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Sinarmas Land seeks Indonesian REIT listing, more overseas deals to combat valuation slump
It's also bullish on the Indonesian property sector.
Sinarmas Land's shares have lost almost half of their value in just little over a year. Singapore Business Review caught up with Ferdinand Sadeli, Chief Financial Officer of Sinarmas Land, to discuss how the company plans to drive growth despite escalating volatility in the market.
Sadeli shared that the company is eyeing more commercial asset acquisitions in the United Kingdom or Europe. Sinarmas Land made its first foray into the United Kingdom in June 2014, with the acquisition of a commercial office building for $161.1 million.
"To date, Sinarmas Land has transacted more than S$1 billion in London, all within the required timeframe and deadline. As Indonesia’s largest property developer, we will continue maintain our stronghold in Indonesia while implementing the Group’s international expansion strategy into UK, Europe and Pan Asia," he said.
The group will also roll out asset enhancements on its existing properties to drive shareholder returns. He also said that the group will move ahead with its strategic developments including Nuvasa Bay, Batam's first luxury integrated residential & mixed-use development, as well as continued developments in its land banks in Johor, Malaysia and Bali, Indonesia.
Sadeli also shared that Sinarmas Land is mulling a spin-off Indonesian REIT listing in order to monetize some of its investment properties in Indonesia.
"The Indonesian government has announced further details on March with regards to the REIT regulations such as the reduction of sales tax and, land and building transfer fees. However, we are still waiting for the detailed implementation guidelines which we foresee to be announced by this year. Other than tax, the Group is also assessing, among other things, structural and regulatory framework for Indonesian REIT," he said.
Sadeli also remained bullish on the Indonesian property segment, and noted that he is hopeful that the Indonesian residential market will soon be open to foreign investors.
"We see more blue chip Singapore real estate companies such as Keppel Land, CapitaLand and Ascendas, even Singapore sovereign wealth fund, GIC, increasing their investment or making their maiden foray into Indonesia. The long term prospects of Indonesian properties remains healthy and good, as the middle-income population is rising tremendously and demand for housing is strong," he said.
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