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Ciputra Group.

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Ciputra has been well known among the country's business leader in the construction and property sector since the 1960s. Ciputra has his marks in a number of large construction and property projects especially in Jakarta. He started business in the construction and property sectors by establishing Pembangunan Jaya Group, Metropolitant Group and Metrodata group together with his friends.

In the 1990s' Ciputra established a family business involving his children Rina Ciputra, Chandra Ciputra, Chakra Ciputra and Junita Ciputra and his sons in law Budiarsa Sastrawinata, Harun Hajadi and Sandra Hendarto.

PT. Citra Habitat Indonesia, which was established in 1981 operating in property business is the embryo of the Ciputra Group. In the beginning the Ciputra Group succeeded in building a number of real estate projects such as Citra Garden in South Jakarta, Citra Raya in West Jakarta Barat, etc.

In 1990, the name of PT. Citra Habitat Indonesia was changed with PT. Ciputra Development, which became the holding company for the Ciputra Group. The Ciputra Group has built many large property projects such as shopping mall and hotel (mal Ciputra and Hotel Ciputra in Grogol, West Jakarta) built by PT. Citraland Sentra.

Construction of a number of projects of the Ciputra Group was postponed or shelved as a result of the 1997/1998 monetary crisis over large debt in U.S. dollar. The company group, however, managed to recover soon.

In 2007, the Ciputra Group plans to resume construction of super block called Ciputra World at Jl. Prof. Dr. Satrio, South Jakarta, a project postponed in as a result of the crisis since 1997. The project occupies a land plot of 5 hectares, which will include a shopping mall a 5-star hotel, apartment towers and office buildings.

Construction of the super block project is estimated to take three years with an investment of Rp 2 trillion. The fund will be raised through initial public offering (IPO), sales of apartment units and office spaces and bank loans.

The Ciputra Group also plans to build a smaller Ciputra World in the East Java capital of Surabaya estimated to cost Rp 897 billion.

Property core business

PT Ciputra Development Tbk (CD) sold 49.6% of its shares to public in 1994. The company operates in construction of housing complexes, hotels, apartments, shopping centers, office buildings and golf courses and other facilities.

CD has built and now operates housing projects and commercial property projects including Citra Garden City (West Jakarta), Citra Raya (Tangerang), Citra Indah (Jonggol) and Citra Garden (Lampung).

CD has also built a building over a 4.2 hectare plot of land in West Jakarta housing a shopping center and hotel called Mall & Hotel Ciputra. The four-star hotel has 18 floors with 288 rooms.

It also has Mall & Hotel Ciputra occupying a 2-hectare plot of land in the Simpang Lima business district of Semarang, the Central Java provincial capital. The 5-star hotel has 10 floors with 200 rooms.

In South Jakarta it has built apartment towers called Somerset Grand Citra occupying a 1.2 hectare plot of land at Jl. Satrio. The two towers have 305 apartment units and 102 units are sold on strata title scheme and the rest are for lease.

Currently the construction is being prepared for the Ciputra World super block in the Cassablanca, Kuningan area in South Jakarta. The project, occupying a 5 hectare plot of land, will include a shopping mall, a 5-star hotel, apartment towers and office buildings.

The construction of the Rp 2 trillion project is to be completed in three years will take around 3 years. Preparation is in the finalization of re-design. In the first phase, construction will be for the shopping mall, which has a floor space of 140,000 m2 (gross) starting toward the end of this year and to be complete by the end of 2008.

CD is aggressive in looking for new property projects especially housing projects in large cities. The company seeks cooperation with owners idle lands to build housing or other commercial property projects.

In 2007, CD also has projects outside Java. It has 5 projects including 2 housing projects in Banjarmasin and Samarinda, East Kalimantan. The property project called Citra Garden in Banjarmasin is being built in cooperation with a local company the Mega Group. The housing complex is built over a 5 hectare plot of land. Around 153 units of houses worth Rp 129 billion have already been sold. The Citraland City project in Samarinda was launched in the middle of 2007 over a 33 hectare plot of land. It is designed for middle to high class houses.

Citra Garden Samarinda will be expanded to have 568 units of house. The first phase will cover 91 hectares. The two projects are estimated to cost Rp 1 trillion to be completed in 5 years. In 2006, PT Ciputra Development, Tbk reported Rp1.2 trillion in income, up 13% from the previous year. Its operating profit rose 22% from Rp. 235 billion to Rp. 287 billion and net profit shot up 624% to Rp. 572 billion including Rp. 478 billion resulting from debt restructuring.

CD finished restructuring its debts of US$ 181.2 million in 2006. The settlement was made through conversion of debt into new shares issued by the company and with some of its assets like PT. Saranamekar Indahpancar, PT. Putraindah Jasabangun and PT. Cakradigdaya Lokaraya.

Now CD is preparing to issue a bond valued at US$ 125 million to be sold abroad. The bond fund will be used to finance projects abroad including in Hanoi, Vietnam. The company needs additional fund of US$ 100 million-US$ 150 million for the project in Hanoi including acquisition of a property company in that city.

PT. Ciputra Property Tbk launched IPO (Initial Public Offering) in October 2007 selling 40.19% of its shares to the public on the Jakarta Stock Exchange. Now it is 59.8% owned by PT. Ciputra Development Tbk, 0.01% by PT. Ciputra Graha Mitra and 40.19% by investing public.

Ciputra Property raised Rp 1.2 trillion from the IPO and around Rp 100 billion will be used to increase its stake in PT. Ciputra Liang Court to 33%. PT. Ciputra Liang Court is the owner and operator of Sommerset Grand Citra. Around Rp128.3 billion will be used to increase stake in PT. Subursejahtera Agungabadi to 73.6%. PT. Subursejahtera Agungabadi is the owner of land plot at Jl. Dr. Satrio on which the Jakarta Ciputra World superblock will be built. Around Rp 293. 5 billion will be used to acquire 99.8% of PT. Sarananeka Indahpancar, which also owns a land plot at Jl. Dr. Satrio to be used for the superblock project.

PT. Ciputra Surya Tbk was established in 1989 and operates in property business in Surabaya and surrounding areas. It has built a number of property projects in that areas such as Citra Raya in Surabaya, Bukit Palma also in Surabaya, Citra Harmoni in Sidoarjo, Citra Garden in Sidoarjo, The Taman Dayu in Pandaan.

Ciputra Surya also has built and is now operating a golf course called Ciputra Golf & club house in Surabaya. The 27-hole golf course occupies a 120 hectare plot of land with facilities like hall, sport club. It now has 1,700 members. In 2005, Ciputra Surya succeeded in building Ciputra Waterpark over a 4 hectare area in Surabaya. It is the largest water park in the country. Ciputra Surya is seeking a loan of Rp 450 billion to build the Surabaya's Ciputra World super block, which is estimated to cost Rp 897 billion.

The Ciputra World in Surabaya is to be built over a 7.7 hectare plot of land including a shopping center, 6 apartment towers, a star rated hotel and an office building. Construction will be made in four phases. The first phase is for a shopping center and two apartment towers with 500 units over 86,000 sq,m. plot of land. The first phase is to be completed in 2009. The Ciputra World project in Surabaya will be built in cooperation with nine local companies with Ciputra Surya holding the majority 53% share.

PT. Ciputra International is building the projects in Hanoi in cooperation with a local companies. The projects includes office building, apartment towers, hotel, shopping centre and housing over a total of 400 hectare plot of land at a total cost of US$ 3 billion.

The Ciputra Group also is seeking expansion to Calcutta, India, where it hopes to build a self supporting city over a 150 hectare plot of land. It also hopes to expand operation to China and Cambodia. In China it is eyeing a project of self supporting city over a 90 hectare plot of land in Nanjing.


With experience of more than 30 years in the construction business, the Ciputra family has succeeded in establishing leading a property company in the country. The Ciputra Group succeeded in reviving from the crisis in 1997/1998 fairly fast. It built the family business with fund raised through IPO of PT. Ciputra Properti and bank loan.

Financial difficulty caused a delay in the construction of its Ciputra World super block over a 5.5 hectare plot of land at Cassablanca, Kuningan, South Jakarta. Plan has been made to resume the construction of the project estimated to cost Rp 2 trillion. It will include a shopping mall, apartment towers, a hotel and office buildings.

The Ciputra Group also is preparing the construction of another super block called Ciputra World in Surabaya over a 7.7 hectare plot of land. The project to cost around Rp 897 billion is to be completed in 2009.

The Ciputra Group has expanded operation abroad through Ciputra International, which has a number of property projects in Hanoi, Vietnam. It is also seeking expansion to India, China and Cambodia where it plans to build self supporting cities. In 2006, the Ciputra Group succeeded in finishing restructuring of its debt of US$ 181.2 million through conversion of debt into shares and compensation with assets including PT. Saranamekar Indahpancar, PT. Putraindah Jasabangun and PT. Cakradigdaya Lokaraya.
Ciputra Group

Parent company PT. Ciputra Development Tbk
Address Jl. Prof Dr. Satrio Kav. 6
City Jakarta 12940
Phone(s) (021) 5225858, 5226868; Fax (021) 5274125
Number of companies 17 Companies
Lines of business --Property:
 Housing, apartments, office
 buildings, hotels, Golf courses
 --Financial sector

Members of the group:

1. Ciputra Development Tbk, PT (Property)

2. Ciputra Surya Tbk, PT (Property)

3. Ciputra Development International Finance BV (Investment Holding)

4. Ciputra Property Tbk, PT (Property)

5. Ciputra Indah, PT (Property)

6. Virtual Citra Propertynet, PT (Internet)

7. Ciputra Semarang, PT (Property)

8. Citra Tumbuh Bahagia, PT

9. Kharismasaka Pratama, PT

10. Subursejahtera Agungabadi, PT (Property)

11. Dimensi Serasi, PT

12. Citradimensi Serasi, PT

13. Ciputra Adigraha, PT

14. Buanasarana Sejatiindah, PT

15. Ciputra Sentra, PT

16. Ciputra Residence, PT (Real estate)

17. Ciputra Liang Court, PT (appartement building & management)

Financial Highlights
PT. Ciputra Development Tbk.

(in Rp million)

 Description 2006 2005
 (31st Dec) (31st Dec)

a. Current Assets 4,002,529 4,236,966
b. Non Current Assets 1,151,582 1,069,736

Total Assets 5,153,111 5,306,702

a. Current Liabilities 1,303,270 4,489,036
b. Non Current Liability 1,005,017 914,093
c. Equity 2,944,824 (96,427)

Total Liabilities + Equity 5,253,111 5,499,556

a. Revenue 1,185,718 1,049,896
b. Net Profit 572,099 79,231

Source: Financial report of Ciputra Development Tbk
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Title Annotation:COMPANY PROFILE
Publication:Indonesian Commercial Newsletter
Geographic Code:9INDO
Date:Nov 1, 2007
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