Cancellation Policy

In Accordance to Peraturan Pemerintah 21 for on going construction we can summarize the rule as
follow:

For customers who have not signed PPJB:

1. If it because of Developer’s fault such as late handover and miss construction schedule, the
developer has to return 100% of the money to the customer.

2. If it because of Customer’s fault such as late payment/instalment and the customer wants to
cancel the unit, the developer can take minimum 20% of the payment received.
For example, customer have paid 600 million, developer can take from 120-600 million.

For customers who have signed PPJB:

1. If it because of Developer’s fault such as late handover and miss construction schedule, the
developer has to return 100% of the money to the customer.

2. If it because of Customer’s fault such as late payment/instalment and the customer wants to
cancel the unit, customers who have paid more than 10% of the transactional price, then the
developer can only take 10% of the transactional price.
For example, if unit price is 1 billion, customer already paid 200 million, developer can take
only maximum 100 million

3. If it because of Customer’s fault such as late payment/instalment and the customer wants to
cancel the unit, customers who have paid less than 10% of the transactional price, then the
developer can all of the money that the customers have paid.
For example, if unit price is 1 billion, customer already paid 80 million, developer can take up
to 100 million

If customer applies KPA to the bank and have been rejected by the bank, Developer has to refund
90% of the amount paid by the customer. Developer can only keep 10% of the amount paid.

In Accordance to Peraturan Pemerintah 21 for ready unit apartment, there is no clear regulation.
Therefore, we can refer to the policy that is stated in our SP/PPJB.

Suggestions:
1. All PPJB Signing takes place until the building is almost ready for handover
2. Unless approved by KPA Banks, we do not offer PPJB signing to KPA customers
3. When SP form is issued to customer, Customer needs to fill in alternative payment to developer
instalment in case KPA is rejected by banks
4. If customer's KPA proposal rejeceted by the banks, they have to submit proof of rejection from the
banks (not by phone)
5. Change 2nd Commission for sales, as now it is paid after customers payment is minimum 20% and
the customer has signed PPJB
6. Set the PPJB handover date for new selling units (Currently handover is December 2020 (old
customers) and December 2021 (new customers) with 120 working day tolerance (6 months) June
2022