On the other hand, only two projects were launched to the market during the reviewed quarter, namely Adriya (Tower 1 and 2), an upper-segment condominium project in North Jakarta and Pakuwon Bekasi (Tower Bella), a middle segment condominium project in Bekasi.
These projects brought the total proposed condominium supply in Greater Jakarta to about 113,179 units. An upcoming project, Apple 7 Pancoran, was introduced to the market by the offer of pre-registration of interest to test the market. The launching of new projects is expected to remain limited until the second semester of 2023.
Demand: Low Take-Up in Q123
Entering 2023, the overall take-up of condominiums in Greater Jakarta was low, at approximately 874 units, reflecting a decline by 17.6% (QoQ). The sales rate stood at 93.3%, a slight decline of 0.6% from that in the same quarter last year.
Meanwhile, the occupancy rate experienced an increment of 10% (YoY), from 51.6% in the first quarter of 2021 to 56.7% in the reviewed quarter. The pre-sales level of proposed condominium projects hovered at 60%, leaving 45,640 units of future stock to be absorbed.
Overall, lower-middle segment projects dominated the sales transactions in the proposed condominium projects, accounting for 54% of the total transactions. Sales activities are anticipated to increase modestly throughout 2023, while developers are expected to continue focusing on promoting their ongoing projects.
Pricing: Price Continued to Increase
The average sales price of Greater Jakarta condominiums increased by 2.2% QoQ and 7% YoY, standing at Rp47,500,000 per sq m. The highest price increment was recorded in the secondary area at 15.8% YoY, followed by the CBD area at 6.2% YoY.
Many developers offered more attractive terms of payment, discounts, promotions (free furnished), and down payment subsidies to boost transactions, as price in the secondary market remained very competitive.
Rental Apartment Q1 2023
Supply: Closing of Citadines Rasuna and Mutiara Executive Residence
A decrease of 155 units in the supply of Serviced Apartment sub-sector from the closing of Citadines Rasuna was observed during the review quarter. A slight decrease of 22 units in the Purpose-Built Rental Apartment sub-sector was also identified as Mutiara Executive Residence had been listed for sale.
The growth in supply for the Rental Apartment Sector mainly came from Condominium-for-lease, from the newly completed Akasa Apartment (Tower Kamaya), Aerium (South Tower), The Parc (Summer Tower) @ South City, Sakura Garden City (Tower Cattleya), Living Star (Tower A), Collins Boulevard (Tower Hyde), and Sky House Alam Sutera (Tower Acacia) which added 2107 units to the supply, bringing the total rental apartment supply as of end of March 2023 to 182,399 units.
Demand: Improvement of Occupancy Level
At the beginning of the review quarter, the occupancy rate of Serviced Apartment sub-sector decreased as the demand for daily stays decreased following the end of the holiday season. However, as the quarter progressed, the overall occupancy rate saw improvements at +0.5% QoQ & +6.5% YoY, standing at 63%.
