Jakarta to see over 9,300 new apartments by 2026

Over 4,500 units will be completed in 2024.

In a report, Colliers said the initial quarter of 2024 witnessed a relatively tranquil period for Jakarta’s strata-title apartment market, with only one project introduced, namely Two Sudirman, previously known as Oasis Central Sudirman. This project signifies the commencement of new development after a hiatus of 5 years within the CBD area. 

The allure of the CBD area lies in the presence of multinational companies, with the project’s demographic strategically targeting expatriates. Additionally, this area is renowned as a hub for foreign developers initiating projects.

Here’s more from Colliers:

Two Sudirman stands out with its comprehensive mixed-use concept, incorporating strata-title apartments, serviced apartments, offices and retail space. Developed by Mitsubishi Estate, the apartment project is set to include a total of 355 units. Apart from its convenient access to the main road, this project distinguishes itself by fully embracing the Transit-Oriented Development (TOD) concept, positioned in proximity to key transit options such as the MRT, Airport Sky Train, Commuter Line and BRT. 

Furthermore, this project targets a niche market of High-Net-Worth Individuals (HNWI), whose wealth and lifestyle are largely unaffected by economic fluctuations, ensuring steady sales even during challenging economic periods.

Two other projects in non-CBD areas have been completed, namely Pluit Sea View (Ibiza Tower) in North Jakarta and Cleon Park (North Tower) in East Jakarta. The completion of these projects contributes a total of 838 units to Jakarta's overall apartment supply. Taking into account these newly completed projects, the total number of existing apartments in Jakarta now stands at 226,815 units, a quarterly increase of 0.37% and an annual increase of 1.34%.

We anticipate the delivery of another 9,317 units by 2026, with 4,516 units scheduled for completion in the remaining quarters of 2024; 3,956 units in 2025; and 845 units in 2026. Considering the ongoing infrastructure development, specifically the MRT phase 2A currently under construction, which will connect Bundaran HI station to Kota with the inclusion of 7 stations (Thamrin, Monas, Harmoni, Sawah Besar, Mangga Besar, Glodok and Kota), we believe that land around these stations still has potential and will attract interest for new projects, similar to those around the existing MRT phase 1. 

This is because people are increasingly drawn to living spaces that implement Transit-Oriented Development (TOD) principles, prioritising accessibility, convenience and efficiency.