Trans-formation
Category: Special Features By : Yessar Rosendar Read : 107 Date : Thursday, December 07, 2017 - 09:15:18




Tycoon Chairul Tanjung made his billions by catering to Indonesia’s emerging middle class consumers. Now he’s taking that strategy to the next level with a major plan to build a series of superblocks across the country, starting first with Trans Park Cibubur that had its groundbreaking in March. These superblocks will combine all the pieces of Chairul’s group that he has carefully assembled over the years, spanning retail, banking, food and beverage, hotels, residential properties and theme parks.

 

Trans Park Cibubur demonstrates the template: it will be built on 4.2 hectares, and include a three-star hotel, a mall, theme park and be surrounded by three residential towers. The retail area will be the prime area for all of Chairul’s licensed and homegrown brands, such as Coffee Bean coffee outlets, Baskin Robbins ice cream shops and Bank Mega offices (his bank). The project will cost Rp 3 trillion and be the largest integrated multi-use developments in Cibubur, a popular residential area near Jakarta that soon will be connected to downtown Jakarta through a light rail system.

 

Chairul is already planning two more superblocks in densely populated areas near Jakarta—Trans Park Bintaro and Trans Park Bekasi, both utilizing up to seven hectares of land. These three projects are a stepping-stone for Chairul’s vision to transform CT Corp into much bigger property player, tapping into 1,000 hectares of land bank it owns across Indonesia. “CT Corp is strong in entertainment, now we want to strengthen our provision of lifestyle,” says Chairal Tanjung, the younger brother of Chairul, who serves as the president director of CT Corp. 

 

Venturing significantly into massive property developments that has already many established players will have its challenges—such as Sinar Mas Land, which has a land bank over 4,000 hectares. According to Chairal, the biggest challenge is maintaining the creativity in its products. “Building hotels and mixed use developments are easy, but to win against the competition is a different thing. For me, it’s all about being creative and how to make a product that stands out in the market,” Chairal says. One big advantage that CT Corp has over traditional developers is the group’s expertise in entertainment, including its TV and media properties and theme parks. To woo shoppers into his malls, Chairul wants to combine entertainment and retail—a factor that’s also important to retain customers in physical stores as more shopping goes online. 

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