Q4 2017 ColliersQuarterly Jakarta

Colliers Quarterly
Q4 2017
21 March 2018
JAKARTA PROPERTY MARKET REPORT
Accelerating success.
Colliers Quarterly
JAKARTA | OFFICE
Q4 2017
21 March 2018
An Improving level of inquiries, but

rents are still depressed
Rent
Ferry Salanto Senior Associate Director | Taking into consideration the supply and
Jakarta demand factors, we estimate a
moderate rental adjustment outside the
The soaring vacancy rates, which are in line with the CBD to go up by 2-2.5% in 2018.
continued completion of more new office buildings, Meanwhile, the buildings in the CBD will
have changed the recent “tenant market” situation. experience more pressure from the
However, the overall 2017 market performance has upcoming huge supply, which may halt
indicated a sign of recovery, albeit moderately, with the growth of asking rental rate in the
CBD.
escalating enquiries for office expansion particularly
from tenants exploiting the currently low rents. In Price
2018, Indonesia will move ahead with a 5.3% GDP The expectation of higher rental rates
projection, which will provide an interesting may motivate more office purchasers.
investment spot for overseas fund to come in, However, with a slight projection for
particularly in e-commerce and co-working business rental increase, we believe that the initial
at least for the next two to three years. impact on price may be limited to a 5%
increase in 2018.
Forecast at a glance
Demand
Tenants will make the most of the
currently low rental rates and the large
CBD
number of available office spaces. We
expect to see expansion and relocation
activities in 2018, particularly from start-
Office Space for Lease
up companies and co-working space Supply
operators.
Thus far, with nine new office buildings totalling to
Supply 501,927 sq m officially beginning operation, the annual
The additional office supply in Jakarta supply in 2017 has been the highest. After calculating
(CBD and outside the CBD) is estimated supply reduction from the demolition of Wisma
to reach nearly 900,000 sq m to bring Sudirman, cumulative supply in the CBD was registered
the cumulative supply to over 10 million at 5.9 million sq m, reflecting a 9% growth YOY.
sq m by the end of 2018. Sudirman
remains the preferred commercial area According to future office buildings’ completion schedule,
in the CBD with annual supply projection
2018 will still anticipate large quantities of space from at
reaching about 530,000 sq m in 2018.
least 10 office buildings, for a total of about 630,000
Vacancy rate sq m.
The vacancy rate in the CBD will likely
hit above 20% in 2018, whilst vacancy in
office buildings outside the CBD is
projected to stay over 15%.
NEWLY OPERATING OFFICE BUILDING IN 2017
OFFICE BUILDING LOCATION SGA (SQ M) COMPLETION TIME MARKETING SCHEME
Convergence HR Rasuna Said 36,367 Q1 For Lease & Sale
Menara Pertiwi Mega Kuningan 41,456 Q1 For Sale
Satrio Tower Satrio 31,604 Q1 For Lease
Tokopedia Tower Satrio 70,000 Q2 For Lease & Sale
Sopo Del Tower A Mega Kuningan 64,000 Q2 For Lease & Sale
Telkom Landmark Tower II Gatot Subroto 65,000 Q3 For Lease
Menara Palma 2 HR Rasuna Said 50,000 Q4 For Lease
Pacific Century Place Tower Jend. Sudirman 90,500 Q4 For Lease
Mangkuluhur Tower Gatot Subroto 53,000 Q4 For Lease & Sale
Source: Colliers International Indonesia - Research
2017-2018 is approximately 560,000 sq m or 49.6% of

Cumulative Supply the total stock in that period.
8,000,000
7,000,000 Annual Supply by Sub-market (2017 - 2018E)
6,000,000
5,000,000 750,000
4,000,000 600,000
3,000,000 450,000
2,000,000 300,000
1,000,000 150,000
0 0
2018E
2019E
2020E
Rasuna Said
Satrio
Gatot Subroto
Thamrin
Sudirman
2010
2011
2012
2013
2014
2015
2016
2017
Existing Supply Additional Supply Future Supply Mega Kuningan

2017 2018E
Annual Supply
700,000
600,000 Annual Supply Based on Marketing Scheme
500,000
500,000
400,000
300,000 400,000
200,000
300,000
100,000
200,000
0
2018E
2019E
2020E
2010
2011
2012
2013
2014
2015
2016
2017
100,000
0
2018E
2019E
2020E
2011
2014
2010
2012
2013
2015
2016
2017
Additional Supply Future Supply

For Lease For Sale
Currently, only 24% of the total office stock is strata-title
space for sale, with the highest growth recorded in 2017 Source: Colliers International Indonesia - Research
and 2018. The total size of office spaces for sale in
2 Colliers Quarterly | 21 March 2018 | Jakarta | Office | Colliers International

NEW PIPELINE
OFFICE BUILDING LOCATION SGA (SQ M) MARKETING SCHEME STATUS DEVELOPMENT
2018
The Tower Gatot Subroto 56,492 For Sale Under Construction
Prosperity Tower SCBD 71,545 For Sale Under Construction
Treasury Tower SCBD 139,000 For Sale Under Construction
Revenue Tower SCBD 40,000 For Lease Under Construction
Sequis Tower SCBD 78,000 For Lease Under Construction
Sudirman 7.8 (Tower 1) Sudirman 52,000 For Sale Under Construction
Menara Astra Sudirman 80,000 For Lease Under Construction
World Capital Tower Mega Kuningan 72,000 For Lease & Sale Under Construction
World Trade Centre 3 Sudirman 70,000 For Lease Under Construction
2019
Sopo Del Tower B Mega Kuningan 24,300 For Sale Under Construction
Lippo Thamrin Office Tower MH Thamrin 16,500 For Sale Under Construction
T Tower Gatot Subroto 24,000 For Lease & Sale Under Construction
Thamrin Nine MH Thamrin 97,500 For Lease Under Construction
2020
Millenium Centennial Tower Sudirman 93,588 For Lease Under Construction
Social Security Tower HR Rasuna Said 23,500 For Lease Under Construction
Graha Binakarsa HR Rasuna Said 20,000 For Lease Under Construction
Chitaland Satrio 90,000 For Lease Under Construction
Indonesia Satu North Tower MH Thamrin 43,000 For Lease Under Construction
Indonesia Satu South Tower MH Thamrin 88,500 For Lease Under Construction
Gayanti City Gatot Subroto 25,000 For Lease Under Construction
Demand Annual Vacancy and GDP Growth

With a continuing weakening trend, average occupancy 25%
rate edged down moderately QOQ to 82.6%, or a decline
of about 2.2% YOY. This approximately left around 1
20%
million sq m of vacant space as at the end of 2017.
Of the total 359,104 sq m of new office spaces available 15%

in 2017, about 47% has been absorbed, thanks to
several prominent companies such as Tokopedia, 10%
Hanabank, BCA, Excelcomindo and Garena, amongst
others that have become major tenants of new office 5%
buildings that started operation in 2017.
0%
2010 2011 2012 2013 2014 2015 2016 2017 2018E
Vacancy GDP Growth
Source: Colliers International Indonesia - Research and Indonesia

Statistics

Pre-Committed Absorption at Office Building for rent stabilised and was registered at IDR292,374/sq
Lease in 2017 – 2018E m/month.
Average Asking Rents and Occupancy Rates

100% IDR400,000
2017
90% IDR320,000
80% IDR240,000
70% IDR160,000
2018F
60% IDR80,000
50% IDR0
0 100,000 200,000 300,000 400,000
2018E
2010
2011
2012
2013
2014
2015
2016
2017
Space absorbed (sq m) Space unabsorbed (sq m)
Occupancy Base Rental
Occupancy Rates Based on Building Grade
Most future office buildings in Sudirman that are
100%
scheduled for operation in 2018 are quite sanguine in
offering rents above the average market rates. This will
90%
create a counterbalance for the market in anticipation of
a large upcoming supply and expectedly, average rent
80%
would stay relatively flat in 2018.
70%
Asking Rents Based on Building Grades
60%
IDR800,000
50% IDR700,000
Premium Grade A Grade B Grade C
IDR600,000
IDR500,000
2017 2016
IDR400,000
IDR300,000
Nowadays, due to exorbitant land value, any new IDR200,000
commercial building in the CBD should be built in
IDR100,000
accordance with Grade A or above specifications in
order to meet investment viability. Having said that, for IDR0
Premium Grade A Grade B Grade C
the last couple of years, every new building in the CBD
has always been Grade A or Premium Grade building,
which led to an increase in vacancy, particularly during Source: Colliers International Indonesia - Research
this tenants’ market condition. The overall occupancy
rates for Grade A and Premium Grade office buildings Service Charges
still registered at around and below 80% respectively. Since the beginning of 2016, service charges have been
With supply projection being dominated by high grade relatively stable in the CBD. Four newly operating office
office buildings, the occupancy for these high grade buildings in 2017 quote their tariffs above market
buildings will further decline in 2018. average, but this only pushes less than 1% increase
YOY to IDR79,883/sq m/ month. We anticipate a
Rents relatively stable figure with the expectation that existing
The declining occupancy trend added more pressure to buildings will maintain their maintenance cost in 2018.
landlords in setting higher rental tariff. From Q3 2016 to Service charges will range between IDR50,000 and
Q3 2017, rental rates fell by almost 15%. In this quarter, IDR115,000/sq m/month next year.

Service Charges Based on Marketing Scheme Pre-Committed Absorption of Office Building
for Sale in 2017 – 2018E
IDR200,000
IDR160,000
2017
IDR120,000
IDR80,000
2018E
IDR40,000
IDR0 0 100,000 200,000 300,000 400,000 500,000

Office For Lease Strata-Title Office
Space absorbed (sq m) Space unabsorbed (sq m)


Strata-title
Interest Rates and Office Yield
Currently, 86% of the total 1.7 million sq m strata-title
office supply (including those under construction) was 10%
already sold. However, the annual absorption in 2017
was 30% lower than those in 2016. This also impacts the 8%
average price, which was stuck at IDR55.5 million/sq m
in 2017, similar to the previous year. 6%
Average Asking Prices in the CBD Based on 4%

Area
2%
IDR80,000,000
0%
IDR60,000,000 2010 2011 2012 2013 2014 2015 2016 2017
IDR40,000,000 Yield Interest Rates

IDR20,000,000
IDR0
Rasuna Said
Satrio
Mega Kuningan
Gatot Subroto
Sudirman
Thamrin
The overall high vacancy in the office market, which led

to the declining rental trend, may hold buyers/investor-
type of buyers to purchase new strata-title office spaces,
and thus we anticipate asking prices to grow only
moderately in 2018.

All regions outside the CBD had actively contributed new
Outside the CBD office stocks from 2015 to 2017, except East Jakarta.
For the last 20 years, there have been no operating
commercial office buildings in East Jakarta. The on-
going LRT (Light Rail Transit) construction that connects
Office Spaces Offered for Lease some parts of East Jakarta to the city centre may trigger
Supply office development, particularly those close to the LRT
stations.
The number of new office supplies in 2017 in other areas
outside the CBD was lower than in the previous year; Annual Supply Based on Region
only three new office buildings totalling around 96,000 sq
m. The cumulative supply is therefore recorded at 3.1 200,000
million sq m as at the end of 2017, reflecting 5% growth
150,000
YOY.
100,000
Cumulative Supply
50,000
4,000,000
0
East Jakarta
West Jakarta
Central Jakarta
North Jakarta
TB Simatupang
South Jakarta
3,000,000
2,000,000
1,000,000
2017 2018E
0
2018E
2019E
2020E
2012
2010
2011
2013
2014
2015
2016
2017
The provision of advanced public transport facilities and

Existing Supply Additional Supply Future Supply
the growing infrastructure development will serve as
catalyst for the office market to expand, mainly to non-
traditional commercial areas in Jakarta. The
The increase in office stock will be quite significant in development of offices in West Jakarta proves this.
2018 and 2019. Twelve future office buildings are Having large and available land stock, the operation of
expected to complete construction to bring about toll roads connecting the south-north and Tangerang
270,000 sq m of new supply in 2018. The large amount areas drove land owners to build office buildings, the
of supply projection in 2018 is more due to the number of which has escalated by almost 30% over the
postponement of several office buildings that were last three years. LRT corridor 4 will also be developed in
supposed to have started operation in 2017. West Jakarta connecting Puri Kembangan and Tanah
Abang along 9.3 kilometres, as stated in the Urban Train
Annual Supply Network Map of Jabodetabek 2020 prepared by DKI
Jakarta Provincial Government. Therefore, we predict
700,000 that the growth of the office market in West Jakarta will
600,000 continue going forward.
500,000
400,000 As one of the most active areas in contributing office
300,000 spaces in South Jakarta, TB Simatupang already
200,000 represents 57% of the total supply in South Jakarta itself
100,000 or 30% of the total supply outside the CBD.
0
Nevertheless, the growth of office supply in TB
Simatupang has been declining in the last three years,
2018E
2019E
2020E
2010
2011
2012
2013
2014
2015
2016
2017
mainly triggered by a slowing demand in 2015-2016.

Future office stock in TB Simatupang will be relatively
Additional Supply Future Supply limited in 2018-2020.

NEWLY OPERATING OFFICE BUILDING IN 2017
OFFICE BUILDING LOCATION SGA (SQ M) COMPLETION TIME MARKETING SCHEME
Puri Indah Financial Tower Puri Indah 38,500 Q1 For Lease & Sale
Gallery West Kebon Jeruk 29,000 Q4 For Lease & Sale
Puri Matahari Tower Kembangan 28,925 Q4 For Lease
NEW PIPELINE IN OUTSIDE CBD (EXCLUDE TB SIMATUPANG)
OFFICE BUILDING LOCATION SGA (SQ M) MARKETING SCHEME STATUS DEVELOPMENT
2018
Tamansari Parama KH Wahid Hasyim 10,800 For Sale Under Construction
One Belpark Office Pondok Labu 17,800 For Lease Under Construction
St Moritz Office Tower Puri Indah 19,500 For Sale Under Construction
BKP Office Tower Sunter 16,000 For Lease Under Construction
Hermina Office Building Kemayoran 20,000 For Sale Under Construction
Soho Pancoran Pancoran 30,000 For Sale Under Construction
One Tower Kemayoran 21,400 For Sale Under Construction
Ciputra International Puri 1 Phase 1 Puri 15,000 For Lease Under Construction
Arcade Business Center Pluit 22,000 For Lease Under Construction
2019
MNC Tower II Kebon Sirih 60,000 For Lease Under Construction
Jakarta Box Tower Kebon Sirih 36,000 For Lease Under Construction
The Unity @Kota Kasablanka Casablanca 80,000 For Lease Under Construction
Ciputra International Puri Phase 2 Puri 15,000 For Lease In Planning
Ciputra International Puri 1 Phase 3 Puri 15,000 For Lease In Planning
Ciputra International Puri 2 Phase 3 Puri 15,000 For Lease In Planning
2020
Ciputra Twin Tower 1 Kemayoran 40,000 For Sale Under Construction
Ciputra Twin Tower 2 Kemayoran 40,000 For Lease Under Construction
Agung Sedayu Office Tower Pantai Indah Kapuk 50,000 For Lease In Planning

NEW PIPELINE IN TB SIMATUPANG
OFFICE BUILDING SGA (SQ M) MARKETING SCHEME STATUS DEVELOPMENT
2018
The Sima 60,000 For Lease Under Construction
2019
Arkadia Tower G 30,000 For Lease Under Construction
Beltway Office Park Tower 4 30,839 For Lease In Planning
2020
The Manhattan Square Tower 2 39,375 For Lease & Sale In Planning
Occupancy Rates
Annual Supply Based on Marketing Scheme
100%
300,000
250,000 90%
200,000 80%
150,000 70%
100,000
60%
50,000
50%
0 2010 2011 2012 2013 2014 2015 2016 2017
2018E
2019E
2020E
2010
2011
2012
2013
2014
2015
2016
2017
Outside the CBD excluding TB Simatupang

TB Simatupang
For Lease For Sale
Source: Colliers International Indonesia - Research Source: Colliers International Indonesia - Research
Pre-Committed Absorption of Office Building

Demand and Occupancy for Lease in 2017 – 2018E
After a slight decline to 81.9% in Q1 2017, occupancy
climbed gradually and is now registered at 83.7%. Most
operating office buildings maintained their tenants, as it
was in 2016, and the good performance of newly 2017
operating office buildings also helped bring average
occupancy to rise modestly by 1.6% YOY.
The challenge of the office market outside the CBD

remains to be the anticipated large future supply in 2018. 2018E
Occupancy rate will drop by about 2% in 2018.
Information and Technology (IT), Insurance, and 0 50,000 100,000 150,000 200,000
Banking still generate significant demand for new office
buildings outside the CBD, especially in Central and
Space Absorbed (sq m) Spaces Unabsorbed (sq m)
South Jakarta. The western and northern regions will
continue to benefit from the proximity and immediate
access to the airport or seaport, to which the freight Source: Colliers International Indonesia - Research
forwarding and shipping companies will expand their
As the most active areas in contributing office spaces,
operation.
the continuing influx of new office buildings has
inevitably led to declining occupancy in West and South
Jakarta in the last two years. Three office buildings that

began operation caused occupancy rate in West Jakarta Average Asking Rents
to fall 6.5% YOY to 82% in 2017. Conversely, after
recording a drop in the previous year, occupancy rate IDR300,000
climbed from 5.5% to 81.7% in South Jakarta in 2017. IDR250,000
Today, less than 5% of the total office buildings in South
IDR200,000
Jakarta recorded occupancy rates below 50%; most of
these are small buildings located in TB Simatupang and IDR150,000
thus did not change the overall occupancy calculation. IDR100,000
The average occupancy rate in TB Simatupang currently
IDR50,000
stays at 77.3%.
IDR0
YOY Occupancy Rates Based on Area 2010 2011 2012 2013 2014 2015 2016 2017
Outside CBD excluding TB Simatupang

100%
TB Simatupang
90%
80%
Range of Asking Base Rents Based on Region
70%
IDR400,000
60%
IDR300,000
50%
Central South North East West
Jakarta Jakarta Jakarta Jakarta Jakarta IDR200,000
2017 2016 IDR100,000
IDR0
East Jakarta
West Jakarta
Central Jakarta
North Jakarta
TB Simatupang
South Jakarta
Rents
Rent is very much impacted by the addition of new office
buildings charging higher occupancy. To date, the
average rent for office buildings outside the CBD was
recorded at IDR227,826/sq m/month, which is a modest Source: Colliers International Indonesia - Research
increase of 4.6% QOQ. On the back of relatively stable
demand going forward, rent may climb in 2018, albeit in Service Charges
a slow pace of around 2-2.5%. As at the fourth quarter of 2017, average service
charges were recorded at IDR55,679/sq m/month
Excluding West Jakarta, all areas underwent an increase outside the CBD, reflecting a 3.3% YOY drop. Compared
in rental rates, with South Jakarta as still the most to other regions, South Jakarta continues to capture the
expensive area outside the CBD. Rents in TB most expensive maintenance cost, due to the overall
Simatupang moved upward by 6.8% to IDR249,883/sq quality specification of the buildings, mainly those
m/month. In line with improving occupancy rate, the located in TB Simatupang.
average rent at TB Simatupang is projected to grow 6.5-
7.0% in 2018.

Range of Service Charges Based on Marketing Pre-Committed Absorption at Office Building for
Scheme Sale in 2017 – 2018E
IDR150,000
IDR125,000
2017
IDR100,000
IDR75,000
2018E
IDR50,000
IDR25,000
0 30,000 60,000 90,000 120,000
IDR0
Office For Lease Strata-Title Office Space Absorbed (sq m) Spaces Unabsorbed (sq m)
Source: Colliers International Indonesia - Research Source: Colliers International Indonesia - Research
Strata-title
Price of strata-title office buildings outside the CBD rose
Concluding
modestly by 2.3% YOY to an average of IDR36.3
million/sq m.
Thought
Average Asking Price Given the sluggish economy and current oversupply,
tenants will continue to be price-sensitive at least in one
IDR50,000,000
or two years. They are now exploiting the circumstances
IDR40,000,000 and trying to obtain office spaces at relatively low prices
IDR30,000,000 but still with good quality. So, even with the fact that
IDR20,000,000
landlords will have low expectations over price or rent to
grow, at least market will have the opportunity to absorb
IDR10,000,000
the abundant supply, despite the low rent.
IDR0
2010
2011
2012
2013
2014
2015
2016
2017
2018E
Outside CBD excluding TB Simatupang

TB Simatupang
Outside the CBD, there are about 175,000 sq m of

unabsorbed/unsold spaces, 25% of which are located in
TB Simatupang. Average asking prices in TB
Simatupang decreased by 4.9% YOY to IDR32.8
million/sq m, most likely because some office buildings
are offering prices lower by 5-15%. Looking ahead, price
will probably increase, given the absence of new strata-
title buildings at least up to the next two years.

For more information: Contributors:
Ferry Salanto Eko Arfianto
Senior Associate Director | Senior Manager |
Jakarta Research
+62 21 3043 6730
ferry.salanto@colliers.com
Copyright © 2017 Colliers International.

The information contained herein has been obtained from
sources deemed reliable. While every reasonable effort has
been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are
encouraged to consult their professional advisors prior to
acting on any of the material contained in this report.

Colliers Quarterly
JAKARTA | APARTMENT
Q4 2017
21 March 2018
Ferry Salanto Senior Associate Director | Rent

Jakarta With vacancy creeping up in the
serviced apartment market, landlords
Indonesia's on-going massive infrastructure are likely to remain conservative in
development had attracted overseas developers, rental negotiation. Coupled with
especially from Japan, China, Singapore and other downgrading trends in the market, we
Asian countries. Local property developers, such as expect the average rent to increase
Sinar Mas Land, Intiland Development, Alam Sutera modestly, in the range of 2-3% for the
and Sentul, have already benefitted from the inflow entire 2018.
through the establishment of JVs and collaboration
with several foreign developers. We believe this Price
In 2018, we do not foresee much
situation will improve further as many institutions
improvement in demand and the number
forecast Indonesia’s economy to grow and be better of incoming apartments that are targeted
in 2018. to end-users. Therefore, we project the
average apartment price would increase
In our view, the government policy is likely to be modestly, a little bit higher than 2017’s
more populist next year as we are approaching by 5% to 6%, to IDR34.5-35.5 million
election years 2018 and 2019. Anything to be /sq m.
decided, such as raising electricity tariffs and gas
and subsidised fuel prices, which may increase
living costs, are likely to be the last option, we
believe.
Strata-title
Moreover, compared to alternative investments,
residential properties, particularly apartments,
generate relatively high yields with lower risks. Gold Apartment
and benchmark currencies such the US dollar are
conventionally considered the safest method of
hedging in Jakarta. However, both have generated Supply
marginal or even negative returns in recent years. With the completion of eight new apartment projects
Apartment yields are relatively similar to commercial consisting of 3,181 units, the cumulative supply of
bank deposit rates. This helps maintain investment apartments in Jakarta increased by 1.8% QOQ or 4.6%
appeal to local buyers who still perceive property as YOY to 184,293 units. The annual supply in 2017
safer than bank deposit. reached 8,115 units, the lowest in the last seven years,
which account for 21,167 units. Such situation happened
Forecast at a glance mainly due to soft absorption that may lead to the
financial issue and thus delay delivery of the projects.
Demand Looking ahead in 2018-2020, the market will receive
We believe that next year, sales will be 62,116 units, which is a substantial number, bringing
supported by real homebuyers rather
apartment inventory in Jakarta to exceed 246,000 units
than investors. Furthermore, we expect
the average take-up rate to increase in 2020.
modestly by 2-3% from now, to be at 87-
88% level by the end of 2018.
Supply
The market will receive an additional of
62,116 units from 104 projects: 32,429
units in 2018, 15,602 in 2019 and
14,085 in 2020.
COMPLETED APARTMENT PROJECTS DURING Q4 2017
APARTMENT NAME LOCATION REGION DEVELOPER NAME NO. OF UNITS
Green Signature Apartment Jl. MT Haryono East Jakarta Pikko Group 840
Pluit Seaview (Tower Belize) Pluit North Jakarta Binakarya Propertindo Group 300
Menteng Park (Diamond Tower) Jl. Cikini Raya Central Jakarta Agung Sedayu Group 756
Lexington Residence (The Tower) Pondok Pinang South Jakarta Cowell Development 275
The Aspen Peak at Admiralty (Tower C) Jl. Fatmawati South Jakarta PT. Harmas Jalasveva 322
Capitol Suites Jl. Prapatan Raya Central Jakarta The Capitol Group 327
Lexington Residence (La Terrase) Jl. Deplu Raya South Jakarta Cowell Development 111
Wang Residence Jl. Panjang West Jakarta PT. Citicon Propertindo 250
NEWLY LAUNCHED APARTMENT PROJECTS DURING Q4 2017
APARTMENT NAME LOCATION REGION EXPECTED ESTIMATED NO. OF

COMPLETION PRICE/SQ M UNITS
YEAR
Kasamara Residence Jl. Kesehatan Raya South Jakarta 2020 IDR36 - 38mio 151
Arumaya Simatupang Jl. Kartini South Jakarta 2021 IDR35 - 36mio 289
Solterra Place Apartment Jl. Condet Pejaten South Jakarta 2021 IDR28 - 29mio 521
Simprug Signature (Thames Tower) Jl. Ciledug Raya South Jakarta 2021 IDR20mio 544
Cleon Mansions Jakarta Garden City East Jakarta 2021 IDR14 - 16mio 613
Optimism remains and is highlighted by sustainable Jakarta is transforming its transportation system into a
apartment construction over the next few years. Five Transit-Oriented Development (TOD) concept, which
projects were launched in Q4 2017 with a total potential advocates property development along mass transit
stock of 2,118 units, showing a 30% growth, compared stations. The aim of this transportation system is to
to the previous quarter. With about 10 million people, the encourage citizens to walk and use public transportation
majority of which are in their productive age, Jakarta whilst dissuading the ownership of automobiles. We
presents huge market potential for residential developers think that TOD will be the future in urbanisation, and that
and investors. Through JV and outright purchases, many it will have a major impact on various sectors. Moreover,
overseas investors have decided to partner with local properties near transit hubs can have significant capital
developers to share risks and increase their funds, as appreciation, for example 10% in China and Thailand,
both local and foreign developers recognise the and 32% in Hong Kong. Nonetheless, the appreciation of
importance of having local knowledge and foreign property price is supposed to be non-equitable and quite
capital, as well as expertise to boost the marketability of higher at the exit points of city spots.
their projects.
2 Colliers Quarterly | 21 March 2018 | Jakarta | Apartment | Colliers International

NEW PIPELINE
APARTMENT NAME LOCATION REGION DEVELOPER NO. OF DEVELOPMENT

UNITS STATUS
2018
Sudirman Suites Jl. Jend. Sudirman CBD Pikko Group 380 Under Construction
Casa Domaine Jl. Jend. Sudirman CBD Lyman Group 186 Under Construction
The Suites Satrio Jl. Prof. Dr. Satrio CBD Ciputra Group 200 Under Construction
Gayanti City (2 Towers) Jl. Gatot Subroto CBD PT Buana Pasifik 598 Under Construction
International
Verde Two (Tower West) Jl. HR Rasuna Said CBD Farpoint Realty 152 Under Construction
Anandamaya Residences (3 Jl. Jend. Sudirman CBD Hongkong Land 500 Under Construction
towers)
Lavie Jl. Denpasar Raya CBD Wilsor Group 302 Under Construction
Regent Residences (tower 1) Semanggi CBD PT Kencana Graha Global 100 Under Construction
The Elements Epicentrum (2 Jl. HR Rasuna Said CBD Sinarmas Land 372 Under Construction
Towers)
T - Plaza Residence (Tower A & Jl. Penjernihan Central Jakarta PT Prima Kencana 614 Under Construction
C)
Royal Suites Kemayoran Central Jakarta Springhill Golf Group 450 Under Construction
The H Residence Kemayoran Jl. Rajawali Selatan Central Jakarta Hutama Karya Realtindo 800 Under Construction
(Amethyst)
Signature Park Grande Jl. MT. Haryono East Jakarta KSO Fortuna Indonesia 1,100 Under Construction
(Pikko)
Bassura City (Tower Jasmine Jl. Basuki Rahmat East Jakarta Synthesis Development 2,000 Under Construction
Bassura City (Tower Heliconia) Jl. Basuki Rahmat East Jakarta Synthesis Development 700 Under Construction
Regatta London Tower Jl. Pantai Mutiara North Jakarta Intiland Development 186 Under Construction
Pluit Seaview (Tower Ibiza) Pluit North Jakarta Binakarya Propertindo Group 500 Under Construction
Gold Coast Apartment (Atlantic Pantai Indah Kapuk North Jakarta Agung Sedayu 568 Under Construction
Tower)
The Kensington Royal Suites (4 Kelapa Gading North Jakarta Summarecon 790 Under Construction
Tower)
LA City Apartment (Tower A) Jl. Raya Lenteng South Jakarta Pancanaka Samaktha 980 Under Construction
Agung
Nine Residence Warung Buncit South Jakarta PT Lippo Karawaci 246 Under Construction
Pakubuwono Terrace Grand Kebayoran Lama South Jakarta PT Selaras Mitra Sejati 435 Under Construction
Tower
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
Izzara Apartment (South and North Jl. TB Simatupang South Jakarta Grage Group 542 Under Construction
Tower)
Bellevue Place Jl. MT Haryono South Jakarta Gapura Prima 240 Under Construction
One Casablanca Residence Jl. Palbatu South Jakarta Forza Land 215 Under Construction
The Foresque Jl. Pasar Minggu South Jakarta PT Griya Karunia Sejahtera 660 Under Construction
(Binakarya Propertindo
Group)
The Langham Residences Jl. Senopati South Jakarta Agung Sedayu 57 Under Construction
continued

UNITS STATUS
continuation
The Aspen Peak at Admiralty Jl. Fatmawati South Jakarta PT Harmas Jalasveva 322 Under Construction
(Tower D)
Casa Grande Residence 2 (Tower Jl. Casablanca South Jakarta Pakuwon Group 350 Under Construction
Angelo)
Bella)
Chianti)
Pondok Indah Residences (3 Pondok Indah South Jakarta Metro Pondok Indah 880 Under Construction
Towers)
Selatan 8 (Tower Prabu) Jl. Raya Ulujami South Jakarta Karya Cipta Group 344 Under Construction
Pakubuwono Spring (2 towers) Jl. Teuku Nyak Arief South Jakarta PT Simprug Mahkota Indah 545 Under Construction
(Agung Podomoro Group)
Branz Simatupang (2 tower) Jl. TB Simatupang South Jakarta Tokyuland 381 Under Construction
Synthesis Residence Kemang (3 Jl. Ampera Raya South Jakarta Synthesis Development 1,100 Under Construction
towers)
Gianetti Apartment Jl. Kebon Jeruk Raya West Jakarta Bangun Investa Graha 500 Under Construction
St Moritz (The New Ambassador Jl. Puri Indah West Jakarta PT Lippo Karawaci 200 Under Construction
Suite Tower) Kembangan
Gallery West Jl. Panjang West Jakarta AKR 280 Under Construction
Puri Mansion Apartment (Tower Jl. Lingkar Luar Barat West Jakarta Agung Sedayu Group 900 Under Construction
Amethyst)
Puri Orchard (Cedar Heights Jl. Raya Adicipta West Jakarta PT Adicipta Graha Kencana 1,050 Under Construction
tower) (Serenity Group)
Puri Orchard (Magnolia Spring Jl. Raya Adicipta West Jakarta PT Adicipta Graha Kencana 544 Under Construction
tower) (Serenity Group)
Vittoria Residence (3 tower) Jl. Daan Mogot West Jakarta PT Duta Indah Kencana 1,100 Under Construction
Taman Anggrek Residence (6 Jl. Tanjung Duren West Jakarta Agung Sedayu 3,000 Under Construction
towers)
Ciputra International Puri Indah Jl. Lingkar Luar Barat West Jakarta Ciputra Group 412 Under Construction
(Tower Amsterdam)
Grand Madison Park Jl. Tanjung Duren West Jakarta Agung Podomoro Group 300 Under Construction
Citra Lake Suites (Tower Jl. Raya Kresek West Jakarta Ciputra Group 104 Under Construction
Rosewood)
Greenwood)
Oakwood)
Sherwood)
Ciputra International Puri Indah Jl. Lingkar Luar Barat West Jakarta Ciputra Group 335 Under Construction
(Tower Barcelona)
Puri Mansion Apartment (Tower Jl. Lingkar Luar Barat West Jakarta Agung Sedayu 700 Under Construction
Crystal)
West Vista (2 towers) Jl. Lingkar Luar Barat West Jakarta PT Harapan Global Niaga 2,840 Under Construction
continued

UNITS STATUS
continuation
Citra Living Apartment (Somerset Jl. Citra 7 West Jakarta Citra Mitra Graha KSO 312 Under Construction
Tower)
Citra Living Apartment (Orchard Jl. Citra 7 West Jakarta Citra Mitra Graha KSO 312 Under Construction
Tower)
2019
South Hill Jl. Denpasar Raya CBD Dua Mutiara Group 611 Under Construction
The Residences at The St. Regis Jl. HR Rasuna Said CBD Rajawali Property Group 164 Under Construction
Jakarta
Arandra Residence Jl. Cempaka Putih Central Jakarta Gamaland 687 Under Construction
Raya
Sudirman Hill Residence Jl. Karet Pasar Baru Central Jakarta PT Muliaguna Propertindo 299 Under Construction
Barat Development
Menara Jakarta (Tower Equinox) Kemayoran Central Jakarta Agung Sedayu 396 Under Construction
Menara Jakarta (Tower Azure) Kemayoran Central Jakarta Agung Sedayu 860 Under Construction
The Linq Kemayoran (2 towers) Kemayoran Central Jakarta KG Global 1,020 Under Construction
Menteng 37 Jl. Menteng Central Jakarta Pikko Group & Wijaya 99 Under Construction
Wisesa (JV)
Sentra Timur Residence (Tower Pulogebang East Jakarta Bakrieland Development 605 Under Construction
Safir)
Pluit Seaview (Tower Bahama) Pluit North Jakarta Binakarya Propertindo Group 650 Under Construction
Regatta Apartment (Tower New Pantai Mutiara North Jakarta Intiland Development 186 Under Construction
York)
Sedayu City (Tower Melbourne) Jl. Pegangsaan Dua North Jakarta Agung Sedayu 912 Under Construction
Raya
Jaya Ancol Seafront - Oceana Ancol North Jakarta Jaya Ancol 524 In Planning
Tower
Orient Residence Jl. Yos Sudarso North Jakarta PT Tri Raton Mega 225 Under Construction
Gold Coast Apartment (Bahama Pantai Indah Kapuk North Jakarta Agung Sedayu 600 Under Construction
Tower)
Gold Coast Apartment (Carribean Pantai Indah Kapuk North Jakarta Agung Sedayu 600 Under Construction
Tower)
Gold Coast Apartment (Honolulu Pantai Indah Kapuk North Jakarta Agung Sedayu 600 Under Construction
Tower)
La Foret Vivante Permata Hijau South Jakarta PT Mahkota Properti Indo 253 In Planning
Permata
45 Antasari (2 Towers) Jl. P. Antasari South Jakarta Cowell Development 1,924 Under Construction
Arzuria Apartment Jl. Tendean South Jakarta Tolaram Group 210 Under Construction
Fatmawati City Center - Corona Jl. Fatmawati South Jakarta Agung Sedayu 620 Under Construction
Park Suite Tower
Ratu Prabu 3 Residences Jl. TB Simatupang South Jakarta PT Ratu Prabu Tiga 61 Under Construction
Samara Suites Jl. Gatot Subroto South Jakarta Synthesis Development 300 Under Construction
Lavish Kemang Residence Jl. Kemang Raya South Jakarta PT Kemang Karya Utama 474 Under Construction
continued

UNITS STATUS
continuation
Permata Hijau Suites Jl. Raya Kebayoran South Jakarta PT Palmerindo Properti 649 Under Construction
Lama
TBS Tower Apartment Jl. TB Simatupang South Jakarta PT Mahkota Asia Graha 162 Under Construction
Kasamara Residence Jl. Kesehatan Raya South Jakarta PT MGM Propertindo 151 In Planning
19 Avenue Apartment (Tower B) Jl. Daan Mogot West Jakarta Margahayu Land 416 Under Construction
Green Sedayu Apartment (Tower Jl. Kamal Raya West Jakarta Agung Sedayu 644 Under Construction
Pasadena)
Daan Mogot City (3 towers) Jl. Daan Mogot West Jakarta PT China Harbour Jakarta 700 Under Construction
Real Estate Development
2020
Verde Two (Tower East) Jl. HR Rasuna Said CBD Farpoint Realty 182 Under Construction
Le' Parc Jl. MH Thamrin CBD PT Putragaya Wahana 100 Under Construction
The Newton at Ciputra World 2 Jl. Karet Sawah CBD Ciputra Group 450 Under Construction
Holland Village (Phase II) Cempaka Putih Central Jakarta PT Lippo Karawaci 230 Under Construction
The Stature Jakarta Jl. Kebon Sirih Central Jakarta Capitaland and Credo Group 87 Under Construction
The Sahid Asena Apartment and Ciracas East Jakarta Sahid Group 476 In Planning
Garden
Prajawangsa City (8 towers) Jl. Raya Bogor East Jakarta Synthesis Development 4,000 In Planning
East 8 (2 towers) Cibubur East Jakarta Karya Cipta Group 1,172 Under Construction
Sedayu City (Tower Darwin) Jl. Pegangsaan Dua North Jakarta Agung Sedayu 936 In Planning
Raya
Regatta Tokyo, Acapulco, Sydney Jl. Pantai Mutiara North Jakarta Intiland Development 276 In Planning
Tower
Kemang Penthouse Jl. P. Antasari South Jakarta PT Senopati Aryani Prima & 114 In Planning
PT Mahardika Gagas
Sejahtera
Antasari Heights (One Otium Jl. P. Antasari South Jakarta PT Radinka Quatro Land 360 Under Construction
Residence)
Selatan 8 (Tower Sultan) Kebayoran Lama South Jakarta Karya Cipta Group 336 Under Construction
Fatmawati City Center(5 towers) Fatmawati South Jakarta Agung Sedayu 2,080 Under Construction
Aerium Taman Permata Buana Taman Permata Buana West Jakarta PT Itomas Kembangan 366 Under Construction
(South Tower) Perdana (Sinarmas Land &
ITOCHU)
Green Sedayu Apartment (Tower Jl. Kamal Raya West Jakarta Agung Sedayu 920 In Planning
New York)
Tomang Park Apartment (2 Jl. Tawakal Ujung West Jakarta PT Phoenix Property 2,000 In Planning
towers) Raya

LIST OF APARTMENT PROJECTS WITHIN THE TOD SYSTEM
APARTMENT NAME LOCATION REGION PROJECTED DEVELOPER #UNITS

OPENING
YEAR
Eastern Green Bekasi Jl. HM Joyomartono Bekasi 2019 PT Adhi Karya (Persero) Tbk. 634
Urban Signature LRT City Ciracas Jl. Penganten Ali East Jakarta 2020 PT Adhi Karya (Persero) Tbk. 1,480
Apartment @Stasiun Tanjung Barat Stasiun Tanjung Barat South Jakarta 2020 Perum Perumnas & PT 820
Kereta Api Indonesia
(Persero)
Apartment @Stasiun Pondok Cina Stasiun Pondok Cina Depok 2020 Perum Perumnas & PT 1,848
Kereta Api Indonesia
(Persero)
Apartment @Stasiun Pasar Senen Stasiun Senen Central Jakarta 2020 PT Wijaya Karya Bangunan 908
Gedung
Apartment LRT City Gateway Park Jl. Kampung Baru STM Bekasi 2020 PT Adhi Karya (Persero) Tbk. 1,254
Kapin
Apartment @Stasiun Tanah Abang Jl. Jati Baru Central Jakarta 2020 PT Kereta Api Indonesia 800
(Persero) & PT PP Properti
Tbk.
Apartment @Stasiun Juanda Jl. Ir. H Juanda Central Jakarta 2020 PT Kereta Api Indonesia 628
(Persero) & PT PP Properti
Tbk.
Conexio Dhika City Bekasi Jl. Suliki Cempaka Bekasi 2020 PT Adhi Persada Properti 558
Royal Sentul Park Jl. Raya Babakan Madang Bogor 2020 PT Adhi Karya (Persero) Tbk. 1,600
expectation for then newly elected president, Joko

Demand Widodo, the JCI only experienced a modest increase by
6.7%. Furthermore, incumbent candidates will run in the
Overall, apartment sales activities in Jakarta have not 2019 elections, so we expect the elections to be as
been discernible, evidenced by the modest take-up rate dynamic as those in 2009, compared with the 2014.
increase by less than 1% from the previous quarter to However, contrary to the conditions in 2009, the current
85.9%. At a glance, during the whole year of 2017, the economic condition is much better in terms of fiscal,
apartment market in Jakarta was not as we expected macro economy and global economic environment.
earlier in the year. Weaker-than-expected demand Therefore, we believe the upcoming elections should not
recovery, lack of catalysts, issues on property-related pose a significant impact towards buyer confidence.
regulations and Jakarta’s gubernatorial election had
affected consumers’ appetite in buying apartment units. Take-up Comparison Between Existing and
However, we saw a trend in which the number of Under Construction Projects
mortgage users is increasing along with a relatively low
Q4 Q3 Q4 QOQ YOY
interest rate policy. 2016 2017 2017
Approaching political year 2018, the government should Existing 96.0% 96.1% 95.3% -0.8% -0.7%
have preferences to a more populist measures for Pre- 68.1% 66.5% 67.0% 0.5% -1.1%
grassroots, including social-welfare budget, electricity sales
Rate
tariffs and energy subsidies, rather than produce a pro-
market policy for the property sector, in order to increase Average 86.8% 85.6% 85.9% 0.3% -0.9%
popularity and electability. This trend is particularly Source: Colliers International Indonesia - Research
evident when the incumbent is to get into the elections,
as will be the case in 2019. During the pre-election years We expect higher sales volume in response to lower
of 2008 (election was in July 2009 with incumbent interest rate, which ought to incentivise mortgage users.
candidates) and 2013 (election was in July 2014), it was We think the middle to low apartments, which mainly
found that the Jakarta Composite Index was not bullish target end-users, will take benefit from the low interest
at those times. In 2008, amid the global financial crisis, rate environment. GDP growth is set to rise at a steady
the JCI fell by 23%, and in 2013, despite strong market pace moving forward, on the back of lower interest rates

and inflation, easing credit and a recovery in commodity consumer confidence and optimism in the near term.
prices. Furthermore, the plan to introduce spatial LTV scheme
should create positive sentiment, albeit in the short term,
There are several key catalysts that we believe should on the apartment market all over Indonesia.
be in favour of the residential property market going
ahead: Indonesia Composite Index - A Year before
Election
> Assuming the political situation is conducive and
under control, it will likely spur people to spend 6,000
more, including buying property product.
5,000
> Fitch Ratings has upgraded Indonesia’s credit 4,000

ratings by one notch to the second-lowest
investment grade from BBB- to BBB with a stable 3,000
outlook.
2,000
> There are lower financing and lending costs due to
1,000
the easing on monetary policy. Following a seven-
day repo rate cut in August and September, it should 0
May
June
May
June
April
April
January
January
March
July
August
September
October
March
July
August
September
October
November
February
November
December
February
December
boost demand for property purchase using
mortgage, particularly for the first home buyer.
> Underpinned by the government’s measures to

promote business spending and the revision of 2003 - 2004 2008 - 2009 2013 - 2014
negative investment lists, the investment activity is
envisaged to accelerate in 2018. Source: IDX
Nonetheless, the following other factors should also be Payment Method Composition in Purchasing
anticipated: Apartment (Q4 2013)
> Domestic consumption may possibly decelerate,

Mortgage
despite multiple interest rate cuts. In our opinion, this Hard cash 16%
21%
is mainly due to the slow transmission from
monetary policy to actual domestic interest rate.
> China is slowing down. A large correction in Chinese

industrial demand would have a profound impact on
global commodity prices and thus Indonesian export
commodities account for over half of the goods
exports.
Investors are pickier these days as they are more risk

averse amid the sluggish economy. From investors’ Cash
installment
perspective, we see that due to the current market 63%
condition, investors may have less benefit from investing
in apartments than in other alternative investments, such Source: Colliers International Indonesia - Research
as foreign currencies or gold. Residential properties,
particularly apartments, generate relatively high yields
with lower risks. Gold and benchmark currencies such
the US dollar are conventionally considered the safest
method of hedging for the Indonesian people. However,
both have generated marginal or even negative returns
in recent years.
The outlook for high-rise residential market in 2018

remains cautiously optimistic with opportunities and
challenges. On-going and planned infrastructure projects
are expected to accelerate and see an increased

Payment Method Composition in Purchasing Quarterly Asking Prices of Apartment in Three
Apartment (Q4 2017) Different Areas
IDR60,000,000
IDR50,000,000
Hard cash
19% IDR40,000,000
IDR30,000,000
Cash
installment IDR20,000,000
52%
IDR10,000,000
IDR0
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Q4 2016
Q1 2017
Q2 2017
Q3 2017
Q4 2017
Mortgage
29%
CBD South Jakarta Non-prime Area
Source: Colliers International
Interest Rates for Property Ownership
Financing in Several Major Bank There is likely a tendency that investors become
reluctant to invest in residential property considering the
INTEREST RATES (%)
limited price appreciation, whilst real homebuyers will
National Bank dominate the sales profile for immediate use. Given this,
BRI 10.25 we project the price increment to increase modestly in
Bank Mandiri 10.25 2018, a little bit higher than in the previous year, by as
BNI 10.50
much as 5-6%.
BTN 10.25
BCA
Bank Danamon
10.00
10.50
Apartment for
Lease
OCBC NISP 12.50
Bank Mayapada 11.50
Overseas Bank
Summary
Citibank 8.25
There are no additional apartments for lease in Jakarta
CTBC Bank 9.65
during the last quarter of 2017. Accordingly, the total
UOB 10.65
supply for both serviced and non-serviced apartments in
HSBC 9.00 Jakarta remained at 8,860 units. Furthermore, three new
Source: OJK serviced apartment projects are preparing to operate in
2018, including Ascott Sudirman Jakarta, Oakwood @
District 8 and Somerset Kencana. Looking forward, there
Asking Price will be an addition of at least 313 units from 2019 to
Overall, as of Q4 2017, the average asking price of 2022. Most of these have branded operators such
strata-title apartment in Jakarta was approximately Ascott, Somerset and Fraser.
IDR33 mio/sq m, which is an increase of less than 1%
QOQ and 4.2% YOY. Apartment prices will likely
continue their upward trend, underpinned by recovering
market sentiment. However, it is still possible to see a
slower growth on price or even a short turmoil if a wave
of new launches from middle to low projects occurs,
which typically have massive units coming into the
market that cannot be absorbed quickly.

SUPPLY PIPELINE OF SERVICED APARTMENT IN JAKARTA
APARTMENT NAME LOCATION REGION EXPECTED COMPLETION YEAR NO. OF UNITS
Ascott Sudirman Jakarta Jl. Prof Dr Satrio CBD 2018 192
Oakwood at District 8 Senopati SCBD CBD 2018 180
Somerset Kencana Jakarta Pondok Indah South Jakarta 2018 148
Somerset Residence Jakarta Jl. Kemang Raya South Jakarta 2020 162
Ascott Menteng Jakarta Menteng CBD 2021 151
Fraser Suites Kebon Melati Kebon Melati CBD 2022 TBA
Demand in the leasing market is largely driven by for landlords or management should ideally be based on
expatriates characterised by increasingly high number of relative peer performance and opportunity cost rather
young Asian executives in managerial position. As of Q4 than benchmarking the new sign-on rent against the
2017, the average occupancy rate for apartment for previous contracted one. By opportunity cost, we mean
lease in Jakarta was relatively similar to the previous excess revenue over the course of a typical lease that
quarter, staying at 71.2%. Despite the gloomy condition could be earned if the unit is rented out realistically
in the oil and gas industry, there are other industries or rather than leaving it un-contracted for an uncertain
sectors that are still growing here including banking, period of time due to unrealistic high asking rents.
embassy staff and financial services. In addition, there
are also potential demands from the on-going major Average Rental Rates Changes of Apartment for
infrastructure projects, such as the construction of Lease Based on Region
Jakarta Mass Rapid Transit (MRT), Jakarta-Bandung
Q2 2017 Q3 2017 Q4 2017
High-Speed Railway and Asian Games-related works,
CBD IDR361,788 IDR361,789 IDR361,789
including refurbishment and renovation of sport venues
and stadiums. We also expect potential expatriates South Jakarta
looking for home accommodation from the (incl. Non-Prime) IDR218,037 IDR218,369 IDR218,369
abovementioned sector. Other possible targets are e- Source: Colliers International
commerce, IT and other tech industry sectors that would
be the next market in the longer term. To sum up, the on-going injection of new stock (which is
coming from individual owners of strata-title apartments
Occupancy Rates of Apartment for Lease offering their units for lease) is placing further downward
pressure on rents, as leasing demand from expatriates is
Q4 Q3 Q4 QOQ YOY
still weak. We expect a smaller number of expat
2016 2017 2017
workforce in the future, partly because of tighter controls
Leased 74.5% 74.5% 74.4% -0.1% -0.1% in hiring foreigners since the Ministry of Manpower is
Serviced 66.7% 65.6% 65.3% -0.2% -1.3% encouraging companies to hire more local Indonesian
workers and is tightening scrutiny of the work permit
applications for foreigners, as we have heard from our
In line with budget constraint policy set out by channel on the ground.
multinational companies, the profile of expatriate workers
has evolved from those coming here as a family to single
workers or couples without children. It is expected that
the rental rate will remain soft in the near term, one to
Concluding
two years ahead, and continue to face downward
pressure, with larger units bearing the brunt during the
period. However, with lower rental budgets, the smaller
Thought
apartment units may still find demand and hold up better. Looking ahead to 2018, a year before the next election,
we believe that more populist government policies will be
Hence, in this environment where there is a combination implemented. Purchasing power should improve on the
of factors, such as a slower arrival of foreigners, reduced back of easing cost pressures given the government will
rental budgets and increasing supply, the landlord of increase energy and health subsidies. Although the
serviced apartments will have to excogitate to draw in apartment market has not yet shown imminent recovery
tenants. In the meantime, the key performance indicator given several stimuli in the market, we are optimistic

about seeing better 2018 results, albeit in a slow pace.
Several key aspects such as steady economic growth,
stable political situation, supportive regulation
environment and on-going government infrastructure
projects should significantly impact the property market,
particularly the apartment market. Last but not least,
Indonesia’s huge population with the growing middle
class economy and rising urbanisation will naturally
create future demand for residential property. And for
that reason, we can see foreign and local developers
coming in and crowding the Indonesian property market.

Ferry Salanto Hern Rizal Gobi
Senior Associate Director Manager | Research
Research
+62 21 3043 6888


Colliers Quarterly
JAKARTA | EXPATRIATE HOUSING

Q4 2017
21 March 2018
2017 is the momentum for further

recovery
available units in the most sought-after housing
Ferry Salanto Senior Associate Director | compounds, particularly in Kuningan, Kemang, Cilandak
Research and Cipete. In term of demand, manufacturing and
automobile companies were becoming more active along
Summary with their expansion and new set-up projects.
Infrastructure projects and some other construction
The leasing market for expatriate housing has been in a works related to Asian Games 2018 in Jakarta will
pretty good shape starting from the second semester of contribute to the inflow of expat workers.
2017. Colliers has seen more enquiries for housing
accommodation as compared to last year, mostly from Meanwhile, properties located in areas such as Lebak
repeated corporate clients that have signed for one-year Bulus, Permata Hijau, Ampera or Menteng will still face
contract extension. A large number of companies challenges in becoming top housing locations instead of
nowadays will only take maximum one-year contract and the areas mentioned above, primarily because they are
very few of them are willing to accept two years’ rent in far from several key locations, such as international
advance. schools, shopping areas and dining places, as
demanded by most expats. There are not many
In 2017, we saw a huge number of Chinese expatriates residential options in Menteng, as modern houses are
coming to Jakarta as they take part in many limited because old buildings in Menteng are regarded
infrastructure and real estate development projects, by the DKI Jakarta Government as a cultural heritage,
including commercial and residential (apartment and particularly homes and buildings that were built during
landed house) projects in the Greater Jakarta areas. The the Dutch colonial era. In certain locations, landlords of
upcoming high-speed train project that will be funded by individually owned stand-alone houses are generally
Chinese companies may potentially draw a number of more flexible in offering contract lease term as well as in
expatriates from mainland China. However, there will be entertaining additional requests related to the renovation,
lesser impact on the occupancy of landed residences improvement and providing inclusive features of the
and apartments for lease (both serviced and non- house.
serviced) in Jakarta, mainly because the project is
located outside the capital city. Moreover, unlike As landed house owners are generally reluctant to
Japanese and western expats, the requirement of most entertain leasing enquiries of less than one year,
Chinese expats when picking a place to live in is selected leased apartment projects that aim at expat
subjected to their companies’ accommodation budget, tenants benefit from the market of expats with shortened
which is considerably low. Also, they prefer to settle in a contract tenure (from typically two to three years
location near their projects. employment contract to a shorter term of less than one
year). Serviced apartment accommodation offers a more
As market started to recover, we also indicate an flexible tenure compared to landed houses and has
increase in rental prices of several high-demand increasingly become popular amongst expats.
properties in prime areas, including Cipete, Cilandak,
Pondok Indah and Kebayoran Baru. Landlords of these Meanwhile, the trend in the sub-lease market still
prime properties, including high-end stand-alone houses continues in Jakarta. Once the tenant signs a lease in
as well as housing compounds and apartments, still certain periods but can no longer fulfil the terms, which
record an increasing trend of enquiries and thus can might be due to work contract expiration or bankruptcy,
manage to raise rent significantly after reaching high their primary option is to sublease the property (house or
occupancy level. Recently, it is a bit challenging to find apartment) to others for whichever term they cannot
fulfil. Landlords will never pay back the remaining terms, Range of Housing Monthly Rents in South
unless the original lessee subleases it to someone else. Jakarta
Range of Apartment’s Rents per Unit in 81 - 150 mio 15 - 40 mio

Different Locations 13% 13%
IDR150,000,000
Rental rate/month/unit
IDR120,000,000
IDR90,000,000
IDR60,000,000
IDR30,000,000 61 - 80 mio
IDR0 31%
CBD
North Jakarta
Pakubuwono
(exclude: Senopati and

Senopati
South Jakarta
Pakubuwono)
41 - 60 mio
43%
Maximum Minimum Median Source: Colliers International
Source: Colliers International By default, South Jakarta is still irreplaceable as home

location for most expatriates, as it provides almost all the
Range of Housing Monthly Rents in South needs for the international community such as
Jakarta international school, entertainment centres, shopping
spots, golf courses and other points of interest.
IDR160,000,000
IDR140,000,000
Rental rate/month/unit
IDR120,000,000
IDR100,000,000
IDR80,000,000
IDR60,000,000
IDR40,000,000
IDR20,000,000
IDR0
Houses - Single landed and Compund
Maximum Minimum Median
HOUSING RENTAL RATES IN SEVERAL EXPATRIATES AREAS
EXPATRIATES HOUSING BY AREA SIZE (SQ M) OFFERING RENTAL RATE PER UNIT (IN USD/MONTH)
MIN MAX
Menteng
4 - 5BR House 500 - 1,200 4,000 12,000
Kuningan
4 - 5BR House 500 - 900 3,000 4,500
Pondok Indah
4 - 5BR House 450 - 1,000 3,000 10,000
continued
2 Colliers Quarterly | 21 March 2018 | Jakarta | Expatriate Housing | Colliers International

EXPATRIATES HOUSING BY AREA SIZE (SQ M) OFFERING RENTAL RATE PER UNIT (IN USD/MONTH)
MIN MAX
continuation
Kebayoran Baru
4 - 5BR House 600 - 1,500 3,000 13,000
3 - 4BR Townhouse/complex 250 - 700 2,000 4,000
Permata Hijau, Simprug
4 - 5BR House 400 - 1,500 2,500 5,000
3 - 4BR Townhouse/complex 220 2,000
Kemang
4BR Townhouse/complex 400 - 700 2,000 6,000
3BR House 400 – 750 2,000 4,000
4 - 5BR House 550 - 1,000 3,000 6,000
Cilandak
3BR Apartment + Study 300 - 600 2,500 4,000
4 - 5BR House 450 - 750 3,000 6,000
Cipete
3BR House 300 - 500 2,500 5,000
4 -BR House 300 - 500 3,000 5,000
Pejaten
4BR House 500 - 900 3,000 5,000
Source: Colliers International Indonesia - Residential Tenant Representation
APARTMENT RENTAL RATES IN SEVERAL EXPATRIATES AREAS
APARTMENT BY AREA SIZE (SQ M) RENTAL RANGE (USD/MONTH)
NON-SERVICED SERVICED
Sudirman
2BR 106 - 145 32 - 42 46 - 67
3BR 158 - 320 45.5 - 78 68 - 94.5
Menteng
2BR 90 - 142 35 - 51 54 - 56
3BR 124 - 213 39 - 65 70
4BR 319 176
continued

APARTMENT BY AREA SIZE (SQ M) RENTAL RANGE (USD/MONTH)
NON-SERVICED SERVICED
continuation
Kuningan
2BR 120 - 145 20 - 32.5 45.5 - 67.5
3BR 157 - 166 32.5 - 39 49 - 52
4BR 440 45.5
Pondok Indah
2 + 1BR 117 - 190 42 - 48 45.5 - 55
3BR 190 - 455 45.5 - 68 52 - 70
4 - 5BR 285 - 455 66 - 71 73.5 - 83
Kebayoran Baru
2BR 140 - 203 42 - 56
3BR 243 - 302 58.5 - 78
4 - 5BR 330 - 500 72 - 130
Permata Hijau, Simprug
2BR 105 - 115 40 - 41
3 - 4BR 165 - 300 35 - 52 42 - 46
Kemang
3BR 165 - 303 32.5 - 58.5
Cilandak
3 - 4BR 164 29
3BR 300 58
Cipete
4 - 4BR 220 - 295 52 - 78
Pejaten
2 - 3BR 102 - 191 18 - 29
Source: Colliers International Indonesia - Residential Tenant Representation

Ferry Salanto Hern Rizal Gobi
Senior Associate Director | Manager | Research
Research
+62 21 3043 6730


Colliers Quarterly
JAKARTA | RETAIL
Q4 2017
21 March 2018
Occupancy
Ferry Salanto Senior Associate Director | In 2018, we predict that the battle
Jakarta between enquiry for retail spaces and
the closing trend of stores due to tight
Over the last five years, Jakarta’s retail market was in
competition amongst tenants will
recession; the vacancy rate did not show any increasing
continue. From this projection, we
trend as more shopping centres were completed.
predict average occupancy rates to
Previously, occupancy showed an improving trend at the
increase by less than 1% only in 2018.
first half of 2017. A huge number of additional supplies
caused occupancy to decline again and registered
Rent
relatively moderate up to the end of 2017. Some
Bank Indonesia estimates that the
department stores closed shop in 2017 and this trend is
rupiah exchange rate will be stable in
expected to continue up to Q1 2018. Despite the drop in
2018, but slightly depressed due to the
occupancy, both the average asking rents and service
interest rate hikes in the US. Stable
charges increased 5% YOY.
exchange rate is expected to maintain
Occupancy and average base rents were recorded the value of imported goods to
relatively stable in Greater Jakarta in 2017. Nevertheless, Indonesia, especially middle-class retail
service charges increased significantly as supported by merchandise. Coupled with political
some shopping centres that pegged their service charge conditions that are expected to be more
higher than 20% YOY. conducive even though Indonesia will
enter political years 2018-2019, more
people will go back to shopping and
Forecast at a glance excitement for the retail market will be
revived. Nevertheless, a relatively small
Demand
projected demand could cause the
A number of foreign retailers are still
average asking rents to moderately
eyeing to invest in Indonesia. However,
increase in 2018.
there will be changes in the pattern of
expansion as society’s consumption
patterns are also changing. For
instance, middle-class consumption may
now fulfil leisure needs. Therefore,
incoming foreign retail investments will
Jakarta
adjust to follow such pattern. Investment
in the food and beverage retail sector in
Indonesia is predicted to remain vibrant
Supply
in 2018. On the contrary, interest in The cumulative retail supply in Jakarta only grew 1.8%
fashion or accessories retail investment YOY as of the end of 2017, lower than the previous year
in Indonesia will decline. However, at 2.7%. In 2017, new additional retail supply was only
players that have already entered available in the second semester from two shopping
Indonesia will continue to expand.
centres, including Aeon Mall Jakarta Garden, which is
Supply the second mall by Aeon in Indonesia that began
Retail supply is expected to increase operation in Q3 2017, and the re-opening of City Plaza
both in Jakarta and Greater Jakarta up Jatinegara, (previously known as Plaza Jatinegara) after
to 2019, despite moderately. We project being terminated in 2012. These two newly operating
only one shopping centre to meet malls brought about 80,000 sq m of retail spaces and
completion and bring around 60,000 sq delivered the cumulative retail supply in Jakarta to 4.6
m of new retail spaces in Jakarta in million sq m in 2017.
2018. Meanwhile in Greater Jakarta, two
shopping centres are expected be
completed and bring the additional retail
spaces of around 110,000 sq m.
Jakarta Cumulative Retail Supply Jakarta Annual Retail Supply
5,500,000 200,000
4,400,000 160,000
3,300,000
120,000
2,200,000
80,000
1,100,000
40,000
0
2018F
2019F
2020F
2010
2011
2012
2013
2014
2015
2016
2017
0
2020F
2018F
2019F
2010
2011
2012
2013
2014
2015
2016
2017
Existing Supply Annual Supply Future Supply
Annual Supply Under Construction In Planning
There were no significant changes on the composition of
total retail spaces for lease and for sale, which remains Jakarta Retail Supply Distribution Based on
stable at 70%:30%. There are currently around 3.2 Region
million sq m of space for lease, contributed by 91 malls,
as compared to retail space for sale from 38 trade CBD
centres, totalling to 1.4 million sq m.
North Jakarta
Retail centre development has grown moderately since
the issuance of retail moratorium in Jakarta. Six South Jakarta
shopping centres are scheduled for completion from
Central Jakarta
2018 to 2020, providing a total of around 325,000 sq m.
In 2018, retail supply will be limited to New Harco Glodok West Jakarta
but with sizeable space offered for sale.
East Jakarta
0 350,000 700,000 1,050,000
Cumulative Supply 2017 Future Supply 2018F - 2020F
NEW SUPPLY PIPELINE
SHOPPING CENTER LOCATION REGION DEVELOPER NLA DEVELOPMENT

(SQ M) STATUS
2018
New Harco Plaza Glodok West Jakarta Agung Podomoro Land 60,000 Under Construction
2019
Shopping Mall at South Gate Lenteng Agung South Jakarta Sinarmas Land & Aeon 35,000 Under Construction
Holland Vilage Mall Cempaka Putih Central Jakarta Lippo Karawaci Tbk 40,000 Under Construction
2020
Pondok Indah Mall 3 Pondok Indah South Jakarta Metropolitan Kentjana 60,000 In Planning
Menara Jakarta Shopping Mall Kemayoran Central Jakarta Agung Sedayu Permai 100,000 In Planning
Daan Mogot City Daan Mogot West Jakarta China Harbour 30,000 In Planning
2 Colliers Quarterly | 21 March 2018 | Jakarta | Retail | Colliers International

lower class shopping centres experienced occupancy
Demand and Occupancy drop by 3%, compared to the previous year.
Supply has been the determinant factor for occupancy
performance. In the first semester of 2017, occupancy With the absence of new shopping centres for lease in
rate for Jakarta’s retail market was 86%, afterwards as of 2018, overall occupancy rate of shopping malls will rise
the end of 2017, it dropped to 83.6% mainly because to around 84%, mainly underpinned by the expansion of
committed tenants have yet to operate at the newly food retailers. Retail market and shopping trends are
operating shopping centres such as Aeon Mall Jakarta constantly evolving and changing. Consumers today are
Garden City and City Plaza Jatinegara. seeking a shopping experience. To meet and sustain
such expectations in the longer term, shopping centres
Occupancy Rates in Jakarta have to offer good quality public space and ease of
movement, whilst providing meeting places such as
100% coffee shops and restaurants where people can relax.
90% Occupancy Rates in Jakarta
80% 100%
70% 90%
80%
60%
70%
50%
2018F
2010
2011
2012
2013
2014
2015
2016
2017
60%
50%
Premium Middle Middle Middle
Upper Lower
The modern retail industry in Jakarta is facing 2016 2017

challenges, which include the downturn in sales in
accordance with the pressure in increasing living costs Source: Colliers International Indonesia - Research
and other expenses that have shifted the pattern of
public spending. Thus far, the retail market has received
negative impact with the closing down of several anchor
stores in 2017. In Jakarta, the decline in occupancy rates
was also recorded in almost all classes of shopping
centres. Simultaneously, premium and middle to middle
BIG TENANTS CLOSURE DURING 2017
STORE LOCATION TENANT CLOSURE REPLACEMENT
Puri Indah Mall Keris Gallery Metro Department Store
Lippo Mall Kemang Debenhams Matahari
Pacific Place Metro H&M
Senayan City Debenhams (Q1 2018) Uniqlo, Zara, Marks & Spencer (Q3 2018)
Pasaraya Blok M Matahari TBD
Pasaraya Manggarai Matahari TBD
Mall Taman Anggrek Matahari TBD
Blok M Mall Ramayana TBD
TBD: to be determined

Base Rental Rates Service Charges
Average rental rate was quite stable QOQ. For the whole In Jakarta, the cost of service charges didn’t change
year it increased by 5.7%, which brought the overall rate much in the last five years. The year-on-year increase
to IDR610,456/sq m/month in the last quarter of 2017. was only registered at 5.7% to IDR133,528/sq m as at
Some middle to middle-upper class shopping centres the end of 2017.
were quite confident to adjust rents, whilst rents for
middle-low and premium class shopping centres were In general, service charge was only adjusted in the first
relatively flat. half of the year and continued to stay relatively stable at
the second half. On average, shopping centre landlords
Average Rents in Jakarta have adjusted their service charge quite reasonably in
the last five years, up by 10-11% per annum.
IDR700,000
The regional minimum wages, inflation, electricity tariff
IDR600,000
and gas are driving factors for increasing service
IDR500,000 charges. Recently, Bank Indonesia predicts that inflation
IDR400,000
rate in 2018 could be below 3.5% without adjusting for
commodity prices set by the government. This means
IDR300,000 the government is keeping fuel prices, electricity and gas
IDR200,000 tariffs stable in 2018. Previously, the regional minimum
wage was raised by 8.7% and with such condition, we
IDR100,000 predict the average service charge is likely to grow
IDR0 around 10-12% in 2018.
2010
2011
2012
2013
2014
2015
2016
2017
2018E
Service Charges vs Electricity Tariff
IDR160,000 IDR1,200
Source: Colliers International Indonesia - Research IDR140,000
IDR1,000
IDR120,000
Demand is projected to be very moderate which give IDR800
IDR100,000
more pressure to the landlord to adjust rent in 2018. We
anticipate rent only increase by 1.5% - 2%. IDR80,000 IDR600
IDR60,000
IDR400
Average Rental Rates Based on Mall Grade in IDR40,000
Jakarta IDR200
IDR20,000
IDR3,000,000 IDR0 IDR0
2010
2011
2012
2013
2014
2015
2016
2017
IDR2,500,000
Service Charge Electricity Tariff (per Kwh)
IDR2,000,000
IDR1,500,000 Source: Colliers International Indonesia - Research
IDR1,000,000
IDR500,000
IDR0
Premium Middle - Middle Middle -
Upper Lower

Service Charges Tariff Based on Mall Grade in Cumulative Retail Supply in Jakarta
Jakarta
3,500,000
IDR300,000 3,000,000
IDR250,000 2,500,000
2,000,000
IDR200,000
1,500,000
IDR150,000
1,000,000
IDR100,000 500,000
0
IDR50,000
2018E
2019E
2020E
2010
2011
2012
2013
2014
2015
2016
2017
IDR0
Premium Middle - Middle Middle -
Upper Lower Existing Supply Annual Supply Future Supply

The new retail centre developments will continue to be
Greater Jakarta built in Bekasi, up to 2020. There are at least three

shopping centre projects in the pipeline, composing
around 55% of the total future supply in Greater Jakarta
in 2018-2020. Bogor and Depok altogether will also
(Bogor, Depok, contribute three retail centres during the same period but
with smaller amount of space. Thus far, we have not
heard any plan to construct a shopping centre in
Tangerang and Tangerang.
Cumulative Retail Supply in Jakarta

Bekasi) 350,000
300,000
250,000
Supply
200,000
The total number of new retail spaces for 2017 stood at 150,000
77,367 sq m without any new shopping centres in Q4
100,000
2017. Thus, cumulative retail space supply was 2.5
million sq m, showing a marginal increase of 3.1% YOY 50,000
in the Greater Jakarta area. The only two additional 0

2018E
2019E
2020E
2016
2010
2011
2012
2013
2014
2015
2017
shopping centres in 2017 are part of a mixed-use

development including Bekasi Trade Center (BTC) Mall
(within BTC City compound) and Lagoon Avenue Mall
(within Grand Kamala Lagoon), both located in Bekasi. Annual Supply Under Construction In Planning

NEW SUPPLY PIPELINE
SHOPPING CENTER LOCATION REGION DEVELOPER NLA DEVELOPMENT

(SQ M) STATUS
2018
Galeria Vivo Sentul Sentul Bogor Megapolitan 35,000 Under Construction
AEON Mall Sentul City Sentul Bogor AEON & Sentul City 71,000 Under Construction
2019
Grand Dhika City Mall Bekasi Bekasi Adhi Persada Property 24,000 Under Construction
Shopping Mall at Pesona Square Juanda Depok Menara Depok Asri 40,000 Under Construction
2020
Plaza Indonesia Jababeka Cikarang Bekasi Plaza Indonesia Realty & 55,685 Under Construction
Graha Buana Cikarang
AEON Mall Deltamas Deltamas Bekasi AEON & Deltamas 90,000 In Planning
centres in BSD. Apart from the BSD area, a shopping

Demand and Occupancy centre in Tangerang lost a department store tenant, but
this did not change much the overall occupancy figure in
Average Occupancy Rate in Greater Jakarta the area.
100% Despite the fact that the economy is expected to grow,

larger additional retail spaces for lease and unstable
80% demand would likely forecast the average occupancy
rates to register at 81% in 2018.
60%
Occupancy Rates in Greater Jakarta Areas
40% 100%
20% 90%
0% 80%
2010
2011
2012
2013
2014
2015
2016
2017
2018E
70%
60%
50%
For the entire Greater Jakarta area, average occupancy Bogor Depok Tangerang Bekasi
was relatively stable between 82% and 83% in 2016-
2017. Almost all regions in Greater Jakarta reported an
2016 2017
increasing occupancy YOY, except Bekasi. Two newly
operating shopping centres brought occupancy to
decline 6.5% YOY to 79.7% in Bekasi. Tangerang Source: Colliers International Indonesia - Research
recorded the highest occupancy growth by 3.6% YOY to
register at 81.3%, mainly fuelled by two shopping
BIG TENANTS CLOSURE DURING 2017
STORE LOCATION TENANT CLOSURE REPLACEMENT
Supermal Karawaci Debenhams TBD
TBD: to be determined

Base Rental Rates Service Charges
The YOY average rents were only up marginally by less In Greater Jakarta, the cost of service charges grew by
than 3% for the Greater Jakarta area to record around 10% per annum in the last five years. The current
IDR365,879/sq m/month as of Q4 2017. service charge was recorded at IDR102,440/sq
m/month, an increase of 10.6% YOY. About 30% of the
Some shopping centres in the Greater Jakarta area total shopping centres in Greater Jakarta set the service
increase rent from 10% to 30% YOY but this did not charge costs above average market prices and at least
change the overall rental figure for this area. All regions three shopping centres increased service charges by
in the Greater Jakarta area showed increasing rental more than 20% in one year.
trends, significantly in Depok.
Service Charges in Greater Jakarta
Average Rents in Greater Jakarta Based on
Area IDR140,000
IDR120,000
IDR500,000
IDR100,000
IDR400,000
IDR80,000
IDR300,000
IDR60,000
IDR200,000 IDR40,000
IDR100,000 IDR20,000
IDR0
IDR0
2015
2010
2011
2012
2013
2014
2016
2017
2018E
2010 2011 2012 2013 2014 2015 2016 2017
Bogor Depok Tangerang

Bekasi Average
Source: Colliers International Indonesia - Research The plan to increase regional minimum wage in 2018 will
determine the rise in service charge.
With lower occupancy projection in 2018 the average
rent is expected to increase modestly by 2-2.5%.
Service Charges Based on Area in Greater
Jakarta
The Range of Rents Based on Area in Greater
Jakarta IDR200,000
IDR1,200,000
IDR160,000
IDR1,000,000
IDR120,000
IDR800,000
IDR600,000 IDR80,000
IDR400,000 IDR40,000
IDR200,000
IDR0
IDR0 Bogor Depok Tangerang Bekasi
Bogor Depok Tangerang Bekasi


Concluding
Thought
There is a shift in consumption trends from non-leisure
shopping needs to leisure activities. For owners or those
who will build a mall, this trend is not a threat but can be
a trigger to further evolve the concept of a mall.
Innovation is at the forefront of the retail industry as
companies develop new concepts to enhance customer
experience and add value to the standard shopping trip.
Bank Indonesia estimates that the rupiah exchange rate

will be stable in 2018, but slightly depressed due to the
US interest rate hikes. Stable exchange rate is expected
to maintain the value of imported goods to Indonesia,
especially middle-class retail merchandise. Coupled with
political conditions that are expected to be more
conducive even though Indonesia will enter political
years 2018-2019, more people will go back to shopping
and excitement for the retail market will be revived.
The role of the government will also be eagerly awaited

to enhance the competitiveness of the retail sector, as
well as strengthen the synergy of traditional and modern
retailers. Modern retailers hope to further upgrade local
products to the national level by helping to meet the
standards (white labelling) that can be sold in modern
retail, whilst utilising e-commerce-based trading to guide
micro, small, medium (UMKM) companies into the
distribution chain of modern retail companies.

Ferry Salanto Eko Arfianto
Senior Associate Director | Senior Manager |
Research Research
+62 21 3043 6730


Colliers Quarterly
JAKARTA | INDUSTRIAL ESTATE

Q4 2017
21 March 2018
Other land construction works seem to slowdown, but

Ferry Salanto Senior Associate Director | some industrial estates are now in the stage of preparing
Jakarta undeveloped land for future expansion.
To improve infrastructure, government efforts, which The growing amount of companies operating in industrial
include ameliorating logistics and transportation locations in the eastern part of greater Jakarta, as well
infrastructure, are expected to provide better as the intense transportation infrastructure project, has
domestic and regional connectivity and integration. raised the middle class population. As a result, lands in
This planned integration is expected to help both Bekasi and Karawang are becoming commercially
customers and service providers improve logistic valuable. We have witnessed that some land banks
solutions. The logistics sector, along with previously allocated for industrial uses are transformed
automotive and the food industry, has been quite into more expensive lands for commercial or residential
active in creating demand for industrial land. use. A few industrial estates have already started with
commercial development, benefitting from the increasing
Forecast at a glance number of operating companies.
Demand Industrial Land Stock Status in Some Active

We believe that enquiries from the and Future Industrial Estates
logistics sector will remain strong in line
with the government plan to improve 4,000
transportation infrastructure. 3,500
3,000
Supply 2,500
The potential amount of industrial land 2,000
supply will generally come from the
industrial estates in Karawang, either 1,500
from the new estates or from the 1,000
Hectares
expansion of existing ones. Apart from 500

that, supply pipeline may come from 0
further west of greater Jakarta.
Bogor
Karawang
Serang
Tangerang
Bekasi
Price
Unless there is a significant absorption
of industrial land, developers may
consider adjusting their land prices, Existing Stock
particularly those having limited stock of Remaining Unsold Land
land. Potential Land To Be Developed

Land Supply
New industrial estates in Trans Hexa Karawang officially Land Sales Activity
announced their presence in the industrial market. After In the last minute, total sales of industrial land in Q4
acquiring around 205 hectares of gross land from Agung 2017 surprisingly surpassed sales in the previous period,
Podomoro Group, China Fortune Land Development registering 64.03 hectares, compared to only 22.75
(CFLD), a leading industry city developer in China, hectares in Q3 2017. Thus, total land sales for 2017 was
introduced their new industrial estate, called Karawang 208.22 hectares, 19.1% higher than in 2016. A large
New Industry City. This estate is currently in the cut-and- portion of the transactions (61.3%) in 2017 were
fill work stages and infrastructure construction. contributed by Bekasi, followed by Serang (22.1%) and
Karawang (13.6%). With only two active industrial
estates, sales in Serang outstripped Karawang, which lack of sales registered by two most active estates in
now has 10 industrial estates. This has been happening Karawang, total transactions in the Karawang region in
since 2014 with Modern Cikande as the main seller of Q4 were only reported by KBI, and the new KNIC had
industrial land in Serang. 14.62 hectares.
The Greenland International Industrial City (GIIC) has Griya Idola raised the overall sales performance in
consistently secured a notable amount of transactions in Tangerang after Millennium, indicating zero sales during
Q4 for a total of 21.6 hectares from three transactions the year. Sales stagnation was mainly due to the lack of
with logistics, food and sanitary companies. This ready-to-use land to sell, particularly in the delay in
bolstered GIIC position as the most active industrial providing infrastructure. Several existing industrial
estate in selling land for several years. Although selling estates in Tangerang lagged behind the need for
much less land this quarter at only 3.7 hectares, total sophisticated requirement, primarily due to the lack of
sales of Bekasi Fajar for 2017 accounted for 23.7 land to be developed. For some years, industrial
hectares. transactions only happened at Griya Idola and
Millennium but in a moderate number, making
This quarter, Modern Cikande concluded nine land Tangerang the second-lowest region in selling land after
transactions, with the size ranging from below one Bogor. In Q4, Griya Idola registered five transactions
hectare to more than five hectares. Main new clients totalling to 3.32 hectares, raising the entire sales for the
include manufacturers of film plastic, building materials, whole year to 6.29 hectares. Four local expanding clients
steel, pharmacy and others. In 2017, Modern Cikande consisted of beverage, FMCG, marker and medical
recorded a total of 36.2 hectares, the second-most active equipment companies, whilst one local company, an
IE in selling land after GIIC that sold 88.1 hectares. auto parts manufacturer, was new.
Meanwhile, a chemical company acquired 2.3 hectares
at KIEC in Serang together with a steel-related company In Bogor, CCIE reported a small leasing transaction of
that also bought one hectare in Q4, for a total sales of an 810-sq m industrial building to a British pesticide
9.8 hectares by KIEC in 2017. The Serang region has company. This was the only leasing transaction recorded
always been reported to have continuous sales for the for the entire year.
last couple of years, making it one of the most active
regions in the greater Jakarta area. Land Absorption in Q4 2017
Three land plots in GIIC were sold to logistics, food and Greenland International…
sanitary companies that helped fuel the overall sales
Modern Cikande
performance in Bekasi. Smaller amount of land
transactions in this region were reported by Bekasi Fajar Karawang New Industry…
with around 3.7 hectares. Four expanding companies
Kota Bukit Indah…
bought land for warehouse purposes in Bekasi Fajar.
Much smaller sales occurred in Jababeka, around 0.5 Bekasi Fajar
hectare to new companies, and in Delta Silikon to two Griya Idola
individual buyers for a total of 0.22 hectare during the
quarter. Total industrial land sales in Bekasi was 26 Krakatau Industrial…
hectares in Q4 2017. Jababeka
The new industrial estate Karawang New Industry City Delta Silicon
(KNIC) will start operating with three parcels of land CCIE
sales from two Chinese companies (food processing and
construction) and one local logistics company for a total 0 5 10 15 20 25
of 10.2 hectares. This was a good start for a new hectares
industrial estate. However, these are likely pre-
committed transactions made whilst the estate itself is in Source: Colliers International Indonesia - Research
preparation stage. There are other transactions in
Karawang totalling to 2.42 hectares during the same
period. They comprised leasing activities that occurred in
Kota Bukit Indah (KBI), operated by Besland Pertiwi,
from the expansion of four tenants (textile, food and
automotive part companies). Within the same estate, a
2-hectare land was sold to a food company. With the
2 Colliers Quarterly | 21 March 2018 | Jakarta | Industrial Estate | Colliers International

Land Absorption in 2017 The biggest GDP contributor in the manufacturing sector
outside of oil and gas is food and beverages at 32.84%,
Greenland International… followed by metal, computer, electronics, optical and
Modern Cikande electric equipment at 10.71%, transportation equipment
Bekasi Fajar 10.47,% and chemicals, pharmaceutical products and
Karawang New Industry… herbs 9.86%.
Krakatau Industrial… Annual Industrial Land Absorption
Griya Idola
KITIC 1,400
Kota Bukit Indah… 1,200
KIIC
Delta Silicon 1,000
Artha Industrial Hill
800
Jababeka
Hectares
Suryacipta 600
CCIE
400
0 20 40 60 80 100
200
hectares
Source: Colliers International Indonesia - Research 0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Bekasi will still continue to capture more industries, not
only because of the proximity and good accessibility to
several key places, but also because of infrastructure Jakarta Bogor Tangerang
quality provided by most of industrial estates within this Karawang Bekasi Serang
region. Meanwhile, some industrial estates in Karawang
have good quality infrastructure. However, for the last Source: Colliers International Indonesia - Research
couple of years we have not seen any estate selling
substantial amounts of land in the region, despite the Land Price and Maintenance Costs
fact that the new and upcoming industrial estates hold a
considerable size of land. One industrial estate in The overall industrial land prices in the greater Jakarta
Serang has been recorded to have impressive sales for area has been relatively flat in 2017, which was in line
the last few years, underpinning the whole performance with the lackadaisical industrial market for the last couple
of Serang region. of years. In our record, none of the operating industrial
estate introduced a new price in 2017. The climbing
Types of Active Industries During 2017 trend for the average asking price in Tangerang was
Machinery Medical basically because of the inclusion of Griya Idola, offering
Building
0.1%
Metal Textiles Material
0.2%
Energy
prices into our calculation. Griya Idola is priced at a
1.7% 3.4% 6.5% 2.9% higher rate, compared to other industrial estates in the
Packaging
0.5% region particularly because of its proximity to the western
Logistics/ Others
Warehousing 19.6% part of Jakarta. Also, it is equipped with complete
10.1% facilities and amenities within the estate.
Manufacturing In our view, industrial developers opt to be more focused

2.3%
Chemicals on achieving their sales target by maintaining their
2.9% current prices as buyers are generally less active in
Steel-related
Pharmaceutic
2.6% expanding.
al
1.0%
Plastics
2.7%
Consumer
Automotive
Goods
18.9%
0.2%
Food &
Beverage
24.3%

INDUSTRIAL LAND PRICES AND MAINTENANCE COSTS (IN USD EQUIVALENT)
Land Price (/sq m) Maintenance Cost (/sq m/month)

Apartment Name
Lowest Highest Average Lowest Highest Average
Bogor 120.00 295.01 207.75 0.06 0.06 0.06
Bekasi 177.30 236.41 219.92 0.06 0.08 0.07
Tangerang 147.75 240.10 190.85 0.03 0.08 0.06
Karawang 170.00 185.00 177.00 0.05 0.10 0.06
Serang 147.75 162.53 155.14 0.03 0.05 0.04
There is no change in the overall maintenance tariff in

Greater Jakarta Industrial Land Prices
2017.
USD250.00
USD225.00
USD200.00
USD175.00
Concluding
USD150.00
Thought
USD/sq m
USD125.00
USD100.00 Indonesia’s overall economic growth was mainly
USD75.00 underpinned by the manufacturing sector, contributing
USD50.00 0.92% to the total economic growth of 5.02% in 2017.
USD25.00 Other contributing sectors were trade with 0.53%,
followed by construction with 0.51%, and information and
USD0.00
communication 0.42%. Nevertheless, the manufacturing
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
sector’s contribution has gone down over the past three

years, dropping from 1.01% in 2014 to 0.94% in 2015.
Bogor Bekasi Tangerang
For the last few years, the industrial market has been
Karawang Serang
buoyed by the expansion of the logistics sector, either
from logistics operators or other companies needing
logistics. The logistics industry in Indonesia has gained
Greater Jakarta Industrial Maintenance Costs significant momentum with the growth of Indonesia’s
economy. The Indonesian logistics industry is expected
USD0.10 to grow at an estimated 15% for the next four years. It
USD0.09 will benefit from the increasing trade, investments and
USD0.08 growth in private consumption. Indonesia’s logistics
USD0.07 industry continues to record strong value growth, as
USD/sq m/month
USD0.06 supported by increasing freight movements in Indonesia,

USD0.05 the rising middle class and growing disposable income
USD0.04 that helps drive demand for goods.
USD0.03
USD0.02
USD0.01
USD0.00
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
Bogor Bekasi Tangerang

Karawang Serang

For more information:
Ferry Salanto
Senior Associate Director
Research
+62 21 3043 6888


Colliers Quarterly
JAKARTA | HOTEL
Q4 2017
21 March 2018
Not a great year but vibrant outlook

for 2018
Ferry Salanto Senior Associate Director | Average Occupancy Rate (AOR)
Jakarta The Asian Games 2018 and
preparations for the general and
The hotel industry in Jakarta has yet to perform presidential elections in 2019 are hoped
better in 2017 even with limited annual room supply. to be able to boost hotel occupancy in
Notwithstanding a performance that was poorer than Jakarta and maintain occupancy
last year’s ADR, several hotel operators are between 61% and 63%.
becoming more intense in exploiting the current
Average Daily Rate (AOR)
mobile technology trend to maximise other revenues
Along with occupancy, the two big
from F&B by providing more interesting spots or events are hoped to be able to at least
stamping grounds. maintain the ADR between USD79 and
USD81 in 2018.
Forecast at a glance
Demand Supply
Two main occasions in 2018 will lift the
demand for hotels in Jakarta. These are The total number of new hotel rooms in 2017 reduced
the Asian Games 2018 and the significantly compared to the annual room supply in
approaching political activities in 2018, 2016, but it is hoped to bounce back in 2018. The
which will see intensive use of hotels inventory of hotels in Jakarta is still dominated by 4-star
and MICE facilities by political parties as hotels. This segment of accommodation stands in the
they prepare for the general and middle, particularly because it offers comprehensive
presidential elections in 2019. facilities that are almost like 5-star hotels with prices
slightly above 3-star accommodation. Typical hotels in
Supply Jakarta generally aim businesses and MICE activities.
Jakarta is expecting another 3,471
rooms, which consist of 964 3-star hotel
rooms, 1,647 4-star hotel rooms and 860
5-star hotel rooms.
NEWLY OPERATING HOTEL DURING 2017
HOTEL NAME STARRED STR CHAIN LOCATOIN REGION NO. OF OPENING TIME
RATING SCALE RATE ROOMS
Yello Hotel Manggarai 3-star Undefined Jl. Minangkabau South Jakarta 102 Q1
NEO+ Kebayoran 3-star Undefined Jl. Ciledug Raya South Jakarta 102 Q4
Verse Luxe Wahid Hasyim 4-star Undefined Jl. Wahid Hasyim Central Jakarta 120 Q3
Aloft Wahid Hasyim 4-star Upscale Jl. Wahid Hasyim Central Jakarta 180 Q4
Harris Vertu Hotel Harmoni 5-star Upscale Jl. Hayam Wuruk Central Jakarta 240 Q1

NEW PIPELINE OF STARRED RATING HOTELS
HOTEL NAME STARRED STR CHAIN LOCATION REGION NO OF PROJECT PROJECTED

RATING SCALE RATE ROOMS STATUS COMPLETION
TIME
Harper TB Simatupang 3-star Undefined Jl. TB South 180 Under 2018

Simatupang Jakarta Construction
Ibis Styles TB Simatupang 3-star Upper Jl. TB South 110 Under 2018
Midscale Simatupang Jakarta Construction
Dalton Jakarta Hotel 3-star Undefined Jl. Otto Iskandar East 147 Under 2018
Dinata Jakarta Construction
Hotel Pasar Senen 3-star Undefined Pasar Senen Central 200 Under 2018
Jakarta Construction
Des Indes Boutique Hotel by 3-star Undefined Jl. HOS Central 97 Under 2018
Preference Tauzia Cokroaminoto Jakarta Construction
Whiz Prime Hayam Wuruk 3-star Undefined Jl. Hayam Wuruk Central 130 In Planning 2018
Jakarta
Hotel by Graha Gatsu 3-star Undefined Jl. Gatot Subroto South 100 Under 2018
Lestari Jakarta Construction
Front One Boutique Hotel 3-star Undefined Jl. Arjuna Raya West 100 Under 2019
Arjuna Jakarta Construction
Aston Titanium Cijantung 4-star Upscale Cijantung East 225 Under 2018
Swiss-Belhotel Kirana 4-star Upscale Kelapa Gading North 316 Under 2018
Avenue - Kelapa Gading Jakarta Construction
Holiday Inn Hotel & Resorts 4-star Upper Jl. Gajah Mada Central 442 Under 2018
Jakarta Gajah Mada Midscale Jakarta Construction
Mercure PIK Avenue 4-star Upscale Pantai Indah North 240 Under 2018
Kapuk Jakarta Construction
Erian Hotel 4-star Undefined Jl. Wahid Hasyim Central 150 Under 2018
Novotel Cikini 4-star Upscale Cikini Central 274 Under 2018

Aloft Jakarta Simatupang 4-star Upscale Jl. TB South 180 Under 2019
Simatupang Jakarta Construction
Alila - SCBD lot 11 5-star Luxury SCBD CBD 250 Under 2018
Construction
Park Hyatt Hotel 5-star Luxury Jl. Kebon Sirih Central 150 Under 2018
InterContinental Jakarta 5-star Luxury Pondok Indah South 300 Under 2018
Pondok Indah Hotel & Jakarta Construction
Residences
Regent 5-star Luxury Jl. Gatot Subroto CBD 160 Under 2018
Construction
St Regis 5-star Luxury Jl. HR Rasuna CBD 280 Under 2019

Said Construction
The Langham 5-star Luxury SCBD CBD 200 Under 2019

Construction
Waldorf Astoria 5-star Luxury Jl. MH Thamrin CBD 181 Under 2020
Construction
Rosewood Jakarta 5-star Luxury Jl. Prof. Dr. Satrio CBD 200 Design 2020
2 Colliers Quarterly | 21 March 2018 | Jakarta | Hotel | Colliers International

NEW PIPELINE OF BUDGET HOTEL
HOTEL NAME STR CHAIN LOCATION REGION NO OF PROJECT PROJECTED

SCALE RATE ROOMS STATUS COMPLETION
TIME
Max One Hayam Wuruk Undefined Jl. Hayam Wuruk Central Jakarta 120 Under 2018
Construction
NEO Kalideres Midscale Jl. Peta Barat West Jakarta 100 Under 2018
Construction
Cumulative Hotel Rooms

Performance
18,000
The occupancy patterns of hotel in Jakarta have always
16,000
been predictable, mainly approaching the end of the
14,000 year. The last two weeks of December has generally
12,000 been a downturn period for the hotel business in Jakarta.
10,000
In July 2017, occupancy did not perform in line with the
8,000
figures in the previous years, particularly because there
6,000 were several events that helped boost hotel
4,000 performance.
2,000
Average Occupancy Rate (AOR)
0
2018E
2019E
2020E
2010
2011
2012
2013
2014
2015
2016
2017
100%
90%
80%
3-star 4-star 5-star
70%
Source: Colliers International Indonesia - Research 60%
50%
Cumulative Hotel Projects 40%
100 30%
90 20%
80 10%
70 0%
60 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
50
40 2014 2015 2016 2017
30
20 Source: STR
10
For the last four years, the yearly ADR figures have been
0
in a similar trend. It is also true that since 2014 the
2018E
2019E
2020E
2010
2011
2012
2013
2014
2015
2016
2017
annual ADR figure kept declining, whilst inflation rates

were always up on the contrary. This reflects that
3-star 4-star 5-star competition amongst hotels has intensified.
During the last quarter, the MICE market helped fuel the
use of hotels. Four-star hotels generally enjoyed and
benefited from MICE activities by the government, whilst
5-star hotels were not as much and generally dominated
by private corporations.

Average Daily Rate (ADR) Meanwhile, mobile technology that leads to intensive
access to mobile phones or other gadgets has provided
USD120.00
opportunities for hotel operators to maximise their F&B
revenue. In this digital era, the exposure of any activity
USD110.00
through social media is very common and this
USD100.00 phenomenon is captured as several hotels create or
revamp parts of their establishments to what is now
USD90.00 popularly called “instagrammable” places, wherein
people take pictures and post on social media. Hotels
USD80.00 generally upgrade their restaurants or bars or create a
scenic rooftop bar to facilitate this activity.
USD70.00
We believe that the hotel market’s outlook in 2018,
USD60.00 particularly in Jakarta, should be brisk. There are two
Jan Mar May Jul Sep Nov major events that may give notable impact on Jakarta’s
hotel industry. First is the political exercise and
2014 2015 2016 2017
preparation for the general and presidential elections in
2019, which requires political parties to consolidate
Source: STR internally or with other parties in the coalition. Such
activity will escalate the use of hotel rooms and MICE
Hotels within dedicated MICE facilities and buildings or
facilities. Second is the Asian Games 2018, which is on
those located nearby generally enjoy from activities held
a regional scale, to be held mainly in Jakarta and
in the exhibition venue. In Jakarta, there are two main
Palembang on 18 August to 2 September 2018.
convention centres, which are JIExpo Kemayoran and
JCC Senayan.
There are several classes of hotels, from budget hotels

to 5-star rating, particularly in JIExpo. Every time there is
an event in these venues, people choose to stay in
hotels within the surrounding area. Once these hotels
have been fully occupied, guests will move a bit further
away. We could, therefore, say that exhibitions are not
only benefitting the surrounding hotels but also those
that are a bit further.
Aside from MICE, some hotels also take part in

facilitating wedding events. This activity may not have
substantial impact on room absorption, as does MICE,
but it is definitely another revenue generator for hotels.
This seasonal activity generally reaches the peak during
the second quarter up to early fourth quarter of the year.

Ferry Salanto Nurul Soraya
Senior Associate Director Senior Research
Research Executive | Research
+62 21 3043 6888


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Colliers Quarterly

JAKARTA PROPERTY MARKET REPORT

An Improving level of inquiries, but

OFFICE BUILDING LOCATION SGA (SQ M) COMPLETION TIME MARKETING SCHEME

Convergence HR Rasuna Said 36,367 Q1 For Lease & Sale

Menara Pertiwi Mega Kuningan 41,456 Q1 For Sale

Satrio Tower Satrio 31,604 Q1 For Lease

Tokopedia Tower Satrio 70,000 Q2 For Lease & Sale

Telkom Landmark Tower II Gatot Subroto 65,000 Q3 For Lease

Menara Palma 2 HR Rasuna Said 50,000 Q4 For Lease

Pacific Century Place Tower Jend. Sudirman 90,500 Q4 For Lease

Mangkuluhur Tower Gatot Subroto 53,000 Q4 For Lease & Sale

Source: Colliers International Indonesia - Research

2017-2018 is approximately 560,000 sq m or 49.6% of

Existing Supply Additional Supply Future Supply Mega Kuningan

Source: Colliers International Indonesia - Research

Additional Supply Future Supply

Source: Colliers International Indonesia - Research

2 Colliers Quarterly | 21 March 2018 | Jakarta | Office | Colliers International

OFFICE BUILDING LOCATION SGA (SQ M) MARKETING SCHEME STATUS DEVELOPMENT

The Tower Gatot Subroto 56,492 For Sale Under Construction

Prosperity Tower SCBD 71,545 For Sale Under Construction

Treasury Tower SCBD 139,000 For Sale Under Construction

Revenue Tower SCBD 40,000 For Lease Under Construction

Sequis Tower SCBD 78,000 For Lease Under Construction

Sudirman 7.8 (Tower 1) Sudirman 52,000 For Sale Under Construction

Menara Astra Sudirman 80,000 For Lease Under Construction

World Trade Centre 3 Sudirman 70,000 For Lease Under Construction

Thamrin Nine MH Thamrin 97,500 For Lease Under Construction

Millenium Centennial Tower Sudirman 93,588 For Lease Under Construction

Graha Binakarsa HR Rasuna Said 20,000 For Lease Under Construction

Chitaland Satrio 90,000 For Lease Under Construction

Gayanti City Gatot Subroto 25,000 For Lease Under Construction

Source: Colliers International Indonesia - Research

Demand Annual Vacancy and GDP Growth

Of the total 359,104 sq m of new office spaces available 15%

Vacancy GDP Growth

Source: Colliers International Indonesia - Research and Indonesia

3 Colliers Quarterly | 21 March 2018 | Jakarta | Office | Colliers International

Average Asking Rents and Occupancy Rates

4 Colliers Quarterly | 21 March 2018 | Jakarta | Office | Colliers International

IDR0 0 100,000 200,000 300,000 400,000 500,000

Space absorbed (sq m) Space unabsorbed (sq m)

Source: Colliers International Indonesia - Research

Average Asking Prices in the CBD Based on 4%

IDR40,000,000 Yield Interest Rates

The overall high vacancy in the office market, which led

Source: Colliers International Indonesia - Research

5 Colliers Quarterly | 21 March 2018 | Jakarta | Office | Colliers International

Source: Colliers International Indonesia - Research

The provision of advanced public transport facilities and

mainly triggered by a slowing demand in 2015-2016.

Source: Colliers International Indonesia - Research

6 Colliers Quarterly | 21 March 2018 | Jakarta | Office | Colliers International

OFFICE BUILDING LOCATION SGA (SQ M) COMPLETION TIME MARKETING SCHEME

Gallery West Kebon Jeruk 29,000 Q4 For Lease & Sale

Puri Matahari Tower Kembangan 28,925 Q4 For Lease

Source: Colliers International Indonesia - Research

NEW PIPELINE IN OUTSIDE CBD (EXCLUDE TB SIMATUPANG)