future.

Daftar IsiContents

Kilas KinerjaPerformance Highlights

6 Ikhtisar KeuanganFinancial Highlights

8 Ikhtisar SahamStock Highlights

10 Informasi ObligasiBond Information

11 Penghargaan dan SertifikasiAwards and Certifications

12 Peristiwa PentingEvent Highlights

Laporan ManajemenManagement Report

16 Laporan Dewan KomisarisReport from the Board of Commissioners

23 Profil Dewan KomisarisBoard of Commissioners’ Profile

28 Laporan DireksiReport from the Board of Commissioners

35 Profil DireksiBoard of Directors’ Profile

Profil PerusahaanCompany Profile

42 Visi, Misi, dan NilaiVision, Mission, and Value

44 Jejak LangkahMilestones

46 Sekilas PerusahaanCompany in Brief

48 Bidang UsahaLine of Business

56 Struktur OrganisasiOrganization Structure

58 Identitas PerusahaanCorporate Identity

59 Daftar Entitas Anak, Perusahaan Asosiasi, dan Perusahaan VenturaSubsidiaries, Associate Company, and Venture Company

60 Struktur Grup PerusahaanCompany Group Structure

62 Kronologi Pencatatan SahamShare Listing Chronology

62 Kronologi Pencatatan Efek LainnyaShare of Other Securities Listings

63 Nama dan Alamat Perusahaan Pemeringkat EfekCompany Rating Agencies’ Names and Addresses

64 Lembaga dan Profesi Penunjang Pasar ModalCapital Market Supporting Institutions and Professionals

66 Informasi Kantor Cabang/PerwakilanBranch/Representative Office Information

67 Situs PerusahaanCompany Website

Analisis dan Pembahasan ManajemenManagement Discussion and Analysis

70 Tinjauan BisnisBusiness Review

76 Tinjauan KeuanganFinancial Review

Tata Kelola PerusahaanCorporate Governance

86 Tata Kelola Perusahaan yang BaikGood Corporate Governance

128 Tanggung Jawab Sosial PerusahaanCorporate Social Responsibility

Tinjauan Pendukung BisnisSupporting Business Overview

136 Sumber Daya ManusiaHuman Resources

142 Tanggung Jawab Laporan TahunanResponsibility for Annual Reporting

Laporan KeuanganFinancial Report

PT Alam Sutera Realty Tbk2019 Annual Report 3

Kilas KinerjaPerformance Highlights

6 Ikhtisar KeuanganFinancial Highlights

8 Ikhtisar SahamStock Highlights

10 Informasi ObligasiBond Information

11 Penghargaan dan SertifikasiAwards and Certifications

12 Peristiwa PentingEvent Highlights

Ikhtisar KeuanganFinancial Highlights

Angka-angka pada seluruh tabel dan grafik menggunakan notasi Bahasa Indonesia(Dalam juta Rupiah, kecuali dinyatakan lain)

Numerical notations in all tables and charts are in Indonesian

(In million Rupiah, unless otherwise stated)

2019 2018 2017

LABA RUGI KONSOLIDASI CONSOLIDATED PROFIT LOSS

Penjualan dan Pendapatan 3.475.677 3.975.258 3.917.107 Sales and Revenues

Laba Kotor 2.196.705 2.443.983 2.376.023 Gross Profit

EBITDA 1.833.089 2.086.593 2.090.020 EBITDA

Laba Usaha 1.691.895 1.977.946 1.985.531 Operating Profit

Jumlah Laba (Rugi) Komprehensif 1.010.863 978.666 1.377.950 Total Comprehensive Income

Jumlah Laba Komprehensif yang Dapat Diatribusikan kepada:

Comprehensive Income Attributed to:

Pemilik Entitas Induk 1.009.589 978.089 1.372.803 Owners of the Company

Kepentingan Non-pengendali 1.273.641 576.717 5.147 Non-controlling Interest

Jumlah Rata-rata Saham Beredar (juta saham)

19.649 19.649 19.649 Average Outstanding Shares(in millions of shares)

Laba (Rugi) per Saham 51,48 49,37 70,23 Income (Loss) per Share after Adjustment of Proforma Effect

NERACA KONSOLIDASI CONSOLIDATED BALANCE SHEETS

Total Aset 21.894.272 20.890.926 20.728.430 Total Assets

Total Liabilitas 11.332.052 11.339.568 12.155.739 Total Liabilities

Utang Bank 426.132 851.495 1.223.117 Bank Loans

Uang Muka Penjualan 503.066 760.413 1.758.941 Sales Advances

Utang Obligasi 7.434.927 6.882.608 6.405.681 Bonds Payables

Kepentingan Non-Pengendali 109.127 107.854 107.277 Non-Controlling Interest

Total Ekuitas 10.562.220 9.551.357 8.572.692 Total Equity

RASIO KEUANGAN FINANCIAL RATIO

Marjin Laba Bruto (%) 63% 61% 61% Gross Profit Margin (%)

Marjin Laba Usaha (%) 49% 50% 51% Operating Profit Margin (%)

Marjin Laba Bersih (%) 29% 24% 35% Net Profit Margin (%)

Laba Bersih terhadap Ekuitas (%) 10% 25% 16% Return on Equity (%)

Laba Bersih terhadap Aset (%) 5% 5% 7% Return on Assets (%)

Liabilitas terhadap Ekuitas (%) 107% 119% 142% Total Liabilities to Equity (%)

Liabilitas terhadap Aset (%) 52% 54% 59% Total Liabilities to Assets (%)

Utang Berbunga terhadap Ekuitas (%) 74% 81% 89% Interest Bearing Debt to Equity (%)

Utang Berbunga terhadap Aset (%) 37% 37% 37% Interest Bearing Debt to Assets (%)

Rasio Lancar (%) 131% 65% 74% Current Ratio (%)* Angka-angka pada seluruh tabel dan grafik dalam jutaan Rupiah, kecuali laba bersih per saham, data saham dan rasio keuangan. Numerical notation in all tables & graphics are in million Rupiah, except for earning per share, share data and financial ratio.

PT Alam Sutera Realty TbkLaporan Tahunan 20196

KILAS KINERJAPerformance Highlights

LAPORAN MANAJEMENManagement Report

PROFIL PERUSAHAANCompany Profile

ANALISIS DAN PEMBAHASAN MANAJEMENManagement Discussion and Analysis

PENJUALAN DAN PENDAPATAN (juta Rp)Sales and Revenues (million IDR)

3.91

7.10

7

3.97

5.25

8

3.47

5.67

7

2017 2018 2019

LABA KOTOR (juta Rp)Gross Profit (million IDR)

2.37

6.0

23

2.44

3.98

3

2.19

6.70

5

2017 2018 2019

EBITDA (juta Rp)EBITDA (million IDR)

2.0

90.0

20

2.0

86.5

93

1.83

3.0

89

2017 2018 2019

LABA USAHA (juta Rp)Operating Profit (million IDR)

1.985

.531

1.977

.946

1.69

1.89

5

2017 2018 2019

JUMLAH LABA (RUGI) KOMPREHENSIF (juta Rp)Total Comprehensive Income (million IDR)

1.377

.950

978.

666

1.010

.863

2017 2018 2019

TOTAL ASET (juta Rp)Total Assets (million IDR)

20.7

28.4

30

20.8

90.9

26

21.8

94.2

72

2017 2018 2019

TOTAL LIABILITAS (juta Rp)Total Liabilities (million IDR)

12.15

5.73

9

11.3

39.5

68

11.3

32.0

52

2017 2018 2019

TOTAL EKUITAS (juta Rp)Total Equity (million IDR)

8.57

2.69

2

9.55

1.357

10.5

62.2

20

2017 2018 2019


TATA KELOLA PERUSAHAANCorporate Governance

TANGGUNG JAWAB SOSIAL PERUSAHAANCorporate Social Responsibility

TINJAUAN PENDUKUNG BISNISSupporting Business Overview

Ikhtisar SahamStock Highlights

Komposisi 20 Besar Pemegang Saham per 31 Desember 2019

20 Largest Shareholders Breakdown as of December 31, 2019

PEMEGANG SAHAMJUMLAH SAHAM

Total Shares

BESARAN KEPEMILIKAN

OwnershipShareholders

PT Tangerang Fajar Industrial Estate 5.054.350.000 25,72% PT Tangerang Fajar Industrial Estate

PT Manunggal Prime Development 3.953.387.864 20,12% PT Manunggal Prime Development

Masyarakat Public

MKES 1.927.000.000 9,81% MKES

Lain-lain 8.714.674.024 44,35% Others

Total 19.649.411.888 100,00% Total

Komposisi Pemegang Saham berdasarkan Status Kepemilikan per 31 Desember 2019

Shareholder Breakdown based on Ownership Status as of December 31, 2019

PEMEGANG SAHAMJUMLAH SAHAM

Total Shares

BESARAN KEPEMILIKAN

OwnershipShareholders

PEMODAL NASIONAL LOCAL INVESTORS

Institusi Lokal 14.811.473.407 75,38% Local Institutions

Individu Lokal 1.828.688.842 9,31% Local Individuals

PEMODAL ASING FOREIGN INVESTORS

Institusi Asing 2.994.918.539 15,24% Foreign Institutions

Individu Asing 14.311.100 0,07% Foreign Individuals

Total 19.649.411.888 100,00% Total

KOMPOSISI PEMEGANG SAHAMComposition of Shareholders






PEMEGANG SAHAM DENGAN KEPEMILIKAN SAHAM >5% PER 31 DESEMBER 2019Shareholders with >5% Ownership as of December 31, 2019

KEPEMILIKAN SAHAM OLEH DEWAN KOMISARIS DAN DIREKSI PER 31 DESEMBER 2019Board of Commissioners and Board of Directors Shareholding as of December 31, 2019

KEPEMILIKAN SAHAM OLEH DIREKSI PER 31 DESEMBER 2019Board of Directors Shareholding as of December 31, 2019

AKSI KORPORASICorporate Action

PENGHENTIAN PERDAGANGAN SAHAMDismissal of Stock Trading

Tidak ada saham milik masyarakat yang masing-masing jumlahnya melebihi 5%.

Bapak The Nicholas memiliki 1.059.000 lembar saham (0,00%) atas saham Perseroan.

Bapak Joseph Sanusi Tjong memiliki 1.220.000 lembar saham (0,01%) atas saham Perseroan.

Pada 2019, Perseroan tidak melakukan aksi korporasi termasuk pemecahan dan penggabungan saham.

Selama 2019, tidak terjadi penghentian perdagangan saham/suspensi atas saham Perseroan.

There were no shares held by the public whose amount exceeded 5%.

Nicholas owns 1,059,000 shares (0.00%) of the Company’s shares.

Joseph Sanusi Tjong owns 1,220,000 shares (0.01%) of the Company’s shares.

The Company did not engage in any Corporate Actions in 2019, including stock splits and stock mergers.

Throughout 2019, there was no dismissal of trades/suspension of the Company’s shares.





Informasi ObligasiBond Information

Pada bulan Januari 2019, Perseroan menerbitkan obligasi sebesar US$175 juta yang akan jatuh tempo pada tahun 2021.

Pada bulan Mei 2019, Perseroan menerbitkan obligasi dengan nilai nominal sebesar US$125.000.000 yang akan jatuh tempo pada tahun 2022. Obligasi ini merupakan penerbitan lanjutan dari Surat Hutang Senior dengan jumlah pokok sebesar US$245.000.000 yang telah diterbitkan tahun 2016. Total obligasi yang akan jatuh tempo pada tahun 2022 adalah US$370.000.000.

The Company issued bonds amounting to US$175 million bond in January 2019, which will mature in 2021.

In May 2019, the Company issued US$125,000,000 bond, which will mature in 2022. The Bond is a continuation of the Senior Debt Securities with the principal amount og US$245,000,000 issued in 2016. The total value of the bonds, which will mature in 2022, is US$370,000,000.

Kinerja Harga Saham 2019PT Alam Sutera Realty Tbk (ASRI)

2019 Share PerformancePT Alam Sutera Realty Tbk (ASRI)

BulanMonth

TertinggiHighest

(Rp)

TerendahLowest

(Rp)

PenutupanClosing

(Rp)

Volume PerdaganganShares Volume

Closing(Lembar saham |

Shares)

NilaiAmount

(Rp)

Saham TercatatListed Shares

(Lembar saham | Shares)

Kapitalisasi PasarMarket Capitalization

(Rp)

January 376 308 356 355.541.400 123.894.361.600 19.649.411.888 6.995.190.632.128

February 376 322 324 279.541.600 95.589.565.400 19.649.411.888 6.366.409.451.712

March 332 300 310 183.788.000 58.021.791.000 19.649.411.888 6.091.317.685.280

April 360 306 336 305.412.900 104.270.505.600 19.649.411.888 6.602.202.394.368

May 342 300 324 204.985.800 65.329.371.600 19.649.411.888 6.366.409.451.712

June 350 316 340 141.971.600 47.748.987.800 19.649.411.888 6.680.800.041.920

July 356 328 332 182.041.800 62.657.301.800 19.649.411.888 6.523.604.746.816

August 334 300 312 132.975.700 41.747.967.800 19.649.411.888 6.130.616.509.056

September 326 288 290 132.959.400 40.707.384.000 19.649.411.888 5.698.329.447.520

October 294 272 274 127.334.100 35.948.065.000 19.649.411.888 5.383.938.857.312

November 276 230 240 96.826.400 24.893.202.800 19.649.411.888 4.715.858.853.120

December 252 232 238 143.161.000 34.371.254.000 19.649.411.888 4.676.560.029.344

Kinerja Harga Saham 2018PT Alam Sutera Realty Tbk (ASRI)

2018 Share PerformancePT Alam Sutera Realty Tbk (ASRI)

BulanMonth

TertinggiHighest

(Rp)

TerendahLowest

(Rp)

PenutupanClosing

(Rp)

Volume PerdaganganShares Volume

Closing(Lembar saham |

Shares)

NilaiAmount

(Rp)

Saham TercatatListed Shares

(Lembar saham | Shares)

Kapitalisasi PasarMarket Capitalization

(Rp)

January 408 340 394 880.941.900 338.620.128.200 19.649.411.888 7.741.868.283.872

February 420 368 392 721.457.700 283.832.750.200 19.649.411.888 7.702.569.460.096

March 406 370 378 504.169.000 194.927.720.000 19.649.411.888 7.427.477.693.664

April 400 354 364 237.503.900 90.804.108.200 19.649.411.888 7.152.385.927.232

May 374 324 354 365.257.800 126.268.565.400 19.649.411.888 6.955.891.808.352

June 370 322 328 163.880.700 57.799.361.200 19.649.411.888 6.445.007.099.264

July 342 292 320 164.566.700 53.280.578.800 19.649.411.888 6.287.811.804.160

August 340 310 326 97.550.400 31.831.048.600 19.649.411.888 6.405.708.275.488

September 324 278 286 147.410.600 42.845.380.800 19.649.411.888 5.619.731.799.968

October 298 260 278 101.960.800 28.530.760.000 19.649.411.888 5.462.536.504.864

November 348 270 348 250.622.900 77.765.830.200 19.649.411.888 6.837.995.337.024

December 358 308 312 169.052.300 57.264.897.400 19.649.411.888 6.130.616.509.056






Penghargaan dan SertifikasiAwards and Certifications

Green Open SpacePerseroan meraih penghargaan Green Open Space untuk produk Lloyd dalam ajang Green Property Awards 2019.

The Company received the Green Open Space award for the Lloyd project at the 2019 Green Property Awards.

Gold ChampionPerseroan meraih penghargaan Gold Champion untuk kategori Residential Property Developer dalam ajang Indonesia WOW Brand 2019.

The Company received the Gold Champion award in the Residential Property Developer category at the 2019 Indonesia WOW Brand event

Top 50 Mid-Capitalization Public Listed CompanyPerseroan masuk dalam Top 50 Mid-Capitalization Public Listed Company dalam ajang Corporate Governance Conference and Award dari Indonesian Institute for Corporate Directorship (IICD).

The Company was included in the Top 50 Mid-Capitalization Public Listed Companies at the Corporate Governance Conference and Awards organized by the Indonesian Institute for Corporate Directorship (IICD).

100 Fastest Growing Company Award 2019Perseroan masuk daftar 100 Fastest Growing Company Award 2019 by Economic Review for Property Company with Asset Above or Equals to Rp10 triliun.

The Company was recognized as one of the “100 Fastest Growing Company Award 2019” from the Economic Review in the Property Company with Assets Above or Equal to IDR10 trillion category.





Peristiwa PentingEvent Highlights

Februari February Juni June

Februari February

Perseroan melakukan pembelian kembali atas sebagian pokok utang obligasi sebesar USD162 juta dari nominal USD235 juta yang akan jatuh tempo pada Maret 2020.

The Company made partial redemption amounting to US$162 million of its US$235 million bonds that will mature in March 2020.

Perseroan telah melakukan pelunasan atas sisa utang obligasi yang akan jatuh tempo pada Maret 2020 sebesar USD73 juta.

The Company has settled the remaining outstanding bond that will mature in March 2020 amounting to US$73 million.

Perseroan meluncurkan Taman Sutera Narada, pengembangan lanjutan dari Cluster Sutera Narada yang berlokasi di kawasan Alam Sutera dan habis terjual.

The Company launched Taman Sutera Narada, which is a part of the Sutera Narada Cluster development located in the Alam Sutera area. The cluster has now been completely sold.

Mei May

Maret March

Perseroan menerbitkan obligasi dengan nilai nominal sebesar USD125.000.000 yang akan jatuh tempo pada 2022. Obligasi ini merupakan penerbitan lanjutan dari Surat Hutang Senior dengan jumlah pokok sebesar USD245.000.000 yang telah diterbitkan 2016.

The Company issued US$125,000,000 bonds that will mature in 2022. This bond is a continuation of the Senior Debt Securities issued in 2016 with a principal amount of US$245,000,000.

BAF Finance berkolaborasi dengan Lions Club International Foundation menyelenggarakan Lions Run 2019 yang berlokasi di kawasan Alam Sutera. Lions Run 2019 menyediakan 2 (dua) kategori peserta, yaitu untuk jarak tempuh 5K dan 10K. Pendapatan bersih yang diperoleh dari Lions Run 2019 akan disumbangkan untuk pengobatan anak-anak penderita kanker.

BAF Finance collaborated with the Lions Club International Foundation to organize the Lions Run 2019 located in Alam Sutera. The Lions Run 2019 had 2 (two) categories of participants, 5K and 10K runs. The Net revenue raised during the Lions Run 2019 will be donated to treat children suffering from cancer.

Januari JanuaryPerseroan menerbitkan obligasi dengan nilai nominal sebesar USD175.000.000 yang akan jatuh tempo pada 2021.

The Company issued US$175,000,000 bonds that will mature in 2021.






Oktober October

September September

November November

Desember December

Juli July Agustus August

Perseroan meluncurkan Cluster Victoria tahap 5 di kawasan Alam Sutera.

The Company launched the 5th Phase of Cluster Victoria in Alam Sutera.

GWK Culture Park menjadi tuan rumah penyelenggaraan event musik terbesar di Indonesia yaitu Soundrenaline 2019 yang dihadiri oleh 40.000 orang.

GWK Culture Park hosted the biggest musical event in Indonesia known as Soundrenaline, which was attended by 40,000 people.

Perseroan melakukan acara open house peluncuran Cluster Giri Tahap 2 di Suvarna Sutera.

The Company conducted an open house to launch the 2nd Phase of Cluster Giri in Suvarna Sutera.

Menutup akhir tahun 2019, GWK Culture Park mengadakan acara Count Down yang dimeriahkan berbagai DJ dan musisi terkenal seperti Diskopantera dan Feel Koplo. Acara ini juga diisi dengan pesta kembang api terbesar di Bali dan dipadati lebih dari 17.000 pengunjung.

Towards the end of 2019, the GWK Culture Park hosted a Count Down event that was attended by various well-known DJ’s and musicians such as Diskopantera and Feel Koplo. This event also had the largest fireworks celebration in Bali and attracted over 17,000 visitors.

Perseroan meluncurkan Cluster Victoria tahap 4 yang berlokasi di kawasan Alam Sutera.

The Company launched the 4th Phase of Cluster Victoria located in Alam Sutera.

Perseroan meluncurkan Cluster Eldora di Suvarna Sutera dan meraih tingkat penjualan sebesar 100%.

The Company launched Cluster Eldora in Suvarna Sutera. The cluster has now been completely sold.





Laporan ManajemenManagement Report

16 Laporan Dewan KomisarisReport from the Board of Commissioners

23 Profil Dewan KomisarisBoard of Commissioners’ Profile

28 Laporan DireksiReport from the Board of Commissioners

35 Profil DireksiBoard of Directors’ Profile

Laporan Dewan KomisarisReport from the Board of Commissioners

Haryanto TirtohadigunoKomisaris UtamaPresident Commissioner


Perseroan berhasil mencatatkan pertumbuhan laba bersih sebesar 3,3% pada 2019. Hal ini membuktikan kemampuan dan upaya Direksi untuk memberikan pertumbuhan positif dan berkelanjutan bagi Perseroan.

The Company booked net profitgrowth of 3.3% in 2019. This showsthat the Board of Directors wasable to generate positive growth and manage sustainability of the Company.

PEMEGANG SAHAM YANG TERHORMAT,

Salam sejahtera bagi kita semua. Perkenankanlah kami menyampaikan laporan tugas pengawasan Dewan Komisaris atas perkembangan dan pengelolaan Perseroan untuk tahun yang berakhir pada 31 Desember 2019. Kami melakukan pengawasan secara intensif terhadap kinerja Direksi dalam pencapaian target jangka panjang, hingga penerapan tata kelola perusahaan yang baik di lingkungan Perseroan.

PANDANGAN ATAS KONDISI PEREKONOMIANMemasuki tahun 2019, perlambatan ekonomi global masih terus berlanjut dari kondisi tahun sebelumnya. Kondisi geopolitik di sejumlah negara semakin memanas, sementara perang dagang antara Amerika Serikat dan Tiongkok serta Jepang dan Korea Selatan masih juga berlangsung. Situasi ini menyebabkan Dana Moneter Internasional (IMF) melakukan koreksi terhadap tingkat pertumbuhan ekonomi global yang terus menurun hingga di bawah 3%.

Di tengah ketidakpastian ekonomi global di tahun 2019, pertumbuhan ekonomi Indonesia mampu bertahan di kisaran 5%. Faktor pelemahan ekonomi

HONORABLE SHAREHOLDERS,

We would like to extend our warm greetings, and take this opportunity to submit the supervisory report of the Board of Commissioners on the Company’s management and development for the period ending on December 31, 2019. Throughout this period, the Board of Commissioners oversaw the performance of the Board of Directors, with the goal of achieving the Company’s long-term targets while applying the principles of good corporate governance.

ECONOMY AND THE PROPERTY INDUSTRYThe global economic slowdown of the previous years continued to linger into 2019. The geopolitical conditions heated up in a number of countries, while the trade wars between the United States and China were yet to be resolved. This situation led the International Monetary Fund (IMF) to revise its global economic growth projection to below 3%.

Despite the global economic uncertainty in 2019, Indonesia’s economy was able to grow at around 5%. The global economic slowdown, however, had a





The Board of Commissioners monitored the Board of Directors’ policy to start the construction of the Lloyd project to enable its timely handover to the customers. This was done to ensure that the project was conducted in accordance with its agreed schedule.

Kebijakan Direksi untuk memulai pembangunan Lloyd dan melakukan serah terima tepat waktu kepada pelanggan terus kami pantau agar berjalan sesuai jadwal yang telah direncanakan.

global memberikan imbas negatif bagi kondisi domestik, akibat adanya ketergantungan impor atas berbagai jenis bahan baku dan komoditas. Sementara, upaya pemerintah untuk mengurangi nilai impor terus dilakukan sepanjang 2019 dan berhasil menekan nilai impor sekitar 9,9%. Sementara itu, kondisi ekspor belum membaik seiring dengan permintaan global dan harga komoditas yang menurun.

Selain itu, situasi sosial dan politik yang dinamis sepanjang tahun, terutama berlangsungnya pemilihan umum presiden menyebabkan sebagian besar masyarakat bersikap wait and see, sehingga industri properti belum mampu meraih kinerja yang diharapkan.

PENILAIAN ATAS KINERJA DIREKSI

Melihat kondisi yang cukup menantang selama tahun 2019, Perseroan telah menunjukkan kemampuan beradaptasi terhadap kondisi pasar yang terjadi. Langkah dan strategi yang dijalankan Perseroan membuktikan bahwa Manajemen semakin berpengalaman dalam menghadapi berbagai tantangan usaha di masa mendatang. Oleh karenanya, Dewan Komisaris menilai bahwa kinerja Direksi dalam pengelolaan Perseroan harus diapresiasi tinggi, sejalan dengan penerapan berbagai keputusan dan kebijakan yang strategis secara operasional dan finansial.

Di tengah kondisi pasar properti yang kurang menguntungkan, Perseroan masih mampu mencatatkan pertumbuhan laba bersih sebesar 3,3% di 2019. Hal ini sekali lagi membuktikan kemampuan dan upaya Direksi untuk memberikan pertumbuhan positif dan berkelanjutan bagi Perseroan. Selain itu, komitmen untuk menyelesaikan berbagai proyek secara terencana dan terstruktur merupakan nilai tambah Perseroan dalam rangka menjaga kepercayaan pasar.

negative impact on the domestic economy due to Indonesia’s dependence on imports of various types of raw materials and commodities. Meanwhile, the government efforts continued to be encouraged to reduce imports throughout 2019 so that it successfully brought down the import value at around 9.9%. However, exports had yet to recover due to declining global demand and commodity prices. Moreover, the social and political changes felt throughout the year, specifically as a result of the presidential election, led most people to adopt the ‘wait and see’ approach. As a result, the property industry has not been able to achieve the expected performance.

ASSESSMENT OF THE PERFORMANCE OF THE BOARD OF DIRECTORSIn view of the challenges in 2019, the Company had demonstrated its ability to adapt to the market conditions. The steps and strategy implemented by the Company proved that its Management had become increasingly more experienced at dealing with various business challenges. As a result, the Board of Commissioners believes that the performance of the Board of Directors in managing the Company must be appreciated, in particular the Board’s various operational and financial strategic decisions and policies.

Amid the unfavorable property market conditions in 2019, the Company booked net profit growth of 3.3%. This once again shows that the Board of Directors was able to generate positive growth and manage sustainability of the Company. Moreover, the Company’s commitment to completing various projects in a planned and structured manner has maintained market trust.






PENGAWASAN TERHADAP IMPLEMENTASI STRATEGI PERUSAHAANDalam melaksanakan fungsinya, Dewan Komisaris melakukan pengawasan dimulai sejak perumusan rencana bisnis jangka panjang dan tahunan, serta evaluasi atas pencapaian kinerja Perseroan. Seluruh pengawasan yang kami lakukan berjalan sesuai praktik tata kelola perusahaan yang baik.

Kebijakan Direksi untuk memulai pembangunan Lloyd dan melakukan serah terima tepat waktu kepada pelanggan terus kami pantau agar berjalan sesuai jadwal yang telah direncanakan. Kami juga mendukung kebijakan Direksi untuk melakukan pengembangan GWK Culture Park secara bertahap.

Melalui rapat bersama Direksi secara berkala, kami mengevaluasi kinerja Perseroan agar tetap fokus menjalankan berbagai langkah dan kebijakan strategis yang telah disusun Direksi untuk membangun kawasan perkotaan yang asri, aman, dan nyaman.

PANDANGAN ATAS PROSPEK USAHA PERUSAHAAN YANG DISUSUN OLEH DIREKSIBersamaan dengan usainya pemilihan umum Presiden, berbagai ketegangan sosial politik diharapkan turut mereda pada semester kedua 2019. Kami optimis bahwa Pemerintahan yang baru akan bekerja sekuat tenaga untuk merajut persatuan bangsa dan membangun Indonesia menuju pertumbuhan yang positif pada tahun 2020 dan ke depannya.

Keberlanjutan pembangunan infrastruktur secara masif disertai pengembangan kompetensi sumber daya manusia menjadi prioritas pemerintah di tahun-tahun mendatang. Hal tersebut tentunya dapat memperkuat sentimen positif para pelaku usaha, investor, dan masyarakat untuk meningkatkan konsumsi dan investasi sehingga berdampak terhadap pertumbuhan sektor properti secara umum.

Kami menilai bahwa fokus strategi Perseroan untuk mengembangkan kawasan residensial dengan lingkungan yang sehat, asri, aman, dan nyaman merupakan langkah yang bijaksana.

OVERSIGHT OF THE IMPLEMENTATION OF CORPORATE STRATEGY The Board of Commissioners engages in overseeing the formulation of long-term and annual business plans. It also evaluates the Company’s business performance. In 2019, all of the board’s overseeing activities were in line with the practices of Good Corporate Governance (GCG).

The Board of Commissioners monitored the Board of Directors’ policy to start the construction of the Lloyd project to enable its timely handover to the customers. This was done to ensure that the project was conducted in accordance with its agreed schedule. We also supported the Board of Directors’ policy of the gradual development at Garuda Wisnu Kencana (GWK) Cultural Park.

We evaluated the Company’s performance through periodic meetings with the Board of Directors to ensure that it continues to reflect the Board of Directors’ strategic steps and policies for developing a green, safe, and comfortable urban area.

BUSINESS PROSPECTS PREPARED BY THE BOARD OF DIRECTORSVarious socio-political tensions were expected to recede in the second half of 2019 following the completion of the Presidential election. We are optimistic that the new Government will work hard to unite the country and develop Indonesia to achieve positive growth in 2020 and beyond.

The continuation of massive infrastructure developments, along with the development of the capacity of human resources, is the government’s top priorities for the years to come. This will boost positive sentiment among entrepreneurs, investors, and the public that will increase consumption and investment, thereby increasing the growth of the property sector.

We appreciate the Company’s strategic focus on developing residential areas with an environment that is healthy, green, safe, and comfortable.

LAPORAN DEWAN KOMISARISReport from the Board of Commissioners





PANDANGAN ATAS PENERAPAN PRAKTIK GCG Penerapan praktik GCG secara disiplin terus kami lakukan dalam rangka meningkatkan kualitas kepatuhan terhadap peraturan perundang-undangan yang berlaku, beradaptasi dengan perkembangan zaman, dan mempertahankan keberlanjutan pertumbuhan usaha jangka panjang.

Dewan Komisaris senantiasa melakukan pengawasan secara menyeluruh terhadap kinerja seluruh organ Perseroan. Selain bekerja sama dengan Direksi, kami juga melakukan komunikasi yang intensif dengan Komite Audit serta Komite Nominasi dan Remunerasi untuk mengoptimalkan fungsi pengawasan dan merumuskan kebijakan Dewan Komisaris sesuai ruang lingkup tugasnya.

FREKUENSI DAN CARA PEMBERIAN NASIHAT KEPADA DIREKSISecara berkala, kami menyelenggarakan rapat bersama Direksi untuk melakukan evaluasi kinerja operasional dan keuangan Perseroan, serta mendiskusikan rencana kerja dan agenda-agenda lain yang membutuhkan saran, pandangan, rekomendasi dan persetujuan Dewan Komisaris.

PANDANGAN ATAS PENERAPAN SISTEM PELAPORAN PELANGGARANSistem pelaporan pelanggaran berperan penting dalam mendukung pelaksanaan kegiatan bisnis yang transparan dan terpercaya. Oleh karenanya, Dewan Komisaris berkomitmen untuk melakukan pengawasan dan pengendalian atas mekanisme pelaksanaan sistem pelaporan pelanggaran.

Meskipun tidak ada pelaporan atas dugaan pelanggaran yang dilakukan sepanjang 2019, kami akan terus melakukan pengawasan dan evaluasi atas penerapan sistem pelaporan pelanggaran.

OVERSIGHT OF GCG PRACTICES We continue to apply GCG practices in a disciplined manner in order to enhance the quality of the Company’s compliance with the prevailing rules and regulations; adapt to changes; and maintain sustainable long-term business growth.

The Board of Commissioners oversees the performance of all of the Company’s organs. Aside from working with the Board of Directors, we also intensively communicate with the Audit Committee as well as the Nomination and Remuneration Committee to optimize oversight and formulate our policies.

ADVISING THE BOARD OF DIRECTORS

We periodically conduct joint meetings with the Board of Directors to evaluate the Company’s operational and financial performance, as well as discussing any work plans and other issues that require our advice, recommendations, and approval.

IMPLEMENTATION OF THE WHISTLEBLOWING SYSTEMThe Whistleblowing System plays a vital role in supporting the implementation of the Company’s business activities in a transparent manner. Therefore, the Board of Commissioners is committed to engaging in the oversight and control of the whistleblowing system’s implementation mechanism.

Although there were no reports of suspected infringements submitted in 2019, we will continue to oversee and evaluate the application of the whistleblowing system.







PERUBAHAN KOMPOSISI DEWAN KOMISARIS

Pada 2019 tidak ada agenda perubahan komposisi Dewan Komisaris. Komitmen kami untuk melakukan pengawasan Perseroan secara maksimal akan terus kami lakukan sehingga mampu memberikan kontribusi dan masukan positif bagi keberlanjutan usaha Perseroan di masa mendatang.

APRESIASISebagai penutup, kami menyampaikan apresiasi dan terima kasih kepada seluruh pemegang saham atas dukungan yang diberikan. Kami juga memberikan apresiasi yang tinggi terhadap kinerja Direksi dan seluruh karyawan atas keberhasilan meraih pencapaian positif selama tahun 2019. Kami patut berbangga karena di tengah kondisi yang menantang, seluruh organ Perseroan mampu bekerja secara maksimal untuk menyelesaikan berbagai proyek dan memberikan pertumbuhan bekelanjutan bagi Perseroan. Akhir kata, kami akan terus berkomitmen melakukan pengawasan secara profesional dan berintegritas dalam rangka mendukung visi dan misi Perseroan.

Haryanto TirtohadigunoKomisaris Utama

President Commissioner

Jakarta, April 2020Untuk dan atas nama Dewan Komisaris

For and on behalf of the Board of Commissioners

CHANGES TO THE COMPOSITION OF THE BOARD OF COMMISSIONERS There were no changes to the composition of the Board of Commissioners in 2019. We are committed to overseeing the Company’s performance, so as to provide positive contribution and advice, and ensure the Company’s business sustainability in the years to come.

APPRECIATIONFinally, we would like to convey our appreciation and gratitude to all of the Company’s shareholders for their support. We also would like to express our utmost appreciation to the Board of Directors, and all of the Company’s employees, for successfully producing positive results throughout 2019. We are proud to say that amid the challenging conditions of 2019, the Company was able to complete several projects and achieve sustainable growth. We will continue to be committed to overseeing and supporting the Company’s vision and mission in a professional manner.






1. Haryanto Tirtohadiguno Komisaris Utama President Commissioner2. Prasasto Sudyatmiko Komisaris Independen Independent Commissioner3. Angeline Sutedja Komisaris Commissioner4. Pingki Elka Pangestu Komisaris Independen Independent Commissioner5. The Nicholas Komisaris Commissioner

Dewan KomisarisBoard of Commissioners

1

23

45


Haryanto Tirtohadiguno

Kewarganegaraan Citizenship

Indonesia Indonesian

Usia Age

57 tahun 57 years old

Domisili Domicile

Jakarta Jakarta

Riwayat PendidikanEducational Background

Bapak Haryanto memiliki gelar Bachelor of Science jurusan Ekonomi dari University of Missouri Columbia, Amerika Serikat, pada 1987.

Haryanto received a Bachelor of Science in Economics from the University of Missouri Columbia, USA, in 1987

Dasar Hukum PenunjukanAppointment Legal References

Bapak Haryanto Tirtohadiguno menjabat sebagai Komisaris Utama Perseroan sejak Februari 2015

Haryanto Tirtohadiguno has been serving as the Company’s President Commissioner since February 2015

Pengalaman Kerja dan Rangkap JabatanProfessional and Concurrent Position Background

Di Perseroan, sebelumnya Bapak Haryanto pernah menjabat sebagai Direktur Utama (2013-2015) dan sebagai Komisaris (2007-2013). Sebelum bergabung dengan Perseroan, beliau telah berkarir di industri properti dan menjabat berbagai posisi senior di antaranya sebagai Managing Director di PT Alfa Goldland Realty (1994-1995 dan 2003-2012), Direktur Utama PT Alam Sutera Realty Tbk (d/h PT Adhihutama Manunggal (1993-2007), General Manager di PT Megalopolis Manunggal Indonesia Development (1990-1993), dan Manajer Pemasaran di PT Alfa Goldland Realty (1988-1989).

Saat ini, beliau juga menjabat sebagai Komisaris PT Megalopolis Manunggal Indonesia Development (MM2100) dan sebagai Direktur Utama PT Alfa Goldland Realty sejak 2012.

Within the Company itself, Haryanto has also previously served as the President Director of the Company (2013-2015) and Commissioner (2007-2013). Prior to joining the Company, he pursued a career in the property industry and occupied various senior positions including as Managing Director of PT Alfa Goldland Realty (1994-1995 and 2003-2012), President Director of PT Alam Sutera Realty Tbk (formerly PT Adhihutama Manunggal (1993-2007), General Manager of PT Megalopolis Manunggal Indonesia Development (1990-1993), and Marketing Manager in PT Alfa Goldland Realty (1988-1989).

He concurrently serves as a Commissioner in PT Megalopolis Manunggal Indonesia Development (MM2100) and as President Director of PT Alfa Goldland Realty since 2012.

Komisaris UtamaPresident Commissioner

Profil Dewan KomisarisBoard of Commissioners’ Profile





Angeline Sutedja



Usia Age


Domisili Domicile

Jakarta Jakarta


Ibu Angeline memperoleh gelar Bachelor of Arts dalam bidang International Business and Economics dari Sophia University, Tokyo, Jepang, pada 1986 dan gelar Master of Business Administration dari University of Missouri, Columbia, Amerika Serikat pada 1987.

Angeline received a Bachelor of Arts in International Business and Economics from Sophia University, in Tokyo, Japan, in 1986 and a Master of Business Administration from the University of Missouri, Columbia, USA in 1987.


Ibu Angeline Sutedja menduduki posisi Komisaris Perseroan sejak tahun 2013.

Angeline Sutedja has been serving as a Commissioner of the Company since 2013.


Saat ini, Ibu Angeline juga memegang posisi penting dalam sejumlah institusi. Di antaranya sebagai anggota Badan Pembina di Yayasan Tunas Manunggal sejak 2011 dan Bendahara di Yayasan Prasetiya Mulya sejak 2008.

Angeline concurrently holds important positions in a number of institutions, which includes as a member of the Board of Trustees at the Tunas Manunggal Foundation since 2011 and as a Treasurer with the Prasetiya Mulya Foundation since 2008.

KomisarisCommissioner

PROFIL DEWAN KOMISARISBoard of Commissioners’ Profile






The Nicholas



Usia Age


Domisili Domicile

Jakarta Jakarta


Bapak Haryanto memiliki gelar Bachelor of Science jurusan Ekonomi dari University of Missouri Columbia, Amerika Serikat, pada 1987.

Haryanto received a Bachelor of Science in Economics from the University of Missouri Columbia, USA, in 1987


Bapak The Nicholas menjabat sebagai Komisaris Perseroan sejak Februari 2015.

Nicholas has been serving as a Commissioner of the Company since February 2015.


Saat ini beliau juga menjabat sebagai Komisaris Utama di PT Peternakan Ayam Manggis, Komisaris di PT Ragam Logam Industrial, Wakil Komisaris Utama di PT China Taiping Insurance Indonesia, Komisaris Utama PT Argo Manunggal Land Development dan Direktur Utama di PT Argo Manunggal Triasta.

He concurrently serves as the President Commissioner of PT Peternakan Ayam Manggis, Commissioner in PT Ragam Logam Industrial, Vice President Commissioner of PT China Taiping Insurance Indonesia, President Commissioner of PT Argo Manunggal Land Development and Director of PT Argo Manunggal Triasta.

KomisarisCommissioner






Prasasto Sudyatmiko



Usia Age


Domisili Domicile

Jakarta Jakarta


Beliau menyelesaikan pendidikan di Fakultas Hukum dan Pengetahuan Masyarakat di Universitas Indonesia pada tahun 1963.

He completed his studies from the Faculty of Law and Social Studies of the University of Indonesia in 1963.


Bapak Prasasto Sudyatmiko menjabat sebagai Komisaris Independen Perseroan sejak 2007.

Prasasto Sudyatmiko has been serving as an Independent Commissioner of the Company since 2007.


Saat ini, beliau juga menjabat sebagai Komisaris di PT Panca Prima Eka Brother (PT Pan Brothers Tbk Group). Sejak 1985, beliau telah menjadi Senior Partner di Kantor Pengacara dan Konsultan Hukum Johnny, Utami, Prasasto, Sugiyanto; menjabat sebagai Direktur/Sekretaris di BPH Institute Management Prasetiya Mulya sejak 1983, menjadi Direktur Eksekutif di Yayasan Prasetiya Mulya sejak 1980, juga mengajar sebagai Dosen Hukum Perdata di Universitas Katolik Atmajaya sejak 1976, dan praktisi Advokat/Pengacara/Konsultan Hukum di Jakarta sejak 1970.

He concurrently is a Commissioner in PT Panca Prima Eka Brother (PT Pan Brothers Tbk Group). He is serving as a Senior Partner in the Law and Legal Consultancy Firm of Johnny, Utami, Prasasto, Sugiyanto starting in 1985; he has served as a Director/Secretary in BPH Institute of Management Prasetiya Mulya since 1983, became an Executive Director of the Prasetiya Mulya Foundation since 1980, as well as taught as a Civil Law lecturer at the Atmajaya Catholic University since 1976, and is also a practicing Advocate/Lawyer/Legal Consultant in Jakarta since 1970.

Komisaris IndependenIndependent Commissioner







Pingki Elka Pangestu



Usia Age


Domisili Domicile

Jakarta Jakarta


Bapak Pingki Elka Pangestu memperoleh gelar Bachelor of Science dari University of New South Wales, Sydney pada 1975, Bachelor of Architecture dari University of Sydney, Australia pada 1977, dan Master of Town & Country Planning dari University of Sydney, Australia pada 1981.

Pingki Elka Pangestu received a Bachelor of Science degree from the University of New South Wales, Sydney in 1975, a Bachelor of Architecture from the University of Sydney, Australia in 1977, and Master of Town & Country Planning from the University of Sydney, Australia in 1981.


Bapak Pingki Elka Pangestu menjabat sebagai Komisaris Independen Perseroan sejak 2007.

Pingki Elka Pangestu has been serving as a Commissioner of the Company since 2007.


Saat ini, beliau juga menduduki jabatan sebagai Komisaris di Karya Cipta Group sejak 2012, Komisaris Tidak Terafiliasi di PT Nirvana Tbk sejak 2011. Bapak Pingki juga merupakan Pemrakarsa dan Anggota Dewan Urban Regional Development Institute sejak 1996, dan Direktur PT Loka Mampang Indah Realty sejak 1989.

Sebelumnya, beliau pernah menjabat sebagai Direktur di PT Casa Lelang (2001-2002), Komisaris di PT Panca Wiratama Sakti (1996-1997), Direktur Perencanaan di PT Putra Alvita Pratama (1990-1994), Manajer Perencanaan di PT Bumi Serpong Damai (1985-1990), Perencana di PT Parentjana Djaya (1982-1985), Asisten Koordinator Nasional di Departemen Pekerjaan Umum (1981-1985), Manajer Asisten di PT Bangun Tjipta Sarana (1979-1980), Arsitek Asisten di Hollandsche Beton MR, Netherlands, dan Dennis Lennon & Partner, London, United Kingdom (1975-1976), Arsitek Asisten di PT Parentjana Djaya (1974-1975), dan Arsitek Asisten di Peddle Thorp & Walker, Sydney, Australia (1973).

He concurrently serves as a Commissioner in Karya Cipta Group beginning in 2012, as a Non-Affiliated Commissioner in PT Nirvana Tbk since 2011. Pingki is also a Founder and Member of the Board of the Urban Regional Development Institute starting in 1996, and Director of PT Loka Mampang Indah Realty since 1989.

He previously served as a Director in PT Casa Lelang (2001-2002), Commissioner in PT Panca Wiratama Sakti (1996-1997), Planning Director in PT Putra Alvita Pratama (1990-1994), Planning Manager in PT Bumi Serpong Damai (1985-1990), Planner in PT Parentjana Djaya (1982-1985), National Coordinator Assistant in the Public Works Department (1981-1985), Assistant Manager in PT Bangun Tjipta Sarana (1979-1980), Assistant Architect with Hollandsche Beton MR, Netherlands, and Dennis Lennon & Partner, London, United Kingdom (1975-1976), Assistant Architect with PT Parentjana Djaya (1974-1975), and Architect Assistant with Peddle Thorp & Walker, Sydney, Australia (1973).

Komisaris IndependenIndependent Commissioner






Laporan DireksiReport from the Board of Directors

Joseph Sanusi TjongDirektur UtamaPresident Director


Perseroan meraihpendapatan sebesarRp3.475,7 miliar pada2019 dan pendapatan berulang Perseroan terus mengalami peningkatan yang positif sebesar 17%.

The Company recorded revenue ofIDR3,475.7 billion in 2019 with a 17% continuous growth from recurring revenue segment.

PEMANGKU KEPENTINGAN YANG TERHORMAT,

Pada kesempatan ini, perkenankan kami menyampaikan laporan pertanggungjawaban atas kinerja PT Alam Sutera Realty Tbk (Perseroan) untuk tahun buku 2019.

Dalam laporan ini, kami menyampaikan kinerja Perseroan sepanjang tahun 2019, termasuk langkah strategis Perseroan untuk meraih kinerja operasional dan keuangan yang optimal di tengah iklim usaha yang dinamis dan menantang.

TINJAUAN PEREKONOMIANSepanjang tahun 2019, ketidakpastian perekonomian global masih terus berlanjut, terutama akibat perang dagang antara Amerika Serikat dan Tiongkok, serta situasi geopolitik yang memanas di sejumlah negara. Kondisi tersebut tentunya berdampak negatif terhadap pertumbuhan ekonomi global, terutama pelemahan tren pertumbuhan investasi dan penurunan harga-harga komoditas.

Pertumbuhan ekonomi di sejumlah negara ekonomi besar juga mengalami perlambatan. Pada tahun 2019, pertumbuhan ekonomi Amerika Serikat tercatat sebesar 2,3%, Tiongkok sebesar 6,1%, India sebesar 5,8%, sementara Indonesia stabil di kisaran 5%.

DEAR VALUED STAKEHOLDERS,

We would like to take this opportunity to submit our accountability report on the management of PT Alam Sutera Realty Tbk (the Company) for the fiscal year 2019.

This report outlines the Company’s performance in 2019, including the strategic steps it had taken to achieve an optimal operational and financial performance in a dynamic and challenging business climate.

ECONOMIC REVIEW Global economic uncertainties continued throughout 2019, particularly as a result of the trade war between the United States and China, as well as the escalating geopolitical situation in a number of countries. These uncertainties had a negative impact on global economic growth, and resulted in weakening investment growth and declining commodity prices.

A number of the world’s largest economies had experienced a slowdown in economic growth. In 2019, the economic growth of the United States was 2.3%, China 6.1%, India 5.8%, while Indonesia remained stable at around 5%.





The successful sales of Lloyd’s units had encouraged the Company to offer other modern, functional and comfortable property products.

Kesuksesan penjualan Lloyd mendorong Perseroan untuk menghadirkan produk properti yang modern, fungsional, dan nyaman lainnya.

Keberhasilan Indonesia dalam mempertahankan pertumbuhan ekonominya menunjukkan bahwa fundamental makroekonomi Indonesia masih cukup kuat, dengan tingkat konsumsi yang masih tinggi sehingga tingkat inflasi dapat terjaga di kisaran 3% sepanjang tahun 2019. Selain itu, nilai tukar Rupiah terhadap Dolar AS juga tetap terjaga hingga akhir tahun yang di tutup pada Rp13.901 per 1 Dolar AS.

TINJAUAN INDUSTRIProses pemilihan Umum Presiden dan Wakil Presiden RI yang terjadi hingga semester pertama 2019 memberikan dampak yang cukup signifikan terhadap iklim usaha dalam negeri. Akibatnya, para pelaku usaha, investor, dan masyarakat bersikap wait and see sehingga penyerapan pasar atas produk-produk properti menurun cukup drastis. Pasca pemilihan umum, aktivitas ekonomi nasional mulai menunjukkan gejala perbaikan, di mana kegiatan konsumsi dan investasi mulai menggeliat kembali.

Kinerja industri properti juga dipengaruhi oleh berbagai kebijakan pemerintah, salah satunya yaitu PUPR No. 11/PRT/M/2019 mengenai Sistem Perjanjian Pendahuluan Jual Beli, yang mengharuskan perusahaan pengembang properti paling sedikit untuk memiliki sejumlah kepastian atas peruntukkan ruang, hak tanah, status penguasaan rumah, serta perizinan untuk pembangunan beserta jaminan atas pembangunan tersebut dalam melakukan aktivitas pemasarannya.

Mengingat sektor properti memiliki keterkaitan dan multiplier effect yang tinggi pada industri turunan lainnya, maka Pemerintah mengantisipasi lesunya sektor properti melalui berbagai relaksasi peraturan perpajakan dan Loan to Value (LtV). Bank Indonesia telah melakukan relaksasi LtV untuk pembeli rumah kedua dan untuk developer yang telah memiliki green certificate efektif pada bulan Desember 2019. Namun demikian, kinerja sektor properti di tahun 2019 hanya

Indonesia was successful in maintaining its economic growth in 2019, which was a reflection of the country’s strong macroeconomic fundamentals and relatively high consumption level. This resulted in a stable inflation rate of around 3%. In addition, the exchange rate of the Rupiah against the US Dollar also remained stable, reaching IDR13,901 per 1 US Dollar at the end of the year.

INDUSTRIAL REVIEW The Presidential election of the Republic of Indonesia in the first semester of 2019 had a significant impact on the domestic business climate. Consequently, business players, investors, and the public took the wait-and-see approach, resulting in a relatively sharp decline in market absorption of property products. After the general election, national economic activities began to improve, with consumption and investment activities on the rise.

The performance of the property industry was also influenced by various government policies, one of them is PUPR No. 11/PRT/M/2019 on the Preliminary Purchase Agreement System, which requires property developers to provide definite evidence related to spatial planning, land rights, housing ownership, as well as permits for construction along with development guarantees, prior to conducting their marketing activities.

The property sector is interconnected with various sub-industries. As such, the Government has anticipated the slowdown in the property market by relaxing its taxation and Loan to Value (LtV) policies. Effective on December 2019, Bank Indonesia has relaxed the LtV for 2nd home buyers and developers who had green certification. However, the performance of the






tumbuh di kisaran 3,5%, jauh di bawah pertumbuhan ekonomi nasional.

KEBIJAKAN STRATEGIS Melihat kondisi di atas, kami optimis bahwa kunci pertumbuhan kinerja Perseroan adalah komitmen untuk menyelesaikan proyek tepat waktu serta peluncuran produk yang inovatif dan memiliki nilai investasi yang tinggi.

Oleh karena itu, kami bekerja sama dengan beberapa arsitek terbaik di Indonesia untuk menciptakan desain hunian dengan konsep ruang yang fungsional dan humanis agar mampu memberikan kenyamanan yang optimal bagi para penghuninya. Selain itu, konsep hunian juga harus memiliki ketahanan sepanjang masa sehingga investasi para konsumen pada produk properti Perseroan mampu memberikan manfaat yang optimal dalam jangka panjang.

Salah satu langkah strategis Perseroan adalah menghadirkan Lloyd, sebuah hunian yang inovatif adalah dengan mentransformasikan produk residensial menjadi produk low-rise. Dengan bangunan yang terdiri dari maksimal 5 lantai, apartemen low-rise Perseroan telah menjawab keinginan masyarakat yang ingin memiliki tempat tinggal nyaman, aman, dan luas dengan berbagai fasilitas yang lengkap. Pada 2019, Perseroan sudah memulai pembangunan produk tersebut sehingga nantinya dapat melakukan serah terima dengan tepat waktu.

Sebagai salah satu bentuk strategi Perseroan dalam memperluas pangsa pasar, Perseroan juga membangun rumah tapak di kawasan Pasar Kemis. Strategi ini merupakan upaya Perseroan untuk memanfaatkan potensi pasar generasi milenial yang prospektif dengan menyediakan spesifikasi rumah yang sesuai. Di samping itu, langkah tersebut diharapkan mampu mengoptimalkan perolehan pendapatan dari penjualan rumah tapak yang hingga saat ini masih menjadi kontributor utama pendapatan usaha Perseroan.

KINERJA 2019Pada tahun 2019, Perseroan fokus melakukan pembangunan apartemen low-rise Lloyd yang telah diluncurkan pada tahun 2018. Kesuksesan penjualan

property sector in 2019 only grew by around 3.5%, far below the national economic growth.

STRATEGIC POLICIES From the conditions stated above, we were optimistic that the keys to Company’s growth would be its commitment to the timely completion of its projects and the launching of innovative products with a high investment value.

Accordingly, we collaborated with some of the best architects in Indonesia to build functional and liveable residential design concepts that provided optimal comfort for the residents. It is essential that the Company’s housing developments be always sustainable, so that the customers investing in its property products are able to reap long-term benefits.

One of the Company’s strategic steps in providing innovative housing is to offer, Lloyd, a low-rise residential product. The Company’s 5-floor residential building have fulfilled the demand of customers looking for a comfortable, safe, and spacious residence with a complete range of facilities. The Company began the construction of this project in 2019 to ensure that it could be handed over in a timely manner.

One of the Company’s strategies to expand its Market share was to build landed houses in the Pasar Kemis area. This strategy represented the Company’s efforts to capture the millennial generation market by offering appropriate types of housing. In addition, such measure would maximize revenue from the sales of landed houses, which remained a major contributor to the Company’s operating revenue.

PERFORMANCE IN 2019In 2019, the Company focused on building Lloyd, a low-rise apartment project that was launched in 2018. The successful sales of Lloyd’s units had encouraged

LAPORAN DIREKSIReport from the Board of Directors





Lloyd mendorong Perseroan untuk menghadirkan produk properti yang modern, fungsional, dan nyaman lainnya.

Kami juga melakukan manajemen proyek secara detail dan terstruktur, sehingga pada tahun 2019 Perseroan berhasil melakukan serah terima beberapa ruko dan cluster di Alam Sutera, Suvarna Sutera dan Ayodhya by Alam Sutera. Selain itu, Perseroan juga mencatatkan kemajuan pembangunan secara progresif pada proyek multi-function hall yang terkoneksi dengan mal @ Alam Sutera, dan ditargetkan akan mulai beroperasi pada tahun 2020.

Di sisi lain, Perseroan terus mengembangkan Garuda Wisnu Kencana (GWK) Culture Park yang berlokasi di Ungasan, Bali. Sejak pendiriannya, GWK Culture Park telah berhasil memikat para wisatawan domestik dan mancanegara dengan daya tariknya. Jumlah pengunjung GWK Culture Park pada tahun 2019 tercatat kurang lebih sejumlah 1,3 juta orang, meningkat kurang lebih 10% dari tahun 2018 yaitu 1,2 juta pengunjung. Pada tahun 2019, GWK menyelenggarakan kegiatan yang atraktif seperti New Year Countdown yang berhasil menarik lebih dari 17.000 pengunjung dalam satu malam.

Kemampuan Perseroan untuk mengelola kinerja operasional secara strategis berdampak pada kinerja finansial yang baik. Pada 2019, total aset Perseroan meningkat sebesar 4,8% dari Rp20.890,9 miliar pada 2018 menjadi Rp21.894,3 miliar pada 2019. Perseroan juga meraih pendapatan sebesar Rp3.475,7 miliar pada 2019, dengan kontribusi terbesar dari penjualan tanah sebesar Rp1.620,7 miliar kemudian segmen rumah dan ruko sebesar Rp1.151,1 miliar dan pendapatan berulang sebesar Rp511,7 miliar. Pendapatan berulang Perseroan terus mengalami peningkatan yang positif sebesar 17% dari Rp437,1 miliar pada tahun 2018. Secara umum, Perseroan berhasil mencapai target-target yang ditetapkan awal tahun dengan melakukan penyesuaian terhadap situasi perekonomian eksternal dan kinerja industri properti.

the Company to offer other modern, functional and comfortable property products.

We had also conducted a detailed and structured project management system, which resulted in the successful handover of shop-houses and clusters in Alam Sutera, Suvarna Sutera and Ayodhya by Alam Sutera in 2019. In addition, the Company had also recorded good progress in the development of the multi-function hall project connected to the Mall @Alam Sutera, which is scheduled to start operations in 2020.

Moreover, the Company continued to develop the Garuda Wisnu Kencana Cultural Park (GWK) in Ungasan, Bali. Since its establishment, the GWK Cultural Park had succeeded in attracting domestic and foreign tourists to visit the park. The number of visitors to GWK Cultural Park in 2019 totalled approximately 1.3 million, a 10% increase from 1.2 million visitors in 2018. A number of successful events were held at the park in 2019, including the New Year’s Countdown, which drew over 17,000 visitors.

The Company’s ability to successfully manage its operational performance had resulted in a fair financial performance. In 2019, the Company’s total asset increase by 4.8% from IDR20,890.9 billion in 2018 to IDR21,894.3 billion in 2019. The Company also recorded revenue of IDR3,475.7 billion in 2019, with the largest contribution of IDR1,620.7 billion from land lots, followed by IDR1,151.1 billion from houses and shop-houses segment and IDR511.7 billion from recurring revenue. Recurring revenue continues to provide a positive growth of 17% as compared to IDR437.1 billion achieved in 2018 In general, the Company managed to achieve the targets formulated at the beginning of the year by tailoring its activities to the external economic situation and trends in the property market.







TANTANGAN USAHASebagian besar tantangan usaha yang menerpa industri properti di beberapa tahun terakhir terpengaruh dari perlambatan perekonomian global dan nasional. Untuk itu, Perseroan harus menghadapi berbagai tantangan dan risiko usaha yang muncul secara strategis, yaitu dengan memperkuat kinerja produk properti yang menghasilkan pendapatan berulang dan menambah sejumlah proyek properti untuk mendorong peningkatan penjualan.

PROSPEK USAHASetelah pemilihan umum Presiden dan Wakil Presiden pada tahun 2019 diharapkan pemerintahan yang baru akan mampu menumbuhkan optimisme bagi industri properti. Kondisi politik yang stabil diharapkan mampu menciptakan stabilitas dan kepastian pertumbuhan ekonomi di masa depan. Dengan demikian, tingkat konsumsi masyarakat dan tren investasi juga akan semakin membaik sehingga para pengembang properti mampu memonetisasi aset-asetnya dan memperluas portofolionya.

Kami yakin kondisi perekonomian nasional akan membaik di tahun 2020, seiring percepatan pembangunan infrastruktur yang dilakukan pemerintah, terutama infrastruktur transportasi yang berperan sebagai motor penggerak untuk mendorong pemerataan ekonomi dan mengoptimalkan potensi dan sumber daya daerah. Kondisi ini tentu diharapkan mampu memicu masyarakat dan pelaku usaha untuk meningkatkan kegiatan konsumsi dan investasi.

Pada tahun 2020, Perseroan fokus untuk mengembangkan kawasan residensial dan apartemen high-rise. Perseroan senantiasa berupaya memenuhi harapan dan mimpi masyarakat untuk memiliki taraf hidup yang berkualitas. Hal ini tercermin melalui gaya hidup yang sehat dan seimbang, kawasan hunian yang asri, serta kondisi perkotaan yang aman. Komitmen-komitmen inilah yang selalu dipegang teguh oleh Perseroan dalam membangun kawasan perkotaannya.

Perseroan menyadari bahwa perkembangan zaman dan perubahan gaya hidup menyebabkan preferensi masyarakat berubah. Karena itu, Perseroan akan terus beradaptasi dan berinovasi untuk mengidentifikasi kebutuhan dan keinginan pasar di masa depan.

BUSINESS CHALLENGES Most of the business challenges experienced by the property sector in recent years were associated with the global and national economic slowdown. To this end, the Company must deal with various challenges and business risks in a strategic manner by strengthening the performance of the property products that generate recurring income and adding new property projects to encourage more sales.

BUSINESS PROSPECTS It was expected that after the completion of the Presidential election in 2019, the new government would be able to foster optimism in the property industry. Political stability was expected to create certainty in future economic growth, improving the level of public consumption and investment trends to enable property developers to monetize their assets and expand their portfolios.

We believe that the domestic economy will improve in 2020, in line with the acceleration of infrastructure developments undertaken by the government, particularly transportation infrastructure, which is a driving force behind economic equalization, and the optimization of regional potential and resources. This will encourage the community and businesses to increase their level of consumption and investment.

In 2020, the Company will focus on developing residential areas and high-rise apartments. The Company strives to fulfil the hopes and dreams of people who wish to have a comfortable standard of living, which is reflected in a healthy and balanced lifestyle, well-organized residential areas, and safe urban conditions. The Company is committed in providing all of these elements when developing its urban areas.

The Company is aware that the new era development and lifestyle changes are the underlying factors behind changes in people’s preferences. Therefore, the Company will continue to adapt and innovate to identify and fulfil future market needs and demands.






PENERAPAN PRAKTIK GCGKami terus memperkuat penerapan praktik tata kelola perusahaan yang baik (GCG) di seluruh organ Perseroan. Kami yakin melalui penerapan praktik GCG secara tepat, Perseroan dapat mempertahankan kepercayaan pelanggan secara jangka panjang. Oleh karena itu, Perseroan senantiasa mematuhi berbagai peraturan yang berlaku, serta mendukung program dan kebijakan pemerintah agar mampu memberikan dampak positif bagi masyarakat.

PERUBAHAN KOMPOSISI DIREKSIPada tahun 2019 tidak ada perubahan pada komposisi Direksi. Ke depan, kami berkomitmen untuk memperkuat kerja sama untuk melakukan terobosan produk properti yang mampu menghasilkan kinerja dan pertumbuhan yang optimal bagi Perseroan.

APRESIASIDi tengah kondisi yang dinamis ini, keberhasilan Perseroan melalui tahun 2019 dengan kinerja usaha yang baik merupakan pencapaian bersama seluruh organ Perseroan. Untuk itu, kami mengucapkan terima kasih atas arahan dan masukan Dewan Komisaris dan para pemegang saham yang senantiasa mendukung langkah dan strategi pengelolaan Perseroan. Kami juga memberikan apresiasi yang tinggi kepada seluruh karyawan yang telah bekerja dengan penuh integritas dan dedikasi untuk menghasilkan kinerja terbaik bagi Perseroan

Segala upaya yang kami lakukan tentunya juga menjadi keberhasilan bagi para mitra kerja, pemasok, regulator, dan pelanggan setia kami. Perseroan akan terus berkomitmen memberikan kualitas hunian terbaik bagi para pelanggan dan seluruh masyarakat.

Joseph Sanusi TjongDirektur Utama

President Director

Jakarta, April 2020Untuk dan atas nama Direksi

For and on behalf of the Board of Directors

IMPLEMENTATION OF THE PRACTICES OF GCG We continue to strengthen the practices of good corporate governance (GCG) across all of the Company’s organs to maintain the long-term trust of our customers. Therefore, the Company complies with the prevailing regulations, and supports a number of government programs and policies to have a positive impact on the society.

CHANGES IN THE COMPOSITION OF THE BOD In 2019, there were no changes in the composition of the Board of Directors. Going forward, we are committed in strengthening collaboration to create innovative property products, and achieve optimal performance and growth for the Company.

APPRECIATION Amid the dynamic economic situation in 2019, the Company managed to achieve a positive business performance. This represents the effort made by all of the Company’s organs. We wish to convey our gratitude for the guidance and recommendation of the Company’s Board of Commissioners and the shareholders who supported the management’s measures and strategies. We would also like to extend our highest appreciation to all of the Company’s employees for their work, integrity and dedication to ensure that the Company achieved the best possible performance.

The Company’s success is also the success of our partners, suppliers, regulators and loyal customers. The Company will continue its commitment to providing quality housing for its customers and the entire community.







DireksiBoard of Directors

1. Joseph Sanusi Tjong Direktur Utama President Director2. Lilia Setiprawarti Sukotjo Direktur Director3. RM Frangky AD Direktur Director4. Andrew Charles Walker Direktur Director

1 234


Profil DireksiBoard of Directors’ Profile

Joseph Sanusi T jong



Usia Age


Domisili Domicile

Jakarta Jakarta


Bapak Joseph Sanusi Tjong memiliki gelar Sarjana Teknik Sipil dari Universitas Indonesia pada 1987 dan Master of Business Administration dari International University of Japan pada 1993.

Joseph Sanusi Tjong received a Bachelor degree in Civil Engineering from the University of Indonesia in 1987 and a Master of Business Administration from the International University of Japan in 1993.


Bapak Joseph Sanusi Tjong menjabat sebagai Direktur Utama Perseroan sejak Januari 2016.

Joseph Sanusi Tjong has been serving as the Company’s President Director since January 2016.


Sebelumnya, beliau telah menjabat sebagai Direktur Perseroan (2007-2015). Sebelum bergabung dengan Perseroan, beliau pernah berkarir di PT Alfa Goldland Realty dan menduduki berbagai jabatan senior sebagai Direktur (2003-2007), Kepala Keuangan (2000-2003), dan Manajer Proyek (1994-2000).

He previously served as a Director of the Company (2007-2015). Prior to joining the Company, he pursued a career with PT Alfa Goldland Realty and occupied various senior positions including as a Director (2003-2007), Head of Finance (2000-2003), and Project Manager (1994-2000).

Direktur UtamaPresident Director






Lilia Setiprawarti Sukotjo



Usia Age


Domisili Domicile

Jakarta Jakarta


Ibu Lilia S. Sukotjo memiliki gelar Sarjana Arsitektur dari Institut Teknologi Sepuluh Nopember (ITS), Surabaya pada 1987 dan memperoleh gelar Master di bidang Landscape Architecture dari University of Pennsylvania di Amerika Serikat pada 1989.

Lilia S. Sukotjo received a Bachelor’s degree in Architecture from the Institut Teknologi Sepuluh Nopember (ITS), Surabaya in 1987 and a Master’s degree in Landscape Architecture from the University of Pennsylvania, USA in 1989.


Ibu Lilia S. Sukotjo telah menduduki jabatan Direktur Pemasaran Perseroan sejak 2007.

She has been with the Company as a Director since 2007.


Sebelumnya sejak 1998, Ibu Lilia dipercaya untuk mengelola Direktorat Pemasaran Grup Properti Alam Sutera. Beliau telah bergabung dengan Perseroan selama 24 tahun sejak 1993, bermula sebagai Manajer Perencanaan dan telah memegang peranan penting dalam membawa Perseroan sebagai pengembang hunian kelas dunia. Pengalamannya selama lebih dari 26 tahun di bidang perencanaan, desain dan properti semakin memperkaya kemampuan dan wawasannya dalam mewujudkan cita-cita tersebut.

Beliau telah terlibat dan masih aktif berkontribusi di berbagai proyek baik di dalam maupun di luar negeri. Di antara proyek-proyek tersebut adalah Boca de Cangrejos – Pinones National Park di Puerto Rico, Bumi Serpong Damai Tahap Pertama, Mampang Arcadia Apartments (Jakarta), Arcadia Office Park (Jakarta), Alam Sutera (Serpong), Suvarna Sutera (Tangerang), The Tower (Jakarta), dan Garuda Wisnu Kencana (Bali).

Prior to her current position, Lilia was entrusted to manage the Marketing Directorate of the Alam Sutera Property Group beginning in 1998. She has been with the Company for 24 years beginning in 1993 where she started as a Planning Manager and played an important part in bringing the Company into a world-class residential developer. Her experience of over 26 years in the area of planning, design and property has enriched her capability and knowledge to realize that goal.

She has been very involved and continues to actively contribute to various projects both within Indonesia and overseas. This includes the Boca de Cangrejos – Pinones National Park in Puerto Rico, Bumi Serpong Damai Phase One, Mampang Arcadia Apartments (Jakarta), Arcadia Office Park (Jakarta), Alam Sutera (Serpong), Suvarna Sutera (Tangerang), The Tower (Jakarta), and the Garuda Wisnu Kencana (Bali).

DirekturDirector





RM Frangky AD



Usia Age


Domisili Domicile

Jakarta Jakarta


Beliau memiliki gelar Sarjana Teknik dari Institut Teknologi Sepuluh November (ITS), Surabaya, Indonesia dan Magister Manajemen bidang Manajemen Internasional dari Prasetiya Mulya Business School, Jakarta, Indonesia.

He received a Bachelors in Engineering degree from the Institut Teknologi Sepuluh November (ITS), Surabaya, Indonesia and a Master of Management in International Management from Prasetiya Mulya Business School, Jakarta, Indonesia.


Bapak RM Frangky AD menjabat sebagai Direktur Perseroan sejak Februari 2015.

RM Frangky AD has been serving as a Director of the Company since February 2015.


Saat ini Beliau juga memegang posisi Direktur Pengembangan Proyek di PT Alfa Goldland Realty.

Dengan pengalaman selama lebih dari 25 tahun, beliau pernah menjabat sebagai Manajer Proyek di PT Graha Samara (2011-2013) dan sebagai General Manager di PT Acset Indonusa (2006-2011) dengan portofolio gedung yang pernah dibangun di antaranya adalah mal The Pacific Place, Jakarta dan mal Gandaria City, Jakarta. Beliau juga pernah menduduki posisi sebagai Direktur Bisnis dan Pengembangan Proyek untuk Kemang City, Apartment Maryland, Jakarta di PT Almaron Perkasa (2005-2006) dan General Project Manager Blue Oasis, Bekasi di PT Rekapastika Asri (2004- 2005).

Sebelumnya, beliau adalah Manajer Proyek Plaza Asia dan Sudirman Mansion di PT Metropolitan Mulia Persada (2003-2004), dan Manajer Proyek untuk Wisma Nusantara Extension: Wisma Nusantara/Nikko Hotel Project, yang merupakan proyek terakhirnya selama berada di PT PP–Taisei Indonesia Construction, Jakarta (1990-2003).

he concurrently serves as the Director of Project Development with PT Alfa Goldland Realty.

With over 25 years’ experience, he has served as a Project Manager in PT Graha Samara (2011-2013) and as a General Manager with PT Acset Indonusa (2006-2011) with a large portfolio of buildings that he has built that includes Pacific Place mall in Jakarta and Gandaria City mall in Jakarta. He also previously occupied a number of positions as the Project Development and Business Director for Kemang City, Apartment Maryland, Jakarta in PT Almaron Perkasa (2005-2006) and General Project Manager of Blue Oasis, Bekasi with PT Rekapastika Asri (2004- 2005).

Prior to this, he was the Project Manager of Plaza Asia and Sudirman Mansion with PT Metropolitan Mulia Persada (2003-2004), and as a Project Manager for Wisma Nusantara Extension: Wisma Nusantara/Nikko Hotel Project, which was his final project during his time with PT PP–Taisei Indonesia Construction, Jakarta (1990-2003).

DirekturDirector

PROFIL DIREKSIBoard of Directors’ Profile






Andrew Charles Walker


Inggris British

Usia Age


Domisili Domicile

Jakarta Jakarta


Bapak Andrew memperoleh gelar Sarjana (Honours) jurusan Teknik Sipil dari University of Bradford, Inggris.

Andrew received his Bachelor’s degree (Honours) in Civil Engineering from the University of Bradford, England.


Bapak Andrew Charles Walker bergabung dengan Perseroan sebagai Direktur Tidak Terafiliasi sejak Maret 2012.

Andrew Charles has been serving as a Non-Affiliated Director of the Company since March 2012.


Beliau telah mendedikasikan hampir seluruh karir profesionalnya sebagai konsultan pada berbagai proyek infrastruktur besar. Sejak 2014, Bapak Andrew juga menjabat sebagai Direktur Senior Teknis Proyek untuk sebuah agen konsultan infrastruktur internasional untuk cakupan area kerja Asia Tenggara. Sebelumnya, beliau pernah menjabat sebagai Direktur Asosiasi merangkap Manajer Regional untuk Scott Wilson Malaysia pada tahun 2008 dan sebagai Perwakilan Negara untuk Indonesia di Scott Wilson Asia Pasific Ltd. (1999–2003).

Beliau pernah menjabat sebagai Kepala Insinyur Residen (2003-2007) di sebuah pengembang kelautan besar di Sabah. Di Indonesia, Beliau pernah memegang jabatan Direktur dan General Manager di PT Indurendco International (1991-1999), sebuah konsultansi di bidang desain dan konstruksi infrastruktur urban. Beliau memulai karirnya di Rendel Palmer & Tritton, London (1975-1991), dengan berbagai posisi di antaranya Design Engineer, Site Engineer, Project Engineer, dan Senior Engineer.

He has dedicated almost all of his professional career as a consultant for various large-scale infrastructure projects. Andrew was also appointed as a Senior Technical Project Director of a major international infrastructure consultant to cover the Southeast Asian region since 2014. Prior to this, he served as an Associate Director and Regional Manager for Scott Wilson Malaysia in 2008 and as the Country Representative for Indonesia at Scott Wilson Asia Pacific Ltd. (1999–2003).

He was the Chief Resident Engineer (2003-2007) for a large maritime development project in Sabah. In Indonesia, he held senior positions as Director and General Manager of PT Indurendco International (1991-1999), a consultancy specializing in the design and construction of urban infrastructure. He started his career at Rendel Palmer & Tritton, London (1975-1991), with various positions as Design Engineer, Site Engineer, Project Engineer, and Senior Engineer.

Direktur Tidak TerafiliasiNon-Affiliated Director

PROFIL DIREKSIBoard of Directors’ Profile





Profil PerusahaanCompany Profile

42 Visi, Misi, dan NilaiVision, Mission, and Value

44 Jejak LangkahMilestones

46 Sekilas PerusahaanCompany in Brief

48 Bidang UsahaLine of Business

56 Struktur OrganisasiOrganization Structure

58 Identitas PerusahaanCorporate Identity

59 Daftar Entitas Anak, Perusahaan Asosiasi, dan Perusahaan VenturaSubsidiaries, Associate Company, and Venture Company

60 Struktur Grup PerusahaanCompany Group Structure

62 Kronologi Pencatatan SahamShare Listing Chronology

62 Kronologi Pencatatan Efek LainnyaShare of Other Securities Listings

63 Nama dan Alamat Perusahaan Pemeringkat EfekCompany Rating Agencies’ Names and Addresses

64 Lembaga dan Profesi Penunjang Pasar ModalCapital Market Supporting Institutions and Professionals

66 Informasi Kantor Cabang/PerwakilanBranch/Representative Office Information

67 Situs PerusahaanCompany Website

Visi, Misi, dan NilaiVision, Mission, and Value

VISI Vision

MISI Mission

Menjadi pengembang properti terbaik yang mengutamakan inovasi untuk meningkatkan kualitas kehidupan manusia.

To be the best property developer that emphasizes on innovation to improve quality of life.

1. Bagi pelanggan, kami memberikan pelayanan prima dan produk inovatif yang berkualitas dalam membangun komunitas yang nyaman, aman dan sehat.

For customers, we provide excellent services and innovative products of quality in building a comfortable, safe and healthy community.

2. Bagi karyawan, kami memberikan kesempatan berkembang dan menciptakan lingkungan kerja yang profesional berbasis nilai budaya perusahaan, di mana setiap karyawan dapat merealisasikan potensinya dan meningkatkan produktivitas Perusahaan.

For employees, we provide opportunities to grow and create a professional working environment based on corporate values, where all employees can realize their potential and enhance the Company’s productivity.

3. Bagi pemegang saham, kami membangun tata kelola yang bijak demi menjaga kesinambungan pertumbuhan Perusahaan.

For shareholders, we build a prudent governance to maintain the Company’s sustainable growth.

4. Bagi mitra usaha, kami menjalin hubungan kerja sama yang saling menguntungkan dan berkelanjutan untuk menjadi mitra usaha pilihan.

For business partners, we establish a mutually beneficial and sustainable relationship to become the preferred partner.

5. Bagi pemangku kepentingan, kami memaksimalkan potensi setiap properti yang dikembangkan melalui pengembangan terintegrasi untuk memberi nilai return yang tinggi.

For stakeholders, we maximize the potential of all property developments through an integrated development to provide a high return value.






Tata Nilai dan Budaya PerusahaanValue and Company Culture

To achieve our Vision and Mission, the Company has created a set of values that are continually applied, which form the Company’s culture. The Company has currently developed 5 (five) values that are abbreviated as, “GREAT”, with the following explanation:

Untuk mencapai visi dan misi, Perusahaan telah menciptakan tatanan nilai yang senantiasa diterapkan sehingga menjadi Budaya Perusahaan. Saat ini, Budaya Perusahaan yang dikembangkan memiliki 5 (lima) nilai yang disingkat sebagai “GREAT” dengan penjelasan sebagai berikut:

IntegritasIntegrity

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