36 | FORBES INDONESIA AUGUST 2017(^2017)
COMPANIES
Ciputra, 85, the owner of Ciputra
Development, is the 15th richest
Indonesian, with an estimated net
worth of $1.6 billion. He started his
property business in 1961, with PT
Pembangunan Jaya after earning
a BA in engineering from Bandung
Institute of Technology. In 1971, he
founded PT Metropolitan Devel-
opment, a holding company that
engaged in a variety of businesses,
including hotels, shopping centers,
tourism, trading, and healthcare.
Ten years later, Ciputra moved
firmly into property with Citra
Habitat Indonesia, which changed
its name to Ciputra Development
in 1990. Currently there are eight
firms in the Ciputra group: Ciputra
Development, Ciputra Property,
Jaya Real Property, Jaya Konstruksi
Manggala Pratama, Pembangunan
Jaya Ancol, Metropolitan Kentjana
and Metropolitan Land. The final
one is Metrodata Electronics, an
electronics firm.
Ciputra is keen on promoting an
entrepreneur culture in Indonesia,
seeing that as the key for develop-
ing the country. Ciputra was a major
supporter of the Global Entrepre-
neurship Program Indonesia. Cipu-
tra also set up Ciputra University in
Surabaya and Jakarta.
Ciputra and
Entrepreneurship
lus says that the expected annual
turnover from each project is Rp
200 billion.
One of Ciputra Development’s
megaprojects is Ciputra World
Makassar (CWM), a joint ven-
ture with PT Yasmin Bumi Asri.
Construction will start next year,
and the project is spread over a
157-hectare site, with 107 hect-
ares for the project itself, and the
remaining 50 hectares given to
the government. CWM will be an
integrated mixed-used project, in-
cluding retail, hotels, residential,
commercial, parks, marina and a
university.
Besides Indonesia, Ciputra
is one of the few local property
groups to also have internation-
al success. The group has major
projects in Vietnam, Cambodia
and China—worth a total invest-
ment of about $2 billion, accord-
ing to Tulus. In Hanoi, it is de-
veloping a long-term 300 hectare
mixed-use project with residen- AHMAD ZAMRONI / FORBES INDONESIA