Jakarta Property Market Insight Q2 2023.

Jakarta Property
Market
Insight
Q2 2023
Leads Property Services Indonesia

Jakarta Property Market Insight Q2 2023
Contents
Office Page 3
Condominium Page 10
Retail Page 14
Hotel Page 18
Rental Apartment Page 22
Industrial Page 26
Contact Detail Page 30
Disclaimer: This report should not be replied upon as a basis for entering into transactions without
seeking specific and professional advice. Whilst facts have been rigorously checked, Leads Property can
take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within
this report. Information contained herein should not, in whole or part, be published, reproduced, or
referred to without prior approval.
2
Leads Property Services Indonesia | Research & Consultancy
1. Office
CBD OCBD
Supply Supply
Stable Stable
7.38 million sqm 4.16 million sqm
Demand Demand
Increased by Increased by
7,315 sqm 4,569 sqm
Occupancy Occupancy
Increased to Increased to
71.7% 75.8%

CBD Office Market
Supply Distribution
2% 2% Kuningan Persada
10% Senayan
8%
MH Thamrin
8%
Mega Kuningan
28%
11% SCBD
Gatot Subroto
HR Rasuna Said
15%
16% Jendral Sudirman
Others
Source: Leads Property Research, June 2023
Supply
Jakarta CBD office market had encountered a period of supply stagnation,
characterized by the absence of new addition to the existing stock, leaving
the figure remained steady at 7.38 million sqm. Despite the stabilization of
office attendance due to the back-to-office policy, landlords were cautious
and hesitant to launch new projects, primarily driven by the prevailing
oversupply conditions that still continued to impact the market.
However, there is anticipation for two upcoming projects in H2 2023, adding

another 64,000 sqm of new office space, including 51,000 sqm of Grade A
office by Luminary Tower and 13,000 sqm of Grade B by Transport Hub.
Leads Property Services Indonesia | Research & Consultancy 4

CBD Office Market
Supply, Demand, and Occupancy
Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%)

8.00 85%
7.50
7.00 80%
Sqm (In Million)
6.50
75%
6.00
5.50
70%
5.00
4.50 65%
4.00
3.50 60%
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023
Demand Occupancy Rate

In Q2 2023, Jakarta CBD saw a modest uptick in net absorption, growing by With the current circumstances, CBD market saw a slight uptick in
7.4% QoQ of 7,315 sqm, driven by leasing activities in the technology and occupancy rate, edging up marginally by 0.10 percentage-points QoQ to have
manufacturing sectors. The ongoing flight-to-quality trend continues to eyeing reached 71.7%.
Grade A and Premium office buildings providing excellent building quality that
aligns with their environmental, social, and governance (ESG) requirements. Nonetheless, there is an anticipation for further adjustment in the occupancy
rate by year-end. This adjustment might be attributable to the imminent
However, the prolonged implementation of the hybrid office policy has entry of two new buildings, which are scheduled to commence operation in
presented challenges, leading to smaller size transaction inquiries as the second half of 2023.
companies reassess their office space needs amidst the evolving landscape of
flexible work arrangements, prompting a shift towards more adaptable leasing
options.

5
CBD Office Market
Average Gross Rent Rental And Strata-title Price

IDR USD The average rent in the Jakarta CBD office market remained stable in the
500,000 50.0 running quarter, standing at IDR 330,632 (USD 22.2) psm pm. As there is sign
of recovery in terms of enquiries, landlords are still facing challenges due to
400,000 40.0 accumulated vacant spaces surrendered over the past few quarters.
USD psm pm
Additionally, the market is becoming increasingly competitive with the entry
IDR psm pm
of newer buildings. To attract tenants and maintain competitiveness,

300,000 30.0
landlords are opting to maintain their published rental rates while also
offering competitive leasing packages.
200,000 20.0
In terms of strata price in CBD, market price still experienced a slight
decrease of 0.3% compared to the previous quarter or a decrease of 2.2%
100,000 10.0
from the previous year, registering a figure of IDR 55,727,500 (USD 3,745)
psm.
0 0.0
2016 2017 2019 2020 2021 2022 Q1 2023 Q2 2023

*Exchange Rate of Q2 2023 = IDR 14,882
New Completion P ro j ec t s I n P i p el i n e
Project Name Grade Corridor Quarter SGFA (Sqm) Project Name Grade Corridor Quarter SGFA (Sqm)
N/A - - - - Luminary Tower A MH Thamrin 3 51,000

Transport Hub
B Dukuh Atas 4 13,000
@ Dukuh atas
Total Completion by Q2 2023 - Total Future Completion by 2023 64,000

Outside CBD Office Market
Supply Distribution
3%
East
13%
North
45%
Central
20%
West
South
19%
Supply
As of Q2 2023, no new buildings were added to the cumulative supply,
remaining at 4.16 million sqm without any quarterly increase. However, the
market is expected to witness the introduction of new supply from projects
like Stature Tower and Gedung Sanggala, which are projected to be
completed by the end of 2023.
The majority of the cumulative supply is concentrated in South Jakarta,

specifically accounting for 1.85 million sqm, representing 45% of the total
supply. The TB Simatupang and Pondok Indah corridors in South Jakarta had
been highly active in office transaction and considered significant hub in such
administrative area.
Leads Property Services Indonesia | Research & Consultancy. 7

Supply, Demand, and Occupancy
Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%)

4.25 85%
4.00
80%
Sqm (In Million)
3.75
3.50 75%
3.25 70%
3.00
65%
2.75
2.50 60%
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023

Cumulative demand in the office market experienced growth as several With no new supply added in Q2 2023, this sub-market experienced a
sectors, including logistics, commodities, and government institutions, marginal increase in occupancy rate, rising by 0.1 percentage points QoQ
expanded and set up new offices in Outside-CBD market. This resulted in reaching 75.8%. However, the completion of Gedung Sanggala and Stature
overall increase of 0.1% QoQ, reaching figure of 3.15 million sqm. Additionally, Tower that will introduce additional supply to the market, leading to a
the quarterly demand for this period was recorded at 4,569 sqm. correction in the overall occupancy rate by end of this year.
Looking ahead, the demand for office spaces in Outside CBD Jakarta market is
expected to face more option in the future due to the ongoing construction of
the MRT Jakarta line extension to North Jakarta. Similar to the phenomenon
observed in the TB Simatupang corridor in South Jakarta, the construction of
the MRT line in Central and North Jakarta is anticipated to attract new tenants
to office buildings in these areas, thus stimulating demand and market activity.

Average Gross Rent Rental And Strata-title Price

IDR USD
400,000 40.00 The rental rates in the Jakarta OCBD office market had been stable, as
landlords strategically positioned their rental rates to remain highly
350,000 35.00
competitive and attractive. The primary focus for landlords was to increase
300,000 30.00 building occupancy, thus they were urged to keep rental prices stable in
order to meet this objective. In Q2 2023, the average gross rental rate stood
IDR psm pm
USD psm
250,000 25.00
at IDR 240,539 (USD 16.2) psm pm, indicating a minimal decrease of 0.02
200,000 20.00 percentage points QoQ. On the other hand, the OCBD Strata-title office price
150,000 15.00 experienced a slight growth of 0.5%, registering IDR 31,755,500 or USD 2,134
psm.
100,000 10.00
50,000 5.00
0 0.00 Outlook
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023
Jakarta office market is expected to experience an uptick in demand,
driven by the growing presence of some co-working companies. These
companies are actively acquiring office spaces through long-lease or
profit-sharing arrangements with landlords. As more businesses
embrace the "work from anywhere" culture and seek to avoid long-term
Projects In Pipeline lease commitments, the request for co-working spaces continues to take
place. Moreover, as the economy recovers from the COVID-19 pandemic,
small businesses are gradually expanding, further fueling the demand for
Project Name Grade Corridor Quarter SGFA (Sqm) flexible office solutions.
Gedung Sanggala B TB Simatupang 4 9,901 Additionally, the logistic sector presents potential demand driver in the
Jakarta office market. With the significant expansion of natural resources,
oil and gas, commodity, and manufacturing businesses in recent years,
Stature Tower B Kebon Sirih 4 15,000
there has been a corresponding need for logistic companies to facilitate
the transportation and delivery of goods. This has led to the growth of
Total Future Completion by 2023 24,901 business-to-business logistic companies, requiring existence in office
market.

2. Condominium
Supply
Increased to
259,060 units
Demand
Increased to
213,842 units
Sales Rate
Increased to
82.5%

Condominium Market
Supply Distribution
13% 12%
CBD South
16%
21%
West Central
18% North East

20%
Supply
After there was no newly-launched supply in the previous quarter, Jakarta
witnessed a newly-launched project by Palm Beach Residence located in
North Jakarta. Total cumulative supply increased by 48 units, registering
259,060 units. Many developers still deferred launching their future projects
amidst the subdued demand. As a commitment to customers, they tend to
finish off their on-going construction projects to gain buyers’ trust. Despite
such newly launched project in North Jakarta, yet South Jakarta still
prevailed in supplying condominiums due to accessibility to TOD projects
such as MRT as well as robust retail facilities.

Condominium Market
Supply, Demand, and Sales Rate

Cumulative Supply Cumulative Demand Sales Rate
300,000 85%
250,000
80%
200,000
Units
75%
150,000
70%
100,000
65%
50,000
0 60%
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023
Demand Sales Rate

Subdued demand still overshadowed in the running quarter, hence cumulative The limited new supply in the running quarter did not bring significant impact
demand only grew by 0.1% QoQ, registering 213,842 units. This market only as sales rate still managed to increase by 0.1 point QoQ, registering 82.5% or
registered 310 units of quarterly demand. However, it showed an improvement been hovering since two years ago. Such figure implies that there were
a bit compared to its previous quarter. Buyers of Jakarta CBD was unsold stocks of 45,218 units in Jakarta. Some landlords had been gazing at
predominated by end-users while Jakarta OCBD was driven more by investors. collaborating with hotel or rental apartment operator to make recurring
Despite offering gimmick, many landlords still faced difficulties in absorbing income, customized for the operator’s economic of scale.
demand as landed-housing in the outskirt area of Jakarta has been
persistently deemed the closest substitution for investment, preferred by
investors and end-users. Furthermore, some on-hold and postponed projects
were also a precedent to buyers impacting their decision to buy.

Condominium Market
Average Sales Price Average Sales Price

CBD Prime Area During this quarter, some developers adjusted their price despite the
60,000,000 insignificant absorption. The market price of Jakarta CBD grew by 0.6%
QoQ, registering IDR 56.4 million/sqm as some towers were close to
55,000,000 completion, while the prime area’s figure remained relatively stable,
experiencing a slight growth of 0.1% QoQ, registering IDR 47.3 million/sqm
50,000,000 due to high competition.
IDR psm
45,000,000
40,000,000
35,000,000
Outlook
In general, residential market showed its resilience. Given the overall
30,000,000 mortgage’s growth in the previous quarter was at 7.74%*, driven by
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023 landed-housing sector, hence, the figure is expected to further increase.
Fortunately, buyers did spend. In the meantime, Bank Indonesia’s Repo
Rate has been relatively stable, registering 5.75% by May 2023 in order to
motivate mortgage performance as well.
Developers need to be attentive since some condominium projects were

canceled and many of them undergo low absorption. Maintaining price
and offering gimmicks while progressing construction seem to be
Pr o j ec t s I n Pi p elin e
persistently conducted to keep buyer’s hesitation down. Yet, with total of
Project Name Grade Location Total Units 45,218 units unsold stocks, the market may anticipate long term to
absorb. However, vertical residential is expected to slowly see demand as
Two Senopati Luxury CBD 112 buyer’s confidence level is gradually back on. Notably, with limited newly-
launched project for the rest of the year, sales rate is predicted to be in
Total Future Launched Project by 2023 112
the range of 82.5% – 83.0%

3. Retail
Supply
Stable
3.47 million sqm
Demand
Increased by
3,508 sqm
Occupancy Rate
Increased to
90.2%

Retail Market
Supply Distribution
21%
26%
CBD Central East
19% 8%
North South West
7%
19%
Supply
As economic situation has been normalizing, Jakarta retail market has been
seemingly back to its conventional condition. F&B outlets with shorter life
cycle were found shut-down, replaced by new names with up-to-date
concept. Amidst the absence of new malls, the existing shopping centers
were enjoying more crowd of visitors. Supply was registered still at 3.47
million sqm. Some malls were boosting their visitors by opening seasonal
event and pop-up themed park such as Pondok Indah Mall, Emporium Pluit
Mall, and Mall of Indonesia. Gajahmada Plaza that were under renovation
finally introduced it’s new appearance in June 2023. In the meantime, other
malls under renovation include Plaza Semanggi and La Piazza.

Retail Market
Supply, Demand, and Occupancy Rate
Cumulative Supply (sqm) Cumulative Demand (sqm) Occupancy Rate (%)
4.00 95%
Sqm (In Million)
3.00 90%
2.00 85%
1.00 80%
0.00 75%
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023

Jakarta welcomed about 3,508 sqm of new tenants in Q2 2023. This was Malls with large spaces utilized temporary-based tenants to fill up. For
caused by continuous expansion in smaller size filling up the gap due to bigger instance, Mall of Indonesia has been using their vacant space for temporary
tenants that were closed down beforehand. Despite so, there were some retail Go-Kart Track. In the meantime, overall market occupancy was registered at
tenants able to expand in larger size. Rambla, a new brand of department 90.2% in Q2 2023, or having a slight increase of 0.1% QoQ. Despite more retail
store were recently opened in Mall Kelapa Gading 1, replacing its previous brands back to business, shopping malls were still competing to secure
tenants. tenants to replace their closed-down tenants. As nowadays retailers tend to
expand in relatively smaller size, landlords have to secure even larger
Entertainments such as amusement park, trampoline, and escape games were
number of new tenants.
back on the market and highly anticipated by visitors. Gym and Fitness Center
managed to conduct their expansion plan in shopping centers.

Retail Market
Average Base Rent

Average Base Rent
Overall Jakarta Jakarta CBD Jakarta Outside CBD
Most of landlords had adjusted their base rent since the first quarter of
2023. With proven euphoria of visitors in shopping centers especially during
700 festive season, retailers were eager to continue their business and willing
to spend more on rental. By second quarter of 2023, overall Jakarta average
IDR psm pm (In Thousand)
600 base rent was registered at IDR 440,000 psm pm, considerably unchanged
since the last quarter. In Jakarta CBD, the registered average base rental
was at IDR 578,300 psm pm as it increased slightly by 0.2% QoQ. For the
500
Outside-CBD, its average rental was at IDR 381,800 psm pm, considerably
stable since the previous quarter.
400
300
200 Outlook
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023
The nearest future supply identified to enter the market by this year is still
Source: Leads Property Research, June 2023 Lippo Mall @ Holland Village. Notably, for next year, there would be two
Note: Above chart reflects figure for specialty store on Typical Floor. shopping malls to start their operation namely Agora at Thamrin Nine (or
also known as Thamrin Nine Retail Podium) with approximate NLA of 41,725
sqm and Shopping Mall at Menara Jakarta by Agung Sedayu Group with
approximate NLA of 90,000 sqm.
Pr o j ec t s I n Pi p elin e
Apart from mortar-and-bricks mall, stand-alone retail concept has been
Project Name Location NLA (sqm) eyed by some retail players due to its relatively competitive rental. Some
landlords might consider revenue sharing with flexibility of proportion to
Lippo Mall @ Holland Village Central Jakarta 30,000 attract tenants, especially to new players in this market. Due to the election
year in 2024, both landlords and retailers are expected to become cautious
Total Completion by 2023 30,000 in expanding their portfolio.

4. Hotel
Supply
Stable
55,842 rooms
Average Occupancy Rate

Increased
60.0%
Average Daily Rate

Decreased
IDR 1,394,064

Hotel Market
Supply Distribution
12%
21%
16% CBD Central East
North South West

10%
4% 37%
Supply
After seven consecutive quarters with adjustments in the supply figure, the
second quarter of 2023 recorded an unchanged supply figure of 55,842
rooms. Of all locations, Central Jakarta, with its close proximity to Jakarta’s
main economic, cultural and tourism hubs, led with a contribution of 37.2%, or
equivalent to a total of 20,758 rooms.
Despite the absence of new supply completion, by this quarter, the market
marked the official signing ceremony of the 25-hour Hotel the Oddbird
Jakarta. Integrated within Agung Sedayu’s District 8 complex, the property
would be the first branch in Asia for the 25-hour brand and is set to establish
a unique destination through its distinctively-designed rooms and public
areas. The property is set to feature a total of 345 rooms with a scheduled
opening of Q4 2023.
19
Hotel Market
Supply, and Occupancy Rate
3 Star 4 Star 5 Star Weighted AOR

60,000 100%
45,000 75%
Room Keys
30,000 50%
15,000 25%
0 0%
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023
Tourism Overview Average Occupancy Rate (AOR)

Jakarta recorded a total of 258,087 international visitors over the first Underpinned by the school holidays and major events such as Jakarta
two -months of the second quarter of 2023, a 6.2% increase from the Fair and the FIFA Matchday between Indonesia and Argentina, the hotel
same period recorded in the preceding quarter. The figure marked market in Jakarta recorded an uptick of about 1.85 percentage-points by
another record-high since the onset of the pandemic, despite still lagging the second quarter, registering an overall of 60.0%.
at about 27.4% in comparison to the figure recorded in the same period in
2019. Of all classes, the 4-star hotel market, generally attractive for local
guests and business travels, consecutively recorded the highest average
Out of all nationalities, Mainland Chinese maintained its position as the occupancy rate at 61.1%. This was followed by the 5-star and the 3-star
largest contributor with a total of 46,265 visitors. The figure marked a hotel class with a registered occupancy of 60.7% and 58.5%, respectively.
notable 39.4% increase from the figure in the preceding quarter,
following further stabilization in the volume of outbound trips since the
country’s major lift of border restrictions in the first quarter of this year.
Following behind were Malaysian and Singaporean visitors, with a
contribution of 10.7% and 7.8%, respectively.
20
Hotel Market
Average Daily Rate (ADR) Average Daily Rate (ADR)

3 Star 5 Star 4 Star Average Stemming from an increase in demand as reflected in the uptick of
2,500,000 occupancy rates, the overall Average Daily Rate also saw a quarterly
growth at about 2.8%, helping to reach a registered figure of IDR 1,394,064.
2,000,000 Such growth was predominantly contributed by the 4-star and 5-star
segments, as average rates underwent positive adjustments at about 3.9%
and 1.9% from the previous quarter, respectively. As such, ADR figure was
IDR
1,500,000 registered at IDR 657,033 for the 4-star class and IDR 2,286,161 for the 5-
star class.
1,000,000 Meanwhile, the 3-star class recorded the most minimum quarterly ADR
adjustment of only 0.3%, registering IDR 433,364 largely to maintain the
competitive price-point.
500,000
0 Outlook
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023 The following quarter will generally see stabilized demand and hence,
occupancy rates, as supported by continued demand from business trips,
stays from domestic and international visitors, as well as the roll-out of
MICE events spanning across the public and private sectors.
In terms of supply, the future pipeline will be largely concentrated to

projects on the later stages of development with several luxury and
N ew Co mp let i o n upscale projects that are due in the next couple of years. Those were
Total Room announced and commenced construction even before the pandemic.
Project Name Star Rating Location
(Keys) Projects on the planning stage however, would largely be overshadowed
N/A - - - by higher construction costs in the current market, therefore possibly
resulting to several postponements.
Pr o j ec t Reb r a n din g
For current hotels, re-brandings and refurbishments will continue to be
Total Room
Project Name Star Rating Location included in potential strategies to reposition their hotels better and
(Keys)
potentially benefit from reduced commissions, increase in demand and
N/A - - - adjustments in room rate.
21
5. Rental
Apartment
Supply
Decreased
9,864 units
Demand
Increased
6,013 units
Occupancy Rate
Increased
61.0%

Rental Apartment Market
Supply Distribution
4%
CBD Central East
34%
47%
North South West
7%
8%
0%
Supply
Minor adjustments to rental apartment supply were made during the first
quarter of 2023 with the closing down of one existing project called
Apartemen Senopati. During the same period, one existing project called
Habitare Apart Hotel (previously named Citadines Rasuna) was re-introduced
to the market under new management. As a result, total cumulative supply of
Jakarta rental apartment stood at 9,864 units.
Location-wise, the distribution of the supply came from CBD area of 47%,
followed by South Jakarta 34%, as the main two predominating areas.
23
Supply, and Occupancy Rate
Cumulative Supply Cumulative Demand Occupancy Rate (%)

10,000 100%
8,000
75%
6,000
Units
50%
4,000
25%
2,000
0 0%
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023

In the second quarter of 2023, renewal of lease contract and daily-stay The overall occupancy rate increased slightly by 0.6% points from the last
during holiday season brought impact on improving demand. In addition to quarter to 61.0% in Q2 2023. As broken down, occupancy rate for serviced-
long-term stays targeting corporate contract and expatriates, daily-stay apartment was recorded at 64.7%, while for non-serviced apartment, the
guests have grown to be an important support to maintain the occupancy figure was recorded at 51.0% in the running quarter.
level. Demand began to shift towards upscale and luxury segments as
these types of properties tend to attract renters for its international
standard amenities to cater demand from expats. Cumulative demand
managed to register 6,013 units.
24
Average Rental Rate Average Rental Rate

Non-Serviced Apartments Serviced Apartments Average There was positive movement in terms of rental. From the previous
35.00 quarter, the rental rate increased by 3.6%, surging to an average of USD
21.78 per sqm per month. The rental rate of serviced apartment was
30.00 recorded at USD 24.81 per sqm per month, or growing by 3.4% QoQ, while
USD psm pm
rental rate of non-serviced apartments was at USD 13.73 per sqm per
25.00 month, or growing by 3.3% QoQ.
20.00
15.00
10.00
2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023
Source: Leads Property Research, June 2023 Outlook
Up to the end of this year, another 749 units are anticipated to be completed
for the rest of this year. The CBD region would get around 56% of this extra
supply, with the remaining 44% going to non-CBD areas, largely in South
Pr o j ec t s I n Pi p elin e Jakarta.
Project Name Category Location Completion Units
Despite a positive market outlook and increasing numbers of foreigners
Citadines Gatot Subroto Serviced Apartment CBD 2023 102 moving to Indonesia last year, occupancy rates may not be greatly affected
Somerset Kencana Serviced Apartment Pondok Indah 2023 148 as a result of increased competition from a huge amount of new supply that
would be available in the market at the same period this year. Hence, the
Ascott Menteng Jakarta Serviced Apartment CBD 2023 151
figure is expected to be pressurized.
Somerset Mega Kuningan Serviced Apartment CBD 2023 168
Rental increases are anticipated to continue, particularly for international
Citadines Kemang Serviced Apartment Kemang 2023 180
serviced-apartment chain that often modify their prices to conform to
Total Expected Completion by End of 2023 749 hotel-like amenity standards.
25
6. Industrial
Supply
Stable at
13.39 thousand Hectares
Land Absorption
Increased to
91.0%
Land Price
Decreased to
IDR 2.79 million psm

Industrial Market
Supply Distribution
1% 5%
7%
Bogor
6%
Jakarta
44% 8% Cilegon
Tangerang
Serang
Karawang & Purwakarta
Bekasi
29%
Supply
During the running quarter, there were no additional supply of industrial land
market, hence, the figure stood at 13,389 Ha. Landlords had launched several
numbers of land supply in the past few quarters with positive expectation that
more industrialists would demand further for land as the country’s economy
improved. Distribution wise, Bekasi area held the most supply in Greater
Jakarta of 44%, followed by Karawang – Purwakarta of 29%, being as
predominating regions.
27
Industrial Market
Supply, Absorption & Sales Rate
Cumulative Supply Land Absorption Sales Rate (%)

15,000 100%
13,000
Hectare
95%
11,000
90%
9,000
7,000 85%
2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2 2023
Demand Sales Rate

Land absorption was recorded at 35 Ha in the running quarter, bringing Such supply and demand dynamics brought the sales rate to be registered at
cumulative demand to 12,190 Ha, experiencing a growth of 0.3% QoQ. Various 91.0%, a slight increase of 0.30 percentage-points QoQ, which is another
industrial sectors contributed the demand, including automotive, logistics, stable figure. Industrial-land sales rate managed to grow due to the absence
FMCG, electronics, piping material, plastic molding, textile, and dye of additional supply.
manufacturers. Major overseas player came from South Korea, China, Taiwan,
Japan and Malaysia, as well as some local players. Bekasi region contributed
the most land absorption of 28.7 Ha.
28
Industrial Market
Land Price Industrial Land Price

6.25
During the running quarter, average industrial land price had experienced
5.50 a drop of -2.1% QoQ to IDR 2.79 million psm as some available stocks
were offered lower to attract buyers. The chart depicts that industrial
4.75
IDR psm (In Million)
land price had been relatively stable since 2018.

4.00
3.25
2.50
1.75
1.00
2015 2016 2017 2018 2019 2020 2021 2022 Q1 2023 Q2
2023
Bekasi Bogor
Cilegon
Karawang & Purwakarta
Jakarta
Serang Outlook
Tangerang Positive industrial climate would continue throughout the year. Landlords
Average Industrial Land Price
would be expecting demand from both foreign and local industrialists.
Location Overseas demand with high potential of enquiry is expected to come from
IDR psm USD psm
Bekasi 2,900,000 194.87 Asia region e.g. China, South Korea, Japan, as well as Malaysia and
Bogor 2,500,000 167.99 Singapore. Sectors including manufacture-based, 3PL, FMCG and some
others are still expected to take place.
Cilegon 2,263,000 152.03
Jakarta 5,725,000 384.69 Still related to industrial sector, some demands may also be driven by
Karawang & Purwakarta 2,459,000 165.22 modern warehouse players, predominated by foreign operators. Joint-
Serang 2,000,000 134.39 venture or acquisition in modern warehouse sector might surface and
2,900,000 194.87
lead to demand for industrial land, yet there might be either within or
Tangerang
outside industrial estate. Average land price is expected to hover in the
Average 2,798,000 188.01
range of IDR 2.8 – 2.9 million/ sqm.
Source: Leads Property Research, June 2023 *Exchange Rate of Q2 2023 = IDR 14,882
29
CONTACT Corporate Occupier
Office Services
Portfolio Services
Industrial Services
DETAIL Residential Services Project Management
Retail Services Property Management
Investment Services Research & Consultancy
Hendra Hartono
PT Leads Property Services Indonesia
Indonesia Stock Exchange Building, Tower I, 26th Floor CEO
Jalan Jenderal Sudirman Kav 52-53, SCBD hendra.hartono@leads-property.com
Jakarta 12190, Indonesia
Ph. (+62) 21 2903 5111 Darsono Tan

Fx. (+62) 21 2903 5115
Senior Director
Website: www.leads-property.com darsono.tan@leads-property.com
info@leads-property.com IGAM Savitri

in PT Leads Property Services Indonesia Senior Director
.
@leadsproperty igam.savitri@leads-property.com

Jakarta Property Market Insight Q2 2023.

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Jakarta Property Market Insight Q2 2023.

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Jakarta Property

Leads Property Services Indonesia

Rental Apartment Page 22

Contact Detail Page 30

Leads Property Services Indonesia | Research & Consultancy

However, there is anticipation for two upcoming projects in H2 2023, adding

Leads Property Services Indonesia | Research & Consultancy 4

Supply, Demand, and Occupancy

Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%)

Demand Occupancy Rate

Leads Property Services Indonesia | Research & Consultancy

Average Gross Rent Rental And Strata-title Price

of newer buildings. To attract tenants and maintain competitiveness,

Source: Leads Property Research, June 2023

N/A - - - - Luminary Tower A MH Thamrin 3 51,000

Leads Property Services Indonesia | Research & Consultancy 6

Source: Leads Property Research, June 2023

The majority of the cumulative supply is concentrated in South Jakarta,

Leads Property Services Indonesia | Research & Consultancy. 7

Supply, Demand, and Occupancy

Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%)

Demand Occupancy Rate

Leads Property Services Indonesia | Research & Consultancy 8

Average Gross Rent Rental And Strata-title Price

Leads Property Services Indonesia | Research & Consultancy 9

Leads Property Services Indonesia | Research & Consultancy

18% North East

Source: Leads Property Research, June 2023

Leads Property Services Indonesia | Research & Consultancy 11

Supply, Demand, and Sales Rate

Source: Leads Property Research, June 2023

Demand Sales Rate

Leads Property Services Indonesia | Research & Consultancy 12

Average Sales Price Average Sales Price

Developers need to be attentive since some condominium projects were

Leads Property Services Indonesia | Research & Consultancy 13

Leads Property Services Indonesia | Research & Consultancy

Source: Leads Property Research, June 2023

Leads Property Services Indonesia | Research & Consultancy 15

Supply, Demand, and Occupancy Rate

Cumulative Supply (sqm) Cumulative Demand (sqm) Occupancy Rate (%)

Demand Occupancy Rate

Leads Property Services Indonesia | Research & Consultancy 16

Average Base Rent

Leads Property Services Indonesia | Research & Consultancy 17

Average Occupancy Rate

Average Daily Rate

Leads Property Services Indonesia | Research & Consultancy

16% CBD Central East

North South West

Source: Leads Property Research, June 2023

Supply, and Occupancy Rate

3 Star 4 Star 5 Star Weighted AOR

Tourism Overview Average Occupancy Rate (AOR)

Average Daily Rate (ADR) Average Daily Rate (ADR)

In terms of supply, the future pipeline will be largely concentrated to

Leads Property Services Indonesia | Research & Consultancy

CBD Central East

North South West

Source: Leads Property Research, June 2023

Supply, and Occupancy Rate

Cumulative Supply Cumulative Demand Occupancy Rate (%)

Demand Occupancy Rate

Average Rental Rate Average Rental Rate