Jakarta. Sovereign wealth fund Danantara and the State-Owned Enterprises Agency (BP BUMN) have pressed construction firm Adhi Karya (IDX: ADHI) to address complaints from residents and buyers of its stalled LRT City apartment projects.

Dony Oskaria, head of the State-Owned Enterprises Agency and chief operating officer of Danantara, met with Adhi Karya's board of directors on Tuesday to discuss developments and public complaints surrounding LRT City, according to a statement posted by the agency on Wednesday.

"All public complaints need to be followed up immediately. Communication with residents also needs to be strengthened so that existing problems can be resolved quickly," Dony said, according to the agency's Instagram account.

The meeting comes as the fate of several LRT City apartment projects has drawn growing public scrutiny. More than 2,400 buyers have reportedly been waiting for their units for as long as seven years, while some continue to make mortgage payments despite construction remaining incomplete.

Some LRT City developments have yet to progress beyond vacant land, while buyers are seeking refunds from Adhi Commuter Properti (ADCP), a subsidiary of Adhi Karya that develops the LRT City projects.

ADCP has faced difficulties completing the projects on schedule and refunding buyers as it grapples with severe financial pressure.

LRT City is a transit-oriented residential development brand designed to integrate apartment complexes with mass-transit infrastructure, particularly the Jakarta-Bogor-Depok-Bekasi (Greater Jakarta) LRT network. Its developments include projects in Tebet and Ciracas in Jakarta, Bekasi, Cibubur and Bogor.

The State-Owned Enterprises Agency and Danantara urged Adhi Karya to ensure responsible management of the developments, saying projects should not only be completed physically but also provide residents with safety, comfort and certainty.

Adhi Karya's financial position has added to concerns over its ability to resolve the problems.

The construction company's revenue fell 18.35% year-on-year to Rp3.11 trillion ($174.29 million) in the first half of 2026, from Rp3.81 trillion a year earlier. Net profit, however, rose 12.57% to Rp8.49 billion.

As of June, Adhi Karya had total liabilities of Rp24.21 trillion, including Rp17.02 trillion in short-term liabilities and Rp7.19 trillion in long-term liabilities. Cash and cash equivalents fell 52.45% from the end of 2025 to Rp813.1 billion.

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