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  • Modernland finds new stepping stone with Jardine group

    Modernland finds new stepping stone with Jardine group

    Indonesia’s promising property market has attracted multinational real estate firms to collaborate not only with domestic peers but also international partners. An alliance between the Astra group, Hongkong Land and Modernland Realty shows this well.

    Astra Land Indonesia and Mitra Sindo Makmur have created a joint venture to acquire 70 hectares of land in Cakung, East Jakarta, worth Rp 3.4 trillion. The collaboration was marked under an agreement inked on Oct. 12 in Jakarta.

    Astra Land is a joint venture between Astra International (ASII) and Hongkong Land, while Mitra Sindo Makmur is a subsidiary of Modernland Realty (MDLN). The new entity will develop the land for a project dubbed Jakarta Garden City.

    This should provide positive sentiments for Modernland, given the fact that the new partners are well-known firms in Asia. Astra is a well-known Indonesian conglomerate while Hongkong Land is a leading property investment, management and development group in Hong Kong, Singapore and mainland China.

    They are indirectly affiliated companies as Jardine Matheson sits as the main shareholder, owning more than 50 percent of shares in the two companies.

    While Astra has only three years of experience in the real estate business, Hongkong Land has laid foundations in Indonesia for over 30 years. Currently managing US$32 billion of assets in Asia, it has been operating in Indonesia since the 1970s.

    Under a collaboration with Central Cipta Murdaya, Hongkong Land built the WTC Complex in Sudirman, Jakarta, as its first project. It has also developed two other big projects in Indonesia, namely Nava Park (joint venture with Sinarmas Group’s Bumi Serpong Damai) and Anandamaya Residence (joint venture with the Astra group).

    Financially beneficial

    In its latest research report, Mandiri Sekuritas appraised the joint venture as it will provide security for Modernland in terms of marketing sales and earnings, in light of Hongkong Land’s established track record and experience.

    Furthermore, this action could benefit Modernland as the cash inflow from the transaction could reduce its debt ratio, especially as it was sealed amid the economic slowdown.

    * Bloomberg estimate

    As of the first half of 2016, Modernland had booked Rp 1.1 trillion in revenue, down by 18 percent year-on-year from Rp 1.35 trillion last year, due to fewer projects launched this year. This brought down net income by 88 percent to Rp 26 billion.

    Therefore, the newly formed joint venture with Astra and Hongkong Land in Jakarta Garden City will give better prospects for Modernland. As for Jardine Matheson group, the joint venture will augment its portfolio in the largest property market in Southeast Asia.

  • VW’s Audi steps up collaboration with Chinese tech groups

    VW’s Audi steps up collaboration with Chinese tech groups

    Volkswagen’s luxury car unit Audi has agreed to deepen collaboration with Chinese internet technology groups to offer more digital services in the world’s largest car market.

    Audi and FAW-Volkswagen, VW’s joint venture with FAW Car Co Ltd (000800.SZ), have signed letters of intent with Alibaba (BABA.N), Baidu (BIDU.O) and Tencent (0700.HK), Audi said on Sunday. Financial terms were not disclosed.

    Parent Volkswagen has been hobbled by a scandal over the rigging of emissions tests, distracting it in a race with global carmakers to develop computer-aided services for drivers.

    VW’s CEO told a newspaper on Sunday that it has to remain in control of its relationship with car users, which is why it stopped talks with U.S. ride-hailing service Uber and technology giants Google (GOOGL.O) and Apple (AAPL.O).

    Under the agreement with online search company Baidu, Audi aims to improve the use of smartphone apps in its cars.

    Its projects with social network and online gaming group Tencent include helping drivers to make better use of the WeChat communication app.

    The alliance with Alibaba aims to develop more real-time traffic news services and 3D maps.

    VW in May took a $300 million stake in smaller ride-sharing company Gett.

  • Inflight Sales Group captures Garuda Indonesia concession

    Inflight Sales Group captures Garuda Indonesia concession

    Inflight Sales Group (ISG) has reinforced its position in Asia with the addition of the inflight duty-free and duty-paid concession onboard Garuda Indonesia airline.

    The new programme will be launched April 1 under a partnership with parent company PT Garuda Indonesia (Persero) Tbk.

    Together with the current contract with Citilink, a low-cost subsidiary of the same group, ISG has strengthened its footprint in Indonesia and the agreement continues the growth momentum within ISG, said the inflight concessionaire.

    ISG executive director Vimal Rai said: “Winning a competitive partner selection process is always delightful! ISG now stands ready to deliver an exciting and dynamic inflight retail programme for Garuda. We are confident to take it to the next level, commensurate with Garuda’s five-star status as an airline. We, together with the PT Rodamas Wirasakti team in Indonesia, have had a long history of retail partnership with Garuda already, and after a short break, we are happy to be bringing new insights and innovations to the airline’s inflight retail offering.

    ISG managing director Tony Detter added: “While we are expanding in the European market, we continue to see great potential in the Asian market. With the extensive network that Garuda is flying and its forecasted growth, we foresee that there is an opportunity to further expand ancillary revenues through inflight sales.”

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  • Pranda Group expands in Vietnam and Indonesia

    Pranda Group expands in Vietnam and Indonesia

    Reporting from Pranda Group, the progress of its retail business expansion throughout the year 2015 in Vietnam and Indonesia; the country members of AEC has strengthened PRIMA GOLD brand by creating impressive experience to the target customers such as product perception, marketing activities, brand reinforcement, etc. Particularly in Vietnam, the marketing activities using brand ambassador made the output in Vietnam meet the company’s target. Moreover, Pranda Vietnam Retail recently increased new branches “Lotte Center” and “Vincom Center Nguyen Chi Thanh” in Hanoy to support the needs of consumers as well as extended distribution channels especially in the economic center of Vietnam. Presently, there are 8 branches located in the shopping malls of economic cities covering 5 branches in Ho Chi Minh and 3 branches in Hanoy.

    In 2016, the Company plans to expand one more branch at Saigon Center Department Store in Ho Chi Minh City, as  new Department Style of Viet Nam that the mix between the Plaza and Takashimaya from Japan. Over 57 square mates, Prima Gold sets a goal to make the Flagship store to create brand experiences and support to consumer needs.

    For the retail business in Vietnam where the rate of economic growth is attractive among AEC, Pranda Marketing Indonesia plan to increase channel and to expand its retail business in various brands. Recently, a new branch managed by Central Thailand in cooperation with PT Grand Indonesia was officially opened in Central Grand Indonesia. Pranda Marketing Indonesia aims to push forward PRIMA GOLD and Julia Brand to support consumers’ needs which have increasingly purchasing power. Currently, PRIMA GOLD has 3 branches, Julia 19 branches, and Lovelinks 8 branches. By the year 2016, the Company plan to expand 4 more PRIMA GOLD branches and 20 more Julia branches in order to accommodate a growing customer base and future growth.

    Pranda Group plan to expand in Asian jewelry market for leading to AEC 2016. The company is clearly to aim and extend to the retail network of Asian Economic Community or AEC. That integrates market to be a center of the region. Certainly, it will have a population more than 600 million people in this market. Pranda Group has consider in this market that sufficient to forward product, service, labor and open free market investment in this year. This is a chance to push forward ours brand to be recognized and opportunity to build our retail marketing channel to grow up.

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  • Sussan Group CEO Naomi Milgrom says no more bricks and mortar

    Sussan Group CEO Naomi Milgrom says no more bricks and mortar

    Australian retail needs to reinvent the shopping centre, prepare for more of the world’s biggest retailers setting up here, and bridge the gap between bricks and mortar and the “mindblowing” experience of online, says the boss of Australia’s largest privately held specialty fashion retailer.

    Naomi Milgrom is the owner, chair and chief executive of the Sussan Group, which owns the Sportsgirl, Sussan and Suzanne Grae brands, and is one of Australia’s richest women.

    She said Australian retailers needed swift change as the falling dollar lifts import prices, newly arrived international retailers take market share, and amid gloomy predictions about the future of US shopping centres. With more than 500 stores, Milgrom said she didn’t want to open any more.

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