Jakarta’s serviced apartment supply to hit 7,793 units by end-2025

There are three projects expected to be completed over the next year.

The Ascott Group has officially opened its latest project, Somerset Kencana Jakarta, located in the prestigious residential area of Pondok Indah, South Jakarta. According to Colliers, this new development features 148 units, offering a mix of one- to three-bedroom apartments, with one-bedroom units accounting for 68% of the total. 

“With this addition, the total supply now stands at 7,222 units. Looking ahead, three forthcoming projects are expected to further expand the market, bringing the projected supply to 7,793 units by the end of 2025,” the analyst said.

Here’s more from Colliers:

Following the launch of new serviced apartments in Q3 2024, the overall occupancy rate of serviced apartments in Jakarta dropped to 61.6%, down by 0.9% compared to the previous quarter. This decline is attributed to the recent surge of supply, which temporarily outpaced demand. Despite this, the majority of serviced apartments managed by international chains experienced modest increases in occupancy. 

The demand for serviced apartments has recently shifted from being predominantly business-driven to attracting leisure clients, especially families seeking weekend stays. This trend was largely accelerated by the Covid-19 pandemic, which highlighted the advantages of serviced apartments, such as greater privacy and larger spaces compared to traditional hotels. Notably, international operators like Ascott and Citadines continue to dominate the market, reflecting their proactive role in meeting the rising demand for serviced apartments in Jakarta. 

During this quarter, two-bedroom units were the most sought after, likely due to their versatility, making them suitable for both individuals and couples. This highlights a shift in expatriate demographics, with singles and couples now forming the majority, rather than families.