Colliers-Webinar ICCC 270122 Final-Compressed

ICCC
Webinar Series
Thursday, 27 January 2022
Identifying Real Estate

Opportunities in 2022
Michael D. Broomell
Managing Director
Identifying Real Estate Opportunities in 2022

Investment
Market
Economic Indicators
Economic Growth
Economic Growth 2020 - 2021 Daily mortality in 2021 due to Covid-19

8.00%
7.07%
6.00%
4.00%
2.97%
3.51%
2.00%
0.00%
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21
-0.71%
-2.00%
-2.19%
-4.00%
-3.49%
-6.00% -5.32%
Source: Badan Pusat Statistik (BPS) Indonesia Source: JHU CSSE COVID-19 Data
The impact of government efforts in fighting the Covid-19 pandemic have been apparent in the continuous improvement in
Indonesian economic growth. A drop in growth in 3Q21 was due to the Covid-19 Delta variant, which delivered the hardest
hit so far, during the period from end May to end August.

Economic Indicators
Vaccine Update
Share of people vaccinated against Covid-19 Vaccination by Province Population
as of Nov 28, 2021 as of Jan 17, 2022
DKI Jakarta 116.39% 91.74%

Bali 89.99% 73.67%
Singapore 92% 1% Yogyakarta 84.10% 71.18%
Riau Islands 81.33% 60.92%
Bangka Islands 67.96% 49.04%
Central Java 67.27% 49.84%
North Kalimantan 66.45% 47.66%
Malaysia 77% 2% West Java 65.60% 43.44%
East Kalimantan 65.59% 50.03%
East Java 65.56% 46.86%
Indonesia 65.37% 44.41% Top 5 province weekly progress
Gorontalo 64.87% 39.60%
Vietnam 51% 22% North Sumatra 64.72% 40.71%
Banten 64.04% 43.57% Highest first dose progress
North Sulawesi 63.57% 38.87%
Central Kalimantan 63.48% 38.82% 1. North Sumatra 7.5%
Bengkulu 62.67% 39.80% 2. West Java 6.6%
Indonesia 34% 16% Jambi
West Nusa Tenggara
61.43%
61.37%
44.00%
41.35% 3. South Sumatra 5.4%
South Sumatra 61.31% 35.20% 4. Aceh 5.4%
Riau 61.29% 37.99%
Lampung 60.72% 36.74%
5. Maluku 5.3%
Philippines 28% 8% South Kalimantan
South Sulawesi
60.43%
58.51%
32.81%
35.68%
Aceh 58.05% 25.13%
Highest full dose progress
West Sumatra 56.61% 36.83% 1. Riau 9.7%
Southeast Sulawesi 56.43% 29.48%
2. Southeast Sulawesi 9.0%
Myanmar 9% 28%
North Maluku
Central Sulawesi
55.66%
54.06%
26.80%
29.67% 3. East Nusa Tenggara 8.0%
West Sulawesi
East Nusa Tenggara
53.82%
53.13%
30.74%
28.74%
4. West Kalimantan 6.1%
West Kalimantan 51.83% 35.22% 5. Aceh 6.0%
0% 20% 40% 60% 80% 100% Maluku 48.05% 23.50%
West Papua 38.50% 25.02%
Papua 17.66% 12.83%
Share of people fully vaccinated against Covid-19 0% 50% 100% 150% 200% 250%
Share of people only partly vaccinated against Covid-19 % First Dose % Full Dose
Source: Our World in Data Source: Bahana

Economic Indicators
Economic Growth
Indonesia
Country 2016 2017 2018 2019 2020 2021 E 2022 E 2023 E 2024 E 2025 E
7.00
6.00 Malaysia 4.41 5.56 5.09 4.74 (3.89) 3.64 5.68 6.77 5.45 4.68
5.00
Philippines 7.18 7 6.41 6.05 (5.67) 1.69 7.69 8.1 6.73 6.13
4.00
Singapore 2.73 4.51 4.28 1.41 (4.45) 5.05 4.05 3.46 3.07 3.03
3.00
2.00 Thailand 3.36 4.02 4.24 2.92 (4.82) 0.64 5.06 6.49 4.54 3.22
1.00
Vietnam 6.68 6.95 7.08 7.02 2.91 6.64 7.79 7.55 6.39 5.99
-
2016
2017
2018
2019
2020
2021 E
2022 E
2023 E
2024 E
2025 E
(1.00) Myanmar 6.41 5.75 6.41 6.5 2.92 (9.87) 5.77 6.19 8.64 7.54
(2.00)
Indonesia 5.03 5.07 5.17 5.02 (2.01) 3.34 6.86 6.32 5.67 5.62
(3.00)
Source: Oxford Economics

What’s Changing
Office property is challenged as the

Property investment activity is rising but
standard go-to core product globally as
not to the same level as other gateway
values are depressed and occupiers have
cities in Asia Pacific.
not fully sorted their new normal.
Expected opportunities to acquire

More capital is seeking investment in discounted hospitality did not really
logistics and landed housing. materialize, so lots of dry powder but no
home for it.

Strategies
Identify partnership Buy strategic land sites for Find partner opportunities with
opportunities with capital future development at experienced township
partners to monetize significant attractive prices. developers building largely self-
parts of holdings and have liquidating landed products and
capex funds for necessary limited supporting retail and
upgrades, working capital, etc. commercial uses.

Office Market

Office
Supply & Occupancy
Cumulative Supply Occupancy

8,000,000 86.0% 85.1%
338,832 127,500 0 0 84.1%
233,933 212,247 110,357 82.8%
481,337 84.0%
501,927 81.0% 80.8%
6,000,000 82.0%
82.6% 79.5%
80.0% 81.9% 82.2% 78.5%
30,000 69,375 80.6% 76.9% 77.4%
249,401 155,874 96,884 117,000 78.0%
4,000,000 96,425 150,999 85,000
76.0%
2,000,000 74.0% 75.8% 75.5% 76.1%
75.1% 74.5%
72.0%
0 70.0%
2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E
CBD Existing Supply CBD Annual Supply

Outside CBD Existing Supply Outside CBD Annual Supply CBD Outside CBD
• Construction activity slowed down during pandemic, highlighted by • Occupancy continued to drop during pandemic.
delay in completion. • The absorption level in the CBD was a historic low in 2021, i.e. below
• Today, quite a few developer are anticipating the right momentum 80%, down 4% compared to before pandemic.
before reactivating new construction. • Similar trend occurred in outside the CBD, a drop of 5% in occupancy
• Future buildings that are currently under-planning are likely to since 2019.
experience delay in completion.
• We expect to see supply-demand equilibrium starting in 2024 onward.

Office
Rent & Price
Base Rent Selling Price

292,374
IDR 300,000 284,247
276,774 276,228 56,049,855
269,224 IDR 65,000,000 54,405,450 57,731,350
IDR 275,000 257,323
250,807
259,438 55,821,986 58,185,160 55,424,132 53,866,782 55,221,532
244,174
IDR 250,000 IDR 55,000,000
224,602
IDR 225,000 212,027
202,865 IDR 45,000,000 50,521,812
192,284 196,756 195,594 36,168,096 37,448,501
191,158 188,309 191,388 36,621,400 35,405,656 36,401,069 36,710,618
IDR 200,000
IDR 35,000,000 37,635,744
IDR 175,000 37,200,176 37,077,724
IDR 150,000 IDR 25,000,000
2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E
CBD Outside CBD CBD Outside CBD
• Asking base rent in the CBD now is IDR249,537, but we expect to see a • Most landlords and units owners are still offering old price.
further drop by the end of 2021 or 12% decrease compared to 2019. • But we hardly record any strata-title transaction activity during the
• The operation of future Premium-class buildings will lift the overall pandemic.
asking rental tariff in the CBD, however transacted rent will likely to see
pressure from tenants given a huge vacant space in the market. • The addition of new strata-title building will be limited.
• Rent in the CBD will only grow below 2% annually, particularly in 2022 • Price will only grow moderately.
onward.
• The overall rent in outside the CBD similarly declined by 4% during the
pandemic.
• The limited future supply over 2023 – 2024 will help stimulate rent to
increase moderately going forward.

Companies have adapted to the pandemic conditions
Occupiers Perspective
Contract or expand Renew or relocate

• More and more companies have adapted Companies generally no longer perceive
their businesses according to current relocation as big risk to their business,
conditions and expand by either staying they have started to accept current
where they are or move to a new building pandemic conditions and decided to
execute the relocate plan to a new
• Many companies generally have decided to building if the deal is right. They are taking
reduce their occupied space by about 10 – advantage of the tenant’s market with
30% when renewing or restructuring their competitive rents, and flexible landlords
leases offering terms such as tenant fit-out
allowances and others.
• Many companies have decided to apply
hybrid workplace models
• Many companies have had to redesign

their current layouts to be more flexible
and collaborative. There will be more “hot
desking” than fixed desks

Reasons for companies to relocate during the pandemic
They have been in They have to move They wish to expand They have decided to
the same building for owing to the their business with consolidate their
many years. situation with their caution. operations.
current building; for
example: the building
is under a Build
Operate Transfer
arrangement or is to
be demolished.

Strategies and Opportunities for 2022
Landlords are advised to show flexibility and be Landlords should focus more on achieving high
accommodative to keep tenants wanting to extend their occupancy rates like 70-80%.
leases, as well as being more flexible to secure new leases.
Flexibility may be offered by providing incentives such as: Landlords should allocate some areas for agile
• Rent free (“face rents” and “net effective” rents) working spaces in their building. Flexible workplace
strategy will become a requirement for many
• Free parking companies.
• Option to surrender
• Early termination option
• Fit-out allowance to be amortised over the lease term
• Option to renew with rental cap
Landlords should support sustainability concept by
• Sub-lease and assignment applying a green building certification.
• Holdover rights

Retail Market

Retail
Supply & Occupancy
Jakarta Cumulative Supply & Occupancy Greater Area Cumulative Supply & Occupancy
83.6% 83.5%
4,000,000 85.0% 4,000,000 81.9% 82.5% 85.0%
79.8% 82.5% 82.5%
78.5%
3,000,000 77.4% 80.0% 3,000,000 80.0%
76.2%
74.9% 77.5% 74.5% 75.0% 77.5%
2,000,000 72.1% 72.9% 75.0% 2,000,000 72.6% 75.0%
71.1% 71.1% 71.3%
72.5% 69.3% 72.5%
1,000,000 70.0% 1,000,000 70.0%
67.5% 67.5%
0 65.0% 0 65.0%
2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E
Occupied Spaces Vacant Spaces Occupancy Occupied Spaces Vacant Spaces Occupancy
• At the end of 2021, Pondok Indah Mall 3 and AEON Mall Tanjung Barat.
Annual Supply
200,000
• We anticipate 4 malls to operate within 2022-2025, adding around
200,000 sq m. 150,000
• Most of upcoming shopping centres in greater area of Jakarta are in the 100,000
construction stage.
• The addition of new mall will push occupancy downward, particularly 50,000
because of low commitment during grand opening of new malls.

0
• We anticipate an increase in visitor traffic, along with the loosening 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E
traffic limitation.
Jakarta Greater Area

Retail
Rent & Service Charge
Average Rent Service Charge

176,287
IDR 800,000 IDR 180,000
735,892 169,507
IDR 170,000 162,987
680,316 156,718
IDR 700,000 IDR 160,000
631,864 148,800 150,691
600,182 607,763 609,003 145,784
595,181 IDR 150,000
IDR 600,000 562,799 566,280 139,127
IDR 140,000 133,738 135,143 133,776
507,606 128,631
468,006 IDR 130,000 122,505
IDR 500,000 117,358 118,937
435,951 IDR 120,000 114,224
111,556
401,277
387,238 384,479 385,071 380,934 379,144
IDR 400,000 IDR 110,000 101,475
IDR 100,000
IDR 300,000 IDR 90,000
2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E
Jakarta Greater Area Jakarta Greater Area
• Rent adjustment in 2021 was mainly triggered by the operation of • Landlords generally maintain service charge tariff, but the overall
Pondok Indah Mall 3 with rental tariff above market average. adjustment is mainly due to the influx of newly operating Pondok
• Mall visitors has gradually shown an upward trend despite still lower Indah Mall 3.
than in the normal time. • Rent and service adjustment are likely to increase moderately in
2022 provided that economic projection achieves the target.

Retail
Market Update
Most rents and service Landlords are still looking Retailers are getting more In the office sector, we
charges have returned to for replacement tenants confident and are looking still see retailers closing
normal levels, except for in a soft market where to expand again wanting outlets, and it is still
some segments such as retailers know they can to reap the benefits of the difficult for developers to
entertainment and get more favourable soft market. But they find new tenants. F&B
cinemas. rental terms. continue to be very retailers, especially, are
selective in terms of the still very cautious because
locations they take up. of the pandemic.

Industrial &
Logistics Market
Industrial
Land Absorption
Annual Land Absorption Land Absorption Along 2021 YTD

1,400
GIIC (Greenland)
1,200
Karawang New Industry City
1,000
Hectares
Jababeka
800 Suryacipta
600 Kawasan Industri Cikembar - Sukabumi
Modern Cikande
400
Krakatau Industrial Estate Cilegon
200 Bekasi Fajar
0 Griya Idola
Kota Bukit Indah (Besland Pertiwi)
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021 YTD
Sentul Industrial Estate
KIIC
Serang Bekasi Karawang Tangerang Bogor - Sukabumi 0 5 10 15 20 25 30 35 40 45 50 55 60
• Total transaction in Q3 was 52.7 hectare.

• Along Jan-Sept 2021 land transaction reached 134.86 hectare (70.5% of total sales in 2020).
• The largest sales in Q3 was from EV manufactures (Hyundai) for the battery module which occurred at KNIC.
• Data centre companies are very aggressive in expanding now and going forward.
• Industrial sector is expected to be first sector to recover in 2022. We anticipate demand in 2022 onward will be 25% higher than this year.

Industrial
Land Price & Active Sectors (2021)
Industrial Land Price Active Sectors during 2021

USD 350
USD 300
USD 250
USD 200
USD 150
USD 100 4.96%
52.36%
USD 50
USD 0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Q3 2021
22.13%
Serang Tangerang Bekasi Karawang Bogor
 Automotive, 52.36%  Textiles, 1.54%

• High-tech industry is very dominant.  Data Centre, 22.13%  Developer, 1.38%
• Automotive industry is back but more tech oriented like the EV.  Chemicals, 4.96%  Oil & Gas-related, 0.77%
 Packaging, 4.16%  Pharmaceutical, 0.60%
• Data centre is quite expansive and will continue to expand in the  Construction/Engineering, 3.24%  Piping/Valve, 0.48%
future.  Logistics/Warehousing, 2.69%  Manufacturing, 0.38%
• Other active sectors includes logistics, petro-chemical, food, health,  Medical/Health, 1.86%  Steel-related, 0.17%
pharmacy and FMCG.  Building Material, 1.62%  Electronics, 0.03%
 Others, 1.60%
Industrial
Warehouse, logistics, and fulfilment centres
Traditional vs. Automation Express vs. Fulfillment Target areas will have high
• Increased demand for • Increased demand for populations and be close to
warehouse automation fulfilment centres Jakarta: areas such as the
(shuttle racking) south of Jakarta, west of
• Changes as C to C becomes Jakarta, Tangerang and Bekasi.
• In the longer-term, B to C
automation will keep
logistic costs stable

Industrial
Industrial development supported by the government
For some industrial estates that are supported by

the government, there are advantages that can
be an opportunity, too. The Terms & Conditions
provided, especially in terms of price, can be very
competitive. With the price offered, ownership
can even be up to 80 years. Apart from that,
another advantage is the special incentives which
will be adjusted by BKPM based on the value of
the investment.

Apartment &
Expatriate Housing
Residential
Supply
Cumulative Supply: Strata-title Apartment Cumulative Supply: Serviced Apartment

300,000 8,000
470
7,774 360 577
250,000
12,388 7,000
8,257 344
9,769 2,698 3,383
17,524 6,000 0 192 214
200,000 8,115
# Units
5,000
150,000 4,000
3,000
100,000
2,000
50,000
1,000
- 0
2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
Existing supply New supply Existing supply New supply
• No new project was introduced in 2022. • In 2018 - 2021, additional new apartment for lease was 332 units per
• We anticipate 3,383 new apartment units being completed in 2021. annum.
• Leased and serviced apartment will grow 4.1% CAGR along 2022 –
• Total units projected to close 2021 will be 221,117 unit.
2025.
• In 2022 - 2025 annual supply is 7,195 units, lower that in 2014 – 2021 of
9,540 units per annum.

Residential
Take-up Rate & Occupancy
Take-up Rate Occupancy

100% 80%
88.5% 89.0% 89.5% 70%

86.9% 87.2% 87.2% 87.5% 88.0%
90% 85.8%
60% 68.1% 67.9%
65.0% 63.0% 65.0%
60.0%
80% 50% 55.2% 55.0%
52.0%
40%
70%
30%
20%
60%
10%
50% 0%
2017 2018 2019 2020 2021 F 2022 F 2023 F 2024 F 2025 F 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
• We are anticipating for a better sales result by the end of 2021. This will • Annual occupancy dropped 10-15% in 2020 – 2021 mainly due to
help lift the absorption rate modestly compared to 2020. Covid-19.
• The average take-up rate in 2022- 2025 will be 88 - 89%. • We are quite positive to envisage upcoming years, given the current
vaccination rate which will result in the normal human mobility.

Residential
Price & Rent
Asking Price Rental Rate (IDR/sq m/month)

45 40.97 430,000
Asking Price / sqm (IDR million)
39.39 420,911
37.88
40 36.42 420,000
34.80 35.00 35.02 413,818
33.00 33.80 410,848
35 412,658
410,000
30
404,566
25 400,000
397,985 396,634
392,700
20 390,000
15
380,000 381,378
10
5 370,000
0 360,000
2017 2018 2019 2020 2021 F 2022 F 2023 F 2024 F 2025 F 2017 2018 2019 2020 2021F 2022F 2023F 2024F 2025F
• Apartment price remains at IDR35 million/sq m. • Annual rents was down 4% in 2020 - 2021 as a result of the drop in
• In 2022-2025 we anticipate 4% increase per annum. occupancy.
• But we anticipate a 2.5% CAGR rental increase in 2022 – 2025 mainly
underpinned by sound economic performance and more conducive
situation when Covid-19 can be curbed.

Market Updates
While overall landed housing prices show some gradual

increases, apartment prices have either held ground or
lost ground in the last few quarters.
Apartment projects with ready stock are competing

better than under construction projects as they can
offer VAT incentive.

Expatriate Housing
Tenant Market
As the market is still Tenants need to have Tenants need to have Even with its tenant
dynamic, tenants still have smart negotiations with knowledge of the market, market, there are few
more options. owners and use the since not everything that exceptions for high-
flexibility as an occurs in the market is demand residential. Some
opportunity. applicable to all expatriate of these residences have
housing owners. begun to stabilise in
terms of price and
occupancy levels.

Expatriate Housing
Opportunity in 2022
Companies/tenants need to With the unstable Until Q2 2022, it looks like it

be mindful when conditions, some companies will still continue to be a
embedding clauses in allow their expats to have tenant market. So,
agreements. personal agreements negotiations on leasing
regarding leasing, just as rates and payment terms
long as it complies with the can still transpire with the
companies’ policies. owner for flexibility.

Hospitality
Market
Hotel
Hotel Project Cumulative Supply Hotel Room Cumulative Supply

120 20,000
18,000
100 16,000
14,000
80
12,000
60 10,000
8,000
40
6,000
4,000
20
2,000
0 0
2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E
3-star 4-star 5-star 3-star 4-star 5-star
Hotel supply addition is now growing more moderate. This will be positive for the overall hotel market in the future.

Hotel
Jakarta
Average Daily Rate (ADR) Average Occupancy Rate (AOR)
USD 90.0 80.0%
USD 80.0 70.0%
USD 70.0
60.0%
USD 60.0
50.0%
USD 50.0
40.0%
USD 40.0
30.0%
USD 30.0
20.0%
USD 20.0
USD 10.0 10.0%
USD - 0.0%
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2018 2019 2020 2021 2018 2019 2020 2021

Hotel
Bali
Average Daily Rate (ADR) Average Occupancy Rate (AOR)
USD 140.0 90.0%
80.0%
USD 120.0
70.0%
USD 100.0
60.0%
USD 80.0 50.0%
USD 60.0 40.0%
30.0%
USD 40.0
20.0%
USD 20.0
10.0%
USD - 0.0%
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2018 2019 2020 2021 2018 2019 2020 2021

Hospitality
Jakarta Hospitality Outlook (Business)
Market Resources (MICE & Government)

Indicators
MICE will be the main business of many hotels in Jakarta, whilst support • The Incremental
areas (BODETABEK) will also share the same market segment. However, performance in
support areas will also share the leisure and StayCation sectors better Occupancy and ADR of
outside Jakarta. the total area
• The incremental of
average customer
The government segment will provide occupancy on weekdays and other spending in many
business days, as well as other market sources. businesses is increasing,
even though it is unlikely
to be better than the 2018
performance
New customer habits will be faced by all hospitality industries in many
area, including Jakarta and in other hospitality businesses, such as
accommodation, restaurants, entertainment and others.

Hospitality
Bali Hospitality Outlook (Leisure)
Market Resources (MICE & Domestic)

Indicators
Incremental
Occupancy and
ADR throughout
the Bali Area.
As per government Bali and Jakarta will host Revenge Tourism will also
planning, Indonesia is some of these events and create a very positive
going to host several their associated areas will back-up to the number of
International MICE events get benefits of visitors and visitors to Bali.
in 2022 to help boost related activities. The G20
tourism and business in Meeting is one of the
South East Asia. events, with pre-events
starting in March 2022.

Q&A

Contact
Scan here to access

our reports
Mike D. Broomell
Managing Director

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ICCC

Thursday, 27 January 2022

Identifying Real Estate

Identifying Real Estate Opportunities in 2022

Economic Growth 2020 - 2021 Daily mortality in 2021 due to Covid-19

Identifying Real Estate Opportunities in 2022

DKI Jakarta 116.39% 91.74%

Source: Our World in Data Source: Bahana

Identifying Real Estate Opportunities in 2022

Source: Oxford Economics

Identifying Real Estate Opportunities in 2022

Office property is challenged as the

Expected opportunities to acquire

Identifying Real Estate Opportunities in 2022

Identifying Real Estate Opportunities in 2022

Identifying Real Estate Opportunities in 2022

Cumulative Supply Occupancy

CBD Existing Supply CBD Annual Supply

Identifying Real Estate Opportunities in 2022

Base Rent Selling Price

CBD Outside CBD CBD Outside CBD

Identifying Real Estate Opportunities in 2022

Contract or expand Renew or relocate

• Many companies have had to redesign

Identifying Real Estate Opportunities in 2022

Identifying Real Estate Opportunities in 2022

Identifying Real Estate Opportunities in 2022

Identifying Real Estate Opportunities in 2022

because of low commitment during grand opening of new malls.

Identifying Real Estate Opportunities in 2022

Average Rent Service Charge

Jakarta Greater Area Jakarta Greater Area

Identifying Real Estate Opportunities in 2022

Identifying Real Estate Opportunities in 2022

Annual Land Absorption Land Absorption Along 2021 YTD

Serang Bekasi Karawang Tangerang Bogor - Sukabumi 0 5 10 15 20 25 30 35 40 45 50 55 60

• Total transaction in Q3 was 52.7 hectare.

Identifying Real Estate Opportunities in 2022

Industrial Land Price Active Sectors during 2021

Serang Tangerang Bekasi Karawang Bogor

 Automotive, 52.36%  Textiles, 1.54%

Identifying Real Estate Opportunities in 2022

For some industrial estates that are supported by

Identifying Real Estate Opportunities in 2022

Cumulative Supply: Strata-title Apartment Cumulative Supply: Serviced Apartment

Existing supply New supply Existing supply New supply

Identifying Real Estate Opportunities in 2022

Take-up Rate Occupancy

88.5% 89.0% 89.5% 70%

Identifying Real Estate Opportunities in 2022

Asking Price Rental Rate (IDR/sq m/month)

Identifying Real Estate Opportunities in 2022

While overall landed housing prices show some gradual

Apartment projects with ready stock are competing

Identifying Real Estate Opportunities in 2022

Identifying Real Estate Opportunities in 2022

Companies/tenants need to With the unstable Until Q2 2022, it looks like it

Identifying Real Estate Opportunities in 2022

Hotel Project Cumulative Supply Hotel Room Cumulative Supply

3-star 4-star 5-star 3-star 4-star 5-star

Identifying Real Estate Opportunities in 2022

Average Daily Rate (ADR) Average Occupancy Rate (AOR)