Who Owns Sentul City, The Property Company That Disputes With Rocky Gerung Over Land In Bojong Koneng Bogor?

JAKARTA - In the last few days, there has been a lot of discussion about the ownership claims that occurred between Rocky Gerung and PT Sentul City Tbk over land located in Bojong Koneng, Babakan Madang, Bogor Regency, West Java.

PT Sentul City Tbk claims to be the rightful holder of the certified land parcel currently occupied by Rocky Gerung. Meanwhile, Rocky denied taking the land of Sentul City because he had bought land and buildings at that location legally and recorded by state institutions 12 years ago, or in 2009.

Rocky claimed that he had a non-dispute certificate signed by the village head of Bojong Koneng. Meanwhile, Sentul City sent a summons with a letter numbered 128/SC-LND/VII/2021 to Rocky on July 28, 2021.

Sentul City claimed to be the legal right holder to the land where Rocky's house stands. Sentul City's subpoena to Rocky was not only sent once. This property company again sent a subpoena to Rocky on August 6 and 12, 2021.

Rocky Gerung's attorney, Haris Azhar, said his client rejected the subpoena filed by PT Sentul City Tbk for land ownership in Bojong Koneng, Bogor Regency. Haris said, Rocky has been the legal owner of land and buildings in Bogor since 2009.

"Our client has been the physical owner since 2009 of the land and building having its address at Block 026 Kampung Gunung Batu RT 02 RW 11, Bojong Koneng Village, Babakan Madang District, Bogor Regency, the land area of 800 square meters," Haris said in a copy of the letter to the office. Bogor Regency Land Affairs dated September 6, 2021.

The Attorney for PT Sentul City Tbk Antoni said that his party will continue to take legal steps to protect their rights that have been used by other parties. Antoni said, PT SC has the rights as referred to in the law, namely a development location permit and a valid land certificate as well as a productive spatial master plan.

For the resistance efforts, we will make sure to take legal steps to protect our rights and the state is obliged to protect and provide protection for all efforts that we will make," said Antoni based on a press release published on the official website of Sentul City Tbk.

Who actually owns Sentul City?

PT Sentul City Tbk is a company whose business activities focus on property and real estate development. The company's business activities include the planning and construction of indoor and outdoor buildings such as buildings and offices, shopping areas, hospitals, houses of worship, water parks, schools, and other commercial buildings in general.

The company is now developing the concept of an independent city in the Sentul City area. Initially, the company was named PT Sentragriya Kharisma, was founded on April 16, 1993, and has been operating since 1994.

This company controlled property and real eatate projects in the Sentul City area until finally changing the company name to PT Sentul City. The company then IPO on July 28, 1997, with the stock code BKSL.

With the number of outstanding shares of 67,083,561,082 shares at a price of IDR 50 per share, the current market capitalization of BKSL was IDR 3.35 trillion at that time. Citing the information disclosure of the Indonesia Stock Exchange (IDX), the majority shareholder of BKSL as of August 2021 is PT Sakti Generasi Perdana which controls 52.68 percent of the total outstanding shares.

Then, the next majority shareholder is conglomerate Stella Isabella Djohan which controls 16.76 percent. The remaining 30.56 percent of BKSL's shares are held by the public.

Stella Isabella Djohan is also known to be the main shareholder of PT Sakti Generasi Perdana. Thus he is the beneficial owner of BKSL.

Sentul City is located in Bogor with housing prices for the middle class. Sentul Hill aka Sentul City is located in an environment with cool and fresh mountain air. The Sentul City area may be more suitable as a vacation home than a residential house because of its distance from the middle-class career center in DKI Jakarta.

First-semester performance 2021

PT Sentul City Tbk managed to get a performance spike in the first semester of 2021. The income and profit of this property issuer grew significantly in the first six months of this year.

In Sentul City's financial report, quoted on Wednesday, September 1, the company posted revenue growth of 1,420 percent to Rp2.42 trillion from the same period last year of Rp159.30 billion.

As a result, Sentul City's profit turned around to Rp294.46 billion in the first semester of 2021. This achievement was reversed with a net loss position attributable to owners of the parent entity in the first semester of 2020 amounting to Rp234.49 billion.

Meanwhile, the increase in revenue was mainly supported by a surge in sales of ready-to-build land, residential houses, shop houses, and apartments by 2,975 percent to Rp2.32 trillion from the previous Rp75.54 billion.

Meanwhile, hotel, restaurant, and amusement park revenues rose 27.83 percent to Rp58.38 billion from the previous Rp45.67 billion, and city management revenues rose 5.72 percent to Rp40.26 billion from the previous Rp38.08 billion.

President Director of Sentul City, Tjetje Muljanto, said that in the midst of Indonesia's economic conditions which were hit by the negative effects of the COVID-19 pandemic and the decline in consumer purchasing power, the company has succeeded in carrying out business expansion and measures to improve performance in the first semester of 2021.