Annual Reports
PT Bangun Kosambi Sukses Tbk's annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
PT Bangun Kosambi Sukses Tbk — 2025 Annual and Sustainability Report — FY2025
First full year as a listed company: three reported segments where there was one, and the IPO proceeds spent on an affiliate. · Open the full document →
Bidang Usaha / Business Lines — p. 64 · Read the full section →
The chartered scope and the actual FY2025 activity, plus the map of which product sits in which legal entity.
What the company actually did in 2025, in its own words.
In 2025, the Company operated in the residential and commercial real estate development sector, encompassing the purchase, sale, leasing, and operation of real estate properties, whether owned or leased, residential buildings, and non-residential properties (such as warehouses, malls, and shopping centers), as well as the provision of houses and apartments, furnished or unfurnished, for permanent or long-term use on a monthly or yearly basis. The Company’s activities also cover land sales, property development for self-operation (leasing of building spaces), land subdivision into plots without land development, and operation of residential areas for movable or modular homes. Business activities of the Company’s subsidiaries include convention and hotel exhibition.
p. 64 · Read in context →
Entitas Anak, Entitas Asosiasi, dan Ventura Bersama / Subsidiaries, Associates, and Joint Ventures — p. 89 · Read the full section →
Ownership chart plus a status column showing four of seven subsidiaries were still not operating at year-end.
Tinjauan Operasi per Segmen Usaha / Review of Operations by Business Segment — p. 100 · Read the full section →
Where the economics live: three product groups with stated price bands, and gross margins that differ by 40+ points.
The business model as management defines it, with price ranges per product group.
The Company and its subsidiaries focus on developing integrated real estate–based township areas, covering a wide range of activities from construction and area development to the management and marketing of residential and commercial properties. The Company’s primary development area is located in the strategic PIK2 district, Tangerang, which is recognized as one of the highest-growth and highest-value property zones in the Greater Jakarta (Jabodetabek) region. […] The Company’s business model is divided into three main product groups: […] Residential products include the development of landed housing targeted at the middle-to-upper market segments, including projects such as Permata Hijau Residences, Manhattan Residences, and Rumah Milenial. These housing units are marketed at price ranges starting from IDR 1.5 billion to IDR 16 billion per unit […] Selling prices vary from IDR 3.2 billion to IDR 18 billion per unit depending on size and location. […] In addition, the Company develops and markets commercial land plots for investors and business operators who require flexibility in designing their buildings and spatial functions.
p. 100 · Read in context →
Segmen Konvensi dan Pameran / Convention and Exhibition Segment — p. 103 · Read the full section →
The two new segments added in 2025 — NICE, which began earning, and the hotel, which has not.
NICE: stated capacity and the 14 events held in its first year.
In 2025, the Company began developing and operating the convention and exhibition segment (MICE) as part of its business diversification strategy and eforts to enhance the value of the township. The main facility developed in this segment is the Nusantara International Convention and Exhibition (NICE), designed to become one of the largest and most representative convention centers in North Tangerang, particularly within the PIK2 area. […] NICE has an efective capacity to accommodate more than 100,000 visitors simultaneously, with flexible room configuration options for various event scales, ranging from trade exhibitions, product launches, international conferences, to community-based events. […] Throughout 2025, the convention and exhibition segment recorded positive developments. A total of 14 events were successfully held
p. 103 · Read in context →
Hotel segment (p.106): Hilton PIK2, 271 rooms, opening 2027, no revenue recorded yet.
In 2025, the Company formally expanded its business portfolio into the hospitality industry segment through a strategic agreement with the global hotel network PT Hilton International Manage Indonesia and Hilton Worldwide Manage Limited. This partnership introduces an international five-star hotel project, Hilton Hotel PIK2, developed within the prestigious NICE district at PIK2. […] The hotel is designed to rise 20 floors high and provide a total of 271 exclusive rooms […] The hotel is scheduled to open in 2027. […] As of the end of 2025, Hilton Hotel PIK2 is still under ongoing development, therefore the hotel segment has not yet recorded any contribution to the Company’s Revenue.
p. 106 · Read in context →
Laporan Laba Rugi Konsolidasian / Consolidated Statement of Profit or Loss — p. 109 · Read the full section →
Management explains why gross profit rose 30% on 11% revenue growth: mix, not price.
Cost of revenue fell while revenue rose — management attributes both to the land-plot mix.
The Company’s cost of revenue was recorded at IDR 850.04 billion in 2025, a decrease of IDR 126.58 billion or approximately 12.96% compared to the 2024 position of IDR 976.61 billion. This decline was mainly due to the fact that the volume of deliveries throughout 2024 was dominated by the commercial land segment, which recorded a lower cost of revenue than the other segments, namely residential and commercial products. […] The Company’s gross profit for 2025 was recorded at IDR 1.65 trillion, an increase of IDR 381.24 billion or 29.96% from the previous year’s figure of IDR 1.27 trillion. This performance was driven by the commercial land segment, which generated a higher gross profit margin than the residential and commercial product segments.
p. 110 · Read in context →
Perbandingan Target dengan Realisasi Tahun 2025, serta Proyeksi 2026 / Comparison of Targets with 2025 Realization and 2026 Projections — p. 120 · Read the full section →
Marketing sales came in at 84.67% of target, with residential at 36.76%; the 2026 residential target is 31x the 2025 result.
Informasi Material Terkait Investasi, Ekspansi, Divestasi, Merger, Akuisisi, dan Restrukturisasi Utang / Material Information Related to Investment, Expansion, Divestment, Merger, Acquisition, and Debt Restructuring — p. 128 · Read the full section →
The whole IPO net proceeds, Rp2.30 trillion, went to acquire an affiliate held by the same controlling shareholders.
Management's stated rationale for buying the MICE entity from affiliated parties.
The Company’s decision to invest in PT IPN was based on the fact that the MICE project development has been carried out by PT IPN, which was established to focus on the development of the MICE business. […] After considering the background of the Transaction, the Company is confident that conducting the Transaction with an afiliated party allows the implementation process to be carried out more eficiently and with competitive pricing compared to if the Transaction were conducted with another unafiliated party.
p. 129 · Read in context →
Hal Audit Utama — Pengakuan Pendapatan / Key Audit Matters — Revenue Recognition — p. 346 · Read the full section →
The auditor's own account of the judgment that sets when a sale becomes revenue: handover, not contract.
Point-in-time recognition on transfer of control — the policy that shapes reported revenue timing.
The Group's revenues mainly comprise of real estate revenue through sales of land plots, residential houses and office houses. Measurement and recognition of revenues, and related policies and procedures are significant to our audit because the revenue is material to the Consolidated Financial Statements and the Group's revenue recognition required the management to apply significant judgment, especially in determining revenue recognition at a point in time based on point in time transfer of the control of the asset (at a point in time satisfaction of performance obligation). […] Revenue from the sale of inventories is recognized at a point in time when inventories are delivered to the customers. The timing of revenue recognition requires judgment on whether the Group has transferred significant risks and rewards of ownership in the inventories to the customers and whether the Group has a substantial continuing involvement with the inventories.
p. 346 · Read in context →
Catatan 21. Saldo dan Transaksi Material dengan Pihak Berelasi / Note 21. Material Balances and Transactions with Related Parties — p. 412 · Read the full section →
Scale of the affiliate web: 16.60% of restated FY2024 revenue was to related parties, and Rp538bn of customer advances still are.
PT Bangun Kosambi Sukses Tbk — 2024 Annual Report — FY2024
The last pre-IPO edition: a business described as real estate only, reported as one segment in one geography. · Open the full document →
Catatan 27. Segmen Operasi / Note 27. Operating Segment — p. 260 · Read the full section →
One sentence that FY2025 Note 22 replaces with a four-column table — the segment redefinition in the original.
FY2024: a single segment, a single geography.
Management managed and categorised Group into one segment, which is real estate. […] All of the Group’s sales are in the same geographic area which is Tangerang.
p. 260 · Read in context →