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Jakarta, 23 Juli 2026
Nomor : 338/ADCP-VII/2026
Lampiran :-
Kepada Yth.
Direktorat Penilaian Perusahaan Sektor Riil
PT Bursa Efek Indonesia
Gedung Bursa Efek Indonesia
Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190
di Tempat
Perihal : Subject:
Tanggapan atas Permintaan Penjelasan No.: S- Response to Request for Clarification No. S-
08361/BEI.PP3/07-2026 (FORM A dan C) 08361/BEI.PP3/07-2026 (FORM A and C)
Dengan Hormat, Dear Sir/Madam,
Menindaklanjuti Surat Bursa Efek Indonesia (BEI) Further to the Indonesia Stock Exchange ("IDX")
Nomor S-08361/BEI.PP3/07-2026 perihal Letter No. S-08361/BEI.PP3/07-2026 regarding
Permintaan Penjelasan tanggal 15 Juli 2026, Request for Clarification dated 15 July 2026,
bersama ini PT Adhi Commuter Properti Tbk hereby PT Adhi Commuter Properti Tbk (the
(“Perseroan”) menyampaikan tanggapan atas "Company") submits its responses as follows:
permintaan penjelasan dari BEI:
A. Kondisi Operasional Perseroan A. Company’s Operational Condition
Agar Perseroan menyampaikan penjelasan lebih The Company is requested to provide further
lanjut atas hal-hal sebagai berikut: explanations on the following matters:
1. Kondisi operasional terkini Perseroan, 1. The Company's current operational
termasuk jika terdapat hal-hal yang secara condition, including any matters that have
signifikan mempengaruhi atau berpotensi significantly affected or may potentially
mempengaruhi operasional dan kinerja affect the Company's operations and
Perseroan. performance.
Tanggapan: Response:
Kondisi operasional Perseroan saat ini berjalan The Company’s current operations are
normal, namun tetap terpengaruh oleh kondisi proceeding normally, but they continue to be
serapan pasar yang belum optimal sejalan dengan affected by suboptimal market demand, in line
kondisi pasar properti dan ekonomi makro yang with property market conditions and a
belum sepenuhnya kondusif, sehingga berdampak macroeconomic environment that is not yet fully
pada tingkat penerimaan kas Perseroan. Kondisi conducive, which has impacted the Company’s
tersebut turut mempengaruhi kemampuan cash inflows. These conditions have also affected
pendanaan untuk kegiatan operasional, termasuk the Company’s ability to secure funding for
penyelesaian proyek-proyek yang sedang berjalan. operational activities, including the completion
of ongoing projects
Meskipun demikian belum terdapat kondisi yang Nevertheless, there are currently no significant
bersifat signifikan dan material yang berpotensi or material conditions that are expected to
mengganggu keberlangsungan operasional adversely affect the overall continuity of the
Perseroan secara keseluruhan. Company's operations.
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2. Fokus strategi usaha yang saat ini sedang 2. The Company's current business strategy
dilakukan Perseroan dan perkiraan and its estimated direct and indirect impact
dampaknya baik secara langsung maupun on the Company's operations and financial
tidak langsung terhadap operasional dan performance.
kinerja keuangan Perseroan.
Tanggapan: Response:
Fokus strategi usaha Perseroan saat ini adalah The Company’s current business strategy
mempercepat arus kas masuk (cash in) guna focuses on accelerating cash inflows to
memperkuat likuiditas, sekaligus menerapkan strengthen liquidity, while simultaneously
efisiensi terhadap arus kas keluar (cash out) agar optimizing cash outflows to ensure more
penggunaan dana menjadi lebih optimal. efficient use of funds. The Company is also
Perseroan juga sedang melakukan restrukturisasi restructuring or reprofiling its financial
atau reprofiling kewajiban keuangan kepada para obligations to creditors.
kreditur. This strategy is being implemented through the
Implementasi strategi ini dilakukan melalui targeted optimization of resource allocation—
optimalisasi alokasi sumber daya, baik tenaga including labor, materials, and funding—to
kerja, material, maupun pendanaan, secara ensure the smooth progress and successful
terarah untuk menjaga kelancaran dan completion of projects. On the financial side, the
pencapaian target penyelesaian proyek. Di sisi Company is also maximizing sales of ready-stock
keuangan, Perseroan juga mengoptimalkan units to accelerate cash receipts, thereby
penjualan unit ready stock sebagai upaya supporting liquidity needs and operational
mempercepat penerimaan kas sehingga dapat financing.
mendukung kebutuhan likuiditas dan
pembiayaan operasional.
Selain memberikan dampak langsung terhadap In addition to having a direct impact on the
operasional dan kondisi keuangan Perseroan, Company's operations and financial condition,
strategi tersebut juga diharapkan memberikan this strategy is also expected to provide long-
manfaat jangka panjang, antara lain term benefits, including increased consumer
meningkatkan kepercayaan konsumen serta confidence and a stronger reputation for the
memperkuat reputasi Perseroan di mata para Company among its stakeholders. Furthermore,
pemangku kepentingan. Di samping itu, the increase in cash flow from operating
peningkatan arus kas dari kegiatan operasional activities is expected to reduce the Company's
diharapkan dapat mengurangi ketergantungan dependence on external financing, thereby
Perseroan pada pendanaan eksternal, sehingga gradually supporting the improvement of its
secara bertahap mendukung perbaikan struktur capital structure and strengthening the
permodalan dan memperkuat keberlanjutan sustainability of its business.
usaha.
3. Strategi pengembangan ke depan yang akan 3. The Company's future development strategy
dilakukan Perseroan dan hal-hal yang dapat and the factors that may affect its
mempengaruhinya. implementation.
Tanggapan: Response:
Strategi pengembangan Perseroan ke depan The Company's future development strategy is
difokuskan pada beberapa hal utama, yaitu: focused on several key areas, namely:
● Optimalisasi Penjualan Produk Ready ● Optimization of Ready Stock Product
Stock Sales
Perseroan akan memprioritaskan strategi The Company will prioritize marketing
pemasaran dan penjualan pada unit-unit and sales strategies for available ready-
ready stock yang telah tersedia, stock units, considering that these
mengingat produk tersebut dinilai lebih products are more easily absorbed by
mudah diserap pasar karena dapat the market since they can be
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langsung dihuni atau digunakan oleh immediately occupied or used by
konsumen tanpa harus menunggu proses consumers without having to wait for
pembangunan. Strategi ini juga bertujuan the construction process. This strategy
untuk mempercepat perolehan arus kas also aims to accelerate the collection of
dari hasil penjualan, sehingga dapat cash flow from sales proceeds, thereby
mendukung kelancaran kegiatan supporting the overall smoothness of
operasional Perseroan secara the Company's operational activities.
keseluruhan.
● Potensi Akta Jual Beli (AJB) ● Potential Sale and Purchase Deed (AJB)
Perseroan memprioritaskan penyelesaian Execution
AJB dari Bank setelah terlaksananya The Company is prioritizing the
penandatanganan AJB. Hal tersebut dapat completion of the Sale and Purchase
mendukung penerimaan Perseroan untuk Deed (AJB) process with the Bank
penyelesaian proyek ke depan. following the execution of the AJB. This
is expected to support the Company's
cash inflows and facilitate the
completion of its ongoing and future
projects.
● Penyelesaian Proyek Berjalan secara ● Selective Completion of Ongoing
selektif Projects
The Company will continue to
Perseroan akan berupaya untuk selectively complete its ongoing
menyelesaikan proyek-proyek yang saat projects. The completion of these
ini sedang berjalan secara selektif. projects is expected to serve as a
Penyelesaian proyek ini juga menjadi foundation for sustaining the
landasan bagi keberlanjutan kinerja Company's performance over the short
Perseroan dalam jangka pendek hingga to medium term, while also maintaining
menengah, serta diharapkan dapat customer confidence.
menjaga kepercayaan konsumen.
● Prioritas Pengembangan Proyek dengan ● Prioritizing Projects with High Cash-In
Potensi Cash In Tinggi dan Cost to Potential and Low Cost to Complete
Complete yang rendah The Company’s future development
Strategi pengembangan Perseroan ke strategy will focus on prioritizing the
depan akan difokuskan pada prioritas completion of projects that have the
penyelesaian proyek-proyek yang potential to generate cash inflows in the
memiliki potensi menghasilkan arus kas short term with relatively low costs to
masuk (cash in) dalam jangka pendek complete. This strategy is expected to
dengan kebutuhan biaya penyelesaian accelerate asset monetization, improve
(cost to complete) yang relatif kecil. the efficiency of fund utilization, and
Strategi ini diharapkan dapat optimize the allocation of resources to
mempercepat monetisasi aset, projects that directly contribute to the
meningkatkan efisiensi penggunaan dana, Company’s liquidity. Consequently, the
serta mengoptimalkan alokasi sumber Company can strengthen its financial
daya pada proyek yang memberikan position and ensure operational
kontribusi langsung terhadap likuiditas sustainability.
Perseroan. Dengan demikian, Perseroan
dapat memperkuat kondisi keuangan dan
menjaga keberlanjutan operasional.
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● Bekerja sama dengan Mitra Strategis ● Collaborating with Strategic Partners
Perseroan akan bekerja sama dengan The Company will collaborate with
mitra strategis, baik dari sisi pendanaan strategic partners—whether in terms of
proyek atau pekerjaan konstruksi, guna project financing or construction work—
menyelesaikan proyek-proyek yang saat to complete ongoing projects, thereby
ini sedang berjalan, sehingga dapat enabling the handover of properties to
merealisasikan serah terima kepada customers, generating revenue for the
konsumen, merealisasikan pendapatan Company, and adding value to the
bagi Perseroan dan akan memberikan nilai property area.
tambah bagi kawasan properti.
Beberapa faktor yang berpotensi mempengaruhi Several factors that may potentially affect the
pelaksanaan strategi di atas, antara lain: implementation of the above strategy :
● Kondisi ekonomi makro, mendorong suku ● Macroeconomic conditions are driving
bunga (KPR dan KPA) agar lebih rendah interest rates (for mortgages and
sehingga mampu mendukung daya beli personal loans) lower, thereby
segmen menengah yang membutuhkan supporting the purchasing power of the
unit hunian yang mengandalkan cara middle-income segment, which relies on
bayar KPR/KPA. mortgages and personal loans to
finance housing purchases.
● Kondisi Pasar Properti Nasional, termasuk ● National Property Market Conditions,
tingkat persaingan usaha, tren preferensi including the level of business
konsumen, serta perkembangan sektor competition, trends in consumer
properti secara umum. preferences, and general developments
in the property sector.
● Kelanjutan kebijakan Pemerintah ● Government Policies and Regulations,
khususnya terkait perpajakan properti, including policies related to property
subsidi perumahan, insentif Pajak taxation, housing subsidies,
Pertambahan Nilai Ditanggung Government-Borne Value Added Tax
Pemerintah (PPN DTP), maupun (PPN DTP) incentives, and banking
ketentuan perbankan terkait kredit regulations concerning property
pemilikan properti. ownership loans.
● Ketersediaan dukungan pendanaan dalam ● The availability of financial support to
mendukung penyelesaian proyek tepat ensure the project is completed on time.
waktu. Mengingat kondisi global dan Given current global conditions and
kenaikan kurs yang terjadi saat ini, exchange rate fluctuations, negotiations
sehingga proses negosiasi dengan with contractors are currently heavily
kontraktor saat ini sangat dipengaruhi influenced by fluctuating construction
oleh harga-harga material konstruksi yang material prices.
fluktuatif.
4. Kendala yang dihadapi Perseroan dalam 4. The challenges faced by the Company in
merealisasikan strategi Perseroan yang telah implementing its previously planned
direncanakan sebelumnya serta upaya yang strategies, as well as the measures that
telah, sedang dan akan dilakukan Perseroan have been, are being, and will be
untuk mengatasinya. undertaken to address such challenges.
Tanggapan: Response :
Kendala yang Dihadapi Perseroan Challenges Faced by the Company
Dalam merealisasikan strategi usaha yang telah In implementing its previously established
direncanakan, Perseroan menghadapi sejumlah business strategies, the Company has
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kendala, baik yang berasal dari faktor eksternal encountered a number of challenges arising
maupun internal, antara lain sebagai berikut: from both external and internal factors,
including the following:
1. Kondisi Pasar Properti yang Belum Optimal 1. Suboptimal Conditions in the Real Estate
Pasar properti nasional masih dipengaruhi Market
oleh tingginya suku bunga, daya beli The national real estate market
masyarakat, serta sentimen investor continues to be affected by high interest
properti yang masih belum pulih. Kondisi rates, weak consumer purchasing
tersebut berdampak pada tingkat serapan power, and real estate investor
penjualan Perseroan yang belum sesuai sentiment that has yet to recover. These
ekspektasi. conditions have resulted in the
Company’s sales absorption rate falling
short of expectations.
2. Tantangan Pembiayaan Konsumen 2. Challenges in Customer Financing
Persetujuan fasilitas Kredit Pemilikan Approval for Apartment Purchase Loans
Apartemen (KPA) semakin selektif akibat (KPA) has become increasingly selective
tingginya rasio Debt Burden Ratio (DBR), due to high Debt Burden Ratios (DBR),
riwayat kredit calon konsumen, serta prospective customers’ credit histories,
ketatnya kebijakan perbankan, sehingga and strict banking policies, which have
mempengaruhi tingkat konversi penjualan impacted the conversion rate of sales
menjadi kas. into cash.
3. Keterbatasan Likuiditas Perseroan 3. Limited Liquidity
Rendahnya penerimaan dari penjualan, di Lower cash inflows from property sales,
tengah kewajiban keuangan yang cukup combined with the Company's
besar, menyebabkan ruang likuiditas significant financial obligations, have
Perseroan menjadi terbatas dan constrained its liquidity and affected its
berdampak pada kemampuan pendanaan ability to finance project completion.
proyek.
4. Pendanaan Penyelesaian Proyek 4. Project Completion Financing
Sebagian proyek masih berada dalam Some projects are still in the
tahap pembangunan, sementara construction phase, while construction
kebutuhan pendanaan konstruksi financing requirements call for a more
memerlukan skema yang lebih fleksibel flexible arrangement that balances the
antara kebutuhan kontraktor dengan contractors’ needs with the Company’s
rencana arus kas Perseroan. cash flow plans.
5. Peningkatan Biaya Konstruksi 5. Increase in Construction Costs Rising
Kenaikan harga material, peralatan prices for materials and construction
konstruksi, biaya logistik, serta pelemahan equipment, higher logistics costs, and
nilai tukar Rupiah terhadap Dolar Amerika the weakening of the rupiah against the
Serikat meningkatkan biaya U.S. dollar have increased the
pembangunan proyek Perseroan. Company’s project construction costs.
6. Reputasi dan Kepercayaan Pasar 6. Market Reputation and Trust
Penyesuaian jadwal penyelesaian Adjustments to the completion
sejumlah proyek turut mempengaruhi schedules of a number of projects have
tingkat kepercayaan konsumen dan also affected consumer confidence and
dukungan fasilitas perbankan terhadap the banking sector’s support for the
Perseroan. Company.
7. Dampak terhadap Operasional Proyek 7. Impact on Project Operations Funding
Keterbatasan pendanaan mempengaruhi constraints have affected the
tahapan penyelesaian konstruksi, construction completion phases, causing
sehingga Perseroan lebih selektif dalam the Company to be more selective in
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menentukan penyelesaian proyek sesuai determining project completion
dengan kemampuan arus kas Perseroan. timelines in accordance with its cash
flow capacity.
Upaya yang Telah, Sedang, dan Akan Dilakukan Measures the Company Has Taken, Is Currently
Perseroan. Taking, and Will Take
Untuk mengatasi kendala tersebut, Perseroan To address the above challenges, the Company
telah, sedang, dan akan terus melakukan berbagai has implemented and continues to pursue the
langkah strategis, antara lain: following strategic initiatives:
1. Melakukan penyesuaian strategi 1. Regularly reviewing and adjusting its
pemasaran, termasuk optimalisasi marketing strategy, including
penjualan unit ready stock, optimizing ready-stock sales, improving
penyempurnaan skema pembayaran, payment schemes, and introducing
serta program promosi yang lebih adaptif more adaptive promotional programs.
terhadap kondisi pasar.
2. Menerapkan pengelolaan arus kas secara 2. Implementing disciplined cash flow
disiplin dan efisiensi biaya operasional management and operational cost
dengan memprioritaskan pendanaan bagi efficiencies, while prioritizing funding for
proyek-proyek selektif. the completion of priority projects.
3. Memperkuat koordinasi dengan 3. Strengthen coordination with
kontraktor dan mitra kerja guna menjaga contractors and business partners to
kelangsungan pembangunan, serta ensure the continuity of construction,
menyesuaikan skema pelaksanaan proyek and adjust the project implementation
dengan kondisi pendanaan Perseroan. plan to align with the Company’s
funding conditions.
4. Menjajaki kerja sama dengan mitra 4. Explore partnerships with strategic
strategis, termasuk melalui skema turnkey partners, including through turnkey
dan bentuk kerja sama lainnya, untuk arrangements and other forms of
mendukung percepatan penyelesaian collaboration, to support the
proyek. accelerated completion of projects.
5. Melakukan optimalisasi aset lahan, serta 5. Optimize land assets and collaborate
kerja sama pemanfaatan lahan dengan with experienced investors on land
investor yang memiliki pengalaman. utilization.
6. Memperkuat hubungan dengan lembaga 6. Strengthening relationships with
perbankan melalui penyelesaian banking partners through the gradual
kewajiban secara bertahap dan settlement of obligations and improving
peningkatan profil kredit Perseroan guna the Company's credit profile to support
mendukung akses pembiayaan di masa future financing opportunities.
mendatang.
7. Mengoptimalkan pemanfaatan kebijakan 7. Optimizing the utilization of government
pemerintah yang mendukung sektor incentives for the property sector,
properti, termasuk insentif PPN including the Government-Borne Value
Ditanggung Pemerintah (PPN DTP), guna Added Tax (VAT DTP) incentive, to
meningkatkan daya tarik produk enhance product attractiveness and
Perseroan dan mempercepat penjualan. support sales growth.
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5. Rencana Perseroan untuk 5. The Company's plan to develop new
mengembangkan kegiatan usaha baru business activities (if any), including the
(jika ada), termasuk dampaknya expected impact on the Company's
terhadap kinerja Perseroan ke depan. future performance.
Response:
Tanggapan: At this time, the Company has no plans to
Saat ini, Perseroan belum memiliki rencana expand into new business activities outside
untuk mengembangkan kegiatan usaha its core business. However, in order to
baru di luar kegiatan usaha utamanya. improve cash flow, the Company will
Walau demikian, dalam rangka optimize its commercial business portfolio
meningkatkan arus kas, Perseroan akan through partnerships for the utilization of
mengoptimalkan portofolio bisnis assets, including land and commercial areas
komersial, melalui kerja sama pemanfaatan that have the potential to generate added
aset, termasuk lahan dan area komersial value.
yang memiliki potensi untuk menciptakan
nilai tambah. This initiative is aimed at generating
Inisiatif tersebut diarahkan untuk recurring income over the short to medium
menghasilkan pendapatan berulang term while optimizing the productivity of
(recurring income) dalam jangka pendek underutilized assets. The Company believes
hingga menengah, sekaligus that this strategy will contribute positively to
mengoptimalkan produktivitas aset yang strengthening its cash flow, diversifying its
belum dimanfaatkan secara optimal. revenue streams, and supporting the
Perseroan meyakini bahwa strategi ini akan Company's business continuity and overall
memberikan kontribusi positif terhadap recovery.
penguatan arus kas, diversifikasi sumber
pendapatan, serta mendukung
keberlangsungan usaha dan pemulihan
kinerja Perseroan.
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C. Kondisi Keuangan dan Penyajian Laporan C. Financial Condition and Presentation of the
Keuangan Financial Statements
1. Sehubungan dengan informasi target 1. With reference to the project completion
penyelesaian proyek Perseroan pada Laporan targets disclosed in the Company's Annual
Keuangan Tahunan (LKT) berikut, agar Financial Statements (AFS), please provide
dijelaskan: the following explanation:
a. Latar belakang adanya perubahan estimasi a. The background for the changes in the
penyelesaian dari masing-masing 12 proyek estimated completion schedule of each of
Perseroan dengan melengkapi tabel the Company's 12 projects by completing
berikut: the following table:
Estimasi Waktu Penyelesaian/ Latar Belakang Penyesuaian Estimasi
Estimated Completion Timeline Waktu Penyelesaian/ Background for
No. Proyek/Project the Revision of the Estimated
LKT/AFS LKT/AFS LKT/AFS
Completion Timeline
2023 2024 2025
Penyesuaian timeline penyelesaian sesuai
kondisi lapangan.
1 Adhi City Sentul 2023 2024 2034
The project completion timeline has been
revised to reflect the actual conditions
and progress at the project site.
Kondisi serapan pasar dan persiapan
infrastruktur menuju lokasi lahan yang
memerlukan waktu lebih.
2 Adhi City Sentul 2 2025 2025 2045 The project completion timeline was
adjusted due to market absorption
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
Kondisi serapan pasar dan persiapan
infrastruktur menuju lokasi lahan yang
memerlukan waktu lebih.
3 Cisauk Point 2023 2024 2035 The project completion timeline was
adjusted due to market absorption
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
Kondisi serapan pasar dan persiapan
infrastruktur menuju lokasi lahan yang
memerlukan waktu lebih.
LRT City Bekasi -
4 2023 2024 2030 The project completion timeline was
Eastern Green
adjusted due to market absorption
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
Kondisi serapan pasar dan persiapan
LRT City Bekasi - infrastruktur menuju lokasi lahan yang
5 2025 2025 2045
Green Avenue memerlukan waktu lebih.
Page 9
The project completion timeline was
adjusted due to market absorption
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
Kondisi serapan pasar dan persiapan
infrastruktur menuju lokasi lahan yang
memerlukan waktu lebih.
6 LRT City Cibubur 2026 2026 2029 The project completion timeline was
adjusted due to market absorption
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
Kondisi serapan pasar dan persiapan
infrastruktur menuju lokasi lahan yang
memerlukan waktu lebih.
LRT City Ciracas
7 2024 2024 2033 The project completion timeline was
(JO ACP - UJP)
adjusted due to market absorption
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
Penyesuaian timeline penyelesaian
sesuai kondisi lapangan.
LRT City Jatibening
8 2024 2024 2026
(JO ACP - UJP) The project completion timeline has been
revised to reflect the actual conditions
and progress at the project site
Penyesuaian timeline penyelesaian sesuai
kondisi lapangan.
9 LRT City Sentul 2023 2024 2027
The project completion timeline has been
revised to reflect the actual conditions
and progress at the project site
Penyesuaian timeline penyelesaian sesuai
kondisi lapangan.
10 LRT City Tebet 2024 2024 2033
The project completion timeline has been
revised to reflect the actual conditions
and progress at the project site
Kondisi serapan pasar dan persiapan
infrastruktur menuju lokasi lahan yang
memerlukan waktu lebih.
11 Oase Park 2025 2025 2034 The project completion timeline was
adjusted due to market absorption
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
Kondisi serapan pasar dan persiapan
infrastruktur menuju lokasi lahan yang
PT Mega Graha memerlukan waktu lebih.
12 2025 2025 2026
Citra Perkasa
The project completion timeline was
adjusted due to market absorption
Page 10
conditions and the need for additional
time to prepare the supporting
infrastructure leading to the project site.
b. Apakah perubahan estimasi waktu b. Whether the changes in the estimated
penyelesaian proyek tersebut telah project completion timelines have been
dikomunikasikan kepada pembeli communicated to the property buyers.
properti.
Tanggapan: Response :
Perubahan estimasi waktu penyelesaian proyek The revised project completion schedule has
dikomunikasikan kepada pembeli properti, been communicated to property purchasers
melalui Customer Relation Management masing- through the Company's Customer Relationship
masing Proyek. Management (CRM) in each projects.
c. Apakah terdapat konsekuensi hukum c. Whether there are any legal and financial
dan finansial terhadap Perseroan yang consequences for the Company arising
diakibatkan oleh perubahan estimasi from the changes in the estimated project
penyelesaian proyek tersebut. completion timelines.
Tanggapan: Response :
Konsekuensi hukum yang dapat dihadapi From a legal perspective, one potential
Perusahaan adalah pengenaan denda atas consequence is the imposition of penalties for
keterlambatan pemenuhan jadwal serah terima delays in the handover of units to customers, in
ke Konsumen, sesuai dengan ketentuan yang accordance with the terms and conditions
telah disepakati dalam PPJB. Implikasi lainnya stipulated in the Sale and Purchase Binding
yang menjadi potensi risiko hukum adalah Agreement (PPJB). In addition, the Company
munculnya potensi somasi, hingga pengajuan may face legal risks in the form of demand
wanprestasi yang diselesaikan dalam pengadilan letters (somasi) and claims for breach of contract
akibat munculnya tuntutan oleh konsumen (wanprestasi) initiated by customers through
terhadap Perseroan. judicial proceedings.
Sedangkan untuk risiko finansial, munculnya From a financial perspective, the Company is
potensi konsumen yang meminta pengembalian exposed to the risk of refund requests, as well as
dana (refund) serta buyback bilamana konsumen buyback in cases where customers are unable to
tersebut mengalami gagal bayar ke Bank. Hingga fulfill their mortgage financing obligations with
saat ini, perseroan telah melakukan mitigasi ke banks. To mitigate these risks, the Company has
konsumen dengan cara: undertaken the following measures:
● Melakukan adendum PPJB atas perpanjangan ● Executing amendments (addenda) to the
waktu serah terima unit dengan Sale and Purchase Binding Agreements
menyesuaikan waktu penyelesaian proyek (PPJB) to extend the unit handover schedule
sebagaimana dengan jadwal yang in line with the revised project completion
disampaikan di atas. timeline.
● Menawarkan ke konsumen untuk melakukan ● Offering customers the option to transfer to
perpindahan unit ke proyek yang telah units in projects that have already been
selesai. completed.
● Mengajukan negosiasi pembayaran ● Negotiating buyback and refund settlements
buyback/refund dengan periode pembayaran with customers through mutually agreed
bertahap. installment payment arrangements.
2. Sehubungan dengan informasi realisasi 2. With reference to the information on the
penyelesaian proyek Perseroan Laporan actual progress of the Company's project
Keuangan Tahunan (LKT) berikut, agar completion as disclosed in the Annual
dijelaskan:
Page 11
Financial Statements (AFS), please provide
explanations on the following:
Realisasi Penyelesaian/ Project Completion Progress
No Proyek/ Projects LKT/ AFS LKT/ AFS LKT/ AFS LKT / AFS
2025 2024 2023 2022
1 Adhi City Sentul 87% 87% 81% 36%
2 Adhi City Sentul 2 0% 0% 0% 0%
3 Cisauk Point 60% 60% 96% 38%
4 LRT City Bekasi Eastern Green 100% 100% 100% 8%
5 LRT City Bekasi Timur Green Avenue 23% 23% 23% 23%
6 LRT City Cibubur 26% 26% 26% 0%
7 LRT City Ciracas (JO ACP - UJP) 70% 70% 39% 27%
8 LRT City Jatibening (JO ACP - UJP) 98% 98% 90% 77%
9 LRT City Sentul 97% 97% 91% 88%
10 LRT City Tebet 62% 62% 37% 8%
11 Oase Park 8% 8% 8% 0%
12 PT Mega Graha Citra Perkasa 50% 50% 30% 42%
a. Latar belakang tidak ada peningkatan a. The background for the lack of progress in
realisasi penyelesaian atas seluruh proyek the completion of all of the Company's
properti Perseroan sejak tahun 2024 property projects from 2024 to 2025.
hingga tahun 2025.
Tanggapan: Response :
Tidak adanya peningkatan realisasi penyelesaian The absence of any significant increase in the
atas seluruh proyek properti Perseroan sejak actual completion progress of the Company's
tahun 2024 hingga tahun 2025 terutama property projects from 2024 to 2025 was
disebabkan oleh beberapa faktor sebagai berikut: primarily attributable to the following factors:
● Keterbatasan Kondisi Kas Perseroan ● Cash Flow Constraints
Kondisi arus kas Perseroan yang belum The Company's cash flow has not yet
sepenuhnya optimal, sebagai dampak dari reached an optimal level due to
serapan penjualan yang belum sesuai marketing sales that have fallen short of
dengan target rencana, menyebabkan the planned targets. The Company has
Perseroan belum dapat memenuhi seluruh been unable to fully meet the funding
kebutuhan pendanaan untuk penyelesaian requirements to complete all projects
proyek-proyek secara bersamaan. simultaneously. These liquidity
Keterbatasan likuiditas ini berdampak constraints have directly affected the
langsung pada kecepatan dan ritme pace and progress of construction
penyelesaian pembangunan di lapangan. activities across project sites.
● Penyesuaian Strategi Prioritas Proyek ● Adjustment of Project Prioritization
Strategy
Sehubungan dengan keterbatasan kondisi In response to these cash flow
kas tersebut, Perseroan melakukan constraints, the Company has adjusted
penyesuaian strategi dengan its project execution strategy by
memprioritaskan penyelesaian proyek prioritizing the completion of selected
tertentu yang dinilai lebih mendesak dan projects that are considered more
strategis, baik dari sisi komitmen kepada urgent and strategically important,
konsumen maupun potensi percepatan taking into account both the Company's
arus kas masuk.
Page 12
commitments to customers and the
potential to accelerate cash inflows.
b. Latar belakang tidak terdapat progres b. The background for the absence of
pembangunan LRT City Bekasi Timur Green construction progress on LRT City Bekasi
Avenue sejak tahun 2022 hingga tahun Timur Green Avenue from 2022 to 2025.
2025.
Tanggapan: Response:
Tidak terdapatnya progres pembangunan pada The absence of construction progress on the LRT
proyek LRT City Bekasi Timur Green Avenue sejak City Bekasi Timur Green Avenue project from
tahun 2022 hingga tahun 2025 disebabkan oleh 2022 to 2025 was primarily due to suboptimal
serapan pasar yang belum optimal sehingga market absorption, which prevented the
Perseroan belum memperoleh dasar pendanaan Company from generating sufficient funding to
memadai untuk melanjutkan pembangunan continue the project's development as originally
sesuai rencana. planned.
c. Latar belakang tidak terdapat progres c. The background for the absence of
pembangunan LRT Cibubur sejak tahun construction progress on LRT Cibubur
2023 hingga tahun 2025. from 2023 to 2025.
Tanggapan: Response :
Serapan pasar yang belum optimal, sehingga arus Suboptimal market absorption has resulted in
kas masuk yang diterima Perseroan dari hasil cash inflows from property sales that are not yet
penjualan belum mencukupi untuk mendanai sufficient to independently finance the
pengembangan proyek tersebut secara mandiri. development of the project. In light of these
Sehubungan dengan kondisi tersebut, Perseroan circumstances, the Company intends to
memerlukan skema kerja sama dengan kontraktor implement a turnkey contractor scheme as an
turnkey sebagai alternatif strategi pembangunan, alternative development strategy, under which
di mana kontraktor akan bertanggung jawab atas the contractor will be responsible for the
pelaksanaan pembangunan proyek dengan skema execution of the project based on an agreed
pendanaan tertentu, sehingga dapat mengurangi financing arrangement. This approach is
ketergantungan Perseroan terhadap pendanaan expected to reduce the Company's reliance on
internal semata. Saat ini, Perseroan masih dalam internal funding sources. The Company is
proses pencarian dan seleksi kontraktor turnkey currently in the process of identifying and
yang sesuai, dan akan terus melakukan evaluasi selecting a suitable turnkey contractor and will
guna mempercepat realisasi pembangunan continue to evaluate potential partners to
proyek LRT City Cibubur ke depan. accelerate the development of the LRT City
Cibubur project.
d. Latar belakang tidak terdapat progres d. The background for the absence of
pembangunan Oase Park sejak tahun 2023 construction progress on Oase Park from
hingga tahun 2025. 2023 to 2025.
Tanggapan: Response :
Serapan pasar yang belum optimal, sehingga Suboptimal market absorption has limited the
Perseroan belum memperoleh dasar pendanaan Company's ability to generate sufficient funding
memadai untuk melanjutkan pembangunan to continue the project's development as
sesuai rencana. originally planned.
e. Latar belakang tidak dilakukannya serah e. The background for the delay in the
terima proyek LRT City Bekasi Eastern handover of the LRT City Bekasi Eastern
Green meskipun telah penyelesaiannya Green project despite the project having
telah 100% sejak tahun 2023. reached 100% completion since 2023.
Page 13
Tanggapan: Response:
Belum dilakukannya serah terima atas proyek LRT The handover of units for the LRT City Bekasi
City Bekasi Eastern Green, meskipun progres Eastern Green project has not yet been carried
pembangunan telah mencapai penyelesaian 100% out, despite the project having reached 100%
sejak tahun 2023, disebabkan oleh proses physical completion since 2023, due to the
pemecahan sertifikat induk menjadi sertifikat- ongoing process of subdividing the master land
sertifikat unit yang belum selesai dilaksanakan certificate into individual unit certificates. The
oleh Perseroan. Pemecahan sertifikat tersebut subdivision of the master certificate is a legal
merupakan salah satu persyaratan administratif and administrative prerequisite that must be
dan legalitas yang menjadi dasar bagi Perseroan completed before the Company can proceed
untuk dapat melakukan serah terima unit kepada with the handover of the units to the respective
masing-masing konsumen. purchasers.
f. Kendala yang dihadapi Perseroan dalam f. The challenges encountered by the
proses serah terima proyek LRT City Bekasi Company in the handover process of the
Eastern Green. LRT City Bekasi Eastern Green project.
Tanggapan: Response:
Proses serah terima proyek LRT City Bekasi The handover process for the LRT City Bekasi
Eastern Green berjalan secara bertahap per Eastern Green project is being carried out in
tower. Untuk Tower Primrose, serah terima phases on a tower-by-tower basis. For Primrose
kepada konsumen telah dilaksanakan secara Tower, unit handovers to customers have been
bertahap. Sementara Tower Clove belum dapat conducted progressively. Meanwhile, the
diserahterimakan seluruhnya karena handover of units in Clove Tower has not yet
keterbatasan likuiditas Perseroan. been fully completed due to the Company's
liquidity constraints.
g. Latar belakang terdapat penurunan g. The background for the decline in the
realisasi Penyelesaian proyek Cisauk Point completion progress of the Cisauk Point
yang pada tahun 2023 telah mencapai 96% project, which decreased from 96% in
menjadi hanya sebesar 60% pada tahun 2023 to only 60% in 2024 and 2025.
2024 dan 2025.
Tanggapan: Response:
Penurunan realisasi penyelesaian proyek Cisauk The decrease in the reported completion
Point dari 96% pada tahun 2023 menjadi 60% pada progress of the Cisauk Point project from 96% in
tahun 2024 dan 2025 bukan disebabkan oleh 2023 to 60% in 2024 and 2025 was not due to a
kemunduran progres pembangunan, melainkan regression in construction progress, but rather
karena perbedaan basis perhitungan realisasi resulted from a change in the basis used to
antar periode. measure completion across periods.
Pada tahun 2023, angka realisasi 96% dihitung In 2023, the reported completion rate of 96%
berdasarkan progres pembangunan Tower 1, yang was based on the construction progress of Tower
pada saat itu telah mendekati tahap penyelesaian. 1, which was nearing completion at that time. In
Sementara itu, pada tahun 2024 dan 2025, angka contrast, the completion rates reported in 2024
realisasi dihitung berdasarkan progres and 2025 were based on the construction
pembangunan Tower 2, yang baru memasuki progress of Tower 2, which had only reached the
tahap pembangunan podium, sehingga secara podium construction stage. Consequently, the
persentase menunjukkan angka yang lebih rendah reported percentage was lower than that of
dibandingkan dengan realisasi Tower 1 Tower 1 in the previous reporting period.
sebelumnya.
Dengan demikian, penurunan persentase tersebut Accordingly, the decline in the reported
merupakan konsekuensi dari perubahan objek completion percentage reflects a change in the
perhitungan realisasi antar tower, dan bukan measurement basis—from Tower 1 to Tower 2—
Page 14
mencerminkan adanya kendala atau perlambatan rather than any setback or slowdown in the
progres pembangunan proyek secara overall development progress of the Cisauk Point
keseluruhan. project.
3. Sehubungan dengan CALK 4 tentang kas dan 3. With reference to Note 4 – Cash and Banks,
bank, agar dijelaskan: please explain:
a. Latar belakang penurunan signifikan atas a. The background for the significant
saldo kas per 31 Maret 2026 sebesar decline of 49.31% in the Company's cash
49,31% hanya dalam waktu 3 bulan sejak balance as of 31 March 2026 within only
31 Desember 2025. three months from 31 December 2025.
Tanggapan: Response :
Sebagaimana diungkapkan dalam Laporan As disclosed in the Company's Consolidated
Keuangan Konsolidasian Perseroan periode 31 Financial Statements as of 31 March 2026, the
Maret 2026, saldo kas dan setara kas Perseroan Company's cash and cash equivalents decreased
menurun dari Rp28,18 miliar per 31 Desember from Rp28.18 billion as of 31 December 2025 to
2025 menjadi Rp14,29 miliar per 31 Maret 2026, Rp14.29 billion as of 31 March 2026,
atau turun 49,31%. representing a decline of 49.31%.
Penurunan tersebut terutama disebabkan oleh The decrease was primarily attributable to net
arus kas neto yang digunakan untuk aktivitas cash used in financing activities amounting to
pendanaan sebesar Rp13,64 miliar, khususnya Rp13.64 billion, mainly consisting of interest
pembayaran beban pinjaman (bunga) sebesar payments of Rp15.94 billion, which were only
Rp15,94 miliar yang hanya sebagian tertutupi oleh partially offset by loan proceeds from a related
penerimaan pinjaman dari pihak berelasi sebesar party amounting to Rp2.30 billion. In addition,
Rp2,3 miliar, ditambah arus kas neto yang the Company recorded net cash used in
digunakan untuk aktivitas operasi sebesar operating activities of Rp263.4 million, in line
Rp263,4 juta sejalan dengan penerimaan kas dari with lower cash receipts from customers
pelanggan yang menurun akibat perlambatan resulting from the slowdown in property sales.
penjualan.
b. Strategi dan manajemen kas Perseroan b. The Company's cash management
untuk memastikan kecukupan modal strategy to ensure adequate working
kerja dan kemampuan memenuhi capital and its ability to meet short-term
kewajiban jangka pendek selanjutnya obligations, considering that its asset
mengingat struktur aset berkonsentrasi structure is largely concentrated in
pada persediaan yang tidak likuid. illiquid inventories.
Tanggapan: Response:
Perseroan menerapkan strategi pengelolaan kas The Company implements a disciplined cash
yang ketat melalui cash-based budgeting, dengan management strategy through cash-based
memprioritaskan penggunaan dana hanya untuk budgeting by prioritizing the allocation of funds
proyek dengan progres penjualan tinggi dan only to projects with strong sales progress and
kebutuhan operasional yang berkontribusi operational activities that directly contribute to
terhadap Cash In. cash inflows.
Perseroan juga melakukan percepatan penjualan The Company also seeks to accelerate the sale of
unit ready stock, monetisasi aset non-inti dan ready-stock units, monetize non-core assets and
lahan yang belum dikembangkan, serta negosiasi undeveloped land, and negotiate the
restrukturisasi kewajiban dengan kreditur guna restructuring of its financial obligations with
menjaga kecukupan modal kerja. creditors to maintain adequate working capital.
Mengingat struktur aset Perseroan yang Given that the Company's asset structure is
terkonsentrasi pada persediaan real estat yang largely concentrated in relatively illiquid real
relatif tidak likuid, Perseroan memfokuskan estate inventories, the Company is focused on
Page 15
strategi pada percepatan konversi persediaan accelerating the conversion of inventory into
menjadi kas melalui program pemasaran adaptif, cash through adaptive marketing programs,
kerja sama pembiayaan dengan perbankan dan financing collaborations with banking partners,
sinergi penjualan melalui Danantara untuk and sales synergies through Danantara to
membantu percepatan penjualan. support faster sales absorption.
4. Sehubungan dengan CALK 5 tentang piutang 4.
With reference to Note 5 – Trade
usaha, agar dijelaskan: Receivables, please explain:
a. Kendala yang dihadapi Perseroan dalam a. The challenges encountered by the
menagih pembayaran ke pelanggan Company in collecting payments from
yang menyebabkan sekitar 80% piutang customers, resulting in approximately
usaha Perseroan telah jatuh tempo. 80% of the Company's trade receivables
being past due.
Tanggapan: Response:
Sebagian besar piutang usaha Perseroan yang A significant portion of the Company's past due
telah jatuh tempo merupakan piutang atas trade receivables consists of receivables from
pelanggan perorangan (individual) dalam skema individual customers under mortgage financing
pembiayaan KPR/KPA serta piutang atas mitra schemes (KPR/KPA), as well as receivables from
operasi bersama. joint operation partners.
Kendala penagihan terutama dipengaruhi oleh Collection challenges have primarily been
pelemahan daya beli sebagian pelanggan akibat influenced by the weakening purchasing power
kondisi ekonomi makro, serta proses administrasi of certain customers due to macroeconomic
dan pencairan kredit pemilikan rumah/apartemen conditions, as well as increasingly selective
oleh perbankan yang semakin selektif. Selain itu, administrative and mortgage disbursement
sebagian piutang timbul dari proyek yang processes by banks for housing and apartment
mengalami penyesuaian jadwal serah terima, financing. In addition, a portion of the
sehingga turut mempengaruhi waktu penagihan receivables relates to projects whose handover
kepada pelanggan. schedules have been adjusted, which has
consequently affected the timing of collections
from customers.
b. Strategi dan upaya Perseroan agar b. The Company's strategy and efforts to
piutang usaha Perseroan dapat tertagih ensure that trade receivables are
sesuai dengan jangka waktu yang telah collected within the agreed payment
ditentukan. terms.
Tanggapan: Response:
Perseroan melakukan berbagai upaya penagihan The Company has undertaken various initiatives
piutang usaha, antara lain melalui komunikasi dan to collect its trade receivables, including
penagihan aktif secara berkala kepada pelanggan, maintaining regular communication and active
pemberian keringanan/skema pembayaran collection efforts with customers, offering
bertahap bagi pelanggan yang mengalami kendala payment relief and installment arrangements for
keuangan, koordinasi dengan mitra perbankan customers experiencing financial difficulties, and
untuk mempercepat pencairan KPR/KPA. coordinating with banking partners to expedite
Perseroan turut memantau umur piutang secara the disbursement of housing and apartment
berkala untuk memastikan tindak lanjut mortgage facilities (KPR/KPA). The Company
penagihan dilakukan tepat waktu sesuai kebijakan regularly monitors the aging of its trade
internal. receivables to ensure that appropriate follow-up
collection actions in accordance with its internal
policies.
Page 16
c. Kebijakan pencadangan piutang di c. The Company's policy on the provision
Perseroan. for impairment of receivables.
Tanggapan: Response:
Perseroan menerapkan kebijakan pencadangan The Company applies an allowance for
kerugian penurunan nilai (allowance for impairment losses (expected credit loss/ECL)
impairment losses/expected credit loss) atas policy for its trade receivables based on an
piutang usaha berdasarkan evaluasi historis assessment of historical collection experience,
tingkat tertagihnya piutang, kondisi keuangan customers' financial condition, the aging profile
pelanggan, umur piutang, serta prospek of receivables, and the expected recoverability of
pemulihan piutang di masa depan sesuai dengan such receivables in the future, in accordance
PSAK 71. with PSAK 71.
d. Kondisi yang menyebabkan terdapat d. The circumstances that led to a 109%
kenaikan piutang dengan umur lebih increase in trade receivables aged more
dari 24 bulan sebesar 109%. than 24 months.
Tanggapan : Response:
Sebagaimana diungkapkan dalam Laporan As disclosed in the Company's Consolidated
Keuangan Konsolidasian Perseroan periode 31 Financial Statements as of 31 March 2026, trade
Maret 2026, piutang usaha dengan umur lebih receivables aged more than 24 months
dari 24 bulan meningkat dari Rp4,18 miliar per 31 increased from Rp4.18 billion as of 31 December
Desember 2025 menjadi Rp8,73 miliar per 31 2025 to Rp8.73 billion as of 31 March 2026,
Maret 2026, atau naik 109,09%. representing an increase of 109.09%.
Kenaikan tersebut terutama disebabkan oleh The increase was primarily attributable to a
sejumlah piutang pelanggan perorangan dan number of outstanding receivables from
mitra operasi bersama yang belum terselesaikan individual customers and joint operation
dalam jangka waktu yang direncanakan serta partners that remained unsettled beyond the
bergesernya sebagian piutang dari kelompok originally expected collection period. In addition,
umur 12-24 bulan ke kelompok lebih dari 24 a portion of receivables migrated from the 12–
bulan, sejalan dengan perlambatan daya beli dan 24 months aging category to the more than 24
kendala pembiayaan konsumen sebagaimana months category, in line with the slowdown in
dijelaskan pada bagian kendala penagihan piutang consumer purchasing power and financing
di atas. constraints experienced by customers, as
described in the section addressing the
Company's collection challenges.
Perseroan terus melakukan evaluasi dan tindak The Company continues to actively evaluate and
lanjut penagihan secara intensif atas piutang- pursue the collection of these outstanding
piutang tersebut, termasuk melalui pendekatan receivables through intensive follow-up efforts,
personal kepada pelanggan dan opsi including direct engagement with customers
restrukturisasi pembayaran. and, where appropriate, the implementation of
payment restructuring arrangements.
e. Daftar nama 10 debitur terbesar atas e. The names of the 10 largest debtors
piutang usaha yang telah lewat jatuh with trade receivables that have been
tempo lebih dari 24 bulan. overdue for more than 24 months.
Tanggapan: Response:
Berikut terhadap daftar nama 10 debitur terbesar The following are the names of the Company's
atas piutang usaha yang telah lewat jatuh tempo 10 largest debtors with trade receivables that
lebih dari 24 bulan. have been overdue for more than 24 months:
Page 17
Nama Proyek/ Nama Perusahaan/ Total Piutang Usaha >24 bulan/
No Project’s Name Company’s Name Total Trade Receivables Past Due > 24
Mo’s
1 LRT CITY Jatibening PT Nusa Wijaya Propertindo Rp1.836.743.230,-
Hotel Grandhika
2 Guest Ledger Rp1.285.994.058,-
Iskandarsyah Jakarta
3 LRT CITY Sentul Rosanajanti Rp697.003.962,-
4 LRT CITY Jatibening Ir. Sudiro Agung Dananto, MM. Rp360.000.000,-
5 LRT CITY Sentul Hj. Yuyum Yuningsih Rp287.446.829,-
6 LRT CITY Sentul Ir. Karmanto, M. Ec. Dev Rp285.251.936,-
7 Cisauk Point Budi Soegiarto Rp269.954.037,-
8 Cisauk Point Joni Andrianto H. Rp248.717.926,-
9 LRT CITY Sentul Andy Djunaedi Rp204.509.896,-
10 Cisauk Point Octavianti Fransisca Rp199.836.148,-
f. Piutang kepada pihak berelasi PT Adhi f.
Receivables from the related party PT
Karya (Persero) Tbk meningkat hampir Adhi Karya (Persero) Tbk increased by
100% menjadi Rp1,59 miliar. Agar almost 100% to Rp1.59 billion. Please
dijelaskan sifat transaksi yang explain the nature of the underlying
mendasari tagihan ini. transactions giving rise to these
receivables.
Tanggapan: Response:
Sebagaimana diungkapkan dalam Laporan As disclosed in the Company's Consolidated
Keuangan Konsolidasian Perseroan periode 31 Financial Statements as of 31 March 2026,
Maret 2026, piutang kepada pihak berelasi PT receivables from the related party PT Adhi Karya
Adhi Karya (Persero) Tbk meningkat dari (Persero) Tbk increased from Rp800.3 million as
Rp800,3 juta per 31 Desember 2025 menjadi of 31 December 2025 to Rp1.60 billion as of 31
Rp1,60 miliar per 31 Maret 2026, atau naik March 2026, representing an increase of
99,65%. 99.65%.
Piutang tersebut timbul dari transaksi dalam These receivables arose from transactions
rangka kegiatan usaha normal Perseroan conducted in the ordinary course of the
dengan PT Adhi Karya (Persero) Tbk – ADHI, Company's business with PT Adhi Karya
antara lain terkait pengelolaan Hotel GranDhika (Persero) Tbk, including the management of
serta transaksi operasional lainnya antar entitas Hotel GranDhika and other operational
dalam grup ADHI. transactions among entities within the ADHI
Group.
Kenaikan saldo piutang tersebut merupakan The increase in the outstanding receivable
bagian dari siklus transaksi rutin antar balance reflects the normal course of
perusahaan dalam grup dan akan diselesaikan intercompany transactions within the Group and
sesuai dengan syarat dan ketentuan yang is expected to be settled in accordance with the
berlaku secara wajar. applicable terms and conditions on an arm's
length basis.
5. Sehubungan dengan CALK 7 tentang 5. With reference to Note 7 – Inventories,
persediaan, agar dijelaskan: please explain:
a. Informasi mengenai strategi a. The Company's inventory management
manajemen persediaan Perseroan. strategy.
Tanggapan: Response:
Strategi manajemen persediaan Perseroan The Company's inventory management strategy
dilakukan melalui monetisasi aset idle, baik unit is focused on the monetization of idle assets,
properti yang belum terjual maupun lahan yang including unsold property units and undeveloped
Page 18
belum dikembangkan, guna mengoptimalkan land, in order to optimize these assets as
aset tersebut sebagai sumber tambahan additional sources of revenue. The Company also
pendapatan, serta melalui penjualan secara bulk pursues bulk/corporate sales to institutional
sales/korporat kepada pihak institusi guna buyers to accelerate inventory absorption and
mempercepat tingkat penyerapan persediaan enhance cash inflows.
dan mempercepat perolehan arus kas.
Dalam kombinasi kedua strategi tersebut, Through the implementation of these
diharapkan dapat mengoptimalkan pengelolaan complementary strategies, the Company aims to
persediaan secara lebih efektif di tengah kondisi optimize its inventory management more
pasar properti yang masih dinamis. effectively while responding to the dynamic
conditions of the property market.
b. Nilai pertanggungan asuransi tercatat b. The recorded insurance coverage
hanya sebesar Rp500,58 miliar, amounts to only Rp500.58 billion,
sementara total gabungan aset real whereas the Company's total real estate
estat perusahaan bernilai lebih dari assets exceed Rp4.52 trillion. Please
Rp4,52 triliun. Agar dijelaskan explain the rationale for the amount of
rasionalisasi dari angka pertanggungan insurance coverage.
tersebut.
Tanggapan: Response:
Nilai pertanggungan asuransi sebesar Rp500,58 The insurance coverage amounting to Rp500.58
miliar merupakan nilai pertanggungan yang billion is specifically allocated to the Company's
secara spesifik diperuntukkan bagi aset dan assets and projects that are currently under
proyek yang sedang dalam tahap construction. Meanwhile, the Company's total
pembangunan, sementara total nilai aset real real estate assets of Rp4.52 trillion represent its
estat Perseroan sebesar Rp4,52 triliun entire property portfolio, including undeveloped
mencakup keseluruhan portofolio properti land.
termasuk tanah yang belum dikembangkan.
c. Strategi Perseroan dalam mengelola c. The Company's strategy for managing
dan menentukan jumlah persediaan inventory and determining the
yang dibangun berdasarkan pesanan proportion of projects developed based
yang sudah memiliki ikatan pra- on confirmed pre-sales compared with
penjualan dibandingkan dengan speculative developments (ready stock).
pembangunan spekulatif (ready stock).
Tanggapan: Response:
ADCP mengutamakan pembangunan ADCP prioritizes project development based on
berdasarkan permintaan pasar dan unit yang market demand and units that have secured pre-
telah memiliki ikatan pra-penjualan guna sales commitments in order to maintain cash
menjaga arus kas dan meminimalkan risiko flow and minimize inventory risk. For high-rise
persediaan. Di sisi lain, pembangunan untuk developments, construction commences only
high-rise perlu terjual minimal 40% untuk after achieving a minimum pre-sales level of
memulai konstruksi pondasi dan minimal 60% 40%, while construction of the upper structure
untuk memulai konstruksi upper-structure. typically begins once pre-sales reach at least
60%.
Selain itu, dilakukan metode pre-selling/ In addition, the Company implements a pre-
penjualan Nomor Urut Pemesanan pada setiap selling strategy through the Booking Order
proyek. scheme for each project.
Page 19
6. Sehubungan dengan CALK 13 tentang 6. With reference to Note 13 – Investment
properti investasi, agar dijelaskan: Properties, please explain:
a. Kebijakan rutin Perseroan terkait a. The Company's policy regarding the
frekuensi penilaian independen (KJPP) frequency of independent valuations
atas properti investasi. conducted by licensed independent
appraisers for its investment properties.
Tanggapan: Response:
Penilaian independen atas properti investasi Independent valuations of the Company's
dilakukan oleh Kantor Jasa Penilai Publik (KJPP) investment properties are conducted by an
setiap satu tahun sekali. independent Public Appraisal Firm on an annual
basis.
b. Cisauk Point mengalami penurunan nilai b. Cisauk Point recorded the most
wajar yang paling signifikan sebesar significant decline in fair value,
Rp593 juta pada tahun 2025. Agar amounting to Rp593 million in 2025.
jelaskan faktor-faktor fundamental Please explain the underlying
yang memicu penurunan tersebut. fundamental factors that caused this
decrease.
Tanggapan: Response :
Penurunan nilai wajar proyek Cisauk Point The decline in the fair value of the Cisauk Point
disebabkan oleh karakteristik tanah Hak project was primarily attributable to the
Pengelolaan Lahan (HPL) yang digunakan proyek characteristics of the Land Management Rights
tersebut, di mana nilai wajar aset akan semakin (HPL) underlying the project. The fair value of the
menurun seiring berkurangnya sisa masa waktu asset decreases as the remaining term of the
pemanfaatan lahan. land use rights becomes shorter.
Penilai independen memperhitungkan faktor The independent appraiser considered the
pengurangan sisa masa HPL sebagai salah satu reduction in the remaining HPL term as one of
variabel utama dalam metode penilaian. the key variables in determining the fair value of
the investment property.
7. Sehubungan dengan CALK 19 tentang 7. With reference to Note 19 – Unearned
pendapatan diterima di muka, agar Revenue, please explain:
dijelaskan:
a. Saldo pendapatan diterima dimuka a. The balances of unearned revenue for
untuk LRT City Tebet (Rp315,7 miliar) LRT City Tebet (Rp315.7 billion) and LRT
LRT City Ciracas (JO ACP - UJP) (Rp389,4 City Ciracas (JO ACP–UJP) (Rp389.4
miliar) cenderung stagnan. Agar billion) have remained relatively
dijelaskan kendala spesifik yang stagnant. Please explain the specific
menghambat progres konstruksi atau challenges that have hindered
Berita Acara Serah Terima (BAST) pada construction progress or the issuance of
kedua proyek tersebut. the Handover Minutes for these two
projects.
Tanggapan: Response:
Saldo pendapatan diterima dimuka pada proyek The relatively stagnant balance of unearned
LRT City Tebet dan LRT City Ciracas (JO ACP-UJP) revenue for the LRT City Tebet and LRT City
yang cenderung stagnan tersebut merupakan Ciracas (JO ACP–UJP) projects primarily
saldo dari penjualan unit Tower 1, sementara represents proceeds from the sale of Tower 1
progres konstruksi di lapangan mencakup units. Meanwhile, the construction progress at
pembangunan podium komersial untuk Tower 1 the project sites involves the simultaneous
dan Tower 2 secara bersamaan karena development of the commercial podium serving
Page 20
merupakan satu kesatuan struktur bangunan. both Tower 1 and Tower 2, as they form an
integrated building structure.
Hal ini mengakibatkan ada ketidakseimbangan As a result, there is a mismatch between the
antara saldo pendapatan yang tercatat dengan unearned revenue recognized from Tower 1 unit
beban konstruksi yang harus ditanggung; sales and the construction costs that must be
kondisi ini diperberat oleh karakteristik pembeli incurred for the shared podium structure. This
komersial yang lebih menyukai unit yang sudah situation has been further compounded by the
jadi dan siap beroperasi dibandingkan unit yang commercial buyers who generally prefer
masih dalam tahap pembangunan. completed units rather than the ones under
construction.
Hal ini juga membuat penjualan podium Consequently, sales of the commercial podium
komersial berjalan lambat dan turut have progressed more slowly than expected,
menghambat percepatan pendanaan untuk which has adversely affected the Company's
penyelesaian konstruksi serta pelaksanaan BAST ability to accelerate construction financing and
pada kedua proyek tersebut. complete the handover process (BAST) for both
projects.
b. Latar belakang terdapat kenaikan b. The background for the significant
signifikan pada saldo Hotel GranDhika 57.6% increase in the unearned revenue
Jakarta sebesar 57,6% menjadi Rp2,47 balance of Hotel GranDhika Jakarta,
miliar. which rose to Rp2.47 billion.
Tanggapan: Response:
Kenaikan saldo Hotel GranDhika Jakarta The increase in the unearned revenue balance of
disebabkan oleh penerimaan uang muka Hotel GranDhika Jakarta was primarily
(deposit/DP) dari sejumlah tamu, baik attributable to advances (deposits/down
perorangan maupun kelompok, atas pemesanan payments) received from individual and group
kamar dan penyelenggaraan acara yang belum customers for room reservations and event
dilaksanakan hingga tanggal laporan. bookings that had not yet been fulfilled as of the
Hal ini dikarenakan jasa belum diberikan, uang reporting date.
muka tersebut masih tercatat sebagai saldo dan As the related services had not yet been
belum diakui sebagai pendapatan. rendered, these advances remained recorded as
unearned revenue.
Page 21
8. Sehubungan dengan CALK 23 tentang utang 8. With reference to Note 23 – Bank Loans,
bank, agar dijelaskan klausul pembatasan please explain the key financial covenant
rasio keuangan (financial covenants) utama requirements imposed by PT Bank Tabungan
yang dipersyaratkan PT Bank Tabungan Negara (Persero) Tbk, and whether the
Negara (Persero) Tbk dan status Company had complied with all such financial
pemenuhan Perseroan atas seluruh covenants as of 31 March 2026, or whether a
financial covenants tersebut per 31 Maret waiver letter had been obtained from the
2026 atau terdapat surat waiver dari pihak bank.
bank.
Tanggapan: Response :
PT Bank Tabungan Negara (Persero) Tbk ”BTN” PT Bank Tabungan Negara (Persero) Tbk ("BTN")
telah menyetujui waiver atas pemenuhan has granted a waiver in respect of the Company's
financial covenant yang dimaksud. compliance with the relevant financial
covenants.
Sebagaimana diungkapkan lebih lanjut dalam As further disclosed in the Company's
Laporan Keuangan Konsolidasian Perseroan Consolidated Financial Statements as of 31
periode 31 Maret 2026, per 31 Desember 2025, March 2026, following the position as of 31
selanjutnya Perseroan telah melakukan December 2025, the Company completed the
restrukturisasi Fasilitas Kredit Modal Kerja restructuring of its Working Capital Credit
Perseroan dari PT Bank Tabungan Negara Facility with BTN in May 2026 as part of its
(Persero) Tbk (BTN) pada Mei 2026 sebagai broader corporate financial recovery and
bentuk proses penyehatan perseroan. restructuring program.
9. Sehubungan dengan CALK 17 tentang utang 9. With reference to Note 17 to the Financial
usaha, agar dijelaskan: Statements regarding trade payables,
please provide an explanation:
a. Rincian aging schedule atas piutang a) Detailed aging schedule of the
usaha Perseroan disertai persentase dan Company's trade payables, including
nilai nominal atas utang usaha yang the percentage and nominal amount of
belum jatuh tempo dan telah jatuh trade payables that are not yet due and
tempo. those that are past due.
Tanggapan: Response:
Terlampir atas aging schedule piutang usaha Please find attached the aging schedule of the
Perseroan lebih dari 24 bulan. Company's trade receivables that have been
outstanding for more than 24 months.
Nama Proyek/ Nama Perusahaan/ Total Piutang Usaha >24 bulan/
No Project’s Name Company’s Name Total Trade Receivables Past Due > 24 Mo’s
1 LRT CITY Jatibening PT Nusa Wijaya Propertindo 1.836.743.230
Hotel Grandhika
2 Guest Ledger 1.285.994.058
Iskandarsyah Jakarta
3 LRT CITY Sentul Rosanajanti 697.003.962
Ir. Sudiro Agung Dananto,
4 LRT CITY Jatibening 360.000.000
MM.
5 LRT CITY Sentul Hj. Yuyum Yuningsih 287.446.829
6 LRT CITY Sentul Ir. Karmanto, M. Ec. Dev 285.251.936
7 Cisauk Point BUDI SOEGIARTO 269.954.037
8 Cisauk Point JONI ANDRIANTO H. 248.717.926
9 LRT CITY Sentul Andy Djunaedi 204.509.896
10 Cisauk Point OCTAVIANTI FRANSISCA 199.836.148
Page 22
b. Latar belakang saldo utang usaha b) Background of relatively unchanged
Perseroan cenderung tidak mengalami balance of the Company's trade
perubahan. payables.
Tanggapan: Response :
Saldo utang usaha Perseroan relatif tidak The Company's trade payables remained
mengalami perubahan signifikan, yaitu sebesar relatively stable, amounting to Rp1,118.00
Rp1.118,00 miliar per 31 Maret 2026 billion as of 31 March 2026, compared with
dibandingkan dengan Rp1.117,07 miliar per 31 Rp1,117.07 billion as of 31 December 2025,
Desember 2025 (naik tipis 0,08%), karena representing only a marginal increase of 0.08%.
sebagian besar merupakan saldo kepada pihak This was primarily because a significant portion
berelasi dalam grup ADHI sebesar Rp579,53 of the balance consisted of payables to related
miliar yang nilainya tidak berubah pada kedua parties within the ADHI Group, amounting to
periode tersebut. Rp579.53 billion, which remained unchanged
during both reporting periods.
Penyelesaian saldo utang usaha kepada pihak The settlement of trade payables to related
berelasi saat ini masih dalam proses parties is currently under discussion as part of
pembahasan bersama sejalan dengan program the Company's financial recovery and debt
pemulihan dan restrukturisasi kewajiban restructuring program. Meanwhile, trade
Perseroan. Sementara itu, utang usaha kepada payables to third parties generally continue to
pihak ketiga secara umum mengikuti siklus follow the normal billing and payment cycle
normal penagihan dan pembayaran sesuai based on project milestones, with payment
termin proyek yang disesuaikan dengan kondisi timing adjusted in accordance with the
likuiditas perseroan. Company's liquidity position.
10. Sehubungan dengan CALK 25 tentang utang 10. With reference to Note 25 – Other Payables,
lain-lain, agar dijelaskan latar belakang dan please explain the background and reasons
alasan tidak terdapat perubahan atas saldo why there has been no change in the balance
utang lain-lain tersebut. of other payables.
Tanggapan: Response:
Saldo tersebut didominasi oleh kewajiban The balance is primarily comprised of obligations
kepada pihak berelasi, terutama PT Adhi Karya to related parties, namely PT Adhi Karya
(Persero) Tbk – ADHI sebesar Rp561,55 miliar, (Persero) Tbk (ADHI) amounting to Rp561.55
PT Kereta Api Indonesia (Persero) – KAI sebesar billion, PT Kereta Api Indonesia (Persero) (KAI)
Rp44,39 miliar, dan Perum DAMRI sebesar amounting to Rp44.39 billion, and Perum DAMRI
Rp16,23 miliar, yang masing-masing merupakan amounting to Rp16.23 billion, which mainly
transaksi atas pinjaman pemegang saham serta relate to shareholder loans and project land
pemanfaatan lahan proyek, serta utang kepada utilization arrangements. The balance also
PT Sigmaeltra Propertindo sebesar Rp221,15 includes payables to PT Sigmaeltra Propertindo
miliar atas transaksi pembelian lahan. amounting to Rp221.15 billion arising from land
acquisition transactions.
Penyelesaian saldo utang lain-lain tersebut saat The settlement of these other payables is subject
ini masih menunggu kesepakatan skema to ongoing discussions regarding a
restrukturisasi secara menyeluruh antara comprehensive restructuring arrangement
Perseroan dengan pihak berelasi, sehingga between the Company and the related parties.
saldo tidak mengalami perubahan hingga So that, the outstanding balance has remained
tercapai kesepakatan dimaksud. unchanged pending.
Page 23
11. Sehubungan dengan CALK 30 tentang 11. With reference to Note 30 – Revenue, please
pendapatan usaha, agar dijelaskan: explain:
a. Latar belakang penurunan signifikan a. The background for the significant
pada pendapatan usaha Perseroan 46.29% decline in the Company's
sebesar 046,29%. operating revenue.
Tanggapan: Response:
Sebagaimana diungkapkan dalam Laporan As disclosed in the Company's Consolidated
Keuangan Konsolidasian Perseroan periode 31 Financial Statements ended 31 March 2026, the
Maret 2026, total pendapatan usaha Perseroan Company's total operating revenue decreased
tercatat menurun dari Rp70,47 miliar pada from Rp70.47 billion for the three-month period
periode tiga bulan yang berakhir 31 Maret 2025 ended 31 March 2025 to Rp37.85 billion for the
menjadi Rp37,85 miliar pada periode yang sama corresponding period in 2026, representing a
tahun 2026, atau turun 46,30%. Penurunan decline of 46.30%. The decrease was primarily
tersebut terutama, disebabkan oleh attributable to the lower volume of property unit
berkurangnya volume serah terima unit properti handovers amid challenging property market
di tengah kondisi pasar properti yang belum conditions, driven by weakened purchasing
optimal akibat pelemahan daya beli kelas power among middle-income consumers, higher
menengah, meningkatnya suku bunga, serta interest rates, and increasingly selective
selektifnya pembiayaan KPR/KPA perbankan mortgage financing approvals by banks in
seiring kenaikan NPL industri perbankan. response to the rising non-performing loan (NPL)
ratio within the banking industry.
b. Strategi Perseroan untuk dapat b. The Company's strategy to improve its
meningkatkan pendapatan usaha ke operating revenue going forward.
depannya.
Tanggapan: Response:
Strategi Perseroan untuk meningkatkan The Company's strategy to improve its operating
pendapatan usaha ke depan meliputi revenue going forward includes accelerating the
percepatan penjualan dan serah terima unit sale and handover of ready-stock units,
ready stock, penerapan strategi pemasaran implementing adaptive and effective marketing
adaptif dan efektif melalui intensifikasi promosi strategies through intensified digital
digital, penguatan program Home Ownership promotions, strengthening its Home Ownership
Program (HOP), serta kemitraan dengan Program (HOP), and collaborating with banking
perbankan untuk skema pembiayaan yang lebih partners to offer more competitive mortgage
kompetitif bagi konsumen. Selain itu, Perseroan financing (KPR/KPA) schemes for customers. In
juga melakukan monetisasi aset non-inti dan addition, the Company is pursuing the
lahan yang belum dikembangkan melalui monetization of non-core assets and
kolaborasi dengan mitra eksternal untuk undeveloped land through strategic
membuka sumber pendapatan tambahan tanpa partnerships with external parties to generate
menambah beban belanja modal. additional revenue streams without increasing
capital expenditure.
Page 24
12. Sehubungan dengan Laba Usaha per 31 12. Given that the Company's operating profit as
Maret 2026 sebesar Rp834 juta, lebih of 31 March 2026 amounted to Rp834
rendah daripada Beban Keuangan sebesar million, which was significantly lower than
Rp26,3 miliar, agar dijelaskan strategi its finance costs of Rp26.3 billion, please
manajemen untuk menghindari terjadinya explain management's strategy to avoid a
gagal bayar utang (default) dalam jangka debt payment default in the near term.
waktu dekat?
Tanggapan: Response:
Untuk menghindari risiko gagal bayar (default) To mitigate the risk of a payment default in the
dalam jangka waktu dekat, Perseroan near term, the Company is implementing a
menjalankan program pemulihan mencakup: recovery program that includes:
• Restrukturisasi dan reprofiling kewajiban • The restructuring and reprofiling of its
keuangan bersama kreditur, termasuk financial obligations with creditors,
Obligasi, Sukuk, serta fasilitas KMK BTN including its Bonds, Sukuk, and working
dan IIF, termasuk permohonan pelepasan capital loan facilities from BTN and IIF, as
kewajiban pemenuhan covenant finansial well as seeking waivers of financial
melalui RUPO/RUPSI; covenant through Bondholders' Meetings;
• Pengendalian arus kas secara ketat • The implementation of stringent cash flow
melalui cash-based budgeting dengan management through a cash-based
prioritas pengeluaran hanya untuk budgeting approach, with expenditures
kebutuhan operasional kritis dan proyek prioritized solely for critical operational
dengan progres tinggi; needs and projects with significant
construction progress;
• Percepatan penjualan unit ready stock • The acceleration of ready-stock unit sales
dan monetisasi aset; dan and the monetization of assets; and
• Dukungan pendanaan dari induk • Financial support from the Company's
Perseroan, PT Adhi Karya (Persero) Tbk, parent, PT Adhi Karya (Persero) Tbk, in the
sebagai dukungan induk usaha. form of parent support.
Keberhasilan program ini turut bergantung pada The successful implementation of this recovery
disiplin eksekusi serta respons positif pasar program will also depend on disciplined
terhadap strategi pemasaran dan monetisasi execution and a positive market response to the
aset yang dijalankan. Company's marketing initiatives and asset
monetization strategy.
13. Sehubungan dengan peningkatan signifikan 13. With reference to the significant 705.10%
pada Beban Keuangan hingga 705,10%, agar increase in finance costs, please explain
dijelaskan apakah peningkatan tersebut whether such increase was primarily
dipicu oleh pinalti/denda restrukturisasi, attributable to restructuring penalties,
kerugian selisih kurs yang direalisasi, atau realized foreign exchange losses, or changes
perubahan instrumen utang berbunga in high-interest-bearing debt instruments.
tinggi?
Tanggapan: Response:
Peningkatan Beban Keuangan bukan The increase in finance costs does not represent
merupakan pinalti atau denda restrukturisasi, any restructuring penalty or charge. Rather, it is
namun disebabkan karena tidak adanya attributable to the discontinuation of the
kapitalisasi ke nilai persediaan, mengigat capitalization of borrowing costs into inventory.
Perseroan pada dersember 2025 mencatatkan This treatment was adopted because, in
nilai impairment untuk mengukur nilai wajar December 2025, the Company recognized an
(NRV), sehingga ke depan Perseroan impairment to measure inventory at its net
Page 25
menerapkan prinsip kehati-hatian terhadap realizable value (NRV). Accordingly, the
kenaikan nilai persediaan. Company has adopted a prudent approach by no
longer increasing the carrying value of inventory.
14. Melihat kerentanan likuiditas Perseroan 14. In light of the Company's current liquidity
saat ini, apakah auditor internal atau vulnerability, please explain whether the
eksternal telah memberi peringatan internal or external auditors have issued any
mengenai risiko kelangsungan usaha (going warning or emphasis regarding the
concern risk) untuk tahun buku 2026? Company's ability to continue as a going
concern for the 2026 financial year.
Tanggapan: Response:
Auditor SPI secara Internal sudah melihat The Internal Audit Unit (SPI) has internally
kondisi likuiditas sampai saat ini dan dalam SPI reviewed the Company's liquidity condition to
sebagai counterpart Pemeriksaan BPK yang date. In its capacity as the counterpart to the
dimulai bulan Maret 2026 (sampai saat ini masih Audit Board of Indonesia (BPK) audit, which
berlangsung untuk tahun buku 2025). Sejauh ini, commenced in March 2026 and is still ongoing
sudah banyak pembahasan dan paparan for the 2025 financial year. So far, there are
bersama Direksi, Manager Biro Keuangan dan extensive discussions and presentations with the
SPI. BOD, Finance Manager, and SPI.
Pada saat Rapat Koordinasi Komite Audit ADCP During the ADCP Audit Committee Coordination
tanggal 14 Juli 2026 (peserta Komite Audit dan Meeting held on July 14, 2026, (attended by the
SPI), menyampaikan kondisi likuiditas dan going Audit Committee and SPI), liquidity condition
concern, serta program dari Direksi untuk ke and going concern matters were discussed. BOD
depannya berupa "Turnaround ADCP". also has established the "ADCP Turnaround"
program.
15. Sehubungan dengan CALK 32 tentang beban 15. With reference to Note 32 – General and
umum dan administrasi, agar dijelaskan Administrative Expenses, please explain the
latar belakang penurunan signifikan atas background for the significant 31.81%
beban pegawai Perseroan sebesar 31,81%. decrease in the Company's employee
expenses.
Tanggapan : Response :
Sebagaimana diungkapkan dalam Laporan As disclosed in the Company's Consolidated
Keuangan Konsolidasian Perseroan periode 31 Financial Statements for the period ended March
Maret 2026, beban pegawai Perseroan menurun 31, 2026, employee expenses decreased from
dari Rp5,13 miliar pada periode tiga bulan yang IDR 5.13 billion for the three-month period
berakhir 31 Maret 2025 menjadi Rp3,50 miliar ended March 31, 2025, to IDR 3.50 billion for the
pada periode yang sama tahun 2026, atau turun corresponding period in 2026, representing a
31,81%. decline of 31.81%.
Penurunan tersebut merupakan bagian dari The decrease was part of the Company's
program efisiensi operasional dan penyesuaian operational efficiency program and
struktur organisasi yang dilakukan sejalan organizational restructuring undertaken in line
dengan program pemulihan kinerja Perseroan, with its business recovery plan. These measures
termasuk penyesuaian jumlah tenaga kerja included adjusting the number of project
proyek sesuai dengan tahapan konstruksi yang personnel in accordance with the progress of
berjalan serta optimalisasi struktur biaya construction activities, as well as optimizing the
pegawai pada unit-unit usaha Perseroan. employee cost structure across the Company's
business units.
Langkah efisiensi ini merupakan bagian dari This cost-efficiency initiative forms part of the
strategi pengendalian biaya secara keseluruhan Company's broader cost control strategy, as
sebagaimana diuraikan dalam program outlined in its recovery program, with the
Page 26
pemulihan Perseroan, guna menjaga objective of maintaining business continuity
keberlangsungan usaha di tengah kondisi amid challenging liquidity conditions.
likuiditas yang menantang.
16. Rencana tindakan korporasi dalam periode 16. Please explain any planned corporate
12 bulan ke depan (jika ada). actions to be undertaken by the Company
within the next 12 months (if any).
Tanggapan : Response:
Perseroan saat ini berfokus pada pelaksanaan To ensure the Company's business continuity.
program pemulihan kinerja dan penguatan Over the next twelve (12) months, the Company
likuiditas. Dalam periode 12 (dua belas) bulan ke plans to implement several corporate actions,
depan, Perseroan berencana melaksanakan including:
beberapa tindakan korporasi, antara lain:
● Optimalisasi penjualan unit siap huni ● Optimizing the sale of ready-stock units
(ready stock) dan percepatan monetisasi and accelerating the monetization of
aset; assets;
● Divestasi aset non sesuai dengan rencana ● Divesting non-core assets in accordance
bisnis Perseroan; with the Company's business plan;
● Restrukturisasi dan pengelolaan kewajiban ● Restructuring and managing its
kepada kreditur dan pemegang obligasi obligations to creditors and bondholders
sesuai dengan kesepakatan yang dicapai in line with the agreements reached with
dengan para pihak terkait; the relevant stakeholders;
● Penguatan struktur pendanaan melalui ● Strengthening its funding structure by
penjajakan berbagai alternatif sumber exploring various financing alternatives
pendanaan yang sesuai dengan kondisi that are appropriate to the Company's
Perseroan; serta financial condition; and
● Peningkatan efisiensi operasional dan ● Enhancing operational efficiency and
pelaksanaan program turnaround untuk implementing the Company's
memperbaiki kinerja keuangan Perseroan. turnaround program to improve its
financial performance.
17. Penjelasan mengenai informasi/kejadian 17. Please provide information on any other
penting lainnya yang material yang akan material events or significant developments
dilakukan Perseroan pada masa yang datang that the Company plans to undertake in the
dan dapat mempengaruhi kelangsungan future that may affect its business continuity
hidup Perseroan.
Tanggapan : Response :
Sampai dengan tanggal penyampaian tanggapan As of the date of this response, there are no
ini, belum terdapat informasi maupun kejadian other material information or significant events
penting lainnya yang bersifat material yang akan that the Company plans to undertake in the
dilakukan Perseroan pada masa yang akan future which may affect its business continuity,
datang dan dapat mempengaruhi kelangsungan other than those that have already been
hidup Perseroan, selain informasi yang telah disclosed to the Financial Services Authority
disampaikan kepada Otoritas Jasa Keuangan (OJK), the Indonesia Stock Exchange (IDX), and
(OJK), Bursa Efek Indonesia (BEI), dan publik the public in accordance with the applicable
sesuai dengan ketentuan peraturan perundang- laws and regulations.
undangan yang berlaku.
Page 27
Demikian tanggapan yang dapat Perseroan The Company respectfully submits the foregoing sampaikan atas sebagian permintaan informasi as its response to a portion of the information sebagaimana dimaksud dalam surat Bursa Efek request set out in the Indonesia Stock Exchange’s Indonesia. (IDX) letter. Atas perhatian Bapak/Ibu, kami ucapkan terima Thank you for your attention and cooperation. kasih. Hormat Kami / Yours sincerely, PT ADHI COMMUTER PROPERTI Tbk Achmad Wachid Abdullah Direktur Keuangan / Finance Director
Names mentioned 22 people and organisations named in the text · linked when the evidence is strong
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org
PT Nusa Wijaya Propertindo
p.17 ×2
unresolved
person
Ir. Sudiro Agung Dananto
p.17 ×3
unresolved
person
Hj. Yuyum Yuningsih
p.17 ×2
unresolved
person
Ir. Karmanto
p.17 ×4
unresolved
org
Karya (Persero) Tbk
p.17 ×2
unresolved
org
Hotel GranDhika (Persero) Tbk
p.17
unresolved
org
PT Bank Tabungan
p.21 ×2
unresolved
org
Negara (Persero) Tbk
p.21 ×2
unresolved
org
PT Sigmaeltra Propertindo
p.22 ×2
unresolved
org
Financial Services Authority
p.26
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