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Turn Around Story

Last week, our team just finished a roadshow to clients, introducing them to one of the property company with a long track record, Bukit Sentul, along with Mr. Eddy Sindoro, the CEO himself.


Mr. Eddy, whom I personally met only a few days ago, impressed me with his passion and enthusiasm. As he spoke before us all, his spirit was contagious, helping us understand why he is admired by so many. "The property’s OG" - that's the nickname I came up with for him.


During the past few days, as we toured and conducted numerous presentations, it became clear that this company meant more to him than just about material possessions; rather, Bukit Sentul infused him with purpose. Mr. Eddy mentioned that many individuals or companies wanted to purchase his assets, but he refused. Doesn't this reflect how valuable Bukit Sentul is to him?


From all that meetings, much of what was conveyed revolved around the current developments at BKSL, upcoming projects, the challenges overcome, and the future potential of BKSL.


As the latest update, Spring Valley is now in the handover preparation stage scheduled for May '24. This is followed by Parkville and Centronia Square, which are already in the finishing stages (handover in Sept-Oct '24). And last but not least, Saffron Noble apartments are currently under construction. It is crucial for BKSL to ensure prompt handover, and management is fully aware of this.


Mr. Eddy highlighted that many issues and challenges occurred in the past, which not only resulted in financial losses but, more significantly, in lost trust - a trust that is difficult to regain.


Slowly but surely, Mr. Eddy and the team began to address each issue, starting with management, agents, brokers, and internal employees. From initially having only 2 sales employees with NO agents at all, BKSL now has over 500 property agents ready to sell. From having NO banks supporting mortgage loans, now there are 6 banks, both conventional and Sharia, offering attractive mortgage rates.


Slowly but surely, the company is rising from its period of hardship.


MARKETING SALES PERFORMANCE

Source: BKSL


For the first time in the last 8 years, handover has been successfully completed, and all properties have been sold. 100 percent.


According to one of the agents there, house sales are incredibly fast. Often, a buyer who fails to make a down payment is replaced by another buyer on the same day.


Source: BKSL


Usually, in the months leading up to the high season (end of the year, beginning of the year, and during Eid), property sales decrease as people tend to save for holidays. However, BKSL is showing a positive trend and expects this trend to continue, even optimistically during Eid in April, where revenue is expected to maintain positive growth.


The road ahead is still long, but BKSL remains optimistic. With more than 14,000 hectares of land bank situated in West Java, BKSL still has significant opportunities ahead, especially with an average land price of only Rp61k/sqm.


Source: BKSL


It’s a truly strategic location that can connect you to Ciawi, Sukabumi, Cirebon, and Bandung. One could speculate that future presidential contenders may see fit to improve infrastructure and transportation conveniences around his residences, such as those in Hambalang, right?


Whatever happens, even without that, BKSL has opportunities that other property players may not- to become the center of gravity for every development ever made.


This, of course, will not be achieved without cooperation. Mr. Eddy mentioned several times that BKSL is a sales company, where BKSL is collectively built between management, property brokers, and property agents, and trust becomes the commodity. I firmly believe that nurturing this trust is indispensable to establish BKSL as a distinguished and esteemed entity within the industry.

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