JAKARTA (IFT) – Property developer PT Intiland Development Tbk (DILD) will start marketing the first phase of of the company’s project, Aeropolis Residence in Cengkareng, Tangerang. The development of the project, which will be located in the close proximity to Soekarno-Hatta International Airport, will start in Q2/2012. Theresia Rustandi, Corporate Secretary of Intiland, said the estimation for the development of the first phase will require an investment funds of IDR 72 billion.
“We are now in the preparation stage. This month we will begin our marketing program, and in one or two months, the development will commence,” she said, on Friday. The first phase of the project comprises apartment units bearing the concept private dormitory. The company will build six (6) towers, each having 200 units on five floors. A total of 1,200 apartment units will take up a total area of 100 hectares.
The company offers the prices starting from IDR 97 million to around IDR 120 million. According to Theresia, the apartments are designed for middle income threshold and in the form of private dormitory, so that the price can be set low. “At first, we are targeting working employees at the airport premises, but it turns out that more people than exptected are interested to invest,” she continued. Theresia added that those prospective buyers include people who run their own businesses at the airport, such as travel agency business owners. They look forward to having their customers stay the night at their apartments during transit.
Aeropolis Project will feature a commercial area, hotel, apartment and warehouse complex. Intiland’s landbank in Cengkareng has reached 500 hectares. The company estimates the development of the area will require a period of ten years. According to IFT’s research department, Intiland’s potential income gained from the six apartment towers at Aeropolis Residence can reach as much as IDR 130.2 billion. The figure comes with the assumption that the average selling price of each unit is IDR 108.5 million.
Apart from the sales, Intiland will also receive a routine income from service charge, which will be charged to each apartment unit. Another developer, Agung Abadi Grup, which develops CityPark in Cengkareng, has decided to delay the development of their apartment. Andry Susanto, Marketing Manager of Agung Abadi Grup, said that the apartment has commenced its groundbreaking ceremony in Q2/2011. Nevertheless, the development has to be put off awaiting Decision of Minister of Finance on limitation of number of building, selling price and buyers’ income limitation to obtain VAT remission. The strata-titled apartment was targeting workers and employees working at the airport an in air services.
“For now, we are halting the development. If it is possible for middle-income threshold to purchase apartment with tax reduction, we will then adjust the selling prices for middle-to-low income groups,” he said last Friday. CityPark will feature 19 apartment towers, nine housing clusters, two international schools, a hospital, a hotel and a business center.
Residential and commercial projects in Cengkareng, West Jakarta, will be even more prospective with the opening of Jakarta Outer Ring Road (JORR) section W1, Kebon Jeruk-Penjaringan (Cengkareng) connected to innercity toll roads. Ali Hanafia, property practitioner from Century21 Indonesia, explained that after the global economic crisis many commercial projects, especially shops, begun to spring up in Cengkareng. Located in strategic access,the area is also known as the business hub in the western part of Jakarta. In the area, there have not been many vertical residential projects (apartment) built within the last two years.
“There are still plenty of landed houses available in the Jakarta’s western suburbs, such as Serpong. Developers need to be careful in developing apartment projects as they may find it difficult in marketing them,” he explained. An apartment project in the western part of Jakarta, which will be developed soon, is owned by PT Adhi Realty, the subsidiary of PT Adhi Karya Tbk (ADHI) and PT Pertamina (Persero). It is located in Daan Mogot. “The project will start no later than next year,” Toto Hendarto, Corporate Secretary of Adhi Realty, said.
He revealed that Adhi Realty and Pertamina have signed the cooperation agreement for the project development. This superblock project in Daan Mogot will feature apartments, houseshop, offices and landed house area.(*)