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Price freeze leads to surge in property sales



COMPANY Sinar Mas Land Ltd

BRAND VALUE US $468 million



INDUSTRY Real Estate



Sinar Mas Land is one of the largest and most diversified property developers in Indonesia, working on new city developments, residential, commercial, retail, hotels and golf courses around the country. In the past year, it has seen a surge in sales, thanks largely to its well-received Price Amnesty Program, which froze prices on all Sinar Mas Land properties from October to December 2016, and rewarded buyers with discounts, cash vouchers, shopping vouchers and prizes – generating revenues of up to 2.1 trillion rupiah. Profits for the quarter ending March 31 were up by more than 130 percent due to strong residential sales particularly in its joint-venture developments. Sinar Mas Land is collaborating with Astratel Nusantara and Kompas Gramedia on the new Serpong-Balaraja toll road, and is working with Hongkong Land on the premium Lakewood development in Bumi Serpong Damai, Tangerang. In March, Sinar Mas Land launched its OneSmile app, a service for residents of its BSD City development linking payments for utilities, access to household repair services, transport timetables, event tickets, news, grocery deliveries and live-chat customer care. Sinar Mas Land’s parent company is based in Singapore and operates in China, Malaysia and Singapore. It is listed on the Singapore Exchange and has two listed subsidiaries, PT. Bumi Serpong Damai, Tbk, and PT. Duta Pertiwi, Tbk.