PT. Summarecon Agung was founded on November 26, 1975 in Jakarta. Commercial production of residential housing construction commenced in September 1976 on a plot of land measuring 10 hectares and located in the northern section of Jakarta which is presently known as Kelapa Gading Permai. Whereas shop housing construction only commenced in 1982. Aware of the increasing demand for residential housing and shop houses being marketed from year to year, the company determined to expand the land area, which it was managing.

After 25 years, the land area had already increased to 500 hectares. Various types of residential housing and shop houses have been constructed upon an area of approximately 480 hectares which classify it self which is suitable for middle to upper market, totaling approximately 20,000 units. Besides these types of construction, various other types of supporting facilities were also built such as Shopping Centers, Sports Clubs, Driving Range, Apartments, Automotive Showroom, School complexes ranging from Kindergartens on through High Schools, places for religious worship, and other types of facilities as well.

In 1992, the financial condition of the average companies was still affected by the tightened liquidity that had taken effect since the end of 1990. Despite this, public confidence in the successes achieved by PT. Summarecon Agung in developing the Kelapa Gading Permai housing estate has remained strong.

At the end of 1993, the Company also decided to expand operations by undertaking a new investment in a housing estate development of about 1,500 Ha in the Tangerang district called Gading Serpong.

After 3 years development, in 1995, Gading Serpong had built more than 3,000 units houses and shop houses. This has been a water shed year for Summarecon Agung, not only because 1995 marked the company's 20th Anniversary, but because events have proven the wisdom of delaying high-rise urban projects in favor of suburban residential and small scale business developments.

In spite of the competitive environment, Summarecon has emerged stronger than before as the market forces propelled us to be more market and customer oriented to capture a slice of the 50,000 units per annum middle price residential houses.

Summarecon, in 1996, foresaw the declining purchasing power of consumers, and was quick to adapt its marketing strategies to provide very affordable housing to these consumers. Residential houses in Gading Serpong and apartments in Kelapa Gading priced below Rp.100 million each was very well received by consumers.

In 1998, Summarecon's performance continued to be aggravated by the worsening economy as the financial crisis of 1997 took its toll. The devaluation and the high interest rates have crippled most of companies. The total debt suddenly more than quadrupled. Summarecon is no exception. The foregoing situation has forced Summarecon to ask its creditors to restructure the debt. In anticipation of tougher times ahead, Summarecon has also rescheduled some of the projects. To survive, Summarecon will have to be more consumers oriented and more competitive in pricing, product design and quality. Summarecon will also have to operate more efficiently, thereby cost-cutting has become a continuous endeavor.

The year 2000 marks a Summarecon's organizational milestone worthy of celebration. We have been in business for 25 years, and are proud to have completed two and a half decades of prudential leadership. And as we commemorate our 25th anniversary, we have no intention of slowing down. The financial crisis of 1997 with its lingering effect still being felt had indeed reaffirmed our existence in the Indonesian real estate development roadmap as one of the few seasoned players.

In a relentless pursuit to ameliorate our financial flexibility, we have successfully worked out a debt settlement agreement with IBRA for Summarecon's in early 2001.

Although our company, our industry, and the world have dramatically changed since Ir. Soetjipto Nagaria founded this business in 1975, many important things have not changed. We still sweat every detail, operate with a merchant's mindset, and are passionate as ever about developing the most livable township and the most productive retail environments in Indonesia.