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Property Market Overview

IN BODETABEK AREA

Prepared by
Strategic Advisory - Coldwell Banker Commercial
Kawasan Bisnis Granadha, 12th Floor
Jl. Jend. Sudrman Kav. 50, Jakarta, 12930
COVERAGE OF PROPERTY MARKET
AREA
Property sectors that are covered in this analysis including COMMERCIAL PROPERTY and RESIDENTIAL
market in Greater Jakarta area…

BOGOR

DEPOK

TANGERANG SELATAN

BEKASI
KEY FACTORS THAT DRIVE THE REAL ESTATE MARKET

Demographic
Demographic is considerable as one of the most important factors that affects real
estate development characteristics as well as its market performance. A shifting in
demographic profile and preferences will lead to differentiation in real estate market
trend.

Government Policies
Legislation generally plays a major role in determining property demand and prices,
with deductions, subsidies, and tax credits being some of the ways that government
can boost demand for real estate.

Facilities and Major Infrastructure Developments


Infrastructure being a mature factor that drive higher residential value with organized
retail and commercial establishments in its vicinity.

Commercial Property Growth


An existence and growth of commercial properties will bring competitive advantages
and attractiveness of real estate developments in certain area.
Total Population in Bodetabek Area
3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

DEMOGRAPHIC
1 FACTORS 500,000

-
2012 2013 2014 2015 2016
Bogor Depok Tangerang Tangerang Selatan Bekasi

3.7% 3.5% 3.4%


Bekasi Depok Tangsel
The existence of industrial estates
35% of Bekasi's GDP is contributed by 2.6% 1.5%
Tangerang Bogor
the industrial sector
Working age population is a major demand generator for real estate market

Main considerations of working age population including : Total Population by Age Group in Bodetabek Area
 Transportation costs
800,000
 Accessibility, including to :
700,000
- business district
600,000
- commercial area
- industrial area 500,000

 Physical characteristics and residential environment 400,000

 Socio-economic composition
300,000

 Site characteristics and ownership


200,000
 Amenities and service quality
100,000

-
0-4 5-9 10-14 15-19 20-24 25-29 30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74 75+

Productive Working Age 45.4%


Spatial Plan
Regional and City development plan
Growth pole and center of activities

Monetary Policy
Softening of LTV KPR ratio to 15%
Positive sentiment of Tax Amnesty program

2 GOVERNMENT POLICIES
FACTORS Infrastructure Policy
Mass Rapid Transit (MRT) Jabodebek
Light Rail Transit (LRT) Jabodebek
Toll road
Kertajati and Karawang airport
“Sejuta Rumah” Program Commuter Line development (Jakarta Kota-Stasiun Cikarang)
Rusunami Integrated transport Masterplan design of Tangerang region
Rusunawa Traffic policy in Jabodetabek area
Landed house
TOLL ROAD MRT
JORR II = 110 km Phase 1 : 15,7 Km – 2019
11 toll road Jabodetabek Lebak Bulus – Bundaran HI

BRT Phase 2 : 8,1 Km – 2020

Existing : 13 Corridors Bundaran HI – Kampung Bandan

New development : 2 corridors Jalur Barat – Timur : 87 Km


Corridor 14 : Kalimalang – Blok M Target operation 2024 – 2027
Corridor 15 : Ps. Minggu – Manggarai

FACILITIES & INFRASTRUCTURES


3 FACTORS
LRT Jabodetabek
Phase 1 : 18 station – 2019
LRT Jakarta
Cibubur – Cawang
Kb. Lama – Klp. Gading (2018)
Bekasi Timur – Cawang
Cempaka Putih – Ancol (2018)
Cawang – Dukuh Atas
KRL Phase 2
72 station Cibubur – Bogor
Dukuh Atas – Palmerah – Senayan
Palmerah – Grogol
Toll Road in Jabodetabek
Tol Jagorawi Tol Jkt - Cikampek Tol Tangerang-Merak Tol Wiyoto Wiyono
1978 1985 1987 1990

1983 1986 1988 1991


Tol Jkt - Tangerang Tol Soedyatmo Tol dalam Kota JORR W2 Selatan

JORR Selatan -- 1995


JORR W2U & E2 JORR E1 Selatan
2001 1998

2005 1999
JORR E1 Utara Tol Serpong
JORR E3 Pondok Aren
Tol Cipularang

Bogor Ring Road Tol Cijago I Tol Gate Cibatu


2009-2014 2012 2014

2009 2010 2012


Toll Gate JORR W1 JORR W2 Utara
Alam Sutera
DEVELOPMENT PHASE
ALONG THE TOLL ROAD

Phase 02 Phase 04
Industrial High-rise
Estate Estate
01
Phase Phase03
Housing Low-rise
Commercial
& Facilities
MRT and LRT in Jabodebek
Kampung Bandan Ancol Timur
Bandara
Soekarno-Hatta
Angke
Gading Mas
Kota
Kemayoran PRJ

Pesing Tanah Abang BI Galur


Pulo Mas
Slipi
Joglo Senen
Dukuh Atas
Palmerah
Karet Kramat
Setia Manggarai
Budi
Gor Soemantri
Cawang Cikunir
Bekasi Timur
Jatibening Bekasi Barat
MRT Jakarta
Taman Mini
LRT Jakarta (inner city) Kp. Rambutan

LRT Jakarta Ciracas

Connecting with Bogor & Bekasi Cibubur


Cibinong

Bukit Sentul
Lebak Bulus Sentul City

Baranangsiang
HOW
INFRASTRUCTURE INFLUENCE PROPERTY SECTORS

Housing and Industrial


Housing and Industrial Estate always the first property
which built based on population and accessibility. Both
are the first reacted on toll road.

Apartment
Apartment influenced by accessibility and availability of public
transport. Accessibility could increase yearly supply 30- 40% p.a.

Hotel
Hotel influenced by accessibility and activity, such as
MICE and Tourism. Accessibility could
increase yearly supply 10 - 30% p.a.

Retail
Shopping center rely on accessibility to get catchment area. Toll
road has influence the retail center supply up to 5-10% p.a.

Office
Office is the least influenced by the toll road. Office
development rely on business activites
Bodetabek Development that Influenced by Infrastructure

Bogor
No significant additional new toll road or
toll gate in the 30 years. Additional toll
road only comes from Bogor Ring Road.

Bekasi
Additional toll road that connect Jakarta
further east (Cipularang, Cipali) makes the
Jakarta-Cikampek toll road always
increase in traffic. New exit toll gate in
Cibatu open a new area in Cikarang.

Tangerang
Additional toll road that connect Serpong
from south. New toll gate (Alam Sutera)
Jakarta Outer Ring Road connect
Tangerang from other areas.
COMMERCIAL PROPERTY
4 FACTORS

“It is seem that commercial property has strong


correlation to residential market performance in
Greater Jakarta”
Bogor Commercial Development
BOGOR Jagorawi
1978
Bogor Outer Ring Road
2009-2014
Bogor Outer Ring Road 2
2018
PROPERTY GROWTH 9,000 180,000

8,000 160,000

7,000 140,000

6,000 120,000

5,000 100,000

4,000 80,000

3,000 60,000

2,000 40,000

1,000 20,000
units m2
- 0
< 1991 1991-1995 1996-2000 2001-2005 2006-2010 2011-2015 2016-2020
Hotel Apartemen Ritel Office

Hotel Rooms hotel


supply growth
Retail Retail space
growth 7.3% p.a.
Apartment
13% 7.3%
13% p.a. in the in the last 10 Bogor Outer Ring Road has
last 10 years years an impact on apartment
sector
Depok Commercial Development
DEPOK Toll Cijago
2012
PROPERTY GROWTH 60,000 90,000

80,000
50,000
70,000

40,000 60,000

50,000
30,000
40,000

20,000 30,000

20,000
10,000
10,000

- 0
1991-1995 1996-2000 2001-2005 2006-2010 2011-2015 2016-2020
Hotel Apartemen Ritel Office

Hotel Rooms hotel


supply growth
Retail Retail space
growth 42% p.a.
Apartment
4X 42%
almost 4 times in the last 10 Cijago Toll Road has a
p.a. in the last years significant impact on
10 years apartment sector
Tangerang Commercial Development
TANGERANG Tangerang - Merak
1987
Jkt - Tangerang
Serpong
Pondok Aren
Ulujami
Serpong
Pintu Tol
Alam Sutera JORR W2.U
JORR 2
Serpong -Cengkareng
PROPERTY GROWTH 1985 1999 2004 2009 2013 Future Development

30,000 2010 450,000


JORR W1
400,000
25,000
350,000

20,000 300,000

250,000
15,000
200,000

10,000 150,000

100,000
5,000
50,000
units m2
- 0
1991-1995 1996-2000 2001-2005 2006-2010 2011-2015 2016-2020
Hotel Apartemen Ritel Office

Hotel Rooms hotel


supply growth
Retail Retail space
growth 12% p.a.
Office Retail space
growth 53% p.a.

31% 12% 22%


31% p.a. in the in the last 10 in the last 10
last 10 years years years
Bekasi Commercial Development
BEKASI Jkt - Cikampek
1985
Cipularang Pintu Tol Grand Wisata
2005 2007
Tol Becakayu
2018
PROPERTY GROWTH 25000
2003 2007 2014
900,000
Pintu Tol JORR Hankam Pintu Tol Cibatu
Delta Mas Raya - Cikunir 800,000

20000
700,000

600,000
15000
500,000

400,000
10000
300,000

200,000
5000

100,000
units m2
0 0
< 1991 1991-1995 1996-2000 2001-2005 2006-2010 2011-2015 2016-2020
Hotel Apartemen Ritel Office

Hotel Rooms hotel


supply growth
Retail Retail space
growth 8.0% p.a.
Office Retail space
growth 53% p.a.

21% 8.0% 53%


21% p.a. in the in the last 10 in the last 10
last 10 years years years
Commercial property market have giving significant impact to residential development

Comparison of growth of Retail and Office in Bodetabek Area in Comparison of growth of Apartment and Hotel in Bodetabek Area
the last 10 years in the last 10 years
square metre (sqm) Unit and Room
700,000 80,000

600,000 70,000

60,000
500,000
50,000
400,000
40,000
300,000
30,000
200,000
20,000

100,000 10,000

- -
Bogor Depok Tangerang Bekasi Bogor Depok Tangerang Bekasi
Retail Office
Apartment Hotel
HOW the mentioned key factors that drive residential estate market

East Part Of Greater Jakarta


 Improvement in infrastructures will be main key factors that
affect residential estate growth in east part of Greater
Jakarta. These including :
 Light Rapid Transit Toll
LRT Jkt – Bdg
 Elevated toll road of Cikampek Kertajati airport
 Fast Train of Jakarta–Bandung
 High population growth will bring to a higher requirement for
residential accommodation particularly in middle to middle
low market segment
 Government regulation to encourage the development of
industrial center, including industrial estates along Bekasi –
Karawang corridor
 City amenities which is represented by retail center
developments increase significantly
HOW the mentioned key factors that drive residential estate market

West Part Of Greater Jakarta


 Good city amenities following a significant growth in
property commercial will be a competitive advantages and
New town concept
attractiveness for residential market in the area Tol Serpong-Balaraja
 Continue improvement in city amenities will be potentially Toll
LRT Jkt – Bdg
contributed by the following :
Kertajati airport
 New town development
 New business district development
 In addition to natural growth of population, significant
increment in universities development will rise demand
for residential sectors in the area
 Government regulation to West Part of Greater Jakarta as
area to encourage business and industry activities that
bordering with DKI Jakarta
HOW the mentioned key factors that drive residential estate market

South Part Of Greater Jakarta


 Improvement in infrastructure that impact to residential
Transjakarta
market in the area is represented by :
New town concept Commuter line
 Depok – Antasari toll road Tol Serpong-Balaraja
 Cinere – Jagorawi toll road Toll
 Light Rapid Transit LRT Jkt – Bdg
Kertajati airport
 Accessibility through railway basis transportation has been
impacted to residential development performance in the area Toll road
LRT
 Tourism activities in the south part area will bring a higher Commuter line
competitive advantages in the area

Toll road
LRT
Commuter line
CONCLUSION
PROPERTY MARKET IN GREATER JAKARTA

Key Factors
All key factors affecting real estate market is expected to show an improvement
indicators in next short to medium term.

Commercial Property Growth


An existence and growth of commercial properties will bring competitive advantages
and attractiveness of real estate developments in Greater Jakarta.
This provide good city amenities and decrease dependencies to the main city of DKI
Jakarta.

“Based on all above indicators, we believe that real estate


developments in Greater Jakarta will continue to grow and enjoy a
positive movement in both price as well as demand”
CONTACT US

Tommy H. Bastamy
Head of Strategic Advisory Indonesia
tommybastamy@coldwellbanker.co.id

Dani Indra Bhatara


Vice President of Strategic Advisory Indonesia
dani.indra@coldwellbanker.co.id

Angra Angreni
Research & Consultancy of Strategic Advisory Indonesia
angra.angreni@coldwellbanker.co.id

Strategic Advisory
Coldwell Banker Commercial Indonesia
Kawasan bisnis Granadha, 12th B floor
Jl, Jend Sudirman Kav 50
Jakarta 12930
Phone : +62 21 255 39 388 ext. 502
Fax : +62 21 255 39 399
Email : advisoryservice@coldwellbanker.co.id

Research Reports are available at


http://www.cbcindonesia.com/research

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