Even In The Midst Of A Pandemic, Jakarta Setiabudi Still Launches Strategic Projects In The Hospitality, Retail, And Residential Lines

Photo; Dock. Jakarta Setiabudi

JAKARTA - Today, Wednesday 27 July, PT Jakarta Setiabudi Internasional Tbk (JSI) has held the Annual General Meeting of Shareholders (AGMS).

2021 is a year that is still filled with various challenges as a result of the COVID-19 pandemic that has occurred since 2020. The economic recovery that has not yet fully occurred has made conditions in the property industry still experiencing severe challenges.

Although macroeconomic conditions still create uncertainty and risk for industrial growth at the national level, JSI realizes that this situation is not an obstacle, but an opportunity for the Company to adjust its business strategy more quickly and adaptively to achieve faster growth when the situation returns to conducive. .

At the AGMS, the Board of Directors conveyed the company's performance and the results that have been achieved in 2021. JSI managed to record revenue of Rp552.8 billion and EBITDA of Rp47.8 billion.

In his explanation at the AGMS, the Board of Directors also stated that income from recurring income was 78 percent, and non-recurring income was 22 percent. In order to maintain liquidity and business continuity due to the ongoing impact of the pandemic, the AGMS agreed that in the 2021 financial year there will be no dividend distribution.

However, even though the pandemic is still ongoing, JSI will continue to launch important and strategic projects in 2021.

In the hospitality business line, Andaz Bali was completed and opened on April 9, 2021, which is the first Andaz resort in Asia that offers a Balinese rural concept with a contemporary touch with 149 rooms including 18 Garden Villas and 4 Beach Villas with various F&B facilities. Andaz is part of the luxury portfolio of Hyatt Corporation.

In the commercial property business line, JSI has begun to build the first phase of the One Satrio area, which is a Lifestyle Retail with a green open space concept in the Mega Kuningan CBD area. With a leasable area of around 8,700 m2 on an area of 3.8 hectares, this first phase is targeted to start operating in the 4th=IV quarter of 2022.

In the residential business line, JSI launched the newest cluster "Lavender" in the Puri Botanical housing estate, West Jakarta in the fourth quarter of 2021.

In addition, JSI has also begun to develop an integrated residential area "Savanna Sumatra" in Deli Serdang with a total land area of 664 hectares, starting with the launch of the first cluster "Ananta" in the fourth quarter of 2021. This 5.5 hectares cluster consists of 433 landed houses. small type and 42 shophouse units targeting millennials and young families.