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PROPERTY MARKET - The property industry is projected to continue growing in 2024. This optimism is marked by the Residential Property Price Index (IHPR) for the third quarter of 2023, which grew by 1.96% (yoy), higher than the growth in the previous quarter of 1.92% (yoy). The government has prepared several strategies and incentives to maintain the growth of the property industry, one of which is the implementation of an incentive policy in the form of a Value Added Tax borne by the Government (PPN DTP) up to IDR 220 million for the purchase of new homes, both landed houses and ready-to-occupy apartments, which has been in effect since November 2023 until December 2024.
Taking advantage of this momentum, Sinar Mas Land has also prepared several additional stimuli to encourage the public to continue looking at the property sector in 2024 by launching a national sales program titled Infinite Living.
Not only offering a down payment subsidy of up to 20%, Sinar Mas Land also provides convenience in the form of a discount of up to 26%, and exemption from Land and Building Acquisition Duty (BPHTB). The program, officially launched on February 22, is valid until the end of 2024.
Herry Hendarta, Deputy Group CEO Strategic Development & Assets Sinar Mas Land said, "Sinar Mas Land always strives to provide convenience and relief for consumers to own their dream property, ranging from housing, commercial, apartments to residential plots.
With the Infinite Living program, we hope consumers get a choice of properties to live in, do business, or invest. Through this national sales program, we target revenue of IDR 2.8 trillion from the sale of approximately 1,400 property units on offer, which will contribute to the company's marketing sales target for 2024."
The Infinite Living program offers a number of promotions divided into 3 periods throughout 2024. Period I has the most promotions, starting from March 1 to June 30, 2024.
This is followed by period II from July 1 to September 30, and the final period from October 1 to December 31, 2024. In addition to easy payment, consumers also have the opportunity to win instant prizes in the form of 1 Myza Flat-House unit in BSD City (drawn at the end of period I) and 1 Southgate Altuera apartment unit in the TB Simatupang area, Jakarta (drawn at the end of period III).
Hermawan Wijaya, Director of PT Bumi Serpong Damai Tbk (BSDE) added, "PT Bumi Serpong Damai Tbk (BSDE), one of the leading developers from Sinar Mas Land, showed a positive performance trend in 2023. BSDE booked pre-sales figures throughout 2023 of IDR 9.50 trillion. This achievement exceeded the previously set target of IDR 8.80 trillion.
For this year, we are also targeting marketing sales of IDR 9.50 trillion. Looking at the macroeconomic growth in 2023 and the support of government incentives that will continue until December 31, 2024, we are very optimistic that we can achieve this year's target, one of which is through the Infinite Living program."
Infinite Living offers maximum price relief for several products including landed residential, shop houses, apartments, and plots. This program also provides promo payment ease such as Hard Cash and Mortgage/ Land Ownership Credit/ Apartment Ownership Credit. Of the total number of units offered, 60 percent will receive PPN DTP incentives up to IDR 220 million.
For priority customers from partner banks, special transactions from March 1-10, 2024 will get an additional discount of up to 4% and shopping vouchers up to IDR 5 million. Meanwhile, Precious Customers of Sinar Mas Land will get an additional discount of 1.25% for the next purchase of Sinar Mas Land products.
Sinar Mas Land's projects that are part of the Infinite Living program are spread across several regions. In Greater Tangerang there are BSD City and Taman Banjar Wijaya. In South Jakarta there are The Elements and Southgate, as well as the Aerium Apartment in West Jakarta. In addition, there are Kota Wisata and Legenda Wisata in Cibubur.
There are also Wisata Bukit Mas and Klaska Residence in Surabaya, Nuvasa Bay in Batam, and Grand City Balikpapan in East Kalimantan. The products include plots, houses, apartments, kiosks, and shop houses.
Ownership of Sinar Mas Land products is also facilitated by cooperation for Home Ownership Credit (KPR), Land Ownership Credit (KPT), and Apartment Ownership Credit (KPA) from 21 trusted banks in Indonesia namely BCA, Permata Bank, Bank CIMB Niaga, Mandiri, OCBC, Bank Danamon Indonesia, Bank Maybank Indonesia, Bank Sinarmas, Bank Negara Indonesia, Bank BTN, Bank KB Bukopin, BRI, Bank Mestika Dharma, Bank UOB Indonesia, Bank Syariah Indonesia, Panin Bank, China Construction Bank Indonesia, Bank Woori Saudara, Bank INA Perdana, Bank BCA Syariah, and Bank Jasa Jakarta.
Complete information about the Infinite Living program can be accessed through the website www.sinarmasland.com/infiniteliving. Consumers can also see more complete information related to land area data, building area, layout, building facade to product availability and show units virtually by visiting the site https://ecatalog.sinarmasland.com.
In addition, consumers can access the official e-store of Sinar Mas Land on Tokopedia & Blibli, the official Instagram and Facebook accounts of Sinar Mas Land, as well as online property platforms such as Rumah123.com and lamudi.co.id.
About Sinar Mas Land
Sinar Mas Land is a property developer in Indonesia with more than 50 years of experience. Sinar Mas Land has developed more than 50 projects in Indonesia. Sinar Mas Land's success in developing property and real estate in Indonesia has also been recognized by independent and credible institutions by receiving various prestigious international awards such as the MIPIM Award in France (2018), ASEAN Energy Awards (2019), Asia Pacific Property Award (2021), Cambridge IFA's Global Good Governance Award (2021), and FIABCI World Prix d'Excellence Awards (2022).
With the support of a solid management team, Sinar Mas Land is known as a developer of self-sufficient cities (through BSD City Development) and a pioneer in the development of clustered residential concepts. In addition, Sinar Mas Land is also a pioneer in developing innovative Strata Mall/Trade Center (ITC) projects in Indonesia. Sinar Mas Land is listed on the Indonesia Stock Exchange as PT Bumi Serpong Damai Tbk, and on the Singapore Stock Exchange.
Sinar Mas Land has strong strategic partners such as Sojitz Japan, Aeon, Itochu, Mitsubishi Corporation, Hongkong Land and local partners such as Kompas Gramedia and Kalbe.
