Jakarta to see several condominium projects in 2025

Ascott is expected to introduce three new developments this year.

According to a JLL report, no new upper-class or luxury condominiums are anticipated to enter the Jakarta market in the next 12 months. However, several condominium projects are slated for completion in 2025, potentially impacting market dynamics and supply in the coming year.

“In 2025, Ascott is set to introduce three new developments, with one located in the CBD area. This expansion may drive rent growth, as these newer properties typically command higher rates,” the report said.

Here’s more from JLL:

Condominium sales were mostly generated by previous quarter launches, with stable activity and no significant increase from Q3 2024. Full-year demand weakened compared to previous year, mainly due to 2024 being an election year.

The year-end holiday season boosted serviced-apartment short-term stays, helping to maintain healthy occupancy rates in the final quarter.

Two condominium projects reach completion in the quarter

Two projects reached completion in the Kuningan area: BRANZ Mega Kuningan by Tokyu Land Indonesia and The Newton 2 by Ciputra in Q4 2024. Only one new luxury project was launched in 2024: Two Sudirman was introduced in the previous quarter.

The year concluded with the addition of a new serviced apartment complex. Ascott Kencana, situated in South Jakarta, contributed 148 new units to the market inventory.

Condominium prices show an upward trend from 2023 figures

Condominium prices saw a slight y-o-y increase despite less demand. This uptick was primarily driven by newly launched projects and those reaching completion in 2024.

Serviced apartment rents showed modest growth, increasing by 3.09% for FY2024. This stability was supported by consistent demand and higher per-square-metre rates associated with newer projects.