Expanding Market Share, WSBP Secures Shangri-La Hotel Jakarta Project Contract

INDUSTRY.co.id - Jakarta - PT Waskita Beton Precast Tbk (WSBP) has made significant strides in early 2024 by securing new external contracts from private sector. On (08/01), WSBP entered into a signing contract for the Shangri-La Hotel & Shangri-La Residences and Utility Building Bridge Connecting Flyover Project to establish a 96-meter-long bridge connecting Shangri-La Residences properties and Shangri-La Hotel Jakarta located at Jalan Karet Pasar Timur 2 in Central Jakarta.

Yussuf, the Director of PT Estika Binagriya, and Suharyono, the Vice President of Business Development and Marketing at WSBP, executed the contract. The execution was witnessed by the Board of Directors of Shangri-La, including Cristian Hadiwibawa, the Project Manager, and Bustendy, the Legal representative from PT Estika Binagriya, as well as Aden Sukanda, the Vice President of the Construction and Installation Division, and Ahmad Fariz Thiraf, the Project Manager, from WSBP.

According to Fandy Dewanto, the Vice President and Corporate Secretary, the Shangri-La Hotel & Shangri-La Residences and the Utility Building Connecting Bridge Flyover Project will commence in January 2024 and is estimated to be completed by the end of the same year. The project was awarded to WSBP by PT Estetika Binagriya, the project's owner.

As part of the IDR20.5 billion project, WSBP has been entrusted with working on structures and architecture for MEP (Mechanical, Electrical, and Plumbing)". We will start working this month and aim to finish by year-end," he said.

WSBP is committed to completing this construction service work per the targets set with the support of qualified human resources and quality construction technology. "In addition, WSBP always implements good corporate governance and risk management in every operational activity," he said.

The new contract provides an excellent opportunity for WSBP to pursue other projects. "This is proof that WSBP has a strong business portfolio and is trusted to supply and work on various infrastructure projects," he added.

It is well known that WSBP has achieved an outstanding performance by booking a New Contract Value (NCV) of IDR 1.38 trillion until November 2023. This performance was mainly driven by external projects, which accounted for 76% of the total NCV. Some of these external projects include the IKN Feeder Road Project, the IKN Project for the Pulau Balang Tempadung-Bridge Segment, the Bayung Lencir-Tempino Section 1 Project, the Sumbawa LNG Terminal & Regasification Project, among others.

In the immediate future, WSBP has several promising prospects to provide its superior precast and ready-mix concrete products to government and external projects within Indonesia and abroad. "In the coming 3-5 years, we foresee a significant market potential arising from the construction of IKN as well as projects initiated by Non-Waskita Group," he said.

According to Fandy, WSBP's market expansion initiatives are being conducted simultaneously, and ongoing business process enhancements are being implemented. This aligns with the All-New Transformation program, mainly focusing on business nourishment". WSBP is confident that implementing this program will enhance our competitiveness and enable us to achieve superior performance," he concluded.