COLLIERS QUARTERLY APARTMENT | JAKARTA | Q3 2018 | 3 OCTOBER 2018

JAKARTA APARTMENT MARKET

2018–2021E
Summary & Q3 2018 Full Year 2018 Annual Average
Recommendations > The apartment sector will need catalysts to
cope with the current lackluster market
The overall short-term outlook until the end
of 2018 will remain subdued, whilst demand is performance. Such catalysts include tax relief, 2%
expected to be driven by end-users. Demand ease of securing a development permit and low
Meanwhile, more developers continue to interest rate. The downturn in the apartment 0.3% 0% 87%
focus on building affordable apartments (mid- market may continue until 2019, as the market
low segment) to target genuine homebuyers. will take time to absorb newly completed units,
This has also intensified the competition
amongst such products and is expected to
in anticipation of incoming supplies that will be
persist in the near term. The sluggish delivered progressively to the market. The
economy continues to plague the market, average take-up rate will be at 85-87% from
which has translated into an affordable and 2019 to 2021.
persistently weak sentiment.
The weakening sales activity is aligned with a > We expect to see 9,162 units scheduled for 5.5% 145% 7%
more prudent financing activity, as banks are completion in Q4 2018. The annual supply will
generally more cautious in approving taper off gradually by 26% per annum from
mortgage requests despite the keen interest
shown by first-time homebuyers. On the other Supply 2019 to 2021. Total apartment supply in 2021 1,074 Units 19,883 Units 14,568 Units
hand, the potential rise in interest rate will will account for 234,448 units.
increase the cost of borrowing, limiting the
access of bank financing for both consumer > We expect rent to stabilize throughout 2018 0% 0% 3 – 4%
and developer. and the overall rent to increase only by 3-4%
We believe that the buying capacity remains, per annum in 2019-2021, anticipating a tighter
but at this current time, it is not easy to competition as a result of an increasing number IDR367,947* IDR367,947* IDR380,825*
convince investor type of buyers to invest in Rent of product choices. IDR226,319** IDR226,319** IDR234,240**
property. It is in fact a good time to select
prosperous property products with good > Under the weight of multiple downside
offering price. Going forward, we maintain a pressures, the price will remain relatively flat 2% 4% 5%
positive view of Jakarta’s property market in until 2019 and would improve beyond 2020
the long term, on the back of a large and
relatively young population, better economic
with the expectation of improving market
projection and political certainty towards the Price conditions post the general elections. We IDR33.4mio IDR34.3mio IDR35-37mio
elections next year. expect the annual price increment to be at 3-
6% until 2021.
Source: Colliers International Indonesia – Research
Note: *) CBD Area; **)South Jakarta including Non-prime area
COLLIERS QUARTERLY APARTMENT
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sales. On the consumer side, individual investors generally hold their

Strata-title Apartment decision to purchase a new property since capital gain has become lower
and rental yield less attractive than bank deposits. Our field survey revealed
Supply that certain mid-up projects are currently conducting some sales activities
and/or further ended with project postponement and even cancelation,
The QOQ change in the cumulative supply of Jakarta’s strata-title apartment mainly because the project did not achieve its pre-sales target. We recently
was only up by less than 1%, bringing it to register 195,014 units. The observe that investor-type buyers continue to be pickier and more risk
increase accounted for an additional 1,392 units that came from the averse amidst the sluggish economy. They are also cautious about the
handover of three brand-new projects (Anandamaya Residences, Lavie political situation towards the upcoming presidential elections.
Suites and Nine Residence) and one extension tower, (Ciputra International
[San Francisco Tower]). Along 2018YTD, a total of 10,721 units have been Despite the relatively slow sales activity, the market still believes that the
handed over to the buyers. general slowdown is a short-time projection. The keenness to invest in
Indonesian property is still high amongst foreign developers, particularly
We revise our supply projection for the entire 2018 and further until 2020 as from Asian countries (Japan, China and Singapore). The extensive
depicted in the table below: opportunity in real estate projects, particularly in the greater Jakarta area, is
: Revision of Annual Supply Projection (Unit) largely driven by the large population, rapid urbanization and potential
demand from the growing middle-income segment.

Year Initial Projection in Q1 2018 Revised Projection in Q3 2018

2018 25,410 19,883

Demand
With limited amount of newly launched projects this quarter, developers will
2019 20,234 17,721 have more focus on selling the remaining stock of projects that are still being
constructed. As a result, sales activities in Q3 mainly took place in projects
2020 14,324 12,829 under construction, which in turn increase average take-up rate very
Source: Colliers International Indonesia - Research modestly to 85.9% from 85.6% in the previous period.
From our observation so far, the sentiment on the current macro-economic
The current sluggish pre-sales condition has put some of the upcoming situation is quite negative, which was reflected in the slow sales activity.
projects on hold, highlighted by slow construction and delayed ground- Higher interest rate and the depreciation of the rupiah against US dollar
breaking schedule. The issue on getting a development permit has also have put more pressure on the property market. Bank Indonesia (BI)
caused some projects to experience delay. Of the total projected annual increased the BI seven-day reverse repo rate by 150 bps, from 4.25% in
supply of 19,883 units, we expect the remaining 9,162 units to be completed January to 5.75% as of the end of September. A higher interest rate adds
in Q4 this year. more tension to the property market, primarily in the already high cost of
From July to September, there were only two new projects, namely South borrowing money. Today, the composition of apartment buyers through
Quarter Residence and Southgate Residence (Prime Tower), both located in bank financing (KPA) is higher as compared to five years ago. Buying an
South Jakarta. In fact, the number of projects launched or introduced in Q3 apartment through bank mortgage is dominated by the middle-low
2018 was 50% lower than in the same period last year. This implies a segment, which responded positively to the last measure of LTV relaxation.
depressed situation whereby developers are more vigilant in deciding However, the situation whereby interest rates should ideally go lower has
whether to launch a new product or not, due to the downside pressure on yet to occur. Regarding the middle to upper class segment, the market
2
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remains conservative, given the relatively low return in the rental market continue until 2019, as the market will take time to absorb the newly
and the wait-and-see attitude that hampered investors' appetite in buying completed units over the past years. This has yet to include the incoming
an apartment, particularly toward to the upcoming presidential elections. supply that will be delivered progressively to the market.

The weakening rupiah against the US dollar brought the currency to fall deep Take-up Comparison between Existing Projects and those Under
to about IDR14,900 per US dollar. We are in view that the depreciating
Construction
rupiah will have short- to medium-term effect, instead of long-term, on the
property market. BI is forced to increase interest rate to arrest the further
Q3 2017 Q2 2018 Q3 2018 QOQ YOY
weakening of the rupiah. As the interest rate increases, the cost of
borrowing money from banks will also increase, which then affects
Existing 96.2% 94.1% 93.7% -0.4% -2.4%
borrowers' decision to purchase properties by using mortgages.
Pre-sales rate 66.5% 64.5% 66.4% 1.9% -0.1%
Take-up Rate of Existing Apartment Projects and those Under
Average 85.6% 85.6% 85.7% 0.1% 0.1%
Construction
Source: Colliers International Indonesia - Research

Take-up Rate Changes in Different Locations in Jakarta

Q3 2017 Q2 2018 Q3 2018 QOQ YOY

CBD 91.5% 90.7% 91.1% 0.4% -0.4%

South Jakarta 87.1% 87.6% 86.6% -1.0% -0.6%

Non-prime area 84.2% 84.1% 84.6% 0.5% 0.4%

Source: Colliers International Indonesia - Research

Asking Price
Under the weight of multiple downside pressures, such as a negative
Source: Colliers International Indonesia - Research sentiment over the macro-economic condition and lackadaisical demand,
the overall apartment price still witnessed a minor increase this quarter. The
Overall, the apartment market will need catalysts from the regulator, such as YOY price growth has fallen to its lowest since Q2 2010 at 2.0% in Q3 2018,
the tax relief for luxury apartments, easier process in securing a as the much talked about economic condition continues to affect the
development permit and low interest rate. We see that only particular sentiment of buyers. The average asking price of apartments in Jakarta
projects with a good concept, specific target market and developed by registered at IDR33.4 million/sq m (based on hard-cash payment scheme
reputable developers still deliver relatively commendable results. excluding VAT) and grew only by 0.6% (QOQ) and 2% (YOY), reflecting the
Furthermore, we are in view that this lackluster market situation may challenging market condition. Therefore, developers have been adopting a
3
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more flexible and innovative pricing approach to appeal to potential buyers also be underpinned by a robust demand from end-users who are always on
who are flooded with choices in the market. the lookout for a suitable home with affordable price.
Furthermore, in an environment with a relatively stagnant GDP growth, high
Average Apartment Asking Prices (in IDR/sq m) in Different Regions interest rates and the political uncertainty towards the general elections, it is
unsurprising that we forecast price to relatively hover as it is now until 2019.
Q3 2017 Q2 2018 Q3 2018 YOY The picture could improve beyond 2020, as after the general elections the
situation could begin to improve and consumer confidence would resume..
CBD 50,468,454 50,754,885 51,323,657 1.7%

South Jakarta 37,959,967 38,183,804 38,424,532 1.2% Apartment for Lease

Non-prime area 24,795,184 25,206,441 25,251,943 1.8%
Supply
Average 32,702,508 33,202,208 33,387,927 2.0% With no newly completed serviced and non-serviced apartment projects, the
total stock of apartments for lease stood at 8,860 units, consisting of 60%
Source: Colliers International Indonesia - Research
serviced apartment and 40% non-serviced apartment. For several years, the
CBD and South Jakarta have been the top residential locations for
YOY Incremental Rate of Apartment Price in Jakarta expatriates due to their proximity to the business district and international
schools. Somerset Kencana Jakarta, which was initially scheduled to start
operation in Q3 2018 but was delayed, is rescheduled to open in early 2019.
Going forward, the addition of serviced apartments in the next quarter will
come from Ascott Sudirman Jakarta, consisting of 192 units, ranging from
studio to three-bedroom units.

Project Type of unit Semi Gross Area (sq m) #Unit

Studio Premier 48 64
Ascott Sudirman
Jakarta 1 Bedroom Premier 65 64

2 Bedroom Premier 112 44

Source: www.ascott.com

There were no new serviced or non-serviced apartments introduced in

Source: Colliers International Indonesia - Research
Jakarta in Q3. Having said that, the serviced apartment market is expecting
Location-wise, non-prime areas posted the highest YOY increment amongst to receive additional 671 units up to 2022 from five projects, which will be
the other areas. We believe the rather resilient price performance in non- managed by international operators in an attempt to attract broader market
prime areas could be attributable to the buyers’ preference for affordable coverage, particularly expatriates from corporate clients.
apartments outside the CBD, e.g., West Jakarta and East Jakarta. It could
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Occupancy Rental Rate

In general, leasing of apartments for lease, particularly serviced apartment is Overall, the average rental rate for apartments for lease (both serviced and
still underpinned by the demand of short-term accommodation during the non-serviced) remains flat. The minor adjustments that occurred during the
quarter. During the Asian Games 2018 held in Jakarta and Palembang, most quarter were mainly due to the weakening of the rupiah, which has created
hotels surrounding the main venue, particularly in Senayan, Sudirman and the illusion of a higher rental rate during Q3. Furthermore, as of Q3 2018,
Kuningan, enjoyed full occupancy and thus resulting in a spill-over rental the average asking rental rate in the CBD was registered at IDR367,947/sq
demand for serviced apartments in the CBD. Almost all serviced apartments m/month, whilst in South Jakarta and other non-prime areas were
in the CBD enjoyed an increasing occupancy rate ranging from 15% to 20% in registered at IDR226,319/sq m/month.
July-August. In addition, some serviced apartments also saw an increasing
With the addition of serviced apartment projects in the pipeline, vacancy
demand from Arabian tourists who spent their holiday in town during Eid al-
rate would potentially rise over the next few years. In this competitive rental
Adha. Overall, the average occupancy rate of apartments for lease in Jakarta
market where serviced apartments have to compete with individually owned
in Q3 2018 rose slightly from 70.7% to 73.4%.
strata-title apartment units that are offered for rent, some landlords have to
Having said that, however, this market still needs time to recover due to adjust their rental rate lower and this particularly affected local operators
structurally low demand, as a result of the policy that limits the number of mostly. Going forward, rental rates are expected to decline, particularly for
expatriate workers. The current stagnant economy has hampered the old apartments in the next year, as the key drivers of the leasing market
growth of the service and manufacturing industries, which are known as the remain weak.
main contributors to the leasing market.

Average Occupancy Rates in Different Regions Average Rental Rate Changes of Apartment for Lease Based on
Region
Q3 2017 Q2 2018 Q3 2018 QOQ YOY

CBD 75.2% 74.8% 80.2% 5.4% 5.0%

South Jakarta 69.0% 66.9% 69.1% 2.1% 0.1%

Non-prime area 69.5% 69.6% 70.3% 0.7% 0.8%

Source: Colliers International Indonesia - Research

Average Occupancy Rates at Different Type of Apartments

Q3 2017 Q2 2018 Q3 2018 QOQ YOY

Non-serviced 74.5% 73.6% 73.5% -0.1% -1.0%

Serviced 65.6% 65.5% 73.2% 7.7% 7.7%

Source: Colliers International Indonesia - Research
Source: Colliers International Indonesia - Research

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COLLIERS QUARTERLY APARTMENT | JAKARTA | Q3 2018 | 3 OCTOBER 2018

JAKARTA APARTMENT MARKET - APPENDIX

Completed Apartment Projects During Q3 2018

Project Location Region Developer # Units

Anandamaya Residences Jl. Jenderal Sudirman CBD JV. Astra Land-Hongkong Land 509

Lavie Suites Jl. Denpasar Raya CBD Wilsor Group 302

Ciputra International (San Francisco tower) Jl. Lingkar Luar Barat West Jakarta Ciputra 335

Nine Residence Warung Buncit South Jakarta Lippo Group 246

Source: Colliers International Indonesia - Research

Newly Introduced Apartment Projects in Q3 2018

PROJECT Location Region Expected completion time Estimated price/sq m* # Unit

Southgate Residence (Prime Tower) Jl. Tanjung Barat Raya, Jagakarsa South Jakarta 2020 IDR39,000,000
189

South Quarter Residence Jl. R.A. Kartini, Cilandak Barat South Jakarta 2022 IDR39,000,000 TBA
Source: Colliers International Indonesia - Research
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New Pipeline

Apartment Name Location Region Developer #Units Status

2018

Sudirman Suites Jl. Sudirman CBD Pikko Group 380 In operation

Casa Domaine Jl. Jend. Sudirman Kav 1 CBD Lyman Group 162 In operation

Anandamaya Residences (3 towers) Jl. Jend Sudirman CBD Hongkong Land 509 In operation

Lavie Jl. Denpasar Raya CBD Wilsor Group 302 In operation

Regent Residences (tower 1) Semanggi CBD PT. Kencana Graha Global 100 In operation

The H Residence Kemayoran (Amethyst) Jl. Rajawali Selatan Central Jakarta Hutama Karya Realtindo 800 In operation

Signature Park Grande Jl. MT. Haryono East Jakarta KSO Fortuna Indonesia (Pikko) 1,100 In operation

Bassura City (Tower Jasmine) Jl. Basuki Rahmat East Jakarta Synthesis Development 480 In operation

Bassura City (Tower Heliconia) Jl. Basuki Rahmat East Jakarta Synthesis Development 700 In operation

Nine Residence Warung Buncit South Jakarta Lippo Karawaci 246 In operation

Regatta London Tower Jl. Pantai Mutiara North Jakarta Intiland 186 In operation

District 8 (Tower Eternity) Jl. Senopati South Jakarta Agung Sedayu 461 In operation

District 8 (Tower Infinity) Jl. Senopati South Jakarta Agung Sedayu 440 In operation

Izzara Apartment (South and North Tower) TB. Simatupang South Jakarta Grage Group 542 In operation

Pondok Indah Residences (3 Towers) Pondok Indah South Jakarta Metro Pondok Indah 880 In operation

Gallery West Jl. Panjang No 5 West Jakarta AKR 280 In operation

St Moritz (The New Ambassador Suite

Jl. Puri Indah Kembangan West Jakarta Lippo Karawaci 200 In operation
Tower)

continued

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2018

Apartment Name Location Region Developer #Units Status

continuation

Jl. Lingkar Luar Barat, Puri

Puri Mansion Apartment (Tower Amethyst) West Jakarta Agung Sedayu Group 900 In operation
Kembangan
PT Adicipta Graha Kencana
Puri Orchad (Cedar Heights tower) Jl Raya Adicipta West Jakarta 1,050 In operation
(Serenity Group)
Ciputra International Puri Indah (Tower
Jl. Lingkar Luar Barat West Jakarta Ciputra 412 In operation
Amsterdam)

Citra Lake Suites (Tower A) Jl. Raya Kresek West Jakarta Ciputra Group 116 In operation

Citra Lake Suites (Tower B) Jl. Raya Kresek West Jakarta Ciputra Group 140 In operation

Ciputra International Puri Indah (Tower San

Jl. Lingkar Luar Barat West Jakarta Ciputra 335 In operation
Fransisco)

Gayanti City Jl. Gatot Subroto CBD PT Buana Pasifik International 174 Under-construction

T - Plaza Residence (Tower A & C) Jl. Penjernihan I Kav.1 Central Jakarta PT Prima Kencana 614 Under-construction

One Casablanca Residence Jl. Pal Batu South Jakarta Forza Land 215 Under-construction

The Langham Residences Senopati South Jakarta Agung Sedayu Group 57 Under-construction

The Aspen Peak at Admiralty (Tower D) Jl. Fatmawati South Jakarta PT Harmas Jalesveva 322 Under-construction

Casa Grande Residence 2 (Tower Angelo) Jl. Casablanca South Jakarta Pakuwon Group 350 Under-construction

Casa Grande Residence 2 (Tower Bella) Jl. Casablanca South Jakarta Pakuwon Group 350 Under-construction

Casa Grande Residence 2 (Tower Chianti) Jl. Casablanca South Jakarta Pakuwon Group 350 Under-construction

PT Simprug Mahkota Indah

Pakubuwono Spring (2 towers) Jl. Teuku Nyak Arief No.9 South Jakarta 545 Under-construction
(Agung Podomoro Group)

Branz Simatupang (2 tower) TB. Simatupang South Jakarta Tokyuland 381 Under-construction

Vittoria Residence (tower B) Jl. Daan Mogot West Jakarta PT Duta Indah Kencana 400 Under-construction

Taman Anggrek Residence (6 towers) Tanjung Duren West Jakarta Agung Sedayu 3,000 Under-construction

continued

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| Q2 2018 | 3 OCTOBER
DD MMMMMM 2018
2018

Apartment Name Location Region Developer #Units Status

continuation

Grand Madison Park Tanjung Duren West Jakarta Agung Podomoro Group 300 Under-construction

Puri Mansion Apartment (Tower Crystal) Puri Kembangan West Jakarta Agung Sedayu Group 700 Under-construction

West Vista (Crest Tower) Duri Kosambi West Jakarta PT Harapan Global Niaga 1,404 Under-construction

2019

The Suites Satrio Jl. Prof. Dr. Satrio CBD Ciputra 200 Under-construction

Verde Two (Tower Monteverde) Jl. Rasuna Said CBD Farpoint Realty 152 Under-construction

South Hill Jl. Denpasar Raya CBD Tan Kian 611 Under-construction

The Elements Epicentrum (2 Towers) Rasuna Said CBD Sinar Mas Land 372 Under-construction

Casa Domaine Prive Jl. Jend. Sudirman Kav 1 CBD Lyman Group 137 Under-construction

Arandra Residence Jl. Cempaka Putih Raya No.1 Central Jakarta Gamaland 687 Under-construction

PT. Muliaguna Propertindo

Sudirman Hill Residence Jl. Karet Pasar Baru Barat Central Jakarta 299 Under-construction
Development

Royal Suites Kemayoran Central Jakarta Springhill Golf Group 450 Under-construction

Menara Jakarta (Tower Equinox) Kemayoran Central Jakarta Agung Sedayu 396 Under-construction

Menara Jakarta (Tower Azure) Kemayoran Central Jakarta Agung Sedayu 860 Under-construction

Sentra Timur Residence (Tower Safir) Pulo Gebang East Jakarta Bakriland Development 605 Under-construction

Pluit Residences (Tower Ibiza) Pluit North Jakarta Binakarya Propertindo Group 500 Under-construction

Pluit Seaview (Tower Bahama) Pluit North Jakarta Binakarya Propertindo Group 650 Under-construction

continued

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DD MMMMMM 2018
2018

Apartment Name Location Region Developer #Units Status

continuation

Gold Coast Apartment (Atlantic Tower) Pantai Indah Kapuk North Jakarta Agung Sedayu 568 Under-construction

Regatta Apartment (Tower New York) Pantai Mutiara North Jakarta Intiland 186 Under-construction

Sedayu City (Tower Melbourne) Jl. Pegangsaan Dua Raya North Jakarta Agung Sedayu 912 Under-construction

The Kensington Royal Suites (4 Tower) Kelapa Gading North Jakarta Summarecon 790 Under-construction

Gold Coast Apartment (Bahama Tower) Pantai Indah Kapuk North Jakarta Agung Sedayu 600 Under-construction

Gold Coast Apartment (Carribean Tower) Pantai Indah Kapuk North Jakarta Agung Sedayu 600 Under-construction

Gold Coast Apartment (Honolulu Tower) Pantai Indah Kapuk North Jakarta Agung Sedayu 600 Under-construction

Pakubuwono Terrace Grand Tower Kebayoran Lama South Jakarta PT. Selaras Mitra Sejati 435 Under-construction

Bellevue Place MT Haryono, Tebet South Jakarta Gapura Prima 240 Under-construction

PT Griya Karunia Sejahtera

The Foresque Pasar Minggu, Ragunan South Jakarta 660 Under-construction
(Binakarya Propertindo Group)

Kebayoran Apartment (was Selatan 8) Jl. Raya Ulujami South Jakarta Karya Cipta Group 344 Under-construction

45 Antasari (2 Tower) Antasari South Jakarta Cowell Development 1,924 Under-construction

Synthesis Residence Kemang (3 towers) Jl. Ampera Raya No.17 South Jakarta PT. Synthesis Development 1,100 Under-construction

Fatmawati City Center - Corona Park Suite

Fatmawati South Jakarta Agung Sedayu 620 Under-construction
Tower

TBS Tower Apartment TB Simatupang South Jakarta PT Mahkota Asia Graha 162 Under-construction

The Padmayana Jl. Sinabung Raya No.58 South Jakarta Adhi Karya 145 Under-construction

PT Adicipta Graha Kencana

Puri Orchad (Magnolia Spring tower) Jl Raya Adicipta West Jakarta 544 Under-construction
(Serenity Group)
Green Sedayu Apartment (Tower
Jl. Kamal Raya, Cengkareng West Jakarta Agung Sedayu 644 Under-construction
Pasadena)

continued

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Apartment Name Location Region Developer #Units Status

continuation

Citra Living Apartment (Orchad Tower) Jl. Citra 7, Kalideres West Jakarta Citra Mitra Graha KSO 312 Under-construction

2020

Verde Two (Tower Terraverde) Jl. Rasuna Said CBD Farpoint Realty 182 Under-construction

Le' Parc Jl. Thamrin CBD PT. Putragaya Wahana 100 Under-construction

The Residences at The St. Regis Jakarta Jl. H.R Rasuna Said CBD Rajawali Property Group 164 Under-construction

The Newton at Ciputra World 2 Jl. Karet Sawah CBD Ciputra 450 Under-construction

Pikko Group & Wijaya Wisesa

Menteng 37 Jl. Menteng 37 Central Jakarta 99 Under-construction
(JV)

The Stature Jakarta Jl. Kebon Sirih Central Jakarta Capitaland and Credo Group 87 Under-construction

The Sahid Asena Apartment and Garden Ciracas East Jakarta Sahid Group 476 Under-construction

East 8 (2 towers) Cibubur East Jakarta Karya Cipta Group 1,172 Under-construction

Sedayu City (Tower Darwin) Jl. Pegangsaan Dua Raya North Jakarta Agung Sedayu 936 Under-construction

Orient Residence Jl. Yos Sudarso, No 76 North Jakarta PT Tri Raton Mega 225 Under-construction

Regatta Tokyo, Acapulco, Sydney Tower Jl. Pantai Mutiara North Jakarta Intiland 276 Under-construction

PT Senopati Aryani Prima dan PT

Kemang Penthouse Jl. P Antasari No.5 South Jakarta 114 Under-planning
Mahardika Gagas Sejahtera

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

Permata Hijau Suites Jl. Raya Kebayoran Lama South Jakarta PT Palmerindo Properti 649 Under-construction

continued

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Apartment Name Location Region Developer #Units Status

continuation

Apple Residence Jatipadang South Jakarta PT Diamond Land Development 300 Under-construction

Southgate Residence (2 tower) Jl. Tj Barat Raya, Jagakarsa South Jakarta Sinar Mas Land 489 Under-construction

Jl. Kebon Jeruk Raya,

Gianetti Apartment West Jakarta Bangun Investa Graha 500 Under-construction
Kemanggisan
PT Itomas Kembangan Perdana
Aerium Taman Permata Buana (South
Taman Permata Buana West Jakarta (Sinarmas Land & ITOCHU 366 Under-construction
Tower)
Indonesia)
Green Sedayu Apartment (Tower New
Jl. Kamal Raya, Cengkareng West Jakarta Agung Sedayu 920 Under-construction
York)
PT China Harbour Jakarta Real
Daan Mogot City (3 towers) Daan Mogot West Jakarta 700 Under-construction
Estate Development

Tomang Park Apartment (2 towers) Jl. Tawakal Ujung Raya, Tomang West Jakarta PT Phoenix Property 2,000 Under-planning

Prosperity Residence (Lotus Tower) Jl. Raya Kembangan West Jakarta Prosperity Group 208 Under-planning

2021

The Hundred Residence Mega Kuningan CBD PT. Farpoint Realty Indoneasia 100 Under-planning

57 Promenade Jl. Kebon Melati CBD Intiland 496 Under-construction

The Linq Kemayoran (2 towers) Kemayoran Central Jakarta KG Global 1,020 Under-construction

The Pakubuwono Menteng Jl. Sabang, Menteng Central Jakarta Pakubuwono Development 340 Under-construction

Prajawangsa City (3 towers) Jl. Raya Bogor, Cijantung East Jakarta Synthesis Development 1,500 Under-construction

Cleon Park Apartment (2 towers) Cakung, Jakarta Garden City East Jakarta Modern Land Realty 630 Under-construction

Samara Suites Jl. Gatot Subroto South Jakarta Synthesis Development 300 Under-construction

Lavish Kemang Residence Jl. Kemang Raya No.3, Bangka South Jakarta PT Kemang Karya Utama 474 Under-planning

continued
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Apartment Name Location Region Developer #Units Status

continuation

Kasamara Residence Jl. Kesehatan Raya South Jakarta PT MGM Propertindo 151 Under-construction

Solterra Place (2 tower) Pejaten South Jakarta Waskita Realty 2,000 Under-construction

West Point Apartment Jl. Macan Kav.4-6 Kedoya Utara West Jakarta PT Andaland Property 272 Under-construction

Jl. Arjuna Selatan No. 10, Kebon

Cluny Residence (2 towers) West Jakarta PT Alam Makmur Property 554 Under-planning
Jeruk
Source: Colliers International Indonesia - Research

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Primary Authors: For further information, please contact:
Hern Rizal Gobi Ferry Salanto
Manager | Research | Indonesia Senior Associate Director| Research | Indonesia
+62 21 3043 6727 +62 21 3043 6730
[email protected] [email protected]

About Colliers International Group Inc.

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000
professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including
affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide,
and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing
firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the
world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

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