Forbes Indonesia — August 2017

34 | FORBES INDONESIA AUGUST 2017

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“Previously, investors were
only interested in Ciputra Devel-
opment, and the two other firms
only got a small amount of invest-
ment. Now, everybody is happy. It
is also cheaper for us to do financ-
ing under one holding company,”
says Ciputra Development Presi-
dent Director Candra Ciputra, 52,
the eldest son of Ciputra (who
uses only one name).
The move was also timed to
offset the property downturn dur-
ing the last few years—which even
Ciputra Development could not
escape. Its revenue fell 10% to Rp
6.7 trillion last year, from Rp 7.5
trillion in 2015, resulting in a 33%
decline in net profit to Rp 861 bil-
lion last year. For 2018, however,
Corporate Secretary and Director
of Investment Ciputra Develop-
ment Tulus Santoso predicts that
the market will start picking up
this year.
The company remains a fam-
ily affair. Candra, who has an MBA
from Golden Gate University, has
been leading the company since

2002. The Ciputra family retains a
      57% stake in the firm, as well as in
      other related firms, such as Metro-
      data. “In a family business, the title
      in the company is secondary com-
      pared to position in the family. Pak
      Cik [Ciputra’s nickname] can be
      really active if he likes a project,”
      says Candra.
      Ciputra remains president com-
      missioner of the firm, while Can-
      dra’s siblings and in-laws also have
      roles. Both of Ciputra’s daughters,
      Rina Ciputra Sastrawinata and Ju-
      nita Ciputra, are directors. Candra

says the family’s strong commit-

ment to the listed firm is a plus for

outside investors. “Investors are not

willing to take risk if there’s no fam-

ily control anymore. Investors only

put in money, but we are the ones

who run the business. So we will

maintain our position as the major-

ity shareholder,” Candra says.

The company divides its busi-

ness into two categories: residen-

tial development, especially large-

scale township residential, and the

development and management of

commercial properties. Started in

1981, the company has developed

1. CitraGarden Aneka
   Pontianak


2. CitraGarden City
   Samarinda


3. CitraLand City
   Samarinda


4. CitraCity Balikpapan


5. Citra BukitIndah
   Balikpapan


6. BizPark Commercial
   Estate Banjarmasin


7. CitraMitra City
   Banjarbaru


8. CitraDream Hotel
   Banjarmasin


9. Ciputra Mitra Hospital
   Banjarmasin


10. CitraGarden
    Banjarmasin


11. CitraLand
    Banjarmasin


12. CitraLand Bagya City
    Medan


13. CitraLand Pekanbaru
    14. CitraGarden
    Pekanbaru
    15. Citra Aerolink Batam
    16. CitraLand Megah
    Batam
    17. CitraLand Botanical
    City Pangkalpinang
    18. CitraLand NGK Jambi
    19. CitraRaya City Jambi
    20. CitraGrand City
    Palembang
    21. CitraDream Hotel
    Bengkulu
    22. CitraLand Lampung
    23. CitraGarden
    Lampung
    24. CitraIndah Jonggol
    25. Ciputra World
    Jakarta 2
    26. Ciputra World
    Jakarta 1

Wide Reach

Ciputra Development has

a truly national footprint.

Currently, it manages 77

projects that spread over

Sumatra, Java, Kalimantan,

and Sulawesi, plus 3 projects

located abroad (Vietnam,

Cambodia and China).

REVENUE

2014: 6.34 trillion

2015: 7.51 trillion

2016: 6.74 trillion

NET PROFIT

2014: 1.32 trillion

2015: 1.28 trillion

2016: 861.76 billion