Top 30 Indonesian Property Public Companies Q3 2025 Revenue & Performance

1) Overall companies performance (Q3 2025 snapshot)
The Indonesian listed property sector delivered a mixed Q3-2025: several large developers reported solid pre-sales and recurring revenue from malls/hotels, while some companies remain under pressure from higher financing costs and slower land/housing recognitions. Marketing-sales and pre-sales recovery supported results for the largest developers; mid-cap and smaller names showed uneven recovery and occasional losses. For an index/sector view see recent IDX commentary and analyst summaries.
Top 30 (by prominence / market presence on IDX and sector lists)
Bumi Serpong Damai (BSDE)
Ciputra Development (CTRA)
Pakuwon Jati (PWON)
Lippo Karawaci (LPKR)
Summarecon Agung (SMRA)
Agung Podomoro Land (APLN)
Alam Sutera Realty (ASRI)
PP Properti (PPRO)
Jaya Real Property (JRPT)
Jakarta Setiabudi Internasional (JSPT)
Jaya Agung? / Jaya Real affiliates (group names vary)
Duta Pertiwi (DUTI) / Sinar Mas group affiliates (via listed subsidiaries)
Ciputra Residence / related listings
Metropolitan Land (MTLR) / MTDL group companies
Intiland Development Tbk
Puradelta Lestari Tbk
Duta Pertiwi Tbk
Bakrieland Development Tbk
Megapolitan Development Tbk
Fortune Mate Indonesia Tbk
Gading Development Tbk
Gowa Makassar Tourism Development Tbk
Perdana Gapuraprima Tbk
Metropolitan Land Tbk
Modernland Realty Tbk
Lippo Cikarang Tbk
Kawasan Industri Jababeka Tbk
DMS Propertindo Tbk
Pudjiadi Prestige Tbk
Plaza Indonesia Realty Tbk
2) Earnings-call / Q3-2025 summaries Top 10 Indonesian property public companies (numbers converted to USD)
Below are company-level Q3 (or 9M/ Q3 disclosures as reported) headline figures taken from company releases, analyst notes and IDX filings.
1. Bumi Serpong Damai (BSDE)
Q3 2025 revenue (reported): IDR 8.76 trillion → ~USD 525.3 million.
Q3 2025 net income: IDR 1.36 trillion → ~USD 81.55 million.
Takeaway: Larger recurring revenues plus strong pre-sales (~IDR 7.10 tn pre-sales reported to Sep 2025) - revenue YoY softness but pre-sales support management guidance.
2. Ciputra Development (CTRA)
Q3 / 9M 2025 net income (reported): IDR 1.62 trillion → ~USD 97.14 million.
Takeaway: Net profit improved YoY; 3Q showed some sequential softness in recognition but 9M still within FY expectations per broker notes.
3. Pakuwon Jati (PWON)
Q3 / 9M 2025 net income (reported): IDR 1.73 trillion → ~USD 103.74 million.
9M revenue (reported to Sep 2025): IDR 5.12 trillion → ~USD 307.01 million.
Takeaway: Strong contribution from retail (malls) & hotels; incentives (VAT) and recurring income helped results.
4. Lippo Karawaci (LPKR)
Q3 2025 net income (reported): IDR 368.2 billion → ~USD 22.08 million.
Takeaway: Results reflect continuing recovery dynamics but compare to very large prior-year items (LPKR's 9M figures showed volatility). See company interim report.
5. Summarecon Agung (SMRA)
Q3 / 9M 2025 net income (reported): IDR 549.6 billion → ~USD 32.96 million.
Takeaway: Laba (net) down YoY (~-41% reported) but marketing sales improved (solid pre-sales), reflecting portfolio mix (residential + recurring mall income).
6. PP Properti (PPRO)
Q3 2025 result (reported): Net loss IDR 37.0 billion → ~USD -2.22 million (loss).
Takeaway: Company reduced losses significantly vs prior year; still pressured by finance costs and provisions.
7. Agung Podomoro Land (APLN)
9M / Q3 2025 revenue (reported): IDR 2.64 trillion → ~USD 158.27 million; comprehensive profit Q3 2025: IDR 28.21 billion → ~USD 1.69 million.
Takeaway: Sales recognition and recurring mall/hotel revenue drive results; Q3 comprehensive profit small but company highlights stability.
8. Alam Sutera Realty (ASRI)
Q3 2025 net income (reported): IDR 8.0 billion → ~USD 0.48 million.
Takeaway: Smaller but resilient result; marketing sales momentum and target pre-sales remain focal points.
9. Jaya Real Property (JRPT)
Q3 / 9M 2025 net income (reported): IDR 903.1 billion → ~USD 54.15 million.
Takeaway: Strong profitability growth YoY driven by housing/unit sales and improved gross margins.
10. Jakarta Setiabudi Internasional (JSPT)
Q3 2025 revenue (reported): IDR 1.7957 trillion → ~USD 107.68 million.
Takeaway: Solid revenue performance with strategic projects contributing to top-line stability.
3) Key trends & insights from Q3 2025
Pre-sales and marketing sales matter more than ever. Top developers reporting strong marketing sales (pre-sales) were better able to convert pipeline into recognized revenue and protect margins. Summarecon and BSDE highlighted marketing-sales contributions.
Recurring income cushions volatility. Owners of malls, offices and hotels (e.g., PWON, BSDE) benefited from recurring rental and hospitality revenue, improving cash flow stability vs developers reliant purely on land-lot recognition.
Financing costs remain a constraint for some mid/small caps. Companies with higher leverage (PPRO and some smaller listings) still show losses or thin profits due to finance charges and provisions.
Recognition timing & project mix drove QoQ differences. Several large names (CTRA, BSDE) noted slower recognition in Q3 but maintained FY targets via deferred recognition patterns and solid 9M progress. Broker notes flagged this for investors.
Sector is heterogeneous recovery uneven across groups. Large-cap integrated developers that combine land development + recurring assets outperformed narrow product-play listed names. Index/sector commentary from IDX and brokers confirms mixed recovery.
4) Outlook for Q4 2025 and beyond
Near term (Q4 2025): Expect continued focus on marketing sales campaigns (year-end promotions), and recognition timing will shape headline numbers. Companies with substantial mall/hotel portfolios should show steadier Q4s; those reliant on large land recognitions may see lumpy results. Central bank and currency move (and domestic fiscal policy) may influence funding cost and investor sentiment.
Medium term (2026): If the rupiah remains stable and interest rate dynamics moderate, demand for primary housing and investment property should slowly normalize boosting developers with ready inventory and steady presales. However, structural headwinds (higher building costs, policy changes on incentives or taxes) will remain watch points.
Investor considerations: Look for (a) marketing sales / pre-sales trajectory, (b) recurring revenue share (malls/hotels), (c) leverage & interest coverage, (d) cash conversion and receivables aging these will determine winner vs laggards.
5) Conclusion
Q3-2025 showed a sincere but uneven recovery across Indonesias listed property sector. The largest, well-diversified developers (BSDE, PWON, CTRA) demonstrated resilience via pre-sales and recurring income streams. Several mid / small caps remain pressured by financing costs or recognition timing (PPRO, some others). For Q4-2025 the picture will be shaped by year-end pre-sales, funding costs, and currency/ macro sentiment; investors should focus on pre-sales, recurring income and balance-sheet strength when comparing names.

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