JAKARTA – PT Adhi Commuter Properti Tbk (ADCP) has come under public scrutiny after several LRT City apartment projects experienced significant construction delays. The company, a subsidiary of PT Adhi Karya (Persero) Tbk, has acknowledged that liquidity constraints have affected the completion of its projects and the handover of residential units to buyers.
ADCP originated from Adhi Karya’s Transit Oriented Development (TOD) Division. The division was established in 2015 to develop integrated communities connected to public transportation and was later spun off into a separate entity in 2018 under the name PT Adhi Commuter Properti Tbk. The company’s core business focuses on developing residential, commercial, and supporting facilities around the Jabodebek LRT network under the LRT City brand.
As a TOD-based property developer, ADCP builds projects that integrate residential areas with public transportation systems, including the Jabodebek LRT, KRL Commuter Line, and TransJakarta bus network. The concept aims to reduce dependence on private vehicles while promoting more integrated and sustainable urban development.
In a disclosure submitted to the Indonesia Stock Exchange (IDX), ADCP apologized to customers for the delayed handover of apartment units. The company stated that liquidity challenges have been the primary factor behind the slowdown in project completion and unit delivery. ADCP added that it is pursuing several measures, including seeking strategic partners and new funding sources, to accelerate project completion.
According to the company’s latest data, ADCP currently has 13 projects, comprising six completed and operational projects and seven projects still under construction. Out of a total of 9,839 residential units, 5,392 units have been sold, while 2,575 units have already been handed over to customers.
The delays have affected approximately 2,400 LRT City buyers who have yet to receive the apartments they purchased. Some buyers have reportedly waited for as long as seven years, while others continue to pay mortgage installments despite their units remaining unfinished. The situation prompted Indonesia’s Ministry of Housing and Settlement Areas (PKP) to mediate between ADCP and affected consumers.
The issue has also drawn the attention of the House of Representatives (DPR RI). Deputy Chairman of Commission V, Iwan Darmawan Aras, stressed that ADCP must fulfill its obligations to consumers. He warned that unfinished projects undertaken by a state-owned enterprise’s subsidiary could undermine public confidence in government-backed infrastructure and housing projects if the matter is not resolved promptly.
