Modernland Realty Tbk (P.T.): Update to credit analysis
Our credit view of this issuer reflects its high debt levels and weak liquidity.Modernland Realty Tbk PT. PT Modernland Realty Tbk is an Indonesia-based company primarily engaged in property development business. The Company classifies its business into three operating segments: real estate and apartment, including infrastructure and building materials business; golf course and club house restaurant, as well as hotel. Its projects are comprised of townships, residential estates, industrial towns along with hospital and commercial areas. Its township projects include Kota Modern and Jakarta Garden City; its residential estate projects include Modern Hill and Puri Mas; its industrial town projects include Modern Cikande Industrial Estate I and Modern Cikande Industrial Estate II; its hospital and commercial area projects include Padang Golf Modern and Heritage Walk. Some of its subsidiaries are PT Modern Panel Indonesia, PT Prisma Inti Semesta and PT The New Asia Industrial Estate.
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