Jakarta’s cumulative retail supply steady at 4.9m sqm in Q3

A few projects are slated to open towards the end of the year.

In a report, Colliers said Jakarta has yet to see the completion of new shopping mall projects, maintaining a stable supply of 4.86 million sq m as of Q3 2024. However, Lippo Mall East Side (within Holland Village complex) and a shopping mall at Menara Jakarta are nearing completion. 

Agora Lifestyle Center entered its soft opening phase, with a grand opening planned for late 2024. In Q4 2024, Puri Indah Mall will unveil its expansion, “Puri Indah Park”, transforming the former supermarket site into a mall featuring an open park. 

Here’s more from Colliers:

The total supply in the Greater Jakarta area was steady at 3.2 million sq m in Q3 2024. Nevertheless, some projects are slated for completion by 2026. Pakuwon Mall Bekasi and Living World Grand Wisata are both set to open at the end of 2024. Meanwhile, Summarecon Mall Bekasi continues its second-phase development, with completion targeted for 2026. The Greater Jakarta area remains attractive to developers and is expected to offer significant untapped growth opportunities for retail investment. 

In pursuit of retail excellence, forward-thinking landlords are meticulously curating their tenant mixes and exploring innovative retail concepts while awaiting the right market conditions to launch new initiatives. Some malls may also consider renovations to modernize their appearance and maintain competitiveness. Plaza Semanggi and Epicentrum Walk are currently undergoing renovations, aiming to restore their former prominence and meet evolving market expectations.