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Insights for Owners Foreword COLLIERS INSIGHTS VALUATION & ADVISORY SERVICES | ASIA | MARCH 2019 DECODING SOUTH EAST ASIA REAL ESTATE: INSIGHTS FOR OWNERS FOREWORD With the growth in cross border investment in general and the focus on intra-Asia investment, the ASEAN countries have seen greater interest from foreign investors especially from North Asia. The challenge for investors is how to find ways to enter and cash in on growth without taking an unreasonable amount of risk. This is of course easier said than done! Basic caution needs to be exercised before making an investment decision whether the ‘new’ market makes it a worthy addition to a portfolio. In this paper, we look at some basic facts for six emerging markets across South East Asia highlighting where the opportunities lie in each market, some basic information on the land ownership, taxation and suggestions as to the sectors and geography foreign investors are likely to focus on in the next one to two years. We are happy to discuss any aspects of this report with you and provide further information about these markets as you need. DAVID FAULKNER Managing Director | Valuation & Advisory Services | Asia Tel: +852 2822 0525 Email: [email protected] The property market is concentrated in the two major cities – Jakarta and Surabaya, though infrastructure improvements are helping development elsewhere on Java and Sumatra Islands. Foreign and domestic investment has increased due to government policy changes, opening more areas for foreign investment, such as in health- care and logistics. Infrastructure development is now the main government focus, including toll roads, mass transportation (MRT, LRT, high-speed rail), airports, and seaports. This creates opportunities for transit-oriented (TODs) and industrial estate developments. We see opportunities in property investments and developments INDONESIA in TOD’s and industrial estates. Dependent on property type, the typical yields available are between 6 and 10%. INDONESIA COUNTRY PROFILE 1,916,862 sq km 261.9 million 3.9 people Area Population Average Household Size 54% 66.7% USD970.6 billion Urban Proportion Labour Force Participation Rate Gross Domestic Product (GDP) USD3,707.1 5% 28.6 years GDP/capita GDP Growth Average Age of Population Jakarta 5.1% Capital Economic Growth Jakarta Surabaya JAKARTA Soekarno Hatta International Airport Economic Centres Pelabuhan Tanjung Priok SEMARANG Ahmad Yani International Airport Pelabuhan Tanjung Emas SURABAYA Juanda International Airport Pelabuhan Tanjung Perak MAKASSAR Pelabuhan Soekarno Hatta MEDAN BALI Kualanamu International Airport Ngurah Rai International Airport Pelabuhan Belawan Pelabuhan Benoa YOGYAKARTA Adisutjipto International Airport Legend Capital Major City Economic Centre Major Airport Major Port | 4 INDONESIA PROPERTY OWNERSHIP Land Title in Indonesia Hak Milik (HM) or Right to Own Hak Guna Bangunan (HGB) or Right to Build Hak Pakai (HP) or Right to Use > HM is the most complete > HGB is the right to construct and own buildings on land. > HP is the right to use and/or to land title available under HGB is transferable and may be encumbered. Land with harvest from land, which is the Indonesian law. HM an HGB title may be owned by (i) Indonesian citizens and directly controlled by the State, is transferable and may (ii) legal entities established under the Indonesian law and or land of other persons. be encumbered. HM is domiciled in Indonesia, including foreign-owned companies HP may be encumbered. equivalent to freehold land or (known as Perseroan Terbatas Penanaman Modal Asing Ordinarily, HP is granted for a fee simple absolute under the – PT PMA). HGB is granted for a period of up to 30 years period of up to 25 years and common law system and extendable for a further 20-year period can be extended for 20 years PROPERTY INVESTMENT POLICIES SECTOR TRENDS Foreigners are not able to own freehold property in Vacancy Stock Supply Yield* their own name. Right-to-use titles, or “SHP” (Sertifikat % , , sq m , , sq m % Hak Pakai), are essentially leaseholds that are open to 18.1 9 694 699 1 409 662 6–7 foreigners. Leasehold titles are granted for 25 years sq m sq m and can be extended for another 45 years for a total 22.3% 340,789 240,000 6% of 70 years. OFFICE JAKARTA SURABAYA The preferable way for foreign to invest and develop 16.4% 4,648,998 sq m 434,760 sq m 7–8% property in Indonesia is by way of establishing an Indonesian based company under the Indonesian law. 21.6% 1,087,303 sq m 150,000 sq m 7% The company shall domiciled in Indonesia. RETAIL JAKARTA SURABAYA Indonesian citizen investors may get more favourable terms and conditions. 40% 41,173 rooms 4,087 rooms 10% FOREIGN OWNERSHIP FOR 41% 16,346 rooms 2,634 rooms 10% PROPERTY HOTEL JAKARTA SURABAYA Foreigner having an appropriate stay permit (Resident 13.3% 201,817 units 41,677 units 5–6% Foreigner) may own a house or an apartment with Hak Pakai (Right to Use). 18.6% 34,998 units 31,417 units 5% If the Resident Foreigner is deceased, the house or apartment can be inherited as long as the heir is a APARTMENT JAKARTA SURABAYA Resident Foreigner. 5.8% 11,518 ha 100 ha 8–10% For strata title apartments (known as Hak Milik Atas INDUSTRIAL JAKARTA-BEKASI Satuan Rumah Susun or HMSRS), the title of the * Yield means the current average capitalisation rate underlying land will remain as a HGB title. The title can Note: The above data refer to prime assets in the respective city and sector; Vacancy means the existing average vacancy rate; Stock means the existing completed stock; Supply means the anticipated supply in the be converted into a Hak Pakai strata title (known as Hak next 3 years. Pakai Atas Satuan Rumah Susun or HPSRS). Resident Foreigners can own an en-bloc apartment once the ownership of all units have been unified and the land can be converted to Hak Pakai title. TAXES Land and Building Tax¹ 0.3% New conditions imposed for 1st hand residential strata- Duty on the acquisition of land and building rights 5% title transaction that is a HPSRS which is derived from the conversion of a HMSRS it is valid for 30 years and Value Added Tax (VAT) 10% can be extended for 20 years + 30 years renewal. Income Tax (Final) 10% on rental revenue 2.5% on sales revenue According to the local regulation, Resident Foreigner can purchase apartments in Jakarta with minimum unit Luxury Tax² 20% price of IDR3,000,000,000 or USD205,500¹, while in Super Luxury Tax³ 5% the other cities it would be lower. ¹ The tax due is calculated by applying the tax rate on the sale value of the tax object (Nilai Jual Objek Pajak/NJOP) deducted by non-taxable NJOP. The non-taxable NJOP is set at Rp 10 million at the minimum. ² Transaction Price > IDR 10 billion. ³ Transaction Price > IDR 5 billion. ¹ USD1 = IDR14,600 | 5 The Malaysian Government is focusing policies in three areas: to implement institutional reforms, to ensure the socio-economic well- being of Malaysians and to foster an entrepreneurial economy. GDP grew by 4.7% in 2018, supported by continued expansion in domestic demand and positive growth in net exports. Tax incentives are proposed to help address these priorities such as digitalising the industrial sector, stabilising the property market, and relieving the cost of doing business in Malaysia via improvements to the Sales and Service Tax (SST) regime. The aim is to improve Malaysia’s attractiveness to foreign capital. The situation continues to evolve following the change of Government in late 2018. MALAYSIA Property market opportunities are concentrated around Kuala Lumpur. Favourable areas for property investment are in the office and retail sectors. Yields are in the region of 5.5% to 6.5%. We see vacancies reducing with time. MALAYSIA COUNTRY PROFILE 329,613 sq km 32.6 million 4.03 people Area Population Average Household Size 77.1% 68.5% USD347.29 billion Urban Proportion Labour Force Participation Rate Gross Regional Domestic Product (GRDP) USD10,703 4.7% 28.1 years GDP/capita GDP Growth Average Age of Population Kuala Lumpur Capital Kuala Lumpur Economic Centre PETALING JAYA (SELANGOR) KUALA LUMPUR Kuala Lumpur International Airport GEORGE TOWN, PENANG Penang International Airport Penang Port Sapangar Bay Port Sandakan Port KOTA KINABULU (SABAH) IPOH Kota Kinabalu International Airport Kemaman Port Kota Kinabalu Port Tawau Port Kuantan Port Bintulu Port Port Klang MALACCA CITY Port of Tanjung Pelepas KUCHING (SARAWAK) Kuching International Airport JOHOR BAHRU Senai International Airport Johor Port Legend Capital Major City Economic Centre Major Airport Major Port | 7 MALAYSIA PROPERTY OWNERSHIP Land Titles in Malaysia > Freehold ownership in perpetuity > Leasehold – For fixed terms (30, 60 or 99 years) and upon expiry of the said fixed term, the land will revert to the State government – When a lease expires, an application for a renewal or extension of lease can be made, subject to the payment of premium to the land office PROPERTY INVESTMENT LAWS corridor by companies, subject to status > Companies with endorsement from the Secretariat of the Malaysian For foreign acquisition of property, the Economic International lslamic Financial Centre (MIFC) Planning Unit (EPU) Guidelines apply. Approval is also needed from State Authorities. Investment rules > Residential units valued at RM100,000 (USD24,805) and above to be occupied as a hostels for company‘s employees, subject to state authority approval in Malaysia are affected by policies that benefit the Bumiputra i.e. the ethnic Malay and indigenous peoples > Acquisition of industrial
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