Due to the fall in sales of high-rise and mixed-use properties in Indonesia, real estate developer PT Intiland Development Tbk concentrates on landed homes. Permadi Indra Yoga, the company's executive director of business development, claimed that because they give buyers more flexibility, the market is moving towards more reasonably priced landed homes with costs below $95.547 or IDR1.5b.
Yoga said that the pandemic has had an impact on macroeconomic conditions, which are affecting vertical development projects like high-rise or apartment complexes. Until there are new projects aimed at middle to lower employees with good locations, the market for apartments will remain sluggish, according to Colliers third quarter 2022 study.
The majority of flat buyers, who are investors rather than end users, have a tendency to wait to buy until the scenario changes. "The flat won't open until the market situation becomes better. When the macroeconomy can be sustained without becoming bad, it can entice foreign investors and tenants to enter so that the flat market can expand once more, according to Yoga.
With a total of $37.3m (IDR586b) in sales in the first nine months of 2022, landed residential sales were the majority of Intiland's overall sales. This number increased 23.8% over the same time last year. High-rise and mixed-use sales, however, decreased by 65.5% from 9M21 to $8.28m (IDR130b).
Enhancing the concept
To entice consumers, Intiland intends to improve its landed house concept.
The area notion is the first item on its list. For instance, Yoga cited the project's proximity to a number of establishments, including markets, schools, and hospitals.
"How we construct an area depends on a number of factors. First, there is an alternate route via which public transport can travel. Therefore, buyers from the suburbs who must commute to the city centre can use public transportation instead of a car, according to Yoga, who added that public transit is also a credit that real estate developers can receive when they submit an application for a green certificate for a region.
Second, it will emphasise healthy living and its sustainable idea by providing open places where inhabitants can engage in outdoor activities.
"Since they are living in a little home that they purchased for $95.547 (IDR1.5b) or less, folks require space where they may engage in outdoor activities. For this reason, we developed a clubhouse that doubles as a workspace and a place to exercise, according to Yoga.
The Serenia Hills neighbourhood in South Jakarta is one of the success stories of the landed residential project and the primary focus of Intiland. Since 2011, Serenia Hills has been advertised, and it is now separated into a number of residential communities.
"Lebak Bulus MRT can be reached from Serenia Hills in 10 minutes through public transportation. We had the idea of an approach to nature when we started the initial construction of this area since it is close to urban forests owned by the Government of DKI Jakarta and river protection, according to Yoga.
Serenia Hills, which has linkages to urban forests and river conservation, is made up of 60% green open space and 40% residential areas. Intiland is also constructing a clubhouse in this location, and it already has solar panels on it.
"The community development in Serenia Hills is what distinguishes it. In order to retain the idea we created from the beginning after the project has been sold, we empower the Serenia Hills residents. The environment, not simply the house, is what we sell. How can locals feel proud of their neighbourhood so that they are conscious of the need to preserve it? Yoga offered some suggestions, such as keeping the house's appearance consistent and the park in good condition.
Wait and see
Intiland reported marketing revenues of $62.7 million (IDR985 billion) in 9M22 versus $69.5 million (IDR1,092 billion) in 9M21. The marketing sales totaled $62.7 million, or IDR985 billion, or 41% of the goal for FY22. Other than the landed residential, mixed-use, and high-rise segments' contributions to the marketing sales total in 9M22, the industrial estate segment also made a significant contribution. Intiland sold lots in Batang Industrial Park and a warehouse in Aeropolis Technopark in Tangerang, Banten, for a combined total of $17.1m (IDR269b) in marketing sales. From the $62.7 million (IDR985 billion), $38.4 million (IDR603 billion) came from Greater Jakarta sales, while $24.3 million (IDR382 billion) came from Greater Surabaya sales.
Intiland is still keeping an eye on the market for the time being. Along with focusing on already completed projects, the company has also planned a number of actions to address this uncertainty, including the launch of new clusters in recently constructed landed homes like those in Serenia Hills in Jakarta and Talaga Bestari in Tangerang. In order for the sales and handover of the SQ Res apartments in South Jakarta and the Fifty Seven Promenade apartments in Central Jakarta to be directly reported as operating revenue. New high-rise developments will temporarily be put on hold until the economy picks up.
The company also places a strong emphasis on cost-effectiveness and addressing the middle class. For example, the company has always created economical house designs by incorporating the idea of open space and using different materials. According to Yoga, "for residential, we have to be quick, the top project decision, starting from kick-off to sales, permit, and marketing must be in accordance with the timeline."
Intiland is open to collaborating with other parties, such as landowners, for future expansion, especially in the landed residential market, which will continue to be our mainstay this year, said Yoga.
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