New sales weaken compared to the previous quarter

• Condominium sales softened during the quarter, with most new sales coming from recently launched projects. Buyers, especially those not purchasing for their own use, remained cautious while opting to wait for better market conditions.
• Serviced apartments saw strong demand in the third quarter, driven by consistent business activity and international events held in September, such as the Indonesia International Sustainability Forum.

A new luxury condominium project enters the market

• Two Sudirman, developed by Taspen Properti in collaboration with Mitsubishi Estate, was recently launched in Jakarta’s CBD. This luxury project offers a total of 335 units, adding to the residential options in the city’s central area.
• No new serviced apartment was delivered in the third quarter of 2024. There was only one new serviced apartment added to the market in 2024: Park Royal in Thamrin Nine Complex, which opened its doors during the first quarter of the year.

Most condominium projects maintain stable prices

• The high-rise residential prices in general remained flat. Developers have been maintaining prices and offering attractive payment programmes to entice buyers for quite some time.
• Rents remained relatively stable, showing a small increase of 0.88%. This indicates that demand for serviced apartments has steadily continued, even after the extended holiday period in the second quarter.

Outlook: No condominiums or serviced apartments in the pipeline for the rest of 2024

• Following Two Sudirman’s launch in the quarter, no new upper-class or luxury condominiums are expected to enter the market for the next 12 months. A number of projects are scheduled for completion in Q4.
• New serviced apartments scheduled for 2025, often with improved features, may lead to higher rents. These properties tend to have higher prices per square metre, which could influence overall market rates.