Jakarta, December 30, 2024 – Property developer PT Modernland Realty Tbk. (MDLN) reaffirmed its commitment to strengthening its business through an Extraordinary General Shareholders Meeting (EGSM) held on Monday, December 30, 2024, at the Jakarta Garden City Clubhouse. Shareholders, Commissioners, and Directors attended the event.
The primary agenda of the EGSM was to seek shareholder approval for a plan to guarantee the company’s assets or property exceeding 50% of its current and/or future net assets.
“This approval is necessary as an anticipatory measure given the potential for the Company to guarantee assets or property exceeding 50% of its net assets, either based on new guarantees or due to future collateral exchanges,” stated Iwan Suryawijaya, the Independent Commissioner who chaired the meeting.
Iwan Suryawijaya explained that the approval for the plan to guarantee the Company’s assets or property exceeding 50% of its current and/or future net assets, including but not limited to providing mortgage, fiduciary, pledge, corporate guarantees, and/or other guarantees to secure debts in one or more transactions, whether related or unrelated, including but not limited to the debts of the Company and/or its subsidiaries, until the next Annual General Meeting of Shareholders, is subject to the Company’s Articles of Association and applicable laws and regulations.
In the decision of this Extraordinary General Meeting, shareholders approved the corporate actions and granted the Board of Directors the authority to carry out the approved resolutions.
As of the third quarter of 2024, PT Modernland Realty Tbk. recorded marketing sales of Rp855 billion. The residential segment, as the main contributor, achieved Rp648 billion, representing an 18% increase compared to the previous quarter but a 21% decrease compared to the same period last year.
Sales were dominated by Jakarta Garden City, followed by two other flagship projects, Modernland Cilejit and KotaModern. The industrial segment contributed Rp79 billion, or a 2% growth compared to the same period last year. Following the industrial segment, the hospitality, golf and country club, and other segments contributed Rp128 billion in marketing sales, a 17% increase from the same period last year.
Modernland Realty is optimistic that sales of residential properties, especially landed houses and commercial areas, will remain the backbone of the domestic property industry in 2025. This is supported by government policies and the establishment of the Ministry of Public Works and Housing, which aims to strengthen inter-institutional coordination, create regulations, address housing shortages, and ensure appropriate financing programs for the public. On the other hand, as part of its development strategy focused on innovation and sustainability, the Company remains committed to launching property products that cater to various market segments.
