M A R K E T B E AT GREATER Condominium Q4 2019

SUPPLY : Declining Launching of New Projects YoY 12-Mo. Declining launching of new projects was observed during 2019, in response to the market slow down. There were 20,357 newly launched proposed Chg Forecast units in 2019, 31.5% lower than 29,375 units in 2018. Addition of 4,652 new proposed units was recorded in the 4th quarter, lower than the 4,956 3.90% units in 3rd quarter, and 6,418 units in 2nd quarter, respectively. The lowest record of newly launched proposed project occurred in the 1st quarter at YoY Price Growth 4,331 units, partially due to the presidential election in 2019. There was a record high of completed project in 2019 of 36,066 units, compared to 32,522 units in 2018. Despite the slow take-up, developers 50.4% continue to deliver their projects timely as a strategy to boost sales and gain trust from potential buyers. Vacancy Rate DEMAND : Stronger Pre-Sales Rate Despite Lower Take-Up There was a decrease in take-up throughout 2019 as buyers observes the impacts of the developing situations during the presidential election and 36k units global trade war on local real estate market. A net take-up of 13,424 units was recorded in 2019, 26.7% lower than the 18,314 units absorbed in YTD New Completion 2018. The 2nd and 4th quarter recorded the lowest take-up in 2019 at 1,519 units and 2,335 units respectively. As the decline of the new proposed Source: Cushman & Wakefield Research supply is higher than the decline of the take-up rate, the pre-sales rate at the end of 2019 improved from 55.6% at the end of 2018 to 60.6%. The number of occupied units increased by 11.5%, slightly higher than previous year’s growth of 7.0%. Coupled with slower growth of completed supply at 12.5% compared to 14.5% last year, the vacancy rate has recorded a modest increase to 50.4% from 49.9% at the end of previous year. INDONESIA ECONOMIC INDICATORS Q4 2019 PRICING : Moderately Slower Price Growth YoY 12-Mo. Greater Jakarta’s average price growth remains stable at 3.9% YoY at the end of 2019, lower than the 4.5% growth at the end of last year. The Chg Forecast slowdown mainly happened in the 1st quarter due to the presidential election in April 2019. Prime residential areas were the main driver of price 5.0% growth in Greater Jakarta throughout 2019 at 3.9%, compared to CBD areas and Secondary Residential areas at 3.7% and 3.3% respectively, as actual demand for expatriates living in these areas has continuously attracted buyers to invest in the condominium sector. GDP Growth The 3rd quarter recorded the highest QoQ price increase in all submarkets as sentiment from the positive presidential election outcome, luxury property tax relaxation, and reduction of loan-to-value for house mortgage encouraged developers to modestly increase their price. 2.72% AVERAGE PRICE / SQM & GROWTH RATE ANNUAL SUPPLY PIPELINE Inflation Rate

5,00,00,000 4.5% 90,000 4,50,00,000 4.0% 80,000 5.0% 4,00,00,000 3.5% 70,000 Central Bank Rate 3,50,00,000 3.0% 3,00,00,000 60,000 2.5% 2,50,00,000 50,000 2.0% Source: Central Bank and Census Bureau 2,00,00,000 1.5% 40,000 1,50,00,000 Growth Rate 1,00,00,000 1.0% 30,000

Hard Hard Cash Price (psm) 50,00,000 0.5% 20,000 0 0.0% Net Net Proposed Supply (Units) 10,000

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Q116 Q418 Q215 Q315 Q415 Q216 Q316 Q416 Q117 Q217 Q317 Q417 Q118 Q218 Q318 Q119 Q219 Q319 Q419 Q115 2020 2021 2022 2023 Price (psm) Growth rate M A R K E T B E AT GREATER JAKARTA Condominium Q4 2019

SUPPLY, SALES & VACANCY MARKET STATISTICS 3,50,000 100% SUBMARKET EXISTING SUPPLY (UNITS) SALES RATE (%) PROPOSED SUPPLY (UNITS) PRE-SALES RATE (%) 90% 3,00,000 CBD 28,797 97.7% 3,862 61.6% 80% Prime 2,50,000 70% 14,068 97.7% 1,456 35.0% 2,00,000 60% Secondary 254,721 92.2% 180,989 60.8% 50% SEGMENTATION 1,50,000 40%

1,00,000 30% Percentage Lower-Middle 71,194 88.7% 87,803 63.9% 20% Supply Supply (Units) 50,000 Middle 150,739 94.6% 68,566 57.8% 10% Upper-Middle 48,977 94.1% 22,833 60.6% 0 0% Upper 26,676 93.4% 7,105 46.8% Greater Jakarta 297,586 93.0% 186,307 60.6% Existing Supply Proposed Supply Sales Rate DEFINITIONS: CBD area covers the most prominent business corridors. Prime area covers location favored by high-income families and expatriates. Pre-Sales Rate Vacancy Rate Segmentation is based on price per sqm before tax on semi gross area : lower-middle (35 million)

NEWLY LAUNCHED PROJECTS Q4 2019 NEWLY COMPLETED PROJECTS Q4 2019 ARIEF RAHARDJO APPROX APPROX PROPERTY DISTRICT SEGMENT PROPERTY DISTRICT SEGMENT UNITS UNITS Director, Strategic Consulting +62 21 2550 9540 / [email protected] Citra Living Apartment (Tower Pluit Residenseas (Tower Belize West Middle 302 Lower-Middle 1,114 Lotus) & Ibiza) PRASIDHA AGUS Double Great Residence (Tower The Aspen Peak Residences Tangerang Middle 1,186 Upper-Middle 322 Mia) (Tower C) Manager, Strategic Consulting +62 21 2550 9547 / [email protected] Akasa Apartment (Tower Tangerang Lower-Middle 794 T Plaza (Tower B & D) Central Jakarta Middle 694 Kamaya) Citra Living Apartment (Tower cushmanwakefield.com Collins Boulevard (Tower The Middle 312 Tangerang Middle 638 Orchard) Scott) EcoHome Apartment (2 towers) Tangerang Lower-Middle 500 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION The Premier MTH East Upper-Middle 390 Cushman & Wakefield (NYSE: CWK) is a leading global Sudirman Hill Residence Central Jakarta Upper-Middle 279 Vasanta Innopark (Tower real estate services firm that delivers exceptional value for Bekasi Middle 683 Chihana) Tamansari Iswara Bekasi Middle 1,055 real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with CORE Cipete South Upper-Middle 199 Orange County (Tower Burbank approximately 51,000 employees in 400 offices and 70 Bekasi Middle 1,120 & Glendale) countries. In 2018, the firm had revenue of $8.2 billion Grange Park (Tower Orchid & South Upper 460 across core services of property, facilities and project Jasmine) Grand Madison Podomoro City West Upper-Middle 338 management, leasing, capital markets, valuation and other services. B-Residence BSD Tangerang Middle 1,856 ©2020 Cushman & Wakefield. All rights reserved. The information Kaliana Apartment Bogor Lower-Middle 594 contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is Gateway Park (Tower Accordion Bekasi Middle 891 presented without any warranty or representations as to its accuracy. & Bandoneon) Eastern Green Primrose Bekasi Middle 634