Despite Falling Occupancy Rates, New Mall Projects Continue in Jakarta

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Adi Ahdiat 11/01/2023 15:20 WIB

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Mall occupancy rates in Jakarta declined during the 2018-2022 period. Despite this, new mall construction projects in the capital city continue.

New Shopping Malls Under Construction in and Around Jakarta (2023-2025)

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New Shopping Malls Under Construction in and Around Jakarta (2023-2025)

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Mall occupancy rates in Jakarta declined during the 2018-2022 period. Despite this, new mall construction projects in the capital city continue.

According to a report by property consultant Colliers, PT Lippo Karawaci is building Lippo Mall East Side in Central Jakarta. It will cover approximately 44,000 square meters and is projected to be completed in 2023.

PT Agung Sedayu Permai is also constructing Menara Jakarta Shopping Mall in Central Jakarta, with an area of 90,360 square meters and a target completion date of 2024.

Similar projects are underway in cities surrounding Jakarta: Bogor, Depok, Tangerang, and Bekasi (Bodetabek).

Here's a breakdown of new malls under construction in Bodetabek, projected to be completed between 2023 and 2025:

Bogor

* Cibinong City Mall 2, 32,500 square meters (2024)

Depok

* Metrosaster Depok, 30,000 square meters (2025)

Tangerang

* Omotesando Lifestyle Mall, 7,605 square meters (2023)
* Bintaro Xchange 2, 51,000 square meters (2023)

Bekasi

* Pakuwon Mall Bekasi, 40,000 square meters (2023)
* Aeon Mall Deltamas, 90,000 square meters (2024)
* Living World at Kota Wisata, 80,000 square meters (2025)

Although the mall space supply will increase, Colliers predicts that rental prices will rise starting this year.

"According to the Indonesian Shopping Center Management Association (APPBI), after three years of deficit since the beginning of the pandemic, most malls will increase rental prices starting in 2023," stated Colliers in its Quarterly Property Market Report Q4 2022 Jakarta Retail.

Colliers anticipates that rental prices will increase due to rising mall operating costs, influenced by electricity price hikes, minimum wage increases, and inflation.

"Generally, Indonesia's economic outlook for 2023 is quite positive. However, rising inflation expectations could limit consumer spending, and rental growth will be a tug-of-war between mall owners' demand and retailers," they said.

"The inflation rate is likely to be used as a reference in determining lease renewal price agreements between mall owners and existing tenants. However, for new tenants, rental price increases could be around 10%, higher than inflation," they continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Despite Falling Occupancy Rates, New Mall Projects Continue in Jakarta

Despite Falling Occupancy Rates, New Mall Projects Continue in Jakarta

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Despite Falling Occupancy Rates, New Mall Projects Continue in Jakarta

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