Fourteen New Apartment Projects in Jakarta in 2023, Mostly in South Jakarta

According to a Colliers report, at the end of 2022 there were 220,451 apartment units in Jakarta, an increase of 1,484 units compared to the previous year.

The number is projected to continue increasing, given that there are still many new apartment development projects in the capital city.

Colliers revealed that there are 14 apartment projects in Jakarta scheduled for completion in 2023. The majority are located in South Jakarta, with a total planned construction of 2,818 apartment units.

Meanwhile, the fewest are located in Jakarta's central business district (CBD), such as Sudirman, Thamrin, Gatot Subroto, and Mega Kuningan, with a total planned construction of 264 apartment units.

List of apartment development projects in Jakarta projected to be completed in 2023:

South Jakarta:

1. Fatmawati City Center-Corona Parc Suite Tower: 620 units
2. Fatmawati City Center-Victoria Parc Suite Tower: 620 units
3. Apple Residence 3: 530 units
4. Southgate Residence (3rd tower-Altuera Tower): 450 units
5. South Quarter Residence: 336 units
6. Arumaya Residence: 262 units

East Jakarta:

1. Sakura Garden City (Tower Catelya): 1,100 units
2. JKT Living Star: 594 units
3. Cleon Park Apartment (North tower): 310 units

Central Jakarta:

1. Menara Jakarta (Tower Azure): 860 units
2. Menara Jakarta (Tower Equinox): 396 units

West Jakarta:

1. Aerium Taman Permata Buana (South Tower): 366 units

Jakarta CBD:

1. The Residences at The St. Regis Jakarta: 164 units
2. Le' Parc: 100 units

Despite the numerous new projects, Colliers noted a shift in apartment demand trends.

"Investors usually hunt for newly launched apartments because the initial price is low, and there's a significant opportunity to obtain capital gains," said Ferry Salanto, Senior Associate Director of Colliers Indonesia, in a virtual press conference earlier this year (January 4, 2023).

"However, in the second half of 2022, existing apartment units whose projects have been completed tended to be more in demand by buyers. They feel that existing units are more secure. Although the price may be higher, there's a guarantee that the project is completed," he continued.

Ferry also reported that in the fourth quarter of 2022, the occupancy rate of serviced apartments in Jakarta reached 61.2%, relatively stable compared to 61.1% in the fourth quarter of 2021.