Surabaya, (08/12) – Intiland continues to strengthen its position in Surabaya’s property market.
The company does this with its ongoing and new development projects. In Surabaya and its vicinity, Intiland is currently developing several new projects across different segments, namely The Rosebay, Graha Golf, PRaxis, Spazio Tower and Graha Natura.
Throughout 2016, Intiland has launched two new projects: The Rosebay in Graha Famili area and Edenia, a part of second phase development of Graha Natura. Both projects have received warm welcome by the market with the total marketing sales reaching Rp527 billion as of the end of September 2016, or 37.4 percent of the total marketing sales in that period, which reached Rp1.4 trillion.
Intiland vice president and chief operating officer, Sinarto Dharmawan admitted that throughout 2016, generally the property market in Surabaya faced an uphill battle. The demand, especially for commercial and office products, suffered comapred to that in the previous years.
Sinarto was optimistic that the property market in Surabaya would rebound, especially for the demand for quality products, nevertheless, even though th property market was not conducive, Intiland managed to maintain its sales performance, notably from its newly launched projects, like The Rosebay and Edenia.
“The tow new development projects contributed the biggest to the marketing sales. This shows that the purchasing power in Surabaya remains strong. Residential products, such as houses and apartment, are still selling. So, although the market condition is not too good, the public still need good residential products, either as home or as a means of investment,” said Sinarto.
The Rosebay is a vertical residential development with varied heights, from four to eight floors, and with limited number of units (229 units). The difference in heights provides a variety of landscape views which blend with the surrounding environment, as the property is located very close to golf facilities in Graha Famili complex, Surabaya.
The Rosebay offers only two type of units: two-bedroom and three-bedroom. Each unit has an area between 73 sqm and 143 sqm. The average selling price is Rp31.2 million per square meter. Since its launch in the third quarter of 2016, the company has sold more than 50 percent with the contribution of Rp227 billion as of the end of the third quarter of 2016.
Besides The Rosebay, the company also experiences success in marketing Edenia, a residential cluster which is part of Graha Natura Phase II development. Since it was launched at the beginning of the year, the product has been garnering good response from the public.
Edenia cluster has 200 units of two-story houses divided into several types. They have a land area between 90 sqm and 144 sqm, and building area from 74 sqm to 149 sqm. The sales of this product contributed Rp300 billion per quarter of the year.
Project Development
The company is currently developing several big-scale, long-projects in Surabaya. One of them is mixed-use & high-rise development, Praxis in Surabaya central business district (CBD). Praxis boasts several functions: apartment (28 stories), international hotel (18 stories), office and retail area (five stories). Praxis is still under construction and the development has reached 18 floors.
Another project is Graha Golf condominium, first introduced in mid-2015. The first phase comprises two towers, which the company has sold 87 percent. The company has commenced the development of the foundation of the main structure.
Graha Golf development covers five condominium towers, one service apartment tower, and supporting retail facilities. Developed as golf-themed modern residential, Graha Golf offers many added values, based on the concept, functions and facilities.
The company’s Surabaya projects contribute significantly to the marketing sales. In the first nine months of 2016, the Surabaya projects contributed Rp724 billion, or 51.4% of the total marketing sales.
Sinarto said the company is focusing on the development of mixed-use & high rise segment in its future projects. Vertical and mixed-use development is the answer to the limited and growing price of lands. It also provides an answer to the needs of the urbanites that demand efficiency.
“The mixed-use development concept offers a solution to über-active urban lifestyle in big cities, like Surabay,” he added. The company plans to launch a mixed-use and high rise development project in West Surabaya area next year.***