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Research & Forecast Report

Q2 2016

Research & Forecast Report Q2 2016 Jakarta Property Market Report Accelerating success.

Jakarta Property Market Report

Accelerating success.

Research & Forecast Report Q2 2016 Jakarta Property Market Report Accelerating success.
Research & Forecast Report Q2 2016 Jakarta Property Market Report Accelerating success.
Research & Forecast Report Q2 2016 Jakarta Property Market Report Accelerating success.
Highlight Office Sector Office demand has dwindled for the last two years, bolstering the negotiating

Highlight

Office Sector

Office demand has dwindled for the last two years, bolstering the negotiating position of tenants in the market. Newly operating office buildings added further downward pressure on rents because of the additional vacant space they have added to the supply.

Apartment Sector

During the quarter, apartment sales performance continued to languish with a moderate 0.5% growth in price compared to the previous quarter. There were 4,777 new units from the handover of a total of eight apartment towers from five projects. The cumu- lative supply of strata-title apartments in Jakarta grew by 2.9% QoQ or 12.4% YoY to a record 167,697 units. Prices of apartments have been relatively flat as most of the projects hold prices in order to attract buyers. The average asking price of apartments in Jakarta was recorded at IDR31 million/sq m (excluding VAT), increased modestly by 0.5% QoQ.

Expatriate Housing Sector

There were signs of recovery during H1 2016 with number of re- peat corporate clients who signing new one-year lease contracts. Many companies employing expats are currently only willing to commit to a maximum one-year contract; very few of them are willing to accept two years rent in advance.

Retail Sector

Bassura City Mall was the only new shopping centre in Ja- karta during H1 2016 contributing around 21,000 sq m of retail space. Thus far, occupancy performance and rental rates are relatively stable. Average asking rent was record- ed at IDR566,087/sq m/month as of Q2 2016.

Industrial Estate Sector

The industrial market has yet to recover from the generally slow sales performance which has led to further downward pressure on industrial land prices. Two industrial estates reportedly intro- duced prices which were lower this quarter by an average of 8%.

Hotel Sector

Three new hotel projects began operation in Jakarta during the last quarter. In the 3-star category, Archipelago International (131 rooms) and Liberty hotel (60 rooms) opened. In the 4-star ho- tel category, Accor opened a Mercure brand hotel providing 207 rooms. Total star-rated hotels in Jakarta now total 37,695 rooms from 182 projects. The AOR increased 4.9% to 56.7% QoQ and the Jakarta ADR slightly increased by 0.15% to USD82.65 in Q2

2016Q.

2 Quarterly Report | Q2 2016 | Jakarta | Colliers International

slightly increased by 0.15% to USD82.65 in Q2 2016Q. 2 Quarterly Report | Q2 2016 |
Office Sector Forecast at a glance Three office buildings (Sinarmas MSIG, IFC 2 and Capital

Office Sector

Forecast at a glance

Three office buildings (Sinarmas MSIG, IFC 2 and Capital Place) began operation this quarter contrib- uting 215,511 sq m bringing the cumulative office supply in the CBD to 5.46 million sq m. A total of 11 office buildings are expected to be completed in 2016 adding 670,000 sq m of office space to supply.Office Sector Forecast at a glance Supply Infrastructure-related companies including those building roads and power plants

Supply

Infrastructure-related companies including those building roads and power plants are becoming more common tenants while insurance, bank and other finance-related companies remain active in search- ing for space.2016 adding 670,000 sq m of office space to supply. Supply Demand Occupancy continued its two

Demand

Occupancy continued its two year declining trend and this quarter was recorded at 85.6%, the lowest since 2005. Going forward, given a moderate GDP growth projection and huge projected supply, occu- pancy rates might drop an additional 3% by the end of 2016.companies remain active in search- ing for space. Demand Occupancy About 30 buildings considerably lowered asking

Occupancy

About 30 buildings considerably lowered asking base rental rates during the first semester this year. Newly operating office buildings are most often pri- oritizing occupancy levels; therefore, we expect to see more discounted rental rates.might drop an additional 3% by the end of 2016. Occupancy Rent Supply Office Spaces Offered

Rent

we expect to see more discounted rental rates. Rent Supply Office Spaces Offered For Lease CBD

Supply

Office Spaces Offered For Lease

CBD CBD Office Cumulative Supply

8,000,000

7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 Existing Supply Additional Supply Supply
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
Existing Supply
Additional Supply
Supply YTD
Future Supply
sq m
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
2019F

Source: Colliers International Indonesia - Research

Eleven office buildings are expected to be completed, providing a total of around 670,000 sq m of additional office spaces in 2016. As of Q2 2016, after Centennial Tower officially began operation last quarter, three office buildings opened afterwards, which include Sinarmas MSIG, International Financial Centre 2 and Capital Place. These three office buildings contributed 215,511 sq m of spaces, bringing about a total, cumulative office area in the CBD to 5.46 million sq m, as of Q2 2016. With sev- eral office buildings in the pipeline, we expect more new build- ings to be completed in the second semester to provide about 5.81 million sq m by the end 2016, or a growth of 12.2% YoY.

CBD Annual Supply

750,000 600,000 450,000 300,000 150,000 0 Additional Supply Supply YTD Under Construction In Planning sq
750,000
600,000
450,000
300,000
150,000
0
Additional Supply
Supply YTD
Under Construction
In Planning
sq m
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
2019F

Source: Colliers International Indonesia - Research

Quoted from Colliers’ earlier report, 35 office buildings will be completed between 2016 and 2019, creating 2.38 million sq m of new office spaces. However, we revised this projection as of Q2 2016 due to the change in the completion schedule of a few buildings. The current projected number for the same period slightly decreased to 2.28 million sq m, contributed by 34 of- fice buildings. Three office buildings decided to reschedule their completion after 2019.

Looking at how things are progressing, the construction of most of the new office buildings is already underway. Around 70% of the total number of office buildings that are scheduled for com- pletion in 2018 – 2019 have already began construction works.

On the back of a buoyant, long-term growth projection of In- donesia’s economy, some developers (international and local) plan to launch their new office projects in the CBD. Five office buildings (not yet included in the pipeline list) with leasable area around 80,000 sq m will be developed around Rasuna Said and Sudirman.

There is also a very likely option to redevelop existing projects, to allow landlords to maximise plot ratio of the land. With a primary location near future MRT stations in Sudirman, at least four developers plan to redevelop their existing office buildings and replace them with modern and taller buildings. Two office buildings within a commercial compound were already demol- ished in 2015. By this quarter, the developers have started rede- veloping a new tower, Centennial Millennium, after demolishing two office towers – CIMB Plaza and Sequis Plaza. Scheduled for completion in 2019, Centennial Millennium would provide around 100,000 sqm of office spaces.

More office buildings in the CBD are being demolished. Two old and relatively small office buildings – Wisma Sudirman and Nugra Santana – will likely be torn down in the future. Thus far, these buildings are still in operation.

In Rasuna Said, Graha Surya Internusa was demolished last year and will be replaced by SSI Tower. Construction has al- ready commenced. Other office buildings are on schedule to be completed in 2020. Two land plots in Sudirman will potentially become future office buildings developed by two foreign devel- opers. Pertamina also indicated to build a new tower in Rasuna Said.

Four office buildings that will occupy more than 50,000 sq m will make the Gatot Subroto submarket the biggest office space contributor in 2016. Gatot Subroto will contribute 47% of the total additional office spaces in 2016, larger than Sudirman by 19%. However, given a huge projected supply in 2017 – 2018, Sudirman will still be the major contributor of office spaces in the future. Sudirman will see a total of 754,805 sq m of addi- tional office spaces that will be contributed by nine office build- ings.

CBD Cumulative Supply Based on Area

Satrio Gatot Subroto Mega Kuningan Rasuna Said Sudirman Thamrin sq m Cumulative Supply by 2015
Satrio
Gatot Subroto
Mega Kuningan
Rasuna Said
Sudirman
Thamrin
sq m
Cumulative Supply by 2015
Supply in 2016
Projected Supply 2019F
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000

Source: Colliers International Indonesia - Research

In the CBD, the “office for lease” type is the most common of- fice type. After a dormant 2013 – 2014, the “office for sale” (strata-title office) type started to inflate in number. The annual supply projection of strata-title offices will be 320,000 sq m per annum, from 2016 to 2019. Except in 2019, the annual supply might go down, but the number is not fixed because anything that would be available in 2019 could only be seen in the next quarters. From 2016 to 2018, about 14 future office buildings will produce 842,820 sq m of office spaces for sale, 59% higher than office spaces for lease.

4 Quarterly Report | Q2 2016 | Jakarta | Colliers International

for sale, 59% higher than office spaces for lease. 4 Quarterly Report | Q2 2016 |

CBD Annual Supply Based on Marketing Scheme

500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 2010 2012 2014 2016F
500,000
450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
2010
2012
2014
2016F
2018F
For Lease
For Sale
sq m

Source: Colliers International Indonesia - Research

Outside the CBD

As of Q2 2016, five office buildings officially began operation outside the CBD. Some of these buildings are found in South Jakarta – L’Office, Office Tower at Niffaro and Nariba Office Tower. One is in West Jakarta (Soho Capital at Podomoro City) and another in North Jakarta (Altira). The total area of new of- fice spaces this quarter is 150,000 sq m, bringing a cumulative supply to 2.89 million sq m, for a growth of 12% YoY.

At least 10 office buildings have been in operation outside the CBD YoY. The market is anticipating another nine office build- ings to be completed by the end of 2016, and this will bring a cumulative supply to over 3 million sq m. In 2016, new office buildings will still be mainly found in South Jakarta (50% of the total office spaces in 2016). In South Jakarta, Mampang and Pasar Minggu corridors arose as new potential commercial ar- eas for office development, besides the already established TB Simatupang and Pondok Indah areas.

We expect to see additional 381,059 sq m of office spaces out- side the CBD in 2016, 40% of which has already begun opera- tion in the first semester. All future office buildings for 2016 will likely be finished as scheduled this year, based on how the current construction is progressing. Thus far, from the list of future office buildings in 2017 to 2019, almost 50% are already under construction. About three office buildings will probably start construction faster than scheduled, two of which – The Manhattan Tower 2 and Arkadia Tower G – are located in TB Simatupang.

Meanwhile, some developers have a different perspective and see such construction developments over the next few years with alarm, and therefore might reschedule their project launch time.

From 2016 to 2019, the projected cumulative supply in TB Si- matupang will grow moderately, with an additional seven new office buildings. Cibis Tower, South Quarter Tower 3 and Zuria Tower will become available and are expected to begin opera- tion by the end of 2016.

Outside the CBD Cumulative Supply

3,000,000

2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 2010 2012 2014 2016F 2018F Outside CBD excl. TB
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2010
2012
2014
2016F
2018F
Outside CBD excl. TB Simatupang
TB Simatupang
sq m

Source: Colliers International Indonesia - Research

Outside the CBD Cumulative Supply Based on Area

West Jakarta East Jakarta North Jakarta South Jakarta Central Jakarta TB Simatupang sq m Cumulative
West Jakarta
East Jakarta
North Jakarta
South Jakarta
Central Jakarta
TB Simatupang
sq m
Cumulative Supply by 2015
Supply in 2016
Projected Supply 2019F
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000

Source: Colliers International Indonesia - Research

5 Quarterly Report | Q2 2016 | Jakarta | Colliers International

Source: Colliers International Indonesia - Research 5 Quarterly Report | Q2 2016 | Jakarta | Colliers

Outside the CBD excluding TB Simatupang Annual Supply

300,000

TB Simatupang Annual Supply

300,000

250,000

250,000 200,000 200,000 150,000 150,000 100,000 100,000 50,000 50,000 0 0 Annual Supply Additional Supply
250,000
200,000
200,000
150,000
150,000
100,000
100,000
50,000
50,000
0
0
Annual Supply
Additional Supply YTD
Under Construction
In Planning
Annual Supply
Additional Supply YTD
Under Construction
In Planning
Source: Colliers International Indonesia - Research
sq m
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
2019F
sq m
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
2019F

Source: Colliers International Indonesia - Research

New Supply Pipeline

 

prOjeCTeD

   

SgA*

   

COMpleTiOn

OffiCe BuilDing prOjeCTS nAMe

lOCATiOn

(Sq M)

MArkeTing SCheMe

STATuS DevelOpMenT

CBD

2016

Telkom Landmark Tower II

Gatot Subroto

65,000

For Lease

Under Construction

2016

Convergence

Rasuna Said

36,367

For Lease & Sale

Under Construction

2016

Menara Palma 2

Rasuna Said

50,000

For Lease

Under Construction

2016

Ciputra World Jakarta 2

Satrio

70,000

For Lease & Sale

Under Construction

2016

Satrio Tower

Satrio

31,604

For Lease

Under Construction

2016

The Tower

Gatot Subroto

56,492

For Sale

Under Construction

2016

Menara Pertiwi

Mega Kuningan

41,456

For Sale

Under Construction

2017

PCPD Tower

Sudirman

90,500

For Lease

Under Construction

2017

T Tower

Gatot Subroto

24,000

For Lease & Sale

Under Construction

2017

Lippo Thamrin Office Tower

Thamrin

16,500

For Sale

Under Construction

2017

Prosperity Tower (within District 8 complex)

Sudirman

71,545

For Sale

Under Construction

2017

Treasury Tower (within District 8 complex)

Sudirman

139,000

For Sale

Under Construction

2017

Sopo Del Tower B

Mega Kuningan

39,200

For Sale

Under Construction

2018

Mangkuluhur Tower

Gatot Subroto

53,000

For Lease & Sale

Under Construction

2018

Sopo Del Tower A

Mega Kuningan

64,000

For Lease

Under Construction

2018

Sequis Tower

Sudirman

78,000

For Lease

Under Construction

2018

Sudirman 7.8 (ex Nugra Santana)

Sudirman

52,000

For Sale

Under Construction

2018

Tower Two at The City Center

Sudirman

101,260

For Lease

Under Construction

2018

World Trade Center III

Sudirman

70,000

For Lease

Under Construction

2018

World Capital Tower

Mega Kuningan

72,000

For Lease & Sale

Under Construction

2018

Tower 2 @ Ciputra World Jakarta 1

Satrio

70,000

For Lease & Sale

Under Construction

2018

Astra Tower

Sudirman

80,000

For Lease

Under Construction

2019

Icon Tower

Sudirman

72,500

For Lease

Under Construction

2019

Thamrin Nine

Thamrin

97,500

For Lease

Under Construction

 

continued

6 Quarterly Report | Q2 2016 | Jakarta | Colliers International

For Lease Under Construction   continued 6 Quarterly Report | Q2 2016 | Jakarta | Colliers

prOjeCTeD

   

SgA*

   

COMpleTiOn

OffiCe BuilDing prOjeCTS nAMe

lOCATiOn

(Sq M)

MArkeTing SCheMe

STATuS DevelOpMenT

 

continuation

2019

Indonesia Satu

Thamrin

150,000

For Lease

Under Construction

2019

The Hundred

Mega Kuningan

45,000

For Lease

In Planning

2019

Chitaland

Satrio

90,000

For Lease

Under Construction

2019

Plaza Gani Djemat 2

Thamrin

8,000

For Lease

In Planning

2019

Gran Rubina Tower 2

Rasuna Said

32,000

For Sale

In Planning

2019

Centennial Millenium

Sudirman

100,000

For Lease

Under Construction

OuTSiDe CBD exCluDe TB SiMATupAng

 

2016

ST Moritz Office Tower

Puri Indah

19,500

For Sale

Under Construction

2016

Puri Indah Financial Tower

Puri Indah

38,500

For Sale

Under Construction

2016

Gallery West

Kebun Jeruk

29,000

For Sale

Under Construction

2016

Harton Tower

Kelapa Gading

8,000

For Lease

Under Construction

2016

Tamansari Parama

Wahid Hasyim

10,800

For Sale

Under Construction

2016

One Belpark Office

Pondok Labu

17,800

For Lease

Under Construction

2017

Soho Pancoran

Pancoran

30,000

For Sale

Under Construction

2017

BKP Office Tower

Sunter

16,000

For Lease

Under Construction

2017

Hermina Office Building

Kemayoran

20,000

For Sale

Under Construction

2017

Ciputra International Puri 1 Phase 1

Puri

15,000

For Lease

In Planning

2017

Ciputra International Puri 2 Phase 1

Puri

20,000

For Lease

In Planning

2017

Ciputra International Puri 3 Phase 1

Puri

30,000

For Lease

In Planning

2018

Lippo Tower Holland Village

Cempaka Putih

27,000

For Sale

In Planning

2018

One Tower

Kemayoran

21,400

For Sale

Under Construction

2018

Ciputra Twin Tower 1

Kemayoran

40,000

For Sale

Under Construction

2018

Ciputra Twin Tower 2

Kemayoran

40,000

For Lease

Under Construction

2018

Ciputra International Puri Phase 2

Puri

15,000

For Lease

In Planning

2018

Ciputra International Puri 1 Phase 3

Puri

15,000

For Lease

In Planning

2018

Ciputra Internatinal Puri 2 Phase 3

Puri

15,000

For Lease

In Planning

2019

MNC Tower II

Kebon Sirih

60,000

For Lease

Under Construction

2019

Jakarta Box Tower

Kebon Sirih

36,000

For Lease

In Planning

TB SiMATupAng

2016

South Quarter Tower 3

40,778

For Lease

Under Construction

2016

Zuria Tower

6,584

For Lease

Under Construction

2016

Cibis Tower

60,800

For Lease & Sale

Under Construction

2018

The Sima

60,000

For Lease

Under Construction

2018

Beltway Office Park Tower 4

30,839

For Lease

In Planning

2019

Arkadia Tower G

30,000

For Lease

In Planning

2019

The Manhattan Square Tower 2

39,375

For Lease & Sale

In Planning

Source: Colliers International Indonesia - Research

7 Quarterly Report | Q2 2016 | Jakarta | Colliers International

Source: Colliers International Indonesia - Research 7 Quarterly Report | Q2 2016 | Jakarta | Colliers

Demand

CBD

Occupancy Changes in the CBD

 

OffiCe BuilDing

         

grADe

q4 2015

YTD

q2 2016

YoY

q2 2015

All Classes

89.4%

 

85.6%All Classes 89.4%     93.7%

 

93.7%All Classes 89.4%   85.6%  

Grade A

85.5%

 

79.4%Grade A 85.5%     95.8%

 

95.8%Grade A 85.5%   79.4%  

Premium Classes

88.5%

 

87.4%Premium Classes 88.5%     81.5%

 

81.5%Premium Classes 88.5%   87.4%  

Source: Colliers International Indonesia - Research

Occupancy rate revealed a declining trend in the last two years. As of Q2 2016, occupancy was recorded at 85.6%, which is a historic low since 2005. A considerable decline in occupancy by 3% QoQ was mainly triggered by the influx of more than 200,000 sq m additional office spaces during the quarter and mainly with high vacancy. Also, occupancy performance of some old office buildings dropped since old tenants have re- located.

Occupancy generally plunged across all office grades. With the absence of new supplies during the quarter, occupancy of pre- mium buildings was also down. Historically, occupancy of pre- mium buildings hovered at above 90% since 2010. More vacant spaces were seen during the quarter in three premium office buildings. Overall occupancy rate of offices at this grade was down 2% to 87.4%.

Average Occupancy rates in the CBD 100% 95% 90% 85% 80% 75% 70% 2010 2011
Average Occupancy rates in the CBD
100%
95%
90%
85%
80%
75%
70%
2010
2011
2012
2013
2014
2015
2016YTD
Premium
Grade A
All Classes

Source: Colliers International Indonesia - Research

The pre-committed occupancy of office spaces for lease in 2015 and 2017 also grew slowly. Thus far, pre-committed occupan- cy only reached 43.4% as of Q2 2016. The market has been through the first half of 2016, nevertheless only 35% of the total office space in 2016 has been absorbed. Further, only 54% of the total new office spaces available in 2015 were absorbed. Given a normal annual demand projection in the CBD, which used to range around 250,000 sq m, this year would be a very challenging situation for office market to catch up with the huge number vacant spaces. The good thing so far is that the amount of 2017 annual supply will be marginal, which would help stabi- lise the market, although the number of strata-title will be quite significant.

pre-Committed Occupancy of Office Buildings for lease in the CBD (2015 – 2017)

2017F 2016F 2015 0 100,000 200,000 300,000 400,000 sq m Space Absorbed Space Unabsorbed
2017F
2016F
2015
0
100,000
200,000
300,000
400,000
sq m
Space Absorbed
Space Unabsorbed

Source: Colliers International Indonesia - Research

Outside the CBD

Occupancy Changes in Outside the CBD

 

AreA

q4 2015

YoY

q2 2016

qoq

q2 2015

Outside the CBD excluding TB Simatupang

89.4%

 

85.6%Outside the CBD excluding TB Simatupang 89.4%     93.7%

 

93.7%Outside the CBD excluding TB Simatupang 89.4%   85.6%  

TB Simatupang

88.5%

 

87.4%TB Simatupang 88.5%     81.5%

 

81.5%TB Simatupang 88.5%   87.4%  

Source: Colliers International Indonesia - Research

As of Q2 2016, the overall occupancy rate outside the CBD con- tinued on a downward trend and was registered at 84.7%. At least nine office buildings still have more than 10,000 sq m of vacant spaces. All of these office buildings began operation in 2015 and 2016. The openings of new office buildings in West, North and South Jakarta also negatively impacted occupancy rates.

8 Quarterly Report | Q2 2016 | Jakarta | Colliers International

South Jakarta also negatively impacted occupancy rates. 8 Quarterly Report | Q2 2016 | Jakarta |

Without additional new office buildings in the market, the occu- pancy rate was also down in TB Simatupang. Quite a few office buildings located in TB Simatupang, including Pondok Indah, re- ported a drop in occupancy.

Average Occupancy rates in Outside the CBD 100% 90% 80%
Average Occupancy rates in Outside the CBD
100%
90%
80%

70%

60%

50%

40%

30%

20%

10%

0%

2010

2011

2012

2013

2014

2015

2016YTD

Outside CBD exclude TB Simatupang

TB Simatupang

Source: Colliers International Indonesia - Research

pre-Committed Occupancy of Office Buildings for lease in Outside the CBD (2015 – 2017)

2017F 2016F 2015 0 30,000 60,000 90,000 120,000 sq m Space Absorbed Vacant Space
2017F
2016F
2015
0
30,000
60,000
90,000
120,000
sq m
Space Absorbed
Vacant Space

Source: Colliers International Indonesia - Research

Asking Rents

CBD

Average Asking rents Based on Building grade

IDR600,000 IDR525,000 IDR450,000 IDR375,000 IDR300,000 IDR225,000 IDR150,000 IDR75,000 IDR0 Premium Grade A
IDR600,000
IDR525,000
IDR450,000
IDR375,000
IDR300,000
IDR225,000
IDR150,000
IDR75,000
IDR0
Premium
Grade A
Grade B
Grade C
Q2 2015
Q2 2016

Source: Colliers International Indonesia - Research

Average Asking rents in the CBD IDR750,000 IDR600,000 IDR450,000 IDR300,000 IDR150,000 IDR0 2008 2010 2012
Average Asking rents in the CBD
IDR750,000
IDR600,000
IDR450,000
IDR300,000
IDR150,000
IDR0
2008
2010
2012
2014
2016YTD
Premium Class
All Classes

Source: Colliers International Indonesia - Research

In general, the average asking rents in the CBD for all class-

es of building were down during the first semester of 2016. About 30 buildings were reported to have lowered their rent

quite considerably during this period. However, several Grade-

A buildings are becoming new supplies, and are now offering

more expensive rental rates compared with the average mar- ket. Most of these newly operating buildings started with a high vacancy rate. And because our rental calculation is based on the space available (vacant space), the overall rental rates seems to increase. YTD rental rate changed by 4.2% to record IDR346,222/sq m/month, as of Q2 2016 for all classes of build- ing in the CBD.

9 Quarterly Report | Q2 2016 | Jakarta | Colliers International

as of Q2 2016 for all classes of build- ing in the CBD. 9 Quarterly Report

The average base rental for Premium buildings also dropped by 1.3% QoQ. Two buildings of this class lowered their asking rent by 10% during the quarter, thus bringing the average rents to IDR472,293/sq m/month.

Average Asking rents Based on Building Area

IDR500,000 IDR400,000 IDR300,000 IDR200,000 IDR100,000 IDR0 Thamrin Sudirman Rasuna Mega Gatot Satrio Kuningan
IDR500,000
IDR400,000
IDR300,000
IDR200,000
IDR100,000
IDR0
Thamrin Sudirman
Rasuna
Mega
Gatot
Satrio
Kuningan
Subroto
Q2 2015
Q2 2016

Source: Colliers International Indonesia - Research

Outside the CBD

Average Asking rents in Outside the CBD

IDR300,000

IDR250,000 IDR200,000 IDR150,000 IDR100,000 IDR50,000 IDR0 2010 2012 2014 2016YTD Outside CBD TB Simatupang
IDR250,000
IDR200,000
IDR150,000
IDR100,000
IDR50,000
IDR0
2010
2012
2014
2016YTD
Outside CBD
TB Simatupang
Source: Colliers International Indonesia - Research

As of Q2 2016, the overall rental rate outside the CBD and in TB Simatupang slightly decreased QoQ to a record IDR224,734/ sq m/month. Four office buildings located outside TB Simatu- pang lowered their rents by as much as 30%. Further, the rental rates for newly operating office buildings are relatively below the market price.

In TB Simatupang, average asking rents dropped by 10% for the last six months to IDR242,033/sq m/month. Subsequent to the booming office market in 2012, TB Simatupang continued to become a favourite location, and thus pushed rents to move forward. In some cases, rents were offered at IDR250,000 to IDR350,000/sq m/month. Nevertheless after 2014 – 2015, de- mand for office spaces contracted, forcing landlords to adjust rents to be more favourable to the market. Nowadays, landlords are quite cautious about the current slowing down, and thus change the overall rental tariff in this area by as much as 20%.

Average Asking rents Based on Building grade in Outside the CBD

IDR350,000

IDR300,000 IDR250,000 IDR200,000 IDR150,000 IDR100,000 IDR50,000 IDR0 2010 2012 2014 2016YTD Grade A Grade B
IDR300,000
IDR250,000
IDR200,000
IDR150,000
IDR100,000
IDR50,000
IDR0
2010
2012
2014
2016YTD
Grade A
Grade B
Grade C
All Classes

Source: Colliers International Indonesia - Research

10 Quarterly Report | Q2 2016 | Jakarta | Colliers International

Source: Colliers International Indonesia - Research 1 0 Quarterly Report | Q2 2016 | Jakarta |

Service Charges

CBD

Outside the CBD

Service Charges in Outside the CBD

Service Charges in the CBD IDR150,000 IDR150,000 IDR120,000 IDR120,000 IDR90,000 IDR90,000 IDR60,000 IDR60,000
Service Charges in the CBD
IDR150,000
IDR150,000
IDR120,000
IDR120,000
IDR90,000
IDR90,000
IDR60,000
IDR60,000
IDR30,000
IDR30,000
IDR0
Grade A
Grade B
Grade C
IDR0
Source: Colliers International Indonesia - Research
Premium
Grade A
Grade B
Grade C

Source: Colliers International Indonesia - Research

As of Q2 2016, average service charge increased 3.9% YTD and was recorded at IDR80,2015/sqm/month. Due to the influx of newly operating office buildings, the average service charge costs for Grade-A buildings registered the highest YTD growth, compared with other grades. As of Q2 2016, service charge was recorded at IDR81,744/sq m/month for Grade-A office buildings.

Lower grade offices may charge higher maintenance tariff. Some Grade-C office buildings in Rasuna Said ask for a more expensive price. However, the overall occupancy costs (base rent and service charge) will be in line with the class and quality of the buildings.

The average service charge outside the CBD climbed 9.3% YoY to IDR58,037/sq m/month. Since there is only a few Grade-A office buildings outside the CBD, the figure presented may not well represent the market. This is why the service charge for Grade-A buildings is below IDR100,000/sq m/month only. Al- though lower-grade buildings reveal higher service charges, the overall occupancy cost (base rental and service charge) are still more expensive in higher-class buildings.

In TB Simatupang, service charges increased 4.6% QoQ and reached IDR62,900/sq m/month. Several office buildings have introduced a new tariff with increment starting from IDR5,000 to IDR15,000.

11 Quarterly Report | Q2 2016 | Jakarta | Colliers International

with increment starting from IDR5,000 to IDR15,000. 1 1 Quarterly Report | Q2 2016 | Jakarta

IDR100,000,000

Strata-title Office

Average Asking prices at new and future Office Buildings

pre-Committed Take-up rates of Office Buildings for Sale in the CBD (2015 – 2018) TB
pre-Committed Take-up rates of Office Buildings
for Sale in the CBD (2015 – 2018)
TB
Simatupang
2018F
Outside the
CBD
2017F
CBD
2016F
2015
0
70,000
140,000
210,000
280,000
350,000
sq m
Source: Colliers International Indonesia - Research
Space Absorbed
Vacant Space
IDR0
IDR20,000,000
IDR40,000,000
IDR60,000,000
IDR80,000,000

Source: Colliers International Indonesia - Research

pre-Committed Take-up rates of Office Buildings for Sale in Outside the CBD (2015 – 2018)

2018F 2017F 2016F 2015 0 50,000 100,000 150,000 200,000 250,000 sq m Space Absorbed Vacant
2018F
2017F
2016F
2015
0 50,000
100,000
150,000
200,000
250,000
sq m
Space Absorbed
Vacant Space

Source: Colliers International Indonesia - Research

The sales volume of strata-title office spaces in 2016 – 2018 increased around 6% QoQ. The absorption brought the aver- age pre-committed take-up rate to reach around 60% of the total office space for sale (strata-title office) in 2016 – 2018. Meanwhile, for a shorter period, pre-committed take-up rate of offices for sale in 2016 – 2017 achieved around 80% as of Q2 2016. Two future office buildings in Mega Kuningan sold a substantial amount of office spaces, which helped the overall sales performance.

Increasing sales triggered office prices of future office build- ings in the CBD to rise to IDR61.3 million/sq m or grew 16.7% YTD. Currently, the asking prices at future strata-title office buildings are between IDR40 million and IDR70 million/sq m. We also noted that some unoccupied spaces in existing office buildings and buildings under construction are offered at the secondary market between IDR40 million and IDR95 million/ sq m.

The total area of projected strata-title offices outside the CBD was recorded below 400,000 sq m by 2018, of which 65% has already been sold. However, we only recorded a small absorp-

tion of below 3,000 sq m QoQ. The slowdown in sales held asking prices to stay at IDR29 million/sq m.

Meanwhile, prices were relatively flat in TB Simatupang YoY and registered between IDR28 million and IDR38 million/sq m.

12 Quarterly Report | Q2 2016 | Jakarta | Colliers International

between IDR28 million and IDR38 million/sq m. 1 2 Quarterly Report | Q2 2016 | Jakarta

Concluding Thought

From a tenant’s perspective, we have started seeing a sign of recovery highlighted by mounting office enquiries, despite being yet in relatively modest volume. Potential tenants are quite ea- ger to execute transactions, but such transactions will typically be in considerable sizes, between 100 and 400 sqm. There are quite varied enquiries from different sectors, as we have not yet seen any specific business sector dominating office enquiries. As mentioned above, occupancy rates relatively slowed down. Therefore, even though we have begun to observe increasing leasing activities, transactions typically come from relocation activities and a few relocations with space expansion or even space reduction. This “in and out” activity did not really help fuel the overall occupancy level, because of fewer expansion activities from existing tenants or new investors.

Having said that, we should be more optimistic towards the market condition over the next semester, provided that econ- omy will continue to grow as projected. We also hope that the government is committed to accelerating economy growth by implementing economic deregulation packages including REITs, materialising all the infrastructure plans and getting the green light from the parliament to execute tax amnesty regulation.

Going forward, oversupply condition remains the main concern. We believe, however, that the new plan to build more office buildings would only happen after 2019, considering that many landlords are already fully aware about the current situation.

13 Quarterly Report | Q2 2016 | Jakarta | Colliers International

are already fully aware about the current situation. 1 3 Quarterly Report | Q2 2016 |

Quarterly Report

JAKARTA | OFFICE

Q2 2016

Apartment Sector

Forecast at a glance

Jakarta will see an additional 15,442 units for the remainder of 2016 and a total 25,222 units in 2017.Q 2 2 0 1 6 Apartment Sector Forecast at a glance Supply Although the market

Supply

Although the market saw an increase in launching activity, buying sentiment has remained lukewarm; investors and end-users are holding their plans to buy apartments in view of the current economic slowdown. We opine that take-up rates will continue to hover at between 86% and 87%.remainder of 2016 and a total 25,222 units in 2017. Supply Demand Given a drop in

Demand

Given a drop in the expatriate community, we expect asking rental rates will remain unchanged until the end of 2016.rates will continue to hover at between 86% and 87%. Demand Rent We predict an 9%

Rent

We predict an 9% to 11% increase in the average asking price for apartments for sale due to the high- er prices quoted by future apartment projects which will open by the end of the year.rates will remain unchanged until the end of 2016. Rent Price Accelerating success. APARTMENT FOR STRATA-TITLE

Price

projects which will open by the end of the year. Price Accelerating success. APARTMENT FOR STRATA-TITLE
projects which will open by the end of the year. Price Accelerating success. APARTMENT FOR STRATA-TITLE

Accelerating success.

APARTMENT FOR STRATA-TITLE

Supply

By the end of the second quarter of 2016, cumulative supply of strata-title apartments in Jakarta had grown at a moderate pace of 2.9% QoQ, equal to 12.4% YoY, to a record 167,697 units. During this quarter, the market received 4,777 new units from the handover of eight apartment towers in five projects, including The Green Pramuka, Royal Springhill, Bassura City, Casablanca East Residence and 19 Avenue. In terms of market segment, middle-lower class apartments dominate the current additional supply at 86.4% of three projects located in non- prime areas.

Green Pramuka City (Orchid and Penelope Towers) and Royal Springhill (Bouvardia and Bulgari Towers) are both located in Central Jakarta; however they are targeting different mar- ket segments, i.e. middle-low and middle-upper, respectively. Meanwhile, East Jakarta continued to see new middle-low class projects from the opening of Bassura City (Edelweiss Tower) and Casablanca East Residence (Dallas & Casablanca Towers). In West Jakarta, 338 additional units came from the completion of a mid-rise apartment project, 19 Avenue (Tower A). 19 Avenue was previously a stalled Rusunami (low-cost apartment) project called Orchard Place Residence, developed by PT Bintang Milenium Indonesia. It was acquired by Marga- hayu Land, who changed the name. Targeting the same low segment, fully furnished 19 Avenue (Tower A) apartments are offered at prices ranging from IDR400 million to IDR600 mil- lion per unit.

As of the middle of 2016, about 40.6% of the 26,583 projected units which will be completed this year have been handed over, leaving about 15,793 units to be handed over in the next se- mester.

List of Completed Apartment Projects as of Q2 2016

 
 

nAMe Of DevelOpMenT

 

lOCATiOn

regiOn

DevelOper

uniTS

The Green Pramuka (Tower Orchid & Penelope)

 

Jl. Jenderal Ahmad Yani

Central Jakarta

PT Duta Paramindo

2,000

The Royal Springhill (Tower Bouvardia & Bulgari)

 

Jl. Spring Hill Residence Kemayoran

Central Jakarta

Springhill Golf Group

312

Bassura City (Tower Edelweiss)

 

Jl. Basuki Rahmat

East Jakarta

Synthesis Development

1,000

Casablanca

East

Residence

(Tower

Dallas

&

Jl. Pahlawan Revolusi

East Jakarta

Binakarya Propertindo

1,127

Casablanca)

19 Avenue Apartment (Tower A)

 

Daan Mogot

West Jakarta

Margahayu Land

338

 

Total

4,777

Source: Colliers International Indonesia - Research

Strata-title Apartment Annual Supply

30,000 25,000 20,000 15,000 10,000 5,000 0 2012 2013 2014 2015 2016F 2017F 2018F 2019F
30,000
25,000
20,000
15,000
10,000
5,000
0
2012
2013
2014
2015
2016F
2017F
2018F
2019F
2020F

Source: Colliers International Indonesia - Research

Newly Launched Projects

During this quarter, Jakarta’s apartment market saw a moderate addition of newly launched/introduced projects. Four brand-new projects with 5,946 units initiated pre-sale activities in Q2 2016 and are expected to be completed in the next four years. The number of units being introduced/launched is 20% lower than the

same period in 2015. This suggests that developers are ge- nerally quite cautious over the current market condition, with considerable supply going forward and, to some extent, slow absorption.

East Jakarta hosts about 87% of the total newly introduced/ launched units from two projects: East 8 and Prajawangsa City. East 8, developed by Karya Cipta Group, is targeted at the middle-lower segment, particularly workers in the surrounding areas. East 8 apartment is located in a settled residential area and will benefit from easy accessibility to public transportation, including the future LRT and the existing Jagorawi toll road. With a similar target market, Prajawangsa City, developed by Synthesis Development, together with St. Carolus Vereeniging, claims to be an improvement on their previous project, Bassura City, with bigger units and more green space.

Another new project by Synthesis Development is Samara

Suites, which was previously launched as The Residence at Ga- tot Subroto, which offered bigger units and higher prices. Sub- sequently, the developer revised the concept, including the floor plan, unit size and pricing strategy, in order to meet the budget of buyers. As of the end of May, 60 units in Samara Suites have been booked. Another project located in a so-called expatri- ate area, Lavish Residence Kemang, offers a single apartment tower and targets the middle-upper segment. Lavish Kemang Residence is developed by PT Kemang Karya Utama, which has extensive experience in developing houses and townhouses for expatriates.

List of New Introduced/Launched Projects in Q2 2016

 
     

expeCTeD

eSTiMATeD priCe

 

nAMe Of DevelOpMenT

lOCATiOn

regiOn

COMpleTiOn TiMe

(iDr/Sq M)*

TOTAl uniTS

Prajawangsa City (8 towers)

Jl. Raya Bogor, Cijantung

East Jakarta

2020

IDR 11,350,000

4,000

East 8 (2 towers)

Jl. Raya Lap. Tembak, Cibubur

East Jakarta

2020

IDR 13,500,000

1,172

Samara Suites

Jl. Gatot Subroto

South Jakarta

2019

IDR 26,350,000

300

Lavish Kemang Residence

Jl. Kemang Raya No.78A

South Jakarta

2019

IDR 35,000,000

474

*) Price based on hard cash excludes VAT 10% Source: Colliers International Indonesia - Research

15 Quarterly Report | Q2 2016 | Jakarta | Colliers International

Source: Colliers International Indonesia - Research 1 5 Quarterly Report | Q2 2016 | Jakarta |

The total number of apartment units launched during 2Q 2016 was 5,946.

The mood in the apartment market has been subdued, as re- flected in the limited number of newly introduced/launched projects in recent quarters. In general, some developers have opted to postpone the launch date of their projects due to a lack of confidence in the current market situation. Moreover, the overall Indonesian economy faces a number of downside risks, such as slow economic growth and lowered consumer confi- dence, which impacts project decisions by developers.

number of Apartment units and projects being introduced/launched every quarter

7,500 15 6,000 12 4,500 9 3,000 6 1,500 3 0 0 #Units #Projects Q1
7,500
15
6,000
12
4,500
9
3,000
6
1,500
3
0
0
#Units
#Projects
Q1 2014
Q2 2014
Q3 2014
Q4 2014
Q1 2015
Q2 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016

Source: Colliers International Indonesia - Research

New Pipeline

 

ApArTMenT nAMe

lOCATiOn

regiOn

DevelOper

#uniTS

STATuS

2016

 

The Green Pramuka (Tower Orchid)

Jl. Jenderal Ahmad Yani

Central Jakarta

PT Duta Paramindo

1,000

Built

The Green Pramuka (Tower Penelope)

Jl. Jenderal Ahmad Yani

Central Jakarta

PT Duta Paramindo

1,000

Built

The Royal Springhill (Bouvardia Tower)

Jl. Spring Hill Residence Ke- mayoran

Central Jakarta

Springhill Golf Group

120

Built

The Royal Springhill (Bulgari Tower)

Jl. Spring Hill Residence Ke- mayoran

Central Jakarta

Springhill Golf Group

192

Built

Casablanca East Residence (Tower Dallas)

Jl. Pahlawan Revolusi

East Jakarta

Binakarya Proper-

408

Built

tindo Group

Casablanca East Residence (Tower Casa- blanca)

Jl. Pahlawan Revolusi

East Jakarta

Binakarya Proper-

719

Built

tindo Group

Bassura City (Tower Edelweiss)

Jl. Basuki Rahmat

East Jakarta

Synthesis Develop-

1,000

Built

ment

Bassura City (Tower Dahlia)

Jl. Basuki Rahmat

East Jakarta

Synthesis Develop-

1,000

Built

ment

Green Bay Pluit (Sea View)

Jl. Pluit Karang Ayu

North Jakarta

Agung Podomoro

2,072

Built

Group

Kemang Village (The Bloomington)

Jl. P Antasari

South Jakarta

Lippo Karawaci

150

Built

Four Winds

Jl. Permata Hijau Raya No.1

South Jakarta

PT. Tri Tirta Permata

140

Built

Metro Park Residence

Kebon Jeruk

West Jakarta

Agung Podomoro

1,451

Built

Group

Madison Park

Tanjung Duren

West Jakarta

Agung Podomoro

1,200

Built

Group

19 Avenue Apartment 9 (Tower A)

Daan Mogot

West Jakarta

Margahayu Land

338

Built

 

continued

16 Quarterly Report | Q2 2016 | Jakarta | Colliers International

Margahayu Land 338 Built   continued 1 6 Quarterly Report | Q2 2016 | Jakarta |

ApArTMenT nAMe

lOCATiOn

regiOn

DevelOper

#uniTS

STATuS

 

continuation

The Grove (Empyreal + Masterpiece)

Jl. HR Rasuna Said

CBD

Bakriland Develop-

438

Under-construction

ment

The Residence (CWJ 2)

Jl. Prov Dr Satrio Kav 6, Kun- ingan

CBD

Ciputra

119

Under-construction

The Orchad Satrio (CWJ 2)

Jl. Prov Dr Satrio Kav 6, Kun- ingan

CBD

Ciputra

349

Under-construction

T - Plaza Residence (Tower A)

Jl. Penjernihan I Kav.1 Pejom- pongan

Central Jakarta

PT. Prima Kencana

321

Under-construction

Elpis Residence

Gunung Sahari

Central Jakarta

Sioeng Group

790

Under-construction

The Green Pramuka (Tower Scarlet)

Jl. Jenderal Ahmad Yani

Central Jakarta

PT Duta Paramindo

1,000

Under-construction

The H Residence Kemayoran (Amethyst)

Jl. Rajawali Selatan

Central Jakarta

Hutama Karya

800

Under-construction

Realtindo

Bassura City (Tower Cattleya)

Jl. Basuki Rahmat

East Jakarta

Synthesis Develop-

600

Under-construction

ment

Bassura City (Tower Alamanda)

Jl. Basuki Rahmat

East Jakarta

Synthesis Develop-

600

Under-construction

ment

Sentra Timur Residence (Tower Tosca)

Pulo Gebang

East Jakarta

Bakriland Develop-

133

Under-construction

ment

East Park Apartment (Tower C)

Jl. KRT Radjiman

East Jakarta

PT. Cakra Sarana Persada

550

Under-construction

Teluk Intan (Tower Saphire)

Jl. Teluk Gong

North Jakarta

PT Trika Bumi Pertiwi

1,100

Under-construction

Pluit Seaview (Tower Belize)

Pluit

North Jakarta

Binakarya Proper-

557

Under-construction

tindo Group

Senopati Suites 2

Jl. Senopati

South Jakarta

Mahkota Asia Graha

81

Under-construction

LA City Apartment (Tower A)

Jl. Raya Lenteng Agung, Jaga- karsa

South Jakarta

Pancanaka Samaktha

980

Under-construction

Nine Residence

Warung Buncit

South Jakarta

Lippo Karawaci

246

Under-construction

La Venue - North Tower

Jl. Pasar Minggu

South Jakarta

PT Bintang Rajawali (Sinar Mas Group)

253

Under-construction

Senopati Suites 3

Jl. Senopati

South Jakarta

Mahkota Asia Graha

54

Under-construction

1 Park Avenue (3 Towers)

Jl. KHM Syafi'I Hadzami (terusan gandaria)

South Jakarta

Intiland

279

Under-construction

Izzara Apartment (South and North Tower)

TB. Simatupang

South Jakarta

Grage Group

542

Under-construction

Apartment Pejaten Park Residence

Jl. Warung Buncit Raya No.21

South Jakarta

Bahama Group

560

Under-construction

Kebayoran Icon

Jl. Ciledug Raya

South Jakarta

Tamara Land

256

Under-construction

One Casablanca Residence

Jl. Pal Batu

South Jakarta

Forza Land

215

Under-construction

Woodland Park (Mahogany Tower)

Jl. Pahlawan Kalibata

South Jakarta

PT. Pardika Wisthi Sarana

218

Under-construction

St Moritz (The New Ambassador Suite Tower)

Jl. Puri Indah Kembangan

West Jakarta

Lippo Karawaci

200

Under-construction

St. Moritz (New Presidential Tower)

Jl. Puri Indah

West Jakarta

Lippo Karawaci

159

Under-construction

The Nest Apartment

Jl. Raden Saleh Raya, Meruya Utara

West Jakarta

PT. Karya Cipta Sukses Selaras

1,100

Under-construction

Green Park View (Tower Gardenia)

Jl. Daan Mogot

West Jakarta

PT. Inten Cipta Sejati, Cempaka Group

1,200

Under-construction

Belmont Residence (TowerAthena)

Jl. Meruya Ilir

West Jakarta

Gapura Prima

193

Under-construction

Puri Mansion Apartment (Tower Amethyst)

Jl. Lingkar Luar Barat, Puri Kembangan

West Jakarta

Agung Sedayu Group

900

Under-construction

Paradise Mansion (2 tower)

Jl. Paradise Boulevard Selatan

West Jakarta

Palm Group

1,000

Under-construction

 

continued

17 Quarterly Report | Q2 2016 | Jakarta | Colliers International

1,000 Under-construction   continued 1 7 Quarterly Report | Q2 2016 | Jakarta | Colliers International

ApArTMenT nAMe

lOCATiOn

regiOn

DevelOper

#uniTS

STATuS

 

continuation

2017

 

Sudirman Suites

Jl. Sudirman

CBD

Pikko Group

380

Under-construction

Domaine

Jl. Jend. Sudirman Kav 1

CBD

Lyman Group

186

Under-construction

Verde Two (Tower East)

Jl. Rasuna Said

CBD

Farpoint Realty

182

Under-construction

Anandamaya Residences (3 towers)

Jl. Jend Sudirman

CBD

Hongkong Land

500

Under-construction

Menteng Park

Jl. Cikini Raya No.79

Central Jakarta

Agung Sedayu Group

756

Under-construction

Holland Village

Cempaka Putih

Central Jakarta

Lippo Karawaci

400

Under-construction

Royal Suites

Kemayoran

Central Jakarta

Springhill Golf Group

450

Under-construction

The Green Pramuka (Tower Nerine)

Jl. Jenderal Ahmad Yani

Central Jakarta

PT Duta Paramindo

1,000

Under-construction

Green Signature Apartment

Jl. MT. Haryono

East Jakarta

KSO Fortuna Indone- sia (Pikko)

800

Under-construction

Podomoro Park

Jl. I Gusti Ngurah Rai, Klender

East Jakarta

Agung Podomoro

3,000

Under-construction

Group

Sentra Timur Residence (Tower Brown)

Pulo Gebang

East Jakarta

Bakriland Develop-

605

Under-construction

ment

Bassura City (Tower Jasmine) 2 tower

Jl. Basuki Rahmat

East Jakarta

Synthesis Develop-

2,000

Under-construction

ment

Bassura City (Tower Heliconia)

Jl. Basuki Rahmat

East Jakarta

Synthesis Develop-

700

Under-construction

ment

Pluit Seaview (Tower Ibiza)

Pluit

North Jakarta

Binakarya Proper-

500

Under-construction

tindo Group

Pluit Seaview (Tower Bahama)

Pluit

North Jakarta

Binakarya Proper-

650

Under-construction

tindo Group

Regatta London Tower

Jl. Pantai Mutiara

North Jakarta

Intiland

186

Under-construction

Pakubuwono Terrace Grand Tower

Kebayoran Lama

South Jakarta

PT. Selaras Mitra Sejati

435

Under-construction

District 8 (Tower Eternity)

Jl. Senopati

South Jakarta

Agung Sedayu

400

Under-construction

District 8 (Tower Infinity)

Jl. Senopati

South Jakarta

Agung Sedayu

280

Under-construction

Lexington Rersidence

Pondok Pinang

South Jakarta

Cowwel Develop-

275

Under-construction

ment

The Aspen Peak at Admiralty (Tower C)

Jl. Fatmawati

South Jakarta

PT. Harmas Jalas- veva

322

Under-construction

Sapphire Residence

Lebak Bulus

South Jakarta

PT. Bangun Lintas Shafira

37

Under-construction

La Terrasse

Jl. Deplu Raya No.12

South Jakarta

Cowell Development

111

Under-construction

The Foresque

Pasar Minggu, Ragunan

South Jakarta

PT Griya Karunia Sejahtera (Binakarya Propertindo Group)

660

Under-construction

The Langham Residences

Senopati

South Jakarta

Agung Sedayu Group

57

Under-construction

Antasari Heights (One Otium Residence)

Jl. Pangeran Antasari No.8

South Jakarta

PT Radinka Quatro Land

360

Under-construction

The Batik @ Pejaten

Jl. Siaga Raya

South Jakarta

Alam Kencana

137

Under-construction

La Foret Vivante

Jl. Limo, Permata Hijau

South Jakarta

PT. Mahkota Properti Indo Permata

253

Under-construction

Selatan 8 (Tower Sultan)

Kebayoran Lama

South Jakarta

Karya Cipta Group

336

Under-construction

The Hamilton

Jl. KHM Syafi'I Hadzami

South Jakarta

Intiland

112

Under-construction

Puri Mansion Apartment (Tower Amethyst)

Jl. Lingkar Luar Barat, Puri Kembangan

West Jakarta

Agung Sedayu Group

900

Under-construction

Puri Orchad (3 Tower)

Jl Raya Adicipta

West Jakarta

PT Adicipta Graha Kencana (Serenity Group)

3,000

Under-construction

Maqna Residence

Jl. Meruya Ilir No. 88

West Jakarta

PT. Graha Meruya

312

Under-construction

Veranda

Jl. Pesanggrahan Raya, Kem- bangan

West Jakarta

PT. Mutirara Puri Indah

174

Under-construction

 

continued

18 Quarterly Report | Q2 2016 | Jakarta | Colliers International

174 Under-construction   continued 1 8 Quarterly Report | Q2 2016 | Jakarta | Colliers International
 

ApArTMenT nAMe

lOCATiOn

regiOn

DevelOper

#uniTS

STATuS

 

continuation

Vittoria Residence (3 tower)

Jl. Daan Mogot

West Jakarta

PT. Duta Indah Kencana

1,100

Under-construction

Wang Residence

Jl. Panjang No 18

West Jakarta

PT. Citicon Proper- tindo

250

Under-construction

Taman Anggrek Residence (6 towers)

Tanjung Duren

West Jakarta

Agung Sedayu

3,000

Under-construction

19

Avenue Apartment (Tower B)

Daan Mogot

West Jakarta

Margahayu Land

416

Under-construction

Sycamore Suite

Puri Botanical, Joglo

West Jakarta

Jakarta Setiabudi

125

Under-planning

International

2018

 

Gayanti City (2 Towers)

Jl. Gatot Subroto

CBD

PT Buana Pasifik International

318

Under-construction

Verde Two (Tower West)

Jl. Rasuna Said

CBD

Farpoint Realty

152

Under-construction

Lavie

Jl. Denpasar Raya

CBD

Wilsor Group

302

Under-construction

South Hill

Jl. Denpasar Raya

CBD

Tan Kian

611

Under-construction

Le' Parc

Jl. Thamrin

CBD

PT. Putragaya

100

Under-construction

Wahana

Regent Residences (tower 1)

Semanggi

CBD

PT. Kencana Graha Global

100

Under-construction

The Hundred Residence

Mega Kuningan

CBD

PT. Farpoint Realty Indoneasia

100

Under-construction

The Elements Epicentrum (2 Towers)

Rasuna Said

CBD

Sinar Mas Land

372

Under-construction

Capitol Suites

Jl. Prapatan Raya

Central Jakarta

The Capitol Group

327

Under-construction

Holland Village (Phase II)

Cempaka Putih

Central Jakarta

Lippo Karawaci

230

Under-construction

Signature Park Grande

Jl. MT. Haryono

East Jakarta

KSO Fortuna Indone- sia (Pikko)

1,100

Under-construction

Sahid Garden Residence

Ciracas

East Jakarta

Sahid Group

476

Under-planning

Gold Coast Apartment (Atlantic Tower)

Pantai Indah Kapuk

North Jakarta

Agung Sedayu

568

Under-construction

Regatta Apartment (Tower New York)

Pantai Mutiara

North Jakarta

Intiland

186

Under-construction

Sedayu City (Tower Melbourne)

Jl. Pegangsaan Dua Raya

North Jakarta

Agung Sedayu

912

Under-planning

Sedayu City (Tower Darwin)

Jl. Pegangsaan Dua Raya

North Jakarta

Agung Sedayu

936

Under-planning

The Kensington Royal Suites (4 Tower)

Kelapa Gading

North Jakarta

Summarecon

790

Under-construction

Gold Coast Apartment (Bahama Tower)

Pantai Indah Kapuk

North Jakarta

Agung Sedayu

600

Under-construction

Gold Coast Apartment (Carribean Tower)

Pantai Indah Kapuk

North Jakarta

Agung Sedayu

600

Under-construction

Gold Coast Apartment (Honolulu Tower)

Pantai Indah Kapuk

North Jakarta

Agung Sedayu

600

Under-construction

Grand Marina Ancol

Ancol

North Jakarta

PT. Bangun Setia Cipta (Jaya Ancol)

672

Under-planning

Bellevue Place

MT Haryono, Tebet

South Jakarta

Gapura Prima

240

Under-construction

The Aspen Peak at Admiralty (Tower D)

Jl. Fatmawati

South Jakarta

PT. Harmas Jalas- veva

322

Under-construction

Casa Grande Residence 2 (Tower Angelo)

Jl. Casablanca

South Jakarta

Pakuwon Group

350

Under-construction

Casa Grande Residence 2 (Tower Bella)

Jl. Casablanca

South Jakarta

Pakuwon Group

350

Under-construction

Casa Grande Residence 2 (Tower Chianti)

Jl. Casablanca

South Jakarta

Pakuwon Group

350

Under-construction

Pondok Indah Residences (3 Towers)

Pondok Indah

South Jakarta

Metro Pondok Indah

880

Under-construction

Selatan 8 (Tower Prabu)

Jl. Raya Ulujami

South Jakarta

Karya Cipta Group

344

Under-construction

45

Antasari (2 Tower)

Antasari

South Jakarta

Cowell Development

1,924

Under-construction

Arzuria Apartment

Jl. Tendean

South Jakarta

Tolaram Group

210

Under-construction

Pakubuwono Spring (2 towers)

Jl. Teuku Nyak Arief No.9

South Jakarta

PT. Simprug Mah- kota Indah (Agung Podomoro Group)

545

Under-construction

Branz Simatupang (2 tower)

TB. Simatupang

South Jakarta

Tokyuland

381

Under-construction

 

continued

19 Quarterly Report | Q2 2016 | Jakarta | Colliers International

381 Under-construction   continued 1 9 Quarterly Report | Q2 2016 | Jakarta | Colliers International

ApArTMenT nAMe

lOCATiOn

regiOn

DevelOper

#uniTS

STATuS

 

continuation

Synthesis Residence Kemang (3 towers)

Jl. Ampera Raya No.17

South Jakarta

PT. Synthesis Devel- opment

1,100

Under-construction

The Ease Brawijaya

Jl. Taman Brawijaya III Kebay- oran Baru

South Jakarta

PT. Bhakti Usaha Dinamika

54

Under-planning

Gianetti Apartment

Jl. Kebon Jeruk Raya, Kemang- gisan

West Jakarta

Bangun Investa

500

Under-construction

Graha

Gallery West

Jl. Panjang No 5

West Jakarta

AKR

280

Under-construction

Ciputra International Puri Indah (Tower Amsterdam)

Jl. Lingkar Luar Barat

West Jakarta

Ciputra

412

Under-construction

Grand Madison Park

Tanjung Duren

West Jakarta

Agung Podomoro

300

Under-construction

Group

Citra Lake Suites (Tower Rosewood)

Jl. Raya Kresek

West Jakarta

Ciputra Group

104

Under-construction

Citra Lake Suites (Tower Greenwood)

Jl. Raya Kresek

West Jakarta

Ciputra Group

126

Under-construction

Citra Lake Suites (Tower Oakwood)

Jl. Raya Kresek

West Jakarta

Ciputra Group

117

Under-construction

Citra Lake Suites (Tower Sherwood)

Jl. Raya Kresek

West Jakarta

Ciputra Group

122

Under-construction

Aerium Taman Permata Buana (2 towers)

Taman Permata Buana

West Jakarta

Sinar Mas Land and Itochu

491

Under-planning

Ciputra International Puri Indah (Tower Barcelona)

Jl. Lingkar Luar Barat

West Jakarta

Ciputra

335

Under-construction

Puri Mansion Apartment (Tower Crystal)

Jl. Lingkar Luar Barat, Puri Kembangan

West Jakarta

Agung Sedayu Group

700

Under-construction

West Vista (2 towers)

Jl. Lingkar Luar Barat No.8, Duri Kosambi

West Jakarta

PT. Harapan Global Niaga

2,840

Under-construction

Citra Living Apartment (Somerset Tower)

Jl. Citra 7, Kalideres

West Jakarta

Citra Mitra Graha KSO

312

Under-construction

Citra Living Apartment (Orchad Tower)

Jl. Citra 7, Kalideres

West Jakarta

Citra Mitra Graha KSO

312

Under-construction

Citra Living Apartment (Newton Tower)

Jl. Citra 7, Kalideres

West Jakarta

Citra Mitra Graha KSO

312

Under-construction

2019

 

The Suite (W Hotel Tower)

Jl. Prof. Dr. Satrio

CBD

Ciputra

200

Under-planning