Sinar Mas Land Collaborates with Indonesia's Largest Sharia Lender BSI to Offer Mortgages to Customers

JAKARTADAILY.ID – Indonesian property conglomerate Sinar Mas Land collaborates with PT Bank Syariah Indonesia Tbk (BSI), offering various promotions and marketing gimmicks for those seeking to buy apartments in a 5.4 hectares of mixed-use property development in South Jakarta via sharia-compliant loans.

In a statement sent to JakartaDaily.id on Wednesday, August 3, 2022, Sinar Mas Land said the cooperation with BSI, Indonesia's largest sharia lender, paved the way for a loan facility called BSI Griya for consumers seeking to buy apartment units in Southgate Residence, integrated property development in TB Simatupang in South Jakarta.

Bank loans contribute the biggest in terms of how Indonesian consumers buy their mortgages. A survey initiated by Bank Indonesia, the country's central bank, has shown that 69.54 percent of the total mortgage buying in Indonesia uses bank loans.

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GSI Griya is a home and apartment loan facility offered by BSI.

The signing agreement between Sinar Mas Land — represented by Christine Natasha Tanjungan, it is Commercial National Division Head— and BSI — represented by Praka Mulia Agung, its Senior Vice President Consumer Business 1 Group Head — was done in Jakarta last month.

The signing agreement between Sinar Mas Land and BSI (Photo courtesy of Sinar Mas Land)

As part of the deal, Sinar Mas Land offers some marketing gimmicks, including a downpayment of 15 percent of the total price tag, administration charges at 2.5 percent, free of service charges for their purchased apartment units for 12 months, free furniture and design interiors to cashback up to Rp45 million ($3.019,43).

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This special promo lasts until August 31, 2022.

"Through this cooperation, we facilitate the ease in the financial aspects to increase home and apartment loans to the public, who wish to buy apartment units at Southgate Residence," CEO Commercial National of Sinar Mas Land Hongky J. Nantung said.

He also added there is a grand prize of 10 grams of gold and one free studio-type apartment at Altuera Southgate Residence tower for the lucky consumers.

For information, the Southgate Residence complex offers 497 units of apartments sold from Rp 1.2 billion ($80.518) to Rp 6 billion ($402.590). 

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