The apartment market still witnessed a price adjustment rising by 5% q-o-q to an average of IDR23 million/sq m in DKI Jakarta. Further, apartment prices in the CBD rose by 17% y-o-y to IDR35 million/sq m. Construction activity progressed on the back of continued demand to purchase apartment units. During the third quarter of 2013, an abundant number of new projects were launched and were well absorbed. The average take-up rate of strata-title apartments (completed, under construction and planned) in Jakarta achieved 86.4% - up by 3.5% from the previous quarter.

In 3Q 2013, the cumulative supply of strata-title apartments increased by 3% Q-o-q and reached a total of 128,353 units. The 3% increase accounts for an additional 3,644 units that came from the completion of five towers from two apartment projects – Kebagusan City (Tower B) and Green Bay Pluit (Bayview). Kebagusan City (Tower B) was the final tower to be handed over from the Kebagusan City project (with a of total three towers) and is situated in the surrounding business centre, TB Simatupang. The other four towers, which comprised 3,096 units, came from a massive development called Green Bay Pluit. This project started operating when the first four towers (Coast View) came onstream in the last quarter of 2012. Both Kebagusan City and Green Bay Pluit targeted the middle-to-low-class segment of the market. In addition, around 2,500 units from seven projects were launched during the reviewed quarter. The largest share of these units, 37%, was located in North Jakarta and came from two developments – Pluit Sea View (Bahama Tower) and Regatta (London Tower). The second-largest percentage, 29%, of the new units was released in South Jakarta and came from three projects – The Aspen Peak Residence, One Casablanca Residence and Lexington Residence. With the launch of Tower Alamanda at Bassura City and Sudirman Hill Residence, 24% and 10% of the new units were located in East and Central Jakarta, respectively. The Bahama Tower was the fourth tower of the Pluit Sea View apartment project to target the middle-to-low-class segment of the market. In the Pantai Mutiara area, Regatta launched its new tower. Both Pluit Sea View and Regatta offer panoramic views of the Java Sea. One Casablanca Residence and Lexington Residence are brand new projects located in Casablanca and the Pondok Pinang area, respectively. The Aspen Peak Residence is the subsequent tower of The Aspen Residence@Admiralty project. The abovementioned three projects are located in South Jakarta and target the middle-to-upper-class segment. With a fair amount of vacant land that could potentially be developed, South and North Jakarta continue to provide a steady supply of apartments. Central Jakarta saw the launch of a middle-to-upper-class-segment project called Sudirman Hill, while Tower Alamanda at the Bassura City project was introduced in East Jakarta and targeted the middle-to-low-class segment.


the one-stop living concept is becoming more favoured.108 56 .3BR 2BR . do business.48 39 .3BR 1BR .163 35 .136 48 . Some mixed-use projects.129 # 650 276 255 600 220 199 300 Pantai Mutiara Karet Basuki Rahmat Fatmawati Kasablanka Pondok Pinang Colliers International Indonesia . The large influx of units will be generated mostly by mixed-use developments that integrate residential and commercial functions. 2 | COlliERS InTERnATiOnAl . With expensive fuel prices. This idea allows tenants/occupiers to shop. a massive supply of apartments is anticipated to flood the strata-title apartment market in Jakarta over the next three years. exercise in a gym and live in one place.3BR Studio . traffic congestion and air pollution.3BR SiZE (Sq M) 24 . such as Bassura City in East Jakarta. P. and St.JAKARTA | 3Q 2013 | APARTMENT LIST OF NEW LAUNCHED PROJECTS in 3Q 2013 APARTMEnT nAME Pluit Sea View (Bahama Tower) Regatta (London Tower) Sudirman Hill Residence Bassura City (Tower Alamanda) The Aspen Peak Residence One Casablanca Residence Lexington Residence Pluit lOCATiOn REGiOn North Jakarta North Jakarta Central Jakarta East Jakarta South Jakarta South Jakarta South Jakarta uniTS TYPE Studio .3BR Studio . Moritz in West Jakarta.3BR 1BR .129 20 .Research Looking forward. Green Bay Pluit in North Jakarta.68 115 .3BR Studio . The Green Pramuka and Holland Village in Central Jakarta. adopted a one-stop living concept.

such as restaurants and entertainment venues.900 Under Construction 320 Under Construction 520 Under Construction 244 Under Construction 136 Under Construction 885 Under Construction 876 Under Construction 420 Under Construction 176 Under Construction 725 Under Construction 750 Under Construction 620 Finishing 150 Under Construction 114 Under Construction 2014 Ambassade Residence Tower A Luxurious Raffles Residences The Grove St Moritz (The New Ambassador Suite Tower) La Venue .2015) APARTMEnT nAME lOCATiOn REGiOn #uniT DEVElOPMEnT STATuS 2013 Pancoran Riverside (Tanjung Kalibata) GP Plaza Pasar Baru Mansion (2 Towers) The East at Essence Complex Dharmawangsa MyHome Apartment Sentra Timur Residence (stage 2) 3 Towers Green Lake Sunter (Tower North) Green Central Tower Cerberra The Windsor (Tower I) Titanium Square Pakubuwono Terrace (Tower I) Tamansari Semanggi (Tower B) St. which promotes a greater capacity for leasable area and higher property values. Moritz (New Royal Suite Tower) Verde Apartment (Tower East) Pengadegan Timur Gatot Subroto Pasar Baru Dharmawangsa Satrio Pulogebang Sunter Gajah Mada Puri Indah Pasar Rebo Kebayoran Lama Gatot Subroto Puri Indah HR Rasuna Said South Jakarta CBD Central Jakarta South Jakarta CBD East Jakarta North Jakarta West Jakarta West Jakarta East Jakarta South Jakarta CBD West Jakarta CBD 1.JAKARTA | 3Q 2013 | APARTMENT In addition to offering land efficiency and integrated uses. mixed-use developments can take advantage of off-peak hours for one use. 3 | COlliERS InTERnATiOnAl . such as office space that may be peak hours for other uses.904 Under Construction 151 Under Construction 575 Under Construction 860 Under Construction 164 Under Construction 720 Under Construction 188 Under Construction 325 Under Construction 383 Under Construction 940 Under Construction 380 Under Construction 63 Under Construction 525 Under Construction 980 Under Construction 426 Under Construction 80 Under Construction 626 Under Construction continued P.South Tower Casablanca East Residence (2 Towers) + Tower Dallas The Grove Suite Kemang Village (The Intercontinental & The Infinity) The Aspen at Admiralty The Windsor (Tower II) Pakubuwono Terrace (Tower 2) The Pakubuwono Signature Sherwood Apartment (3 Towers) The H Residence Pluit Seaview (Tower Maldives) Sudirman Suites Senopati Penthouse Sky Terrace Lagoon LA City Apartment (Tower A) Setiabudi Sky Garden (Tower 1) La Maison Barito (Tower 1) Botanica Apartment (3 Towers) Puri Denpasar Satrio HR Rasuna Said Puri Indah Pasar Minggu Pahlawan Revolusi HR Rasuna Said Pangeran Antasari Fatmawati Puri Indah Kebayoran Lama Pakubuwono Kelapa Gading MT Haryono Pluit Sudirman Senopati Kalideres Lenteng Agung Setiabudi Barito Simprug CBD CBD CBD West Jakarta South Jakarta East Jakarta CBD South Jakarta South Jakarta West Jakarta South Jakarta South Jakarta North Jakarta East Jakarta North Jakarta CBD South Jakarta West Jakarta South Jakarta CBD South Jakarta South Jakarta 234 Under Construction 64 Under Construction 438 Under Construction 200 Under Construction 341 Under Construction 1. NEW SUPPLY PIPELINE (2013 . This allows for more robust building activity with fewer requirements for parking and infrastructure.

4 .200 Under Construction 680 Under Construction 1.000 Under Construction 2015 East Park Apartment (Tower C) Belmont Residence (Tower Montblanc) Teluk Intan (Tower Saphire) Kemang Village The Bloomington The Royal Olive Residence Woodland Park (Cendana Tower) The Residence The Orchard Satrio Senopati Suites 2 Setiabudi Sky Garden (Tower 2) Woodland Park (Matoa Tower) Tifolia Apartment Green Signature Apartment Pluit Seaview (Tower Belize) Gianetti Apartment 1 Park Avenue Nine Residence Callia Apartment St Moritz (New Presidential Tower) Pakubuwono Terrace Grand Tower The Oak Tower Sky Garden Pluit Seaview (2 Towers) Satu8 Residence Providence Park Kencana Residence Bassura City (5 Towers) District 8 (2 Towers) The Nest Apartment Menteng Park Point 8 (Air Crew Tower) Gallery West KRT Radjiman Meruya Ilir Teluk Gong Pangeran Antasari Buncit Raya Kalibata Satrio Satrio Senopati Setiabudi Kalibata Perintis Kemerdekaan MT Haryono Pluit Kemanggisan Gandaria Warung Buncit Perintis Kemerdekaan Puri Indah Kebayoran Lama Perintis Kemerdekaan Pluit Kedoya Permata Hijau Pondok Indah Basuki Rahmat Senopati Meruya Utara Cikini Daan Mogot Kebon Jeruk East Jakarta West Jakarta North Jakarta South Jakarta South Jakarta South Jakarta CBD CBD South Jakarta CBD South Jakarta North Jakarta South Jakarta North Jakarta West Jakarta South Jakarta South Jakarta North Jakarta West Jakarta South Jakarta North Jakarta North Jakarta West Jakarta South Jakarta South Jakarta East Jakarta South Jakarta West Jakarta Central Jakarta West Jakarta West Jakarta 550 Under Construction 350 Under Construction 1.000 Under Construction 2.706 Under Construction 800 Under Construction 1.134 Under Construction 1.150 Under Construction 174 Under Construction 114 Under Construction 173 Under Construction 4.JAKARTA | 3Q 2013 | APARTMENT APARTMEnT nAME The Hive Signature Park Grande The Bellevue Metro Park Residence Gading Greenhill Elpis Residence Capitol Park Apartment (2 Towers) Northern Ancol Residence The Mansion at Dukuh Golf Residence (2 Towers) Green Palm Residence The Green Pramuka (2 Towers) lOCATiOn DI Panjaitan MT Haryono Pondok Indah Kebon Jeruk Pegangsaan Dua Gunung Sahari Salemba Ancol Kemayoran Kosambi Pramuka REGiOn East Jakarta South Jakarta South Jakarta West Jakarta North Jakarta Central Jakarta Central Jakarta North Jakarta Central Jakarta West Jakarta Central Jakarta #uniT DEVElOPMEnT STATuS continuation 422 Under Construction 1.200 Under Construction 700 Under Construction 791 Under Construction 1.100 Under Construction 150 Under Construction 225 Under Construction 218 Under Construction 119 Under Construction 349 Under Construction 81 Under Construction 160 Under Construction 221 Under Construction 500 Under Construction 800 Under Construction 300 Under Construction 500 Under Construction 279 Under Construction 246 Under Construction 560 Under Construction 150 Under Construction 435 Under Construction 700 Under Construction 1.100 Under Construction 60 Under Construction 1.100 Under Construction 756 Under Construction 546 Under Construction 280 Under Construction continued COlliERS InTERnATiOnAl | P.

2% 97.4% 3Q 2013 97.Research q-o-q P.6%.6% compared to 3Q 2012.JAKARTA | 3Q 2013 | APARTMENT APARTMEnT nAME Green Bay Pluit (Sea View) Izzara Apartment Lexington Residences The Suite (W Hotel Tower) The Green Pramuka (3 Towers) The Aspen Peak at Admiralty Pluit lOCATiOn REGiOn North Jakarta South Jakarta South Jakarta CBD Central Jakarta South Jakarta #uniT DEVElOPMEnT STATuS continuation 2.8% 3Q 2013 89.5% 73.1% Colliers International Indonesia . Some projects have been reported to sell around 25 . 5 | COlliERS InTERnATiOnAl .5% compared to the previous quarter and 7. Many new projects were launched and well absorbed.8% 80.1% 63.Research TB Simatupang Pondok Pinang Satrio Pramuka Fatmawati Demand At the end of 3Q 2013. developers are generally still confident about launching various types of projects.9%. a rise of 7.3% 81. The performance of the pre-sales of apartment projects (future apartments under offer) was recorded at 74. though falling moderately compared to the previous quarter.4%. AVERAGE TAKE-uP RATES OF EXiSTinG And FuTuRE PROjECTS REGION Existing Pre-Sales Rate 2Q 2013 87.5% 72.2% 94.000 Under Construction 644 Under Construction Colliers International Indonesia . increasing by 3. Meanwhile. the average take-up rate of strata-title apartments (both existing and future apartments under offer) in Jakarta reached 86.30 units per month and be sold out within a year. the apartment market was very active.Research q-o-q AVERAGE TAKE-uP RATES OF EXiSTinG PROjECTS BASEd On REGiOn REGION CBD South Jakarta Outside CBD 2Q 2013 92.4% Colliers International Indonesia . As of September 2013.Research q-o-q AVERAGE TAKE-uP RATES OF FuTuRE PROjECTS BASEd On REGiOn REGION CBD South Jakarta Outside CBD 2Q 2013 89.1% Colliers International Indonesia .7% compared to the previous quarter.9% 97.3% 3Q 2013 83. the unsold units of existing apartment projects came in considerably high at 92. in response to the resilient market. This is mainly due to the advantages of having a good location and concept.6% 90.072 Under Construction 450 Under Construction 300 Under Construction 200 Under Construction 3.0% 68. As described in the above section on supply.

in anticipation of the recent economic crisis. apartment prices continued to be adjusted upwards and rose by 5% during a quarter period to an average of IDR23 million per sq m. Additionally. The pre-sales rate outside the CBD registered an increase of 9. During the quarter. the weakening value of the Indonesian Rupiah against the US Dollar has so far had a limited impact on the performance of apartment sales. such as Simprug. Asking Price With the fear that the economy could worsen in response to the weakening value of the Indonesian Rupiah. The regulation stipulates an increase in the minimum down payment for additional property purchases. the BI rate has been raised a cumulative 150 bp since May 2013. Progressive construction activity was not a significant motive to purchase apartments. such as providing flexible payment schemes. Yogyakarta and Balikpapan. Sales during the Idul Fitri holiday did not immediately reduced the sales activity. particularly from the low-to-middle-class segment. such a policy will have a greater impact on middle-to-low-class properties. Apart from other marketing gimmicks.JAKARTA | 3Q 2013 | APARTMENT The pre-sales rate of apartments located outside the CBD area posted higher increases in their take-up rates compared to those located in the CBD.Research The Central Bank (Bank Indonesia or BI) raised the benchmark interest rate (BI rate) to 7. promotions and prizes. Nevertheless. 3Q2011 3Q2012 3Q2013 Colliers International Indonesia . As such. Besides introducing measures. 6 . As such. Bank Indonesia also introduced a new mortgage regulation to help curb excessive loan growth and ease property speculation. cash instalments (during construction) or even hard cash are the general payment methods for purchasing such apartment units.25% in September. developers’ confidence to introduce new prices was lifted. Instead. COlliERS InTERnATiOnAl | P. The measure was taken to shield the Indonesian Rupiah from the threat of more capital outflows. particularly in the landed residential sector where buyers generally use mortgages for housing loans. mortgages are typically not the main source of funding to purchase a unit. Puri Indah. Permata Hijau. Pantai Indah Kapuk and Menteng. the apartment market saw buyers coming from other cities. In fact. In our view. Another reason that upward pressure was placed on apartment prices was the continued land price escalation that was particularly evident in areas of South Jakarta. some developers came up with strategies that included providing longer terms of payment for down payments and other promotional campaigns to entice buyers. such as Surabaya. In the high-rise residential sector. the Indonesia Property Expo 2013 reportedly captured significant sales.6% compared to TAKE-UP RATES DURING 3q 2009 UP TO 3q 2013 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 3Q2009 3Q2010 that of the previous quarter. such as lifting interest rates. the progress of construction activity remains a key factor for buyers considering a purchase decision.

000. Likewise. prices jumped by 46%.000 20. in areas.000.000 5.000 2010 CBD 2011 South Jakarta 2012 Outside CBD 2013YTD Average Colliers International Indonesia .Research Apartment prices have shown exceptional growth over the last two years. going further south.000. such as Gandaria (close to the upper-class residential area.000 30. In certain commercial areas. this price has more than doubled to IDR37 million per sq m.JAKARTA | 3Q 2013 | APARTMENT AVERAGE ASKinG PRiCES OF APARTMEnT in jAKARTA 40. the average price of apartments in 2011 registered at IDR18 million per sq m.000. Over the same period. particularly in the CBD and South Jakarta. However.000.000.000 10. currently. in South Jakarta. such as Jalan HR Rasuna Said. the average price of apartments in the CBD climbed by 61%. 7 .000 35. Within two years. Pondok Indah).000. COlliERS InTERnATiOnAl | P.000.000 IDR /sq m 25. the average price was IDR13 million per sq m in 2011 and has now reached an average of IDR24 million per sq m.000 15.

36% CBD 43. of these apartments. which was initially scheduled to start operations in 3Q 2013.Research With no new projects coming onstream during the quarter. During the quarter. With 170 units. Location wise. Frasers Residence Menteng.60% South Jakarta 36.JAKARTA | 3Q 2013 | APARTMENT Apartment For Lease (Serviced and Non-serviced) Supply The interest in developing apartments that are purely for lease has dropped because developers still see such projects as long-term investments.93% Colliers International Indonesia . and 36% were located in South Jakarta. APARTMEnTS FOR lEASE in jAKARTA BASEd On REGiOn East Jakarta West Jakarta 0.6% were categorised as serviced apartments. 44% were positioned in the CBD.02% Central Jakarta 8. Of these units. 56. no new apartments for lease (serviced and nonserviced) were launched between July and September. Ascott Kuningan Jakarta is another serviced apartment project that is scheduled to complete in the next three months.206 units.06% North Jakarta 6. 8 .Research COlliERS InTERnATiOnAl | P. once again.02% 5. the cumulative supply of apartments for lease (serviced and non-serviced) stood at 8. was delayed from entering the market. LIST OF FUTURE PROJECTS OF APARTMENT FOR LEASE DEVELOPMENT Frasers Residence Menteng Ascott Kuningan LOCATION Menteng Satrio REGION CBD CBD CATEGORY Serviced Serviced #Units 128 170 Colliers International Indonesia .

COlliERS InTERnATiOnAl | P. which OCCUPANCY OF APARTMEnT FOR lEASE 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2007 2008 2009 2010 2011 2012 2013YTD is relatively the same figure of the previous quarter. following the weakening value of the Indonesian Rupiah against that of the US Dollar. Occupancy rose mildly by 16% q-o-q to 80%.4% 79.6% 72.0% 79.JAKARTA | 3Q 2013 | APARTMENT Occupancy Level The average occupancy rate of apartments for lease in 3Q 2013 was recorded at 76. the chart subside moderately. Despite offering unchanged rental tariffs q-o-q. such as World Bank. OCCuPAnCY PERFORMAnCE in diFFEREnT AREAS REGION CBD South Jakarta Outside CBD 2Q 2013 78.0% 3Q 2013 80. 9 our calculation for the overall rental rates uses US Dollars. such as Senopati Suites.Research The Islamic holiday season surrounding Idul Fitri had the least impact on the occupancy of serviced apartments in the CBD. In the CBD. will entice long-term occupiers because they are relatively new and offer competitive rental rates compared to older service apartment.0% 71. Residence8 at Senopati. Generally. Some inquiries came from nongovernmental organisations.80 per sq m per month. we think that there will be hardly any immediate impact to rental rates.1%. bank and insurance companies. service. These apartments are locally operated or older. In the non-CBD area. The majority of landlords that operate apartments for lease are quoting rents in US Dollars because the majority of their tenants are expatriates. Around 13% of the apartments for lease in Jakarta are charging rents denominated in Indonesian Rupiah. the average rental rate of apartments for lease was recorded at US$26. The immediate competition for serviced apartments will come from newly built stratatitle apartments located in the CBD or South Jakarta. Therefore.Research q-o-q Rental Rates Fundamentally. Colliers International Indonesia . apartments.70 per sq m per month and fell somewhat compared to the previous quarter .8% Colliers International Indonesia . and others came from construction. Several apartments still benefited from the continuing arrivals of new expatriates. the average rental rate registered at US$15. at least in the short term. which represents a drop of less than 1% compared to that of the previous quarter. most occupiers of serviced apartments are long-stay tenants. In South Jakarta. 1Park Residence and Gandaria Heights.

In contrast. 29 . On the other hand. In the leasing market. investment is not the only motivation for apartment buyers.Research 140 40 20 195 85 Concluding Thoughts Until the end of September 2013. In general. could spark more leasing demand and will likely become the trigger that motivates investors to purchase property. which has risen to 7. wealthier individuals buy international property to have accommodations for their children or as a method for staying in the country where their property is located.0 Colliers International Indonesia .25 USD 22.25%.com Copyright 2013 Colliers International The information contained herein has been obtained from sources deemed reliable. Accelerating success. which include infrastructure works and industrial expansions. No responsibility is assumed for any inaccuracies.Salanto@colliers. These projects will require experts from overseas. The buying power of the middle-to-upper-class segment for local and international properties is still good. the inquiries about serviced apartments are expected to grow with the increased corporate and investment activities. While every reasonable effort has bee made to ensure its accuracy. especially those of the middleto-low-class segment and low-class segment. recorded an increasing trend compared to the previous quarter. the projects categorised under the middle-to-upper-class segment or luxury-class segment will not be affected because most of them do not use mortgage payments and are not price sensitive. the weakening of Rupiah against US Dollar had not shown a negative impact on the absorption of apartments in Jakarta. Research World Trade Centre 10th & 14th floor Jalan Jenderal Sudirman Kav. and the newly implemented LTV policy will likely affect the performance of apartment sales. and spur growth. the interest rate. Though the expectations of good returns and good gains remain.com . billion in annual revenue 2012 13.16 USD 12. The increasing number of office developments. albeit at a slower pace than that of 2011. including the middle-to-upper-class segment. the increasing land prices in Jakarta’s prime areas provides the foundation for apartment prices to appreciate.colliers.31 Jakarta 12920 Indonesia TEl 62 21 521 1400 FAX 62 21 521 1411 Michael Broomell Managing Director World Trade Centre 10th & 14th floor Jalan Jenderal Sudirman Kav.31 Jakarta 12920 Indonesia TEl 62 21 521 1400 ext 134 FAX 62 21 521 1411 Email: Ferry. 29 . especially in the CBD and TB Simatupang area. we cannot guarantee it.75 482 offices in 62 countries on 6 continents United States: Canada: Latin America: Asia Pacific: EMEA: • $2. Moreover.1 billion square feet under management • Over COLLIERS INTERNATIONAL INDONESIA: World Trade Centre 10th & 14th floor Jalan Jenderal Sudirman Kav. 29 .500 professionals • 1.26 nOn-SERViCEd USD 17. Almost every segment. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. www.JAKARTA | 3Q 2013 | APARTMENT AVERAGE ASKinG REnTAl RATES (USD/Sq M/MOnTH) OF APARTMEnT FOR lEASE AREA CBD South Jakarta SERViCEd USD 32.31 Jakarta 12920 Indonesia TEl 62 21 521 1400 ext 131 FAX 62 21 521 1411 Ferry Salanto Associate Director.