Housing is the third sector that is important in economic development following infrastructure and finance. Basic economics tells us that demand for housing will increase due to infrastructure development and/or population growth. Perumnas has been working on housing provisions and has been chosen to be state-owned holding for the sector.
Why was Perumnas chosen? How is its performance compared to other companies engaged in the housing sector?
Why Perumnas?
The ratio between PT PP (Persero) Tbk (PTPP) and PT Adhi Karya (Persero) Tbk (ADHI) will be made. It will be compared to PT PP Properti Tbk (PPRO) as well. PPRO is not a state-owned enterprise but because majority of its shares are mostly owned by PTPP, PPRO joined on this state-owned holding.
According to the ratio on the table, Perumnas has lower asset and turnover than other state-owned constructions. This is because other state-owned constructions have sub-sector projects which are not just housing. However, Perumnas is still lower than PPRO which has a business mainly in housing.
The challenges of choosing Perumnas as holding are:
- Can Perumnas give priority to the lower middle class houses with the government’s support especially when it sacrifices yield for investors? If so, then the public investors will be harmed.
- Is Perumnas able to be a property manager with good brand equity? Many state-owned constructions have subsidiaries in real estate field. Ashi Karya Realty, Wika Realty, and Waskita Realti, PPRO, to name a few, are property managers that have good brand equity. Being under Perumnas can make the brand equity either stronger or weaker.
- Is Perumnas able to compete with private developers in terms of increasing the value of the houses they build? Or just because the houses are for the people, Perumnas has no interest in improving its value?
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