The project
A development of 13 duplex residences in Cemagi, Badung regency. The project is in pre-launch.
ICM’s role
ICM structured the project and is its development manager. This is also a project in which ICM participates alongside its partners, which is why structure and governance were defined in writing from the start.
Scope of work
- Set-up of the foreign-owned company (PT PMA) and the shareholder framework.
- Negotiation of a long-term land lease with the landowners, coordinated with the notary.
- Development framework: budget, programme and responsibilities.
- Development and project management through construction.
Challenges
- Land lease terms. A long-term lease needs clear extension mechanics and obligations on the landowners’ heirs. Terms were negotiated through several rounds and modelled for different durations before signing.
- Company structure. Shareholder agreements drafted abroad had to be aligned with Indonesian company law and the business classification (KBLI) rules.
Current status
Pre-launch.