House arrest: Jakarta is swamped with condominiums

Article Abstract:

A glut of condominiums in Jakarta, Indonesia, is sending vacancy rates soaring and sapping the confidence of many developers. Investors committed $1 billion to apartment projects in 1993 and 1994, and many are still under construction, but several factors are creating confusion and slowing new growth. These include lower sale prices, oversupply, Bank Indonesia efforts to restrict such loans, higher real-estate and luxury-property taxes, a widespread failure to form owners' assns, and misunderstanding of residents' desires.

Multifamily Housing Construction, Residential construction, not elsewhere classified, Condominiums, Residential construction

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The centre fires up

Article Abstract:

Office space remains a healthy sector in Jakarta despite the planned opening of 300,000 sq m of Grade A space in 1995, but the apartment and condominium forecasts are rockier. Average office rents are well below their peak of several years ago but some forecasts see them rising from about $200/sq m to over $400 by 1997. Central Jakarta, inside the Golden Triangle, remains undeveloped, but land-bank building is quietly continuing. Office occupancy rates rose 5.3% in 1994, to 92.2%.

Subdividers & Developers, Subdividers and Developers, Office buildings, Rents (Property)

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Retailing holds the key

Article Abstract:

Indonesian real estate developers have focused on the country's retail marker for future growth and retail space is expected to increase by 36% in 1996. Some industry sources question whether Indonesia's growing middle class can support that large number of retail projects currently in development. Increased interest in foreign brands has attracted major European, Japanese and American department stores who are opening new outlets in Jakarta and elsewhere in Indonesia.

Subdividers and developers, not elsewhere classified, BUILDING MATERIALS & GARDEN SUPPLIES, Stores in Shopping Centers, All Other Miscellaneous Store Retailers, Shopping Center Developers, Retail trade, Retail stores, Real estate industry, Shopping centers

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