Jakarta Res 2q19

GREATER JAKARTA LANDED RESIDENTIAL JUNE 2019
MARKETBEATS
4.92% 94.0% 3,701UNITS
P R IC E G R O W T H SALES RATE NEW LAUNCH
YOY H1 2019 H1 2019
ECONOMIC INDICATORS 12-month

Q2 19 Q2 18
HIGHLIGHTS GDP Growth 5.00% 5.10%
Forecast
Inflation (YoY) 3.26% 3.12%

Steady growth at lower range Central Bank
6.00% 4.25%
GDP growth in the second quarter of 2019 is expected to be within the lower range of Rate
the Bank Indonesia’s growth projection of 5.1% - 5.3% YoY. The Rupiah was relatively Source: Central Statistic Bureau & Central Bank of Indonesia
stable during the quarter at Rp14,171 per 1US$ (+0.2% QoQ), whilst inflation for the MARKET INDICATOR
12-Month
first 6 months is forecasted at 3.26% YoY (compared to 3.12% in the same period last H2 18 H1 19 Forecast
year). The stock market composite index decreased 6.3% during the quarter, closing at Overall Sales Rate 93.9% 94.0%
6,315 on June 21st. Avg. Monthly Take-Up
Unit per estates (units) 26.3 22.9
Avg. Monthly Take-Up
Value per estates 38.2 33.7
Challenging semester (IDR in Billion)
Source: Cushman & Wakefield Indonesia Research, June 2019

The first half of 2019 has been a challenging semester for the landed residential market
SUPPLY-DEMAND GROWTH
due to the presidential elections in April 2019. The overall Greater Jakarta landed
3.5%
residential market showed a significant decline, reflected by the drop of the average 3.0%
2.6% 2.5%
2.5% 2.10%
monthly take-up in unit and value. The average number of housing units transacted 1.9% 1.9%
1.8% 2.0%
1.9%
2.0% 1.3% 1.5% 1.44%1.53% 1.69%
2.04%
decreased by about 3.4 units to 22.9 units per month per estate, and the take-up value 1.5% 1.9%
1.9%
1.6%
1.29%
1.8% 1.8% 1.8% 1.7% 1.56%
during the review period decreased by approximately IDR 33.7 billion per estate or a 1.0% 1.5%
1.39%
1.0% 1.2% 0.99%
0.5% 0.8% 0.94%
11.9% drop from the previous semester’s figure.
0.0%
H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1
A Cushman & W akefield 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019
Research Publication Demand Supply

www.cushmanwakefield.com
MARKETBEATS
Arief Rahardjo
Director, Research,Indonesia
Indonesia Stock Exchange
Building Tower 2, 15/F By performance, although Tangerang experienced a take-up drop of about OVERALL SALES RATE
Jl. Jendral Sudirman Kav. 52-53, 96%
Jakarta, 12190 4.3 (-9.7 YoY) units per month compared to that in the last semester, it still
Tel: +62 2550 9500
94%
arief.rahardjo@cushwake.com had the highest average monthly take-up in the Greater Jakarta Area of about
m
92%
27.7 units per month with an average value of IDR51.7 billion per month. Historical Average = 92.2%
Sales Rate (%)

90%
In the first half of 2019, the majority of the housing unit transactions in the
88%
Greater Jakarta area were dominated by middle segment houses, about
86%
36.5% of the total transactions, followed by lower-middle segment houses
with a 27.8% share. By area, this middle segment transactions contributed the 84%
most in Bekasi by about 51% of the total transactions, meanwhile Tangerang 82%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
contributed the most in lower-middle segment transactions at 35.6% of the Year
total transaction.
TAKE-UP UNIT AND VALUE
Transacted unit is still dominated by end-user buyers of about 75% with the
40.0 70.0
most preferred housing units priced at IDR1.1 to 1.5 billion, with building sizes
35.0 60.0
Take-Up Value/ Month (Billion IDR)

ranging from 55 to 116 square meters (sq.m.) and land sizes between 60 to
30.0
Take-Up Unit/ Month (unit)

50.0
105 sq.m.
25.0
In terms of method of payment, although the prime lending rate from Bank 40.0
20.0
Indonesia has reached 6% since November 2018, mortgage was still the most 30.0
15.0
preferred method of payment for transactions recorded in the Greater Jakarta
20.0
10.0
area, of 78% in this semester, followed by 13% installment and 10% hard
11.8
A Cushman & W akefield
Research Publication 5.0 10.0
cash. Easier terms of payment offered by developers such as lower DP
37.5
32.0
27.7
21.4
20.6
22.8
13.5
31.8
20.0
7.1
8.3
requirement and DP installments up to 12-18x remain attractive to buyers. 0.0 -
Cushman & Wakefield (NYSE: CWK) is a leading global real estate
Jakarta Tangerang Bogor-Depok Bekasi
services firm that delivers exceptional value for real estate occupiers
and owners. Cushman & Wakefield is among the largest real estate
Overall housing price increased in the first semester of 2019 compared to that Unit H1 2018 Unit H2 2018 Unit H1 2019
services firms with approximately 51,000 employees in 400 offices IDR H1 2018 IDR H2 2018 IDR H1 2019
and 70 countries. In 2018, the firm had revenue of $8.2 billion across in the previous year. Average sales price in the Greater Jakarta in H1 2019
core services of property, facilities and project management, leasing, Source: Cushman & Wakefield Indonesia Research, June 2019
capital markets, valuation and other services. To learn more, visit
www.cushmanwakefield.com or follow @CushWake on Twitter.
was IDR11,029,042, grew by 4.92% YoY.
Copyright © 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.
MARKETBEATS
Arief Rahardjo
Building Tower 2, 15/F
Jl. Jendral Sudirman Kav. 52-53, Postpone in launches
Jakarta, 12190 During the first semester of 2019, 3,701 housing units had been launched, reflecting a drop of 40% compared to the supply in the last
Tel: +62 2550 9500
arief.rahardjo@cushwake.com semester. Most of the developers postponed launching of their product due to political and security uncertainty towards the
announcement of presidential election in mid April 2019. Buyers tend to manage their spending priorities to Eid Al-Fitr and new
school academic admission instead of buying a new house. Developers focus on selling their ready stock houses to reduce their
holding cost by offering easier payment term. Most of the supply came from the lower-middle to middle segment developments
(16.4%), followed by lower to lower-middle segments (13.6%).
Outlook
The new regulation to relax the Loan To Value (LTV) and Financing to Value (FTV) ratios of mortgage transactions on 1st of August
2018 that allows buying house with 0% DP, was not really applied for various reasons. Most developers still required the minimum
DP of 5% with installment facilities as purchase commitment. Prospective customers applying for 0% DP with the banks, turned out
don’t have ability to pay the monthly installment. The high prime lending rate from Bank Indonesia of 6%, most buyers who are
eligible for mortgage also prefer higher DP to reduce monthly installment amount.
The Greater Jakarta landed residential market is expected to improve in the second half of 2019. Some developers have prepared
new product to be launched in the second half of 2019 when political situation is expected to calm down.
In terms of unit supply, lower-middle and middle segment developments are expected to continue dominating the supply in second
half of 2019, with housing price ranging from 900 million to 1,5 billion IDR per unit as the young couples and end-user buyers will still
dominate the demand.
A Cushman & W akefield PLANNED AREA DEVELOPED AREA AVG LAND PRICE
Research Publication SUBMARKET SUPPLY (UNITS) DEMAND (UNITS) SALES RATE
(HA) (HA) (IDR PSM)
Jakarta 1,060 761 24,325 20,966 86.2% 14,451,786
Tangerang 23,468 9,373 183,379 177,455 96.8% 13,091,329
services firms with approximately 51,000 employees in 400 offices Bogor - Depok 8,570 4,032 83,894 74,843 89.2% 6,672,983
and 70 countries. In 2018, the firm had revenue of $8.2 billion across
core services of property, facilities and project management, leasing, Bekasi 11,822 5,132 87,364 83,143 95.2% 9,900,070
www.cushmanwakefield.com or follow @CushWake on Twitter.
Greater Jakarta 44,920 19,298 378,962 356,406 94.05% 11,029,042
MARKETBEATS
Arief Rahardjo
Jl. Jendral Sudirman Kav. 52-53,
Jakarta, 12190 NEW SUPPLY DURING H1 2019
Tel: +62 2550 9500
arief.rahardjo@cushwake.com ESTATE CLUSTER MAIN TARGET UNITS
JAKARTA
Asya Jakarta Toba Lake Villa (Phase 1) UP 22
La Seine (phase 1) MI to UP 48
Jakarta Garden City
Mahakam (Phase 2) UM 108
BEKASI
Kota Harapan Indah Lavesh (Phase 2) MI to UP 235
Olive Residence @The Orchard (Phase 2) MI to UM 81

Summarecon Bekasi
Srimaya Residence (Cluster Candani) LO 289
BOGOR-DEPOK
Citra Grand CBD Grandbury UM to UP 81
Areca 3 LM 100
CitraLand Cibubur
The New Attleya LO to LM 100
Harvest City Sweet Hortensia LO to LM 381
Bukit Tulip (Phase 1) LO 114

Citra Indah
Bukit Sakura LO to LM 342
Citra Gran Clover Garden (Phase 2) MI 81
Research Publication

services firms with approximately 51,000 employees in 400 offices
core services of property, facilities and project management, leasing,
www.cushmanwakefield.com or follow @CushWake on Twitter. *Cushman & Wakefield’s landed residential market analysis only focuses on actively marketed residential estates within the Greater Jakarta area. Those selected residential estates are considered as
“major developments” with minimum development area of 30 hectares. Estates specializing in Healthy Simple Housing (Rumah Sederhana Sehat/ RSH) are excluded from the analysis.
www.cushmanwakefield.com Our market area coverage includes (1) North Jakarta; (2) Central Jakarta; (3) East Jakarta; (4) West Jakarta; (5) South Jakarta; (6) Bekasi Municipality; (7) Bekasi Regency; (8) Tangerang Municipality;
(9) South Tangerang Municipality; (10) Tangerang Regency; (11) Depok Municipality; (12) Bogor Municipality; and (13) Bogor Regency.
MARKETBEATS
Arief Rahardjo
Jl. Jendral Sudirman Kav. 52-53,
Jakarta, 12190 NEW SUPPLY DURING H1 2019
Tel: +62 2550 9500
arief.rahardjo@cushwake.com ESTATE CLUSTER MAIN TARGET UNITS
TANGERANG
Alam Sutera Sutera Narada UP 32
U-Ville (Phase 1) LM to MI 80
Bintaro Jaya Discovery Alluvia (Valea) UM 20
U-House LM to MI 143
The Kazumi @ The Zora UP 75

BSD city
Caelus (Phase II) UP 75
Pantai Indah Kapuk 2 Manhattan UP 225
Corral @ Malibu Village LM to MI 160

Paramount Serpong
Padova @ Milano Vilalage LM 199
Serpong Jaya The Symphony LM to MI 200
Martinez @ Symphonia LM to MI 339

Summarecon Serpong
Verdi @Symphonia (extend) MI 64
Bahana @ Suvarna Sari (Phase 2) MI 37

Suvarna Sutera
Bianca @ Suvarna Padma (Phase 2) LM to MI 70

Research Publication

services firms with approximately 51,000 employees in 400 offices
core services of property, facilities and project management, leasing,
www.cushmanwakefield.com or follow @CushWake on Twitter. *Cushman & Wakefield’s landed residential market analysis only focuses on actively marketed residential estates within the Greater Jakarta area. Those selected residential estates are considered as
“major developments” with minimum development area of 30 hectares. Estates specializing in Healthy Simple Housing (Rumah Sederhana Sehat/ RSH) are excluded from the analysis.
www.cushmanwakefield.com Our market area coverage includes (1) North Jakarta; (2) Central Jakarta; (3) East Jakarta; (4) West Jakarta; (5) South Jakarta; (6) Bekasi Municipality; (7) Bekasi Regency; (8) Tangerang Municipality;
(9) South Tangerang Municipality; (10) Tangerang Regency; (11) Depok Municipality; (12) Bogor Municipality; and (13) Bogor Regency.

Jakarta Res 2q19

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Jakarta Res 2q19

Uploaded by

Copyright:

Available Formats

GREATER JAKARTA LANDED RESIDENTIAL JUNE 2019

ECONOMIC INDICATORS 12-month

Inflation (YoY) 3.26% 3.12%

Source: Cushman & Wakefield Indonesia Research, June 2019

Research Publication Demand Supply

Sales Rate (%)

Take-Up Value/ Month (Billion IDR)

Take-Up Unit/ Month (unit)

Asya Jakarta Toba Lake Villa (Phase 1) UP 22

Olive Residence @The Orchard (Phase 2) MI to UM 81

Citra Grand CBD Grandbury UM to UP 81

Harvest City Sweet Hortensia LO to LM 381

Bukit Tulip (Phase 1) LO 114

Cushman & Wakefield (NYSE: CWK) is a leading global real estate

Alam Sutera Sutera Narada UP 32

Bintaro Jaya Discovery Alluvia (Valea) UM 20

The Kazumi @ The Zora UP 75

Pantai Indah Kapuk 2 Manhattan UP 225

Corral @ Malibu Village LM to MI 160

Serpong Jaya The Symphony LM to MI 200

Martinez @ Symphonia LM to MI 339

Bahana @ Suvarna Sari (Phase 2) MI 37

A Cushman & W akefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate

You might also like