Colliers Market Report 4Q 2011

8/2/2019 Colliers Market Report 4Q 2011

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jakarta rEaL EStatEresearch & orecast report

. . .

Q i the knowledge

Property Sector Overviewo ice sectorave ge s ing b se en l es so ed by % Y-o-Y o bo h he US doll nd rupi h denomin edbuildings. ave ge b se en l es o ll cl sses o buildings in he l s qu e o we e eco ded

US . /sq m/mon h nd rp . /sq m/mon h. Occup ncy es moved upw d om % in o% in . the compe i ion o secu e good o ce sp ce will con inue bec use o ce sp ce coming on he

m e du ing he ye will be limi ed while inqui ies om en n s will con inue o ow. as esul , en les e p o ec ed o con inue o inc e se in . addi ion lly, he m e will em in vib n given he c

h ound % o he o l sp ce in unde -cons uc ion o ce buildings p o ec ed o begin ope ion in h ve been p e-commi ed.

apartment sectora o l o , new p men uni s we e comple ed du ing ; his is he his o ic l high o he nnu lsupply o p men uni s. O he o l nnu l supply in , ound % h s l e dy been bso bed.Me nwhile develope s cl im h % o he , uni s p o ec ed o be comple ed in h ve been soldbe o e hey even nish cons uc ion. Me nwhile, he ve ge p men p ice pe sq m o ged he d by %Y-o-Y, m inly due o he in ux o new p men p o ec s wi h highe p ices h n he m e ve ge.ap men p ices in he CBD ose om rp . million/sq m o rp . million/sq m.

eXpatriate hoUsinG sectorthe supply o exp i e-s nd d houses pe s o nd his he ds ow d l ndlo d m e si u ion whe ehey h ve mo e b g ining powe . ave ge s ing en l es o exp housing in he l s six mon hs e sedby US o US pe housing uni . Ins e d o giving discoun s, l ndlo ds would cu housing en l esp ovided h he le se e m is se minimum o h ee ye s wi h n dv nce p ymen o en . acco dingo Collie s residen i l ten n rep esen ion Division, he e w s subs n i l inc e se in he numbe oexp i e ccoun s h ndled while he numbe o exp i es en olled in o ien ion we e up by % comp edo . addi ion lly, some o he In e n ion l schools h ve con med h i is now di cul o nd se onew s uden s.

retail sectorLi e he o he sec o s, p e-commi men levels o e il cen es p o ec ed o begin ope ion in h se ched %. No hwi hs nding his s ong bso p ion he ve ge en l es o ypic l oo s em ined wi h mos l ndlo ds in posi ion o m in in hei cu en s ing en l es ( n ve ge o rp , /sq m/mon h in j e ndrp , /sq m/mon h o ci ies ou side o j ) while some shopping cen esl ndlo ds h ve become mo e disce ning in selec ing new en n s which will po en i lly lu e mo e c owd ohei cen es.

indUstrial estate sectorto l indus i l l nd s les du ing h s e ched n eno mous , hec es h ving g own lmos .imes l ge h n he o l s les eco ded in ( hec es). Such supe b s les h s consequen lyesul ed in signi c n inc e se in indus i l l nd p ices, which h ve umped by % Y-o-Y wi h k w ngnd Be si egions con ibu ing he highes inc e ses o % nd % espec ively. the ve ge l nd p icein he g e e j e w s US . sq m while he highes ve ge indus i l l nd p ice w s ound inBe si US . /sq m.


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Supply

jakarta annUal o ice sUpplY

Collie s In e n ion l Indonesi - rese ch

cBd annUal o ice sUpplY Based on marketinG scheme


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s q m

CBD Ou side CBD

p. | colliers international

jakarta | 4q 2011 | oFFiCe

limited sUpplY dUrinG

two new o ce owe s in j , tempo Sc ntowe nd Men , o ci lly bec meope ion l du ing Q . the wo owe s

oin ly con ibu ed o l o , sq m oo ce sp ce o he m e . to l o ce sp ceo he whole j e w s eco ded

. million sq m, wi h ound % beingloc ed in he CBD e . the combined newo ce supply o he CBD nd he ou side CBDe in ccoun ed o , sq m, o

which % is being m e ed s sp ce ole se.

sUpplY in the cBd

In he e ly p o he ye , supply o

w s p o ec ed o see ou new buildingsccoun ing o o l o , sq m. Howeve ,one building, P , loc ed he Sudi m nCBD, h s nnounced h i would no beope ion l un il he e ly p o . Du ingQ , he CBD s w he o ci l opening otempo Sc n towe ollowing he o he wobuildings, alli nz towe nd k-Lin towe , hh d become ope ion l e lie . Wi h heseh ee o ce buildings con ibu ing combinedo l semi g oss e o , sq m his ye ,he cumul ive supply o he CBD e w seco ded . million sq m.

Despi e sluggish supply his ye , he o cem e is n icip ing signi c n moun oo ce sp ce, o lling o mo e h n , sqm, in he CBD ove . Even hough hem e will see mo e o ce o s - i le s lesnex ye , du ing he pe iod, heve ge nnu l o ce sp ce o le se e ched, sq m comp ed o he nnu l supply o, sq m o o ce sp ce o s i le

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Fo Le se Fo S - i le S le


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oUtside cBd annUal o ice sUpplY Based on marketinG scheme


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Fo Le se Fo S - i le S le

colliers international | p.

sUpplY in the oUtside cBd

the e we e six new o ce buildings, whichs ed ope ing in he ou side CBD edu ing . two sm ll o ce buildings, MtHSqu e nd G h k m , o lling semig oss e less h n , sq m, bec meope ion l e ly in he ye . these we eollowed by Men Ci icon nd als om towe .the l ges building his ye o becomeope ion l w s aPL (agung Podomo o L nd)towe , o me ly nown s he Cen l PO ce towe . the ye closed wi h he Men

becoming ully ope ion l. aPL towe ishe lles building ou side o he CBD o ope ein . the o l semi g oss e p ovided byhe six o ce buildings ccoun ed o , sqm. this ye he ou side CBD e p ovidedmo e sp ce h n he CBD, b inging he

cumul ive supply o . million sq m. thennu l supply du ing w s highe h n ih d been p eviously. Ye w s seemingly

us he beginning o o ce supply g ow h, sincein he o ce m e in he ou side CBDe will see , sq m mo e o ce sp ce.

Unli e he CBD whe e ll new o ce buildingsin we e m e ed o le se, he m o i y onew o ce in he ou side CBD e du ing heye w s o e ed s s - i le o ce. thes - i le o ce concep is becoming mo ecommon nd will con inue o g ow u he in

in e ms o he numbe o o ce sp cesv il ble. We n icip e ound , sq mo o ce sp ce coming on s e m in owhich ound % o his e will be o ce os le. Despi e h ving l ge o ce sp ce( , sq m), he o ce m e will only see% o o l o ce sp ce in is o e ed o

s le.

Loo ing o w d, he o ce m e in he ou sideCBD e will become ve y c ive nd will be

highligh ed by numbe o o ce sp cesp o ec ed o en e he m e ove .His o ic lly, he numbe o nnu l o ce supplyh dly eve chieved mo e h n , sq m.the g owing economy h s esul ed in businessexp nsion, which equi es mo e comme ci lsp ce, which will d ive he bou geoning o cedevelopmen o he u u e.



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UtUre o ice BUildinGs

projectedcompletion

Year

BUildinG name locationsGa

(sQ m)marketinG scheme statUs*

cBd area1Q 2012 18 Park SCBD 23,136 S - i le nd Fo Le se Unde Cons uc ion1Q 2012 Mul ivision towe Hr r sun S id 22,000 S - i le nd Fo Le se Unde Cons uc ion1Q 2012 O ce 8 Senop i 48,000 S - i le Unde Cons uc ion2Q 2012 Cipu O ce towe S io 64,000 Fo Le se Unde Cons uc ion2Q 2012 Wo ld t de Cen e 2 Sudi m n 57,000 Fo Le se Unde Cons uc ion2Q 2012 aXa towe S io 60,995 S - i le nd Fo Le se Unde Cons uc ion4Q 2012 Eigh y8 C s bl nc 56,500 S - i le nd Fo Le se Unde Cons uc ion4Q 2012 the Ci y Cen e towe One kH M s M nsyu 84,000 S - i le nd Fo Le se Unde Cons uc ion4Q 2012 O ce Se i budi Se i budi 11,000 S - i le nd Fo Le se Unde Cons uc ion2013 Men P im 2 Meg kuning n 40,000 Fo Le se Unde Cons uc ion2013 r sun towe r sun S id 80,000 Fo Le se Unde Cons uc ion2013 Ch se towe Sudi m n 60,000 Fo Le se Unde Pl nning2013 Li e towe Hr r sun S id 30,500 Fo Le se Unde Pl nning2013 ri 2 S io 30,000 S i le Unde Pl nning2014 In e n ion l Fin nci l Cen e 2 Sudi m n 40,000 Fo Le se Unde Pl nning2014 the Ci y Cen e (Ph se 2) kH M s M nsyu 34,000 S - i le Unde Pl nning2014 the Ci y Cen e (Ph se 3) kH M s M nsyu 40,000 Fo Le se Unde Pl nning2014 Sudi m n Cen e towe Sudi m n 126,600 S - i le Unde Pl nning2014 M ng uluhu towe B Sudi m n 39,356 Fo Le se Unde Pl nning

2014 G h Su y In e nus 2 r sun S id 40,000 Fo Le se Unde Pl nning2014 GP Pl z G o Sub o o 12,204 S - i le Unde Pl nning

oUtside cBd1Q 2012 Men S u kel p G ding 18,770 S - i le nd Fo Le se Unde Cons uc ion2Q 2012 G nd Soho Slipi Slipi 52,000 S - i le Unde Cons uc ion2Q 2012 Sove eign Pl z tB Sim up ng 16,020 S - i le nd Fo Le se Unde Cons uc ion4Q 2012 Wism Pondo Ind h 3 Sul n Is nd Mud 36,106 Fo Le se Unde Cons uc ion4Q 2012 Chi ex towe tB Sim up ng 28,000 Fo Le se Unde Cons uc ion4Q 2012 Blue G een O ce Bou ique Me uy 20,000 Fo Le se Unde Cons uc ion

4Q 2012 jewel towe a P n i Ind h k pu 8,000 S - i le Unde Pl nning2013 al m nd towe tB Sim up ng 33,000 S - i le nd Fo Le se Unde Pl nning2013 G le y Wes kebon je u 22,800 S - i le nd Fo Le se Unde Pl nning2013 DIPO Bussiness Cen e Slipi 19,600 S - i le Unde Pl nning2013 t l ve Sui e tB Sim up ng 16,250 Fo Le se Unde Pl nning2013 G h Elnus 2 tB Sim up ng 40,000 Fo Le se Unde Pl nning2013 18 O ce P tB Sim up ng 36,627 S - i le Unde Pl nning2013 N s towe tB Sim up ng 20,000 Fo Le se Unde Pl nning2013 Signum towe tB Sim up ng 58,500 Fo Le se Unde Pl nning2013 G een kosmo M nsion tB Sim up ng 23,000 S - i le Unde Pl nning2013 G een tebe Mt H yono 8,750 Fo Le se Unde Pl nning

Collie s In e n ion l Indonesi - rese ch*) Unde Cons uc ion: whe e cons uc ion c ivi y is in p og ess, including ei he ound ion o supe s ucu e.Unde Pl nning: no con uc ion c ivi ies on si e bu ll pe mi s h ve been pp oved by he ove nmen .




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Dem nd

colliers international | p. 5

sUBstantial demand

the closing occup ncy e o he ye s ood . %, e ec ing n upw d end comp edo l s qu e . the ove ll inc e se in heoccup ncy es inc e sed bo h in he CBDe nd ou side CBD e . Qui e ew qu li y

o ce buildings epo ed heigh ening occup ncy

du ing he qu e , which m inly con ibu ed ohe inc e se in he ove ll occup ncy e.Now d ys he ques o qu li y o ce sp ce h sin ensi ed wi h m ny en n s vying o hes me sp ce.

demand in the cBdthe h ves ime o o ce buildings in jh s heigh ened. the ove ll occup ncy es he end o he ye we e . %. this e ec s nupw d end o ound % Y-o-Y. the gene loccup ncy pe o m nce sugges s h hispe iod is l ndlo d-m e si u ion, whe e

en n s will become inc e singly c ive in heiemp s o nd o ce sp ce in m e

p oviding limi ed numbe o qu li y p emises. the s oc o o ce sp ce in w s qui elimi ed, s i h s been ove he l s ve ye s.this h s esul ed in ise in he occup ncylevels his ye . No only exis ing buildingsexpe ienced he con inued o ce sp cebso p ion, bu lso he buildings, li e alli nztowe , k-lin towe nd tempo Sc n towe ,which we e comple ed du ing . theseh ee buildings ll eco ded high p e-commi men level e ly on e becomingope ion l. tempo Sc n towe o ex mple,h s ecen ly secu ed signi c n ns c ions bymining (ad o) nd medi inves menm n gemen (G oupM). ano he signi c nde l occu ed be ween L ndm towe a ndadi , n nce comp ny, which involved mo eh n , sq m nd helped he buildingeduce i s v c ncy e. ano he L ndmtowe is pp o ching oil nd g s comp nies oenh nce occup ncy pe o m nce.

ano he no ble ns c ion o mo e h n ,sq m oo pl ce in the Pl z j l n MHth m in. I involved ace Indonesi secu ingmo e h n , sq m. In he P O ce towein j l n G o Sub o o, asi n Ou sou cingSe vices oo ound , sq m. these we eno he only size ble ns c ions h boos ed

he occup ncy level. the e we e numbe omid-sized ns c ions h lso helped. Foex mple n insu nce comp ny (G e E s e n)nd medic l se vices comp ny h ve secu edsp ces G h Su y In e nus nd Menk y , which e bo h loc ed in j l n Hr

r sun , S id wi h espec ive sizes o sqm nd sq m.

t ns c ions de ling wi h p ope ies hund edso sq m in size lso sus ined he occup ncylevel, li e he ddi ion o so w e comp ny oSequis Pl z , B n Sulu en e ing Pl z G niD em nd M yb n moving o Pl z BII towe. Some o ce buildings h d o ele se en n s,s w s expe ienced by Gedung j y , whichlos n nce nd insu nce comp ny en n snd a h G h , which los miningcomp ny.

thus , in he o ce m e , eloc ion h s nobeen p oblem o m in ining occup ncype o m nce in gene l, bec use in mos c ses,new en n s h ve bso bed he v c n o cesp ces le by old en n s. B n Pe m secen c se is good ex mple o his. thecomp ny will eloc e o newe building nexye le ving ound , sq m o v c edsp ce, which h s l e dy been secu ed byZu ich, n insu nce comp ny. this h s beenhe c se qui e commonly, occu ing m nyimes. I we ec ll ew ye s p eviously,S nd d Ch e B n le hei p emises oeloc e o newe building in j l n S io.thei p esence in he old building w s epl cedby aNZ. Ove ime, such c ses h ve helped om in in n occup ncy level ound %,no wi hs nding he in ux o new buildings.



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annUal sUpplY, demand and occUpancY o o ice space in the cBd


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Supply Dem nd Occup ncy (%)

p. 6 | colliers international


oUtside cBdth oughou , he occup ncy only d oppedempo ily du ing Q. S ing in Q,occup ncy g du lly wen up nd e ched i spe in Q when occup ncy e ched . %.Occup ncy inc e sed sligh ly by . % Y-o-Y.S e dy pe o m nce by exis ing buildingshelped m in in he occup ncy level. Du ing

, ll he newly ope ing buildings pos edexcellen le sing nd s les c ivi ies h lsounde pinned he ove ll occup ncy pe o m nceo he ye . Fo ex mple, Men , ope ing

in he l s qu e o his ye , chieved %occup ncy nd Men Ci icon h s e ched% occup ncy. the m o en n s wi hinhese wo buildings include G mm G oup, IndoMen m , Mi In i Sel s, te log nd ood supplemen p oduce .

O he o ce buildings ope ing in he p eviousqu e , Men Ci icon h s lso en oyed pidlyinc e sing occup ncy. this building, which isowned by loc l con c o comp ny, isexpec ed o h ve commi ed occup ncy ebove % by Q. the l es ns c ion o hebuilding, Pt Sing L ngi j y , oodsupplemen comp ny, occupies ound ,sq m.

per ormance BY reGionO ce buildings in E s j e domin edby buildings, which h ve been ope ing oove ye s, wi h Men MtH s he l essupply o ope e in . In i s second ye oope ion, Men MtH h s egis e ed no bleoccup ncy level. thus , wi h limi ed o ces oc in his egion, i s occup ncy s nds bove %. Me nwhile in he No h jregion, o ce buildings e m inly concen edin he kel p G ding, Sun e , Plui nd ancole s. So kel p G ding is he mos

p e e ble loc ion in he No h due o i sg owing comme ci l nd esiden i l e . theen n s in he E s nd No h j regionse mos ly loc l business en i ies h gene lly

se ve he neighbou hood.

Cen l j in p oximi y o he CBD eegis e ed . % occup ncy o he qu e .the l es building being buil in , G hk m h s been used up by one poli ic l p y.While o ce pe o m nce in Sou h j ismos ly ch c e ised by o ces in he j l n tBSim up ng e , in Sou h j , n o cebuilding loc ed in he M mp ng e h s beenv c ed by i s m o en n , johnson & johnson,which moved o k-Lin towe in j l n G oSub o o.


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within cBd area

pre-commitment levelOccup ncy es in e expec ed o em inobus conside ing h he upcoming newo ce developmen s h ve secu ed high p e-commi men levels om seve l no bleen n s. Fo ex mple, he Wo ld t de Cen e (WtC ) h s closed de l wi h wo le dingb n s, B n Pe m nd S nd d Ch e edB n , nd n oil nd g s comp ny, to l E & P.these m o ns c ions oge he wi h o hesm lle ones h ve used up mo e h n % ohe sp ce WtC . ano he unde -cons uc ion

o ce owe , Cipu Wo ld j (CWj), h s commi men wi h le ding b n omSing po e, which will be occupying mos o heo ce building ( oo s) oge he wi h G ohe(b h oom equipmen om Ge m ny) ndregus ( n o ce se vices p ovide ). thisindic es h mo e h n % o o ce sp ceh s been ns c ed. In he s me Co ido sCWj, aXa towe (p o he kuning n Ci ycomme ci l cen e) h s lso secu ed highp e-commi men level. Me nwhile, the Ploc ed in he SCBD comme ci l e h s lsocon med seve l en n s commi men s be o ebeing o ci lly ope ion l in .

In he Ou side CBD, ound % o he o lo ce sp ce p o ec ed o come in h sbeen ese ved by seve l en n s. Fo ex mpleIndo t mb ng, which will occupy Wism PondoInd h e p eviously being b sed Ven u ,no he building loc ed in tB Sim up ng.

Men S u, loc ed on he m in o d o kel pG ding closed ou by secu ingcommi men s h will ccoun o mo e h n% o i s occup ncy. I is ve y li ely h

occup ncy will con inue o ise in ,conside ing he qu li y o he p emise nd i ss egic loc ion in kel p G ding.

Me nwhile, wo o he neighbou ing buildings intB Sim up ng, Sove eign Pl z nd Chi extowe en oyed p e-commi ed occup ncy obove %. Oil nd g s comp nies e s ill hem in gene o in bo h Chi ex towe ndSove eign Pl z .

annUal sUpplY, demand and occUpancY o o ice space in the oUtside cBd


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Supply Dem nd Occup ncy (%)




8/40

askinG rental rates: a vast leapLimi ed sp ce du ing he ye combined wi hinc e sing exp nsion c ivi ies h ve inevi blyc used he ve ge en l es o buildings inrupi h o so by % nd by % o buildingsquo ed in US , Q-o-Q. Finding good o cesp ce du ing w s ch llenging bec usenew o ce s oc is ve y limi ed nd lsobec use en n s eloc ion nd exp nsion w sve y c ive. this is undeni ble bec use heve ge en l es since l s ye h vech nged subs n i lly by % ( o rupi hdenomin ed buildings) nd by % ( o USDoll denomin ed buildings).

j l n Sudi m n s he m in ho ough e in heCBD con ibu ed he highes inc e se in heove ll CBD en l es. We h ve eco dedseve l o ce buildings loc ed long j l nSudi m n h inc e sed hei s ing en l

es by %. Seve l new buildings en e inghe m e ove he l s wo ye s h ve been

ble o chieve pe pe o m nce, while heo he olde buildings h ve been o e ing higheen s, p icul ly hose wi h limi ed o cesp ce. Some o ce buildings loc ed longj l n r sun S id lso d us ed s ing en l

es.

a % inc e se ised he ve ge s ing en le o rp , /sq m/mon h o ll cl sses o

o ce buildings denomin ed in rupi h in Q. this gu e is ump o % Y-o-Y.

Me nwhile, he ve ge en l e in US Doll sh s lso climbed by % his qu e , m inghis qu e s gu e s nd US . /sq m/mon h. this is big le p Y-o-Y o %. ave ges ing en l es in US Doll s du ing he l squ e o w s only US . . ave ges ing en l es o g de a o ce buildingsh ve e ched US . /sq m/mon h, while hosequo ing loc l cu ency egis e ed n ve gebove rp , /sq m/mon h.

ren l r es, Se vice Ch ge nd P ices

annUal: sUpplY, demand and occUpancY o o ice space in the oUtside cBd


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averaGe askinG rental rates in jakarta




9/40

service charGeFigu es o se vice ch ge cos s we e el ivelys ble, only e sing sligh ly by % Y-o-Y orupi h denomin ed buildings o rp , /sqm/mon h. While o US Doll buildings, se vicech ges ose by % Y-o-Y o US . /sq m/mon h.

In he ou side CBD e , se vice ch ges we eeco ded rp , /sq m/mon h, mode einc e se o ound rp comp ed o l squ e . Me nwhile se vice ch ges in USDoll s, which we e m inly pplic ble in he tBSim up ng nd Pondo Ind h e , movedsligh ly upw d o US . /sq m/mon h.

No hing new is no ble o s - i le o ce

supply du ing . In he CBD nd ou o o lo hous nd sq m o sp ce, mo e h n %h s been en up, le ving ound hous ndsq m o sp ce unsold.

In , he p ice o s - i le o ce buildingsin he CBD wen up by % Y-o-Y o buildingwi h US Doll p ice g om US , /sq ml s ye o US , . Simil ly, he p ice os - i le buildings in rupi h w s up by %comp ed o l s ye s gu e o rp .

million/sq m. Me nwhile, he p ice o s -

i le buildings loc ed in he ou side CBD ew s egis e ed rp . million/sq m,e ec ing % inc e se comp ed o l sye .

In he ou side CBD e , no ble inc e ses we ep icul ly he esul o p ice d us men sm de by aPL towe , G nd i , kEM towend the Boulev d. Me nwhile, p ice inc e sesin he CBD e we e m inly due o hed us men s m de by newe buildings.

take-Up, sellinG price and orecast o strata-title o ice BUildinGs

ave ge s ing en l es in he ou side CBDe only inc e sed by % Q-o-Q o n ve ge

o rp , /sq m/mon h. Neve heless, Y-o-Y inc e se pos ed signi c n ump o%, whe e ve ge en l es in l s qu e

o we e only rp , /sq m/mon h. Such

signi c n inc e se w s igge ed by hein ux o new buildings, which dop ed highe

es bove he ve ge m e (bec use heye mos ly high qu li y o ce buildings). On he

US doll on , ve ge s ing en l es onlye sed mode ely by % Q-o-Q o US . /sqm/mon h, which lso e ec s n inc e se by. % Y-o-Y. Ove ll, he ve ge en l esose cco dingly wi h he heigh ened c ivi ieso en n s loo ing o o ce sp ce in he ou sideCBD e .

j l n tB Sim up ng, s he mos c ivebusiness e in he ou side CBD e ,egis e ed mode e inc e se by % Q-o-Qdue o he in ux o wo o ce buildings, Men

( om he second y m e ) nd Pl zals om, in . ave ge s ing en l es in

rupi h we e egis e ed rp , /sq m/mon h, e ec ing % inc e se Y-o-Y. On heUS Doll on , no hing much ch nged. ave geen l es only e sed sligh ly o US .om he p evious e o US . /sq m/

mon h, due o mino d us men s m de byMen t l ve .

,

,

,

,

,


price o strata-title o ice BUildinGs in jakarta




10/40

No wi hs nding he signi c n moun o newo ce sp ce coming in , he m e ing swill be lo e sie bec use lmos % o heo l nnu l sp ce in he CBD h s been

bso bed while % o o l new o ce sp cein , loc ed in he ou side CBD e , h sbeen en up be o e he buildings e even inope ion. Fu he , wi h Indonesi eg ining ninves men g de ing om Fi ch r ings olong- e m o eign nd loc l cu ency deb som BB+ o BBB-. he o ce m e will be

mo e con den in selling he em ining sp ceo ccele e highe en l es in .

as he ci y g ows in e ms o buildingcons uc ion nd numbe o vehicles, he elieo in ensi ying c conges ion is n icip edh ough he cons uc ion o he elev ed o d,which will connec he t n h ab ng e , p ssh ough j l n S io (one ho ough e in heCBD) nd k s bl n nd hen end k mpung

Mel yu. this will e se c long j l n S iond j l n C s bl nc , whe e h ee m omixed-use developmen s will be nished.Simil developmen will connec j l n tB

Sim up ng nd Blo M e . Bo h p o ec s escheduled o nish in Q . ano he he vyinves men p o ec is he Mrt connec ing hesou h p o j , p ssing h ough j l n tBSim up ng nd j l n Sudi m n ( he m inho ough e in he CBD), nd ending heHo el Indonesi ound bou (Bunde n HI).this s s ge Mrt p o ec is scheduled os in nd nish in . P o hep o ec will be elev ed il nd p will beunde g ound. Once his p o ec is ope ion l, iwill no only educe he use o p iv e c s, bulso i will ise l nd p ices long he ou e(which h s l e dy h ppened ecen ly). thej Gove nmen is li ely o llow higheplo ios, p icul ly in he su ounding e so eve y s op (s ion) o he Mrt.

Ou loo




11/40

list o strata-title apartmentsoperate dUrinG 3Q 2011

apartment name location developer #Unit price ranGe(rp/sQ m)

Ni o (towe M honi) P s Minggu Pt Pu IndonesiBe s m

526 13 mio - 14 mio

C s G nde residence(towe av lon nd Mi ge)

k s bl n P uwon G oup 660 18 mio - 19 mio

De P diso Plui agung Sed yu G oup 418 13 mio - 14 mio

ancol M nsion ancol agung Sed yu G oup 560 13 mio - 15 mio

Mt H yono residence Mt H yono Pt Be s ud k gumSe h e

599 9 mio - 10 mio

Sign u e P tebe Pi o G oup 600 11 mio - 12 mio


Six p o ec s which bec me v il ble in hem e ecen ly comp ise , p menuni s (ex c ly he s me numbe s l s qu e )sc e ed ll ound j . Fou p o ec s e

loc ed in No h nd E s j while wop o ec is si u ed in Sou h j nd heCBD. Ni o ap men , loc ed in j l n P sMinggu, Sou h j , o e s one owe (uni s) ou o o l o h ee owe s pl nned.two owe s om C s G nde residence ep o mixed-use compound - ko k s bl nin j l n C s bl nc comp ising uni s.Me nwhile, e being el ively do m n oqui e some ime, he E s j egion s edo see mo e p men p o ec s. this qu e ,he egion s w wo middle-cl ss p menp o ec s including Mt H yono residence ndSign u e P which o e sm ll uni s.

In he No h j e , ancol M nsionin oduced one- o h ee-bed ooms ngingom o sq m wi h p no mic se views,

some hing only v il ble in e s li e ancol.

Me nwhile, De P diso ap men loc ed inPlui only p ovides wo-bed oom uni s, ngingom o sq m. Ove ll, wi h el ively

l ge numbe o uni s, p men p o ec sv il ble du ing he qu e e ge ed m inly middle-cl ss buye s.

these ddi ion l uni s b ough he cumul ivesupply o p men s o s - i le s le o o l o , uni s s o he end o . Ino he wo ds, he o l supply du ing his qu elone con ibu ed s much s . % o j sp men s oc o n inc e se o . % YoY. Ino l, h s:

Wi h plen y o good hope o , he ongoingpl n o mo e p men uni s o be buil is ve yli ely. the unde -cons uc ion p o ec s li eSudi m n Sui es, Cipu Wo ld j (CWj)Ph se nd Se i budi S y G den will ll heuppe -cl ss segmen in he u u e. Sudi m n

Sui es will si on he l nd o me ly nown sWism Benhil nd will p ovide one-bed oomnd h ee-bed oom uni s. CWj Ph se willconsis o ou condominium owe s nd one

se viced p men owe h will be m n gedby F se Hospi li y. j Se i budiIn e n ion l will build Se i budi S y G den,o me ly t m n Pu i Se i budi ownhouse,consis ing o wo condominium owe s nd onese viced p men owe . In he ou side o he

CBD, he e e wo new p o ec s beingin oduced i.e. L M ison B i o in Sou hj nd the H residence in E s j .

sUpplY analYsis dUrinG

the nnu l supply o s i le p men s in w s eco ded s he highes o he l s

ye s, e he economic c isis in Indonesi . ao l o , p men uni s en e ed hem e du ing he ye in he low- o uppe -cl ss segmen s sc e ed in ve municip li ieso j . Wes j w s he l ges

con ibu o o p men p o ec s wi h eighp o ec s nging om low ( usun mi hebb evi ion o um h susun sede h n mili o low cos e -mul i- mily esiden i l) omid- o uppe -cl ss, ollowed by Sou h jwi h ve p o ec s o low- ( usun mi) o uppe -cl ss.

Supplyas

ap menS - i le


jakarta | 4q 2011 | apartment


12/40

In eviewing he supply du ing , he agung

Podomo o G oup w s he mos c ivedevelopmen g oup in building p menp o ec s. Mos o hei p o ec s e loc ed inWes j including Cen l P nd roy lMedi e ni G den which e p o hePodomo o Ci y supe bloc . Lippo k w ci

n ed second wi h h ee p men owe s

kem ng Vill ge. along wi h he g ow h o hemiddle income cl ss in j , numbe olow- o middle-cl ss p o ec s h ve been buil byel ively new develope s which ep esen %o ll developmen du ing .

B sed on he in o m ion we go omdevelope s, we n icip e u he supplyg ow h up o wi h n ddi ion l ,uni s scheduled o be on he m e . Howeve ,s some p o ec s e s ill in he e ly s ges odevelopmen , some d us men s e m de ino de o o ec s u u e supply by ing in occoun he s us o cu en cons uc ionp og ess o e ch p o ec nd hei p e-s les

e. B sed on h , Collie s In e n ion lIndonesi c me up wi h numbe o ,uni s o be comple ed by .

Shown in he nex ch , he CBD nd Sou hj em ined s p e e ed loc ions onew developmen s ove he nex wo ye s. Inhe CBD, he m o i y o u u e supply will bep ovided by supe bloc developmen , such sCipu Wo ld j (CWj) I, CWj II, kok s bl n nd kuning n Ci y. In Sou h jwhe e he si e cove ge io is gene lly low,he ch c e o developmen s is high-cl sswi h emph sis on he g eene y.

analYsis o apartment market in -



sUpplY distriBUtion o strata-title apartmentsin di erent mUnicipalities dUrinG

CBD%

Cen lj

%Sou h

j%

No hj

%

E sj

%

Wesj

%

the composition o the most active apartment developers in



agung Podomo oG oup

%

Lippo%

G puP im

%

Duangg d

%

In il nd

%

Pi o%

agung Sed yuG oup

%


13/40

list o Under constrUction o strata-title apartment

apartment name location reGion developer name #Units

2012

reg rio de j nei o P n i Mu i No h j B d n ke s m Mu i Bu n (jO Pt In il ndDevelopmen & Pt Glob l E bu n )

110

E s P krt r d im n E s j Pt C S n Pe s d 1,650

G een P l ce (8 towe s) k lib Sou h j agung Podomo o G oup 4,000

Belmon residence (towe Eve es ) kebon je u Wes j G pu P im 553

amb ss de residence (towe a) kuning n CBD Pt Du regency 400

Senop i Sui es Senop i Sou h j Pt M h o asi G h 103

Denp s residence (towe kin m ni nd Ubud) S io CBD agung Podomo o G oup 1,100

the G ove r sun S id CBD Pt B iel nd Developmen 416

residence 8 Senop i (towe 2 & 3) Senop i Sou h j agung Sed yu G oup 400

the W ve r sun S id CBD Pt B iel nd Developmen 1,900

P nco n rive side Peng deg n timu Sou h j Pt G h r yh n t i Pu (riy dh G oup) 1,900Luxu ious r fes residences Cipu Wo ld S io CBD Pt Cipu P ope y tb 88

S Mo i z (the P esiden i l Sui e towe , the

amb ss do Sui e towe & the roy l Sui e towe )

Pu i Ind h Wes j Pt Lippo k w ci tb 484

Sen timu residence t h p 1B C ung E s j Pt B iel nd Developmen 1,143

Men eng Squ e M m n E s j Pt B h m Developmen 1,500

Ce vino Vill ge k s bl n Sou h j P odi n 518

Pu i P View Me uy U Wes j Pt Pel s n j y Muli & Pt al m j y Pe s 3,000

the G ove Sui e r sun S id CBD Pt B iel nd Developmen 151

the roy l Sp inghill (towe M ygold & M gnoli ) kem yo n Cen l j Sp inghill Gol G oup 384

th m in Execu ive residence th m in CBD Pt j re l y (agung Podomo o G oup) 400

the E s Essence D m w ngs keb yo n Sou h j Pt P s Semes al m 244Myhome ap men Cipu Wo ld S io CBD Pt Cipu P ope y tb 136

G ding Ni s residence bloc G nd Eme ld kel p G ding No h j agung Podomo o G oup 747

One P residence G nd i Sou h j Pt In il nd Developmen 379

t m ns i Sem nggi G o Sub o o CBD Pt Wi re l y 1,400

kondominium E s lusi Ve de r sun S id CBD Pt F poin re l y Indonesi 257

the H towe * r sun S id CBD Pt Hu m k y re l indo 9

Se son Ci y (towe C) G ogol Wes j agung Podomo o G oup 714

2013

Belmon residence (towe Mon bl nc) kebon je u Wes j G pu P im 350

Wes m t n ung Du en Wes j Cowell Developmen 550keb gus n Ci y (towe B) S P m n Wes j G pu P im 588

GP Pl z G o Sub o o CBD G pu P im 320

P s B u M nsion (2 towe s) P s B u Cen l j Pt t i y Ide S i 520

kem ng Vill ge (the ti ny & the In ni y) kem ng Sou h j Pt Lippo k w ci tb 415

residence Dh m w ngs Dh m w ngs Sou h j Pt Bin Pu i Les i 89

Sen timu residence (S ge 2) C ung E s j Pt B iel nd Developmen 1,000

G een B y Plui Plui No h j agung Podomo o G oup 3,200

G een L e Sun e Sun e No h j agung Podomo o G oup 2,400

dG een P mu (towe F ggio & Pino) r w s i Cen l j Pt Du P mindo 2,900

the Windso (2 towe s) Pu i Ind h Wes j Pt an ilope M d u Pu i Ind h 340

P ubuwono te ce (towe I) Ciledug Sou h j Pt Sel s Mi Se i 750the H residence C w ng E s j Pt Hu m k y re l indo 505




No e: *to l Uni s (Se viced ap men : Uni s & S - i le ap men : Uni s)


14/40

Dem ndIn line wi h he g ow h o supply, he bso p ion

es s ed showing n upw d end. Du ingQ , we eco ded n inc e se in he ve gebso p ion es lbei mode e. Ou su veyeve led h he bso p ion es o s -i le p men s h ve isen o . % om he

p evious . % in Q . the de e min n os les success includes loc ion choice,chi ec u l design, develope expe ience ndepu ion, nd develope s commi men indelive ing he p o ec s on schedule.

aBsorption rates o operatinG apartment projects in 2011,Based on reGion

reGion aBsorption

CBD 86.4%

Sou h j 75.2%

Ou side CBD 73.9%

aBsorption rates o Under constrUction apartment projects,Based on reGion

reGion aBsorptionCBD 74.7%

Sou h j 66.8%

Ou side CBD 56.6%



the p e-s le bso p ion es o unde -cons uc ion p men p o ec s inc e sednegligibly o . % in Q om he p evious. % in he l s qu e . the sligh inc e se

w s g in igge ed by he c ive p omo ion lp c ges nd exible p ymen e ms o henewly-buil p o ec s, in ddi ion o new concep snd good loc ions.


BY nUmBer o Units BY nUmBer o projects

distriBUtion o apartment projects schedUled to Be completed in -

CBD%

Cen lj

%

Sou hj

%

No hj

%

E sj

%

Wesj

%

C B D

C e n

t r a

l

j a

k a r t a

N o r t

h j a

k a r t a

S o u

t h j a

k a r t a

W e s t

j a

k a r t a

E a s t

j a

k a r t a




15/40

the e e h ee m o ypes o p men buyein j i.e. owne -occupie , inves o ndnon-j n esiden s h ving business in heci y. the l e e ypic lly businessmen livingou side o j bu equen ly coming o heci y o business pu poses. H ving n p men

in he ci y is be e h n ho el ccommod ion.the inves o ype o buye s e mos ly loo ingo p o ec s in he CBD nd Sou h j ebec use en ls in hese e s e qui e c ive.Me nwhile, owne -occupie s e gene llydomin n in p o ec s which o e di e en /hem ic concep s (li e eso , p no mic seview, e c.)

the ou side CBD e s such s E s j ,Wes j nd No h j e s ill vou ed loc ion o loc l inves o s p icul lyhose loo ing o mo e o d ble p ice ndsi u ed in loc ion whe e he en l m e ispo en i lly s ong i.e. ne unive si y ( ge ed

o s uden s) o comme ci l e ( ge ed omiddle-cl ss wo e s). Below is coscomp ison be ween living in n p men nd non- p men en ed oom (Indonesi ne m: um h os ). rum h os gene llyp ovides sm ll bed oom wi h p iv e b h oombu no cili ies o meni ies s in np men .

cost comparison Between livinG in apartment and non-apartmentrented room (per Unit/month)

reGion apartment non-apartment rented roomE s j rp 1,500,000 - rp 4,000,000 rp 300,000 - rp 900,000Wes j rp 3,500,000 - rp 5,000,000 rp 650,000 - rp 1,200,000No h j rp 2,500,000 - rp 6,000,000 rp 450,000 - rp 1,000,000


pre-sales per ormance

annUal apartment sUpplY (Units) vs pre-sales per ormance


, , , , , ,

F

F

units

Supply Dem nd

the bove g ph shows p e-s les e o m debe o e he p men is e dy o occupy. thus

, o he o l o mo e h n , uni s soldin , ound % h ve been bso bed.Li ewise, he p e-s les e o s - i lep men s p o ec ed o be comple ed in h s e ched %. the m o i y o middle- olow-cl ss p men s nd middle- o uppe -

cl ss p men s loc ed in he CBD nd Sou hj eco ded n imp essive s les e obove %. Me nwhile, p men p o ec sn icip ed o en e he m e du ing eepo ed o h ve eco ded s les e opp oxim ely %. typic l pu ch se s o heseu u e developmen s e iming c pi lg ins.




16/40

the nnu l supply o s i le p men s in w s eco ded s he highes o he l s

ye s, e he economic c isis in Indonesi . ao l o , p men uni s en e ed he

m e du ing he ye in he low- o uppe -cl ss segmen s sc e ed in ve municip li ieso j . Wes j w s he l ges

con ibu o o p men p o ec s wi h eighp o ec s nging om low ( usun mi hebb evi ion o um h susun sede h n mili o low cos e -mul i- mily esiden i l) o

mid- o uppe -cl ss, ollowed by Sou h jwi h ve p o ec s o low- ( usun mi) o uppe -cl ss.

as ing P ice

averaGe askinG price in di erent reGions

reGionaveraGe askinG price in rp/sQ m

4Q 2010 3Q 2011 4Q 2011

CBD 16,596,865 17,359,188 18,114,415Sou h j 11,808,303 12,664,360 12,844,135Ou side CBD 9,406,801 9,944,900 10,112,389

ave ge 12,109,004 12,518,769 12,942,557Collie s In e n ion l Indonesi - rese ch

the ve ge s ing p ices g ew sligh ly by. %, . %, nd . % QoQ o he CBD, Sou hj nd non-CBD e s, espec ively. theCBD e h d mo e signi c n inc e secomp ed o o he e s bec use o m nyuppe -cl ss p o ec s l unched wi h high p ices

s well s bec use o good e-up es oexis ing p men s. Me nwhile, he mode einc e se in s les p ices in Sou h j ndnon-CBD w s l gely due o good p e-s lespe o m nce o unde -cons uc ion p o ec s.

averaGe askinG price o strata-title apartments Based on reGion


Du ing , he s ing p ices o p men s inhe CBD, Sou h j , nd non-CBD e sshowed n upw d end o n ve ge o %pe qu e . the CBD showed he mossigni c n inc e se o he l s wo consecu ivequ e s, l gely due o some new p o ec s inhis e , such s ko k s bl n (av lon ndMi ge towe ) nd Denp s residence whiche pp o ching hei scheduled h nd-ove

d es.

the inc e sing end o p men p ices in heCBD, Sou h j , nd non-CBD e s willli ely con inue in . M ny uppe -cl ssp o ec s such Denp s residence, CipuWo ld j , Senop i Sui es, residence Senop i, One P residence in Sou h j ,nd one supe bloc in he non-CBD e li e S .Mo i z will en e he m e . the in ux o hesep o ec s will cco dingly d us he ove llp ices.

rp , ,

rp , ,

rp , ,

rp , ,

rp , ,

Q Q Q Q Q Q Q Q Q Q Q Q

CBD Sou h j Non CBD ave ge




17/40


18/40

ap men FoLe se(Se viced ndNon-se viced)

No new developmen s o p men s o le se(se viced nd non-se viced) in j willen e he m e du ing he l s qu e o .In c , he p men o le se m e wi nessed

d op in o l supply by uni s s esul ohe e min ion o ope ions r u Pl zap men . this p men building, buil in

, is s egic lly loc ed in j l n Sudi m n;howeve wi h obsole e design, i c nnocompe e wi h mode n p men p o ec s. I isnow in he p ocess o cquisi ion by newowne .

Du ing , he supply o p men s o le se

(se viced nd non-se viced) only s w nddi ion l uni s om F se s residence inhe CBD. thus he cumul ive supply op men s o le se s nds , uni s.

addi ion l supply up o will be composedo seve l new p men developmen s lis edin he ble below. I is es im ed hpp oxim ely uni s o ve se viced ndone non-se viced p men developmen s willinvigo e he le sing m e . they e ge ed business velle s nd empo y wo e s

who do no need cili ies nd h ve limi edbudge .


the occup ncy level h s eg ined s eng he he holid y se son du ing Q . Some

p men s o le se (se viced nd unse viced)pe o med well he end o . Dem nd w sl gely m de up o exis ing en n s who c me

b c e he holid y om gove nmen

ins i u ions who h d sho cou se ining ( heyypic lly eside o long pe iods which is mo eeconomic l h n ho el ccommod ion), ndnew exp i es om newly es blishedcomp nies in j .

Supply

list o Under constrUction o apartment or lease

apartment name location reGion developer name #Units

2012

Pl z Sen y n (towe C & D) Sen y n Sou h j Pt Sen y n t i y G h 217

as on P diso Plui Plui No h j agung Sed yu G oup & Pt j P ope indo 220

Whiz Ho el the P residence (towe E) kel p G ding No h j Pt In il nd Developmen 220

2013

Ci dines r sun (@the H towe ) r sun S id CBD Pt Hu m k y re l indo 153

asco Se viced residences Cipu Wo ld S io CBD Pt Cipu P ope y tb 170

as on G een Cen l (Ce be towe ) G h M d Wes j Pt Bumi Pe s Pe m i tBa

Dem nd

occUpancY o apartment or lease in certain locations

areaserviced non-serviced

3Q 2011 4Q 2011 3Q 2011 4Q 2011

CBD 82.6% 86.4% 83.0% 84.1%

Sou h j 76.6% 80.8% 76.2% 78.0%

Ou side CBD 53.4% 57.1% 68.9% 69.0%





19/40

Sou h j expe ienced he highesinc emen o e ch cl ss o p men o le se.Inqui ies du ing he qu e mos ly c me omm nu c u ing comp ny g oups om j p n.Me nwhile he non-CBD e wi nessed limi eddem nd bec use he e e no m ny new

developmen s. all in ll wi h be e expec ionso u he economic g ow h in , inqui ies

o he le sing m e will s ill con inue o bede ived om he oil, mining, emb ssies, b n ing,insu nce, elecommunic ions nd n nceindus ies. Le sing c ivi ies gene ed omsho -s y en n s e expec ed o em inc ive p icul ly om business velle s nd

nsien wo e s.

averaGe occUpancY o apartment or lease


No hing ch nged du ing he qu e nd heve ge en l es o p men s o le se

em ined s ble. Howeve , since he m o i y op men s o le se e o e ed using USdoll cu ency while he em inde is o e edin loc l cu ency, he ve ge en l es in USdoll s d opped somewh due o hes eng hening US doll g ins he upi hdu ing he qu e . this is bec use ll o heupi h es h ve o be conve ed o US doll so ge he ove ll numbe o ve ge s ingen l es. ave ge en l es o p men s o le se

(se viced nd non-se viced) dec e sedmodes ly o US . /sq m/mon h. the CBDe em ined he m e le de in s ing en s

o US . /sq m/mon h, ollowed by Sou hj nd he ou side CBD which we e US . nd US . /sq m/mon hespec ively.

In e ms o en l i pe uni (on ve ge),en l cos s o se viced p men s we e

US , /uni /mon h. the lowes en o hisype o p men w s US , /uni /mon h,while he highes w s US , /uni /mon h.Me nwhile, ve ge en l es pe uni onon-se viced p men s we e US , /uni /mon h. the lowes en s ed US , /uni /mon h, nd he highes w s US , /uni /mon h.

Howeve , ove he nex ye , qui e ewp men uni s o le se, p icul ly se vicedp men s e pl nning o inc e se s ing

en l es by - %. the n icip ion oin ion nd inc e se in he egion l minimumw ges e he m in e sons o inc e sing heen l i s. On he o he h nd, some non-se viced p men develope s e ing w i nd see posi ion eg ding he mounhey in end o inc e se en l es un il heye su e o he pe cen ge o en l inc e se

decided on by se viced p men ope o s.

ren l r es

%%

%

%%%%%%%%

Q Q Q Q

Se viced Unse viced ave ge




20/40

averaGe rental rates o apartment or lease


.

.

.

.

.

.

Q Q Q Q Q Q Q Q Q Q Q Q

R e n t a

l R a t e / s q m

/ m o n t h

CBD Sou h j Non CBD ave ge

Wi h con inued inc e ses in l nd p ices ndsound p e-s les pe o m nce, p men p icese expec ed o u he inc e se in . this

will l gely e pl ce in he CBD nd Sou hj e s. thus , p ices o uppe sc lep men s h ve gone up qui e subs n i llynd hey will li ely climb long wi h heigh eningbso p ion es. Loo ing he p o ec edsupply o , he e e qui e ew upsc lep o ec s which will lso c use he ove ll p iceso inc e se nex ye .

Ou loo




21/40

rexh u gs

Exp i eHousing

the s oc o h ee-bed oom houses is ve ylimi ed now d ys, i he e is, m ny o his ypee oo sm ll o mee exp i e s nd ds. Inc , l ge o he houses sui ble o o exp i e

needs e ou -bed oom houses. the ve ge s ing en l e o exp i ehousing in he second h l o in ce ine s h s ch nged du ing he l s six mon hs,nging om US o . Fu he mo e, he

high dem nd nd limi ed s oc h s led o si u ion whe eby l ndlo ds e mo e domin nh n en n s. On he co po e side, hissi u ion is ch llenging bec use big co po ionsypic lly m in in hei housing budge sunch nged. Ins e d o giving discoun s,l ndlo ds p e e o o e lowe en s p ovidedh he le se e m is minimum o h ee ye swi h dv nce p ymen .

the ve ge s ing en l e o exp i ehousing in j nged om oundUS , o , pe mon h. Ce in p im ye s even e ched s high s US ,

(rp . million) pe mon h o en ing house.Such luxu ious houses e ypic lly ound inhe Men eng o keb yo n e s.

P e e ed exp i e loc ions em in in hesou he n p o j p icul ly PondoInd h, kem ng, Cipe e nd keb yo n B u.Men eng is lso vou i e bu house s oc isve y limi ed nd u he new houses e ve yew in his e , no o men ion h l gehouses wi h pool nd mple y d h ve seen seve e inc e se in en s.

averaGe land prices in several eXpatriate locations

locationsaveraGe land price/sQ m

in rUpiah in Us$ (eQUivalent)

kuning n 20.8 million 2,286

keb yo n B u 24.5 million 2,708

Men eng 28.7 million 3,156

Pondo Ind h 18.0 million 1,981Pe m Hi u 17.9 million 1,974

kem ng 10.0 million 1,104

Cipe e 8.6 million 946

Pe en 8.8 million 973

Cil nd 7.4 million 818


Supply nd ren l r es


jakarta | 4q 2011 | residential expat housing


22/40

eXpatriate hoUsinG rental rates

locations size (sQ m) rental rates (in Us$/Unit)

k

4 - 5 Bed oom House 500 - 900 3,500 - 11,500

k b y B4 - 5 Bed oom House 600 - 1,500 3,000 - 15,000

2 Bed oom townhouse/complex 135 - 200 2,500 - 3,500

3 - 4 Bed oom townhouse/complex 250 - 700 3,000 - 6,700

m

4 - 5 Bed oom House 500 - 1,200 3,000 - 9,000

p i

4 - 5 Bed oom House 550 - 1,000 3,500 - 15,000

3 - 4 Bed oom townhouse/complex 350 - 600 3,000 - 4,500

p h j , s

4 - 5 Bed oom House 400 - 1,500 2,500 - 12,000

3 - 4 Bed oom townhouse/complex 220 - 240 2,500 - 5,000k



3 + 1 Bed oom House 400 - 750 3,000 - 5,000

4 - 5 Bed oom House 550 - 1,000 3,500 - 7,000

C



3 + 1 Bed oom House 300 - 500 2,500 - 3,500

4 - 5 Bed oom House 400 - 800 3,500 - 7,000

p j3 Bed oom townhouse/complex 400 - 600 1,500 - 7,000

4 Bed oom House 500 - 900 3,000 - 7,000

C



3 + 1 Bed oom House 300 - 600 2,500 - 5,500

4 - 5 Bed oom House 450 - 750 2,500 - 7,000


Du ing he second h l o he ye , housingeques s con inued o p edomin n ly comeom oil nd g s comp nies. ap om h ,o he l s six mon hs we h ve wi nessedno ble eques s om wholes le e ile omGe m ny, who will deploy numbe oexp i es s p o hei exp nsion pl ns inIndonesi . One m o conce n o exp i es wi h mily

when s living in Indonesi is he p oximi y oin e n ion l schools so loc ion li e Pondo

Ind h, which is in he s me neighbou hood sj In e n ion l School (jIS), is ve y muchin dem nd. Howeve , he e is no ve y muchhousing s oc in his e .

the simples nd mos minim l housing modelwould be mo e e sily en ed s long s icon o ms o he size o exp i e s nd ds.typic l Indonesi n chi ec u e is n dv n ge,p icul ly hose homes which h ve

inco po ed B linese o j v nese v lues in ohe design.

Dem nd




23/40

ap men sren l es o selec ed exp i e p men swe e el ively s ble du ing H . thes ing en o h ee-bed oom p menloc ed in he CBD nged be ween US ,

nd , / uni / mon h, while in p e e edloc ion li e Sou h j , he en l e w sbe ween US , nd , / uni / mon h.

apartment rental rates

locations size (sQ m)rental rates (Us$/Unit)

Unserviced serviced

s

1 Bed oom ap men 50 - 121 1,500 - 1,700 2,200 - 3,500

2 Bed oom ap men 84 - 180 1,500 - 4,000 2,500 - 4,000

3 Bed oom ap men 106 - 370 2,200 - 5,000 3,000 - 5,800

4 Bed oom ap men 236 - 513 4,000 - 8,000 -

k

1 Bed oom ap men 62 - 80 1,500 - 1,800 1,900 - 3,000

2 Bed oom ap men 95 - 145 1,500 - 2,200 2,000 - 3,800

3 Bed oom ap men 96 - 323 1,500 - 4,300 2,100 - 4,200

k b y B

2 - 3 Bed oom ap men 120 - 350 1,750 - 4,000 -

4 - 5 Bed oom ap men 400 - 500 4,500 - 6,000 -

m

1 Bed oom ap men 70 - 100 - 1,500 - 1,700

2 Bed oom ap men 112 - 142 1,500 1,800 - 2,400

3 Bed oom ap men 147 - 213 1,800 - 2,500 2,000 - 3,500

p i

1 Bed oom ap men 91 - 149 - 1,800 - 2,700

2 + 1 Bed oom ap men 117 - 190 1,500 - 2,000 2,500 - 3,000

3 Bed oom ap men 190 - 300 1,800 - 3,500 2,900 - 5,000

4 - 5 Bed oom ap men 285 - 500 - 5,250 - 5,750

p h j , s

1 Bed oom ap men 45 - 75 1,500 1,900 - 2,200

2 Bed oom ap men 90 - 175 1,500 - 2,000 2,450 - 2,500

3 Bed oom ap men 165 - 300 1,700 - 4,000 2,750 - 3,900

k

1 Bed oom ap men 45 - 76 1,500 - 2,000 2,400

2 Bed oom ap men 78 - 143 1,500 - 1,800 2,700

3 Bed oom ap men 165 - 200 1,750 - 2,600 4,700

C

3 - 4 Bed oom ap men 220 - 295 3,500 - 5,000 -

C

2 Bed oom ap men 90 - 114 1,500 - 1,900 2,200

3 Bed oom ap men 125 - 315 2,000 - 3,500 3,000

3 Bed oom ap men 262 - 300 3,450 - 3,950 3,400


Supply nd ren l r es




24/40

Uppe -cl ss p men s gene lly h d highoccup ncy es o be ween nd %. this

gu e w s somewh s ble comp ed o whw s chieved in he p evious semes e .

averaGe occUpancY rate o selected apartments pre erred BY eXpatriates


%

%

%

%

%

%

%

%

%

%

%

a B C D E ave ge

Occup ncy

No es:

a: Dh m w ngs, S ilend

B: Fou Se sons, Pl z Sen y n, the Pl z residence

C: the residence, Gol Pondo Ind h, Bu i Gol , asco , Men eng Execu ive

D: as on, Pe m Be li n, Pu i C s bl nc , C s bl nc

E: t m n r sun , Pu i Impe ium




25/40

re il Sec o Fou e il cen es wi h emph sis on li es ylend en e inmen o ci lly opened in heclosing qu e o , b inging , sq mo e il sp ce. this ddi ion l e il sp ce

b ough he o l nnu l supply o ll o o, sq m in j nd g e e e s

(which includes j , Bogo , Depo ,t nge ng nd Be si), which is highe h nl s ye s gu e o , sq m. the ope iono hese ou e il cen es b ough hecumul ive supply o . million sq m, e ec ing supply g ow h o . % YoY.

Despi e he e il mo o ium issued by hej Gove nmen , he supply o e il sp cewill s ill g ow bec use ll o he developmen spl nned ove he nex ye s we e leg lly

pe mi ed be o e he mo o ium w snnounced. In , he cumul ive supply inhe g e e j e s will g ow by . %wi h o l new e il sp ce o , sq m.

Supply

jaBodetaBek cUmUlative sUpplY


jakarta sUpplY

O nine e il cen es wi h o l o , sqm ope ing in he j bode be e s du ing

, ound % we e loc ed in j . In, he e we e ou e il cen es c ego ised

s sm ll-sc le e il cen es wi h o l le s blee s nging om , o , sq m

including MtH Squ e which w s opened in hes qu e . then e h ving no new supply

in he second qu e , k lib Ci y Squ e

opened in he hi d qu e . two o he sm ll-size e il cen es opened du ing Q , a e ( n ex ension o Pondo Ind h M ll PIM

c ying F & B concep ) nd sm ll e il sp cep o G een tebe Meg bloc loc ed in j l nMt H yono. thus supply o opened inNovembe o suppo he mixed-usedevelopmen . Only kuning n Ci y li es yle nden e inmen cen e which opened in l e Q

pe iod comp ises size ble sp ce o, sq m.

His o ic lly, he nnu l supply in is helowes o he l s h ee ye s. I w s only in

when e il nnu l supply l s ell below, sq m.

B sed on m e ing scheme, long , onlyMtH Squ e wi h , sq m w s m e ed os - i le s le while he em ining % we eo e ed o le se. Fu he mo e, MtH Squ e is

he only s - i le e il cen e opened o hel s wo ye s. Du ing some pe iods, s - i lee il cen es g ew slow p ce nd in he e will be only , sq m dded o heinven o y. By con s , e il o le se e ilcen es g ew by , sq m om o

. the diminishing numbe o s - i lee il is igge ed by he low pe o m nceexpe ienced by ope ing e il cen es. M nyo new s - i le developmen s e now builsm ll in size nd e imed suppo ing hesu ounding developmen .

, ,

, ,

, ,

, ,

, ,

, ,, ,

, ,

F F F

Exis ing Supply annu l Supply


jakarta | 4q 2011 | retail


26/40

jakarta cUmUlative sUpplY



,

,

,

,

, ,

CBD Cen l j Sou h j No h j E s j Wes j

Cumul ive Supply Up o Supply F

jakarta eXistinG sUpplY Based on nUmBer

eXistinG UtUre

- ,sq m%

, -

,sq m

%

, -,sq m

%

> ,sq m

%

- ,sq m

%

, -,

sq m%

, -,

sq m%

> ,sq m

%

Greater jakarta sUpplY

Supply g ew signi c n ly in he g e e je wi h ou e il cen es opening in .

the new e il developmen s dded , sqm which moun s o g ow h o % YoY.

Ci yw l in Ci ng beg n ope ions e liehis ye nd w s ollowed by wo l ge-sc lee il cen es, Living Wo ld nd t nge ng Ci y,bo h o which e loc ed in t nge ng. thenewes is Ph se two o Summ econ M lSe pong which dded ound , sq m ohe o l inven o y in Q .

the g ow h o e il supply in Bode be isp edic ed o con inue ove he nex wo ye s.Du ing , i is expec ed h he ewill be , sq m o new supply in heg e e j e . O his, only . % will beope ing in .

re il o le se cen es (shopping m lls)con inue o domin e he m e in he g e ej e . Ou o o l . million sq m ocumul ive supply up o Q , % w s

o e ed s shopping cen es o le se.Me nwhile, in less h n % w s m e edo s le, ll o i loc ed in t nge ng Ci y. re ilcen es ope ing in he hi d qu e p ovided% o hei ne e o s le which is similo he si u ion in he coming ye . In he Bogoe , only Pl z Du r will be m e ed o

s le bu his shopping cen e seems o h vep oblems since e ly nd is s ill pos poningope ions due o dispu e wi h he di ion l

de s.




27/40

,

,

,

,

, ,

Bogo Depo t nge ng Be si

Cumul ive Supply Up o Supply F

Greater jakarta cUmUlative sUpplY


UtUre retail

Wi hin wo ye s om o , i isp o ec ed h he e will be new e il cen esope ing in he g e e j e . thesee il cen es will p ovide o l o , sqm o e il sp ce o which % o , sqm will be loc ed in j . O he p o ec edsupply men ioned bove, h l h ve comple edmo e h n % o he cons uc ion. amonghem e ko k s bl n , Cipu Wo ldj nd kem ng Vill ge which escheduled o be comple ed nd in ope ion inQ o Q .

a signi c n numbe o e il sp ces will popup in . Fou new e il cen es loc ed inhe sou he n p o j will b ing no he, sq m o he m e . F om ou eld

obse v ions o he cons uc ion p og ess, i isli ely h hey will be ble o mee he schedulein . re il cen es p o ec ed o be inope ion in include sm ll-sc le e ilcen e c lled Men eng Squ e, e il c de

wi hin he esiden i l compound consis ing oou p men owe s loc ed ound j l nP o l m si nd j l n S lemb r y , Cen lj . ano he cen e c lled Pondo Ind hM ll S ee G lle y is loc ed d cen o Pondo

Ind h M ll nd is p o he whole e ilcompound. In , E s j will h ve new m ll in he k lim l ng e c lled Cipin ngInd h M ll.

Du ing he eviewed pe iod, wo new n mesppe ed i.e. U b n Li es yle M ll loc ed inCine e nd Cibinong Ci y M ll loc ed inCibinong, Bogo . U b n , he ecen p oduc oMeg poli n is loc ed in Cine e. While CibinongCi y M ll, loc ed in Bogo . In t nge ng, shopping m ll al m Su e h s nished hebuilding s uc u e nd is expec ed o beope ing in . In ddi ion, Me opoli nG nd M ll loc ed in Be si nd owned byMe opoli n L nd will h ve g ound b e ing he end o .

the g owing esiden i l e s which h veigge ed he inc e se in popul ion is one ohe d iving c o s o mo e shopping cen es obe buil . In o de o c p u e his segmen , qui e ew shopping cen es e designed sneighbou hood shopping cen es. themo o ium policy o limi e il g ow h in hec pi l ci y would llow mo e oppo uni ies odevelope s o exp nd ou side o j .




28/40


list o UtUre shoppinG centres

shoppinG centres name location reGionnla

(sQ m)statUs

Jakarta area2012

kem ng Vill ge an s i Sou h j 56,052 Unde Cons uc ion

Men eng Squ e P o l m si Cen l j 4,475 Unde Cons uc ion

ko k s bl n k s bl n Sou h j 74,629 Unde Cons uc ion

Pulom s XVen u e Pulom s E s j 25,200 Unde Cons uc ion

Cipu Wo ld j S io Sou h j 78,000 Unde Cons uc ion

Pondo Ind h S ee G lle y Pondo Ind h Sou h j 9,100 Unde Cons uc ion

2013

Cipin ng Ind h M ll Cipin ng E s j 20,000 Unde Cons uc ion

G een B y Plui Plui Plui 52,000 Unde Cons uc ionS Mo i z Pu i Ind h Wes j 57,200 Unde Cons uc ion

2014

M ll he Ci y Cen e kH M s M nsyu Cen l j 60,000 Unde Pl nning

greater Jakarta area

2012

Pl z Du r Bogo 20,000 Unde Cons uc ion

Shopping M ll al m Su e t nge ng 68,000 Unde Cons uc ion

2013

the B eeze Sin M s L nd t nge ng 24,300 Unde Pl nning

U b n Li es yle M ll Cine e 30,000 Unde Pl nning

Cibinong Ci y M ll Bogo 30,000 Unde Pl nning

Cim nd l Ci y M ll Bogo 60,000 Unde Pl nning

Cim nd l Ci y t de M ll Bogo 50,000 Unde Pl nning

M l H p n Ind h Be si 44,420 Unde Pl nning

Be si junc ion Be si 14,000 Unde Pl nning

Be si t de Cen e 2 Be si 30,000 Unde Pl nning

Ci G n M ll Ex ension Be si 20,000 Unde Cons uc ion

Me opoli n G nd M ll Be si 60,000 Unde Pl nning

2014

Summ econ Be si (Ph se 1) Be si 50,000 Unde Pl nning

Bin o Li es yle Cen e t nge ng 15,000 Unde Pl nning





29/40

Dem nd jakarta area

the occup ncy e in j w s . % s ohe end o which e ec s mode e d opcomp ed o he p evious qu e . the down u nw s m inly due o he e min ion o ope ionsby some e ile s du ing he qu e . two e ilcen es which h ve been ope ing since hes los qui e ew en n s. a e il cen e

loc ed in Mel w i, Sou h j , expe ienced high v c ncy in p icul on he op ooe some F&B e ile s pulled ou . a simil

si u ion w s lso expe ienced by one e ilcen e loc ed in he Cen l j e . Inddi ion, we s w h some e il cen es inWes j los some o hei en n s. In E sj , e il cen e loc ed in he es e

o highw y lso eco ded down u n inoccup ncy due o he closing o some F&Bou le s.

Despi e ll o he v c ed e il sp ce, qui e ew middle- o uppe -cl ss shopping cen ese s ill en oying he l hy pe o m nce wi h

occup ncy e ching bove %. ten n s li eam zing Pl ces, jewel o Eden nd Child ensS o e h ve le sed sp ce P ci c Pl ce M ll, p emium shopping m ll in he SCBD. ac ossom P ci c Pl ce m ll is X Li es yle Xn e

which lled he uppe oo wi h shion e ile swhile Body Shop, H n m s , Do I Bes Pongs( epl cing he sp ce v c ed by F me sM e ) h ve con med h hey will open in

. Simil ly, Pl z eX loc ed in j l n MHth m in h s secu ed new en n s li eBeng w n Solo, Pino B e y, Nu z nd W y ngFo ce. Me nwhile, one o shopping des in ionsin Sen y n i.e. Pl z Sen y n h s o ci llyb ough in Cos , S nd d Denim, Chic, Li leMoe, Mon Bl nc, Mondi l, L Pe l ndam n e.

O he middle-cl ss shopping cen es, P sFes iv l b ough in loc l e ile s li e B soM l ng k pi n, Chic en S o y nd Yoshinoy .P s y G nde in Sou h j is h vingk mpong M in s hei new en n . In Cen lj new en n s li e E one s well sno he pe shop nd shion e ile s openedin G h M d Pl z . In E s j , k mj i Ind h e being e u bished con inues o

c new en n s. this shopping cen e iscu en ly ocusing on se ing up zoning o new concep s mily nd en e inmenm ll. the g nd opening will e pl ce oundQ . Elec onic Ci y ppe s s new en no ollow time Zone. Me nwhile, XXI cinem

will open in he middle o . Ci l nd M ll, shopping m ll loc ed in Wes j closeshis ye le ving less h n , sq m sp cev il ble. In he middle o Gunung agungBoo s o e w s ou bu new en n s c me inincluding W ung Le o, Yoshinoy , Goh nres u n , Bu ge king, Bes Den i, Bl c be yShop, Goldm nd Mens op. In ddi ion oh , he exis ing en n s including Pizz Hu ,Beng w n Solo nd telesindo lso exp nded

ing mo e sp ce in he m ll.

Le sing ns c ions o sp ce v il ble in henex ye occu ed in he l s qu e o .In he middle o Decembe , Lo e Msigned n g eemen o occupy ound ,sq m kuning n Ci y while G nd P gon inj l n G h M d h s secu ed new en n s o

including G nd Luc y ( , sq m), aceH dw e ( , sq m) nd am zone ( , sqm).

Greater jakarta areathe occup ncy es o e il cen es in heg e e j e show n upw d endYoY closing . %.

M go Ci y M ll loc ed in he m in s ee oDepo Ci y h s cqui ed seve l new en n sincluding toys kingdom, O ce One, ace

H dw e nd W sons (selling he l hc e ndph m cy p oduc s). In he s me e , DepoM l, con inued o eceive mo e F&B en n sincluding B so M l ng k pi n, Pl inumres u n nd B mi GM who will o ci llybecome en n s in .




30/40

UtUre demand

all e il cen es which opened in showed modes occup ncy pe o m nce o %.Me nwhile, e il cen es scheduled o open in

h ve en oyed % p e-commi menlevel, el ively good pe o m nce conside ingh ll o he cen es e s ill unde cons uc ion.this numbe is ve y much uelled by wo e ilcen es loc ed wi hin he CBD e whichh ve e ched p e-commi ed occup ncy o% on ve ge.

No ed dep men s o es li e Debenh ms, Lo end Sogo will be occupying seve l m o newdevelopmen s in he u u e. they e ollowedby o he c ive e ile s including G medi ,Bu ge king, C e ou , Elec onic Solu ion,M h i, Fi ness Fi s , Bes Den i, nd ace

H dw e who will occupy m ny u u e m lls.

addi ion lly, kem ng Vill ge M ll is scheduledo open nex ye wi h le s ble e bove. sq m h s epo ed h Debenh ms

dep men s o es h s oined s hei nchoen n s. Debenh ms, oge he wi h o hedep men s o es li e Sogo, Lo e nd Cen oin di e en loc ions will invigu e hecompe i ion o dep men s o es. Homeu nishing nd elec onics s o es such s aceH dw e, Elec onics Solu ion nd Bes Den iwill lso open ou e il cen es belonging oou di e en well- nown develope s in j .a b nded hype m e will lso be dded in

. C e ou will open in e il cen eloc ed ound E s j .

In he g e e j e , some u u eshopping cen es h ve eng ged wi h seve le ile s nd e ched high p e-commi menlevel. Some well- nown c ive e ile s includeSogo, G medi Boo S o e, Elec onic Solu ionnd F me s M e .

the le sing ns c ions o will con inueo pe o m in . two e il cen es e e dyo s he cons uc ion p ocess nd h vec p u ed m o en n s s hei ncho s. theM ll S . Mo i z in Wes j o ci llysecu ed Debenh ms s he ncho en n ,while ou side j , G nd Me opoli n will

be o ci lly occupied by Cen o, F me sM e nd toy kingdom.

Fo eign e ile s e lso c ive nd hey eeenly loo ing o loc l p ne s o exp nd heibusiness in Indonesi . S hid G oup, loc lho el ch in ope o , will open ve johnnyroc e s es u n s in Indonesi wi hin henex ve ye s, wo in B li nd h ee in j .this es u n is pl nning o open in .P son dep men s o e will exp nd oIndonesi , nd will open in seve l m o ci iessuch s j , Med n nd Su b y iming Indonesi n uppe -cl ss shoppe s.

pre-commitment level dUrinG -


jakarta area Greater jakarta area

, , , ,

F

F

sq m

abso bed Supply

, , , ,

F

F

sq m

abso bed Supply




31/40

list o committed tenants in UtUre shoppinG centres in jakarta

shoppinG centres name committed occUpancY statUs

Jakarta area

a e 51 75% Peppe Lunch, Yoshinoy , Me B , kopi i m, Ichib n Sushi, Y&Y S e Depo,S buc s, Cold S one, B leys Bee , aun ie anne, H n m s , P nd n Vill ge,

F Bu ge , te i o i, Smooch Yoghu

Cipin ng Ind h M ll 25% C e ou (5,850 sq m)

Cipu Wo ld 100% Lo e Dep men S o e (6,000 sq m)

G een tebe 50% Bu ge king, S buc s, W ung Le o, Dominos Pizz , S e 21, S po O ien l

nd S go ki chen. ace H dw e (1,400 sq m)

kem ng Vill ge 70% Debenh ms (17,500 sq m), Z , Nex , M s & Spence , kidz S ion, S buc s,

Bu ge king, Dominos Pizz , Hype m (4,000 sq m), ace H dw e (2,300 sq

m), Fi ness Fi s , Cinem XXI

ko k s bl n 50% Sogo (19,000 sq m), ace H dw e (2,500 sq m), XXI, Elec onic Solu ion, kem

Chic , C e ou (8,000 sq m), In o m (5,000 sq m), toys kingdom (1,100 sq m),Mu i S o e (400 sq m)

kuning n Ci y 85% Lo e M (10,000 sq m), G medi , Bes Den i, Cinem XXI, Elec onic Supe -

s o e, Fl me k o e, Lollipop Pl yl nd, am zing Zone, ace H dw e (1,200 sq

m), j omo Fi ness

S . Mo i z 50% Debenh ms (17,000 sq m), Z , Nex , M s & Spence , kidz S ion, S buc s,

Bu ge king, Dominos Pizz , M h i, Hype m , Elec onic Ci y, Cinem XXI,

r nch M e , Se Wo ld Indonesi , tony rom s, kiy don Sushi, the Co ee

Be n nd j.Co

greater Jakarta area

al m Su e 90% Sogo Dep men S o e, the Food H ll, Fun Wo ld, M ngo F m, G medi , Cin-

em XXI, Chipmun s Pl yl nd & C e, Elec onic Solu ion, Home Solu ion

G nd Me opoli n 70% Cen o, F me s M e , toys kingdom, Fun Wo ld, S e kh s Sen y n, Op i

Mel w i

Summ econ M ll Se pong 2 85% E nd E (1,500 sq m), Cen o Dep men S o e, Bes Den i, Do I Bes Pongs

Home Cen e (3,000 sq m)


ren l r es nd Se vice Ch ge jakarta area

ren l es in j we e el ively s bledu ing ll o . as o he end o he ye ,ve ge s ing en l es o ypic l oo(excludes g ound oo nd sp ce en ed byncho en n s) we e rp , /sq m/mon h.to d e m ny l ndlo ds e eluc n o ises ing p ices bec use hey gene lly w n o

ocus on ising he occup ncy levels. On heo he h nd, p o ec s wi h high occup ncy emo e selec ive in deciding new en n s heyw n in hei shopping cen e p icul ly h ishould h ve imp c ed p o ec im ge s well si should be ble o inc e se he numbe oc owd o he cen es.

rental rates




32/40

Loo ing he good pe o m nce o he undecons uc ion e il cen es, i is li ely h s ingen l es will be d us ed nex ye .Ove ll, he ve ge s ing es will moves ongly upw d, p icul ly bec use o hein ux o upsc le shopping cen es wi h en l

es bove he ve ge m e . Indeed, heove ll pe o m nce o he e il m e h sgiven insigh o he l ndlo ds o ope ing e ilcen es o d us he s ing en s which would

possibly m e i lise in he middle o . F omou ndings, he e e so six shoppingcen es in j which indic ed h heywill d us hei s ing en l es in he ngeo o % nex ye . Li ewise, we lso oundh ou shopping cen es e wo ing o

e uven e hei p emises in o de o imp ovehe pe o m nce o hei cen es ndconsequen ly will ch ge highe en s.

rp

rp ,

rp ,rp ,

rp ,

rp ,

rp ,

rp ,

Middle Uppe Middle Middle Low on ve ge

averaGe askinG rental rates o di erent class shoppinG centres in jakarta


Greater jakarta areaNo hing much ch nged in he g e e j

e wi h el ively s ing en l es osome qu e s. ave ge en l es s yed rp , /sq m/mon h o ypic l oo e s.Howeve , comp ed o l s ye , en l

es h ve gone up modes ly by . %. al hough

he e e signs o n inc e se nging om o % shopping cen es loc ed in Be sind Depo , we do no expec signi c n ch ngeso he ve ge en l es in he coming ye .

service charGe

Simil ly he e h ve been mino ch nges in hese vice ch ges du ing he end o he qu e .Only wo e il cen es ised hei se vicech ge i s. to imp ove se vices o visi o s,one e il cen e in Se i budi, Sou h j ,

inc e sed se vice ch ges by % QoQ. Inddi ion, shopping m ll si u ed in k mj i, E s j ised i s se vice ch ge by

%. Ove ll se vices ch ges in j we erp , /sq m/mon h which is highe by . %YoY. In he g e e j e , se vice ch geswe e inc e sed modes ly o rp , /sq m/mon h. the only ch nge we egis e ed his

qu e is he inc e se m de by Me opoli nM ll loc ed in sou h Be si by ound %.




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Indonesi , he wo lds ou h mos populousn ion wi h ound million people, is luc ive m e o e il businesses. Glob le il b nds (including Sogo, C e ou , Me oC sh & C y, Gi n , Lo e, Mini S op, e c.) esee ing o exp nd in he coun y due o i s hugem e nd ising pu ch sing powe h n s os ble economic g ow h. Indonesi s e ilsec o will s o demons e solid g ow hnex ye despi e esc l ing glob l unce in ies,wi h evenues expec ed o ise. the g ow h will

be m inly d iven by s les o consume goodssuch s ood nd beve ges, shion i ems ndelec onics p oduc s.

the Wo ld B n Indonesi Economic Qu e lyepo showed h he middle cl ss popul ionwi h minimum spending o US . / d yg ew by . % o million in om million in . the g ow h o he middle cl sscommuni y h s emp ed e ile s o exp ndhei business ope ions.

Ou loo

averaGe service charGe o di erent class shoppinG centres in jakarta


rp

rp ,

rp ,

rp ,

rp ,

rp ,

rp ,

Middle Uppe Middle Middle Low ave ge




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L c of Supply amid Con inued In ui ies a equen phenomenon in mos indus i les es is he con inuing inqui ies o indus i ll nd ve sus he limi ed s oc o l nd on o e .Fo he l s wo ye s, l nd sc ci y h s been

cl ssic p oblem o mos indus i l es es ndhe subs n i l le p in l nd dem nd du ing is he pe o his en i e p oblem. In someindus i l es es, i w s epo ed h po en i lbuye s see ing indus i l l nd h ve noc ed onhei doo lmos eve y d y bu mos o heime i ends up wi h no ns c ion. amid he l ndlo d m e si u ion, somedevelope s decided o sell w l nd he p iceo e dy- o-use l nd. Buye s e ing heposi ion o cqui ing w l nd he cu enp ice n icip ing u he inc e se when l ndis o e ed in e dy- o-use condi ion. they enow willing o buy w l nd ( he e dy- o-use p ice) nd w i no he ye be o e hel ndlo d delive s he l nd wi h ll o hein s uc u e. In ou eco ds he e we e someindus i l es es in Be si nd k w ng e spplying such policy.

the m o p oblem is h he ow o supplyc nno o es ll he speedy dem nd. P ep inge dy- o-use indus i l l nd m y e yend he ch llenge o cons uc ion is

unp edic ble we he (which w s he m op oblem in ) nd high cos s. One indus i les e in k w ng men ioned h o move in ohe nex level o selling, he subsequen ph seo developmen h s lw ys been ch llengewi h he given condi ions o he hilly l nd heyh ve bec use i involves high cos .

One indus i l es e in Ci ng e oex mple, oo ove ound hec e o l nd(non-s le ble indus i l l nd om heneighbou hood indus i l es e o compens e

he po en i lly s le ble g een e in heies e. this w s done bec use hey need o

n icip e con inued l nd inqui ies in heip o ec .

th oughou he e w s lmos negligible

moun o new indus i l l nd being o e ed inhe m e . M ny l ndlo ds e s ill selling heiexis ing l nd, bu seve l h ve n icip ed wi h new indus i l l nd o be o e ed. Foex mple, one indus i l es e in Se ng h sp ep ed ound o h . S ill in he s meloc ion, one indus i l es e h s indic ed hi will develop no he h bu did nomen ion de ni e ime me o comple ion. amo e con den s emen w s om oneindus i l es e in Be si s ying h he e willbe ound h o new indus i l l nd v il ble.B sic lly, qui e ew indus i l es es h vel nd b n s o be developed bu he delive yime is no he issue.

Wi h only selling he em ining l nd v il ble,o l s les o should h ve been g e e .Fo ex mple one indus i l es e in k w nge h s only . h o sell in he o m o ou

l nd plo s. In he s me egion, one indus i les e belonging o he gove nmen epo edh hey h ve only h le . Me nwhile, woindus i l es es in Bogo con med h heybo h h ve only o l o . h l nd o s le

nd o le se. In Ci ng e , one bigindus i l es e epo ed h hey h ve only h le ou o o l s le ble h due o

con inued bso p ion in he l s wo ye s. Insho , l c o indus i l l nd o s le em ins widesp e d p oblem in mos indus i l es es.

In Se ng, one new indus i l es e, k w s nIndus i te p du MGM indic ed h hey h vepl ns o open in bu h ve ye o con m de ni e ime o delive y. Should i m e i lise,he es e o ound h would invigo e

he m e nd dd o he cu en o l indus i ll nd s oc which em ins , . h .


jakarta | 4q 2011 | industrial estate

Indus i l Es eSec o


35/40

distriBUtion o indUstrial land in siX reGions


j%

Bogo%

Be si%

t nge ng%

k w ng%

Se ng%

to l indus i l l nd s les o ll o so edemendously by % comp ed o he o l

s les in . as o he end o he ye weh ve eco ded o l ns c ions involving, . h in he six egions (j ndg e e e including Bogo , Be si, k w ng,t nge ng nd Se ng). this gu e wen wellbeyond he . h o l nd s les egis e ed

o . the sign o vib n m e h s beenin evidence since he s semes e o when s les o he h l -ye ou s ipped o ls les in . acco dingly, wi h he combin iono l nd sc ci y s men ioned bove, someindic o s such s l nd p ices nd e-up esh ve moved o w d.


annUal indUstrial land sales

h e c t a r e s

a Gi n Le p in Dem nd

land aBsorption dUrinG Q to l indus i l l nd s les o Q is hehighes comp ed o he p evious qu e s o

nd his h s been common p e n in heindus i l m e whe e s les ump he endo he ye . to l l nd being ns c ed hisqu e w s eco ded . h , highe h nhe . h eco ded in Q . two e s,i.e. Be si nd k w ng, con ibu ed mos ohe ns c ions his qu e . In Be si, o ls les o . h w s om G eenl nd ( h ),Be si F ( h ), Del Silicon ( . h ),

j b be ( . h ) nd MM ( . h ). thesubs n i l l nd s les in G eenl nd (koDel m s) w s m inly de ived om sevencomp nies om j p n nd one loc l comp nyin he u omo ive business. Be si F soldl nd o hei neighbou s compens ion o heg een e h he l e wished o sell whileo he signi c n ns c ions we e m de by mo o cycle p oduce om j p n nd ewu omo ive comp nies. to l s les in DelSilicon in Q w s he lowes in bu s ill




36/40

m n ged o eco d . h composed o .h o chocol e c o y nd o he sm ll

ns c ions done by develope o buil SFB(S nd d F c o y Building) o s le. Me nwhile,s les eco ded by j b be comp ised m inly

ns c ions om u o- el ed indus ies nd

m nu c u ing nd ph m ceu ic l comp nies.In MM , n u omo ive p s comp ny nd ozen ood comp ny sh ed h l o he o lns c ions m de du ing he eviewed

qu e .

In he k w ng egion, kIIC led in he mouno l nd being ns c ed ound h ;howeve , we e no ble o iden i y wo big

ns c ions o ound nd h due o hecon den i li y g eemen . the em iningsm lle ou ns c ions we e done bybusinesses in he u o-p s indus y. In hesecond n , Su y cip con inued o m ede ls wi h u o-p s indus y comp nies ( ou

ns c ions), wo s eel- el ed comp nies ndwo ph m ceu ic l comp nies which l oge heo lled . h . ko Bu i Ind h (Besl ndPe iwi) sold o l o h o l nd o h eeu o- el ed comp nies nd le sed l nd nindus i l building o n u o- el ed comp nys well. kI Mi w ng (kIM) comple ed o l o . h o l nd whe e . h w sconcluded by loc l u omo ive indus y. thel s ns c ion m de in k w ng w s

concluded by ko Bu i Ind h (Indo isei)which concluded he s le o ound . h ol nd o as G oup. this w s su p ising

ns c ion m de by Indo isei bec use hesh pe o he l nd plo is no ide l nd w sp eviously lloc ed o g eene y. Bu bec usei is ch llenging o nd indus i l l nd wi hin hees e he momen , ny hing v il ble iss le ble.

ano he c ive egion is Se ng whe e he womos c ive indus i l es es ope e. Mode nCi nde s w o l ns c ion o . hm inly m de by Ch oen Po ph nd ( h ). Sixo he sm lle ns c ions we e m de by oodindus y, wo s eel- el ed indus ies, oneph m ceu ic l, one indus i l ools nd onebuilding m e i l indus ies. kIEC, owned by hebigges n ion l s eel p oduce s, eco ded o l o . h l nd comp ising wo s eel-el ed indus ies nd one ood indus y.

t ns c ion c ivi ies in t nge ng we eel ively mode e ei he bec use o he l co l nd o sell o ew indus i l es es whiche being used by hei own g oup o comp nies.

Only Millenium, which h s plen y o l nd o besold. Du ing he qu e one u omo ive ndone ood indus ies composed o l o ho ns c ion in Millenium.

Me nwhile, o he wo indus i l es esope ing in Bogo , only Sen ul Indus i l Es esold o l o . h comp ising h ee sm ll

p cels done by medic l equipmen show oom, p in ing comp ny nd he sole o shoec o y.

land aBsorption dUrinG

Su y cip led he o l s les o wi h moso he ns c ions m de by u omo iveindus ies ( . %) ollowed by consumegoods, s eel- el ed nd ph m ceu ic lcomp nies. In second posi ion w s G eenl nd ko Del M s wi h % o hei ns c ions

m de by u omo ive nd u o- el edcomp nies. Del Silicon in Ci ng egis e edhe highes numbe o ns c ions since heo l o . h hey concluded w s composed

o m ny sm ll ns c ions. the biggesns c ion w s m de by H n oo y e oound h . O he sm lle ns c ions we e

m de by logis ics, w ehouse nd F&Bindus ies. th ee o he indus i l es es wi hsigni c n ns c ions included Be si F(p edomin n ly concluded by u omo iveindus ies %) ollowed by j b be (m demos ly by u omo ive, consume goods,m nu c u ing nd ph m ceu ic ls) nd kIIC.




37/40


land sales recorded dUrinG in each indUstrial estate

kBNCCIE

ko Bu i Ind h (Indo isei)ku ng Indus i l Es e

MM Indus i l townkI Mi w ng

k u Indus i l Es e CilegonMillenium

Mode n Ci ndeko Bu i Ind h

j b bekIIC

Be si FDel Silicon

G eenl nd (ko Del M s)Su y cip

hectares

cUmUlative sUpplY, demand and take-Up rates


%%%%

%%%%%%%

,,,

,,,,,,,

Cumul ive Supply (h ) Cumul ive Dem nd (h ) t e-up r e (%)

Wi h mo e h n % o he ove ll s les in ,u omo ive nd el ed indus ies em ined heey d ive s o indus i l l nd s les. Up o ,ns c ions concluded by u omo ive indus ies

ccoun ed o o l o ound h . them o i y o l nd ns c ions by u omo ive nd

el ed indus ies occu ed in ei he he Be sio he k w ng e . ano he dyn micindus y du ing he eviewed ye (in o de )we e s eel- el ed, F&B, y es, logis ics nd

w ehousing, consume goods, ph m ceu ic lsnd m nu c u ing indus ies.




38/40

tYpes o active indUstries in

au omo ive. %

Food &Beve ge

. %

ConsumeGoods

. %

Pl s ics. %

P in ing. %

Ph m ceu ic l. %

S eel-rel ed

. %

Elec onics. %

Chemic ls. %

M nu c u ing. %

Logis ics/W ehouse

. % P c ging

. %

Me l. %

He vyEquipmen

. %

M chine y

. %

Clo hing. %

tex iles. %

Molding. %

ty es. %

BuildingM e i l

. %

Develope. %

O he s. %


H ving eviewed he supply nd dem ndpe o m nce, Collie s is no su p ised owi ness l nd p ices oc e ing by n ve ge o. % YoY. the k w ng egion eco ded he

highes ump o lmos double ( . %) h ol s ye s gu e while Be si egis e ed . % ump. the de e min n c o s (supplynd dem nd pe o m nce) h ve ep indus i ll nd p ices moving up.Indus i l es es in k w ng con inuedinc e sing hei l nd p ices. In his qu elone, he m e h s wi nessed p ice inc e seso . % QoQ. almos ll indus i l es es ink w ng in oduced new p ices. Con inuedinqui ies nd he sc ci y o indus i l l nd inhis egion pushed develope s o ise l ndp ices.

Me nwhile, Be si s w modes pe cen ge o

l nd p ice inc e se, . % QoQ. this el ivelysm ll inc e se w s due o l nd p ices in hise l e dy being highe h n o he egions.

th ee indus i l es es ini i ed new l ndp ices du ing he eviewed qu e . Bueviewing he ove ll gu es o he ull ye ,he p ice inc e se in Be si w s signi c n ndhe Be si egion comm nded he highes l ndp ices comp ed o o he egions excludingj .

two m o indus i l es es (Mode n Ci nde

nd kIEC) in Se ng c used he mos signi c nch nges in he p ice o indus i l l nd.Comp ed o l s qu e , p ices ose by . %,m inly om d us men s m de by Mode nCi nde. P ice inc e ses comp ed o l sye s ( ) gu es we e up by . %, inbo h es es.

In Bogo , l nd p ices inc e sed by . % YoY,while in t nge ng, d us men w s m de byMillennium du ing he qu e . Ove ll,comp ed o l s ye , p ices in t nge ngwen up by . %.

Collie s expec s h he con inued upw dend o l nd p ices will s il l e pl ce in .

F om ou ndings in he eld, one indus i les e in Se ng is pl nning o in oduce highep ices nex ye wi h he expec ion h

Documents

Colliers Market Report 4Q 2011