PT Pembangunan Perumahan (Persero) Tbk, commonly known as PT PP or PTPP, is an Indonesian state-owned enterprise engaged primarily in construction and investment. Its activities include building construction, civil and infrastructure works, engineering, procurement and construction (EPC), specialist construction, and investments in infrastructure, property and energy.

The company was established on 26 August 1953 as NV Pembangunan Perumahan. In 1961, it became a state company, PN Pembangunan Perumahan, under Government Regulation No. 63 of 1961. Its legal form was changed to a state-owned limited liability company, PT Pembangunan Perumahan (Persero), under Government Regulation No. 39 of 1971. The company subsequently became publicly listed on the Indonesia STOCK Exchange on 9 February 2010, trading under the ticker symbol PTPP.

Establishment

PT PP was established on 26 August 1953 under the name NV Pembangunan Perumahan by Notarial Deed No. 48. The company was initially associated with a construction company formerly owned by Bank Industri Negara.

During its early years, the company was entrusted with constructing housing for employees of PT Semen Gresik in Gresik, East Java. It subsequently received contracts for several major projects associated with Japanese war reparations to Indonesia, including Hotel Indonesia, Bali Beach Hotel, Ambarukmo Palace Hotel and Samudera Beach Hotel.

State company

In 1961, NV Pembangunan Perumahan was incorporated into the state-owned enterprise PN Pembangunan Perumahan pursuant to Government Regulation No. 63 of 1961. The company subsequently undertook major public construction projects as part of Indonesia's post-independence development programme.

In 1962, PN Pembangunan Perumahan completed Hotel Indonesia in Jakarta. The 14-storey building contained 427 rooms and was described by the company as the tallest building in Indonesia at the time.

Transformation into a Persero

Government Regulation No. 39 of 1971 provided for the conversion of PN Pembangunan Perumahan into a state-owned limited liability company (Persero). The company's establishment as PT Pembangunan Perumahan (Persero) was subsequently formalised through Notarial Deed No. 78 of 15 March 1973 and an amendment dated 21 March 1974.

For much of the following period, construction remained the company's principal business. In 1991, PT PP began diversifying into property and real estate, including office-space rental and real-estate development in Cibubur. It also established affiliated companies with Indonesian and foreign partners.

Employee ownership and public listing

In 2004, PT PP implemented an Employee Management Buy Out (EMBO) programme under which shares formerly held by the Republic of Indonesia were transferred for employee and management ownership. Following the transaction, the government held 51% of the company's shares while the employee and management cooperative held 49%.

In preparation for its transformation into a publicly traded company, the government approved changes to the state shareholding structure through Government Regulation No. 76 of 2009. PT PP subsequently conducted its initial public offering, and its shares began trading on the Indonesia Stock Exchange on 9 February 2010 under the ticker symbol PTPP.

Diversification

Following its listing, PT PP expanded its activities beyond traditional building construction. The company's business portfolio came to include EPC, infrastructure, property, energy and other investment activities.

Operations

PT PP's construction activities include building construction, civil and infrastructure works, EPC, specialist construction, plants and equipment. Its investment activities include infrastructure, property and energy.

The company has participated in the construction of major infrastructure and public facilities in Indonesia. In the 2020s, its projects included dams, hospitals, ports, toll roads and projects associated with the development of Indonesia's new capital, Nusantara.

Ownership

PT PP is majority-owned by the Government of Indonesia. According to the company's current corporate profile, the government holds 51% of the company's shares, while the remaining 49% is publicly held.

Projects

PT PP has undertaken construction and infrastructure projects in Indonesia and internationally.

Toll roads

Trans-Java Toll Road — construction and/or associated infrastructure works on sections of the toll-road network in Java. Jakarta–Cikampek Toll Road — construction and infrastructure works associated with the Jakarta–Cikampek corridor.

Buildings and places

Hotel Indonesia, Jakarta — construction completed in 1962 as one of Indonesia's major early post-independence hotel projects. Bali Beach Hotel, Bali — construction as part of Indonesia's early major tourism-development projects. Ambarukmo Palace Hotel, Yogyakarta — construction as part of the company's early hotel projects. Samudera Beach Hotel, Sukabumi, West Java — construction as part of the company's early hotel projects.

Philippines

North–South Commuter Railway Extension (NSCR-EX) — PT PP participated in the construction of railway infrastructure in the Philippines. Its projects include:

    • Blumentritt — NSCR-EX railway works in Manila.
    • Sucat–Alabang — NSCR-EX railway works serving Muntinlupa, Metro Manila, including the Sucat–Alabang section.

The NSCR-EX is a Philippine government railway project intended to expand the country's commuter-rail network and improve connectivity between Metro Manila and surrounding areas.

See also

  • State-owned enterprises of Indonesia
  • Indonesia Stock Exchange
  • Hotel Indonesia