These were the recently completed prime residential projects in Jakarta

There was one new luxury condo and two new serviced apartments.

According to a JLL report, one luxury project was completed in Jakarta in the second quarter, The Stature by CapitaLand. It entered the finishing phase before it finally went operational. However, there were no new projects launched into the market.

Two new serviced apartment projects went operational in the quarter, namely, Ashta Residence, located in District 8 complex in Sudirman Central Business District, and Citadines Gatot Subroto, located in South Jakarta.

Here’s more from JLL:

The overall sentiment in condominium sales remained soft but improved slightly for projects near completion and in prime locations. Developers who built show units with fully-furnished interior designs were more attractive to potential buyers.

Serviced apartments showed a higher occupancy rate despite several new completions. Business travellers, both domestic and foreign, and staycation offers remained the main drivers and are expected to generate continuous demand.

Developers focus on boosting sales of their ongoing projects

Overall prices for high-rise residences increased slightly in 2Q23. Some projects have continued their construction progress as completed projects were more appealing to potential buyers.

With an improved occupancy rate, a slight rent increase was seen for serviced apartments, particularly for projects in strategic locations or within the city centre radius.

Outlook: A similar trend is expected for the next 12 months

With the upcoming presidential election in February 2024, continued limited supply is expected, and might result in a “wait-and-see” approach from both developers and potential buyers, as most of the buyers are investors looking for attractive deals and targeting capital gains or recurring income.

Two upcoming serviced apartments will be completed by the end of 2023 in the Thamrin areas, Central Jakarta, totalling 331 units. The completion of the LRT and MRT Phase 2 development might trigger investor interest in acquiring existing undeveloped land or residential buildings along the routes of Transit Oriented Developments.

Note: Jakarta Residential refers to Jakarta's luxury condominium and serviced apartment markets.