PT. Summarecon Agung has been committed to a program of coordinated, incremental growth and development, at each stage allowing time for evaluation and redirection. This strategy has served the company well competing in Indonesia's often volatile property sector, where economic overheating and copycat development can lead to severe cyclical swings in the market.

Established in 1975 by Mr. Soetjipto Nagaria, Summarecon Agung commenced operations in mid 1976 with the development of a 10 Ha housing estate in Kelapa Gading Permai. During the next 14 years, Summarecon Agung Group and its affiliates acquired development rights to 500 Ha, building over 20,000 residential houses and retail shops along with commercial and recreational facilities, schools and places of worship.

In 1990, seeing the tremendous growth potential of the Indonesian property market, Summarecon Agung consolidated all affiliate companies and listed the company on the Jakarta Stock Exchange. Tapping the then-buoyant equity market, the company embarked on several successful developments.

In 1992, Summarecon Agung forged a strategic alliance with the Keris Group to embark on a 1,500 Ha township development called Gading Serpong. Within three months of the initial launching, Gading Serpong had pre-sold over 1,300 homes. Now entering into its eight year, Gading Serpong is a town of more than 5,000 houses, shop houses and a popular 18-hole Graham Marsh designed, golf course - Gading Raya Golf & Klub.

First quarter of 1998 saw a surge in sales of houses, shop houses and apartments. The riot in May 1998 reversed this trend. Glimmer of rebound did not happen till 1999 when the exclusive Vila Kuta and the Gading Nirwana were launched.

To offset cyclical fluctuations in the real estate sales, Summarecon's has built and run a few investment properties, namely:

• Mal Kelapa Gading and its Gading Food City
• Klub Kelapa Gading
• The Summerville serviced apartments
• Plaza Summarecon
• Bursa Mobil I, II & III (Automotive showroom)

Starting year 2000 onwards, we, in a bid to strengthen our human resources, have earmarked it as the year of continuous learning. Change in paradigm in line with the changing world we live in is a must. Massive corporate restructurings will surely change the real estate and property industry landscape in this country. Strategies must be redrawn. We must be able to reinvent ourselves and stay ahead of the curve in order to survive in a much tougher business environment.