Mahkatop
Mahkatop — The growth of Indonesia’s property sector in Q1/2024 recorded an increase of 6%, driven by rising demand in the landed house, retail, and industrial and logistics segments.
Leads Property CEO Hendra Hartono stated that landed houses continue to dominate the residential sector in Indonesia. The landed house market in the Greater Jakarta area (Jabodetabek) recorded a supply of 174,000 units, with Tangerang contributing the highest percentage at 45%. “The supply of landed houses in Tangerang rose by 14.2%, while the sales rate increased by 0.2%,” said Hendra in a press release on Thursday (11/7/2024).
House prices in Tangerang also saw a significant increase. The average price of landed houses in this area grew by 17.9% in Q1/2024, making it the region with the highest increase in house prices in Jabodetabek.
PT Lippo Karawaci Tbk (LPKR) is one of the key players in this sector, with most of its projects located in the western part of Jabodetabek/Tangerang. These projects include landed and mid-level houses, shophouses, and high-rise residential units.
In Q1/2024, LPKR’s property sales were dominated by landed houses, especially due to the successful launch of Park Serpong. As of March 2024, LPKR had realized pre-sales of IDR 1.5 trillion, an increase of 24% year on year (yoy) from Q1/2023, and reaching 28% of the 2024 target of IDR 5.37 trillion.
The landed house products developed by LPKR, such as the XYZ Livin series and Cendana Homes in Park Serpong, contributed IDR 543 billion to pre-sales in Q1/2024.
LPKR Group CEO John Riady stated that LPKR continues to strengthen its position in the first-time homebuyer market segment. “We will release more units in Park Serpong and Lippo Cikarang Cosmopolis, a new concept property in Cikarang supported by the XYZ Livin product range,” he said.
John Riady added that after achieving 28% of the pre-sales target in Q1/2024, the company is on track to meet this year’s target by maintaining the current sales momentum. (*)
