“ Healthcare and education are additional variables which affect the development of a particular region thus must be dealt with by the government as it is not the main responsibility of the private sector. ”
We are a family-owned company that is currently undergoing a phase where we are looking to balance the variables of family ownership and professionalism which have been carried out relatively well thus far. Harmas’ business concept is about developing upon the heartlands of Jakarta thus we work towards maximising the use of available resources and facilities while providing added value to property owners. Our Admiralty collection is an integrated apartment complex comprising of apartments, clubhouse projects, and commercial venues.
Our project locations can be found mainly in the Jakarta area although we also have land banks in Bintan Island and Bali. Harmas is unique in its own right because our company’s land banks are situated in bankable areas thus presenting us with an ideal corporate strategy. For the next 10 – 15 years, Harmas will strive to cater to the needs of the millennial generation thus we will continue analysing their preferences and behaviours. As such, we are aiming to offer innovative services to new homeowners and we are therefore looking into greater digitalisation. This measure would enable us to better understand the millennial generations’ preferences for housing so as to tailor our property prices and products.
Our line of business is heavily dependent on the government’s efforts. Due to property development being predominantly focused in the Java region, infrastructure remains an aspect that must be further developed by the Indonesian government as it is reliant on issued regulations. Healthcare and education are additional variables which affect the development of a particular region and thus must be dealt with by the government as it is not the main responsibility of the private sector. Other factors to spur growth in the property industry include the foreign ownership of property regulation which should also encompass an ease in lending restrictions for foreigners that we believe have the potential to initiate growth of the industry as well as to attract human capital. To witness any concrete change, the government must remain consistent in enforcing their laws.
Based on our experience, Indonesia incurs a form of change every five years due to changes in the political system which therefore affects the property market. For Harmas, we are confident that our sector will experience an uptick in one to two years.
We believe that Indonesia’s foreign ownership of property law has a role in strategically positioning the country in the AEC. In our perspective, there is little use in creating properties when consumers have low purchasing power thus this challenge must be overcome in order to make the country’s property industry remain competitive. What we have acknowledged is that Indonesians have become increasingly open to embracing an international approach which is positive news with the presence of the AEC.
We are still exploring the various ways in which we can partner with international companies although this is currently not a part of our core strategy. Our family-owned business concept is an additional factor as to why we are not heavily interested in joint ventures or partnering with foreign companies.
Harmas is rather seeking consultancy services as a measure to support our upcoming development projects. In fact, we recently partnered with a Singaporean consultancy firm who provided us insights to create innovative and highly-efficient properties. We believe that this cooperation would serve as our upper-hand as it would enable us to introduce distinctive properties that may not typically be found in the product concept of Indonesia’s leading property developers to our consumers.
The upcoming local generation are individuals who have had international experience while also having a strong knowledge of the local market, and it is this openness that should encourage foreign investors to do business in Indonesia. Indonesia has long been overshadowed by a misconception where conducting business in addition to making use of available opportunities are difficult thus Harmas is ready to become a dependable local partner for foreign investors interested in realising their business plans.