ResearchAndForecast Jakarta Apartment 2Q2014
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Transcript of ResearchAndForecast Jakarta Apartment 2Q2014
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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Apartment Sector
Apartment for Strata Title
Supply
As of the end of June 2014 eight apartment projects with 3466
new apartment units have been handed over during 2Q 2014
Tis quarterrsquos additional supply is largely located in South
Jakarta both by number of apartment units and number of
projects (1364 units at three apartment projects) Other regions
like East Jakarta introduced 812 new units at two apartment
projects while the CBD West Jakarta and Central Jakarta
contributed one project each accounting for 372 of the total
units With the additional new units mentioned above the total
cumulative supply of strata-title apartments was 137056 units
an increase of 26 over the previous quarter
wo upper-class projects Kemang Village (Te Intercon) and
Te East at Essence Darmawangsa are located in the expatriate
community area in South Jakarta ie the Kemang and
Darmawangsa areas Te Intercon tower was the sixth tower
at the Kemang Village project being handed over while Te
East tower at Essence Darmawangsa was the last tower being
handed over after two previous towers Eminence (in 2008) andTe South (in 2013) entered the market Both Kemang Village
and Essence Darmawangsa are planning to launch their second
phases of development which focus on residential projects and
will be located adjacent to the existing development Another
project Pakubuwono errace (South ower) project which is
located on border of South Jakarta and angerang continues todeliver the second tower which comprises 720 units and targets
the middle-low segment Sentra imur Residence with ower
Orange and Te Hive amansari contributed as much as 103
of the total stock of apartments in East Jakarta during 2Q 2014
Perumnas (state-owned housing developer) collaborated with
Bakrieland to develop Sentra imur Residence which is located
near the bus terminal in Pulo Gebang in order to accommodate
buyers of the low to middle-low segment Te Hive amansari
which targeted the middle-upper segment is a mixed-use
project located in Cawang and comprised of condotel and
apartment components
Locations like West Jakarta Central Jakarta and CBD onlycontributed one project each Te operation of a brand new
project in Puri Indah Te Windsor (ower I) added an upper
segment project to West Jakarta Verde Apartments (ower East)
and Te Green Pramuka (ower Chrysant) are both extensions
of the existing projects located in Rasuna Said and Jl A Yani and
target the upper and low segments respectively
During this quarter the Jakarta apartment market saw more
additional supply from newly-launched projects Tere are
seven projects with a total potential stock of 2133 units 41 less
than last quarter Tis slowing figure indicates that developers
tend to take a wait and see attitude waiting for the results of the
presidential election
Research ampForecast Report
Jakarta | Apartment2Q 2014
Accelerating success
ldquoTere were 3466 new apartment units which became available
during the quarter resulting in a total of 145390 apartment
units in DKI Jakarta Te average asking price for strata-titleapartments in Jakarta climbed by 16 YoY to IDR255 million
psm Prices in the CBD were recorded at IDR397 million psm
an increase of 17 YoYrdquo
- Ferry Salanto Associate Director | Research
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2 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Source Colliers International Indonesia - Research
List of Completed Projecs During 2Q 2014
DEVELOPMENT LOCATION REGION DEVELOPER NO OF UNITS
Kemang Village (The Intercon) Jl Pangeran Antasari South Jakarta Lippo Karawaci 400
The East at Essence Complex Dharmawangsa Jl Dharmawangsa X South Jakarta PT Prakarsa Semesta Alam 244
Pakubuwono Terrace (South Tower) Jl Kebayoran Lama South Jakarta PT Selaras Mitra Sejati 720
Verde Apartment (Tower East) Jl HR Rasuna Said CBD Farpoint Realty 114
The Windsor (Tower I) Jl Puri Indah West Jakarta PT Antilope Madju Puri Indah 176
Sentra Timur Residence (Tower Orange) Jl Pulo Gebang East Jakarta Bakriland Development 390
The Hive Tamansari Jl DI Panjaitan East Jakarta Wika Realty 422
The Green Pramuka (Tower Chrysant) Jl Jenderal Ahmad Yani Central Jakarta PT Duta Paramindo 1000
Total 3466
Newly Launched Apartments During 1Q 2014
DEVELOPMENT LOCATION REGION NO OF UNITSEXPECTED
COMPLETION TIMEASKING PRICESQ M
(EXCLUDING VAT)
Springhill Golf Suites Kemayoran Central Jakarta 450 2017 22600000
The H Residence Kemayoran (Amethyst Tower) Kemayoran Central Jakarta 800 2015 13600000
Ciputra International Puri Indah (Tower I) Puri Indah West Jakarta 412 2017 27000000
19 Avenue Apartment Daan Mogot West Jakarta 338 2015 12800000
Sentra Timur Residence (Tosca Tower) Pasar Rebo East Jakarta 133 2017 11000000
Bassura City (Tower Jasmine and Heleconia) Basuki Rahmat East Jakarta 880 2018 12500000
Source Colliers International Indonesia - Research
estimated
At the six newly launched apartment projects there are two
on-hold projects (partly constructed) ie Te H Residence
Kemayoran and 19 Avenue Apartment that were acquired by
two developers HK Realtindo took over one tower of ApartmentMenara Rajawali (Chrysant ower) in the Kemayoran area
and continued the unfinished work Tis apartment tower was
then renamed Te H Residence Kemayoran (Amethyst ower)
Similarly a rusunami project (low cost apartment project) called
Rusunami Orchad Palace was taken over by Margayahu Land
who changed the concept into a more commercial apartment
project and renamed the project 19 Avenue Apartments
Springhill Golf Suites and Ciputra International Puri Indah
(ower I) are brand new projects that target the middle to
upper segments In Bassura City compound ower Jasmine
and Heleconia are the second phase of the previous six towers
thatwas old in the first phase
At the beginning of 2014 we anticipated that a total of 20899
new apartment units would enter the Jakarta apartment
market Overall during 1H 2014 some 4712 units have entered
the market or 23 of the total units Tis indicates a relativelyslow supply growth compared to the last three years when the
average of 8498 apartment units were added to the market in the
first semester of each year Several projects that were previously
scheduled to open in this quarter were delayed due to a variety of
reasons Slow finishing work due to technical problems such as
testing the electrical and mechanical elements of the apartment
projects was most frequently reported by developers as causing
delays
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New Supply Pipeline (2014 - 2017)
APARTMENT NAME LOCATION REGION NO OF UNITS
983090983088983089983092
Woodland Park (Matoa tower) (983089Q) Kalibata South Jakarta 221
Pakubuwono Terrace (Tower North) (1Q) Kebayoran Lama South Jakarta 750
Sherwood Residence (Wellington) (1Q) Kelapa Gading North Jakarta 100
Kemang Village (The Infinity) (1Q) Antasari South Jakarta 175
Ambassade Residence Tower A Puri Denpasar CBD 234
Raffles Residences Satrio CBD 64
MyHome Apartment at Ciputra World Satrio CBD 136
Setiabudi Sky Garden (tower 1) Rasuna Said CBD 426
Verde Apartment (Tower East) Rasuna Said CBD 114
Pasar Baru Mansion (2 towers) Pasar Baru Central Jakarta 520
Elpis Residence Gunung Sahari Central Jakarta 791
Capitol Park Apartment Salemba Central Jakarta 1700
The Mansion at Dukuh Golf Residence (Aurora Tower) Kemayoran Central Jakarta 522
The Mansion at Dukuh Golf Residence (BellaVista Tower) Kemayoran Central Jakarta 612
The Green Pramuka (Tower Chrysant) Pramuka Central Jakarta 1000
The Green Pramuka (Tower Bougenville) Pramuka Central Jakarta 1000
Sentra Timur Residence II (2 Towers) Pasar Rebo East Jakarta 810
Titanium Square Pulo Gebang East Jakarta 725
The Hive Tamansari Cawang East Jakarta 422
Sherwood Residence (Regent) Kelapa Gading North Jakarta 100
Pluit Seaview (Tower Maldives) Pluit North Jakarta 940
Gading Greenhill Pegangsaan Dua North Jakarta 700
Northern Ancol Residence Ancol North Jakarta 800
La Venue - South Tower Pasar Minggu South Jakarta 341
Kemang Village (The Intercon) Antasari South Jakarta 400The East at Essense Complex Dharmawangsa Dharmawangsa South Jakarta 244
The Aspen at Admiralty Fatmawati South Jakarta 860
Pakubuwono Terrace (Tower South) Kebayoran Lama South Jakarta 720
The Pakubuwono Signature Pakubuwono South Jakarta 188
Senopati Penthouse Senopati South Jakarta 63
LA City Apartment (Tower A) Lenteng Agung South Jakarta 980
La Maison Barito Barito South Jakarta 80
Botanica Apartment (3 Towers) Simprug South Jakarta 626
The Bellevue at Pondok Indah Pondok Indah South Jakarta 40
Green Central Tower Cerberra Gajah Mada West Jakarta 420
The Windsor (Tower I) Puri Indah West Jakarta 176The Windsor (Tower II) Puri Indah West Jakarta 164
Sky Terrace Lagoon Kalideres West Jakarta 525
Metro Park Residence Kebon Jeruk West Jakarta 1200
Green Palm Residence Puri Kosambi West Jakarta 1000
continued
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APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983093
East Park Apartment (Tower C) KRT Radjiman East Jakarta 550
The Residence (CWJ 2) Satrio CBD 119
The Orchad Satrio (CWJ 2) Satrio CBD 349
Setiabudi Sky Garden (tower 2) Setiabudi CBD 160
T - Plaza Residence (Tower B) Pejompongan Central Jakarta 500
Menteng Park Cikini Central Jakarta 756
The Grreen Pramuka (Tower Orchid) Pramuka Central Jakarta 1000
The Grreen Pramuka (Tower Penelope) Pramuka Central Jakarta 1000
The Green Pramuka (Tower Scarlet) Pramuka Central Jakarta 1000
The H Residence Kemayoran (Amethyst) Kemayoran Central Jakarta 800
Green Signature Apartment MT Haryono East Jakarta 800
Bassura City (Tower Flamboyan) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Edelweiss) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Dahlia) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Cattleya) Basuki Rahmat East Jakarta 600
Bassura City (Tower Alamanda) Basuki Rahmat East Jakarta 600
Teluk Intan (Tower Saphire) Teluk Gong North Jakarta 1100
Tifolia Apartment Perintis Kemerdekaan East Jakarta 500
Pluit Seaview (Tower Belize) Pluit North Jakarta 300
Callia Apartment Perintis Kemerdekaan East Jakarta 560
The Oakwood Sky Garden (2 Towers) Pluit North Jakarta 700
Pluit Seaview (Tower Ibiza) Pluit North Jakarta 500
Pluit Seaview (Tower Bahama) Pluit North Jakarta 650
Green Bay Pluit (Sea View) Pluit North Jakarta 2072
Kemang Village - The Bloomington Antasari South Jakarta 150
The Royal Olive Residence Tower I Buncit Raya South Jakarta 225
Woodland Park (Cendana Tower) Kalibata South Jakarta 218
Senopati Suites 2 Senopati South Jakarta 81
1 Park Avenue Gandaria South Jakarta 279
Nine Residence Warung Buncit South Jakarta 246
Providence Park Permata Hijau South Jakarta 114
Kencana Residence Pondok Indah South Jakarta 173
District 8 (Tower Eternity) Senopati South Jakarta 400
District 8 (Tower Infinity) Senopati South Jakarta 280
Izzara Apartment (2 Tower 225 unit) TB Simatupang South Jakarta 450
Lexington Rersidence (Tower 1) Pondok Pinang South Jakarta 270
Lexington Rersidence (Tower 2) Pondok Pinang South Jakarta 270
The Aspen Peak at Admiralty Fatmawati South Jakarta 644
Belmont Residence (Tower Montblanc) Meruya Ilir West Jakarta 350
Gianetti Apartment Kemanggisan West Jakarta 500
St Moritz (New Presidential Tower) Puri Indah West Jakarta 150
Satu8 Residence Kedoya West Jakarta 174
The Nest Apartment Meruya Utara West Jakarta 1100
Point 8 (Air Crew Tower) Daan Mogot West Jakarta 546
Gallery West Kebon Jeruk West Jakarta 280
19 Avenue Apartment Daan Mogot West Jakarta 338
continued
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APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983094
St Moritz (The New Ambassador Suite Tower) Puri Indah West Jakarta 200
The H Residence MT Haryono East Jakarta 383
Sudirman Suites Sudirman CBD 380
Senopati Suites 3 Senopati South Jakarta 54
Signature Park Grande MT Haryono East Jakarta 1100
Grand Pakubuwono Terrace Kebayoran Lama South Jakarta 435
Sentosa Residence Cempaka Putih Central Jakarta 687
Gold Coast Apartment (Atlantic Tower) Pantai Indah Kapuk North Jakarta 568
Grand Pancoran Pancoran South Jakarta 120
Sudirman Hill Residence Karet Central Jakarta 255
Apartment Pejaten Park Residence Warung Buncit South Jakarta 380
Belmont Residence (TowerAthena) Meruya West Jakarta 165
Four Winds Permata Hijau South Jakarta 122
Capitol Suites Prapatan Raya Central Jakarta 327
Puri Mansion Apartment (Tower A) Puri Kembangan West Jakarta 900
Madison Park Tanjung Duren West Jakarta 1200
Gayanti City (2 Towers) Gatot Subroto CBD 318
Verde Two (Tower 1) Rasuna Said CBD 152
Verde Two (Tower 2) Rasuna Said CBD 152
Bellevue Place Tebet South Jakarta 128
Kebayoran Icon Kebayoran Lama South Jakarta 256
Veranda Pesanggrahan West Jakarta 174
983090983088983089983095
Regatta London Tower Pantai Mutiara North Jakarta 276Central 88 (2 Towers) Kemayoran Central Jakarta 612
Holland Village Cempaka Putih Central Jakarta 400
Domaine Sudirman CBD 186
Skyline Residence (2 Towers) DI Panjaitan East Jakarta 481
Kemang Penthouse Kemang South Jakarta 262
The Foresque Pasar Minggu South Jakarta 600
Springhill Golf Suites Kemayoran Central Jakarta 450
Sentra Timur Residence (Tosca Tower) Pulogebang East Jakarta 133
Taman Anggrek Residence Tanjung Duren West Jakarta 3000
Puri Orchad (3 Tower) Kembangan West Jakarta 3000
The Langham Residences Senopati South Jakarta 57Anandamaya Residences (3 towers) Sudirman CBD 500
Maqna Residence Meruya West Jakarta 380
Vittoria Residence (3 tower) Daan Mogot West Jakarta 1100
One Otium Residence Antasari South Jakarta 160
Wang Residence Kedoya West Jakarta 250
The Batik Pejaten Pejaten South Jakarta 200
Source Colliers International Indonesia - Research
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Source Colliers International Indonesia - Research
Average Take-Up Rate Performance in DifferentLocation ()
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change YoY change
CBD 913 932 948 16 35
South Jakarta 831 900 897 -03 66
Non-Prime Area 818 833 820 -13 02
Demand
Te overall performance of the Jakarta apartment market in
2Q 2014 slowed modestly to 853 down from 861 in the
previous quarter Te softening demand which began in 2H
2013 still continues in this quarter Besides the current economic
conditions and some measures from the government to curb
speculation in the property market the upcoming presidentialelection is likely have an impact by hampering buying activities
of both end users and investors Furthermore the continued
influx of newly launched apartments in this period which was
not counterbalanced by good absorption has resulted in a lower
take-up rate than in the previous quarter
Source Colliers International Indonesia - Research
The Take-Up Rates Comparison Between ExistingProjects and Future Projects
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Existing 943 946 026
Pre-Sales Rate 726 712 -145Average 861 853 -081
Te take-up rates vary in different sub-markets Te CBD area
still achieved the highest at 948 followed by South Jakarta
and Non-prime areas with 897 and 82 respectively Limited
new apartment supply for the last few years has resulted in the
increasing absorption trend in the CBD area Meanwhile during
April - June South Jakarta and Non-prime areas recorded a
downward trend dropping modestly by around 1
Asking Price
Tis quarter still witnessed a climb in asking prices particularly
in prime locations such as the CBD area and some particular
areas in South Jakarta Overall the average asking price of strata-
title apartments in Jakarta was IDR255 million psm increasing
by 5 QoQ and 16 YoY Te softening demand that began in
3Q 2013 stimulated a rise in prices at a moderate pace comparedto the previous year when the average asking price grew
aggressively by 13 per year
With concerns about possibly slowing demand developers
continued to attract buyers and potential investors through
exhibitions and advertising Other than regular promotions such
as overseas holidays direct gadget prizes and discounts some
projects offered a cash back and referral fee system All in all the
flexibility in payment terms such as extended instalments was
the most striking factor to accelerate sales Another alternative
term of payment offered by some developers is providing
60-month installment payment for ready-to-use project In
normal market practice long-term instalment payment is only
applicable for project under construction
Te recent political situation may hamper buying activities from
both end users and investors In fact consistent progress of
construction activities will help boost buyer confidence in their
purchasing decisions
Average Asking Price of Strata-title Apartment inJakarta
IDR 0
IDR 5000000
IDR 10000000
IDR 15000000
IDR 20000000
IDR 25000000
IDR 30000000
1 Q 2 0 1 2
2 Q 2 0 1 2
3 Q 2 0 1 2
4 Q 2 0 1 2
1 Q 2 0 1 3
2 Q 2 0 1 3
3 Q 2 0 1 3
4 Q 2 0 1 3
1 Q 2 0 1 4
2 Q 2 0 1 4
Source Colliers International Indonesia - Research
By location South Jakarta recorded the highest increase of allareas compared to the previous quarter and last yearrsquos figure
in the same period by 8 and 23 respectively Te accelerating
price that occurred in South Jakarta was largely driven by the new
projects that are located in premium areas such as Senopati and
Pondok Indah Projects such as Langham Residence and Pondok
Indah Residences which are located in the Senopati and Pondok
Indah areas respectively introduced initial prices beyond the
average market price due to their exclusivity and location in the
prestigious areas Tese two locations are much preferred by
expatriates owing to their proximity to the international schools
upscale shopping malls and expatriate communities On the
other hand the new trend at new apartment projects is that they
are generally offered as semi-furnished units equipped with AC water heater kitchen set and wardrobe which raised the
overall price increases in the Non-prime area In general the
continuing construction activities and good sales performance
of the projects in the CBD area have resulted in an overall price
rise of 4 QoQ or 16 YoY
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7 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Apartment For Lease
Supply
During the first half of 2014 we saw no new supply of apartments
for lease in Jakarta However the apartment market is still
expecting 630 new serviced apartment units by 2015 Te new
apartment developments consist of 280 units at two projects Ascott Kuningan and BS Linera Serviced Apartments which
will be completed in (3Q or 4Q) 2014 and the remaining 350 units
are at two projects ie Fraser Place Setiabudi at Setiabudi Sky
Garden and Fraser Suites at Ciputra World 2 All of the projected
future apartments will be operated as serviced apartments As
such until the end of 2Q 2014 the total supply of apartments for
lease (serviced and non-serviced) in Jakarta remained at 8334
units
By location apartments for lease in Jakarta are mainly scattered
around the CBD and South Jakarta areas at around 43 and 35
respectively By grade most apartments for lease in Jakarta are
classified as middle-upper grade projects followed by middle-
lower grade at 74 and 14 respectively As expatriates are
the target market for most serviced apartment projects the
developments are primarily characterised by better building
maintenance and higher rental rate Apart from that a minority of
apartments for lease projects are middle-lower class comprising
old non-serviced apartment projects located in South Jakarta
Source Colliers International Indonesia - Research
Average Asking Price (in IDR) in Different Locations
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092QoQ
change
YoY
change
CBD 33981607 38282223 39702373 4 17
South Jakarta 23434989 26687843 28724626 8 23
Non-Prime Area 16932 956 18819110 19609236 4 16
Considering that Non-prime areas and South Jakarta areas
still have a number of potential vacant lots to be developed for
residential use we anticipate a further increase in the apartment
price in Jakarta in the coming quarters
Source Colliers International Indonesia - Research
List of Future Apartment For Lease Projects
NAME OF DEVELOPMENTYEAR OF
OPERATIONLOCATION AREA NO OF UNITS
TBS Linera Apartment Service 2014 Jl Intan No 25 Cilandak Barat South Jakarta 110
Ascott Kuningan Jakarta 2014 Jl Prof Dr Satrio CBD 170
Fraser Suites at Ciputra World Jakarta 2 2015 Jl Prof Dr Satrio CBD 200
Fraser Place at Setiabudi Sky Garden 2015 Jl Karbela Selatan CBD 150
Distribusi Apartment For Lease Based on Region
Source Colliers International Indonesia - Research
CBD
43
Central Jakarta
10
South Jakarta
36
North Jakarta
5
West Jakarta
6
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8 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
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Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
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Source Colliers International Indonesia - Research
List of Completed Projecs During 2Q 2014
DEVELOPMENT LOCATION REGION DEVELOPER NO OF UNITS
Kemang Village (The Intercon) Jl Pangeran Antasari South Jakarta Lippo Karawaci 400
The East at Essence Complex Dharmawangsa Jl Dharmawangsa X South Jakarta PT Prakarsa Semesta Alam 244
Pakubuwono Terrace (South Tower) Jl Kebayoran Lama South Jakarta PT Selaras Mitra Sejati 720
Verde Apartment (Tower East) Jl HR Rasuna Said CBD Farpoint Realty 114
The Windsor (Tower I) Jl Puri Indah West Jakarta PT Antilope Madju Puri Indah 176
Sentra Timur Residence (Tower Orange) Jl Pulo Gebang East Jakarta Bakriland Development 390
The Hive Tamansari Jl DI Panjaitan East Jakarta Wika Realty 422
The Green Pramuka (Tower Chrysant) Jl Jenderal Ahmad Yani Central Jakarta PT Duta Paramindo 1000
Total 3466
Newly Launched Apartments During 1Q 2014
DEVELOPMENT LOCATION REGION NO OF UNITSEXPECTED
COMPLETION TIMEASKING PRICESQ M
(EXCLUDING VAT)
Springhill Golf Suites Kemayoran Central Jakarta 450 2017 22600000
The H Residence Kemayoran (Amethyst Tower) Kemayoran Central Jakarta 800 2015 13600000
Ciputra International Puri Indah (Tower I) Puri Indah West Jakarta 412 2017 27000000
19 Avenue Apartment Daan Mogot West Jakarta 338 2015 12800000
Sentra Timur Residence (Tosca Tower) Pasar Rebo East Jakarta 133 2017 11000000
Bassura City (Tower Jasmine and Heleconia) Basuki Rahmat East Jakarta 880 2018 12500000
Source Colliers International Indonesia - Research
estimated
At the six newly launched apartment projects there are two
on-hold projects (partly constructed) ie Te H Residence
Kemayoran and 19 Avenue Apartment that were acquired by
two developers HK Realtindo took over one tower of ApartmentMenara Rajawali (Chrysant ower) in the Kemayoran area
and continued the unfinished work Tis apartment tower was
then renamed Te H Residence Kemayoran (Amethyst ower)
Similarly a rusunami project (low cost apartment project) called
Rusunami Orchad Palace was taken over by Margayahu Land
who changed the concept into a more commercial apartment
project and renamed the project 19 Avenue Apartments
Springhill Golf Suites and Ciputra International Puri Indah
(ower I) are brand new projects that target the middle to
upper segments In Bassura City compound ower Jasmine
and Heleconia are the second phase of the previous six towers
thatwas old in the first phase
At the beginning of 2014 we anticipated that a total of 20899
new apartment units would enter the Jakarta apartment
market Overall during 1H 2014 some 4712 units have entered
the market or 23 of the total units Tis indicates a relativelyslow supply growth compared to the last three years when the
average of 8498 apartment units were added to the market in the
first semester of each year Several projects that were previously
scheduled to open in this quarter were delayed due to a variety of
reasons Slow finishing work due to technical problems such as
testing the electrical and mechanical elements of the apartment
projects was most frequently reported by developers as causing
delays
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New Supply Pipeline (2014 - 2017)
APARTMENT NAME LOCATION REGION NO OF UNITS
983090983088983089983092
Woodland Park (Matoa tower) (983089Q) Kalibata South Jakarta 221
Pakubuwono Terrace (Tower North) (1Q) Kebayoran Lama South Jakarta 750
Sherwood Residence (Wellington) (1Q) Kelapa Gading North Jakarta 100
Kemang Village (The Infinity) (1Q) Antasari South Jakarta 175
Ambassade Residence Tower A Puri Denpasar CBD 234
Raffles Residences Satrio CBD 64
MyHome Apartment at Ciputra World Satrio CBD 136
Setiabudi Sky Garden (tower 1) Rasuna Said CBD 426
Verde Apartment (Tower East) Rasuna Said CBD 114
Pasar Baru Mansion (2 towers) Pasar Baru Central Jakarta 520
Elpis Residence Gunung Sahari Central Jakarta 791
Capitol Park Apartment Salemba Central Jakarta 1700
The Mansion at Dukuh Golf Residence (Aurora Tower) Kemayoran Central Jakarta 522
The Mansion at Dukuh Golf Residence (BellaVista Tower) Kemayoran Central Jakarta 612
The Green Pramuka (Tower Chrysant) Pramuka Central Jakarta 1000
The Green Pramuka (Tower Bougenville) Pramuka Central Jakarta 1000
Sentra Timur Residence II (2 Towers) Pasar Rebo East Jakarta 810
Titanium Square Pulo Gebang East Jakarta 725
The Hive Tamansari Cawang East Jakarta 422
Sherwood Residence (Regent) Kelapa Gading North Jakarta 100
Pluit Seaview (Tower Maldives) Pluit North Jakarta 940
Gading Greenhill Pegangsaan Dua North Jakarta 700
Northern Ancol Residence Ancol North Jakarta 800
La Venue - South Tower Pasar Minggu South Jakarta 341
Kemang Village (The Intercon) Antasari South Jakarta 400The East at Essense Complex Dharmawangsa Dharmawangsa South Jakarta 244
The Aspen at Admiralty Fatmawati South Jakarta 860
Pakubuwono Terrace (Tower South) Kebayoran Lama South Jakarta 720
The Pakubuwono Signature Pakubuwono South Jakarta 188
Senopati Penthouse Senopati South Jakarta 63
LA City Apartment (Tower A) Lenteng Agung South Jakarta 980
La Maison Barito Barito South Jakarta 80
Botanica Apartment (3 Towers) Simprug South Jakarta 626
The Bellevue at Pondok Indah Pondok Indah South Jakarta 40
Green Central Tower Cerberra Gajah Mada West Jakarta 420
The Windsor (Tower I) Puri Indah West Jakarta 176The Windsor (Tower II) Puri Indah West Jakarta 164
Sky Terrace Lagoon Kalideres West Jakarta 525
Metro Park Residence Kebon Jeruk West Jakarta 1200
Green Palm Residence Puri Kosambi West Jakarta 1000
continued
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APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983093
East Park Apartment (Tower C) KRT Radjiman East Jakarta 550
The Residence (CWJ 2) Satrio CBD 119
The Orchad Satrio (CWJ 2) Satrio CBD 349
Setiabudi Sky Garden (tower 2) Setiabudi CBD 160
T - Plaza Residence (Tower B) Pejompongan Central Jakarta 500
Menteng Park Cikini Central Jakarta 756
The Grreen Pramuka (Tower Orchid) Pramuka Central Jakarta 1000
The Grreen Pramuka (Tower Penelope) Pramuka Central Jakarta 1000
The Green Pramuka (Tower Scarlet) Pramuka Central Jakarta 1000
The H Residence Kemayoran (Amethyst) Kemayoran Central Jakarta 800
Green Signature Apartment MT Haryono East Jakarta 800
Bassura City (Tower Flamboyan) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Edelweiss) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Dahlia) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Cattleya) Basuki Rahmat East Jakarta 600
Bassura City (Tower Alamanda) Basuki Rahmat East Jakarta 600
Teluk Intan (Tower Saphire) Teluk Gong North Jakarta 1100
Tifolia Apartment Perintis Kemerdekaan East Jakarta 500
Pluit Seaview (Tower Belize) Pluit North Jakarta 300
Callia Apartment Perintis Kemerdekaan East Jakarta 560
The Oakwood Sky Garden (2 Towers) Pluit North Jakarta 700
Pluit Seaview (Tower Ibiza) Pluit North Jakarta 500
Pluit Seaview (Tower Bahama) Pluit North Jakarta 650
Green Bay Pluit (Sea View) Pluit North Jakarta 2072
Kemang Village - The Bloomington Antasari South Jakarta 150
The Royal Olive Residence Tower I Buncit Raya South Jakarta 225
Woodland Park (Cendana Tower) Kalibata South Jakarta 218
Senopati Suites 2 Senopati South Jakarta 81
1 Park Avenue Gandaria South Jakarta 279
Nine Residence Warung Buncit South Jakarta 246
Providence Park Permata Hijau South Jakarta 114
Kencana Residence Pondok Indah South Jakarta 173
District 8 (Tower Eternity) Senopati South Jakarta 400
District 8 (Tower Infinity) Senopati South Jakarta 280
Izzara Apartment (2 Tower 225 unit) TB Simatupang South Jakarta 450
Lexington Rersidence (Tower 1) Pondok Pinang South Jakarta 270
Lexington Rersidence (Tower 2) Pondok Pinang South Jakarta 270
The Aspen Peak at Admiralty Fatmawati South Jakarta 644
Belmont Residence (Tower Montblanc) Meruya Ilir West Jakarta 350
Gianetti Apartment Kemanggisan West Jakarta 500
St Moritz (New Presidential Tower) Puri Indah West Jakarta 150
Satu8 Residence Kedoya West Jakarta 174
The Nest Apartment Meruya Utara West Jakarta 1100
Point 8 (Air Crew Tower) Daan Mogot West Jakarta 546
Gallery West Kebon Jeruk West Jakarta 280
19 Avenue Apartment Daan Mogot West Jakarta 338
continued
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APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983094
St Moritz (The New Ambassador Suite Tower) Puri Indah West Jakarta 200
The H Residence MT Haryono East Jakarta 383
Sudirman Suites Sudirman CBD 380
Senopati Suites 3 Senopati South Jakarta 54
Signature Park Grande MT Haryono East Jakarta 1100
Grand Pakubuwono Terrace Kebayoran Lama South Jakarta 435
Sentosa Residence Cempaka Putih Central Jakarta 687
Gold Coast Apartment (Atlantic Tower) Pantai Indah Kapuk North Jakarta 568
Grand Pancoran Pancoran South Jakarta 120
Sudirman Hill Residence Karet Central Jakarta 255
Apartment Pejaten Park Residence Warung Buncit South Jakarta 380
Belmont Residence (TowerAthena) Meruya West Jakarta 165
Four Winds Permata Hijau South Jakarta 122
Capitol Suites Prapatan Raya Central Jakarta 327
Puri Mansion Apartment (Tower A) Puri Kembangan West Jakarta 900
Madison Park Tanjung Duren West Jakarta 1200
Gayanti City (2 Towers) Gatot Subroto CBD 318
Verde Two (Tower 1) Rasuna Said CBD 152
Verde Two (Tower 2) Rasuna Said CBD 152
Bellevue Place Tebet South Jakarta 128
Kebayoran Icon Kebayoran Lama South Jakarta 256
Veranda Pesanggrahan West Jakarta 174
983090983088983089983095
Regatta London Tower Pantai Mutiara North Jakarta 276Central 88 (2 Towers) Kemayoran Central Jakarta 612
Holland Village Cempaka Putih Central Jakarta 400
Domaine Sudirman CBD 186
Skyline Residence (2 Towers) DI Panjaitan East Jakarta 481
Kemang Penthouse Kemang South Jakarta 262
The Foresque Pasar Minggu South Jakarta 600
Springhill Golf Suites Kemayoran Central Jakarta 450
Sentra Timur Residence (Tosca Tower) Pulogebang East Jakarta 133
Taman Anggrek Residence Tanjung Duren West Jakarta 3000
Puri Orchad (3 Tower) Kembangan West Jakarta 3000
The Langham Residences Senopati South Jakarta 57Anandamaya Residences (3 towers) Sudirman CBD 500
Maqna Residence Meruya West Jakarta 380
Vittoria Residence (3 tower) Daan Mogot West Jakarta 1100
One Otium Residence Antasari South Jakarta 160
Wang Residence Kedoya West Jakarta 250
The Batik Pejaten Pejaten South Jakarta 200
Source Colliers International Indonesia - Research
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Source Colliers International Indonesia - Research
Average Take-Up Rate Performance in DifferentLocation ()
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change YoY change
CBD 913 932 948 16 35
South Jakarta 831 900 897 -03 66
Non-Prime Area 818 833 820 -13 02
Demand
Te overall performance of the Jakarta apartment market in
2Q 2014 slowed modestly to 853 down from 861 in the
previous quarter Te softening demand which began in 2H
2013 still continues in this quarter Besides the current economic
conditions and some measures from the government to curb
speculation in the property market the upcoming presidentialelection is likely have an impact by hampering buying activities
of both end users and investors Furthermore the continued
influx of newly launched apartments in this period which was
not counterbalanced by good absorption has resulted in a lower
take-up rate than in the previous quarter
Source Colliers International Indonesia - Research
The Take-Up Rates Comparison Between ExistingProjects and Future Projects
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Existing 943 946 026
Pre-Sales Rate 726 712 -145Average 861 853 -081
Te take-up rates vary in different sub-markets Te CBD area
still achieved the highest at 948 followed by South Jakarta
and Non-prime areas with 897 and 82 respectively Limited
new apartment supply for the last few years has resulted in the
increasing absorption trend in the CBD area Meanwhile during
April - June South Jakarta and Non-prime areas recorded a
downward trend dropping modestly by around 1
Asking Price
Tis quarter still witnessed a climb in asking prices particularly
in prime locations such as the CBD area and some particular
areas in South Jakarta Overall the average asking price of strata-
title apartments in Jakarta was IDR255 million psm increasing
by 5 QoQ and 16 YoY Te softening demand that began in
3Q 2013 stimulated a rise in prices at a moderate pace comparedto the previous year when the average asking price grew
aggressively by 13 per year
With concerns about possibly slowing demand developers
continued to attract buyers and potential investors through
exhibitions and advertising Other than regular promotions such
as overseas holidays direct gadget prizes and discounts some
projects offered a cash back and referral fee system All in all the
flexibility in payment terms such as extended instalments was
the most striking factor to accelerate sales Another alternative
term of payment offered by some developers is providing
60-month installment payment for ready-to-use project In
normal market practice long-term instalment payment is only
applicable for project under construction
Te recent political situation may hamper buying activities from
both end users and investors In fact consistent progress of
construction activities will help boost buyer confidence in their
purchasing decisions
Average Asking Price of Strata-title Apartment inJakarta
IDR 0
IDR 5000000
IDR 10000000
IDR 15000000
IDR 20000000
IDR 25000000
IDR 30000000
1 Q 2 0 1 2
2 Q 2 0 1 2
3 Q 2 0 1 2
4 Q 2 0 1 2
1 Q 2 0 1 3
2 Q 2 0 1 3
3 Q 2 0 1 3
4 Q 2 0 1 3
1 Q 2 0 1 4
2 Q 2 0 1 4
Source Colliers International Indonesia - Research
By location South Jakarta recorded the highest increase of allareas compared to the previous quarter and last yearrsquos figure
in the same period by 8 and 23 respectively Te accelerating
price that occurred in South Jakarta was largely driven by the new
projects that are located in premium areas such as Senopati and
Pondok Indah Projects such as Langham Residence and Pondok
Indah Residences which are located in the Senopati and Pondok
Indah areas respectively introduced initial prices beyond the
average market price due to their exclusivity and location in the
prestigious areas Tese two locations are much preferred by
expatriates owing to their proximity to the international schools
upscale shopping malls and expatriate communities On the
other hand the new trend at new apartment projects is that they
are generally offered as semi-furnished units equipped with AC water heater kitchen set and wardrobe which raised the
overall price increases in the Non-prime area In general the
continuing construction activities and good sales performance
of the projects in the CBD area have resulted in an overall price
rise of 4 QoQ or 16 YoY
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Apartment For Lease
Supply
During the first half of 2014 we saw no new supply of apartments
for lease in Jakarta However the apartment market is still
expecting 630 new serviced apartment units by 2015 Te new
apartment developments consist of 280 units at two projects Ascott Kuningan and BS Linera Serviced Apartments which
will be completed in (3Q or 4Q) 2014 and the remaining 350 units
are at two projects ie Fraser Place Setiabudi at Setiabudi Sky
Garden and Fraser Suites at Ciputra World 2 All of the projected
future apartments will be operated as serviced apartments As
such until the end of 2Q 2014 the total supply of apartments for
lease (serviced and non-serviced) in Jakarta remained at 8334
units
By location apartments for lease in Jakarta are mainly scattered
around the CBD and South Jakarta areas at around 43 and 35
respectively By grade most apartments for lease in Jakarta are
classified as middle-upper grade projects followed by middle-
lower grade at 74 and 14 respectively As expatriates are
the target market for most serviced apartment projects the
developments are primarily characterised by better building
maintenance and higher rental rate Apart from that a minority of
apartments for lease projects are middle-lower class comprising
old non-serviced apartment projects located in South Jakarta
Source Colliers International Indonesia - Research
Average Asking Price (in IDR) in Different Locations
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092QoQ
change
YoY
change
CBD 33981607 38282223 39702373 4 17
South Jakarta 23434989 26687843 28724626 8 23
Non-Prime Area 16932 956 18819110 19609236 4 16
Considering that Non-prime areas and South Jakarta areas
still have a number of potential vacant lots to be developed for
residential use we anticipate a further increase in the apartment
price in Jakarta in the coming quarters
Source Colliers International Indonesia - Research
List of Future Apartment For Lease Projects
NAME OF DEVELOPMENTYEAR OF
OPERATIONLOCATION AREA NO OF UNITS
TBS Linera Apartment Service 2014 Jl Intan No 25 Cilandak Barat South Jakarta 110
Ascott Kuningan Jakarta 2014 Jl Prof Dr Satrio CBD 170
Fraser Suites at Ciputra World Jakarta 2 2015 Jl Prof Dr Satrio CBD 200
Fraser Place at Setiabudi Sky Garden 2015 Jl Karbela Selatan CBD 150
Distribusi Apartment For Lease Based on Region
Source Colliers International Indonesia - Research
CBD
43
Central Jakarta
10
South Jakarta
36
North Jakarta
5
West Jakarta
6
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Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
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Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
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7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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New Supply Pipeline (2014 - 2017)
APARTMENT NAME LOCATION REGION NO OF UNITS
983090983088983089983092
Woodland Park (Matoa tower) (983089Q) Kalibata South Jakarta 221
Pakubuwono Terrace (Tower North) (1Q) Kebayoran Lama South Jakarta 750
Sherwood Residence (Wellington) (1Q) Kelapa Gading North Jakarta 100
Kemang Village (The Infinity) (1Q) Antasari South Jakarta 175
Ambassade Residence Tower A Puri Denpasar CBD 234
Raffles Residences Satrio CBD 64
MyHome Apartment at Ciputra World Satrio CBD 136
Setiabudi Sky Garden (tower 1) Rasuna Said CBD 426
Verde Apartment (Tower East) Rasuna Said CBD 114
Pasar Baru Mansion (2 towers) Pasar Baru Central Jakarta 520
Elpis Residence Gunung Sahari Central Jakarta 791
Capitol Park Apartment Salemba Central Jakarta 1700
The Mansion at Dukuh Golf Residence (Aurora Tower) Kemayoran Central Jakarta 522
The Mansion at Dukuh Golf Residence (BellaVista Tower) Kemayoran Central Jakarta 612
The Green Pramuka (Tower Chrysant) Pramuka Central Jakarta 1000
The Green Pramuka (Tower Bougenville) Pramuka Central Jakarta 1000
Sentra Timur Residence II (2 Towers) Pasar Rebo East Jakarta 810
Titanium Square Pulo Gebang East Jakarta 725
The Hive Tamansari Cawang East Jakarta 422
Sherwood Residence (Regent) Kelapa Gading North Jakarta 100
Pluit Seaview (Tower Maldives) Pluit North Jakarta 940
Gading Greenhill Pegangsaan Dua North Jakarta 700
Northern Ancol Residence Ancol North Jakarta 800
La Venue - South Tower Pasar Minggu South Jakarta 341
Kemang Village (The Intercon) Antasari South Jakarta 400The East at Essense Complex Dharmawangsa Dharmawangsa South Jakarta 244
The Aspen at Admiralty Fatmawati South Jakarta 860
Pakubuwono Terrace (Tower South) Kebayoran Lama South Jakarta 720
The Pakubuwono Signature Pakubuwono South Jakarta 188
Senopati Penthouse Senopati South Jakarta 63
LA City Apartment (Tower A) Lenteng Agung South Jakarta 980
La Maison Barito Barito South Jakarta 80
Botanica Apartment (3 Towers) Simprug South Jakarta 626
The Bellevue at Pondok Indah Pondok Indah South Jakarta 40
Green Central Tower Cerberra Gajah Mada West Jakarta 420
The Windsor (Tower I) Puri Indah West Jakarta 176The Windsor (Tower II) Puri Indah West Jakarta 164
Sky Terrace Lagoon Kalideres West Jakarta 525
Metro Park Residence Kebon Jeruk West Jakarta 1200
Green Palm Residence Puri Kosambi West Jakarta 1000
continued
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APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983093
East Park Apartment (Tower C) KRT Radjiman East Jakarta 550
The Residence (CWJ 2) Satrio CBD 119
The Orchad Satrio (CWJ 2) Satrio CBD 349
Setiabudi Sky Garden (tower 2) Setiabudi CBD 160
T - Plaza Residence (Tower B) Pejompongan Central Jakarta 500
Menteng Park Cikini Central Jakarta 756
The Grreen Pramuka (Tower Orchid) Pramuka Central Jakarta 1000
The Grreen Pramuka (Tower Penelope) Pramuka Central Jakarta 1000
The Green Pramuka (Tower Scarlet) Pramuka Central Jakarta 1000
The H Residence Kemayoran (Amethyst) Kemayoran Central Jakarta 800
Green Signature Apartment MT Haryono East Jakarta 800
Bassura City (Tower Flamboyan) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Edelweiss) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Dahlia) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Cattleya) Basuki Rahmat East Jakarta 600
Bassura City (Tower Alamanda) Basuki Rahmat East Jakarta 600
Teluk Intan (Tower Saphire) Teluk Gong North Jakarta 1100
Tifolia Apartment Perintis Kemerdekaan East Jakarta 500
Pluit Seaview (Tower Belize) Pluit North Jakarta 300
Callia Apartment Perintis Kemerdekaan East Jakarta 560
The Oakwood Sky Garden (2 Towers) Pluit North Jakarta 700
Pluit Seaview (Tower Ibiza) Pluit North Jakarta 500
Pluit Seaview (Tower Bahama) Pluit North Jakarta 650
Green Bay Pluit (Sea View) Pluit North Jakarta 2072
Kemang Village - The Bloomington Antasari South Jakarta 150
The Royal Olive Residence Tower I Buncit Raya South Jakarta 225
Woodland Park (Cendana Tower) Kalibata South Jakarta 218
Senopati Suites 2 Senopati South Jakarta 81
1 Park Avenue Gandaria South Jakarta 279
Nine Residence Warung Buncit South Jakarta 246
Providence Park Permata Hijau South Jakarta 114
Kencana Residence Pondok Indah South Jakarta 173
District 8 (Tower Eternity) Senopati South Jakarta 400
District 8 (Tower Infinity) Senopati South Jakarta 280
Izzara Apartment (2 Tower 225 unit) TB Simatupang South Jakarta 450
Lexington Rersidence (Tower 1) Pondok Pinang South Jakarta 270
Lexington Rersidence (Tower 2) Pondok Pinang South Jakarta 270
The Aspen Peak at Admiralty Fatmawati South Jakarta 644
Belmont Residence (Tower Montblanc) Meruya Ilir West Jakarta 350
Gianetti Apartment Kemanggisan West Jakarta 500
St Moritz (New Presidential Tower) Puri Indah West Jakarta 150
Satu8 Residence Kedoya West Jakarta 174
The Nest Apartment Meruya Utara West Jakarta 1100
Point 8 (Air Crew Tower) Daan Mogot West Jakarta 546
Gallery West Kebon Jeruk West Jakarta 280
19 Avenue Apartment Daan Mogot West Jakarta 338
continued
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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5 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983094
St Moritz (The New Ambassador Suite Tower) Puri Indah West Jakarta 200
The H Residence MT Haryono East Jakarta 383
Sudirman Suites Sudirman CBD 380
Senopati Suites 3 Senopati South Jakarta 54
Signature Park Grande MT Haryono East Jakarta 1100
Grand Pakubuwono Terrace Kebayoran Lama South Jakarta 435
Sentosa Residence Cempaka Putih Central Jakarta 687
Gold Coast Apartment (Atlantic Tower) Pantai Indah Kapuk North Jakarta 568
Grand Pancoran Pancoran South Jakarta 120
Sudirman Hill Residence Karet Central Jakarta 255
Apartment Pejaten Park Residence Warung Buncit South Jakarta 380
Belmont Residence (TowerAthena) Meruya West Jakarta 165
Four Winds Permata Hijau South Jakarta 122
Capitol Suites Prapatan Raya Central Jakarta 327
Puri Mansion Apartment (Tower A) Puri Kembangan West Jakarta 900
Madison Park Tanjung Duren West Jakarta 1200
Gayanti City (2 Towers) Gatot Subroto CBD 318
Verde Two (Tower 1) Rasuna Said CBD 152
Verde Two (Tower 2) Rasuna Said CBD 152
Bellevue Place Tebet South Jakarta 128
Kebayoran Icon Kebayoran Lama South Jakarta 256
Veranda Pesanggrahan West Jakarta 174
983090983088983089983095
Regatta London Tower Pantai Mutiara North Jakarta 276Central 88 (2 Towers) Kemayoran Central Jakarta 612
Holland Village Cempaka Putih Central Jakarta 400
Domaine Sudirman CBD 186
Skyline Residence (2 Towers) DI Panjaitan East Jakarta 481
Kemang Penthouse Kemang South Jakarta 262
The Foresque Pasar Minggu South Jakarta 600
Springhill Golf Suites Kemayoran Central Jakarta 450
Sentra Timur Residence (Tosca Tower) Pulogebang East Jakarta 133
Taman Anggrek Residence Tanjung Duren West Jakarta 3000
Puri Orchad (3 Tower) Kembangan West Jakarta 3000
The Langham Residences Senopati South Jakarta 57Anandamaya Residences (3 towers) Sudirman CBD 500
Maqna Residence Meruya West Jakarta 380
Vittoria Residence (3 tower) Daan Mogot West Jakarta 1100
One Otium Residence Antasari South Jakarta 160
Wang Residence Kedoya West Jakarta 250
The Batik Pejaten Pejaten South Jakarta 200
Source Colliers International Indonesia - Research
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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6 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Source Colliers International Indonesia - Research
Average Take-Up Rate Performance in DifferentLocation ()
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change YoY change
CBD 913 932 948 16 35
South Jakarta 831 900 897 -03 66
Non-Prime Area 818 833 820 -13 02
Demand
Te overall performance of the Jakarta apartment market in
2Q 2014 slowed modestly to 853 down from 861 in the
previous quarter Te softening demand which began in 2H
2013 still continues in this quarter Besides the current economic
conditions and some measures from the government to curb
speculation in the property market the upcoming presidentialelection is likely have an impact by hampering buying activities
of both end users and investors Furthermore the continued
influx of newly launched apartments in this period which was
not counterbalanced by good absorption has resulted in a lower
take-up rate than in the previous quarter
Source Colliers International Indonesia - Research
The Take-Up Rates Comparison Between ExistingProjects and Future Projects
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Existing 943 946 026
Pre-Sales Rate 726 712 -145Average 861 853 -081
Te take-up rates vary in different sub-markets Te CBD area
still achieved the highest at 948 followed by South Jakarta
and Non-prime areas with 897 and 82 respectively Limited
new apartment supply for the last few years has resulted in the
increasing absorption trend in the CBD area Meanwhile during
April - June South Jakarta and Non-prime areas recorded a
downward trend dropping modestly by around 1
Asking Price
Tis quarter still witnessed a climb in asking prices particularly
in prime locations such as the CBD area and some particular
areas in South Jakarta Overall the average asking price of strata-
title apartments in Jakarta was IDR255 million psm increasing
by 5 QoQ and 16 YoY Te softening demand that began in
3Q 2013 stimulated a rise in prices at a moderate pace comparedto the previous year when the average asking price grew
aggressively by 13 per year
With concerns about possibly slowing demand developers
continued to attract buyers and potential investors through
exhibitions and advertising Other than regular promotions such
as overseas holidays direct gadget prizes and discounts some
projects offered a cash back and referral fee system All in all the
flexibility in payment terms such as extended instalments was
the most striking factor to accelerate sales Another alternative
term of payment offered by some developers is providing
60-month installment payment for ready-to-use project In
normal market practice long-term instalment payment is only
applicable for project under construction
Te recent political situation may hamper buying activities from
both end users and investors In fact consistent progress of
construction activities will help boost buyer confidence in their
purchasing decisions
Average Asking Price of Strata-title Apartment inJakarta
IDR 0
IDR 5000000
IDR 10000000
IDR 15000000
IDR 20000000
IDR 25000000
IDR 30000000
1 Q 2 0 1 2
2 Q 2 0 1 2
3 Q 2 0 1 2
4 Q 2 0 1 2
1 Q 2 0 1 3
2 Q 2 0 1 3
3 Q 2 0 1 3
4 Q 2 0 1 3
1 Q 2 0 1 4
2 Q 2 0 1 4
Source Colliers International Indonesia - Research
By location South Jakarta recorded the highest increase of allareas compared to the previous quarter and last yearrsquos figure
in the same period by 8 and 23 respectively Te accelerating
price that occurred in South Jakarta was largely driven by the new
projects that are located in premium areas such as Senopati and
Pondok Indah Projects such as Langham Residence and Pondok
Indah Residences which are located in the Senopati and Pondok
Indah areas respectively introduced initial prices beyond the
average market price due to their exclusivity and location in the
prestigious areas Tese two locations are much preferred by
expatriates owing to their proximity to the international schools
upscale shopping malls and expatriate communities On the
other hand the new trend at new apartment projects is that they
are generally offered as semi-furnished units equipped with AC water heater kitchen set and wardrobe which raised the
overall price increases in the Non-prime area In general the
continuing construction activities and good sales performance
of the projects in the CBD area have resulted in an overall price
rise of 4 QoQ or 16 YoY
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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7 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Apartment For Lease
Supply
During the first half of 2014 we saw no new supply of apartments
for lease in Jakarta However the apartment market is still
expecting 630 new serviced apartment units by 2015 Te new
apartment developments consist of 280 units at two projects Ascott Kuningan and BS Linera Serviced Apartments which
will be completed in (3Q or 4Q) 2014 and the remaining 350 units
are at two projects ie Fraser Place Setiabudi at Setiabudi Sky
Garden and Fraser Suites at Ciputra World 2 All of the projected
future apartments will be operated as serviced apartments As
such until the end of 2Q 2014 the total supply of apartments for
lease (serviced and non-serviced) in Jakarta remained at 8334
units
By location apartments for lease in Jakarta are mainly scattered
around the CBD and South Jakarta areas at around 43 and 35
respectively By grade most apartments for lease in Jakarta are
classified as middle-upper grade projects followed by middle-
lower grade at 74 and 14 respectively As expatriates are
the target market for most serviced apartment projects the
developments are primarily characterised by better building
maintenance and higher rental rate Apart from that a minority of
apartments for lease projects are middle-lower class comprising
old non-serviced apartment projects located in South Jakarta
Source Colliers International Indonesia - Research
Average Asking Price (in IDR) in Different Locations
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092QoQ
change
YoY
change
CBD 33981607 38282223 39702373 4 17
South Jakarta 23434989 26687843 28724626 8 23
Non-Prime Area 16932 956 18819110 19609236 4 16
Considering that Non-prime areas and South Jakarta areas
still have a number of potential vacant lots to be developed for
residential use we anticipate a further increase in the apartment
price in Jakarta in the coming quarters
Source Colliers International Indonesia - Research
List of Future Apartment For Lease Projects
NAME OF DEVELOPMENTYEAR OF
OPERATIONLOCATION AREA NO OF UNITS
TBS Linera Apartment Service 2014 Jl Intan No 25 Cilandak Barat South Jakarta 110
Ascott Kuningan Jakarta 2014 Jl Prof Dr Satrio CBD 170
Fraser Suites at Ciputra World Jakarta 2 2015 Jl Prof Dr Satrio CBD 200
Fraser Place at Setiabudi Sky Garden 2015 Jl Karbela Selatan CBD 150
Distribusi Apartment For Lease Based on Region
Source Colliers International Indonesia - Research
CBD
43
Central Jakarta
10
South Jakarta
36
North Jakarta
5
West Jakarta
6
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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8 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
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9 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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4 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983093
East Park Apartment (Tower C) KRT Radjiman East Jakarta 550
The Residence (CWJ 2) Satrio CBD 119
The Orchad Satrio (CWJ 2) Satrio CBD 349
Setiabudi Sky Garden (tower 2) Setiabudi CBD 160
T - Plaza Residence (Tower B) Pejompongan Central Jakarta 500
Menteng Park Cikini Central Jakarta 756
The Grreen Pramuka (Tower Orchid) Pramuka Central Jakarta 1000
The Grreen Pramuka (Tower Penelope) Pramuka Central Jakarta 1000
The Green Pramuka (Tower Scarlet) Pramuka Central Jakarta 1000
The H Residence Kemayoran (Amethyst) Kemayoran Central Jakarta 800
Green Signature Apartment MT Haryono East Jakarta 800
Bassura City (Tower Flamboyan) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Edelweiss) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Dahlia) Basuki Rahmat East Jakarta 1000
Bassura City (Tower Cattleya) Basuki Rahmat East Jakarta 600
Bassura City (Tower Alamanda) Basuki Rahmat East Jakarta 600
Teluk Intan (Tower Saphire) Teluk Gong North Jakarta 1100
Tifolia Apartment Perintis Kemerdekaan East Jakarta 500
Pluit Seaview (Tower Belize) Pluit North Jakarta 300
Callia Apartment Perintis Kemerdekaan East Jakarta 560
The Oakwood Sky Garden (2 Towers) Pluit North Jakarta 700
Pluit Seaview (Tower Ibiza) Pluit North Jakarta 500
Pluit Seaview (Tower Bahama) Pluit North Jakarta 650
Green Bay Pluit (Sea View) Pluit North Jakarta 2072
Kemang Village - The Bloomington Antasari South Jakarta 150
The Royal Olive Residence Tower I Buncit Raya South Jakarta 225
Woodland Park (Cendana Tower) Kalibata South Jakarta 218
Senopati Suites 2 Senopati South Jakarta 81
1 Park Avenue Gandaria South Jakarta 279
Nine Residence Warung Buncit South Jakarta 246
Providence Park Permata Hijau South Jakarta 114
Kencana Residence Pondok Indah South Jakarta 173
District 8 (Tower Eternity) Senopati South Jakarta 400
District 8 (Tower Infinity) Senopati South Jakarta 280
Izzara Apartment (2 Tower 225 unit) TB Simatupang South Jakarta 450
Lexington Rersidence (Tower 1) Pondok Pinang South Jakarta 270
Lexington Rersidence (Tower 2) Pondok Pinang South Jakarta 270
The Aspen Peak at Admiralty Fatmawati South Jakarta 644
Belmont Residence (Tower Montblanc) Meruya Ilir West Jakarta 350
Gianetti Apartment Kemanggisan West Jakarta 500
St Moritz (New Presidential Tower) Puri Indah West Jakarta 150
Satu8 Residence Kedoya West Jakarta 174
The Nest Apartment Meruya Utara West Jakarta 1100
Point 8 (Air Crew Tower) Daan Mogot West Jakarta 546
Gallery West Kebon Jeruk West Jakarta 280
19 Avenue Apartment Daan Mogot West Jakarta 338
continued
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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5 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983094
St Moritz (The New Ambassador Suite Tower) Puri Indah West Jakarta 200
The H Residence MT Haryono East Jakarta 383
Sudirman Suites Sudirman CBD 380
Senopati Suites 3 Senopati South Jakarta 54
Signature Park Grande MT Haryono East Jakarta 1100
Grand Pakubuwono Terrace Kebayoran Lama South Jakarta 435
Sentosa Residence Cempaka Putih Central Jakarta 687
Gold Coast Apartment (Atlantic Tower) Pantai Indah Kapuk North Jakarta 568
Grand Pancoran Pancoran South Jakarta 120
Sudirman Hill Residence Karet Central Jakarta 255
Apartment Pejaten Park Residence Warung Buncit South Jakarta 380
Belmont Residence (TowerAthena) Meruya West Jakarta 165
Four Winds Permata Hijau South Jakarta 122
Capitol Suites Prapatan Raya Central Jakarta 327
Puri Mansion Apartment (Tower A) Puri Kembangan West Jakarta 900
Madison Park Tanjung Duren West Jakarta 1200
Gayanti City (2 Towers) Gatot Subroto CBD 318
Verde Two (Tower 1) Rasuna Said CBD 152
Verde Two (Tower 2) Rasuna Said CBD 152
Bellevue Place Tebet South Jakarta 128
Kebayoran Icon Kebayoran Lama South Jakarta 256
Veranda Pesanggrahan West Jakarta 174
983090983088983089983095
Regatta London Tower Pantai Mutiara North Jakarta 276Central 88 (2 Towers) Kemayoran Central Jakarta 612
Holland Village Cempaka Putih Central Jakarta 400
Domaine Sudirman CBD 186
Skyline Residence (2 Towers) DI Panjaitan East Jakarta 481
Kemang Penthouse Kemang South Jakarta 262
The Foresque Pasar Minggu South Jakarta 600
Springhill Golf Suites Kemayoran Central Jakarta 450
Sentra Timur Residence (Tosca Tower) Pulogebang East Jakarta 133
Taman Anggrek Residence Tanjung Duren West Jakarta 3000
Puri Orchad (3 Tower) Kembangan West Jakarta 3000
The Langham Residences Senopati South Jakarta 57Anandamaya Residences (3 towers) Sudirman CBD 500
Maqna Residence Meruya West Jakarta 380
Vittoria Residence (3 tower) Daan Mogot West Jakarta 1100
One Otium Residence Antasari South Jakarta 160
Wang Residence Kedoya West Jakarta 250
The Batik Pejaten Pejaten South Jakarta 200
Source Colliers International Indonesia - Research
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
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6 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Source Colliers International Indonesia - Research
Average Take-Up Rate Performance in DifferentLocation ()
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change YoY change
CBD 913 932 948 16 35
South Jakarta 831 900 897 -03 66
Non-Prime Area 818 833 820 -13 02
Demand
Te overall performance of the Jakarta apartment market in
2Q 2014 slowed modestly to 853 down from 861 in the
previous quarter Te softening demand which began in 2H
2013 still continues in this quarter Besides the current economic
conditions and some measures from the government to curb
speculation in the property market the upcoming presidentialelection is likely have an impact by hampering buying activities
of both end users and investors Furthermore the continued
influx of newly launched apartments in this period which was
not counterbalanced by good absorption has resulted in a lower
take-up rate than in the previous quarter
Source Colliers International Indonesia - Research
The Take-Up Rates Comparison Between ExistingProjects and Future Projects
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Existing 943 946 026
Pre-Sales Rate 726 712 -145Average 861 853 -081
Te take-up rates vary in different sub-markets Te CBD area
still achieved the highest at 948 followed by South Jakarta
and Non-prime areas with 897 and 82 respectively Limited
new apartment supply for the last few years has resulted in the
increasing absorption trend in the CBD area Meanwhile during
April - June South Jakarta and Non-prime areas recorded a
downward trend dropping modestly by around 1
Asking Price
Tis quarter still witnessed a climb in asking prices particularly
in prime locations such as the CBD area and some particular
areas in South Jakarta Overall the average asking price of strata-
title apartments in Jakarta was IDR255 million psm increasing
by 5 QoQ and 16 YoY Te softening demand that began in
3Q 2013 stimulated a rise in prices at a moderate pace comparedto the previous year when the average asking price grew
aggressively by 13 per year
With concerns about possibly slowing demand developers
continued to attract buyers and potential investors through
exhibitions and advertising Other than regular promotions such
as overseas holidays direct gadget prizes and discounts some
projects offered a cash back and referral fee system All in all the
flexibility in payment terms such as extended instalments was
the most striking factor to accelerate sales Another alternative
term of payment offered by some developers is providing
60-month installment payment for ready-to-use project In
normal market practice long-term instalment payment is only
applicable for project under construction
Te recent political situation may hamper buying activities from
both end users and investors In fact consistent progress of
construction activities will help boost buyer confidence in their
purchasing decisions
Average Asking Price of Strata-title Apartment inJakarta
IDR 0
IDR 5000000
IDR 10000000
IDR 15000000
IDR 20000000
IDR 25000000
IDR 30000000
1 Q 2 0 1 2
2 Q 2 0 1 2
3 Q 2 0 1 2
4 Q 2 0 1 2
1 Q 2 0 1 3
2 Q 2 0 1 3
3 Q 2 0 1 3
4 Q 2 0 1 3
1 Q 2 0 1 4
2 Q 2 0 1 4
Source Colliers International Indonesia - Research
By location South Jakarta recorded the highest increase of allareas compared to the previous quarter and last yearrsquos figure
in the same period by 8 and 23 respectively Te accelerating
price that occurred in South Jakarta was largely driven by the new
projects that are located in premium areas such as Senopati and
Pondok Indah Projects such as Langham Residence and Pondok
Indah Residences which are located in the Senopati and Pondok
Indah areas respectively introduced initial prices beyond the
average market price due to their exclusivity and location in the
prestigious areas Tese two locations are much preferred by
expatriates owing to their proximity to the international schools
upscale shopping malls and expatriate communities On the
other hand the new trend at new apartment projects is that they
are generally offered as semi-furnished units equipped with AC water heater kitchen set and wardrobe which raised the
overall price increases in the Non-prime area In general the
continuing construction activities and good sales performance
of the projects in the CBD area have resulted in an overall price
rise of 4 QoQ or 16 YoY
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 711
7 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Apartment For Lease
Supply
During the first half of 2014 we saw no new supply of apartments
for lease in Jakarta However the apartment market is still
expecting 630 new serviced apartment units by 2015 Te new
apartment developments consist of 280 units at two projects Ascott Kuningan and BS Linera Serviced Apartments which
will be completed in (3Q or 4Q) 2014 and the remaining 350 units
are at two projects ie Fraser Place Setiabudi at Setiabudi Sky
Garden and Fraser Suites at Ciputra World 2 All of the projected
future apartments will be operated as serviced apartments As
such until the end of 2Q 2014 the total supply of apartments for
lease (serviced and non-serviced) in Jakarta remained at 8334
units
By location apartments for lease in Jakarta are mainly scattered
around the CBD and South Jakarta areas at around 43 and 35
respectively By grade most apartments for lease in Jakarta are
classified as middle-upper grade projects followed by middle-
lower grade at 74 and 14 respectively As expatriates are
the target market for most serviced apartment projects the
developments are primarily characterised by better building
maintenance and higher rental rate Apart from that a minority of
apartments for lease projects are middle-lower class comprising
old non-serviced apartment projects located in South Jakarta
Source Colliers International Indonesia - Research
Average Asking Price (in IDR) in Different Locations
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092QoQ
change
YoY
change
CBD 33981607 38282223 39702373 4 17
South Jakarta 23434989 26687843 28724626 8 23
Non-Prime Area 16932 956 18819110 19609236 4 16
Considering that Non-prime areas and South Jakarta areas
still have a number of potential vacant lots to be developed for
residential use we anticipate a further increase in the apartment
price in Jakarta in the coming quarters
Source Colliers International Indonesia - Research
List of Future Apartment For Lease Projects
NAME OF DEVELOPMENTYEAR OF
OPERATIONLOCATION AREA NO OF UNITS
TBS Linera Apartment Service 2014 Jl Intan No 25 Cilandak Barat South Jakarta 110
Ascott Kuningan Jakarta 2014 Jl Prof Dr Satrio CBD 170
Fraser Suites at Ciputra World Jakarta 2 2015 Jl Prof Dr Satrio CBD 200
Fraser Place at Setiabudi Sky Garden 2015 Jl Karbela Selatan CBD 150
Distribusi Apartment For Lease Based on Region
Source Colliers International Indonesia - Research
CBD
43
Central Jakarta
10
South Jakarta
36
North Jakarta
5
West Jakarta
6
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 811
8 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 911
9 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1011
10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 511
5 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
APARTMENT NAME LOCATION REGION NO OF UNITS
continuation
983090983088983089983094
St Moritz (The New Ambassador Suite Tower) Puri Indah West Jakarta 200
The H Residence MT Haryono East Jakarta 383
Sudirman Suites Sudirman CBD 380
Senopati Suites 3 Senopati South Jakarta 54
Signature Park Grande MT Haryono East Jakarta 1100
Grand Pakubuwono Terrace Kebayoran Lama South Jakarta 435
Sentosa Residence Cempaka Putih Central Jakarta 687
Gold Coast Apartment (Atlantic Tower) Pantai Indah Kapuk North Jakarta 568
Grand Pancoran Pancoran South Jakarta 120
Sudirman Hill Residence Karet Central Jakarta 255
Apartment Pejaten Park Residence Warung Buncit South Jakarta 380
Belmont Residence (TowerAthena) Meruya West Jakarta 165
Four Winds Permata Hijau South Jakarta 122
Capitol Suites Prapatan Raya Central Jakarta 327
Puri Mansion Apartment (Tower A) Puri Kembangan West Jakarta 900
Madison Park Tanjung Duren West Jakarta 1200
Gayanti City (2 Towers) Gatot Subroto CBD 318
Verde Two (Tower 1) Rasuna Said CBD 152
Verde Two (Tower 2) Rasuna Said CBD 152
Bellevue Place Tebet South Jakarta 128
Kebayoran Icon Kebayoran Lama South Jakarta 256
Veranda Pesanggrahan West Jakarta 174
983090983088983089983095
Regatta London Tower Pantai Mutiara North Jakarta 276Central 88 (2 Towers) Kemayoran Central Jakarta 612
Holland Village Cempaka Putih Central Jakarta 400
Domaine Sudirman CBD 186
Skyline Residence (2 Towers) DI Panjaitan East Jakarta 481
Kemang Penthouse Kemang South Jakarta 262
The Foresque Pasar Minggu South Jakarta 600
Springhill Golf Suites Kemayoran Central Jakarta 450
Sentra Timur Residence (Tosca Tower) Pulogebang East Jakarta 133
Taman Anggrek Residence Tanjung Duren West Jakarta 3000
Puri Orchad (3 Tower) Kembangan West Jakarta 3000
The Langham Residences Senopati South Jakarta 57Anandamaya Residences (3 towers) Sudirman CBD 500
Maqna Residence Meruya West Jakarta 380
Vittoria Residence (3 tower) Daan Mogot West Jakarta 1100
One Otium Residence Antasari South Jakarta 160
Wang Residence Kedoya West Jakarta 250
The Batik Pejaten Pejaten South Jakarta 200
Source Colliers International Indonesia - Research
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 611
6 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Source Colliers International Indonesia - Research
Average Take-Up Rate Performance in DifferentLocation ()
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change YoY change
CBD 913 932 948 16 35
South Jakarta 831 900 897 -03 66
Non-Prime Area 818 833 820 -13 02
Demand
Te overall performance of the Jakarta apartment market in
2Q 2014 slowed modestly to 853 down from 861 in the
previous quarter Te softening demand which began in 2H
2013 still continues in this quarter Besides the current economic
conditions and some measures from the government to curb
speculation in the property market the upcoming presidentialelection is likely have an impact by hampering buying activities
of both end users and investors Furthermore the continued
influx of newly launched apartments in this period which was
not counterbalanced by good absorption has resulted in a lower
take-up rate than in the previous quarter
Source Colliers International Indonesia - Research
The Take-Up Rates Comparison Between ExistingProjects and Future Projects
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Existing 943 946 026
Pre-Sales Rate 726 712 -145Average 861 853 -081
Te take-up rates vary in different sub-markets Te CBD area
still achieved the highest at 948 followed by South Jakarta
and Non-prime areas with 897 and 82 respectively Limited
new apartment supply for the last few years has resulted in the
increasing absorption trend in the CBD area Meanwhile during
April - June South Jakarta and Non-prime areas recorded a
downward trend dropping modestly by around 1
Asking Price
Tis quarter still witnessed a climb in asking prices particularly
in prime locations such as the CBD area and some particular
areas in South Jakarta Overall the average asking price of strata-
title apartments in Jakarta was IDR255 million psm increasing
by 5 QoQ and 16 YoY Te softening demand that began in
3Q 2013 stimulated a rise in prices at a moderate pace comparedto the previous year when the average asking price grew
aggressively by 13 per year
With concerns about possibly slowing demand developers
continued to attract buyers and potential investors through
exhibitions and advertising Other than regular promotions such
as overseas holidays direct gadget prizes and discounts some
projects offered a cash back and referral fee system All in all the
flexibility in payment terms such as extended instalments was
the most striking factor to accelerate sales Another alternative
term of payment offered by some developers is providing
60-month installment payment for ready-to-use project In
normal market practice long-term instalment payment is only
applicable for project under construction
Te recent political situation may hamper buying activities from
both end users and investors In fact consistent progress of
construction activities will help boost buyer confidence in their
purchasing decisions
Average Asking Price of Strata-title Apartment inJakarta
IDR 0
IDR 5000000
IDR 10000000
IDR 15000000
IDR 20000000
IDR 25000000
IDR 30000000
1 Q 2 0 1 2
2 Q 2 0 1 2
3 Q 2 0 1 2
4 Q 2 0 1 2
1 Q 2 0 1 3
2 Q 2 0 1 3
3 Q 2 0 1 3
4 Q 2 0 1 3
1 Q 2 0 1 4
2 Q 2 0 1 4
Source Colliers International Indonesia - Research
By location South Jakarta recorded the highest increase of allareas compared to the previous quarter and last yearrsquos figure
in the same period by 8 and 23 respectively Te accelerating
price that occurred in South Jakarta was largely driven by the new
projects that are located in premium areas such as Senopati and
Pondok Indah Projects such as Langham Residence and Pondok
Indah Residences which are located in the Senopati and Pondok
Indah areas respectively introduced initial prices beyond the
average market price due to their exclusivity and location in the
prestigious areas Tese two locations are much preferred by
expatriates owing to their proximity to the international schools
upscale shopping malls and expatriate communities On the
other hand the new trend at new apartment projects is that they
are generally offered as semi-furnished units equipped with AC water heater kitchen set and wardrobe which raised the
overall price increases in the Non-prime area In general the
continuing construction activities and good sales performance
of the projects in the CBD area have resulted in an overall price
rise of 4 QoQ or 16 YoY
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 711
7 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Apartment For Lease
Supply
During the first half of 2014 we saw no new supply of apartments
for lease in Jakarta However the apartment market is still
expecting 630 new serviced apartment units by 2015 Te new
apartment developments consist of 280 units at two projects Ascott Kuningan and BS Linera Serviced Apartments which
will be completed in (3Q or 4Q) 2014 and the remaining 350 units
are at two projects ie Fraser Place Setiabudi at Setiabudi Sky
Garden and Fraser Suites at Ciputra World 2 All of the projected
future apartments will be operated as serviced apartments As
such until the end of 2Q 2014 the total supply of apartments for
lease (serviced and non-serviced) in Jakarta remained at 8334
units
By location apartments for lease in Jakarta are mainly scattered
around the CBD and South Jakarta areas at around 43 and 35
respectively By grade most apartments for lease in Jakarta are
classified as middle-upper grade projects followed by middle-
lower grade at 74 and 14 respectively As expatriates are
the target market for most serviced apartment projects the
developments are primarily characterised by better building
maintenance and higher rental rate Apart from that a minority of
apartments for lease projects are middle-lower class comprising
old non-serviced apartment projects located in South Jakarta
Source Colliers International Indonesia - Research
Average Asking Price (in IDR) in Different Locations
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092QoQ
change
YoY
change
CBD 33981607 38282223 39702373 4 17
South Jakarta 23434989 26687843 28724626 8 23
Non-Prime Area 16932 956 18819110 19609236 4 16
Considering that Non-prime areas and South Jakarta areas
still have a number of potential vacant lots to be developed for
residential use we anticipate a further increase in the apartment
price in Jakarta in the coming quarters
Source Colliers International Indonesia - Research
List of Future Apartment For Lease Projects
NAME OF DEVELOPMENTYEAR OF
OPERATIONLOCATION AREA NO OF UNITS
TBS Linera Apartment Service 2014 Jl Intan No 25 Cilandak Barat South Jakarta 110
Ascott Kuningan Jakarta 2014 Jl Prof Dr Satrio CBD 170
Fraser Suites at Ciputra World Jakarta 2 2015 Jl Prof Dr Satrio CBD 200
Fraser Place at Setiabudi Sky Garden 2015 Jl Karbela Selatan CBD 150
Distribusi Apartment For Lease Based on Region
Source Colliers International Indonesia - Research
CBD
43
Central Jakarta
10
South Jakarta
36
North Jakarta
5
West Jakarta
6
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 811
8 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 911
9 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1011
10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 611
6 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Source Colliers International Indonesia - Research
Average Take-Up Rate Performance in DifferentLocation ()
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change YoY change
CBD 913 932 948 16 35
South Jakarta 831 900 897 -03 66
Non-Prime Area 818 833 820 -13 02
Demand
Te overall performance of the Jakarta apartment market in
2Q 2014 slowed modestly to 853 down from 861 in the
previous quarter Te softening demand which began in 2H
2013 still continues in this quarter Besides the current economic
conditions and some measures from the government to curb
speculation in the property market the upcoming presidentialelection is likely have an impact by hampering buying activities
of both end users and investors Furthermore the continued
influx of newly launched apartments in this period which was
not counterbalanced by good absorption has resulted in a lower
take-up rate than in the previous quarter
Source Colliers International Indonesia - Research
The Take-Up Rates Comparison Between ExistingProjects and Future Projects
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Existing 943 946 026
Pre-Sales Rate 726 712 -145Average 861 853 -081
Te take-up rates vary in different sub-markets Te CBD area
still achieved the highest at 948 followed by South Jakarta
and Non-prime areas with 897 and 82 respectively Limited
new apartment supply for the last few years has resulted in the
increasing absorption trend in the CBD area Meanwhile during
April - June South Jakarta and Non-prime areas recorded a
downward trend dropping modestly by around 1
Asking Price
Tis quarter still witnessed a climb in asking prices particularly
in prime locations such as the CBD area and some particular
areas in South Jakarta Overall the average asking price of strata-
title apartments in Jakarta was IDR255 million psm increasing
by 5 QoQ and 16 YoY Te softening demand that began in
3Q 2013 stimulated a rise in prices at a moderate pace comparedto the previous year when the average asking price grew
aggressively by 13 per year
With concerns about possibly slowing demand developers
continued to attract buyers and potential investors through
exhibitions and advertising Other than regular promotions such
as overseas holidays direct gadget prizes and discounts some
projects offered a cash back and referral fee system All in all the
flexibility in payment terms such as extended instalments was
the most striking factor to accelerate sales Another alternative
term of payment offered by some developers is providing
60-month installment payment for ready-to-use project In
normal market practice long-term instalment payment is only
applicable for project under construction
Te recent political situation may hamper buying activities from
both end users and investors In fact consistent progress of
construction activities will help boost buyer confidence in their
purchasing decisions
Average Asking Price of Strata-title Apartment inJakarta
IDR 0
IDR 5000000
IDR 10000000
IDR 15000000
IDR 20000000
IDR 25000000
IDR 30000000
1 Q 2 0 1 2
2 Q 2 0 1 2
3 Q 2 0 1 2
4 Q 2 0 1 2
1 Q 2 0 1 3
2 Q 2 0 1 3
3 Q 2 0 1 3
4 Q 2 0 1 3
1 Q 2 0 1 4
2 Q 2 0 1 4
Source Colliers International Indonesia - Research
By location South Jakarta recorded the highest increase of allareas compared to the previous quarter and last yearrsquos figure
in the same period by 8 and 23 respectively Te accelerating
price that occurred in South Jakarta was largely driven by the new
projects that are located in premium areas such as Senopati and
Pondok Indah Projects such as Langham Residence and Pondok
Indah Residences which are located in the Senopati and Pondok
Indah areas respectively introduced initial prices beyond the
average market price due to their exclusivity and location in the
prestigious areas Tese two locations are much preferred by
expatriates owing to their proximity to the international schools
upscale shopping malls and expatriate communities On the
other hand the new trend at new apartment projects is that they
are generally offered as semi-furnished units equipped with AC water heater kitchen set and wardrobe which raised the
overall price increases in the Non-prime area In general the
continuing construction activities and good sales performance
of the projects in the CBD area have resulted in an overall price
rise of 4 QoQ or 16 YoY
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 711
7 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Apartment For Lease
Supply
During the first half of 2014 we saw no new supply of apartments
for lease in Jakarta However the apartment market is still
expecting 630 new serviced apartment units by 2015 Te new
apartment developments consist of 280 units at two projects Ascott Kuningan and BS Linera Serviced Apartments which
will be completed in (3Q or 4Q) 2014 and the remaining 350 units
are at two projects ie Fraser Place Setiabudi at Setiabudi Sky
Garden and Fraser Suites at Ciputra World 2 All of the projected
future apartments will be operated as serviced apartments As
such until the end of 2Q 2014 the total supply of apartments for
lease (serviced and non-serviced) in Jakarta remained at 8334
units
By location apartments for lease in Jakarta are mainly scattered
around the CBD and South Jakarta areas at around 43 and 35
respectively By grade most apartments for lease in Jakarta are
classified as middle-upper grade projects followed by middle-
lower grade at 74 and 14 respectively As expatriates are
the target market for most serviced apartment projects the
developments are primarily characterised by better building
maintenance and higher rental rate Apart from that a minority of
apartments for lease projects are middle-lower class comprising
old non-serviced apartment projects located in South Jakarta
Source Colliers International Indonesia - Research
Average Asking Price (in IDR) in Different Locations
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092QoQ
change
YoY
change
CBD 33981607 38282223 39702373 4 17
South Jakarta 23434989 26687843 28724626 8 23
Non-Prime Area 16932 956 18819110 19609236 4 16
Considering that Non-prime areas and South Jakarta areas
still have a number of potential vacant lots to be developed for
residential use we anticipate a further increase in the apartment
price in Jakarta in the coming quarters
Source Colliers International Indonesia - Research
List of Future Apartment For Lease Projects
NAME OF DEVELOPMENTYEAR OF
OPERATIONLOCATION AREA NO OF UNITS
TBS Linera Apartment Service 2014 Jl Intan No 25 Cilandak Barat South Jakarta 110
Ascott Kuningan Jakarta 2014 Jl Prof Dr Satrio CBD 170
Fraser Suites at Ciputra World Jakarta 2 2015 Jl Prof Dr Satrio CBD 200
Fraser Place at Setiabudi Sky Garden 2015 Jl Karbela Selatan CBD 150
Distribusi Apartment For Lease Based on Region
Source Colliers International Indonesia - Research
CBD
43
Central Jakarta
10
South Jakarta
36
North Jakarta
5
West Jakarta
6
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 811
8 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 911
9 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1011
10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 711
7 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Apartment For Lease
Supply
During the first half of 2014 we saw no new supply of apartments
for lease in Jakarta However the apartment market is still
expecting 630 new serviced apartment units by 2015 Te new
apartment developments consist of 280 units at two projects Ascott Kuningan and BS Linera Serviced Apartments which
will be completed in (3Q or 4Q) 2014 and the remaining 350 units
are at two projects ie Fraser Place Setiabudi at Setiabudi Sky
Garden and Fraser Suites at Ciputra World 2 All of the projected
future apartments will be operated as serviced apartments As
such until the end of 2Q 2014 the total supply of apartments for
lease (serviced and non-serviced) in Jakarta remained at 8334
units
By location apartments for lease in Jakarta are mainly scattered
around the CBD and South Jakarta areas at around 43 and 35
respectively By grade most apartments for lease in Jakarta are
classified as middle-upper grade projects followed by middle-
lower grade at 74 and 14 respectively As expatriates are
the target market for most serviced apartment projects the
developments are primarily characterised by better building
maintenance and higher rental rate Apart from that a minority of
apartments for lease projects are middle-lower class comprising
old non-serviced apartment projects located in South Jakarta
Source Colliers International Indonesia - Research
Average Asking Price (in IDR) in Different Locations
AREA 983090Q 983090983088983089983091 983089Q 983090983088983089983092 983090Q 983090983088983089983092QoQ
change
YoY
change
CBD 33981607 38282223 39702373 4 17
South Jakarta 23434989 26687843 28724626 8 23
Non-Prime Area 16932 956 18819110 19609236 4 16
Considering that Non-prime areas and South Jakarta areas
still have a number of potential vacant lots to be developed for
residential use we anticipate a further increase in the apartment
price in Jakarta in the coming quarters
Source Colliers International Indonesia - Research
List of Future Apartment For Lease Projects
NAME OF DEVELOPMENTYEAR OF
OPERATIONLOCATION AREA NO OF UNITS
TBS Linera Apartment Service 2014 Jl Intan No 25 Cilandak Barat South Jakarta 110
Ascott Kuningan Jakarta 2014 Jl Prof Dr Satrio CBD 170
Fraser Suites at Ciputra World Jakarta 2 2015 Jl Prof Dr Satrio CBD 200
Fraser Place at Setiabudi Sky Garden 2015 Jl Karbela Selatan CBD 150
Distribusi Apartment For Lease Based on Region
Source Colliers International Indonesia - Research
CBD
43
Central Jakarta
10
South Jakarta
36
North Jakarta
5
West Jakarta
6
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 811
8 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 911
9 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1011
10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 811
8 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Average Rental Rates
Te overall asking rental rates for apartments for lease increased
slightly during 2Q 2014 Te QoQ increase in the rental rate was
mostly due to some old apartments having renovated some of
their units and then offering them at higher prices Te renovation
work created a rent discrepancy between the standard and the
renovated units ranging from USD200 to 400 per unit On theother hand some serviced apartment operators with projects in
the South Jakarta area confidently feel that their high occupancy
rate is the basis for raising the rental rates slightly between
USD100 and 150 unit month
Source Colliers International Indonesia - Research
Average Rental Rates (psmmonth) in Different Areas
RENTAL RATE (PSMMONTH CHANGE
AREA 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ
CBD including SouthJakarta
USD2758 USD2761 01
Non-Prime Areas USD1564 USD1597 21
Overall the average rental rates of serviced apartments in
the CBD (including South Jakarta) and the Non-prime areas
increased modestly by 09 compared to the previous quarter
Serviced apartments in the CBD area (including South Jakarta)
posted an average rent of USD3320 psm month while the
non-serviced apartments quoted a cheaper rate at an average
of USD2670 psm month Serviced apartments located in the
Non-prime areas reached USD1780 psm month while the
non-serviced apartments charged less at USD1320 psm month
Average Rental Rates of Apartment For Lease(Serviced and Non-Serviced)
Source Colliers International Indonesia - Research
USD 000
USD 500
USD 1000
USD 1500
USD 2000
USD 2500
USD 3000
2009 2010 2011 2012 2013 2014 YTD
CBD (including South Jakarta) Non-prime Area
Te increase in the electricity tariff effective 1 July 2014 has
yet to have a substantial impact on serviced and non-serviced
apartments It will not cause apartments for lease to raise their
rental rates or service charges immediately because the tariff will
be charged directly to the tenants
Occupancy Rates
Te dynamic market for Jakarta apartments for lease during 2Q
2014 has made the overall occupancy rate increase by 08 to
766 All apartment submarkets including serviced and non-
serviced have experienced an upward trend compared to the
previous quarter by 02 and 19 respectively
Source Colliers International Indonesia - Research
The Occupancy Rates of Serviced and Non-ServicedApartment
TAKE-UP 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
Serviced 705 724 19
Non-Serviced 784 786 02
Quite a few transactions occurred in the apartment for lease
market in Jakarta during this fiscal period especially in May
when a number of expatriates particularly from Japan relocated
to Indonesia On the other hand newcomers mostly corporatetenants took both short-term and long-term leases
Regular tenants of apartments for lease particularly in the
South Jakarta area were still dominated by Asian expatriates
such as Japanese and Koreans Furthermore the increase in
the occupancy rate during the quarter was underpinned by
corporate tenants from big local banks that occupied a number
of units for training purposes Tis contributed to the increase
in the occupancy rate in South Jakartarsquos serviced apartments
Active industries that generate demand for apartments for lease
continue to be oil and gas construction banking and financial
manufacturing and embassies
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease
(Non-Serviced)OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 841 846 05
South Jakarta 781 783 03
Non-prime area 759 759 01
Source Colliers International Indonesia - Research
Average Occupancy Level of Apartment For Lease(Serviced)
OCCUPANCY 983089Q 983090983088983089983092 983090Q 983090983088983089983092 QoQ change
CBD 788 820 32
South Jakarta 761 838 77
Non-prime area 519 527 09
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 911
9 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1011
10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 911
9 Research amp Forecast Report | 2Q 2014 | Apartment | Colliers International
Concluding Tought
Te political circumstances has been the most stirring
factor affecting buyer sentiment Te apprehension over the
presidential election led to a wait-and-see attitude for apartment
buyers who may postpone their buying decisions in the short
term Tis is evidenced by the softening demand since 1Q 2014
that impacted the slowing growth in asking prices On the otherhand the high interest rate depreciation of rupiah and stricter
mortgage regulations remain the concerns of developers in
their attempts to keep sales at a healthy level In fact quite a
few developers are initiating various creative strategies that will
likely boost sales of apartments
Te apartment for lease market will grow moderately until 2015
with a total of four projects in the pipeline located in the CBD
and South Jakarta areas In addition massive new stock of new
strata-title apartments located in close proximity to the CBD can
potentially put downward pressure on occupancy levels of both
serviced and non-serviced apartments
Te hike in the electricity tariff in July has not immediately caused
apartments for lease to raise their service charges or rental rates
In fact the serviced and non-serviced apartments charge a rental
rate based on daily services quality of furnishings and facilities
in the apartments Te electricity tariff is charged directly to the
tenants based on their usage
In anticipation of tougher competition from strata-title
apartment units offered for lease and operated like non-serviced
apartments the serviced apartments offered more benefits and
facilities to entice tenants In addition to the standard facilities
such as 24-hour security system and swimming pool many
serviced apartment projects offered various plus points that
cater to the needs of residents Tese include special facilities
like a lounge library or free breakfast and daily services such asfree school bus for the children personal grocery delivery and
daily maid services which are not normally available with non-
serviced apartments or strata-title apartments
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1011
10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1011
10 Research amp Forecast Report | 2Q 2014 | Office | Colliers International
7212019 ResearchAndForecast Jakarta Apartment 2Q2014
httpslidepdfcomreaderfullresearchandforecast-jakarta-apartment-2q2014 1111