PT Waskita Karya Realty

What PT Waskita Karya Realty does

PT Waskita Karya Realty (WKR) is an Indonesia-domiciled, state-owned real estate developer and property company wholly owned by PT Waskita Karya (Persero) Tbk (IDX: WSKT). Founded in 2014 and headquartered at Waskita Rajawali Tower in East Jakarta, the company operates a diversified portfolio under the Vasaka brand across four product lines: Vasaka Residential (apartments and landed houses), Vasaka Hotel (hospitality), Vasaka Office (commercial stratas), and mixed-use developments. As of the FY2025 RUPST, it reported Rp172.46 billion in revenue and Rp4.11 trillion in total assets, with a presence across at least eight Indonesian cities (Jakarta, Tangerang, Bandung, Surabaya, Makassar, Medan, Denpasar/Bali, and Bekasi) and more than ten project sites.

WKR's operating model combines one-time transactional revenue from property development (e.g., Vasaka Solterra, Vasaka Nines, Vasaka Bali, Brooklyn, Yukata Suites, Nines Plaza & Residence, Vasaka Rajawali Tower strata office, and TOD infrastructure such as JPM Dukuh Atas) with recurring revenue from hotel operations (Vasaka Hotel Jakarta, Vasaka Hotel Makassar, Vasaka Maison Bandung), service apartment operations (The Reiz Suites Medan, 120 rooms), and commercial space rentals across its mixed-use portfolio. Hospitality is delivered in partnership with management groups including Artotel Group and Dafam Hotel Management, and distributed via direct booking, OTAs (Agoda, Tripadvisor), and on-site sales galleries, with the eGaleri digital storefront extending reach online. Notable technical components include smart-home integration in residential units, Green-Building-Council-Indonesia Gold certification for Waskita Rajawali Tower, and transit-oriented infrastructure design at JPM Dukuh Atas.

WKR serves primarily millennials and young urban professionals seeking affordable-to-mid-market, smart-enabled housing near transit; mid-to-upper-class urban buyers seeking premium apartments and landed houses; corporate and individual travelers via its hotel portfolio; and corporate/BUMN office buyers in its commercial developments. The company is currently executing a corporate transformation that includes a 2025-2026 banking and credit restructuring, a leadership transition (Masudi Jauhari as Acting President Director at the May 2026 RUPST), and a Conditional Sale and Purchase Agreement signed on 26 June 2026 with InJourney Hospitality (PT Aviasi Pariwisata Indonesia) for consolidation of its hotel assets into the BUMN hospitality ecosystem.

Name

PT Waskita Karya Realty

Legal name

PT Waskita Karya Realty

Website

https://waskitarealty.co.id

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

51–100 employees

Short description

PT Waskita Karya Realty is an Indonesian state-owned real estate developer (subsidiary of PT Waskita Karya/Persero) operating the Vasaka brand across residential apartments, hotels, offices, and mixed-use developments in 8+ cities, serving millennials, urban professionals, and corporate buyers with property sales and recurring hospitality and commercial-rental revenue.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Real Estate Property Managers (53131)

SIC

Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Residential Real Estate Asset Management (BPAJAMAA)

Keywords

• Residential property development
• Hospitality services
• Commercial office space
• Mixed-use developments
• Real estate developer

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Property Development Sales: Revenue from selling developed properties including residential apartments (Vasaka Solterra, Vasaka Nines, Vasaka Bali, Brooklyn, Yukata Suites), landed houses, and commercial units. These are one-time transactional sales with pricing varying by unit type and location.
2. Hotel Operations (Vasaka Hotel Hospitality): Recurring revenue from hotel operations including Vasaka Hotel Jakarta, Vasaka Hotel Makassar, Vasaka Maison Bandung, and The Reiz Suites Medan. Managed under Vasaka brand, operated in part with Artotel Group and Dafam Hotel Management. Room rates range from Rp495,000 to Rp670,000+ per night.
3. Commercial Space Rental: Revenue from renting and operating commercial spaces within mixed-use developments such as VLCC (Vasaka Lifestyle & Commercial Center), Garden by VLCC, and strata title office units (Waskita Rajawali Tower).
4. Service Apartment Operations: Revenue from operating service apartments such as The Reiz Suites Medan, which offers furnished units with hotel-like amenities including laundry, airport transfer, and 24-hour lobby services.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

PT Waskita Karya Realty develops, sells, and operates residential apartments, landed houses, hotels, service apartments, and commercial office properties across Indonesia under the Vasaka brand. The company also manages mixed-use developments and operates hotel properties across multiple cities.

Product overview

PT Waskita Karya Realty (WKR) is a state-owned real estate developer and property company operating as a subsidiary of PT Waskita Karya (Persero) Tbk. The company offers an integrated portfolio under the Vasaka brand umbrella, encompassing residential developments (Vasaka Residential including apartments and landed houses), hospitality services (Vasaka Hotel operated by Artotel Group), commercial office spaces (Vasaka Office), and mixed-use integrated developments. The product portfolio includes projects across major Indonesian cities: Medan (The Reiz Suites), Tangerang (Brooklyn, Yukata Suites, Vasaka Nines), Jakarta (Vasaka Solterra, JPM Dukuh Atas, Vasaka Hotel Jakarta), Bandung (Vasaka Maison Bandung), Surabaya (88Avenue), Makassar (Vasaka Hotel Makassar), and Bali (Vasaka Bali). WKR also operates eGaleri, a digital platform for property sales and promotions.

Differentiator

Problem solved

Functional benefit

Brands

• Vasaka: Primary brand umbrella for all Waskita Realty residential, commercial and hospitality products, including Vasaka Residential, Vasaka Hotel, Vasaka Office, and Mixed Use developments.
• Vasaka Hotel
• Vasaka Residential
• Vasaka Gallery
• eGaleri Waskita Realty

Products and services

• Vasaka Residential Residential apartment and landed house developments under the Vasaka brand, targeting millennials, young urban professionals, and middle to upper-class urban residents. Projects span Jakarta, Tangerang, Bandung, Bali, and other Indonesian cities.
• Vasaka Hotel Four-star hotel portfolio operated under Artotel Group and Dafam Hotel Management, offering accommodation, dining, and event facilities in Jakarta, Makassar, and Bandung for business and leisure travelers.
• Vasaka Office Commercial office space developments including strata-title office units targeting corporate buyers and business owners. Anchored by Waskita Rajawali Tower, a Gold-certified green building with 95% pre-sold units.
• JPM Dukuh Atas Multi-purpose pedestrian bridge infrastructure spanning 7,970 sqm across 3 floors, connecting 5 modes of public transportation in Dukuh Atas, Jakarta, featuring escalators, lifts, commercial areas, and public facilities.
• The Reiz Suites Medan Service apartment in Medan, North Sumatra, offering 120 furnished rooms with hotel-like amenities including laundry service, airport transfer, parking, and 24-hour lobby services for business and leisure travelers.
• Mixed-use Developments Integrated mixed-use projects combining residential, commercial, and hospitality components such as Nines Plaza & Residence in CBD Serpong BSD, providing comprehensive lifestyle and business destinations.

Quantifiable outcome

• 50% sales increase for Vasaka Solterra in Q2 2024 vs Q2 2023
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, moderate and minor.

• InJourney Hospitality (PT Aviasi Pariwisata Indonesia)coreStrategic or Co-development Partner · 26 June 2026Waskita Realty (WKR) and parent company PT Waskita Karya signed a Conditional Sale and Purchase Agreement (CSPA) for consolidation of WKR's hotel assets into InJourney Hospitality ecosystem, part of PT Aviasi Pariwisata Indonesia (Persero). The transaction supports national hospitality ecosystem transformation and portfolio restructuring of state-owned enterprises. Led by Mas'udi Jauhari (Plt. Dirut WKR) and Rudi Purnomo (Dir. Business Strategy Waskita Karya).
• Artotel GroupmoderateImplementation/ SI/ Consulting Partner · 5 May 2026Artotel Group manages Vasaka Hotel Jakarta as 'Artotel Curated' and runs the 'Rebellious Hunger' plant-based culinary initiative across its portfolio. Vasaka Hotel Jakarta operates under this management partnership, leveraging Artotel's hospitality expertise.
• Burgreens and Green RebelminorStrategic or Co-development Partner · 5 May 2026Plant-based food pioneers partnering with Artotel Group (and thus Vasaka Hotel Jakarta) for the 'Rebellious Hunger' culinary campaign. Together they deliver premium Indonesian plant-based menu options at Vasaka Hotel Jakarta.
• Perumda Pembangunan Sarana JayamoderateStrategic or Co-development Partner · 23 February 2023MoU for development of land owned by Perumda Pembangunan Sarana Jaya (Regional Owned Enterprise for Jakarta development). Signed at Waskita Rajawali Tower with President Director Ratna Ningrum and Director Utama Agus Himawan. Aimed at supporting Jakarta's urban development from lands owned by Sarana Jaya.
• Yayasan Wakaf Djalaludin Pane (YWDP)minorStrategic or Co-development Partner · 26 January 2023MoU signed for joint development of waqf land managed by YWDP in North Sumatra. The collaboration aims for sharia-compliant property development that benefits the community. Signed at Waskita Rajawali Tower with President Director Ratna Ningrum and YWDP Chair Kartika Betty Safitri.
• PT Dafam Hotel ManagementmoderateImplementation/ SI/ Consulting Partner · 4 January 2023Dafam Hotel Management operates Teraskita Hotel Jakarta (now Vasaka Hotel Jakarta). General Manager Cahyanto I. Murtiono represented Dafam at the hotel's 7th anniversary celebration. Dafam provides hotel management and operational expertise for WKR's hospitality portfolio.
• Universitas Negeri Jakarta (UNJ)minorStrategic or Co-development Partner · 20 December 2022MoU for land development feasibility study of UNJ-owned land. Signed at UNJ Rectorate Lobby. Potential developments include Open Space Commercial, Labschool, and Education Hospital. Signed by President Director Ratna Ningrum and Rector Prof. Dr. Komarudin.
• PT Rajawali Nusantara Indonesia (RNI) (Persero)moderateStrategic or Co-development Partner · 1 August 2018Strategic collaboration to build Waskita Rajawali Tower at Jl. MT. Haryono, Cawang, East Jakarta. RNI and Waskita Karya Realty jointly developed the 15-storey green building (Gold certified) on 7,025 sqm land as strata title office space, with 95% of units pre-sold. Investment value approximately Rp584 billion.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• PT Jaya Real Property: Indonesian developer with BSD City township and various residential, commercial, and hospitality projects. Comparable developer serving urban professional segments across Indonesia with diversified property portfolio similar to WKR's Vasaka brand.
• Agung Podomoro Land: Indonesian developer focused on mid-to-high-rise apartments, mixed-use, and commercial real estate in Greater Jakarta. Closely comparable to WKR's Vasaka Residential and Vasaka Office product lines and similar customer profiles in urban Jakarta.
• PT Adhi Karya (Persero) Tbk: BUMN construction and property company that develops residential and commercial real estate in Indonesia. Directly comparable as another state-owned developer with diversified construction/property operations and government-aligned project access.
• PT PP (Persero) Tbk: Indonesian state-owned construction and property developer with a PPROPERTY arm that develops residential, commercial and mixed-use projects. DIRECT_PEER as another BUMN subsidiary-developer operating in the same Indonesian real estate space with similar government-relationship-driven GTM.
• Intiland Development: Indonesian developer of apartments, landed houses, commercial and mixed-use properties in Jakarta, Surabaya, Bandung and other cities. Comparable product mix and geographic footprint, with similar mid-market positioning.

Others

• Artotel Group: Indonesian boutique hotel operator that manages Vasaka Hotel Jakarta via an 'Artotel Curated' partnership. Comparable as a hospitality ecosystem participant operating WKR's hotel assets, and now increasingly relevant as InJourney Hospitality consolidates the same hotels.

Broad incumbents

• Sinar Mas Land: One of Indonesia's largest private property developers, with extensive residential townships, commercial and mixed-use developments across BSD City and other Indonesian cities. Comparable as a diversified Indonesian developer in the same residential/commercial/mixed-use categories but at much greater scale and private-sector driven.
• Summarecon Agung: Indonesian integrated property developer with township, residential, commercial and hospitality projects in Greater Jakarta, Bandung and other cities. Comparable across product categories but with stronger consumer brand and larger land bank than WKR.
• PT Pembangunan Perumahan (PP) Persero: Larger state-owned Indonesian developer focused on mass housing and infrastructure. Comparable as a BUMN-led housing developer but at significantly greater scale and primarily in government-subsidized housing, making it a broader incumbent rather than direct mid-market competitor.
• Ciputra Group: Long-established Indonesian property conglomerate developing residential, commercial and mixed-use projects across major Indonesian cities. Comparable mid-to-upper segment developer serving similar urban professional and family buyer segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/waskita_realty
• YouTubeyoutube.com/@ptwaskitakaryarealty4672
• Instagraminstagram.com/waskita_realty
• TikToktiktok.com/@waskita_realty
• Facebookfacebook.com/WaskitaRealty2014
• LinkedInlinkedin.com/company/pt-waskita-karya-realty

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PT Waskita Karya Realty