Amidst a challenging environment over the past year, BSA Land, an Indonesian based property developer, was able to transform its business strategy and successfully navigate its way through the pandemic.
Few years ago, the company shifted its target market and strategy to focus on the affordable and mid-range sector, which has allowed it to fill the market dislocation and help Indonesia combat its housing crisis. Such strategy has proven to be successful and especially resilient during the pandemic, as BSA Land is now recognized as the largest property developer specializing in the affordable and mid-range sector in Indonesia.The developer was also able to increase its sales by 20% in 2020 to almost 1,500 units, despite the economic uncertainties posed by the COVID-19 pandemic.
These factors, along with its ability to predict ahead and become an early mover in the industry, have led BSA Land to land multiple wins at the recently concluded Real Estate Asia (REA) Awards 2021. The developer has clinched the Residential Development of the Year - Indonesia in the Development Awards category and the Excellence Award of the Year - Indonesia in the Project/Initiative Awards category.
Founded in 2012, BSA Land stands out for taking a leading role in reducing the eight million housing backlog that Indonesia is currently faced with, having over 20,000 residential and commercial units built thus far that caters primarily to millennials, young families, and newly-weds.Moreover, it has built Pasar Segar, an affordable modern marketplace and commercial center concept, which has become a big hit all over Indonesia. The concept allows small and medium enterprises to flourish, by providing them a space to start a business with minimum startup capital.
"We are thrilled to learn that we have won multiple awards from Real Estate Asia. We are especially honored that our work to reduce the housing backlog in Indonesia has not gone unnoticed by the international panel of judges." said Steve Suryadinata, co-owner of BSA Land.
Real Estate Awards 2021, presented by Real Estate Asia magazine, recognizes the most innovative real estate developments in Asia Pacific that stand out in the market regardless of a challenging environment. It aims to recognize best-in-class property developers for their projects and initiatives in the region, and to help give the pandemic impacted industry a much-needed boost.
This year's nominations were judged by a panel consisting of Teh Seng Leong, Hospitality & Construction M&A Leader and Partner, Strategy and Transactions at EY Global Real Estate, Ernst & Young Solutions LLP; James Xu, Real Estate Leader at Deloitte Southeast Asia; Kwok Kay So, Partner - Tax Services, Asia Pacific Real Estate Tax Leader at PwC Hong Kong; Hong Beng Tay, Partner, Head of Real Estate Sector at KPMG Advisory LLP, James Allan, Regional Director and Country Head at JLL Indonesia; Norman Ho, Senior Partner and Deputy Head, Corporate Real Estate at Rajah & Tann Singapore LLP; and Lau Sok Hiang Co-Head, Real Estate and Corporate Real Estate at Drew & Napier LLC.