Competition

Competitors describe PT Bangun Kosambi Sukses Tbk's market in their own filings and calls. These verified passages and visual pages show where their strategies meet, using source documents preserved in Sources.

PT Bumi Serpong Damai Tbk (BSD City, Sinar Mas Land) (BSDE)

Named in CBDK's own prospectus as a competitor and the closest structural analogue to PIK2: a self-contained mega-township with its own CBD in Tangerang, selling landed homes, shophouses, apartments and commercial land to the same Greater Jakarta middle-upper buyer, and monetising land through joint ventures the same way CBDK does.

BSD City's scorecard for 2025: marketing sales hit the headline target, but only because land sales to joint ventures filled a large shortfall in both residential and commercial pre-sales, and profit came in at roughly half of plan.

This year, the Company has successfully exceeded the marketing sales target set at the beginning of the year. The marketing sales achievement this year was IDR10.04 trillion or 100.4% compared to the 2025 target of IDR10 trillion. Residential marketing sales in 2025 were IDR4.19 trillion, or 82% of the IDR5.1 trillion target. Commercial marketing sales were IDR3.73 trillion or 76% of the target. Meanwhile, others also served as a significant contributor, amounting to IDR2.13 trillion or 21% of total 2025 marketing sales. The Company also managed to record Revenues of IDR12.79 trillion, 92,65% of the initial target set IDR13.80 trillion. In line with that, the Company’s Profit for the Year was recorded at IDR2.86 trillion or 48.39% of the initial target set at IDR5.90 trillion.

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BSD City's board sets a flat Rp10tn pre-sales target for 2026 and describes the market it shares with PIK2 as a moderate recovery rather than an expansion — its stated view, not a forecast for the sector.

Additional challenges are anticipated within the investment sector. Property investment growth is expected to be moderate rather than expansive, highlighting the necessity for product differentiation and cost efficiency strategies, which will be crucial elements in property-related decision-making. […] According to various surveys and analyses conducted by industry experts and property consultants, the national property sector is projected to enter a recovery phase characterized by moderate growth, with varying rates across different sub-sectors. […] Considering the potential and challenges derived from the gathered data and information, the Directors with the approval of the BOC, have established a moderate marketing sales target of IDR10.00 trillion, while continuing to emphasize development in the residential sector at 50%. This target enables the Company to cultivate sustainable competitiveness grounded in prudent principles and strong risk management.

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BSD City attributes its market position to township credibility, partner joint ventures and design, and discloses the unit mix behind Rp10tn of pre-sales — 1,331 residential units, 221 apartments and 547 shophouses, the same product set CBDK sells in the PIK2 CBD.

The increasingly trusted of sustainable development in the area, combined with collaboration with strategic partners, innovative funding and consistently attractive and up-to-date design concepts, have effectively strengthen the Company’s position and market share within the industry. This year, the Company reported marketing sales totaling IDR10.04 trillion. In the residential segment, marketing sales reached IDR4.19 trillion, derived from 1,331 units across all the Company’s townships, including the Rancamaya area. Additionally, commercial marketing sales reached IDR3.73 trillion, generated from the sales of 221 apartment units and 547 shophouse units. Furthermore, land sales to joint venture companies achieved a significant value of IDR2.13 trillion.

p. 126 · Read in context →

PT Alam Sutera Realty Tbk (ASRI)

The other large-scale mixed township developer in Tangerang/Banten — CBDK's exact home market — selling landed houses, shophouses and commercial product to middle- and upper-income buyers. Its 2025 shortfall is the closest available read on how that specific catchment absorbed supply.

Alam Sutera's board reports a 30% miss against its own 2025 marketing-sales target in the Tangerang market, and attributes part of it to a longer sales cycle now that buyers are mostly end users rather than investors.

In 2025, the Company recorded marketing sales of Rp2.44 trillion, achieving 70% of the initial target set at Rp3.5 trillion. Residential product sales (including apartments) contributed significantly, accounting for 70% of this year’s marketing sales, while the 30% was generated from commercial product sales. On the revenue front, the Company recorded realized revenues of Rp2.9 trillion, which was lower than the initial target of Rp3.4–3.5 trillion set at the beginning of the year. […] From an operational perspective, the Company faced several challenges, including a longer sales cycle due to the current consumer profile being dominated by end users, increased construction costs resulting from rising prices of building materials, and dynamic shifts in consumer preferences.

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Alam Sutera's stated 2026 outlook: the upper-middle residential segment above Rp1.5bn is where it sees growth, while apartments, offices and hospitality stay constrained — the split matters because CBDK's mix spans both sides of it.

The Ministry of Finance has stated that the projected improvement in economic growth in 2026 is expected to serve as a positive catalyst for business activity and property market performance. Within the commercial property segment, the apartment and office sub-segments are anticipated to experience limited growth. The hospitality sector also faces potential continued pressure stemming from ongoing efficiency-driven policies. Residential property, however, is projected to record solid growth, with the upper-middle segment, comprising properties priced above Rp1.5 billion, having recorded increased sales in 2025 and projected to sustain growth into 2026.

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How Alam Sutera frames competitive risk in its formal risk register: not only rival developers but the volume of supply reaching the market — the oversupply channel a single-township developer is most exposed to.

Risiko Persaingan / Competitive Risk […] The competitive risks faced by the property industry consist of two types of risks: competitors in the same industry and the market supply. […] In facing these challenges, the Company continues to strive to provide various innovative offerings that prioritize originality, uniqueness, and high-quality products, supported by excellent service and comprehensive supporting facilities tailored to customer needs. The Company is also committed to timely product delivery.

p. 158 · Read in context →

PT Lippo Karawaci Tbk (LPKR)

Developer of Lippo Village in Tangerang, the other established large-scale integrated township in the same west corridor, and the only peer in this set that also runs a hotel-plus-MICE business — the segment CBDK operates alongside its real estate through its convention and exhibition assets.

Lippo Karawaci's explicit statement of who it competes with and on what axes — other large developers, judged on location, supporting infrastructure, services and price — plus the strengths it claims in response.

The broad segmentation of the national property industry is influenced by various factors, including the growing and expanding presence of smaller regional competitors. Meanwhile, the Company’s competitors primarily consist of other major property developers, especially in terms of development locations, supporting facilities and infrastructure, available services, and pricing. Despite intensifying competition, the Company remains committed to strengthening its competitiveness by leveraging its core strengths in the Real Estate Development business in Indonesia, including its extensive land bank, well-established infrastructure, innovative products, strong reputation, proven track record, experience, and competitive financing options.

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Lippo Karawaci's industry review describes a contraction in MICE demand driven by government budget tightening, alongside falling star-hotel occupancy — the demand pool CBDK's convention, exhibition and hotel segment draws on.

The national hospitality industry faced significant challenges and volatility throughout 2025. Overall, sector revenue declined, with a number of hotels reporting year-on-year decreases in both occupancy and income. As of February 2025, the average occupancy rate of star-rated hotels fell to 47.21%, compared with 49.45% in the same period of the previous year. […] This downward trend is further compounded by a contraction in demand for MICE (Meeting, Incentive, Convention, Exhibition) services, particularly from the government sector, which implemented budget tightening for business travel and events. At the same time, hotels are experiencing margin pressure due to rising costs—namely labor and utilities—combined with subdued demand.

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The scale of a mature Tangerang township after three decades — unit count, resident population and the facility stack — set against group pre-sales that fell to Rp5.32tn in 2025 from Rp6.01tn.

As of 2025, Lippo Village comprises 14,765 property units developed in accordance with the LV Building Code & Control and is home to 69,447 residents. This integrated township is further supported by comprehensive facilities that address residents’ daily needs across health, recreation, and worship. These include 1,430 shop houses, 2 malls, 1 university, 11 schools, 1 hospital, 5 places of worship, 3 office buildings, 1 golf course, 1 five-star hotel, and 4 culinary complexes. […] Throughout 2025, LippoLand generated pre-sales of Rp5,32 trillion, a decrease from Rp6.01 trillion in the previous year. […] LippoLand during the same period successfully sold 6,047 property units.

p. 102 · Read in context →

PT Pakuwon Jati Tbk (PWON)

Named in CBDK's prospectus and the listed benchmark for the format CBDK is building in the PIK2 CBD — superblocks combining malls, offices, hotels and condominiums, run for recurring income. Pakuwon's centre of gravity is Surabaya, so the overlap is in business model and Jakarta commercial assets rather than geography.

Pakuwon explains a jump in the share of pre-sales above Rp5bn per unit as upgraders and repeat buyers trading up inside an established superblock — the ecosystem effect a mature mixed-use estate can lean on.

The higher contribution from units above IDR 5 billion is mainly driven by upgrader and repeat buyers from the Eluna Tower launch (Kota Kasablanka phase 4). Existing customers are moving into higher-value products within the same ecosystem, reflecting strong brand loyalty and confidence in the project. This trend supports a shift toward higher-value products, reinforcing both pricing power and margin quality.

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Competition

PT Bumi Serpong Damai Tbk (BSD City, Sinar Mas Land) (BSDE)

PT Alam Sutera Realty Tbk (ASRI)

PT Lippo Karawaci Tbk (LPKR)

PT Pakuwon Jati Tbk (PWON)

More peer documents