Monday, 9 October 2017
Soekarno-Hatta airport train will operate in November 25th
Ministry of Transportation is targeting Soekarno-Hatta airport train to operate in November 25th, 2017. Currently the project has reached 90% of completion. Transportation Minister Budi Karya Sumadi said travel time will be at 45 minutes with interval of train arrival every 30 minutes. The airport train from Manggarai to Soekarno-Hatta is 37.12km along. The airport train facilities will use existing and new track of 24.2km and 12.1km along respectively with total 10 train set. Soekarno-Hatta airport train will going through 5 stations namely Manggarai station, Sudirman Baru station, Duri Station, Batu Ceper station, and Soekarno-Hatta airport station.
Startup gets special treatment
Startup will get special treatment in the bill plan that regulates the mechanism of taxation of e-commerce business. The bill will be based on the principle of fairness. Research released by Google and Temasek last year projected the development of e-commerce in Indonesia will grow significantly. The proportion of Indonesia’s e-commerce market in SE Asia will reach 52% or US$46bn by 2025. E-commerce tax is a one way to provide a level playing field for business actors. E-commerce business transaction model is divided into four types namely online marketplace, classified ads, daily deals, and online retail.
LMAN booked Rp32.05tr
Land acquisition for dam and toll road infrastructure projects is believed to be easier after National Assets Management (LMAN)’s budget this year can be disbursed. LMAN budget in APBN-P 2017 amounting to Rp 32.05tr and the budget of LMAN Public Service Agency in RAPBN 2018 amounting to Rp 35.40tr. Meanwhile, the bridging fund for toll road throughout 2017 has reached Rp10.41tr.
Adhi Karya will disburse Rp 2tr
PT Adhi Karya will disburse fund amounting to Rp 2tr to develop Jakarta, Bogor, Depok, and Bekasi Light Rail Transit (LRT) project until end of 2017. Adhi Karya President Director Budi Harto said until end of this year, the company has disbursed Rp 7tr. Rp 5tr from the total of Rp 7tr was used to fund the LRT project. He added the development of the project has reached 22% and targeting to reach 35% until end of this year. The company expects to receive payment of the project amounting to Rp 4tr by end of this year or in 1Q18. Adhi booked Rp 19.7tr of contract from LRT project.
Astra Land increase its ownership in Astra Modernland
Astra International has increased its ownership in PT Astra Modernland through Astra Land into 67%. Astra Modernland is a joint venture between Astra Land and PT Mitra Sindo Makmur, subsidiary of PT Modernland Realty tbk. Initially, Astra Land and Mitra Sindo each owned 50% respectively. On the other hand, Astra Land is a joint venture company between PT Astra International and Hongkong Land. Astra Land provides fund amounting to Rp3.2t to increase 17% ownership. Development area of Astra modern land reached 70 hectares. In addition, Astra International, has prepared Rp20tr to develop property in Cakung for 15 years. The company’s budget for this year is around Rp4tr. Further, Astra International claimed the contribution of property segment to total revenue was still below 10%.
Shanmugam’s apparent contradictory response to Parliamentary query
Former presidential candidate Tan Cheng Bock questioned the ‘apparent contradiction’ in Home Affairs & Law Minister Shanmugam’s statements during a parliamentary session. Aljunied MP Sylvia Lim had asked the government to publish the Attorney-General’s Chamber’s advice on the timing of the reserved presidential election, to which Shanmugam replied that, as a general rule, the government does not publish legal opinions that it gets. However, Shanmugam had told the media last September that the government would make the advice public. Tan said that Shanmugam responded to the adjournment motion by Lim, while PM Lee Hsien Loong, Deputy PM Teo Chee Hean and Minister in the PM’s Office Chan Chun Sing “sat quietly behind”. Given that Lim’s motion questioned the three ministers’ statements to Parliament and whether they had indeed misled the house, they should have been the ones answering it, instead of Shanmugam.
Tuesday, 10 October 2017
Industries wait for lower gas prices
The government’s failure to cut down on gas prices for the industrial sector is holding back Indonesia’s competitiveness. Forum for Natural Gas-Consuming Industries (FIGB) Head Achmad Safiun said that gas prices at the consumer level remained at around US$9/mmbtu across the country nowhere close to US$6/mmbtu as initially promised by Jokowi. Only state-owned petrochemical, fertilizer and steel industries were privy to the price cut starting Jan. Separately, the government has called on business players to be patient as there were disagreements on how best to cut down gas prices.
Cement prices has dropped by up to 15%
The national cement industry is not conducive amid continuous expansion in installed capacity and price war over the last 2 years. As of Sep 17, overall cement prices dropped 5-15% yoy. Based on Indonesia Cement Association’s (ASI) data, the cumulative sales volume as of Aug 17 grew 7.5% yoy to 43mn tonnes. Domestic sales rose 5.6% yoy to 41.1mn tonnes. Widodo Santoso, Head of ASI, cited that the cement players are currently pushing the government to implement a moratorium on new plant license. On the other hand, Sigit Dwiwahjono, Director General of Chemical and Other Industries (IKTA), cited that government cannot ban new investments on cement since the cement sector is an open sector, and putting a restriction would breach existing laws.
Consumption grows slowly
Central Bank of Indonesia (BI) estimates household consumption growth in 3Q17 is still slowing along with the negative sale of non-food goods. It reflected in real sales index (IPR) that Bank Indonesia’s retail sales survey recorded 0.4% growth in 3Q17, lower than in 2Q17 and 3Q16 of 4.9% yoy and 9.4% yoy respectively. Samuel Asset Management Economist Lana Soelistianingsih said compare to last year, there is indeed a slowdown, but it keeps getting better every month. She added one of the factors that cause consumption growth to slow down is the adjustment of electricity tariffs. BI estimates retail sales growth continued in Sep 17 as IPR grew 2.4% yoy in Sep 17.
A*star research fellow fined S$7,000 for GST offences involving luxury goods
A research fellow from the Agency for Science, Technology and Research has been convicted of two counts of Goods and Services Tax (GST) refund fraud and was fined S$7,000. Chinese national Bai Jiaming, 31, was charged earlier for engaging the help of Zhang Yaoqun, who is a tourist, to claim a GST refund of S$1,543.93, according to the Inland Revenue Authority of Singapore (Iras). The refund was for a Tiffany & Co diamond ring which Bai had bought for S$23,600. Bai also admitted to obtaining a Prada handbag from Zhang Yaoqun after a GST refund of S$1,791.87 had been claimed for both the bag and the ring. He did not qualify for GST refund under the Electronic Tourist Refund Scheme because he was not a tourist and was working in Singapore.
Wednesday, 11 October 2017
Salim, Lotte team up to march into e-commerce
From Audi cars to Shiseido beauty care, conglomerate juggernauts Salim Group of Indonesia and Lotte Group of South Korea have splashed US$100m on forming an e-commerce joint venture to sell branded items to middle- and upper-income consumers. The joint venture enters the market with iLOTTE and will compete head-to-head with Blibli of Djarum Group and Mataharimall of Lippo Group. The e-commerce outlet will offer branded items only from official distributors without individual sellers, such as in the consumer-to-consumer (C2C) concept adopted by Tokopedia and Bukalapak – the country’s major e-commerce players. Indo Lotte President Director Lee Jae-Kwan said other distinctive feature of iLOTTE was Korean cosmetics, fashion, and food products that would be supplied directly. In Feb 16, Japanese owned Rakuten closed its operations in Indonesia. In Jun this year, telecommunication company PT Indosat closed its e-commerce Cipika and mini market giant Alfa Group scaled down its Alfacart business and laid off 50% of its employees. In Aug, another telecommunication company, XL Axiata and its South Korean partner SK sold their ownership in Elevenia to Salim group.
Cement demand will continue to be strong
Based on ASI’s data, Sep 17 national cement sales volume reached 6.3m tonnes, growing by 12.8% yoy. Significant increase in demand was seen in Sumatera, Java, Sulawesi, and East Indonesia. Cumulatively, the national cement volume reached 47.4m tonnes, growing by 6.6% yoy. In the first half, overall volume was quite stagnant. Consumption only showed strong momentum in the 3Q. The increase in demand from West Java, DKI Jakarta, and Banten were the highest contributor, growing at more than 20%. Cement and clinker export in Sep reached 161k tonnes.
Kendal looks for 9 new investors
The Kendal Industrial Estate aims to get 9 new investors by the end of 2017. As of Sep17, it has received Rp5tr of investments, mainly from 7 countries, including Singapore and Malaysia. Currently, investments are mainly focused in the furniture industry, food and beverage, bicycle, and toys. Going forward, it also plans to attract more automotive related investments into the estate.
Astra Modern works on Rp20t project
Astra Modern will release a city-scale project, Asya with area of 70 hectares in East Jakarta next month. On the phase I, company will build cluster Semayang on area of 5 hectares. Company has prepared Rp20t for investment in Asya project for the next 15 years. Other than housing, the company will construct apartments, lake villas, commercial area, open-space area with more than 1 million sqm, and lakeside outdoor with 2.8 hectares area. Further, recently Astra Land has increased ownership in Astra Modern Land. One of the areas that expected to be further developed is Sunter area, because all of the factories located in Sunter will be moved to Cikarang industry that has 140 hectares area.
BCA recorded 12% credit growth in 3Q17
Bank Central Asia recorded credit growth of 12% in 3Q17, compare to same period last year of Rp 386.24tr. The growth is not significant due to global economic condition slowdown. BCA President Director Jahja Setiaatmadja said the company’s credit growth year to date stood at 6%. BCA Director Santoso said until Sep 17, the company recorded credit card growth of 14-17% yoy. BCA is targeting 15% growth in credit card business, which is high. The company estimates until 3Q17, NIM will still be at 5%.
Former Allianz executive fails to meet second summons
The former claims manager of Asuransi Allianz Life Indonesia, Yuliana Firmansyah, failed to show up twice for police interrogation in her capacity as a suspect accused of violating the Consumer Protection Law after allegedly refusing to grant the medical claims of two clients. She failed to meet the first summons on Oct. 4 and the second on Wednesday. Yuliana told investigators previously that she was not able to fulfill the first summons because she had yet to prepare supporting documents. Yuliana and former Allianz president director Joachim Wessling were named suspects for allegedly breaching contracts with the two customers, Ifranius Algadri and Indah Goena Nanda, by refusing to reimburse their medical expenses. Joachim and Yuliana have been banned from leaving the country.
BlackBerry Messenger, Alipay to launch e-wallet
BlackBerry Messenger and Alipay will next month introduce their joint e-wallet called DANA which will allow users to make payments and transfer funds. The e-wallet will be integrated with and accessible through the messenger,” said BlackBerry Messenger CEO Matthew Talbot while introducing the beta version of DANA on his phone. Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group. Meanwhile, BlackBerry Messenger has evolved into an ecosystem in which users can do various things from reading news, shopping, booking plane tickets to paying electricity bills. In August, ride-hailing application Uber was integrated into the messenger. “From a simple chatting app, BlackBerry Messenger has evolved into a complete ecosystem,” Talbot said. He added that the BlackBerry Messenger had a long term contract with Indonesian Elang Mahkota Teknologi (Emtek), giving the latter the right to develop and market the messenger.
IKEA extends reach with new Surabaya ‘distribution point’
Swedish furniture giant IKEA has opened an e-commerce distribution center in the East Java capital of Surabaya to extend its customer reach. Customers can now buy IKEA products online and pick up their items from the distribution point, located at Giant Ekstra supermarket on Jl. Diponegoro. “We see a high potential for demand from Surabayan customers, so we decided to locate a distribution point there to bring us closer to our customers,” said IKEA Indonesia country marketing manager Eliza Fazia. Eliza said that initial response to the distribution point had been great, with at least 500 customers placing orders during its first week of operation. She said that the condition mirrored what happened at IKEA’s flagship store in Alam Sutera, Tangerang, which sees about 2 million customers visit the outlet every year.
Philippines-born NS defaulter jailed for 10 weeks
A 23-year-old Singaporean was sentenced to 10 weeks’ jail by the District Court for defaulting on his National Service (NS) obligations. Philippines-born Joseph Daluping Kum was convicted of failing to report for his NS enlistment and for living overseas for about three-and-a-half years — from March 9, 2012 to August 31, 2015 — without a valid exit permit. Kum, who is currently serving in the Singapore Armed Forces Military Police Command unit, will complete his NS stint on Nov 10. Kum came to Singapore as an infant and left for the Philippines when he was about 9. He lived and studied there and would occasionally return to Singapore as his father worked here.
Son of top lawyer jailed for defaulting NS obligations
A second son of prominent senior lawyer Tan Chee Meng was sentenced to 12 weeks’ jail for defaulting on his National Service (NS) obligations for more than six years. Isaac Tan’s sentence came a few months after his older brother, Jonathan, was sentenced to 16 weeks’ jail for the same offence, though the latter had stayed overseas without a valid exit permit for more than 10 years. Isaac Tan, 25, also faced a charge of failing to comply with an order to report for NS registration, pre-enlistment documentation and medical screening. The siblings migrated to Canada with their mother and sister in 2001 – Isaac Tan was 8 years old at that time. The father, Senior Counsel Tan Chee Meng, continued living in Singapore to support his family financially.
Thursday, 12 October 2017
Domestic risks curb Indonesia from growing higher
The best way for an emerging market like Indonesia to expand its economic engine beyond currently capacity is to be more agile in carrying out structural reforms while remaining cautious in managing its fiscal and monetary policies. Structural reforms, for instance could be done through higher infrastructure and educational spending. The World Bank cited political and policy uncertainties as examples of factors that remained on the rise with the looming regional and presidential elections in 2018 and 2019 respectively. The tight labor market in Indonesia refers to a situation where companies have a hard time finding qualified workers as more than 60% of Indonesia’s workforce is not high school educated. Indonesia economic activity this year is projected to expand by 5.2%.
Digital economy fuels higher office demand
Property consultant Jones Lang LaSalle (JLL) revealed that by 3Q17, travel booking firms have leased more than half of the central business districts (CBDs) in Jakarta. The rising demand from the technology firms had picked up the vacant space left by companies engaged in commodity sectors. The slowing demand from companies in the commodity sector is due to the price slump of oil and gas since 2015. JLL noted that overall the CBD occupancy rate has averaged at 81% with new supply of offices in 2017 reaching 765,000sqm compared to the 450,000sqm in 2016. JLL Indonesia Head of Research James Taylor said Lazada Indonesia, an e-commerce by Chinese e-commerce giant Alibaba has just occupied its 30,000sqm of warehouse in Depok, West Java. He added five years ago Lazada had nothing, now they have got 30,000sqm, next year they will have 60,000sqm so the growth is exponential. Most of the 550,000sqm supply have also been committed to some e-commerce firms and logistic companies. The e-commerce boom has already affected the logistics sector, with the raising demand for speedy deliveries in the country with some 17,000 islands.
BIRD secured credit worth Rp1tr
PT Blue Bird (BIRD) has secured credit facility from Sumitomo Bank amounting to Rp1tr with 4 year tenor and availability period of 2 years. Blue Bird CFO Fransetya Hutabarat said currently total outstanding credit facility of the company amounting to Rp 1tr from PT Bank Central Asia, PT Bank Mandiri, and PT Bank OCBC NISP. Blue Bird Head of Investor Relation Michael Tene said the credit will be used for taxi rejuvenation. He added currently we have placed the order to rejuvenate more than 1,000 units of taxi. The company also plans to increase their fleet for corporate car rental because the company has booked new short- and long-term contract. The company’s fleet utilization is stable at 68% in January-August 2017 period. Blue bird is targeting fleet utilization will reach more than 68% at end of this quarter. Until now, Blue Bird owned 23,000 units of taxi followed by 900 units of Silver Bird, 500 units of Big Bird, and 5,000 units of Golden Bird.
Puradelta sold 37.5ha of land in 2Q17
Puradelta Lestari has booked marketing sales of 37.5ha (62.5% full year target of 60ha) industrial land worth of Rp810bn in January-September 2017 period. The company allocates capex worth of Rp900bn this year. Puradelta is still have lots of land amounting to 3,177ha in Deltamas. Around 1,563ha was used to be industrial land and the remaining is for residential and commercial area.
Jasa Marga to issue Rp1.5tr bond project
Jasa Marga to issue a project based bond worth Rp1.5tr. The company will divide the bonds in four-five series, with a potential tenure of 3-12 years. Jasa Marga CFO Donny Arsal said the bond is a replacement debt recycling program on a syndicated loan of Jasa Marga’s subsidiary, PT Marga Lingkar Jakarta (MLJ). MLJ is the manager of the Outer Ring Road Jakarta (LLJ) W2, which covers an area of 7.87km. LLJ W2 is divided into LLJ W2 Kebon Jeruk-Ciledug Toll Road and LLJ W2 Cileduk-Ulujami Toll Road. Jasa Marga expects the coupon rate to be lower than the previous syndicated loan rate. The company has been rated AAA from Pefindo. This project bond initiative is part of Jasa Marga’s strategy to meet the funding requirement to support the expansion of the toll road in the future. Donny added the company also plans to sell its ownership on one of its toll road. He said the company is going to sell some of its toll road share and is not going to divest all of its toll road.
ASEAN to make it easier for buses to move within region
An agreement will be signed on Friday (Oct 13) between the member countries of the Association of South-east Asian Nations (ASEAN) to make it easier for buses to move within the region, Deputy Prime Minister Teo Chee Hean said. Speaking at the opening of the 23rd ASEAN Transport Ministers Meeting – an annual meeting for ASEAN transport ministers to iron out transport cooperation initiatives, Mr Teo said the agreement will “simplify the requirements for cross-border bus transport services” within the region. It will also allow thousands of buses to enjoy facilitated entry and transit to other member states, he added.
Global firms rush into Indonesian tech start-ups
Big-name investors including Expedia and Alibaba are pumping billions of dollars into Indonesian tech start-ups in a bid to capitalise on the country’s burgeoning digital economy and potential as Southeast Asia’s largest online market. Indonesia has seen a surge of cash into its technology sector over the past two years, helping support dozens of homegrown start-ups ranging from ride hailing apps to e-commerce firms. And with a population of more than 250 million, a swelling middle class and growing availability of cheap mobile devices, firms from across the world are piling in. Tokopedia — a marketplace that allows users to set up online shops and handles transactions — won $1.1 billion in capital from China’s Alibaba in August. Motorbike on-demand service Go-Jek secured $1.2 billion from Chinese tech giants JD.com and Tencent Holdings in May, according to data from Crunchbase. In another sign of confidence, Koison became Indonesia’s first e-commerce service to go public in October.
Stricter flight baggage checks lauded by mall tenants
Indonesian Shopping Center Tenants Association (Hippindo) chairman Budihardjo Iduansjah has lauded the government’s move to curb illegal imports through various means, including stricter flight baggage checks at airports and tighter controls on bulk import at seaports. The group suspected that online shop owners frequently sourced their products abroad by bringing them into Indonesia as baggage on their flights. The offline tenants also accused e-ecommerce practitioners of being behind the weaker growth of their retail sales this year. The Finance Ministry formed a high risk import control (PIBT) taskforce in July and has started enforcing tighter controls on incoming goods at seaports and airports.
Man who colluded with casino dealer to cheat Marina Bay Sands jailed
A man who colluded with a casino dealer to cheat Marina Bay Sands (MBS) of more than $24,000 was jailed 25 weeks. Wang Zhe, a 26-year-old Chinese national, pleaded guilty to 22 charges of obtaining money by a fraudulent scheme or practice in a casino game. Forty-two other similar charges were taken into consideration. The court heard that Wang, a factory worker who has been working in Singapore in the last three years, was a roommate and a friend of Gao Fengfeng, a dealer at MBS casino. Sometime in March 2017, Gao shared with Feng that over the course of his work in the casino, he had unintentionally overpaid patrons on a few occasions but did not get into trouble with the management as it was normal to make mistakes.
SPH to cut over 200 jobs by year-end
Media company Singapore Press Holdings (SPH) said it would cut 230 jobs by the end of the year as it accelerated a plan to lay off staff. Like other media organisations worldwide, SPH’s core newspaper business has been hammered by the proliferation of online publications, with its advertising revenues and circulations falling. The job cuts unveiled on Wednesday were part of 400 lay-offs previously announced, about half of which had already been made. But SPH originally planned to axe the remaining jobs by the end of 2018 — now all the cuts will be made by the end of this year. A substantial number of the job losses would come from the newsroom, said SPH, which publishes the English-language daily Straits Times and a stable of other newspapers and magazines. SPH had a headcount of 4,410 at the end of August.
Hidden home-sharing economy on the rise
Sizing up the home-sharing industry in Singapore has become the economist’s puzzle as the aspiring “Smart Nation” grapples with resistance to next-door strangers. Despite government rules restricting the likes of Airbnb Inc operating in Singapore, there are signs that home-sharing has become more prolific in the city-state. Residents’ complaints about short-term rentals for private homes have climbed this year, while a surge in tourist arrivals isn’t being mirrored in hotel receipts, indicating more visitors may be staying in private homes.
Friday, 13 October 2017
Strong manufacturing drives Singapore GDP growth to 4.6% in Q3
A strong showing by the manufacturing sector helped Singapore’s economy to grow 4.6 per cent year-on-year in the third quarter from a year ago, advance estimates from the Ministry of Trade and Industry (MTI) showed on Friday (Oct 13).This comes in above the median forecast of 3.8 per cent in a Reuters poll, and is higher than the year-on-year growth of 2.9 per cent in the second quarter. On a quarter-on-quarter seasonally adjusted annualised basis, gross domestic product (GDP) grew 6.3 per cent during the July to September period, beating expectations of 3.2 per cent in the Reuters survey.
Singapore central bank, bank association, Accenture in blockchain tie-up
US consulting company Accenture said on Thursday (Oct 12) it has been appointed by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to manage and develop a blockchain-based platform for interbank payments. Blockchain, a digital ledger of transactions, leaped to prominence as the technology that underpins the first digital currency, bitcoin. It has since attracted global attention because it can be used to track, record and transfer assets across all industries.The project aims to improve how central banks and financial institutions deal with the settlement of payments, Accenture said in a statement. It focuses on specific real-time gross settlement features and a liquidity-saving mechanism on a decentralised system without compromising privacy.
Bank Negara Indonesia: Net profit jumps 31.6% yoy in 3Q17 to Rp10.16t
Bank Negara Indonesia (BBNI) recorded a 31.6% yoy rise in net profit in 3Q17. This was mainly due to the firm’s net interest income increasing by 7.5% yoy to Rp23.51t. BBNI also recorded a 15.1% growth in non-interest income to Rp7.18t, while non-performing loan (NPL) decreased by 0.3% yoy to 2.8%.
Surya Esa Perkasa: Planning for stock split and rights issue
Surya Esa Perkasa (ESSA) is planning to perform a stock split of 1:10 ratio. This allows the firm to split its nominal par value from Rp100/share to Rp10/share. Following the stock split, ESSA will execute a rights issue of 3.5b shares with a nominal value of Rp10/share, targeting to raise Rp600b which will be used to fund the construction of an ammonia factory.
Listed online-to-offline trading provider PT Kioson Komersial Indonesia (Kioson) has fully acquired PT Narindo Solusi Komunikasi, a company specializing in e-voucher aggregator and other digital services. The acquisition was carried out following Kioson’s initial public offering (IPO) on Sept. 7 and its listing on the Indonesia Stock Exchange (IDX) last Friday, which saw the provider become the first financial technology (fintech) firm to go public in Indonesia. Kioson president director Jasin Halim said the acquisition would further strengthen its capabilities in e-commerce. “This acquisition has a strategic role in strengthening our infrastructure in the regions that are already covered by Narindo,” Jasin said
Indonesia may backpedal in biodiesel program
The National Energy Board (DEN) has called on the government to reconsider implementing the 30% biodiesel blending (B30) policy in 2020, following mounting complaints from various stakeholders. Indonesia started implementing the 20% biodiesel blending (B20) policy in the transportation and industry sectors last year and plans to upgrade it to B30 in 2020 to further cut its greenhouse gas emissions and boost the use of new and renewable energy. DEN member Syamsir Abduh said there had been some technical hurdles as biodiesel might not be compatible with engines used in locomotives and heavy mining equipment among other things.
Government steps in to end price wars between airlines
Mounting concerns over cutthroat price wars between domestic airlines operators – amid soaring operational costs, have forced the government to intervene by lifting the minimum fares airlines can charge their customers. The minimum price was last revised in 2016. Under the current regulation, the base fare is 30% of the ceiling fare for each route. Indonesia National Air Carriers Association (INACA) has proposed an increase in the base fare to 40% of the ceiling fare. According to the Central Statistics Agency (BPS), the number of domestic air passengers increased to 58.4m in the January to August 2017 period or up 11% from the same period last year.
Private asked to be involved in TOD project
Private developers incorporated in DPD Real Estate Indonesia (REI) of DKI Jakarta requested to be involved in the construction of a transit oriented development (TOD) project. The request is directed to Ministry of State Owned Enterprise and Ministry of Public Works and Public Housing. Through the development of TOD project, Ministry of State Owned Enterprise will prepare 210,000 unit of vertical housing (rumah susun/rusun) in 74 train stations in Jabodetabek.
Waskita Karya works on luxurious apartment
PT Waskita Karya Realty has finished the development of an exclusive residential project The Reiz Condo Medan. The Reiz Condo Apartment which built in 7,000sqm land in central Medan is an exclusive residential area with modern classic interior design. Meanwhile PT Jababeka through its subsidiary PT Grahabuana Cikarang will launch Kawana Golf Residence soon. The company is targeting marketing sales of the first tower of Kawana Golf Residence will reach 70% from the total 234 units until end of this year.
Metland teamed up with Singapore developers
PT Metropolitan Land teamed up with Singapore developer, Keppel Land to develop Riviera residence at Puri in Puri Tangerang’s premium central business district (CBD) area. The company also teamed up with other Singapore developer, Ascendas to develop a work office home office (WOHO) project in the same area. The residential area with total investment of Rp1tr is going to be developed in 12ha of land, 60% of which will be allocated for green area. Rivera at Puri project will cover 500 units of landed houses. The marketing sells will be divided into three phases, 130 units of which will be officially launched at end of this year. The project is targeted to finished in March 2019 and the units will be marketed with area of 120 – 256sqm and total price of Rp1.9bn to Rp2.7bn.
Surge in local biotech scene as public investments pay off
In a space that has been traditionally tough for startups to see rapid results or make quick profits, the local biotech scene has seen a surge in not only new companies formed, but also in valuation and clinical trial numbers. More of them have also been getting themselves listed, such as oncology focused biotech company Aslan Pharmaceuticals and bio-analytic solutions provider InvitroCue. Biotech companies use technology, immunotherapy, gene therapy and bio-engineering, among others, in developing drugs and treatments. They typically do more research and development, as compared to conventional drug companies.
MAS, banks, Accenture in blockchain tie-up
US consulting company Accenture said it has been appointed by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) to manage and develop a blockchain-based platform for interbank payments. Blockchain, a digital ledger of transactions, leaped to prominence as the technology that underpins the first digital currency, bitcoin. It has since attracted global attention because it can be used to track, record and transfer assets across all industries.