Property developer Sinar Mas Land through PT Bumi Serpong Damai Tbk. (BSDE) and Astra Land Indonesia, plan to develop a housing project in the Cibubur area covering an area of approximately 80 hectares. BSDE Director, Hermawan Widjaya, stated that they are currently preparing the land this year, and the construction will take place once the land is ready.
Both companies have formed a joint venture called PT Ruby Karya Sejhtera with an initial capital of IDR10 billion divided into 10,000 shares of IDR1 million each.