JAKARTA – PT Modernland Realty Tbk. (MDLN) has officially ratified a restructuring of its Board of Commissioners and established a new strategic direction focused on sustainable development during its Annual General Meeting of Shareholders (AGMS) held on Friday, May 23, 2025, at the Jakarta Garden City Club House, Jakarta.

During the meeting, shareholders approved the resignations of Luntungan Honoris as President Commissioner, along with Edwyn Lim and Nita Tanawidjaja from the Board of Commissioners. Replacing them, Dharma Mitra was appointed as the new President Commissioner, with Herman, Yustinus Saleh, and Robert Tumedia joining as Commissioners. Additionally, Sami Veikko Tapio Miettinen was appointed as a new Director on the Board of Directors.

As a result, the composition of the Company’s management is now as follows:

Dewan Komisaris

• Dharma Mitra – President Commissioner

• Herman – Commissioner

• Yustinus Saleh – Komisaris

• Iwan Suryawijaya – Independent Commissioner

• Robert Tumedia  – Independent Commissioner

  
  

Dewan Direksi

• William Honoris – President Director

• Fetrizal Bobby Heryunda – Director

• Pascall Wilson – Director

• Sami Veikko Tapio Miettinen – Director

In his presentation, William Honoris, President Director of PT Modernland Realty Tbk., stated that the 2024 fiscal year was marked by significant pressure, including global volatility and a decline in domestic purchasing power. The Company recorded revenue of IDR 1.02 trillion, representing a year-on-year (YoY) decrease of 11.69%. Nevertheless, Modernland Realty achieved a strategic milestone by reducing its foreign bond liabilities by USD 104.3 million through a buyback and exchange offer scheme.

On the operational side, Director Pascall Wilson reported that 2024 marketing sales reached IDR 1.10 trillion, largely driven by the residential sector through the flagship Jakarta Garden City project. In the industrial segment, ModernCikande Industrial Estate demonstrated conservative growth, while the hospitality sector began showing signs of recovery.

Looking ahead to 2025, Director Fetrizal Bobby Heryunda emphasized the Company’s focus on optimizing residential product launches, accelerating construction and handovers, and monetizing non-productive assets. Marketing sales in Q1 2025 amounted to IDR 484 billion, marking a 54% YoY increase. In line with its business transformation, MDLN also reaffirmed its commitment to sustainability.

Meanwhile, Dharma Mitra, Director of PT Modernland Realty Tbk., announced the Company’s social program for the year, themed "Becoming an Environmentally Friendly & B2G Unemployment Recovery", as a continuation of its strengthened ESG initiatives through the establishment of an ESG and OHS Committee. The implementation of ESG is not only viewed as compliance with international standards but also as a moral commitment by the Company to conduct ethical, inclusive, and environmentally conscious business practices.

The cornerstone of this initiative is the Environment and Social Action Plan (ESAP) document, which has been developed as a strategic operational roadmap for the coming years. ESAP outlines the Company's sustainability policy direction, integrating environmental preservation, social responsibility, and good corporate governance into all aspects of its business activities.

During the AGMS, shareholders also agreed that no dividend would be distributed for the 2024 fiscal year. Furthermore, shareholders delegated authority to the Board of Commissioners to determine the remuneration of the Directors and Commissioners, with no increase compared to the previous year. The AGMS also approved the reappointment of public accounting firm Tanubrata Sutanto Fahmi Bambang & Partners as the independent auditor for the 2025 fiscal year.

With the ratification of all AGMS agendas, Modernland Realty is poised to enter a new chapter, reinforcing its governance and sustainable growth strategy in response to the evolving dynamics of the national property market.