Signs of Recovery Still Far Away: Colliers Quarterly - Office - Jakarta - 7 July 2021

Colliers Quarterly | Office | Jakarta | 7 July 2021
Signs of Recovery Still Far Away
2021–24
Summary & recommendations Q2 2021 Full Year 2021 Annual Average
Economic growth is a strong catalyst in improving
In a challenging business environment, office demand. Looking at the current conditions,
tenant retention has been a key leasing activity will continue to be dominated by cost-
7,262 sq m 65,153sq m 56,646 sq m
priority. Significant disruption to Demand saving and consolidation requirements, with new and
occupier demand has continued to expansion demand remaining limited.
swing the pendulum in favor of the Apart from those in the pipeline, several projects that
tenant market for the time being. are the subject of talks are expected to be realized
Looking ahead, the overall outlook for soon. However, nowadays, it is more difficult to 106,000 sq m 266,231 sq m 227,681 sq m
the year remains uncertain, Supply predict when landlords will start to develop again
considering the absence to date of an with confidence. Annual Average
economic recovery. Uncertainties and
QOQ / YOY / Growth 2021–24
underlying risks remain, as the
End Q2 2021 End 2021 /End 2024
pandemic continues to evolve globally.
0.54% 8.15% 0.63%
In the event of further unforeseen events, or a delay
Landlords need to continue adapting
in economic recovery, rents are expected decline
by communicating and negotiating in
Rent further. IDR226,986 IDR215,157 IDR220,650
creative ways during times when it is
difficult to secure tenants. The A combination of new supply and some companies
1.12% 2.62% 0.72%
provision of incentives and mutual being likely to reduce their office footprint will lead to
agreements between landlords and subletting and disposals. Consequently, vacancy rates
tenants are expected to encourage Vacancy are expected to increase sharply within the next two 21.1% 21.78% 24.66%
lease renewals and tenants to stay on to three years.
in the future. A release of assets, despite expectations of relatively
0.25% 1.53% 1.46%
thin capital gains, will occur in the secondary market.
Selling price
However, that has yet to affect the average selling
price, which is expected to be relatively stable until IDR44.7mio IDR45.2mio IDR47.9mio
2022.
Source: Colliers Indonesia
Note: USD1 to IDR14,496 at the end of Q2 2021.
Colliers Quarterly Office | Jakarta | 7 July 2021
Some project completions postponed due to construction We also recorded active supply growth outside of the CBD. Wisma Barito Pacific 2
was officially in operation, bringing the cumulative supply to 3.63 million sq m in
delays, financing or market conditions Q2 2021. Several other buildings are also expected to be ready in the second half
Rasuna Said has actively contributed to new office supply in the CBD in consecutive of 2021. As with the CBD, the additional office supply is also estimated to be
quarters. Trinity Tower (previously known as Daswin Tower) began operating relatively limited in the next two to three years.
officially and brought the cumulative supply to 6.96 million sq m in Q2 2021. The The completion reschedule is indicative of the fact that construction activity
progress of construction of future office buildings was recorded as still relatively continues to be impacted significantly during the second wave of the pandemic.
slow and the completion of those buildings will likely be rescheduled. Developer sentiment has been, understandably, affected by a cocktail of
uncertainty, spiraling build costs and aversion to risk among lenders. Although the
Rescheduled, future supply boom in 2022
supply pipeline is relatively limited at least for the next 2-3 years, it is noted several
potential projects are currently in the planning stages. It is quite possible, should
the pandemic be resolved, the economy recovers and landlords engage committed
tenants, that a start on the projects will likely be imminent.
Without dominant sector, the vacancy rate is poised to rise

The average occupancy rate has continued in a downward trend. In the CBD, the
average occupancy rate was recorded at 79.2% in Q2 2021, a drop of 1.1% QOQ.
This is the first time the average occupancy rate in the CBD has fallen below 80%.
The average occupancy rate in the CBD is expected to continue to decline up to the
end of 2021. However, with additional supply expected to be relatively limited, the
occupancy rate decline is not as drastic as it has been in previous quarters. Outside
the CBD, the average occupancy rate was recorded at 78.4%, a drop of 1.2% QOQ.
Conversely, a relatively larger additional supply outside the CBD may result in a
continuation in the decline in the average occupancy rate to 2%-2.5% by the end of
2021.
Despite still being in a negative phase, the demand level for office space, especially
in the CBD, remains dynamic, fuelled by industries such as shipping, logistics,
animal food processing, ecommerce, consumer products and construction still
looking for new spaces, either in existing buildings or as expansions. Demand for
office space might derive from state owned companies that plan to build their own
2
buildings. When the construction period starts, they might search for a temporary This is perhaps the best time to negotiate; rents are
office space in commercial office buildings (swing demand).
expected to be more range bound
On the flipside, we note that there have been several large-scale office tenant
space reductions by companies in the insurance, technology, services, hospitality, A tumultuous year has made a significant dent in office rents. Firms that have
travel and retail industries. However, this reduction in spaces by companies does downsized have had an impact on occupancy, and rents continue to come under
not mean a decrease in business performance, but is more because of cost pressure from shadow space and large future supply. Landlords with emerging
efficiencies. vacancies began to adjust rental expectations by a larger magnitude. Currently the
average rent in the CBD has been recorded at IDR249,537. We noted around 15%
Coworking space is also being re-optimized as a business models, because for of total operating office buildings have reduced rental rates, which are forecast to
some time its expansion has been too aggressive. Currently, several big players in continue to decline, leading to a full year 2021 rental correction of 4% YOY in the
the coworking space business are reducing expenses by seeking early terminations CBD.
or renegotiations with landlords, especially in terms of lease periods. However, the
future of coworking space is expected to brighten, because many companies Conversely, outside the CBD, the average rent has increased to be registered at
impacted by pandemic will adopt greater business flexibility in the future. IDR185,447 in Q2 2021. This growth was due to the operation of new office
buildings that set higher rents than the market average for the area outside the
Jakarta occupancy has dropped in five consecutive quarters CBD. Nevertheless, due also to new building completions, the average rent in the
area outside of the CBD is expected to contract by the end of 2021.
In what is still a tenant market situation, landlords mostly continue to be

accommodative of the demands of occupiers and offer competitive transacted
rents to tenants. Lot incentives are also being provided, such as fitting out
allowances and rent free periods. The fitting out cost can be paid in installments
over the period the tenant occupies the building. Rent free periods commonly
given by landlords range from 1 to 12 months, depending on how large a space a
tenant will occupy in the building.
Meanwhile, the average service charge has remained relatively stable in the past
18 months. In the CBD, the service charge was registered at IDR82,193, and at
IDR61,953 in the area outside the CBD. Some landlords are currently also provided
service charge discounts.
3
Jakarta rent contracted by about 3% in the past six months Selling prices tend to be stable
Source: Colliers Indonesia Source: Colliers Indonesia
Strata market is still quiet

The strata market has been relatively stable. The average selling price has been still
relatively flat, in line with very low sale transactions recorded so far 2021.
Landlords or unit owners seem to be waiting for the right time to act. Currently, the
average selling price has been recorded at IDR54.4 million in the CBD, and IDR35.1
million in the area outside the CBD. Average selling prices are expected to be
relatively stable up to the end of 2021. The leased office market is expected to
improve after 2022, and likely will have an impact on the strata market. Other than
that, we expect limited additional for sale office supply up to 2024.
4
Appendix
New pipeline
Development
Name of Development Location Region Developer name SGA (sq m) Marketing scheme
progress
CBD
2021
Office One Rasuna Said South Jakarta Sentra Graha Sentosa 16,357 For Sale Under construction
2022
T Tower (BJB Tower) Gatot Subroto South Jakarta BPD Jabar 24,000 For Lease & Sale Under construction
Thamrin Nine Thamrin Central Jakarta Putra Gaya Wahana 97,500 For Lease Under construction
Menara BRI Gatot Subroto South Jakarta Bank Rakyat Indonesia 60,000 For Lease Under construction
Jakarta Office Tower by MORI Sudirman Central Jakarta MORI Building 90,000 For Lease Under construction
St Regis Office Tower Rasuna Said South Jakarta Rajawali Group 40,000 For Lease Under construction
continued
5
Development
progress
continuation
2021
China Sonangol Media

Indonesia Satu North Tower Thamrin Central Jakarta 62,000 For Lease & Sale Under construction
Investment
China Sonangol Media
Indonesia Satu South Tower Thamrin Central Jakarta 65,500 For Lease Under construction
Investment
Outside CBD
2021
Sanggala Tower TB Simatupang South Jakarta Sapta Tunggal Mulia 9,900 For Lease & Sale Under construction
Pondok Indah Office Tower 5 Pondok Indah South Jakarta Metropolitan Kentjana 37,177 For Lease Under construction
The Sima TB Simatupang South Jakarta Grage Trimitra Usaha 59,169 For Lease & Sale Under construction
continued

6
Development
progress
continuation
2022
One Belpark Office Fatmawati South Jakarta Harmas Jalesveva 17,800 For Lease Under construction
Owner Suite by Dharmawangsa Dharmawangsa South Jakarta Dharma Tatemono 24,000 For Sale Under construction
MTH 27 Office Suite MT Haryono South Jakarta Adhi Karya 25,000 For Sale Under construction
2023
Lippo Tower Holland Village Cempaka Putih Central Jakarta Lippo Karawaci 27,000 For Sale Under construction
Menara Jakarta Office Tower Kemayoran Central Jakarta Agung Sedayu 90,000 For Lease & Sale Under construction
7
Primary Authors: For further information, please contact:
Eko Arfianto Ferry Salanto

Senior Manager | Research | Jakarta Senior Associate Director | Research | Jakarta
62(21) 3043 6726 62(21) 3043 6730
Eko.Arfianto@colliers.com Ferry.Salanto@colliers.com
About Colliers
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Colliers Quarterly | Apartment & Expat Housing | Jakarta | 7 July 2021
Jakarta Apartment and Expatriate

Housing Market
2021–24
The take-up rate has remained stagnant at 87.2%. We

In this quarter, the government
hope there will be some improvement as the VAT
decided to extend the VAT incentive
incentive programme has been extended until end of 87.2% 87 – 88% 87-89%
programme until the end of Demand
December 2021.
December 2021 as the sales growth
has remained disappointing.
However, the consequence is that One project has been completed this quarter and six
developers will continue to have other projects are expected to be completed this year
336 unit 3,672 units 8,041 units
difficulty in raising their asking price. Supply with 3,672 units.
Also, the number of COVID-19 cases
Annual Average
in Indonesia, especially in Jakarta, has QOQ / YOY / Growth 2021–24
risen again, making consumers more End Q2 2021 End 2021 /End 2024
cautious than before as conditions
become even more uncertain. 1.4% 4%
None of the projects raised their asking price this
Therefore, we assume there will be
quarter and we expect this will happen at least until
no change in the market until the Price IDR35.01mio IDR35.01- IDR39.4mio
next quarter.
end of this year and hope for 35.02mio
recovery next year.
Colliers Quarterly Apartment & Expat Housing | Jakarta | 7 July 2021
Strata-title apartment Although we predict there will be more units that can be completed this year, we
are still predicting there will be some delays on many projects. As COVID-19 cases
More units can be completed this year but are still limited have been rising again, especially in Jakarta, the government has started to rule out
stricter PPKM Darurat (emergency public activity restrictions) rules. Also, this
due to the rise in COVID-19 cases
obstructs market recovery. We see this as a temporary setback and remain positive
One project, namely Kebayoran Apartment (Ruby Tower) with 336 units, has been in the long-term outlook with visible large underlying housing demand from the
completed in this quarter. Currently, the total existing units has reached 215,627 rise of young middle-class population together with improvement of global
units. We predict there will be more completed units in the third and fourth economy recovery. We believe this will support sales in the medium to long term.
quarters of this year, as the government has extended the VAT exemption on
existing ready-to-use projects with price below IDR5 billion until December 2021. Some sales of completed projects occurred but were not
Additionally, there is one project being introduced in this quarter, i.e. Terrace
significant yet
Diamond Tower at Mega Kuningan with 268 units in total.
Take-up rates
Cumulative supply

2
The absorption rate has remained flat at 87.2% (+0.1% QOQ or -0.5% YOY) which Credit channeling to landed housing vs. strata-title apartment
suggests that the market has not recovered yet even though the government has
provided some relaxation programmes. In general, only 575 units were sold until
the first semester of 2021. Most sales in this quarter were from completed units,
but the number remains insignificant for the overall market.
Annual demand
Source: OJK
Luckily, the government has extended the VAT relaxation programme until
December 2021. This gives more time for developers to boost their sales of (newly)
completed projects. However, we predict the sales growth of strata-title
apartments will remain sluggish since people are still in the mindset of “wait-and-
see” until the pandemic ends.
Regarding promotions, developers tend to extend their programmes from last year
No raising of prices in this quarter
as they have found this more effective to boost sales, especially on under-
construction projects. For completed projects, besides utilising the relaxation VAT None of projects raised their asking price in this quarter; this is the first time this
programme, they give additional discounts and gimmicks for customers too. has occurred. Thus, the asking price remains at IDR35 million (+0.0% QOQ or
However, as stated before, we have not seen any exceptional sales recovery during +0.16% YOY). Many factors affect this; from the weaker sales performance to
this pandemic. Also, this is proven by the credit channelling to strata-title pressure from the VAT incentive programme that makes them unable to increase
apartment growth remaining much lower than to landed housing as shown on the their asking price. In addition, tough competition from secondary properties also
graph below.
3
affects stagnation of prices. Those who sell apartments now are most likely under Serviced apartment
compulsion and hence any softness in prices is due to the dominating share of
such sellers. Supply
Average apartment asking prices (in IDR/sq m) in different regions No new serviced apartments were completed during the reviewed quarter. Thus,
as of end of June 2021, the cumulative supply of serviced apartment stood at 6,221
Q2 2020 Q1 2021 Q2 2021 QOQ YOY units. Moving forward, Jakarta is expecting to see eight serviced apartment
projects, totaling 1,189 units in the next two years. However, we expect the supply
CBD 52,271,062 52,318,687 52,318,687 0.00% 0.09% to be reduced due to delays in construction activities as a result of the outbreak.
South Occupancy and rental rate

39,266,783 39,391,128 39,391,128 0.00% 0.32%
Jakarta
Currently, serviced apartments seem to be struggling to fill their vacant units,
Non-prime especially with an extremely limited number of new expatriates entering the
26,597,606 26,616,742 26,616,742 0.00% 0.07%
areas country. In this quarter, leasing activity has come to rely on local demand,
Source: Colliers Indonesia especially leisure travelers who spent the Lebaran holiday in serviced apartments
due to the government prohibiting people from going outside Jakarta. Thus, as of
Q2 2021, the average occupancy level increased marginally by 1.4% from the
Further, since the government has extended the VAT relaxation programme until previous quarter. Overall, the occupancy rate continues to record an upward trend,
December 2021, we assume developers will continue to have difficulty in raising albeit at a moderate pace, since the previous period.
their asking price. Therefore, we predict the asking price will remain stagnant at
least until next quarter. Further, it has been more than one year since the start of the COVID-19 pandemic.
Working-from-home has become the default at workplaces and more companies
In the longer term, if the vaccination programme is a success and the global are adopting a hybrid work arrangement going forward; thus, it should be an
economy improves, the apartment price in Jakarta should get back on track to the opportunity for serviced apartments to attract this kind of demand, as more
economic trend line growth of 4-5% pa. This medium- to long-term forecast should workers, particularly from higher-level management, may prefer having their own
hold if there are no returning waves of infections globally or serious political fallout space and rent such accommodation. This observation was confirmed by our
in Indonesia. agents and marketing staff that there is an increase in leasing demand from locals,
especially professionals trying to avoid interference from other family members
while they are working from home.
4
In terms of rental rate, all of the serviced apartments in Jakarta maintained steady severe illness or death when exposed to the COVID-19 virus. Right now, the
rates and thus the average rental rate remained the same, at IDR398,731/sq government is optimistic towards its acceleration of a national vaccination
m/month and IDR364,025/sq m/month in CBD and South Jakarta (include non- programme to reach the herd immunity target. Thus, the containment and
prime areas), respectively. stabilisation of the programme will likely drive more investment and job creation
once the international borders reopen. This hopefully, will result in more demand
Occupancy in the serviced apartment market.
Rental rate

On the other hand, despite a recent surge in COVID-19 cases in Indonesia, the
active rollout of a vaccination programme is expected to bring down the curve in
the coming months. As of the end of June, Indonesia’s inoculation rate is at 1.3
million doses/day, which surpasses the government’s initial target of 700,000 to 1
million doses/day this month. Currently, ~41.6 million Indonesians have already
been vaccinated – 67% 1st dose and 33% fully vaccinated. Assuming 60% efficacy
rate, ~25 million Indonesians (~9% of population) are now 60% less likely to suffer
5
Expatriate housing market report

As the pandemic has not yet ended, the situation remains uncertain for
companies. Again, we have not witnessed any improvement in the market. An
extremely limited number of expatriates is coming into Indonesia as Immigration
has been restricting newcomers due to the new variant of the COVID-19 virus.
The expatriates who newly come to Indonesia usually just come for site surveys
before their working period starts. Only very few of them come and start their
work right away, and most of them are singles or couples who have not brought
their family. Companies have urged them to come alone since it is too risky and
too costly to bring a family in this current situation.
For expatriates who were already in Indonesia before the pandemic hit, most of
them do renewal on their current homes or have moved out to a different
property. Regarding price, it is case by case. In more popular areas, the asking
price still sees a small rise; while in less popular areas, the price tends to decrease.
Many companies have tightened their budgets, either by limiting the rental budget
or limiting the number of family members to come. As a result, some current
expatriates have moved out to smaller units too.
Regarding the trends, many companies have been starting to minimise their risk.
Many of them request adding an “early termination” clause into the contract. They
are also becoming more cautious in reviewing their contract in order to avoid any
costly incidents in the future. Additionally, they tend to extend their contract with a
shorter term (less than one year) rather than a longer term. Consequently, owners
have to become more flexible to retain their tenants.
To conclude, if the pandemic remains, we predict this current situation will persist.
We can only hope that the market will be able to recover gradually in the middle of
next year after the pandemic can be controlled by vaccination.
6
Appendix
Newly introduced
Name of Development Location Region Expected Completion Time Estimated Price (IDR/sq m) #units
Terrace Diamond Mega Kuningan CBD 2024 52,500,000 268
Newly Finished Project
Name of Development Location Region Developer #units
Kebayoran Apartment (Ruby Tower) (was Selatan 8 (Tower Sultan)) Kebayoran Lama South Jakarta Karya Cipta Group 336
7
New pipeline of Strata-title Apartment
Apartment Name Location Region Developer #Units Status
2021
Le' Parc Jl. Thamrin CBD PT. Putragaya Wahana 100 Under construction
Samara Suites (was The Residence Gatot Subroto) Jl. Gatot Subroto South Jakarta Synthesis Development 800 Under construction
PT China Harbour Jakarta Real

Daan Mogot City (4 towers) Daan Mogot West Jakarta 1460 Under construction
Estate Development
The Pakubuwono Menteng Jl. Sabang, Menteng Central Jakarta Pakubuwono Development 187 Under construction
Apple Residence Jatipadang South Jakarta PT Diamond Land Development 300 Under construction
Jl. Tj Barat Raya,

Southgate Residence (2 tower) South Jakarta Sinar Mas Land 489 Under construction
Jagakarsa
2022
Holland Village Cempaka Putih Central Jakarta Lippo Karawaci 400 Under construction
Gayanti City Jl. Gatot Subroto CBD PT Buana Pasifik International 174 Under construction
Pasar Minggu, PT Griya Karunia Sejahtera

The Foresque South Jakarta 660 Under construction
Ragunan (Binakarya Propertindo Group)
continued
8
continuation
Holland Village (Phase II) Cempaka Putih Central Jakarta Lippo Karawaci 230 Under construction
PT Itomas Kembangan Perdana

Taman Permata
Aerium Taman Permata Buana (South Tower) West Jakarta (Sinarmas Land & ITOCHU 366 Under construction
Buana
Indonesia)
Synthesis Residence Kemang (3 towers) Jl. Ampera Raya No.17 South Jakarta PT. Synthesis Development 1100 Under construction
Citra Living Apartment (Lotus Tower) Jl. Citra 7, Kalideres West Jakarta Citra Mitra Graha KSO 312 Under construction
The Residences at The St. Regis Jakarta Jl. H.R Rasuna Said CBD Rajawali Property Group 164 Under construction
Fatmawati City Center (2 towers) Fatmawati South Jakarta Agung Sedayu 1240 Under construction
The Stature Jakarta Jl. Kebon Sirih Central Jakarta Capitaland and Credo Group 96 Under construction
Solterra Place (2 tower) Pejaten South Jakarta Waskita Realty 2000 Under construction
Jl. Sinabung Raya

The Padmayana South Jakarta Adhi Karya 145 Under construction
No.58
Southgate Residence (3rd tower - Altitude Tower) Jl. Tanjung Barat Raya South Jakarta Sinar Mas Land 450 Under construction
JKT Living Star Jl. Lapangan Tembak East Jakarta PT Sindeli Propertindo 594 Under construction
continued
9
continuation
Vittoria Residence (tower A) Jl. Daan Mogot West Jakarta PT. Duta Indah Kencana 182 Under construction
2022
Pluit Residences (was Pluit Seaview) (Tower Ibiza) Pluit North Jakarta Binakarya Propertindo Group 500 Under construction
Kebayoran Apartment (was Selatan 8) (Diamond

Jl. Raya Ulujami South Jakarta Karya Cipta Group 344 Under construction
Tower)
Menara Jakarta (Tower Equinox) Kemayoran Central Jakarta Agung Sedayu 396 Under construction
Menara Jakarta (Tower Azure) Kemayoran Central Jakarta Agung Sedayu 860 Under construction
Jl. Tawakal Ujung

Tomang Park Apartment (2 towers) West Jakarta PT Phoenix Property 2000 Under construction
Raya, Tomang
Kasamara Residence Jl. Kesehatan Raya South Jakarta PT MGM Propertindo 150 Under construction
Sakura Garden City (phase 1) Jl. Bina Marga No.88 East Jakarta PT Trivo Group and Daiwa House 2200 Under construction
Dharma Tower Apartment Jl. Dharmawangsa VII South Jakarta PT Dharma Tatemono Property 72 Under construction
continued
10
continuation
57 Promenade Jl. Kebon Melati CBD Intiland 496 Under construction
Cakung, Jakarta
Cleon Park Apartment (2 towers) East Jakarta Modern Land Realty 630 Under construction
Garden City
South Quarter Residence TB Simatupang South Jakarta Intiland 336 Under construction
Arumaya Residence TB Simatupang South Jakarta Astra Land 262 Under construction
Branz Mega Kuningan Mega Kuningan CBD Tokyuland 480 Under construction
Jl. D.I. Pandjaitan,

Tamansari Sky Hive East Jakarta Wika Realty 570 Under construction
Kav.49
Jl. Pengantin Ali,
LRT City Ciracas - Urban Signature East Jakarta Adhi Karya 1087 Under construction
Ciracas
Norrington Suites Jl. Yos Sudarso, No 76 North Jakarta PT Tri Raton Mega 286 Under construction
Sentra Timur Residence (Jade Tower) Pulo Gebang East Jakarta Bakriland Development 500 Under construction
The Newton 2 at Ciputra World 2 Jl. Karet Sawah CBD Ciputra 624 Under construction
Jl. Karang Indah,

Apple Residence 3 South Jakarta PT Diamond Land Development 530 Under construction
Lebak Bulus
continued
11
continuation
Apple Residence 5 Pejaten Barat South Jakarta PT Diamond Land Development 400 Under construction
2024
Pluit Seaview (Tower Bahama) Pluit North Jakarta Binakarya Propertindo Group 650 Under construction
Jl. Pegangsaan Dua

Sedayu City (Tower Darwin) North Jakarta Agung Sedayu 936 Under construction
Raya
The Aspen Peak at Admiralty (Tower D) Jl. Fatmawati South Jakarta PT. Harmas Jalasveva 322 Under construction
The Sahid Asena Apartment and Garden (was Sahid

Ciracas East Jakarta Sahid Group 476 Under construction
Garden Residence)
Jl. Arjuna Selatan No.
Cluny Residence (2 towers) West Jakarta PT Alam Makmur Property 554 Under construction
10, Kebon Jeruk
Jl. Mega Kuningan
Pollux Sky Suites CBD Pollux Propety 216 Under construction
Barat III
Jl. Duren Tiga Raya,
Loggia Apartment South Jakarta JV Farpoint Realty & Tokyotatemono 254 Under construction
Pancoran
The Premiere MT Haryono - LRT City MT Haryono Jl. MT Haryono East Jakarta Adhi Karya 390 Under construction
continued
12
continuation
Jl. Benyamin Sueb

Alonia Kemayoran Central Jakarta Perumnas 209 Under construction
Kemayoran
CORE Cipete Jl. Fatmawati Raya South Jakarta Jaya Properti 190 Under construction
Safa Marwa Tower (Marwa Tower) Gate 5 TMII East Jakarta PT Prima Jaringan 600 Under construction
Citra Landmark (Tower 1) Jl. Ciracas East Jakarta Ciputra 600 Under construction
Jakarta Setiabudi International &

Savyavasa (3 Towers) Jl. Wijaya II South Jakarta 600 Under construction
Swire Properties
Tamansari Equine (Tower 1) Jl. Pulomas Jaya East Jakarta Waskita Realty 441 Under construction
South Quarter Residence (Tower 2) TB Simatupang South Jakarta Intiland 336 Under construction
The Veranda @ Lebak Bulus (2 Towers) Lebak Bulus South Jakarta Pulau Intan & Nishitetsu 360 Under construction
B Residence Grogol Jl. Daan Mogot 79 West Jakarta MGM Propertindo 252 Under construction
Terrace Diamond Mega Kuningan CBD China Railway Group Limited 268 Under construction
13
New pipeline of Serviced Apartment
Apartment Name Location Area #unit
2021
Somerset Kencana Jakarta Pondok Indah South Jakarta 148
Le Meridien Jakarta Jl. Jend. Sudirman CBD 318
Pan Pacific Serviced Suites Jakarta Thamrin CBD 179
Ascott Menteng Jakarta Menteng CBD 151
Fraser Suites Kebon Melati Kebon Melati, Tanah Abang CBD 140
Citadines Sudirman Jl. Karet CBD 253
2021
PARKROYAL Serviced Suites Thamrin CBD 180
Somerset Mega Kuningan Jakarta Mega Kuningan CBD 168
14
Hern Rizal Gobi Ferry Salanto

Manager | Research | Jakarta Senior Associate Director | Research | Jakarta
62(21) 3043 6727 62(21) 3043 6730
Rizal.Gobi@colliers.com Ferry.Salanto@colliers.com
About Colliers
or LinkedIn.
Legal Disclaimer
Colliers Quarterly | Retail | Jakarta & Greater Jakarta | 7 July 2021
Second Wave of COVID-19 Cases,

Retail has Slipped Again
2021–24
Demand is to show a slight growth in the second half
In the pandemic, other than keeping but still negative in aggregate in 2021. We expect
visitors coming, it is important for demand to continue to gain strength starting from 15,451 sq m 143,498 sq m 51,806 sq m
landlords to maintain extremely strict Demand 2022.
health protocols at malls to ensure
safety of visitors. Landlords are able to
The cumulative supply is expected to increase about
consider creating more open-air spaces
2.5% per year from 2021 to 2025. More projects are
at malls to offer retailers the 30,000 sq m 128,100 sq m 124,529 sq m
Supply located in the greater area.
opportunity to do business there.
Consumers tend to feel safer gathering Annual Average
outside with their friends and family QOQ / YOY / Growth 2021–24
compared to remaining in a closed End Q2 2021 End 2021 /End 2024
environment.
0.45% -0.32% 0.97%
Rental growth in the next few years is due to the
Retailers also need to maintain the
highest health standards at their operation of new shopping centres.
Rent IDR473,970 IDR470,337 IDR488,928
outlets. This will give consumers the
confidence to visit. Temporary tenants
Some future malls are expected to secure 0.67% 4.22% 0.12%
or pop-up stores in a mall seem to be
the solution due to lower financial risk. commitment for high occupancy; despite that,
Fashion, cosmetics, personal care, Vacancy vacancy will be in a slight downward trend. 28.10% 28.85% 28.38%
books, toys, and F&B are among those
who are increasingly in favor of this 0.15% 0.65% 3.35%
Service charge will be still relatively stable in 2021 and
pop-up store concept. In terms of
will increase later between 3% to 4% per annum from
location, retailers continue to look at Service charge
2021 to 2025. IDR133,278 IDR133,945 IDR148,680
sites near residential areas.
Colliers Quarterly Retail | Jakarta & Greater Jakarta | 7 July 2021
Mall entourage completion is underway In two consecutive quarters the cumulative supply stays at 2.84 million sq m. Three
malls are expected to be completed in the remainder of 2021 in the greater area.
After being postponed due to the pandemic, Pondok Indah Mall 3 officially began The addition of three malls will bring the total retail supply in the greater area to
operation. Located within a premium area in South Jakarta, this newly operating register at 2.91 million sq m by the end of 2021, an increase of 2.5% YOY.
mall brought the total retail supply in Jakarta to register at 4.86 million sq m in Q2
2021. It is undeniable that the pandemic has had an impact on shopping centre The culling of weak retailers will continue apace
construction activities, especially in Jakarta. Apart from Aeon Mall Tanjung Barat,
Ramadhan (fasting month) and Eid Holiday helped to elevate shopping activities,
which seems ready to operate around the second half of 2021, additional retail
especially at the malls, which are always visitors’ destinations. However, this
supply in Jakarta is relatively limited. Currently only Lippo East Mall Side and
temporary recovery will be once again challenged by the recent increasing number
Menara Jakarta Shopping Mall are under construction and expected to be
of COVID-19 cases. It is highly likely that the retailers are still expected to face
completed consecutively in 2022 and 2023.
difficult times in 2021.
Mostly future projects are under construction After the closure of several large grocery and department stores in the previous
quarters, some big retailers have once again announced closures of their other
stores permanently and changes in business models. Nevertheless, the retail
business is expected to continue to be dynamic and some landlords are
rejuvenating their tenant composition. Inviting new retailers that relate to lifestyle
including sports centres and upgrading the supermarkets is expected to boost the
number of visitors. Other than that, some fashion and F&B retailers have
continued expanding despite in smaller volumes.
As mentioned, this pandemic has driven the average occupancy in Jakarta towards
a downward trend in the last 1.5 years. Coupled with new supplies, the average
occupancy rate was recorded at 72% in Q2 2021, a drop of 1.4% QOQ. A newly
opened mall during the pandemic certainly will face a difficult situation, especially
in the first year of operation. Nevertheless, having pocketed highly committed
tenants, the mall can expect to maintain a stable average occupancy rate. In the
greater area, the average occupancy was relatively stable in the last three months
at 71.8%. Larger supply is expected to come, bringing the average occupancy to
Source: Colliers Indonesia drop about 1.5% compared to Q2 2021.
2
As this second COVID-19 wave causes most people to work and stay at home, Remain flexible in terms and payments
online will again be the main sales channel. Retailers should continue to focus on
collaborations with the many e-commerce players present in Indonesia. The After remaining relatively stable the last two consecutive quarters, the operation of
second wave of the COVID-19 outbreak is expected to reduce visitor capacity and the new mall set higher rental; the average rent was recorded at IDR567,007 in Q2
mall operating hours. These policies will be burdensome for both retailers and 2021, an increase of 0.7% QOQ. Afterwards, most landlords will likely still set the
landlords. Additionally, it is very possible that we will once again see that more same rental rates as during the pandemic. Even after a mall is completed, it is not
stores find it difficult to survive in this hard situation. yet expected to have an effect on the calculation of the average rental rate up to
the end of 2021. In the greater area, the average rent was recorded at IDR380,934
Occupancy in Jakarta continues to drop, greater area relatively stable – also relatively stable in the last six months. Again, new malls will bring the
average rent to grow by around 1% compared to the current rate.
Landlords are more flexible in terms of rental payments and payment terms. We
see lower percentages of down payments retailers must pay to landlords at the
beginning of the lease and rebates on rent. We expect landlords to remain flexible
considering the current COVID-19 situation in Indonesia.
The average service charge has also remained relatively stable in the last one year.
In Jakarta, the average service charge currently is recorded at IDR149,199, while in
the greater area at IDR117,358. Even though only slightly, newly operating malls
will increase the average service charge calculation both in Jakarta and the greater
area.
The service charge will eventually be increased by landlords once the pandemic is
under control or over and the economic situation in Indonesia stabilizes. Increases
in service charge are often related to increases in labor costs and inflation.
3
Newly completed mall increased the calculation
4
Appendix
New pipeline
Name of Development Location Region Developer name SGA (sq m) Development progress
Jakarta
2021
Aeon Mall Tanjung Barat

Lenteng Agung South Jakarta Sinarmas Land & Aeon 39,200 Under construction
(Southgate)
2022
Lippo Mall East Side (Holland

Cempaka Putih Central Jakarta Lippo Karawaci Tbk 44,000 Under construction
Vilage)
2023
Menara Jakarta Shopping Mall Kemayoran Central Jakarta Agung Sedayu Permai 90,360 Under construction
continued
5
continuation
2024
Shopping Mall at Fatmawati City

Fatmawati South Jakarta Agung Sedayu 45,500 In Planning
Center
Greater Jakarta
2021
Grand Dhika City Mall Bekasi Bekasi Adhi Persada Property 24,000 Under Construction
Paradise Walk Serpong Tangerang Progress Group 15,600 Under Construction
Margo City Extension Project Depok Depok Puri Dibya Property 31,200 Under Construction
continued
6
continuation
2022
Bintaro x'Change 2 Bintaro Tangerang Bintaro Jaya 51,000 Under construction
Embarcadero Bintaro Tangerang Lippo Karawaci Tbk 30,000 Under construction
2023
Pakuwon Mall Bekasi Bekasi Bekasi Pakuwon Group 40,000 Under Construction
Aeon Mall Deltamas Deltamas Bekasi AEON & Deltamas 90,000 Under Construction
2024
Plaza Indonesia Realty & Graha Buana

Plaza Indonesia Jababeka Cikarang Bekasi 55,685 Under Construction
Cikarang
Metrostater Depok Pancoran Mas Depok Andyka Investa (Trivo Group) 30,000 In Planning
7
Eko Arfianto Ferry Salanto

Senior Manager | Research | Jakarta Senior Associate Director | Research | Jakarta
62(21) 3043 6726 62(21) 3043 6730
Eko.Arfianto@colliers.com Ferry.Salanto@colliers.com
About Colliers
or LinkedIn.
Legal Disclaimer
Colliers Quarterly | Industrial Estate | Greater Jakarta | 7 July 2021
The Up Cycle Might be Quite Near
2021–24
Enquiries for industrial land will consistently come

In terms of sales performance, the
from automotive, logistics, food, chemical-based and
sign of recovery has yet to happen
consumer goods industries. We also expect a rising 82.14 Ha 219.5 Ha 276.5 Ha
but optimism over a brisk period is Demand
demand from data centre or other high-tech
reflected by land expansion activity in
industries.
anticipation of the rising enquiries in
the future. Sales volume may just be
fair in number, but potential Despite a slowing down in land absorption for the last
enquiries may still occur from 1.5 year, industrial developers have still continued
traditional sectors like automotive, Supply with expansion plans particularly in Serang, Karawang 80 Ha 205Ha 216 Ha
food and logistics, not to mention and Sukabumi regions.
other opportunities from rising data
Annual Average
centre and high-tech industries.
The strategy to broaden industrial End Q2 2021 End 2021 /End 2024
areas is necessary in this current
sluggish market in anticipation of the Price will likely increase once the market recovers.
rise of industrial sectors. We think There are a few industrial estates offering higher
that the industrial market has Price prices this quarter. USD198.48 USD200.0 USD206.00
touched the bottom of the cycle and Source: Colliers Indonesia
will move on to the recovery phase Note: USD1 to IDR14,496 at the end of Q2 2021.
once the pandemic can be contained

and the economy starts to accelerate.
Colliers Quarterly Industrial Estate | Greater Jakarta | 7 July 2021
Industrial area is expanding Industrial land stock status in some active and future industrial
Estates
Amidst the decline in sales performance, land expansion continues. During the
quarter, Modern Cikande in Serang area reported the addition of a ready-to-build
land parcel of circa 80 hectares. This basically reflects the optimism of industrial
outlook, at least in that area. In the southern area of greater Jakarta, Bogor has had
limited land for expansion for several years. In our view, there will be limited area
to be developed for industrial use and Bogor will be more focused on expanding
residential function with the support of commercial function. The only estate
selling industrial land in Bogor is Sentul Industrial Estate, but it is currently lacking
land for expansion. They are currently expanding farther south to Sukabumi
Regency, developing around 223 hectares in Cikembar area. Therefore, from now
on, we include Sukabumi as the southern part of the industrial location in greater
Jakarta area. Furthermore, Sukabumi is perceived as the next industrial location in
southern greater Jakarta, particularly with the current progress of transportation
infrastructure. We have identified a company that also plans to open up an
industrial estate in this region.
Another operating estate with an expansion plan is KIIC. They are now in the stage Source: Colliers Indonesia
of preparing infrastructure for an additional 105 hectares of land.
Not many transactions but optimism remains
There are some potential land plots to be developed particularly farther west of
Serang region (near Bojonegara port). Meanwhile, areas farther east of Jakarta still For some years, GIIC has been fuelling the industrial market with significant
offer attractive opportunities for industrial tenants. The operation of elevated toll transactions, including this quarter. With around 32.9 hectares of one land plot
ways along with the existing highways connecting the capital to other cities in the sold to an automotive company, GIIC composed 60% of total transactions this
eastern part of Java Island should give better access for the distribution of goods. quarter. Total land sales this quarter were 54.5 hectares, double of the previous
This also creates opportunities for industrial areas to grow, not only until Karawang quarter. Thus far, total land area being transacted until H1 2021 was 82.14
or Purwakarta, but also farther east to Subang, where the future main port of hectares, about 43% of total sales last year.
Patimban is underway. We have identified that several developers are already After one year without transactions, Suryacipta settled a deal of 7.5 hectares to an
planning to develop industrial estates near the future port. IT-related company from Singapore. This single transaction was a new investment
in Indonesia, and these typical companies will likely continue to expand in the
future. An existing auto parts company located at KIIC, Karawang bought a small
parcel of land of 0.24 hectare as part of their expansion plan.
2
Four companies including packaging, pharmacy, mould and die, as well as logistics Land absorption in H1 2021
sectors closed the quarter with a total of 4.4 hectares transactions in Jababeka.
Apart from domestic companies, a Korean-based company is also part of these
transactions.
Seven existing companies extended their operations by acquiring more land in

Modern Cikande, including four chemical-based companies, food, steel and
automotive assembling companies. Another new investment came from medical
product. A total of eight companies in Modern Cikande concluded almost 3
hectares of land during the quarter.
Land absorption in Q2 2021
Other smaller transactions occurred in Sentul Industrial Estate and Griya Idola.
These involved mainly sales of warehouse buildings or standard factory buildings.
As land stock diminishes in Sentul, they are now more focused on selling small
warehouses at premium prices. During the first half of 2021, Sentul IE has sold
seven warehouse units with total land size of 0.31 hectare, primarily for industries
concentrating on warehouse purposes, handicrafts, packaging and medical
devices. In Tangerang, Griya Idola sold three SFB units to a trading company
(packaging and wet tissue) with total land size of around 750 sq m transacted.
The newest industrial location at Cikembar, Sukabumi has started to offer their
land to specific clients, but not emphasising on selling to the public at this stage.
Thus far they have secured four local clients including those for warehouse
purposes, a housing developer and contractors. This involves around 6.1 hectares
of land; and this will likely continue while expecting the progress of transportation
infrastructure.
3
Data centre sector is of chief importance to support the growth of the industrial Types of active industries involved in the transactions H1 2021
market in the future. This sector would continue to record transaction within the
industrial estate in the short-term with possible expansion to materialise.
Karawang and Bekasi mainly are the future locations for data centres. Other
pivotal sectors that will continue to grow are logistics and industries related to
high-tech products including automotive, electronics and even electric vehicle
components. The logistics sector seems to be happening in most regions.
Specifically for the western part of greater Jakarta, food and chemical-based
industries will continue to expand in the future.
Annual industrial land absorption
4
Some Landlords anticipate rising enquiries with new Land and industrial building rental tariff
prices Land rental tariff was up 10% in Bogor area while in Karawang it has been flat for
In general, landlords have maintained prices and made them even more some periods. Warehouse building rental tariff in Karawang ranges from IDR70,000
negotiable during transactions. Since 2020, the industrial market has been to IDR72,000 per sq m per month. In the secondary market, developers that bought
shadowed by rising concerns over the economic growth and particularly concerns and built warehouse facilities within an estate in Karawang offered rental tariff at
over the pandemic, which have created a wait-and-see situation. However, we also USD6.00 per sq m per month. In Bekasi, a warehouse building offered by a
noticed certain industrial estates have lifted their asking price in response to the Japanese developer is quoted at IDR80,000 to IDR85,000. But there are also
land scarcity and the prospect they have over potential enquiries in the future. For warehouses in another two estates in Bekasi region that are offered at IDR50,000
example, one industrial estate in Bogor adjusted its price due to a shortage in and IDR65,000, respectively.
inventory by as high as 16%. One established estate in Karawang also revised their
Maintenance costs
asking price higher by 12% this quarter and an estate in Tangerang also introduced
new price tariff up by 15%. On the contrary, we reported price adjustment in Two estates in Karawang came up with new maintenance tariffs this quarter that
Serang from an estate that is now quoting price lower by 15%. seemed to catch up with the average tariff in most of the estates located in Bekasi.
In terms of quality, these two estates in Karawang are relatively comparable to
Greater Jakarta industrial land prices
those other estates in Bekasi region. Maintenance tariffs per sq m per month in
these two estates rose from USD0.07 to USD0.08, which brought the overall
maintenance cost in Karawang up by 14% to an average of USD0.08.
5
Greater Jakarta industrial maintenance costs Industrial Land Prices and Maintenance Costs (in USD equivalent)
Maintenance cost
Land price (/sq m)
(/sq m/month)
Region
Lowest Highest Average Lowest Highest Average
Bogor 208.22 381.73 294.98 0.06 0.07 0.07
Tangerang 194.34 260.27 197.81 0.03 0.08 0.06
Karawang 204.75 222.10 213.77 0.06 0.08 0.08
Bekasi 150.00 155.00 157.50 0.05 0.10 0.08
Serang 117.99 138.81 128.40 0.03 0.05 0.05

Note: USD1.00 = IDR14,408 (average during Q2 2021)
6
Ferry Salanto Ferry Salanto

Senior Associate Director | Research | Senior Associate Director | Research | Jakarta
Jakarta 62(21) 3043 6730
62(21) 3043 6730 Ferry.Salanto@colliers.com
Ferry.salanto@colliers.com
About Colliers
or LinkedIn.
Legal Disclaimer
Colliers Quarterly | Hotel | Jakarta | 7 July 2021
Stepping Up to the Recovery Mode
2021–24
It is hoped that some projects will start operating in

The trend is in the positive direction.
2021, and it is starting to look like there are other
Many business activities have started
projects which are expected to be operational in the 0 rooms 1,295 rooms 581 rooms
to be carried out in hotels, although Supply
next few years.
with the concept of adjusting to
Annual Average
existing health protocols. The
“staycation” is one of the trends that End Q2 2021 End 2021 /End 2024
is starting to rise, especially for some
people who still want to explore The occupancy rate has started to increase. However,
3.3% 19.2%
outside the city. the significant increase in the spread of COVID-19 at
the end of June made the government tighten all
The vaccination process that has
Occupancy activities and this is feared to disrupt the positive 50.8% 56.4% 13.6%
been intensively implemented by the
trend.
government is expected to have a
positive impact, one of which is for
Room rates show a positive trend. However, 3% -6.5% 2.5%
the hotel industry.
conditions in the field will affect this trend. Pandemic
Room rates control can be said to be the key to being able to
USD45.4 USD47.4
maintain this trend.

Colliers Quarterly Hotel | Jakarta | 7 July 2021
More distressed assets to offer Cumulative hotel rooms
Cumulative hotel projects

Ban on mudik (exodus) tradition did not help lift
New hotels are in the pipeline and most of these projects are expected to start occupancy
operating in 2021. However, it will all depend on the market condition.
Toward the start of the Eid al-Fitr holiday, the government again issued a ban on
A few months back, there was information circulating regarding hotels being sold going home town. Previously, we predicted that this condition would have a
on the marketplace. From the information obtained from several hoteliers, they positive impact on hotels in Jakarta. People would choose to have staycations in
did not confirm the news, but also did not say that the news was false. Given the hotels because of limited mobility.
pandemic that has been going on for more than one year and the condition of the
tourism industry, which is still struggling to survive in this pandemic, it is not From the data above, it can be seen that in April 2021, the hotel occupancy rate
impossible for hotel owners to sell their properties to reduce operational costs. reached 51.18%. This is the highest achievement throughout 2021. In May 2021, it
slipped slightly to 49.41%. The Eid al-Fitr holiday which fell in mid-May was
expected to boost the staycation market, but it did not increase the occupancy rate
in May. This may be because there are several factors that are used as criteria by
2
guests before booking a staycation; for example, activities offered to families, increased again substantially. This has made the DKI Jakarta Provincial
location and facilities that can be used by guests, so hotel choices are more limited. Government tighten all activities again. If this lasts long enough, it is feared that
In addition, it is undeniable that before the government imposed time restrictions this will disrupt hotel industry performance, which was starting to improve.
by closing border roads, airports and ports to the public, many people had already Indirectly, it can be said that controlling the spread of COVID-19 is the key for the
started their journey outside Jakarta. economy to recover.
Monthly average occupancy rate (AOR) Until now, hoteliers are still fiddling with their businesses to continue to survive by
exploring potential markets for guests and trying to diversify their business by
optimising business lines to get additional revenue. Moreover, conditions in the
field are still unstable, which causes changes in regulations and strategies to occur
very quickly.
Monthly average daily rate (ADR)
Source: STR
The start of business activities in early of second quarter moderately helped hotel
performance as compared to the same period of 2020. This increase did not only
occur on the occupancy side, but also on the ADR side. Since May 2020, the ADR of
hotels in Jakarta has continued to increase. In May 2021, ADR was recorded at
USD50.65, up 11.3% compared to May 2020 (USD45.50). Source: STR
The trend of hotel performance in Jakarta has begun to increase; however, at the
end of June 2021, cases of COVID-19 in Indonesia, one of which was in Jakarta,
3
Appendix
New pipeline
Hotel Name STR Chain Scale Rate Location Region #Rooms Project Status Completion Time
3-star
Fairfield Slipi Undefined Slipi West Jakarta 280 Documentation 2024
4-star
Hilton Garden Inn Taman Palem Upscale Class Taman Palem West Jakarta 168 Under construction 2021
Swiss-Belhotel Kirana Avenue -

Upscale Class Kelapa Gading North Jakarta 316 Under construction 2021
Kelapa Gading
Ashely Tang Hotel Undefined Wahid Hasyim Central Jakarta 147 Under construction 2022
Veranda Puri Undefined Puri West Jakarta 180 Documentation 2023
Upper Midscale
Park Regis Menteng Raden Saleh Central Jakarta 180 Under construction 2023
Class
continued
4
Hotel Name STR Chain Scale Rate Location Region #Rooms Project Status Completion Time
continuation
5-star
St Regis Luxury Class HR Rasuna Said CBD 280 Under construction 2021
Park Hyatt Hotel Luxury Class Kebon Sirih Central Jakarta 220 Under construction 2021
The Langham Luxury Class SCBD CBD 200 Under construction 2021
Waldorf Astoria Luxury Class Thamrin CBD 183 Under construction 2023
5
Nurul Yonasari Ferry Salanto

Senior Research | Research | Jakarta Senior Associate Director | Research | Jakarta
62(21) 3043 6728 62(21) 3043 6730
Nurul.Yonasari@colliers.com Ferry.Salanto@colliers.com
About Colliers
or LinkedIn.
Legal Disclaimer

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Colliers Quarterly | Office | Jakarta | 7 July 2021

Signs of Recovery Still Far Away

Without dominant sector, the vacancy rate is poised to rise

In what is still a tenant market situation, landlords mostly continue to be

Source: Colliers Indonesia

Source: Colliers Indonesia Source: Colliers Indonesia

Strata market is still quiet

China Sonangol Media

Source: Colliers Indonesia

Source: Colliers Indonesia

Eko Arfianto Ferry Salanto

Jakarta Apartment and Expatriate

The take-up rate has remained stagnant at 87.2%. We

Source: Colliers Indonesia

South Occupancy and rental rate

Source: Colliers Indonesia

Source: Colliers Indonesia

Expatriate housing market report

Terrace Diamond Mega Kuningan CBD 2024 52,500,000 268

Source: Colliers Indonesia

Newly Finished Project

Name of Development Location Region Developer #units

Source: Colliers Indonesia

New pipeline of Strata-title Apartment

Apartment Name Location Region Developer #Units Status

PT China Harbour Jakarta Real

Jl. Tj Barat Raya,

Pasar Minggu, PT Griya Karunia Sejahtera

Apartment Name Location Region Developer #Units Status

PT Itomas Kembangan Perdana

Jl. Sinabung Raya

Apartment Name Location Region Developer #Units Status

Kebayoran Apartment (was Selatan 8) (Diamond

Jl. Tawakal Ujung

Apartment Name Location Region Developer #Units Status

57 Promenade Jl. Kebon Melati CBD Intiland 496 Under construction

Jl. D.I. Pandjaitan,

Jl. Karang Indah,

Apartment Name Location Region Developer #Units Status

Jl. Pegangsaan Dua

The Sahid Asena Apartment and Garden (was Sahid

Apartment Name Location Region Developer #Units Status

Jl. Benyamin Sueb

Jakarta Setiabudi International &

Source: Colliers Indonesia

New pipeline of Serviced Apartment

Apartment Name Location Area #unit

Somerset Kencana Jakarta Pondok Indah South Jakarta 148

Le Meridien Jakarta Jl. Jend. Sudirman CBD 318

Pan Pacific Serviced Suites Jakarta Thamrin CBD 179

Ascott Menteng Jakarta Menteng CBD 151

Citadines Sudirman Jl. Karet CBD 253

PARKROYAL Serviced Suites Thamrin CBD 180

Somerset Mega Kuningan Jakarta Mega Kuningan CBD 168

Source: Colliers Indonesia

Hern Rizal Gobi Ferry Salanto

Second Wave of COVID-19 Cases,

Source: Colliers Indonesia

Newly completed mall increased the calculation

Source: Colliers Indonesia

Aeon Mall Tanjung Barat

Lippo Mall East Side (Holland

Shopping Mall at Fatmawati City