Landed Residential Portfolio
Strategic partnership case study: GIC
intiland
Our JVs with GIC present a good example of what we seek in a strategic partner and how we employ such partnerships as a way to mitigate
development risk and proactively strengthen our balance sheet
JV overview
November 2016 &
April 2019
GIC
Entered into a JV with GIC to divest 40%
ownership stake in the integrated mixed-use
complex, South Quarter & SQ Res in Nov 2016
and an additional 9% in April 2019
Together with GIC, Intiland will continue to
develop SQ Res, which comprises two
condominium towers
August 2017
GIC
Entered in a 2nd JV with GIC for the ownership
and development of the Phase I of 57
Promenade project in Jakarta
Post transaction ownership breakdown in 57
Promenade Phase 1: Intiland (36.63%), GIC
(33.40%), land owner JV partner (29.97%)
Strategic benefits
Synergistic strengths and experience/track
record of quality partner
As one of the largest institutional real
estate investors globally, GIC brings broad
knowledge and expertise from its
investment network
Intiland, in turn, provides local market
insights, a proven development track
record and land bank access as one of the
most established Indonesian property
developers
Enables Intiland to expand into new projects
while reducing funding needs and mitigating
execution risk
Like-minded partners with a long term
investment outlook
Our 2nd JV with GIC in 2017 further
demonstrates confidence in our capabilities and
is a testament to the strength of our
partnership
Capital management
Total sale proceeds from divestment of 40%
stake in South Quarter: IDR 1trn
Received IDR 750bn of which c.IDR 660bn
was used to pay off the project loan
Remaining amount of IDR 250bn will be
used as working capital for the
construction of South Quarter Phase II
Total sale proceeds from divestment of 9%
stake in South Quarter: IDR 244bn
The proceeds will be used to strengthen
Intiland's financial position
Total sale proceeds of IDR 230bn for
divestment of stake in 57 Promenade Phase 1
IDR 184bn was used to reduce loan
Remaining amount of IDR 46bn will be
used as working capital
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