MARKETBEAT

INDUSTRIAL ESTATE
SNAPSHOT
GREATER JAKARTA, INDONESIA
Q3 2014
A Cushman & Wakefield Research Publication

ECONOMY OUTLOOK
Third quarter GDP growth was in line Despite the recorded lower demand, inquiries were relatively
with Bank Indonesia’s full year growth active in this quarter and stronger demand is expected in the last
projections, reaching the lower end of the quarter of the year and may continue into next year.
forecast at 5.1% - 5.5% range. The stock
In the short team, price is expected to remain unchanged and
market composite index increased 7.4%
demand size per transaction may still be relatively small.
during the quarter, closing at 5,225 on September 22nd. On the
currency side, the US Dollar experienced a depreciation by 0.16%
to Rp. 12,003 per US$ 1.00, whilst inflation for the first 9 months ECONOMIC INDICATORS
reached 3.42%, with rising food prices being the largest contributor 2012 2013 2014F
to this. GDP Growth 6.3% 5.5 - 5.9% 5.1 – 5.5%
CPI Growth 4.5% 9.8% 3.5% - 5.5%
INDUSTRIAL ESTATE MARKET REVIEW Central Bank-Rate 5.75% 7.5% 5.5%
After a sudden surge in the previous quarter, net take-up Source: Government data (Statistic Bureau, Central Bank of Indonesia, Ministry of Finance)

of the third quarter 2014 decreased to about 54 Ha, fell by

almost 62% QoQ. However, on annual basis, it was still better INDUSTRIAL LAND MARKET STATISTICS
than the 40 Ha net take up recorded in the same period last year.
OVERALL AVERAGE LAND PRICE
Demand generally came from supporting automotive industries in LOCATION ABSORPTION
IDR/SQM EURO/SQM US$/SQFT
the industrial estates in the eastern part of Greater Jakarta, whilst RATE
no particular sector dominated the demand in the western part. Jakarta 86.5% 4,000,000 258.8 31.0
Demand size remained relatively small at about 3.8 Ha per Tangerang 67.5% 1,800,000 116.4 13.9
Bekasi 80.3% 2,162,953 139.9 16.7
transaction.
Karawang &
1,517,695 98.2 11.7
Due to significant new supply entering the market during the Purwakarta 78.3%
review quarter, the cumulative sales rate decreased significantly Serang 71.7% 1,125,000 72.8 8.7
from 80.9% to 78.2%, which is the lowest sales rate since 2012. Bogor 80.4% 1,700,000 110.0 13.2
Average 78.2% 2,000,000 129.4 15.5
Industrial estates in Bekasi area remained as the preferred
locations, enjoying slightly over 60% of the total transactions in the
INDUSTRIAL LAND QUARTERLY NET TAKE-UP
review quarter, with Serang area captured most of the remaining
demand. Size (Ha)

350
Significant additional new supply entered the market during
the review quarter from the industrial estates in Bekasi – 300

Karawang/Purwakarta areas and increased the cumulative supply of 250

industrial land in the Greater Jakarta area to about 10,400 Ha.
200
In Rupiah term, the estimated average achieved land price
increased to 2 million per square meter, reflecting a 4.2% 150

quarterly increment. In US$ terms, it increased to US$167 per 100

square meter from US$160 in the previous quarter.
50
100
113

131
322

189

178

268

153
186

147
109

142
65
16

25

29
41

86

55

39

46

18

54

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09Q1 09Q2 09Q3 09Q4 10Q1 10Q2 10Q3 10Q4 11Q1 11Q2 11Q3 11Q4 12Q1 12Q2 12Q3 12Q4 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3

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(+62) 21 2550 9500
arief.rahardjo@ap.cushwake.com
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