Sumitomo : Cooperative Relationship with Hankyu Realty on Condominium Project Pursued Together with Sentul City in Indonesia
February 19, 2018 at 12:11 am EST
Share
Sumitomo Corporation (head office: Chuo-ku, Tokyo; Representative Director, President and Chief Executive Officer: Kuniharu Nakamura) has recently built coopeartive relationship with Hankyu Realty Co., Ltd. (head office: Kita-ku, Osaka-shi; President and CEO: Ryuichi Morotomi; hereinafter, 'Hankyu Realty') to promote the sales and marketing of three condominium towers in Sentul City, Bogor Regency, West Java, Indonesia (hereinafter, the 'Project'), on which Sumitomo Coporation has been working together with a local developer, PT Sentul City Tbk (operations office: Sentul City, Bogor Regency, West Java; President Director: Keith Steven Muljadi; hereinafter, 'SC')
Sumitomo Corporation has been pursuing the Project together with SC, a local developer involved in joint development in Sentul City, and in December 2017 Sumitomo Corporation jointly established a business company with SC. Recently, Sumitomo Corporation transferred 25 percentage points of its 70 percent share in this business company to Hankyu Realty and named the company PT Izumi Sentul Realty.
Sumitomo Corporation has been engaged in real estate business in Indonesia since the 1980s, and it is now actively involved in developing housing in China, India and other parts of Asia in addition to Indonesia.
Sumitomo Corporation and Hankyu Realty enjoy a solid partnership, having previously been involved in numerous joint projects in Japan, including 'The Senri Residence' (completed in 2011), winner of the 2011 Good Design Award, 'CLASSY SUITE GEO Higashi Azabu' (completed in 2013), a downtown compact apartment building, and 'Geo Fukushima Noda The Marks' (to be completed in 2019), a large-scale condominium building with units currently being sold. The Project is the first overseas project to be jointly undertaken by Sumitomo Corporation and Hankyu Realty, and it is aimed at providing high-quality housing by fusing the two companies' know-how cultivated inside and outside Japan with SC's housing/condominium business experience in Indonesia.
Sumitomo Corporation hopes through the Project to help meet the rising need for housing in Indonesia as the economy grows and provide the infrastructure needed for people to live comfortable lives, as well as to contribute to the development of local communities.
Sumitomo Corporation published this content on 19 February 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 19 February 2018 05:10:05 UTC.
Original documenthttp://www.sumitomocorp.co.jp/english/news/detail/id=30591
Public permalinkhttp://www.publicnow.com/view/2265DE6D518EB1831AC4A270C6EB315AB5E8CF26
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
SUMITOMO CORPORATION 
