OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 81 ANNUAL REPORT 2025 Business Review Indonesia Real Estate INDONESIA REAL ESTATE THE SANCTUARY COLLECTION, GREATER JAKARTA THE SANCTUARY COLLECTION, 大雅加达地区 The Sanctuary Collection is a prestigious, large-scale residential estate, strategically located in Bogor Regency, within the Jabodetabek area. Developed across two phases, every home is crafted to provide an unparalleled living experience, seamlessly blending sustainable luxury, premium finishes and intuitive layouts. The first phase of The Sanctuary Collection comprises four clusters. The first three clusters under Phase 1 have launched and received industry acclaim from 2020 to 2023, for their eco-conscious and meticulous design. The first cluster, Tanglin Parc, set the benchmark for luxury living with all residences sold. The second cluster, Newton Springs, continues this tradition of excellence, providing residents with a serene and sophisticated living environment. Not to be outdone, the third and largest cluster to date in Phase 1, Orchard Riviera, features double-volume ceilings and spacious interiors, offering an ideal retreat for those seeking respite from the bustling city. Planning works for the fourth cluster under Phase 1 is underway. Phase 2, which is also under master planning, will include larger residences. It is set to occupy an elevated site, offering panoramic views of Sentul. Residents of The Sanctuary Collection enjoy close proximity to premium Perennial Holdings owns and manages a luxurious residential development, The Sanctuary Collection, in the Jabodetabek region of Indonesia, which includes Jakarta and surrounding cities such as Bogor, Depok, Tangerang and Bekasi. This is the most populous metropolitan area in Indonesia. With robust infrastructure and a skilled workforce, is a hub for finance, manufacturing and commerce. MARKET OUTLOOK Indonesia, the world’s fourth most populous country and ASEAN’s largest economy, achieved a growth rate of 5.11% in 2025, up from 5.03% in 20241. Nearly all sectors and industries posted positive growth during the year, including manufacturing, trade, agriculture, construction, corporate services, and transportation and warehousing2. In the real estate sector, the Residential Property Price Index showed modest growth of 0.84% year-on-year (“YoY”) in 3Q 2025, moderating from 0.9% YoY in 2Q 20253. Housing loans disbursed by the banking sector accounted for 74.41% of total financing4, indicating that bank housing loans remained the preferred source of financing for residential property purchases. In 1H 2025, the landed residential market in Greater Jakarta enjoyed healthy demand with a cumulative sales rate at 88%. Residential developments continue to focus on areas with well-established infrastructure, excellent transport connectivity and proximity to Jakarta’s central business district (“CBD”)5. One such connectivity component is the Jabodebek Light Rapid Transit, formerly known as the Greater Jakarta LRT, which connects the Jabodetabek suburbs with Jakarta’s city centre. During 1H 2025, the Jabodetabek commuter rail network served over 166 million passengers, up 6.13% from 156 million in 20246. The appeal of suburban living is further enhanced by the availability of green spaces and a higher quality of life, making areas like Bogor Regency increasingly attractive for residential development. The real estate landscape in early 2025 saw luxury and upper-middle segments surge 17% and 34% compared to late 20247. Focused on strategic corridors such as Bogor, these developer-led townships are attracting investors and families looking for long-term value in high-potential suburban markets8. The region is also well-positioned to benefit from various government incentives aimed at stimulating economic growth and addressing housing needs. Notably, the Indonesian government has introduced value-added tax (“VAT”) incentives for residential housing purchases, which temporarily reduce the VAT burden on homebuyers9. Coupled with wider national trends such as a higher-than-regional-average Ultra High Net Worth Individuals (“UNHWIs”) growth of 45.2% by 202810 and Bank Indonesia benchmark rate reductions11, The Sanctuary Collection of luxurious landed residential development in Bogor Regency is set to thrive. By delivering high-quality, well-designed homes, the development addresses the growing demand for premium housing in a rapidly evolving region, paving the way for sustained growth. MARKET REVIEW The Sanctuary Collection encompasses two distinct phases: Phase 1 and Phase 2. Within Phase 1, the four clusters have continued to gain significant traction. At its launch, Tanglin Parc set a new benchmark for luxury living in the region, serving as a testament to the robust demand for high-end residential offerings. This first cluster was a remarkable success, with all units fully sold and almost all handed over to delighted homeowners. The second cluster, Newton Springs, is progressing towards full occupancy and continues the tradition of excellence. It offers an elegant and tranquil living environment, reinforcing the development’s reputation for quality and sophistication, with more than half of its units already handed over to homeowners. Orchard Riviera, the third and most expansive cluster in Phase 1, provides a refined sanctuary from the vibrancy of city life. Featuring striking doublevolume ceilings and generous interiors, each residence is meticulously designed with premium finishes and intuitive layouts, ensuring an unparalleled living experience. Handover to homeowners for selected units has already commenced. Planning works for the fourth cluster in Phase 1 are underway, aligning with homeowners’ desires for exceptional, high-quality living. The Sanctuary Collection will continue its tradition of delivering premium luxury residences to homeowners, maintaining its commitment to excellence and innovation in the residential market. Concurrently, the Company is advancing the master planning for Phase 2, envisioned as a prestigious enclave set on elevated terrain, commanding sweeping views of Sentul. The upcoming phase will showcase larger residences, establishing a new benchmark for sophisticated living. STRATEGIC PRIORITIES Amid global uncertainties such as trade tariffs and geopolitical tensions, Indonesia is expected to achieve modest growth in 2026 due to expansionary fiscal policy to lift consumption and reduce lending rates to stimulate investment12. Perennial Holdings is advancing its planning for The Sanctuary Collection, focusing on the ongoing development of additional clusters in the first phase and a prestigious second phase that aims to establish a new benchmark in sophisticated living. Concurrently, Perennial Holdings will ensure its offerings align with evolving consumer preferences by closely monitoring market dynamics. This strategic approach will enable the Company to maintain its sterling reputation as a leader in luxury residential development in Bogor Regency, while remaining steadfast in its commitment to delivering exceptional homes. 1 The Jakarta Globe, Feb 2026 (https://jakartaglobe.id/business/indonesia-gdp-grows-511-in-2025-missing-government-target) 2 The Jakarta Globe, Feb 2026 (https://jakartaglobe.id/business/indonesia-gdp-grows-511-in-2025-missing-government-target) 3 Bank Indonesia, Nov 2025 (https://www.bi.go.id/en/publikasi/ruang-media/news-release/Pages/sp_2726625.aspx) 4 Bank Indonesia, Nov 2025 (https://www.bi.go.id/en/publikasi/ruang-media/news-release/Pages/sp_2726625.aspx) 5 JLL, Sep 2025 (https://www.jll.com/en-sea/insights/greater-jakarta-townships-reshape-suburban-landscape) 6 Independent Observer, Oct 2025 (https://observerid.com/krl-passengers-increase-to-31-4-million/) 7 Pinhome Research Insights, 21 August 2025 (https://www.pinhome.id/research/market-report/en/indonesia-residential-market-report-2025-H1) 8 Pinhome Research Insights, 21 August 2025 (https://www.pinhome.id/research/market-report/en/indonesia-residential-market-report-2025-H1) 9 Asia Pacific Solidarity Network, Aug 2025 (https://www.asia-pacific-solidarity.net/news/2025-08-25/govt-extends-100-vat-waiver-homesforeigners-can-apply.html) 10 Knight Frank, 23 January 2025 (https://apac.knightfrank.com/horizon/content/asia-pacific-luxury-real-estate) 11 Reuters, Dec 2025 (https://www.reuters.com/world/asia-pacific/bank-indonesia-keeps-rates-steady-focuses-rupiah-stability-2025-12-17/) 12 BCA, Dec 2025 (https://www.bca.co.id/-/media/Feature/Report/File/S8/Laporan-Riset-Ekonomi/2025/12/2026-indonesia-economic-outlookinching-towards-higher-growth-19-december-2025.pdf) amenities, including high-end shopping, elite schools, world-class healthcare, and golf courses. The addition of the Greater Light Rail Transit has further refined the living experience, providing a swift connection to Jakarta. Bringing together innovative design and convenience, nestled in a lush natural landscape, The Sanctuary Collection represents the epitome of modern luxury living in Indonesia. 80 PERENNIAL HOLDINGS PRIVATE LIMITED
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