Last updated November 29th, 2023.
While Indonesia is famed for its natural beauty, don’t let this fool you into thinking it’s an undeveloped market. It’s the fourth largest economy in the world.
Naturally, Indonesia’s property developers are among Southeast Asia’s fastest growing companies as well.
If history is any guide for what happens in such emerging economies, Indonesia is poised for immense economic growth over the next few decades. As such, it’s worth considering Indonesia’s investment opportunities, chief among them real estate.
However, Indonesia is one of the handful of countries where circumstances force you to buy directly from developers. The reason? Legal restrictions are imposed on expats being able to purchase and own property.
Consequently, the most straightforward way to invest in Indonesian real estate is via corporations that are well-versed in arranging deals with foreigners. That means that your best bet is to get acquainted with local property developers.
We’ll discuss the top ten Indonesia property developers in this article, along their history and best condo projects.
So, who is the greatest estate developer in Indonesia? Let’s find out!
Sinar Mas Land
Headquartered in Tangerang, Sinar Mas Land is among the largest property developers in Indonesia.
It is a subsidiary of Sinar Mas Group, but it is an umbrella corporation containing listed companies Bumi Serpong Damai and Duta Pertiwi, which have a combined market cap of $5 billion.
This development fund operates in five countries. Specifically Indonesia, Malaysia, China, the UK and Australia.
Between hotels, shopping centers, residential properties, offices, and industrial estates, Sinar Mas practically does it all.
That’s expected for one of Indonesia’s biggest developers though. They have also formed alliances with conglomerates like Mitsubishi and Amazon for the development of new housing projects in the country.
Among the most interesting projects are its townships, which include projects like BSD City – an urban development project covering 6000 hectares, an area half the size of Paris.
SGX Ticker: A26
BSD City is among Indonesia’s most ambitious projects. The first phase is a joint development between Sinar Mas and Mitsubishi, valued at over US$250 million.
Agung Podomoro Group
By some metrics, this is the largest property developer in Indonesia and is headquartered in Jakarta.
Founded in 1969 by Salimin Prawiro Sumarto and Anton Haliman, it tackles all types of buildings from schools, recreation centers, places of worship, hospitals, markets, industrial sites, warehouses and residential housing.
It is one of the few Indonesia property developers that did not have to abandon building projects in the 1997-1998 economic crisis, due to its conservative management strategy. Consequently, it’s a property developer that is held in high esteem.
Some of the highlights of its property developments include Podomoro City, which is in the middle of the business district in West Jakarta. It’s a 25 hectares superblock with an exclusive shopping mall, 12 apartment towers, 115 shophouses, and a five-star hotel.
IDX Ticker: APLN
Headquartered in Tangerang, Lippo Karawaci is the largest listed property company in Indonesia by total assets and revenue.
Following a merger back in 2004, where eight property developers joined forced, the scope of the business expanded to include urban development, large scale integrated developments, retail malls, healthcare, and hotels.
It operates Indonesia’s premier private hospital group, the only one achieving world-class standards, and is an undisputed retail property industry leader.
Among its most interesting projects is the Lippo Village, which is a township 23km west of Jakarta. The population is about 70,000 with over 200,000 visitors daily.
This wide variety of successful projects gives Lippo a deserving spot on our list of best housing developers in Indonesia.
IDX Ticker: LPKR
Regarding fully-complete planned cities in Indonesia, Lippo Karawaci is one of the leading Indonesia property developers. Their Lippo Village development was built back in 1993, and is currently being expanded by Millennium Village built adjacently.
Agung Sedayu Group
Headquartered in Jakarta, this property developer is among the major agents within the industry.
Their development holdings include real estate in Jakarta, Bogor, Depok, Tangerang, dan Bekasi comprising townships, superblocks, apartments, office towers, malls, industrial real estate, hotels, etc.
A recent project the company has been working on is the PIK2 The New Jakarta City, an urban development project near the Soekarno-Hatta International Airport, which will serve as a global business hub for Indonesia once finished.
Headquartered in Jakarta, this top house developer specializes in large-scale development above all.
Ciputra develops and manages both residential and commercial properties in major cities throughout Indonesia.
In addition, through business partnerships, it has projects across the ASEAN region and beyond in Vietnam, Cambodia, India and China.
Well-diversified in its property portfolio, Ciputra operates across a variety of different real estate segments, including townships, offices, malls, hotels, and hospitals.
IDX Stock Ticker: CTRA
Tokyu Land Indonesia
A subsidiary of Tokyo-based Tokyu Fudosan Holdings Group, Tokyu Land Indonesia is a comprehensive real estate company with operations in urban development, residential housing, leisure industries, overseas businesses, and more.
Over the last two decades, Tokyu decided to focus on offices and commercial facilities. The Japanese headquartered firm does business in several countries including, of course, Indonesia.
Furthermore, they’ve also expanded into real estate securitization which has managed to safeguard their revenue even during major economic and social shocks like the financial crisis, as well as the Great East Japan Earthquake.
Tokyu is one of Japan’s largest department store owners. Pictured above is their flagship property in Tokyo.
In addition, the business operates resort hotels, golf and ski resorts, membership sports clubs, and property rental services.
It has operated in Indonesia since 1975, and since then it has developed 4,500 residential units in the country.
Among its more interesting projects under development is the BRANZ Mega Kuningan Project – an massive mixed residential and commercial facility.
Tokyu might not be a local Indo housing developer, but they nonetheless deserve a spot in our ranking.
TYO Stock Ticker: 3289
The RDTX Group is headquartered in Jakarta. While smaller than some of the others on our list, it’s still among Indonesia’s top developer.
Their main holdings comprise commercial properties, which include office buildings and industrial warehouse estates. RDTX has also branched out into luxury housing projects recently though.
The most noteworthy property it owns is the RDTX Tower in South Jakarta with a total leasable floor area of 30,085 square meters.
IDX Stock Ticker: RDTX
RDTX Tower, a 39-floor office development, is one of the Jakarta skyline’s most iconic and recognizable buildings.
PT Pakuwon Jati
This Surabaya-based property developer is a market leader in the superblock concept, which is a large-scale integrated development in malls, offices, condominiums and hotels.
Consequently, It has developed a number of superblocks as well as a township, including the Superblock Tunjungan City and Pakuwon City.
The company specializes in building malls, residential, offices, hospitals and superblocks in Surabaya and Jakarta.
IDX Ticker: PWON
Duta Anggada Realty
Headquartered in Jakarta, the company began as a real estate developer aimed at the international expatriate market. They afterwards developed a series of prime commercial office and retail investment properties.
Hence, since its inception 40 years ago, it has been used to dealing with foreign investors.
In addition to Duta Anggada’s property portfolio, this Indonesian property developer also manages a land bank.
Among their more iconic buildings is the Sinarmas MSIG Tower, which is a 47-story office building located in Jakarta. It has a total gross area of 81,598 square meters, and a parking capacity of 800 cars situated in one of the main thoroughfares in the city.
IDX Stock Ticker: DART
With its main offices in Jakarta, this state-owned real estate developer operates through three business units: commercial, residential and hospitality.
Among the more notable properties in its portfolio is the Lagoon Avenue Sungkono shopping mall. This is a shopping centre in Surabaya, which features a natural stylistic aesthetic.
Through this property, it also has joint ventures with other unique businesses. Kidzania, a massive 5,000 square meter edutainment park for children, is one great example.
Sure, it’s owned by the government. PP Properti still gets the final spot on our list of best property developers in Indonesia though!
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