Stern Resources Group chief executive Carl Bolch III, right, and D'Paragon Land chief executive Syarif Hidayat signed a cooperation agreement in Jakarta on Monday to develop exclusive dormitories in Indonesia. (Photo courtesy of Stern Resources Group)

US-Based Investor Eyes Indonesian Property Business

MARCH 25, 2019

Jakarta. Carl E. Bolch, III, chief executive of United States-based investment firm Stern Resources Group, visited Indonesia on Monday to sign an agreement with property management firm Royal D'Paragon Land.

Bolch, accompanied by co-chief executive Hartadinata Harianto and two managing directors, met with D'Paragon chief executive Syarif Hidayat in Jakarta.

During their one-hour meeting, Stern Resources Group agreed to collaborate with Royal D'Paragon Land to develop property in Indonesia, specifically "exclusive" dormitories. The US company will deliver the first tranche of its investment in May 2019.

The initial investment will cover the development of 24 new dormitories, but it will ultimately involve 400 buildings.

"Our first round of investment will mainly focus on building development and management development," Hartadinata said.

Bolch said he was astonished by the business concept and building designs developed by D'Paragon. He added that this might be adopted in the United States.

Syarif said the exclusive dorms were currently in demand, as these provide safe and comfortable living spaces. He said D'Paragon strives to provide the best service for its customers.

Syarif added that there is great promise in working with Stern Resources Group.

"Royal D'Paragon Land will continue to expand to other cities across Indonesia, mainly Yogyakarta, Medan, Makassar, Pekanbaru, Malang, Sorong and Jayapura," he said.