Career
While still studying architecture in university, Ciputra and two friends, Budi Brasali and Ismail Sofyan, started a consulting firm. After graduation, he decided to become a property developer instead of a consultant. Having earned the trust of Soemarno Sosroatmodjo, the Governor of Jakarta, he became CEO of Pembangunan Jaya (Jaya Group), a developer partly owned by the Jakarta provincial government. He worked for the company for 35 years and became a minority shareholder for his services. His major projects at Jaya included Ancol Dreamland and the Senen Market.[2]
Together with his university friends Brasali and Sofyan, he also founded the Metropolitan Group. Serving as President Commissioner, he provided guidance to the company, which counts the Salim Group as an investor. Metropolitan developed Pondok Indah in Jakarta and invested abroad.[2]
After his children graduated from universities overseas, Ciputra founded his family holding company, the Ciputra Group, for his four children. In addition to his children, his wife, brother, and children-in-law were all involved in its management. He also hired professional executives to manage the company, which developed more than 30 major projects in Indonesia and abroad, including Citra Raya in Surabaya.[2]
The Ciputra Group was severely impacted by the 1997 Asian financial crisis, during which the value of the Indonesian rupiah plunged and the company's US dollar-denominated debts became far more burdensome. In addition, anti-Chinese riots broke out in Indonesia, forcing Ciputra to abandon several projects as sales plummeted. It took the group years to restructure its debts, and it did not regain profitability until 2005.[2]
After recovering from the crisis, Ciputra diversified his business from Indonesia and invested in major projects in China, Cambodia, and Vietnam, where the group developed a high-profile international satellite city in Hanoi in partnership with the local government.[2]
The Ciputra Group has three subsidiaries listed on the Jakarta Stock Exchange: Ciputra Development, Ciputra Surya, and Ciputra Property.[2] Ciputra Development is one of Indonesia's largest listed property companies.
