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TINJAUAN BISNIS UMUM
BUSINESS AND OPERATIONAL REVIEW
TINJAUAN PEREKONOMIAN 2013
Perekonomian Indonesia pada tahun 2013 masih menunjukkan sensitivitas yang tinggi terhadap perubahan situasi ekonomi global, khususnya yang menyebabkan pergerakan arus modal asing. Struktur ekonomi Indonesia yang cukup bergantung terhadap arus modal asing, dan dengan demikian terhadap uktuasi ekonomi global, membuat ekonomi Indonesia mengalami pertumbuhan yang lebih lamban di 2013 dibandingkan di tahun 2012. Badan Pusat Statistik (BPS) mencatat bahwa pertumbuhan ekonomi Indonesia sepanjang 2013 adalah 5,78%, lebih rendah dibandingkan tahun 2012 sebesar 6,23%. Penurunan pertumbuhan Produk Nasional Bruto (PDB) dan tingkat konsumsi masyarakat merupakan dampak dari beragam tekanan yang dialami di tahun 2013, yaitu kenaikan harga bahan bakar, Tarif Dasar Listrik (TDL), dan suku bunga. Bagi sektor properti, faktor-faktor tersebut menimbulkan hambatan yang cukup berarti bagi kegiatan pemasaran produk-produk properti. Nilai rupiah yang melemah, naiknya suku bunga, dan kebijakan loan to value (LTV) yang diterapkan di sektor properti—yaitu berupa kenaikan batas uang muka Kredit Pemilikan Rumah (KPR) dan pengetatan skema kredit untuk kepemilikan rumah kedua—membuat pelaku pasar cenderung melakukan aksi menahan rencana mereka untuk ekspansi atau membeli properti. Rencana diselenggarakannya Pemilihan Umum di tahun 2014 ikut menghasilkan sentimen negatif dari sebagian kalangan di tahun 2013, yang mendorong penurunan volume permintaan pasar di semua sektor usaha.
Betapapun juga, mencermati pergerakan pasar yang terjadi hingga akhir kuartal keempat tahun 2013, sesungguhnya pelemahan ekonomi telah mulai melandai, yang turut didukung oleh kinerja ekspor
Selesainya proyek Ciputra World 1 Jakarta yang juga telah mulai beroperasi di 2013 serta
berkembangnya bisnis kawasan hunian dan hotel budget memperkuat posisi Perusahaan
untuk meningkatkan pendapatan berulang dalam menghadapi ketatnya persaingan di bisnis
properti.
The completion of the Ciputra World 1 Jakarta project, which also commenced operations in 2013, and its foray into housing and budget hotel, reinforced the Company’s position to further expand its recurring income base, amidst the increasingly competitive property business.
2013 ECONOMIC OVERVIEW
The Indonesian economy in 2013 exhibited a high degree of sensitivity to changes in the global economic situation, especially those that aect t he movement of foreign capital. The fabric of the Indonesian economy, which largely still depends on the inow and outow of foreign capital, and therefore is widely exposed to global uctuations, resulted in a slower growth recorded in 2013 compared to in 2012. The Central Bureau of Statistics (BPS) noted that Indonesia’s economic growth in 2013 was 5.78%, below the growth rate recorded in 2012, which was 6.23%.
The slowing down of growth in Gross Domestic Product (GDP) and general public spending were two notable impacts of the variety of pressures experienced in 2013, namely the increase in fuel prices, utility base price, and interest rate. For the property sector, these factors posed a clear hindrance for the marketing of real estate products.
The weakening exchange rate of the rupiah, the interest rate hike, and the loan to value (LTV) policy applied in the property sector—which sets the limit for the down payment for Home Ownership Loan (KPR) and the tightening of credit facility for ownership of second houses—rendered a lot of potential buyers more inert, delaying their plans for expansion or purchasing property. The General Election to be held in 2014 further fostered a negative sentiment among some, resulting in a generally lower demand across most business sectors in 2013.
However, by paying attention closely to market movements occurring up to the end of the fourth quarter of 2013, there is a compelling reason to believe that such a decline has attened out, as evidenced
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nasional yang kembali mengalami penguatan. Hal ini sebagian disebabkan oleh semakin pulihnya negara-negara tujuan utama ekspor, khususnya Amerika Serikat, dari pengaruh krisis global. Dengan demikian, sedikit banyak dampak positifnya dirasakan oleh para pemain di bisnis properti, dengan kembalinya keyakinan investor dan pelaku usaha untuk berinvestasi di properti, secara bertahap. Kontribusi industri properti terhadap total PDB Indonesia di tahun 2013 juga mengalami kenaikan dibandingkan tahun sebelumnya, sebagaimana ditunjukkan oleh lapangan usaha gabungan Keuangan, Real Estate, dan Jasa Perusahaan, yang mengontribusikan Rp 683 miliar terhadap PDB tahun 2013, naik 14% dari Rp 599 miliar di 2013.
KINERJA KEGIATAN USAHA
Meningkatnya kinerja Perusahaan sepanjang tahun 2013 tak terlepas dari sambutan konsumen properti kelas atas terhadap proyek superblok yang dikembangkan Perusahaan di kawasan Central Business District (CBD) Kuningan, Jakarta. Sebagai salah satu anak perusahaan PT Ciputra Development Tbk, Perusahaan memiliki lini bisnis spesialis dalam mengembangkan dan mengelola proyek-proyek properti komersial. Proyek dengan lokasi yang strategis dipadukan dengan desain dan rancangan pengembangan yang berkualitas internasional ditujukan untuk konsumen berpendapatan menengah ke atas.
Sebagai pelopor pembangunan superblok, Perusahaan memiliki model pengembangan properti terpadu, mulai dari pembebasan lahan, perencanaan dan pembangunan, manajemen proyek, penjualan, penyewaan komersial dan pemasaran, operasional dan pengelolaan pembangunan superblok, pusat perbelanjaan, perkantoran, hotel, dan hunian apartemen serta perumahan.
Proyek-proyek Perusahaan menempati lokasi-lokasi yang ditandai pada peta Jakarta Pusat berikut.
by the national export that has gained a stronger upward momentum. This was partly attributable to the perceived recovery of major export destinations, especially the United Sates, from the aftermath of the global economic crisis. With the return of investor condence and the exuberance of businesspeople to resume their investing activities, the property sector has again been picking up, albeit incrementally. The contribution of the property industry to Indonesia’s total GDP in 2013 increased compared to that in the previous year. The combined business sectors of Finance, Real Estate, and Corporate Services contributed 14% more to total GDP in 2013, from Rp 599 billion in 2012 to Rp 683 billion.
OPERATIONAL PERFORMANCE
The Company’s performance in 2013 was comprehensively better than in the previous year, and this was partially attributable to the response from the customers of high-class property products towards the Company’s superblock development in the Central Business District (CBD) of Kuningan, Jakarta. As a subsidiary of PT Ciputra Development Tbk, the Company specializes in developing and managing commercial properties. This project, which boasts a strategic location combined with high-quality international-standard design and development plan, is targeted at mid- to high-class income earners.
As the pioneer in the development of superblocks, the Company applies an integrated approach to property development, which extends from land acquisition, planning and development, project management, sales, commercial lease and marketing, operations and management of the development of superblocks, shopping centers, oce spaces, hotels, apartments, and residential areas.
The Company’s projects are shown in the following map of Central Jakarta.
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Di atas lahan seluas 15 hektar yang membentang di Jl. Prof. Dr. Satrio, Kuningan, Jakarta, Perusahaan membangun tiga proyek superblok. Ketiga proyek tersebut adalah Ciputra World 1 Jakarta (mal dan perkantoran telah dibuka pada 2013 dan zona residensialnya diperkirakan akan selesai dibangun di akhir 2014), Ciputra World 2 Jakarta (pembangunan masih berlangsung sejak awal 2012), dan Ciputra World 3 Jakarta merupakan pembangunan yang akan direncanakan menjadi sebuah superblock komersial. Pembangunan Ciputra World Jakarta, khususnya tahap pertama, didanai sebagian besar dari ekuitas Perusahaan dan sebagian lagi dari hasil penjualan proyek residensial.
Tahap pertama dimulai dari Ciputra World 1 Jakarta, superblok yang dibangun di atas tanah seluas 5,5 ha di Jl. Prof. Dr. Satrio Kaveling 3-5, terdiri dari sebuah mal seluas 130.000 meter persegi, 174 kamar Raes Hotel, 136 unit apartemen myHome, 73.000 meter persegi gedung kantor Grade-A, 170 unit Ascott Kuningan apartemen servis, 88 unit apartemen mewah Raes Residences dan Ciputra Artpreneur Centre yang terdiri dari art museum dan auditorium dengan kapasitas 1.200 orang.
Ciputra World 2 Jakarta merupakan proyek tahap kedua, dibangun di atas tanah seluas 3,1 ha, di Jl. Prof Dr. Satrio Kaveling 11. Proyek ini terdiri dari 349 unit kondominium The Orchard Satrio, 117 unit kondominium The Residence, 200 unit Fraser Suites Serviced Apartments, 250 kamar W Hotel, dan 120 unit dari the Suite kondominium, dan Oce Tower . Ciputra World 2 Jakarta dipasarkan pada tahun 2011, dan 85% tower kondominium The Orchard Satrio dan The Residence berhasil terjual pada 6 bulan pertama masa penjualannya.
Di tahun 2013 Perusahaan juga telah selesai membangun gedung perkantoran Dipo Business Center di Jalan Gatot Subroto, Jakarta Pusat. Gedung 18 lantai ini merupakan hasil kerjasama dengan PT Dipo Service sebagai pemilik lahan.
Selain itu, bisnis usaha yang dimiliki Perusahaan meliputi Mal Ciputra Jakarta, Hotel Ciputra Jakarta, Mal Ciputra Semarang, Hotel Ciputra Semarang dan Somerset Grand Citra Serviced Residence Jakarta. Mal dan Hotel Ciputra di Jakarta dikembangkan di atas tanah seluas kurang lebih 4,1 hektar, terletak di lokasi yang sangat strategis di daerah Grogol, Jakarta Barat karena dikelilingi oleh tiga perguruan tinggi terkemuka dan berbagai pemukiman menengah atas dengan jumlah penduduk yang relatif padat. Perusahaan mengelola Mal Ciputra Jakarta dengan sistem sewa kepada 264 penyewa, antara lain Matahari Department Store, Toko Buku Gramedia, Toko Buku Gunung Agung, Fun City Amusement, Stinger Amusement, Hero Supermarket, 21 Cineplex, The Buet Restaurant, McDonald’s, Starbucks, Pizza Hut, KFC, The Body Shop, Watson’s Personal
Store dan Gold’s Gym. Para penyewa ini umumnya memiliki target konsumen masyarakat berpenghasilan menengah. Hotel Ciputra Jakarta adalah hotel bintang empat yang memiliki 333 kamar dan dilengkapi berbagai fasilitas bisnis, dan ballroom serta banquet dengan standar internasional.
Mal dan Hotel Ciputra Semarang berdiri di atas tanah seluas kurang lebih 1,7 hektar yang terletak di daerah paling strategis di kawasan Simpang Lima yang menjadi landmark kota Semarang. Perusahaan mengelola mal tersebut dengan sistem sewa kepada 134 penyewa, antara lain McDonald’s, KFC, Robinson Department Store, 21 Cineplex, Toko Buku Gunung Agung dan Gelael Supermarket yang memiliki target konsumen masyarakat berpenghasilan menengah dan menengah ke atas. Hotel Ciputra Semarang adalah hotel bintang lima yang memiliki 199 kamar dan dilengkapi berbagai fasilitas bisnis, dan ballroom serta banquet dengan standar internasional.
Sepanjang 2013, tingkat hunian Mal dan Hotel Ciputra termasuk salah satu yang tertinggi di Jakarta. Rata-rata tingkat hunian Hotel Ciputra Jakarta mencapai 65%, sedangkan Hotel Ciputra Semarang mencapai 67%. Tingkat hunian Mal Ciputra Jakarta mencapai 97% dan Mal Ciputra Semarang sekitar 99%. Somerset Grand Citra Serviced Residence Jakarta yang terdiri dari 2 menara apartemen yang masing-masing memiliki 24 lantai, terletak di Jalan Prof. Dr. Satrio Kaveling 1, di pusat bisnis Jakarta, dan memiliki tingkat hunian yang dikelola The Ascott Group mencapai 84%.
Perusahaan masih memiliki dua lahan tanah lain di Jl. Prof. Dr. Satrio dan beberapa lokasi di kota besar Indonesia untuk pengembangan hotel budget seperti Bandung, Semarang, Cirebon, Jogjakarta dan beberapa tempat lain. Pembangunan hotel budget ini selanjutnya akan dilaksanakan di Bengkulu dan Serpong. Setiap hotel ini akan berisi lebih kurang 100 unit kamar dengan total investasi Rp 30-40 miliar.
Perusahaan menginvestasikan dana sebesar Rp 1 triliun untuk pembangunan Hotel di kawasan Ciputra World 2 Jakarta. Perusahaan telah menandatangani kontrak kerjasama selama 25 tahun dengan Starwood untuk pengelolaan hotel berbintang lima dengan 300 kamar tersebut.
STRATEGI PERTUMBUHAN
Didirikan oleh Dr. (HC) Ir. Ciputra, salah satu pelopor dan tokoh yang dikenal luas di industri properti Indonesia, PT Ciputra Property Tbk merupakan salah satu pengembang properti komersial mixed use. Pencapaian kinerja unggul Perusahaan tidak terlepas dari penerapan strategi yang tepat dan terarah, sesuai dengan tujuan serta Visi dan Misi Perusahaan. On a 15-ha land extending along Jl. Prof. Dr. Satrio,
Kuningan, Jakarta, the Company is developing three superblock projects. These three projects are Ciputra World 1 Jakarta (whose mall and oce spaces were launched in 2013 and residential area will be completed in 2014), Ciputra World 2 Jakarta (whose construction commenced in early 2012), and Ciputra World 3 Jakarta, which is currently planned as a commercial superblock. The development of the Ciputra World Jakarta superblock, especially its rst phase, is funded in a large majority by the Company’s own equity, and the remainder is nanced by the proceeds from the sale of residential projects.
The rst phase involved the development of Ciputra World 1 Jakarta, a superblock developed on a 5.5-ha land on Jl. Prof. Dr. Satrio Lots 3-5, consisting of a 130,000-m2 mall, 174-rooms Raes Hotel, 136-units myHome apartment, 73,000-m2 grade A oce space, 170-units Ascott Kuningan serviced apartments, 88-unit Raes Residences luxury apartments, and Ciputra Artpreneur Centre, which houses an art museum and an auditorium with a capacity of 1,200 people.
Ciputra World 2 Jakarta is the second part of the project. It is built upon a 3.1-ha land on Jl. Prof. Dr. Satrio Lot 11. This project consists of 349 units of The Orchard Satrio condominiums, 117 units of The Residence condominiums, 200 units of Fraser Suites Serviced Apartments, the W Hotel with 250 rooms, 120 units of the Suite condominium, and Oce Tower. Ciputra World 2 Jakarta was marketed in 2011, and within the rst six months, 85% of The Orchard Satrio condominium tower and The Residence had been sold.
In 2013, the Company completed the construction of Dipo Business Center on Jl. Gatot Subroto, Central Jakarta. This 18-oor building is built under a cooperation agreement with PT Dipo Service as the land owner.
In addition, the Company’s businesses also encompass Ciputra Mall Jakarta, Ciputra Hotel Jakarta, Ciputra Mall Semarang, Ciputra Hotel Semarang, and Somerset Grand Citra Serviced Residence Jakarta. The Ciputra Mall and Hotel Jakarta were developed on a 4.1-ha land located strategically in Grogol, West Jakarta, surrounded by three reputable universities and a number of mid- to high-class residential areas, with a relatively dense population.
The Company manages Ciputra Mall Jakarta under a lease contract scheme to 264 tenants. These tenants include Matahari Department Store, Gramedia Bookstore, Gunung Agung Bookstore, Fun City Amusement, Stinger Amusement, Hero Supermarket, 21 Cineplex, The Buet Restaurant, McDonald’s, Starbucks, Pizza Hut, KFC, The Body Shop, Watson’s
Personal Store, and Gold’s Gym. These tenants largely target the middle class. Ciputra Hotel Jakarta is a four-star hotel with 333 rooms, boasting a wide variety of business facilities, as well as a ballroom and a banquet of international standards.
Ciputra Mall and Hotel Semarang stood in a 1.7-ha land located in one of the most strategic settings within the Simpang Lima area, the landmark of the city. The Company manages Mal Ciputra Semarang under a lease contract scheme to 134 tenants. These tenants include McDonald’s, KFC, Robinson Department Store, 21 Cineplex, Gunung Agung Bookstore, and Gelael Supermarket, all of which aim at mid- to high-income earners. Ciputra Hotel Semarang is a ve-star hotel with 199 rooms and equipped with business facilities, as well as a ballroom and a banquet of international standards.
Throughout 2013, the occupancy rate of Ciputra Mall and Hotel was one of the highest in the entire Jakarta. The average occupancy rate of Hotel Ciputra Jakarta was 65%, while that of Hotel Ciputra Semarang was 67%. The average occupancy rate of Mal Ciputra Jakarta was 97%, while for Mal Ciputra Semarang it was as high as 99%. Somerset Grand Citra Serviced Apartments, consisting of two apartment towers each with 24 oors managed by The Ascott Group and located on Jl. Prof. Dr. Satrio Lots 1, right in the heart of Jakarta’s business district, boasted an average occupancy rate of 84%.
The Company still possess two plots of land on Jl. Prof. Dr. Satrio and a number of prominent locations in major cities in Indonesia, such as Bandung, Semarang, Cirebon, Yogyakarta, which will be used for developing budget hotels. Subsequently, the Company plans to build budget hotels in Bengkulu and Serpong. Each hotel will have around 100 rooms, requiring a total investment of Rp 30-40 billion each.
The Company is investing a total of Rp 1 trillion for the development of a hotel within the Ciputra World 2 Jakarta complex. The Company has signed a cooperation agreement valid for 25 years with Starwood for the management of the ve-star, 300-room hotel.
GROWTH STRATEGY
Founded by Dr. (HC) Ir. Ciputra, one of the most widely known gure and pioneer of the property industry in Indonesia, PT Ciputra Property Tbk is one of the leading property developers of mixed-use commercial areas. The Company’s excellent achievements have been closely linked to the eective implementation of its business strategy, in line with its Vision and Mission.
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Factors that may aect potential revenue from new projects include selling price, degree of success in approaching potential customers and promotion, consumer demand, interest rate, an well as project quality and location.
A certain proportion of the Company’s revenue comes from the hotels it operates. This is aected mainly by occupancy rate, room rate, number of rooms available, and sales of food and beverages. A number of factors that aect occupancy rate and room rate are, among others, the visiting patterns of the guests, competition, location, and quality of service and facilities. Sales of food and beverages, on the other hand, are greatly aected by the number of banquets and functions (such as wedding receptions, seminars, and meetings) taking place in the hotels.
COMPETITIVE ADVANTAGES
As in the previous years, going forward the Company still faces competition in securing market share in the property industry. This propels the Company to develop and market the best property products for customers. It must also be noted that the prospect for the property industry remains bright for the coming years.
In its property development approach, the Company remains focused on acquiring new land for development in the best and most strategic locations. In line with this, the Company is commit ted to providing various supporting facilities and infrastructure, and establish the highest quality services at the best price. This commitment shows the Company’s strong intention to capitalize on and maintain its competitive advantages in order to triumph in the competition. The competitive advantages that the Company continues to maintain year after year are:
Reputation as one of the best
The Company was founded by Dr. (HC) Ir. Ciputra, one of the most prominent gure in the Indonesian property industry. Dr. (HC) Ir. Ciputra has been actively involved in the Company’s business activities and has more than 40 years of experience in developing large-scale real estate projects. The Ciputra brand has for a long time been reecting this reputation and the Company’s excellent track record. Combining quality and ability to innovate, and supported by an eective marketing strategy, Hotel Ciputra has been considered as the perfect place to mingle by businesspeople and travelers, both for business and pleasure, while Mal Ciputra has been associated with retailers targeting mid- to high-income demography.
Strategi-strategi tersebut meliputi pola pemasaran dan penerapan harga sewa, mengingat pendapatan Perusahaan sebagian besar ditopang dari pendapatan penjualan dan sewa properti komersial, yang besarnya tergantung dari luas area yang dijual maupun disewakan sesuai dengan tarif sewa yang berlaku. Perusahaan juga menerapkan komposisi penyewa yang berkualitas dan sejumlah parameter operasional termasuk jam buka, untuk proyek yang akan dikembangkan, serta menerapkan mekanisme sewa, yang biasanya lebih diminati peritel internasional. Dengan terus mengembangkan properti komersial secara sistem sewa, Perusahaan dapat meningkatkan recurring income.
Perusahaan biasanya memulai kegiatan premarketing sebelum dimulainya kegiatan pembangunan proyek baru, untuk memastikan minat penyewa utama dan penyewa tertentu lainnya. Untuk menentukan harga sewa, Perusahaan umumnya mengacu pada harga sewa properti sejenis di lokasi tertentu, tren historis, ketersediaan area sewa, dan kondisi pasar. Faktor utama dalam menentukan harga sewa meliputi prol penyewa (termasuk apakah penyewa adalah penyewa utama) dan lokasi yang akan ditempati.
Sebagian besar transaksi sewa dilakukan secara jangka