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South Africa, Industrials
Elang Property makes the dream of homeownership a reality for thousands of lower-income Indonesians. A property developer based in Bogor, Elang Property focuses on developing government-subsidized houses. These houses are built with high-quality steel and concrete and are 36 square meters large and complete with two rooms, a bathroom and a kitchen. Indonesia’s growing population requires roughly 730,000 new houses per year. The government meets only one third of this need, leaving the rest to private developers. For every project, Elang Property also builds kiosks, which residents can purchase to establish small stores. The company provides property management services, such as security and waste management, at no cost to residents until the community establishes its cooperative.
Elang Property has sold 5,000 houses in Bogor alone and now seeks to expand throughout Java, Indonesia’s most populous island. As an early mover in the low-income housing industry, Elang has established its reputation and built relationships with the government, banks, and customers. Elang was voted Best Young Independent Entrepreneur and was a finalist for Ernst & Young’s Entrepreneur Award, in addition to numerous awards from the Indonesian government.
Elang plans to transition into building affordable but non-subsidized houses, and has secured contracts for approximately 4,000 homes including homes for employees of the Ministry of Finance. Increasing its product offerings to a wealthier customer base will increase margins for the company, allowing it to expand its subsidized housing projects to cities beyond Bogor.
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