Humans of FCS

A Turnover of an Indonesian Property Developer, after Future City Summit

Posted 09 Oct, 2018

As Future City Summit(FCS) is progressing towards its 2nd phrase of development, as a Hong Kong-led global development agent for the Global South, let’s have a throwback and review of how FCS has been doing in the past 2 years, with the support of corporates, universities and government.

Meet Zaki Yamani, a young leading serial entrepreneur and a family business owner basing in Jakarta, tapping in education and digital marketing industries. Zaki came to learn about Future City Summit after his first experience in Hong Kong with Asia Institute for Political Economy(AIPE).

With the learnings from FCS, against the mainstream of heavily profitable property industry through condominium and villa in Indonesia, Zaki has turned himself into more a social entrepreneur in affordable housing, bringing up his influence and setting up a leading role to change the landscape of the city of Indonesia.

With the world’s fourth largest population and rising, Indonesia is in the midst of a housing crisis. Approximately 11.8 million Indonesians will never own their own home, according to the Indonesian Ministry of Economic Affairs, unless government construction targets are met.

In response to a chronic need for homes, Indonesia’s government launched the One Million Homes programme in mid-2015. The goal of this initiative is to cut Indonesia’s housing needs considerably. By 2019, the government hopes to have slashed the nation’s housing backlog from 11.4 million homes to 6.9 million.

Zaki has already been successfully running his few companies in Indonesia along with his family business in property. Yet, the impact of FCS has sowed a seed deep in heart for him to take leap of faith again and challenge the industry which he earns most.

FCS2016 was the first year of Future City Summit with the support of Global Partnership Seed Fund for United Nations SDGs from Vice President Office of The University of Hong Kong, with the theme “Connecting Cities”.

The panel and keynotes focus on architecture, urban planning and education for entrepreneurship movement, with speakers from well-known architect and urban planning advocates in Hong Kong, as well as Secretary of Environmental Bureau of Hong Kong SAR, Christine Loh Kung-wai, OBE, JP.

The theme and insights in sessions and Metro-Hackathon which focuses on UN SDG #11 Sustainable Cities and Communities and #9 Industry, Innovation and Infrastructure have caught Zaki’s attention for a change in his country through business innovation.

“I really enjoy the atmosphere of FCS and the part I enjoyed most is the sharing sessions from the experts from Hong Kong government, speaking about the city and art development in Hong Kong.”

“The friendship among the delegates in the conference as we are blending in very well. We share ideas and learnt to collaborate with delegates from different sectors and stakes.”

Upon FCS2016, Zaki entered property industry through social entrepreneurship to solve housing issues. He founded Teras 1001 since 2016 in Indonesia with some ideas aspired in FCS2016.

The government has upped One Million Homes’ project budget from 2016’s 12.6 trillion Indonesian rupiah ($918.8 million) total to 15.6 billion IDR ($1.15 billion) for 2017. A total investment of $5 billion until 2019’s end date is needed for One Million Homes to achieve its goals.

Teras 1001 is currently his affordable housing project in Jakarta and it’s entering his 4th development sites with over 80% occupancy rate, as part of the national project in Indonesia. Affordable housing is supported by government and also national bank with loan of 70% for development capital at very low interest rate. The collaboration of national bank ensures a faster administration for the merging of capital for building to ensure living of the industry workers.

He visions a development of 1 million units of houses in 10–15 years with the project.

“The profit is not big, but it’s a social entrepreuership because it’s providing affordable houses for the poor. This is challenging but I really enjoy this job to be part of the problem solver for the government.”

Extended Reading:

  1. From Imagination to Action, A Sharing of The Best Presenter in Future City Summit
  2. Future City and The Market Left Behind