Agung Sedayu Group, PIK 2 and the Record Regulators Left Behind

Agung Sedayu Group is one of Indonesia's largest private property developers, and it is also the developer whose flagship coastal project lost its national strategic project status in October 2025 after Indonesia's Supreme Court found the designation unlawful. For anyone looking at an apartment or a shophouse in Pantai Indah Kapuk, that sequence matters more than any brochure. It is a documented record of what regulators decided, when, and on what grounds.

This is a review of the public record on Agung Sedayu Group: who owns it, which listed company carries its main project, who sits on the board, and what Indonesian regulators and courts have actually ruled. Where the record is incomplete, this article says so rather than filling the gap.

What the group is and who owns it

The group operates through PT Agung Sedayu and a network of related companies. Its best known developments are Pantai Indah Kapuk in north Jakarta and the much larger PIK 2 extension running into Tangerang, Banten.

The publicly traded vehicle is PT Pantai Indah Kapuk Dua Tbk, listed on the Indonesia Stock Exchange under the ticker PANI. The company was previously called PT Pratama Abadi Nusa Industri Tbk and was renamed at a shareholder meeting on 19 June 2023. At that meeting PT Multi Artha Pratama was reported as the controlling shareholder with about 11.91 billion shares, roughly 88.07 percent, with public shareholders holding the remaining 11.93 percent. Multi Artha Pratama is in turn 50 percent owned by PT Agung Sedayu, and had built its PANI stake from October 2021. PANI reported a land bank of about 743 hectares in the PIK area as of mid 2023.

PIK 2 is not an Agung Sedayu project alone. The Jakarta Post, reporting the PSN delisting in October 2025, described the project as owned by Sugianto "Aguan" Kusuma's Agung Sedayu Group together with the Salim Group. Board appointments at PANI in June 2023 included figures associated with both groups.

The named officers

The public record names officers at two levels, the listed company and the group.

At PANI, the June 2023 shareholder meeting appointed Sugianto Kusuma, widely known as Aguan, as President Director, replacing Prili Budi Pasravita Soetantyo. Alexander Halim Kusuma was appointed Vice President Director. Other directors named in reporting on that meeting include Suryo Pranoto Budihardjo, Markus Kusumaputra, Ipeng Widjojo, Arthur Salim, Gianto Gunara and Yohanes Edmond Budiman.

At the group level, Indonesia Business Post identified Nono Sampono as President Director of Agung Sedayu Group, quoting remarks he made in a company video post dated 18 December 2024. Muannas Alaidid has acted as the group's lawyer in public statements about the Tangerang matter.

Beyond these names, the group publishes little about its corporate structure. The group is privately held, so there is no annual report of the kind PANI must file, and a buyer dealing with a particular project company should ask which entity is actually selling.

The sea fence and the annulled certificates

This is the part of the record a buyer is most likely to have seen in headlines, and it is worth stating precisely.

A bamboo fence driven into shallow seabed off Tangerang began appearing in early 2024. Residents reported it to Banten's marine affairs agency on 14 August 2024. Officials found about 7 kilometres of it on 19 August 2024 and found it had grown when they returned on 18 September 2024. Antara reported the total length as 30.16 kilometres, crossing waters off 16 villages.

The Ministry of Marine Affairs and Fisheries sealed the structure on 15 January 2025, and removal began four days later on the order of President Prabowo Subianto. By 28 January 2025 the Navy had removed 18.7 kilometres, with Commodore I Made Wira Hady stating that 11.46 kilometres remained.

The land titles are the substantive issue. Agrarian and Spatial Planning Minister Nusron Wahid said title deeds had been issued over plots of submerged land inside the fenced area. Of these, 234 went to PT Intan Agung Makmur and 20 to PT Cahaya Inti Sentosa, both subsidiaries of Agung Sedayu Group, with the remainder held by individuals. Nusron confirmed the deeds had been issued before he took office in October 2024, acknowledged procedural violations, and said on 24 January 2025 that at least 50 had been annulled with the rest under review or before a court. The ministry sanctioned ministry staff over the matter, and police charged Kohod village head Arsin with document forgery.

The group disputed the scope rather than the existence of the titles. On 23 January 2025 Muannas Alaidid said the certificates were issued through a lawful process that began with purchases from the community and included tax payments, and that not all titled plots along the 30 kilometre fence belonged to PIK 2.

Two things should be kept separate here. A certificate annulled for procedural defect is a finding about how the certificate was issued. It is not, on this record, a finding that the companies holding it committed an offence, and no such finding against the group or its named officers appears in the sources below.

The PSN ruling

PIK 2 Tropical Coastland was added to Indonesia's national strategic project list by Coordinating Ministry for Economic Affairs Regulation No. 12/2024, dated 9 October 2024.

Pemuda Cendekiawan Muslim Indonesia filed a judicial review, and the Supreme Court granted it in decision 12 P/HUM/2025. The court ordered the regulation revoked insofar as it covered the PIK 2 Tropical Coastland entry. Its grounds, as reported by CNN Indonesia, were that the public participation requirement had not been met, that a presidential approval letter existed but the required evaluation document did not, and that there was no proof the environment ministry had released the protected forest area involved. The court cited Article 3(4) of Government Regulation No. 42/2021, Article 8 of Law No. 41/1999 on forestry, Articles 1(16) and 1(17) of Law No. 32/2009, and Article 1(28) of Law No. 26/2007 on spatial planning.

The government then removed the project from the list through Regulation No. 16/2025, issued on 24 September 2025. Coordinating Economy Minister Airlangga Hartarto confirmed the delisting to reporters on 13 October 2025, said PSN status had only ever covered the tourism segment rather than the wider property development, and said the investment itself would continue.

Losing PSN status removes a package of state facilitation. It does not by itself invalidate building permits or land titles held outside the disputed maritime area, and nothing in the reporting says existing PIK units were cancelled.

What a buyer should actually check

The useful lesson from this record is procedural. Verify the selling entity's name against the certificate, not against the project brand, because PIK 2 involves several companies. Ask which title type applies to the specific unit, since a foreign buyer in Indonesia is working with hak pakai, a lease, or a PT PMA structure rather than freehold. Ask for the building permit for the specific tower or block. Where a plot sits near the coast, ask for the spatial planning position in writing.

Bektu (https://bektu.com) keeps developer delivery and registration records for cross border buyers, and the group's own entry sits at https://bektu.com/companies/agung-sedayu-group. For comparison against other large Indonesian listed developers, see our records on Alam Sutera Realty and Agung Podomoro Land, and on the wider choice between markets in Bali versus Jakarta for foreign buyers.

The group remains a large developer with a long delivery history in north Jakarta. What the past two years added to its file is not a verdict on the company but a well documented account of how one of its projects was designated, challenged in court, and delisted. That is exactly the kind of record worth reading before signing.