Gama Tower, A 285-meter Towering Building On Jalan Rasuna Said, Jakarta, Was Built By A Company Owned By Conglomerate Martua Sitorus

Illustration. (Photo: Doc. Antara)

JAKARTA - For anyone who often crosses Jalan Rasuna Said, South Jakarta, they must often see towering buildings called Gama Tower. The building is the work of a company owned by conglomerate Martua Sitorus, KPN Corporation.

KPN Corporation, previously known as Gama Corporation, or Gama Corp. has four main business lines; oil palm plantations, cement, property and trade. Gama Land, is one of the works of KPN Corporation, with a height of 285.5 meters, and it also operates a five-star inn: Hotel The Westin.

Gama Tower is a Grade A type office building for rent. Gama Tower is located in this area which has also been designated as a commercial office district for many years.

The Light Rail Transit (LRT), which is currently under construction and will be completed in the second half of 2022, will provide easy access to Gama Tower and several other buildings on Jalan Rasuna Said, South Jakarta.

Gama Tower is also located within a ten-minute walk from Kuningan City Mall (and the superblock complex) as well as several commercial and residential developments in Mega Kuningan, South Jakarta. Access to Gama Tower can be easily accessed by private cars, online applications and Transjakarta buses.

Conglomerate Martua Sitorus. (Photo: Doc. Forbes)

Gama Tower is actually just one of the projects worked on by KPN Corporation. They are also working on the Arandra Residence apartment project in Cempaka Putih, Central Jakarta. The beginning of this project from the acquisition of Sentosa Residences belonging to the Bahama Group worth IDR 600 billion by Gamaland.

In Bandung, Gamaland developed Click Square, a mall formerly known as BeMall, and changed its concept to a creative techno community center and entertainment center.

While in Medan, Gamaland collaborated with Ciputra Group to develop the Citral Bagya City Medan project and the Biz Park warehousing project.

Not only in Indonesia, but Gamaland is also said to have property assets in London, England, namely one tower at The Aviva Tower. In Sydney, Gamaland owns building assets that are leased to the Sydney Australian Post.

It's just that, as the COVID-19 pandemic spreads, there is no longer any news about the latest property projects that Gamaland is working on.

Find funds in the capital market

Conglomerate Martua Sitorus and his relatives have been diligently seeking sources of funds from the stock market. One by one, the business tentacles of the Indonesian palm oil king were brought to the Indonesia Stock Exchange (IDX) via an IPO.

Last year, the company owned by Martua Sitorus, PT Cemindo Gemilang Tbk (CMNT) managed to raise funds of up to IDR 1.17 trillion. Currently, the company belongs to a relative of Martua Sitorus; PT Murni Sadar Tbk (MTMH) is also eyeing funds of up to around IDR 375.95 billion through an IPO.

However, in fact, Martua Sitorus and his family have only shown a small portion of their assets to Indonesian stock investors. The conglomerate still has a myriad of companies that play in various lines of business.