Disclaimer: This report should not be replied upon as a basis for entering into transactions without seeking specific

and professional advice. Whilst facts have been rigorously checked, Leads
Property can take no responsibility for any damage or loss suffered as a result of any inadvertent inaccuracy within this report. Information contained herein should not, in whole or part, be
published, reproduced, or referred to without prior approval.
 Stable at Decreased by Decreased by 0.04 pts to
6.98 million sqm 2,844 sqm 74.70%

Increased to Decreased by Decreased by 1.07 pts to

4.00 million sqm 21,276 sqm 77.76%
 2% 2% After almost one year experiencing the pandemic, Jakarta CBD office market saw an
Kuningan Persada Senayan absence of new supply. Buildings that were scheduled for completion in the running
11% 7%
quarter had been delayed to its subsequent quarters expectedly. Cumulative supply
8% Thamrin Mega Kuningan in the running quarter remained stable at 6.98 million sqm. In the meantime, there
are approximately 316,842 sqm of new office space slated to complete for the rest
SCBD Gatot Subroto of 2021.
28% 12%

Rasuna Said Sudirman Sudirman corridor showed its predomination in terms of supply distribution, with
share of 28%, followed by Rasuna Said and Gatot Subroto of 15%, respectively.
15%
Others
15%

Tough situation still faced by landlords as demand was low in the running quarter.
Quarterly net absorption dropped by 2,844 sqm. Limited transaction activities and
Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%) occupiers’ sentiment overshadowed the market despite the vaccination program.
7.50 100% The market still underwent downsizing of office space as part of occupiers’ cost-
Sqm (In Million)

saving strategy. Many companies still implemented Work-From-Home and Work-

6.00 80% From-Office activities with variety of turn. There was no huge expansion during the
running quarter.
4.50 60%

3.00 40%
Despite the absence of additional supply, the occupancy rate in the running quarter
1.50 20% is observed at 74.70%, an insignificant decrease of 0.04 percentage points QoQ or
1.25 percentage points YoY. Such pressurized figure is expected to further drop due
0.00 0% to the expected additional supply in the next quarter.
1Q 21
2016

2017

2018

2019

2020

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 4
 IDR USD
500,000 50.00
Rental rate in the CBD office market continued its downtrend in the first quarter of

USD psm pm
IDR psm pm

400,000 40.00 this year, with a recorded average gross rental standing at IDR 347,700 (USD 23.9
psm pm). In terms of both, IDR and USD, the figures show a drop of approximately
300,000 30.00
0.69% and 1.86%, respectively (QoQ). Despite the very competitive rental, tenants
200,000 20.00 were not lured by such downswing rental figure. Urgency to expand due to
conducive business climate would primarily drive them, which is not possible in the
100,000 10.00
running quarter.
0 0.00

1Q 21
2016

2017

2019

2020

In the meantime, the average price of Jakarta CBD strata-title office market slightly
decreased by 1.18% compared to the previous quarter, with the registered figure of
IDR 56,783,000 or around USD 3,906 psm. Such adjusted figure was a respond to
SGFA
PROJECT NAME GRADE CORRIDOR QTR pressurized rental as well. However, investor tend to hold their plan in expanding
(sqm)
their portfolio of business space as they would struggle to secure occupiers for
N/A
rental income.

PROJECT NAME GRADE CORRIDOR QTR SGFA (sqm)

Daswin Office Tower A Rasuna Said 2 70,000
Thamrin Nine Tower 1 A Thamrin 2 108,000
Rajawali Place A Rasuna Said 3 57,721
Menara BRI A Gatot Subroto 4 81,121

FutureRate
*Exchange Completion
of Q1 2021 =by
IDR2021
14,537
316,842

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 5
 There was still another completion of new office building in the Outside-CBD market.
3%
In this quarter, the cumulative supply of Jakarta Outside-CBD market stood at 4.00
12% million sqm, an increase of 27,370 sqm QoQ, contributed by M-Ten in South
East North Jakarta.

45% This market still anticipates another completion of four new office buildings
20% Central West (111,330 sqm) that are slated to operate this year. Most of the figure would be
mainly from South Jakarta, holding around 40% from the overall additional figure.
Pondok Indah Tower 5 will hold the biggest office supply amongst others.
South

20%

Despite the additional supply, on the contrary, quarterly net absorption fell by 21,276
sqm. Such setback was mainly attributable to a huge relocation of an e-commerce
Cumulative Supply (Sqm) Cumulative Demand (Sqm) Occupancy Rate (%) business to Greater Jakarta area due to more competitive rental figure as compared
5.00 100% to Jakarta Outside-CBD market. Similar to the CBD market, Work-From-Home still
Sqm (In Million)

took place as well, holding off occupiers to expand as well as to relocate. During the
4.00 80%
running quarter, there was no indication of significant expansion plan that might
counterbalance the negative annual absorption for the past one year.
3.00 60%

2.00 40% The negative quarterly net absorption in the Jakarta Outside-CBD office market
brought a drop in terms of occupancy rate. The occupancy rate was recorded at
1.00 20% 77.68%, decreased by 1.07 percentage points from the previous quarter or 1.30
percentage points from Q1 2020. This market should anticipate more vacant
0.00 0% spaces next quarter as well as for the rest of this year, ultimately.
1Q 21
2016

2017

2018

2019

2020

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 6
 IDR USD
400,000 40.00 Given the persistent under-pressure situation, average rental rate in the Jakarta

USD psm pm
IDR psm pm

Outside-CBD office market clocked at IDR 244,200 psm pm or USD 16.8 psm pm.
300,000 30.00 Compared to the previous quarter, such figure shows that such market underwent a
correction of 1.19% and 2.35% in terms of IDR and USD, respectively.
200,000 20.00
Strata-title office market evidenced a minor adjustment of 0.15% which is deemed
stable, registering figure of IDR 31,693,000 psm or equivalent to USD 2,180 psm,
100,000 10.00 as compared to the previous quarter. Strata-title office market in the Outside CBD
struggled as well as occupiers perceived that renting out business space in such
0 0.00 situation would not adjust their investment.

1Q 21
2020
2016

2017

2018

2019

Pertaining to the on-going vaccination program, year 2021 is expected to be the

period where occupiers should gain more confidence in having their operational
PROJECT NAME GRADE CORRIDOR QTR SGFA (sqm)
back, despite not in full yet. However, their plan to further expand needs to be
Menara Tendean (M-Ten) Tendean 27,370
further exercised as their business may have been undergoing low revenue for the
B 1
past one year.

Considering the additional projects of 428,172 sqm in the whole Jakarta in 2021,
PROJECT NAME GRADE CORRIDOR QTR SGFA (sqm) occupancy rate will definitely be further pressurized. Despite a positive economic
Pondok Indah Office Tower 5 A Pondok Indah 2 44,145 outlook, inquiry for the office space is forecasted to crawl. Demand might slowly
surface, however, it might not counterbalance the above-mentioned additional
Holland Village A Cempaka Putih 4 27,200 supply. Therefore, the influx of new office space will continue to soften in terms of
Maritime Tower B Tanjung Priok 4 30,084 occupancy level and rental rates for the whole Jakarta office market. In the
meantime, landlords might still need to persistently offer competitive rental rate as
Gedung Sanggala B TB Simatupang 4 9,901 well as other incentives to reap tenant activities.
Future Completion by 2021 111,330
*Exchange Rate of Q1 2021 = IDR 14,537

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 7
 Stable at Increased by 0.04% to Increased by 0.04 pts to
256,394 units 212,781 units 82.99%

Page 8
 Landlords became more alerted in launching new projects that might have been in
12% their plan, which is so-called wait-and-see, despite the on-going vaccination.
20%
CBD East North Therefore, such condition left the overall cumulative supply remain unchanged in
13% the running quarter, registering 256,394 units.

There is no significant change in terms of supply distribution. South, West and

20% Central West South Central Jakarta has been persistently becoming top contributor, registering 20%,
17% 20% and 18%, respectively. It might probably remain similar in next one year as
developers are still focusing on absorbing demand, which is currently quite tough.
18%

During the running quarter, cumulative demand insignificantly grew by 0.04%,

Cumulative Supply Cumulative Demand Sales Rate
arriving at 212,781 units. Such minor change was driven by persistent attractive
350,000 100% packages, including more flexible down payment, longer instalment period, price
Units

300,000
discount and some others. Landlord’s effort got more aggressive in order catch up
80% last year’s downswing selling rate.
250,000

200,000 60%

150,000 40%

100,000
Despite the absence of newly-launched projects, sales rate slightly moved to
20% 82.99%, an insignificant positive change of 0.04 percentage- points, which can also
50,000 be deemed stable. Since 2016, Jakarta condominium market sales rate had been
0 0% hovering in the range of 82% – 83%.
2016

2017

2018

2019

2020

1Q 21

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 9
 CBD Prime Area The movement of price had relatively stabilized from the previous quarter. The
pandemic had brought buying power of people to be further pressurized. After
60,000,000
IDR psm

undergoing a drop in 2020, Jakarta CBD condominium market price only changed
50,000,000 by 0.4%, which is an insignificant positive growth. Hence, it registered average
figure of IDR 47.97 million per square meter in the running quarter. Same
40,000,000 circumstance also occurred in prime area market. It registered average price of IDR
34.24 million per square meter, which is quite stable as compared to the previous
30,000,000
quarter as it only positively grew by 0.1% from 2020. Indonesia is still characterized
20,000,000
with price-sensitive buyer. Landlords may have to be more aware in escalating their
price, especially during the pandemic-impact period.
10,000,000

0
2016 2017 2018 2019 2020 Q1 2021

Despite that the vaccination program in Indonesia has already begun early this year,
however, buyers might “revisit” their preference to buy condominium in near future.
PROJECT NAME GRADE LOCATION TOTAL UNITS
It has been also identified in the market that buyers have been shifting their
N/A preference to landed residential since the new normal last year as landed-house
format is deemed safer to families than vertical residential. Yet, it might be for
temporary only. The vaccination program has not brought back the full working-
from-office activity yet in many business environments. Landlords are required to
Total Newly Launched Projects -
utilize both online and on-the-counter marketing activities to reach buyers as
transaction might be still slow. Shall there be no new launched projects in next
quarter, there might be possibility that sales rate could grow further. However, this
should be support with persistent promotional packages to buyers.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 10
 Stable at Decreased to Decreased by
3.39 million sqm 3.00 million sqm 0.24 pts to 88.48%

Page 11
 By Q1 2021, there was no additional supply, bringing the total supply unchanged at
3.39 million sqm. No landlords managed to open their new mall in the running
20% quarter due to the pandemic persistent impact. However, considering the Covid-19
26%
CBD Central East vaccination schedule, Jakarta retail market is likely to have more confidence to
welcome more supplies in 2021, which were originally scheduled to open in 2020
but postponed due to the pandemic.
19%
7%
North South West Similar to the last quarter, CBD area is still the biggest contributor for retail supply
8% with share of 26%, followed by North and West Jakarta at 20%, respectively. In the
meantime, South Jakarta registered at 19%.
20%

Supply (sqm) Demand (sqm) Occupancy Rate (%) Cumulative demand in Q1 2021 decreased by 0.26% from last quarter. Despite the
vaccination program, however, quarterly demand still got pressurized, bringing
4.00 100%
cumulative demand to decrease to 3.00 million sqm. Since the new normal in 2020
Sqm (In Million)

until the running quarter, many retailers had been undergoing low sales turnover.
3.00 75%

2.00 50%

Despite the absence of new completion of retail space, the overall occupancy rate
1.00 25%
was recorded a decrement of 0.24 points from the previous quarter or 2.25 points
from last year in the same quarter, which is a tough situation faced by retail
0.00 0% landlords. In the running quarter, occupancy rate was registered at 88.4%.
1Q 21
2016

2017

2018

2019

2020

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 12
 Overall Jakarta Jakarta CBD Jakarta Outside CBD (OCBD) As occupancy rate dropped, landlords tend to maintain their tenants as well as to
attract new tenants by offering competitive rental. Overall Jakarta base rent was
IDR psm pm (In Thousand)

600 registered at IDR 439,500 psm pm, dropped by 0.81% QoQ. Separately, Jakarta
CBD and OCBD underwent rental drop of 2.3% and 0.6% respectively. The CBD’s
rental adjustment was quite high as their rental rate was certainly expensive. Under
300
the persistent pandemic condition, tenants are more-sensitive to rental. Therefore,
Jakarta CBD registered rental of IDR 580,500 psm pm, while OCBD registered IDR
372,400 psm pm in the running quarter.

Q1 21
2016

2017

2018

2019

2020
Note: Above chart reflects figure for specialty store on Typical Floor.
The running quarter is deemed a fresh start for retail market after few months of
the new normal activities last year. More cinemas, restaurants, and gyms were re-
opened, yet implementing health protocol. In the meantime, kids playground is
PROJECT NAME LOCATION SIZE (sqm)
expected to open during 2021. Once the vaccination succeed, then confidence level
Pondok Indah Mall 3 South 30,000
will be regained amongst societies. The Covid-19 vaccination went well thus far.
Notably, some vaccination activities also took place at malls.
AEON Mall Southgate South 39,000
Due to the improving crowd in shopping centers, some retail brands that temporarily
Lippo Mall East Side @ Holland Village Central 50,000 shut down last year, start re-opening their stores as well as expanding with new
concept. This would improve the euphoria of people to visit shopping centers and
Menara Jakarta Shopping Mall Central 90,000 arcades, after being held back for a year. Unfortunately, despite the vaccination,
retail market is expected to see a drop in occupancy rate by end of 2021 as around
Total Completion by End of 2021 209,000
209,000 sqm of retail space slated to complete.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 13
 Increased by 0.12% Decreased by 9.15 pts Decreased by 7.12%
to 54,269 rooms to 42.14% to IDR 919,970

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021
Page 14
 Jakarta welcomed 7,210 foreigners up to the first two months in the first quarter, a
significant decline of 84.75% from the same period recorded by the last quarter of
10% 4% 2020. Amid increasing Covid19 cases and arising issues of new covid variants in
20%
weeks leading to the end of the year, the Indonesian Government has enforced a
North East Central border closure for foreigners with only a few exemptions especially for those with a
long term stay visa in Indonesia. A five-day quarantine at a government allocated
hotel upon any international arrival to Jakarta has also been mandatory until further
17%
notice.
West South CBD
37%
Among other countries of origin, Chinese foreigners were once again the top
12% contributor, making up 13.8% of the total arrivals. Purpose of coming to Jakarta was
mostly business dominated, with longer terms of stay.

The market saw two new hotel opening in the first quarter 2021, with both projects
3 Star 4 Star 5 Star Weighted AOR being initially scheduled to open earlier in 2020 but faced delays due to the
60,000 100% pandemic. These two hotels are Sutasoma Hotel with 111 room-keys, and Fieris
Hotel Rawamangun with 90 room-keys. Total supply was registered at 54,269 room-
45,000 75% keyas. In addition, as a market hard hit by the pandemic, rigorous performance
reviews were also prevalent, resulting to the rebranding of several hotels, example
Room Keys

30,000 50%
being the rebranding of Aston Marina Ancol to Grand Dafam Ancol earlier over the
first quarter.

15,000 25%

With the imposed border restriction and the first quarter generally being quieter
0 0% than the fourth quarter, average occupancy rate of hotels in Jakarta was registered
Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021
2016

2017

at 42.14%, a decline of 9.15 percentage points from the previous quarter. In

general, the market still recorded high volatility with no immediate signs of
returning to pre-pandemic performance levels.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 15
 3 Star 5 Star 4 Star Average As occupancy rate dropped, the weighted Average Daily Rate (ADR) figure also saw
2,500,000 adjustments, declining by 7.12% from the previous quarter to reach IDR 919,970.
Price discounts would remain important in boosting demand under a market that
2,000,000
has yet to rebound, despite uncertain.
IDR

1,500,000
Among all hotel class, 3 star hotels saw the highest adjustment, with a drop of
1,000,000 8.87% to reach IDR 336,524. While 4 Star and 5 Star hotels, on the other hand,
declined by 4.66% and 6.08%, arriving at IDR 522,142 and IDR 1,485,571.
500,000

0
Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Q1 2020

Q2 2020

Q3 2020

Q4 2020

Q1 2021
2016

2017

Demand for hotel stay in the short term horizon would still be largely dominated by
staycations and local business trips, with a portion for quarantine stay for both
TOTAL ROOM international arrivals and asymptomatic covid patients. As the Indonesian
PROJECT NAME STAR RATING LOCATION
(KEYS) government yet again enforced a ban on the Eid Day Tradition of ”Mudik” as an
Sutasoma Hotel 4-Stars South 111
effort to curb mobility, hotel operators would take this opportunity to offer
staycation packages at attractive prices, possibly boosting occupancy rates by the
Fieris Hotel Rawamangun 3-Stars East 90 second quarter. More MICE activities are also expected to be held, especially if the
vaccinations rollout plans since the start of the year continue to align well as per the
set schedule.
TOTAL ROOM
PROJECT NAME STAR RATING LOCATION
(KEYS) In terms of supply, more opening that were initially delayed, will finally be actualized
Grand Dafam Ancol 4-Stars North 225 along with continued rigorous performance review for existing hotels, possibly
resulting to more rebranded hotels.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 16
 Stable at 8,942 units Increased by 5.61% to Increased by 3.08 pts to
5,187 units 58.01%

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 17
 7% 0% Pending new rental apartment projects slated for the new year have once again
undergone delays, as operators assess the viability of opening in the current
10%
market.

5% CBD South West Therefore, supply remained unchanged at 8,942 units. The majority (78%) of which
45%
is located in two districts; with 45% of units placed in CBD area and 33% in South
Jakarta. Expected additional supply is pending further updates, as the administered
vaccine begin to reach non-essential health workers, inducing consumer confidence
Central North East back in a sector reliant upon foreign expatriate presence.

33% Rental Apartment market in Jakarta began to show sign of a full recovery, with
5,187 occupied units, an increase of 275 newly absorbed units on the prior quarter.
Levels of demand were particularly helped by serviced apartments, which saw
occupied units increase significantly in CBD areas, as most foreign expatriates had
Total Supply Total Demand Occupancy Rate (%) returned to semi-work from office conditions, with few meetings conducted in
10,000 100% person. As 2020 saw much of the sector suffer consecutive dips in demand, 2021
Units

should paint a more positive picture, as normal business operations begin to take
8,000 80% effect, expectedly.

6,000 60%

Occupancy in rental apartments supported the idea of a slow return to normalcy in

4,000 40%
the new year; as 58.01% of apartments were occupied, an increase 3.08% q-o-q.
This is broken down as 60.90% of serviced apartments and 52.0% for non-serviced
2,000 20%
apartments were occupied.

0 0% In a reservedly cautious post-pandemic market, serviced apartments will continue

1Q 21
2016

2017

2018

2019

2020

to hold most of the returning occupancy, attributed to their ability to meet the
health standards required for workers placed in high-business activity areas.

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 18
 Non-Serviced Apartments Serviced Apartments Average Similar levels of recovery seen in occupancy, was also experienced in rental rates of
apartments during Q1 2021, seeing a 4.35 pts increase to 21.04 USD psm pm.
USD psm pm

35.00

30.00 This increase was particularly notable in serviced apartments, which saw price
increase by 5.16% on the previous quarter, to 24.27 USD psm pm signaling
25.00
newfound confidence in operators to price their units to levels seen in 2019. Non-
20.00 serviced apartments, with no new supply in the last year however returns slight
15.00 gains in price at 14.35 USD psm pm, equivalent to a 1.60 pts uptick.

10.00 Notable market trend occurring in serviced apartments, is to target short-term stays
through significant discounts of up to 25% for 7 to 14 day stays, and shifting rooms
5.00
reserved for long-stays (typically 6 months or over) to cater this category of guests,
0.00 during the first months of the economic recovery. This practice may serve as a way

1Q 21
2016

2017

2018

2019

2020
of gauging sector interest in the upcoming year.

APPROX. In the coming months, much of the sector’s target remains intact; establish return
PROJECT CATEGORY LOCATION COMPLETION
UNITS to normalcy after having suffered one of the worst years for demand in 2020.
Pending projects in the pipeline will also be key to assess the state of the market,
Serviced
Somerset @ Sudirman Hill CBD Q2 2021 176 as high interest when they open their rooms may lift up market sentiment moving
Apartment
forward.
Serviced Pondok
Somerset Kencana Q2 2021 148 Looking forward to the subsequent quarters, demand should begin to see a return
Apartment Indah
in normalcy, particularly as foreigners working in Indonesia begin to come back in
Serviced 2021, and return to early 2020 numbers, as visa restrictions imposed on new
The Ascott Menteng Menteng TBA 2021 151
Apartment
foreign entrants are lifted. A return of the 98,902 workers registered to work in
Indonesia at the start of 2020 should be the first step to establishing recovery in
Total Completion by End of 2021 830
the sector.

*Exchange Rate of Q1 2021 = IDR 14,537

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 19
 Stable at Increased by 0.18 pts to Decreased by 0.18 % to
12.7 thousand Ha 92.17% IDR 2.75 million psm

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 20
 1% 5%
6%
Total cumulative supply in Q1 2021 was registered at 12,732 Ha. There were no
Bogor additional supply from landlords during this period.
6%
Jakarta
Bekasi and Karawang - Purwakarta still held the biggest proportion of industrial land
Cilegon
45% 8% distribution in Greater Jakarta of around 74%, followed by Tangerang and Cilegon
Tangerang
area with its 6% respectively. Eastern part of Greater Jakarta still became much
Serang
preferred area for industrial activities.
Karawang & Purwakarta
Bekasi

29%
Total cumulative demand in Q1 2021 was registered at 11,734 Ha, a growth of
0.20% QoQ only, which is insignificant. Demand driver from this quarter came from
data center, automotive, manufacturing, gas & chemical, FMCG, and building
Cumulative Supply Land Absorption Sales Rate (%)
material. Such demands took place in Bekasi area, and a few parcel of land in
14,000 100%
Hectare

Tangerang area. Despite the pandemic, the above business sectors showed their
12,000 perseverance in making transaction.
75%
10,000

8,000
50%
6,000 Total land bank that was absorbed in Q1 2021 was registered at 23.02 ha,
4,000 resulting the sales rate increase by 0.18 percentage-points QoQ or 0.14
25%
percentage-points YoY, arriving at 92.17%. For the past one year, sales rate had
2,000
hovered in the range of 91 – 92%.
0 0%
1Q 18

2Q 18

3Q 18

4Q 18

1Q 19

2Q 19

3Q 19

4Q 19

1Q 20

2Q 20

3Q 20

4Q 20

1Q 21
2015

2016

2017

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 21
 Bekasi Bogor Cilegon
8.00
IDR psm (In Million)

Jakarta Karawang & Purwakarta Serang As depicted in the chart to the next, this market repeated its price stability. Land
Tangerang
price hovered at around IDR 2,746,000 psm pm, a slight decrease of 0.18% QoQ.
6.00 This figure is likely to be maintained relatively similar in near future, as until the
running quarter, there was no significant indication to increase land price. Under the
economic recession, landlords tend to keep the figure relatively stable. Increasing
4.00
the figure might cause buyers to delay purchasing industrial land. Regardless of the
type of buyer’s industry, despite the government incentives, buyers would still
2.00 expect competitive figure of land price as their volume of business are still running,
yet lower than before the pandemic.
0.00
1Q 18

2Q 18

3Q 18

4Q 18

1Q 19

2Q 19

3Q 19

4Q 19

1Q 20

2Q 20

3Q 20

4Q 20

1Q 21
2016
2015

2017

AVERAGE INDUSTRIAL LAND PRICE The Covid-19 pandemic is still overshadowing the Greater Jakarta Industrial market.
LOCATION
IDR psm USD psm Despite that the vaccination has been on-going, however, overall industrial activities
Bekasi 2,900,000 199.49 are not normalized yet in terms of business performance. As the economic growth
Bogor 2,500,000 171.97 in Q1 2021 was only at minus 1.6%, it drove the government to revise the
Cilegon 2,500,000 171.97 economic growth for 2021. The recent revision of economic growth assumption by

Jakarta 5,725,000 393.82 the government to the range of 4.1- 5.1% per annum for 2021 might imply that our
economic activities are still slower than previously expected. With such
Karawang & Purwakarta 2,377,000 163.54
circumstance, it would give signal to landlords to stabilize their land price for the
Serang 1,700,000 116.94
rest of this year.
Tangerang 2,367,000 162.80
Average 2,746,000 188.90 *Exchange Rate of Q1 2021 = IDR 14,537

Leads Property Services Indonesia | Research & Consultancy | Jakarta Property Market Q1 2021 Page 22
 Corporate Occupier Portfolio Services

Office Services Industrial Services

Residential Services Project Management

Retail Services Property Management

Investment Services Research & Consultancy

Hendra Hartono
CEO
hendra.hartono@leads-property.com

PT Leads Property Services Indonesia

Indonesia Stock Exchange Building, Tower I, 26th Floor Darsono Tan
Jalan Jenderal Sudirman Kav 52-53, SCBD Senior Director
Jakarta 12190, Indonesia
darsono.tan@leads-property.com
Ph. (+62) 21 2903 5111
Fx. (+62) 21 2903 5115
IGAM Savitri
info@leads-property.com
Senior Director
in PT Leads Property Services Indonesia
. igam.savitri@leads-property.com
@leadsproperty