Jakarta Property Market Report

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1 Research & Forecast Report 4Q Jakarta 3rd Quarter Office 2014 Jakarta Property Market Report Accelerating success.

2 Contents Office Sector 3 Apartment Sector 13 Retail Sector 23 Industrial Estate Sector 32 2 Research & Forecast Report 3Q 2014 Contents Colliers International

3 Highlight By Ferry Salanto Associate Director Research Office Sector This quarter is a challenging period for the office market. The number of office space inquiries weakened and the downswing is highlighted by the declining occupancy rate in the CBD of 1% to 95.4% YoY. The average asking base rental rate for Grade A and Premium class US dollar denominated buildings also dropped modestly by 1.7% QoQ to USD42.84/sq m/month. Apartment Sector Despite political tension in Indonesia, the apartment market maintained a stable performance. Apartment price increase slowed to 17% increase YoY, compared to 20% in the same period last year. The average price in the CBD is recorded at IDR41.8 million/sq m, in South Jakarta is IDR 31.2 million/sq m and is IDR20.3 million in the non-prime areas. The overall take-up rate climbed by 1.4% QoQ to 86.6% this quarter. Retail Sector In spite of limited retail space in DKI Jakarta, the average rental rate for available typical retail space rose only moderately by 1.2% QoQ or about 7% YoY. The rental rates for upper class shopping centers was registered at IDR856,482/sq m/month while the average rental rate for all classes of retail space was IDR510,562/sq m/month. Meanwhile, occupancy dropped quite a bit from 89.2% last quarter to 86.1%. This quarter saw more vacant space from the refurbishment of several old malls which are temporarily non-operational and the low occupancy of malls opened this quarter. Colliers International is a leader in global real estate services, defined by our spirit of enterprise. Through a culture of service excellence and collaboration, we integrate the resources of real estate specialists worldwide to accelerate the success of our partners. We represent property investors, developers and occupiers in local and global markets. Our expertise spans all property sectors office, industrial, retail, residential, rural & agribusiness, healthcare & retirement living, hotels & leisure. Industrial Estate Sector The recent Indonesian presidential election and the relatively smooth transfer of power resulted in an increasing demand for industrial land in some industrial estates. Total industrial land being transacted this quarter was hectares which brought total land sold 2014 YTD to hectares - representing 76% of last year s total sales. Four industrial estates in Bekasi, Serang and Tangerang have also introduced new prices as a result of increased inquiries about land and the limited availability of ready-to-use land. The overall land price in the greater Jakarta area has moved up mildly by 2.3% QoQ to USD176.32/sq m. 3 Research & Forecast Report 3Q 2014 Office Colliers International

4 OFFICE SECTOR Leased Office Supply in the CBD The CBD is anticipating a huge additional supply in the five years ahead looking at the construction progress of future office buildings. It appears that at least three office buildings will be completed as scheduled and bring 187,805 sq m of additional supply at the end of As of 3Q 2014, the cumulative supply of office space in the CBD was 4.78 million sq m. Despite no new supply during the quarter, demolition of the Graha Surya Internusa office building for redevelopment has been started and this reduces the cumulative supply. Later, there will be a new office building of around 100,000 sq m on this site. CBD Office Cumulative Supply s q m 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000, YTD 2014F 2015F 2016F 2017F 2018F Existing Supply Annual Supply There will also be a redevelopment project in Jalan MH Thamrin. An existing shopping center will be demolished beginning in late With an approved high plot ratio for this site, a new landlord will develop a high-rise office building cum apartment towers with a planned completion in The new plot ratio policy for certain business areas set out by the DKI Jakarta Government has urged developers to consider replacing old buildings with taller and more modern buildings to maximize the allowable building size. In the years ahead, the CBD will see several more high-rise office buildings. 4 Research & Forecast Report 3Q 2014 Office Colliers International

5 Thamrin Nine is projected to be the tallest office building in Jakarta in the future and will have an area of around 100,000 sq m on 70 floors, and will be taller than the tallest existing office buildings in Jakarta, i.e. Menara BCA (52 floors) and Wisma 46 (50 floors). Other high-rise office buildings are expected in Jakarta, namely Pertamina Tower and Signature Tower, which are currently in planning stages. Although construction activity keeps progressing, several future office buildings have confirmed that they will reschedule their completions as of 3Q However, in addition, by the end of 2014, the construction work on future office buildings due for completion in is still showing progress. Based on numbers, 29 of 37 future office buildings or 83.2% of the 2.36 million sq m additional supply expected from 2015 to 2018 are under construction. Sudirman still leads as the major contributor of new office buildings in the CBD. The total future supply in the CBD until 2018 will be 2.51 million sq m, and 41.1% will be in Sudirman. Gatot Subroto and Mega Kuningan will also grow by contributing 21.1 and 13.1%, respectively, of the total future supply in Annual CBD Future Office Distribution Based on Sub Market Satrio Gatot Subroto Mega Kuningan Rasuna Said Sudirman Thamrin 0 300, , ,000 1,200,000 sq m 2014F 2015F 2016F 2017F 2018F Supply in the Outside CBD and TB Simatupang The amount of future office space will also increase in the outside CBD area. Ciputra Group will soon develop a superblock called Ciputra International on 7.4 hectares of land near the Outer Ring Road in West Jakarta. This group will also develop an office park in Kemayoran, Central Jakarta that will sit on 1.8 ha of their land bank and consist of two office towers connected by a retail arcade. Besides Ciputra, Pondok Indah, Agung Podomoro Land (APL) and Lippo Group are among the big developers with office projects under construction in West Jakarta. Pondok Indah is developing Puri Financial Tower and APL is developing their latest office building project within the Podomoro City complex, SOHO Capital. Lippo is also developing an office building within the St. Moritz complex in Puri Indah. In addition to Puri, Lippo will also add to their portfolio by developing an office tower within Lippo Holland Village in Cempaka Putih, Central Jakarta. Additionally, an office building located within the Gallery West complex in Kebun Jeruk, West Jakarta will also be integrated with apartments and a hotel. All of the office buildings mentioned above are projected be completed in 2015 and South Jakarta, especially TB Simatupang remains the most desirable area. Three new office towers by Intiland Group at a mixed-use development called South Quarter are projected to begin operations in 2015 in TB Simatupang. Then, after Tower 1 is in operation, Sumber Mesin Raya, the owner, will also launch The Manhattan Square Tower 2. This office building is projected to begin operations in The other projected office building in TB Simatupang is The Sima, located within a residential development called Izzara. With 60,000 sq m of floor space, this office building is scheduled to be completed in Another two office buildings, Cibis Tower and Arkadia Tower G, were also launched recently as additional new supply in TB Simatupang. These two office buildings will commence construction in late With the projects mentioned above, the total future supply in the outside CBD is expected to reach 1.27 million sq m from 2014 to Based on construction progress, 58.1% of the total space projected to begin operations in is now under construction. As mentioned above, South and West Jakarta will contribute 51.8 and 26.6%, respectively, more than the other areas. TB Simatupang will contribute 48.1% of the total future supply in the outside CBD during The 631,221 sq m of new supply in TB Simatupang by 2018 will represent 92.9% of the total future supply in South Jakarta. 5

6 Outside CBD Office Cumulative Supply s q m 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000,000 0 TB Simatupang Office Cumulative Supply 7,000,000 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 1,000, YTD 2014F 2015F 2016F 2017F 2018F 2014YTD 2014F 2015F 2016F 2017F 2018F s q m Existing Supply Annual Supply Existing Supply Annual Supply Annual Outside CBD Future Office Distribution Based on Region Annual Future Office Distribution in TB Simatupang and Outside CBD exclude TB Simatupang West Jakarta East Jakarta Outside CBD exclude TB Simatupang North Jakarta South Jakarta TB Simatupang Central Jakarta 0 150, , , , ,000 sq m 2014F 2015F 2016F 2017F 2018F 0 150, , , , ,000 sq m 2014F 2015F 2016F 2017F 2018F In 3Q 2014, The Manhattan Square and Palma Tower, both of which are located in TB Simatupang in the outside CBD, were ready for tenant occupation. These office buildings brought 59,859 sq m of additional supply and brought the cumulative supply in the outside CBD to 2.39 million sq m. With the additional office space, the cumulative supply in TB Simatupang was 536,806 sq m as of 3Q In the remaining quarter of 2014, the outside CBD will see another 131,826 sq m of office space, of which 70.4% will be in TB Simatupang. 6 Research & Forecast Report 3Q 2014 Office Colliers International

7 Some Construction Progress of Future Office Buildings in Office Tower at District 8 Sequis Tower 2 Office Tower at St Moritz Future Large Office Buildings of More Than 90,000 sq m Sahid Sudirman Capital Palace Centennial Tower Treasury Tower 138,500 sq m 90,511 sq m 100,000 sq m 139,000 sq m 52 storeys 46 storeys 48 storeys 55 storeys Thamrin Nine Astra Tower PCPD Tower SSI Tower 97,500 sq m 100,000 sq m 96,000 sq m 100,000 sq m 70 storeys 50 storeys 40 storeys 40 storeys Source: several sources 7 Research & Forecast Report 3Q 2014 Office Colliers International

8 New Supply Pipeline projected completion Office building projects name location SGA Marketing scheme status development CBD 2014 Sinarmas MSIG Sudirman 75,000 For Lease Under construction 2014 The Noble House Office Tower Mega Kuningan 45,000 For Lease Under construction 2014 Gran Rubina Tower 1 Rasuna Said 31,438 For Sale Under construction 2015 Ciputra World Jakarta 2 Satrio 70,000 For Lease & Sale Under construction 2015 International Financial Center 2 Sudirman 50,000 For Lease Under construction 2015 AIA Center (Menara Selaras) Sudirman 47,000 For Lease Under construction 2015 Cemindo Tower Rasuna Said 60,995 For Lease Under construction 2015 Sahid Sudirman Center Sudirman 138,500 For Lease & Sale Under construction 2015 Telkom Landmark Tower II Gatot Subroto 65,000 For Lease Under construction 2015 Bank Muamalat Tower (Satrio Square) Satrio 24,600 For Lease Under construction 2015 BTPN Tower (Bahana Office Tower) Mega Kuningan 50,000 For Lease Under construction 2015 Wisma Mulia 2 Gatot Subroto 65,000 For Lease Under construction 2015 Convergence Rasuna Said 36,367 For Lease & Sale Under construction 2016 Menara Pertiwi Mega Kuningan 41,456 For Sale Under construction 2016 Mangkuluhur Tower Gatot Subroto 53,000 For Lease & Sale Under construction 2016 Capital Palace (Office St. Regis) Gatot Subroto 90,511 For Lease Under construction 2016 Menara Palma 2 Rasuna Said 50,000 For Lease Under construction 2016 Centennial Tower Gatot Subroto 100,000 For Sale Under construction 2016 Satrio Tower Satrio 31,604 For Lease Under construction 2016 The Tower Gatot Subroto 56,492 For Sale Under construction 2016 Lippo Thamrin Office Tower Thamrin 16,500 For Sale Under construction 2016 T Tower (BJB Tower) Gatot Subroto 24,000 For Sale Under construction 2017 Prosperity District 8 Sudirman 71,545 For Sale Under construction 2017 Gran Rubina Tower 2 Rasuna Said 32,000 For Sale Under construction 2017 World Capital Tower Mega Kuningan 72,000 For Sale In planning 2017 Sequis Life Tower 2 Sudirman 80,000 For Lease Under construction 2017 Treasury District 8 Sudirman 139,000 For Sale Under construction 2017 Gayanti City Gatot Subroto 25,000 For Lease In planning 2017 Thamrin Nine Thamrin 97,500 For Lease Under construction 2017 Sopo Del Tower A Mega Kuningan 80,000 For Lease & Sale Under construction 2017 Sopo Del Tower B Mega Kuningan 40,000 For Lease Under construction 2017 Sudirman 7.8 (ex Nugra Santana) Sudirman 52,000 For Sale Under construction 2018 SSI Tower (Graha Surya Intenusa) Rasuna Said 100,000 For Lease Under construction 2018 Mangkuluhur Tower II Gatot Subroto 50,000 For Lease In planning 2018 Tower Two at The City Center Sudirman 39,204 For Lease Under construction 2018 World Trade Center III Sudirman 70,000 For Lease Under construction 2018 Icon Tower Sudirman 72,500 For Lease Under construction 2018 Tower Ciputra World Jakarta 1 Satrio 70,000 For Lease & Sale Under construction 2018 Astra Tower Sudirman 100,000 For Lease In planning 2018 PCPD Tower Sudirman 96,000 For Lease Under construction continued 8 Research & Forecast Report 3Q 2014 Office Colliers International

9 projected completion Office building projects name location SGA Marketing scheme status development continuation outside cbd exclude tb simatupang 2014 GP Plaza Slipi 12,204 For Sale Under construction 2014 Wisma 77 Tower 2 Slipi 24,200 For Lease Under construction 2014 Emerald Tower Kelapa Gading 2,644 For Lease Under construction 2015 Menara Sentraya Blok M 52,072 For Sale Under construction 2015 The St. Moritz Office Tower Puri Indah 19,500 For Sale Under construction 2015 The Suites Pantai Indah Kapuk 13,200 For Sale Under construction 2015 MNC Tower II Kebon Sirih 20,000 For Lease Under construction 2015 Soho Capital Slipi 36,000 For Sale Under construction 2015 Altira Sunter 40,000 For Sale Under construction 2015 Maxima Tower Kelapa Gading 8,000 For Lease Under construction 2015 Nariba Office Suites Mampang 4,200 For Lease Under construction 2016 Puri Indah Financial Tower Puri Indah 38,500 For Sale In planning 2016 Gallery West Kebun Jeruk 29,000 For Sale Under construction 2016 Sky 18 Tower Pasar Minggu 27,500 For Sale Under construction 2016 Soho Pancoran Pancoran 30,000 For Sale Under construction 2016 Jakarta Box Tower Kebon Sirih 36,000 For Lease Under construction 2016 Lippo Tower Holland Village Cempaka Putih 27,000 For Sale In planning 2016 One Tower Kemayoran 21,400 For Sale In planning 2016 BKP Office Tower Sunter 16,000 For Lease In planning 2016 Tamansari Parama Wahid Hasyim 10,800 For Sale In planning 2017 L'Venue Pasar Minggu 41,597 For Sale In planning 2017 Ciputra Business District Kemayoran Tower 1 Kemayoran 40,000 For Sale In planning 2017 Ciputra Business District Kemayoran Tower 2 Kemayoran 40,000 For Lease In planning 2017 Ciputra International Puri 1 Phase 1 Puri 15,000 For Lease In planning 2017 Ciputra International Puri 2 Phase 1 Puri 20,000 For Lease In planning 2017 Ciputra International Puri 3 Phase 1 Puri 30,000 For Lease In planning 2018 Kota Kasablanka Office Tower 2 Casablanca 90,000 For Lease In planning 2018 Ciputra International Puri Phase 2 Puri 15,000 For Lease In planning 2018 Ciputra International Puri 1 Phase 3 Puri 15,000 For Lease In planning 2018 Ciputra Internatinal Puri 2 Phase 3 Puri 15,000 For Lease In planning 2018 Summarecon Tower Slipi 70,000 For Lease In planning tb simatupang 2014 Plaza Oleos 39,778 For Lease & Sale Under construction Office Park (Cityland Tower) 40,000 For Sale Under construction 2015 AD Premier 18,900 For Lease Under construction 2015 Metropolitan Tower 44,000 For Lease & Sale Under construction 2015 South Quarter Tower 1 40,778 For Sale Under construction 2015 South Quarter Tower 2 40,778 For Lease Under construction 2015 South Quarter Tower 3 40,778 For Lease Under construction 2016 Zuria 6,584 For Lease Under construction 2017 Beltway Office Park Tower 4 25,600 For Lease Under construction 2017 The Sima 60,000 For Lease Under construction 2017 The Manhattan Square Tower 2 39,375 For Lease & Sale In planning 9 Research & Forecast Report 3Q 2014 Office Colliers International

10 Occupancy Occupancy Rates in the CBD, Outside the CBD exclude TB Simatupang and TB Simatupang 100% 98% 96% 94% 92% 90% 88% 86% 84% 82% 80% 2014YTD CBD Outside CBD exclude TB Simatupang TB Simatupang The occupancy rate for office buildings in the CBD showed a downward trend throughout 2014 YTD. The occupancy rate was recorded at 96.5% in. New additional supply in the previous quarter caused the occupancy rate to drop by nearly 1% QoQ. As of 3Q 2014, occupancy was 95.4%, again showing a decrease QoQ, albeit moderate. Almost all sub-markets showed decreasing occupancy. After acquiring an office building in Gatot Subroto, the new landlord is planning to sell the whole building and will not extend the lease contracts of the existing tenants. In a similar case, due to the change in management, BRI 2, located in Sudirman, has a sizeable vacant space for owner-occupation (around mid- 2015) and therefore decided not to extend the lease contracts of some tenants. The new management has made plans for major renovations of the M & E systems, like A/C and back-up generator. Vacancy Rates in The CBD Based on Sub Markets 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2014YTD Thamrin Sudirman Rasuna Said Mega Kuningan Gatot Subroto Satrio Overall Aside from the office buildings above, at least 10 other office buildings continued to experience increasing vacant space of more than 2,000 sq m as of 3Q One office building in Jalan Sudirman has more than 20,000 sq m of vacant space. As of 3Q 2014, there are also large vacant spaces at an office building in Mega Kuningan that has been operating since. However, this office building has secured two major tenants who will occupy around 10,000 sq m in These pre-committed tenants come from financial institution and coal mining companies. Performance of Premium and Grade A office buildings also showed a decrease by 1.4% QoQ and recorded occupancy of 95.2% as of 3Q Previously, Premium and Grade A office buildings in the CBD maintained high occupancy rates of 97% throughout and up to 1Q A decline in occupancy for this grade of office building is generally because of high base rents. The occupancy of several office buildings of these grades was down QoQ. Recording the same trend, outside the CBD area saw the occupancy rate go down by 1.7% QoQ to 93.9% as of 3Q 2014 due to the influx of newly operating office buildings. Central, West and South Jakarta still have large vacant spaces. With limited new additional supply in Central Jakarta, vacant spaces are only found in old office buildings. Conversely, West Jakarta is quite active in terms of providing additional new supply. Office buildings that began operations from to 2014 YTD contributed around 46% of the total stock in West Jakarta. Unfortunately, almost 80% of unoccupied space in West Jakarta is contributed by office buildings that began operations during those periods. The second biggest office building in Slipi, West Jakarta still has large vacant spaces on offer because the concept was changed from SOHO to a standard office building. In South Jakarta, new office space also caused occupancy to go down 2.5% to 89.9% as of 3Q Office buildings located in Jalan Casablanca currently have large vacant spaces. In addition, decreasing performance in TB Simatupang also caused the occupancy to drop. Continual additional supply in each quarter of 2014 YTD has caused the occupancy rate in TB Simatupang to continuously drop. After slumping by 3.6% in the previous quarter, the occupancy rate in TB Simatupang went down drastically by 7.1% to 86.1% as of 3Q Abundant supply in 2014 and 2015 will pose a big challenge for occupancy in the CBD and areas outside of it. As of 3Q 2014, the committed absorption for office buildings that are expected to be completed in 2014 and 2015 in the CBD reached 40 and 44%, respectively. The committed absorption outside the CBD has also reached 40% for office buildings in 2014 and Although TB Simatupang is experiencing decreasing occupancy, the committed absorption for office buildings in 2014 has reached 77%. Furthermore, as of 3Q 2014, TB Simatupang has attained 43% of committed absorption for office buildings in Some tenants have committed to occupy large spaces and receive naming rights to replace the previous building name. At least two office buildings in Mega Kuningan will be renamed with the occupation of a new major tenant. 10 Research & Forecast Report 2Q 2014 Office Colliers International

11 Pre-Committed Absorption of Annual Future Offices Supply in the CBD Pre-Committed Absorption of Annual Future Offices Supply in TB Simatupang 2018F 2017F 2017F 2016F 2016F 2015F 2015F 2014F 2014F 0 150, , , , ,000 Space Absorbed Space Unabsorbed s q m 0 150, , , , ,000 Space Absorbed Space Unabsorbed s q m Pre-Committed Absorption of Annual Future Offices Supply in the Outside CBD exclude TB Simatupang Asking Base Rent Average Asking Base Rent in the CBD 2018F 2017F 2016F 2015F 2014F IDR 472,000 IDR 413,000 IDR 354,000 IDR 295,000 IDR 236,000 IDR 177,000 IDR 118,000 IDR 59,000 IDR 0 $40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $ , , , , ,000 Space Absorbed Space Unabsorbed s q m IDR US$ 2014YTD Although still on a rising trend, the QoQ growth of rental rates of office buildings charging in rupiah slowed in the CBD. Even in 2014 YTD, rent growth saw continuous weakening. As of 3Q 2014, the average asking base rental rate of office buildings charging in rupiah in the CBD was IDR253,513/sq m/month, exhibiting growth of less than 1% QoQ. This rent growth was far lower than that in previous quarters. 11 Research & Forecast Report 2Q 2014 Office Colliers International

12 A slightly different trend was seen at office buildings charging in US dollars. The rent growth showed a similar weakening trend during the two early quarters in However, the overall rental rate still grew by 2% QoQ which brought them to USD37.03/sq m/month as of 3Q 2014 after some office buildings in the Mulia Group made an upward adjustment. Several office buildings charging in US dollars have lowered the rental rates as of 3Q Most of these office buildings are included in the Premium and Grade A category. As of 3Q 2014, the rental rates for Premium and Grade A office buildings dropped by 1.7% QoQ to USD42.84/ sq m/month. Average Asking Base Rent (Based on Available Space) in the CBD by Grade IDR 708,000 IDR 590,000 IDR 472,000 IDR 354,000 IDR 236,000 IDR 118,000 IDR 0 Premium Grade A Grade B Grade C IDR US$ $60.00 $50.00 $40.00 $30.00 $20.00 $10.00 $0.00 Outside the CBD, the average rental rate of office buildings charging in rupiah was IDR166,748/sq m/month, whereas it was USD22.66/sq m/month for office buildings charging in US dollars as of 3Q These rental rates grew slowly QoQ. Based on area, we divided areas outside the CBD into TB Simatupang and areas outside the CBD, excluding TB Simatupang. As of 3Q 2014, the rental rate for office buildings outside the CBD (excluding TB Simatupang) was IDR155,402/sq m/month and USD18.23/sq m/month for those charging in US dollars. Meanwhile, growth in the TB Simatupang rental rate was moderate as of 3Q 2014 for both currencies. Office buildings charging in rupiah are currently at IDR157,381/sq m/month and USD21.31/sq m/month for those charging in US dollars. Average Asking Base Rent in the Outside CBD IDR 250,000 IDR 200,000 IDR 150,000 IDR 100,000 IDR 50,000 IDR 0 Outside CBD (combine) Service Charge Average Service Charge Cost IDR 80,000 IDR 70,000 IDR 60,000 IDR 50,000 IDR 40,000 IDR 30,000 IDR 20,000 IDR 10,000 IDR 0 CBD 2014YTD TB Simatupang (combine) Outside CBD After a rise in the electricity tariff, the fuel hike that is expected at the end of 2014 will likely raise service charges in As of 2014 YTD, the service charge of office buildings charging in US dollars and rupiah showed different trends. The service charge of office buildings charging in rupiah was IDR65,764/sq m/ month as of 3Q 2014 reflecting growth of 8.3% QoQ; however, this still suggests that about 45% of office buildings have yet to adjust their service charges. 2014YTD On the contrary, office buildings charging in US dollars demonstrated a declining trend QoQ. After experiencing relative stability in the previous quarters, service charges dropped by 8.2% to USD6.21/sq m/month as of 3Q Service charges at a complex office building in Sudirman have decreased QoQ. 12 Research & Forecast Report 3Q 2014 Office Colliers International

13 In outside the CBD, the service charge was IDR46,152/sq m/ month for office buildings charging in rupiah and showed positive growth of 4% in 2014 YTD. The service charge for office buildings charging in US dollars was down 3.7% in the same period and at USD5.24/sq m/month as of 3Q The service charge for office buildings charging in rupiah in TB Simatupang was the highest at IDR55,577/sq m/month. Several office buildings charging in US dollars still maintained their service charge at USD /sq m/month. Therefore, the service charge for buildings charging in US dollars was relatively flat at USD4.89/sq m/month as of 3Q Strata-title Office Average Strata-Title Office Price in Jakarta IDR 60,000,000 IDR 50,000,000 The take-up level of offices for sale outside the CBD also showed positive performance. The take-up rate was above 90% of the 466,126 sq m of existing cumulative supply of offices for sale as of 3Q Outside the CBD, 566,351 sq m of additional space will be for sale until However, the market will respond optimistically because 40% of the projected supply has been absorbed as of 3Q Office buildings for sale in TB Simatupang continue to show improving performance. As of 3Q 2014, the only remaining spaces are at office buildings that began operating in the previous quarter. Meanwhile, 72% of the total future supply of offices recorded for sale in TB Simatupang from 2014 to 2018 has been absorbed. Based on available space, the asking price for strata-title offices in the CBD was IDR51.5 million psm, exhibiting growth of 22% YTD. Outside the CBD, excluding TB Simatupang, the asking price was IDR26.5 million/sq m, whereas in TB Simatupang, it was IDR31.1 million/sq m. Pre-Committed Absorption of Annual Supply of Strata-Title Office IDR 40,000,000 IDR 30,000,000 IDR 20,000,000 IDR 10,000,000 IDR YTD 2014YTD CBD Outside CBD exclude TB Simatupang TB Simatupang The sales of strata-title offices in the CBD will seemingly focus more on future supply due to very limited vacant space at existing buildings. As of 3Q 2014, with the take-up rate at 99%, only less than 5,000 sq m of space remains available for strata-title offices in the CBD , , ,000 1,000,000 Space Absorbed Space Unabsorbed s q m For the rest of 2014 until 2018, it is expected that 1.13 million sq m of additional office supply will be up for sale in the CBD. Gran Rubina seems to be right on schedule in meeting its completion date of late On the demand side, absorption of strata-title offices is forecast to be strong. Office buildings that will begin operations in 2014 and 2015 have achieved high commitment levels at 92 and 82%, respectively. Overall, 40% of the total future supply up to 2018 has been absorbed. 13 Research & Forecast Report 3Q 2014 Office Colliers International

14 Apartment Sector Apartment for Strata-title Supply Several projects currently under construction rescheduled their hand-over targets to the end of this year or early Technical issues, such as mechanical and electrical installation, and other finishing work were the most widely reported problems causing a delay in the hand-over process in this period. The long Idul Fitri holiday also hampered the finishing progress of new development. Overall, in 3Q 2014, the cumulative supply of strata-title apartments only increased by less than 2% QoQ and was registered at 139,239 units. The increase accounted for an additional 2,183 units that came from the completion of eight towers at six apartment projects, including Ambassade Residence, MyHome Apartment, The Pakubuwono Signature, Sherwood Residence (Tower Regent), Sky Terrace Lagoon, and The Green Pramuka (Tower Bougenville). Tower Regent is the final tower being handed over at the Sherwood Residence project, while Tower Bougenville is the fourth of a total of seven towers planned to be built at The Green Pramuka project. Ambassade Residence, MyHome Apartment, The Pakubuwono Signature and Sky Terrace Lagoon are brand-new projects comprising 1,083 units scattered in the CBD, South Jakarta and West Jakarta areas. Until the third quarter of 2014, 33% of the total 20,899 projected units this year have been handed over, leaving about 14,000 units which will be available in the next quarter or next year. Currently, there are 21 projects left which are expected to be completed by 2014; 48% of them will likely meet their target of beginning operations this year, while the rest are predicted to commence in the first or second quarter of As a result, the total annual supply of 2015 will post a new record of approximately 28,950 units should all of these projects be completed. Based on our database combined with a field survey, from a total of 51 projects that are expected to be completed in 2015 plus the additional projects from 2014, 66.7% of projects consisting of 19,213 apartment units will likely meet the target. 14 Research & Forecast Report 3Q 2014 Apartment Colliers International

15 List of Completed Projecs During 3Q 2014 development location region Developer No. of Units Ambassade Residence Tower A Jl. Denpasar Raya CBD PT. Duta Regency 234 MyHome Apartment Jl. Prof Dr Satrio CBD Ciputra 136 The Pakubuwono Signature Jl. Teuku Nyak Syarief South Jakarta PT. Mandiri Eka Abadi 188 Sherwood Residence (Tower Regent) Kelapa Gading North Jakarta Summarecon 100 Sky Terrace Lagoon (3 Towers) Jl. Tampak Siring blok KJE No , Kalideres West Jakarta PT. Fajar Surya Perkasa 525 The Grreen Pramuka (Tower Bougenville) Jl. Jenderal Ahmad Yani Central Jakarta PT. Duta Paramindo 1,000 The Tamansari Jl. DI Panjaitan East Jakarta Wika Realty 422 The Green Pramuka (Tower Chrysant) Jl. Jenderal Ahmad Yani Central Jakarta PT Duta Paramindo 1,000 Total 2,183 During this quarter, some developers have introduced their new projects to their loyal customers by using the NUP system. Recently, the NUP system has been commonly used for new apartment projects in Jakarta, especially for middleand upper-class projects. This system involves a mutualism symbiotic relationship between the developer and the buyer. For developers, through the NUP system, the marketing team will get the big picture from the buyers, regarding the attractiveness and the affordability of their new project, so they will have a formula to boost apartment sales. On the other hand, since there is a claim that the booking fee is 100% refundable, the buyer will not lose their money if the desired apartment unit does not meet their expectations. During this period, three new projects in West Jakarta, North Jakarta and CBD area had soft launches. These new projects will officially launch either in 4Q 2014 or early List of Newly Introduced Apartments Projects During 3Q 2014 newly introduced apartment location region expected completion time estimated price/ sq m* asking price/sq m (excluding VAT) Lavie Kuningan CBD Mio 320 Grand Madison Park Tanjung Duren West Jakarta Mio 300 Sedayu Kelapa Gading (14 Tower) Kelapa Gading North Jakarta 2018** Mio 12,000 *Price exclude VAT 10% **First Phase Newly Introduced Apartments Projects During 3Q 2014 Lavie Grand Madison Park Sedayu City 15 Research & Forecast Report 3Q 2014 Apartment Colliers International

16 List of Newly Launched Apartments Projects During 3Q 2014 newly launched apartment location region expected completion time estimated price/ sq m* asking price/sq m (excluding VAT) Holland Village phase II Cempaka Putih Mio Citra Lake Suites Kalideres Mio *Price exclude VAT 10% In addition, around 726 units at two projects were launched during the reviewed quarter. Holland Village Phase II and Citra Lake Suites are both located in non-prime areas, i.e. Central Jakarta (excluding the CBD) and West Jakarta, respectively. Holland Village (Phase II), developed by Lippo Karawaci, is the continuation of the Holland Village Phase I, which is expected to be completed in late Citra Lake Suites is a brand new project and is a joint venture project between Ciputra and Mitsui Fudosan Residential. In contrast with Holland Village, which adopted a one-stop living concept, Citra Lake Suite is designed purely for residences with a greenery ambience. It consists of four mid-rise apartment towers, located within the Citra Garden City housing complex. New Supply Pipeline ( ) Apartment name location region no. of units 2014 Woodland Park (Matoa tower) (1Q) Kalibata South Jakarta 221 Pakubuwono Terrace (Tower North) (1Q) Kebayoran Lama South Jakarta 750 Sherwood Residence (Wellington) (1Q) Kelapa Gading North Jakarta 100 Kemang Village (The Infinity) (1Q) Antasari South Jakarta 175 Ambassade Residence Tower A Puri Denpasar CBD 234 Raffles Residences Satrio CBD 64 MyHome Apartment at Ciputra World Satrio CBD 136 Setiabudi Sky Garden (tower 1) Rasuna Said CBD 426 Verde Apartment (Tower East) Rasuna Said CBD 114 Pasar Baru Mansion (2 towers) Pasar Baru Central Jakarta 520 Elpis Residence Gunung Sahari Central Jakarta 791 Capitol Park Apartment Salemba Central Jakarta 1,700 The Mansion at Dukuh Golf Residence (Aurora Tower) Kemayoran Central Jakarta 522 The Mansion at Dukuh Golf Residence (BellaVista Tower) Kemayoran Central Jakarta 612 The Green Pramuka (Tower Chrysant) Pramuka Central Jakarta 1,000 The Green Pramuka (Tower Bougenville) Pramuka Central Jakarta 1,000 Sentra Timur Residence II (2 Towers) Pasar Rebo East Jakarta 810 Titanium Square Pulo Gebang East Jakarta 725 The Tamansari Cawang East Jakarta 422 Sherwood Residence (Regent) Kelapa Gading North Jakarta 100 Pluit Seaview (Tower Maldives) Pluit North Jakarta 940 Gading Greenhill Pegangsaan Dua North Jakarta 700 Northern Ancol Residence Ancol North Jakarta 800 La Venue - South Tower Pasar Minggu South Jakarta 341 Kemang Village (The Intercon) Antasari South Jakarta 400 The East at Essense Complex Dharmawangsa Dharmawangsa South Jakarta 244 The Aspen at Admiralty Fatmawati South Jakarta 860 Pakubuwono Terrace (Tower South) Kebayoran Lama South Jakarta 720 The Pakubuwono Signature Pakubuwono South Jakarta 188 Senopati Penthouse Senopati South Jakarta 63 LA City Apartment (Tower A) Lenteng Agung South Jakarta 980 continued 16

17 Apartment name location region no. of units continuation La Maison Barito Barito South Jakarta 80 Botanica Apartment (3 Towers) Simprug South Jakarta 626 The Bellevue at Pondok Indah Pondok Indah South Jakarta 40 Green Central Tower Cerberra Gajah Mada West Jakarta 420 The Windsor (Tower I) Puri Indah West Jakarta 176 The Windsor (Tower II) Puri Indah West Jakarta 164 Sky Terrace Lagoon Kalideres West Jakarta 525 Metro Park Residence Kebon Jeruk West Jakarta 1,200 Green Palm Puri Kosambi West Jakarta 1, East Park Apartment (Tower C) KRT Radjiman East Jakarta 550 The Residence (CWJ 2) Satrio CBD 119 The Orchad Satrio (CWJ 2) Satrio CBD 349 Setiabudi Sky Garden (tower 2) Setiabudi CBD 160 T - Plaza Residence (Tower B) Pejompongan Central Jakarta 500 Menteng Park Cikini Central Jakarta 756 The Grreen Pramuka (Tower Orchid) Pramuka Central Jakarta 1,000 The Grreen Pramuka (Tower Penelope) Pramuka Central Jakarta 1,000 The Green Pramuka (Tower Scarlet) Pramuka Central Jakarta 1,000 The H Residence Kemayoran (Amethyst) Kemayoran Central Jakarta 800 Green Signature Apartment MT. Haryono East Jakarta 800 Bassura City (Tower Flamboyan) Basuki Rahmat East Jakarta 1,000 Bassura City (Tower Edelweiss) Basuki Rahmat East Jakarta 1,000 Bassura City (Tower Dahlia) Basuki Rahmat East Jakarta 1,000 Bassura City (Tower Cattleya) Basuki Rahmat East Jakarta 600 Bassura City (Tower Alamanda) Basuki Rahmat East Jakarta 600 Teluk Intan (Tower Saphire) Teluk Gong North Jakarta 1,100 Tifolia Apartment Perintis Kemerdekaan East Jakarta 500 Pluit Seaview (Tower Belize) Pluit North Jakarta 300 Callia Apartment Perintis Kemerdekaan East Jakarta 560 The Oakwood Sky Garden (2 Towers) Pluit North Jakarta 700 Pluit Seaview (Tower Ibiza) Pluit North Jakarta 500 Pluit Seaview (Tower Bahama) Pluit North Jakarta 650 Green Bay Pluit (Sea View) Pluit North Jakarta 2,072 Kemang Village - The Bloomington Antasari South Jakarta 150 The Royal Olive Residence Tower I Buncit Raya South Jakarta 225 Woodland Park (Cendana Tower) Kalibata South Jakarta 218 Senopati Suites 2 Senopati South Jakarta 81 1 Park Avenue Gandaria South Jakarta 279 Nine Residence Warung Buncit South Jakarta 246 Providence Park Permata Hijau South Jakarta 114 Kencana Residence Pondok Indah South Jakarta 173 District 8 (Tower Eternity) Senopati South Jakarta 400 District 8 (Tower Infinity) Senopati South Jakarta 280 Izzara Apartment (2 225 unit) TB. Simatupang South Jakarta 450 Lexington Rersidence (Tower 1) Pondok Pinang South Jakarta 270 Lexington Rersidence (Tower 2) Pondok Pinang South Jakarta 270 continued 17 Research & Forecast Report 3Q 2014 Apartment Colliers International

18 Apartment name location region no. of units continuation The Aspen Peak at Admiralty Fatmawati South Jakarta 644 Belmont Residence (Tower Montblanc) Meruya Ilir West Jakarta 350 Gianetti Apartment Kemanggisan West Jakarta 500 St. Moritz (New Presidential Tower) Puri Indah West Jakarta 150 Satu8 Residence Kedoya West Jakarta 174 The Nest Apartment Meruya Utara West Jakarta 1,100 Point 8 (Air Crew Tower) Daan Mogot West Jakarta 546 Gallery West Kebon Jeruk West Jakarta Avenue Apartment Daan Mogot West Jakarta St Moritz (The New Ambassador Suite Tower) Puri Indah West Jakarta 200 The H Residence MT Haryono East Jakarta 383 Sudirman Suites Sudirman CBD 380 Senopati Suites 3 Senopati South Jakarta 54 Signature Park Grande MT Haryono East Jakarta 1,100 Grand Pakubuwono Terrace Kebayoran Lama South Jakarta 435 Sentosa Residence Cempaka Putih Central Jakarta 687 Gold Coast Apartment (Atlantic Tower) Pantai Indah Kapuk North Jakarta 568 Grand Pancoran Pancoran South Jakarta 120 Sudirman Hill Residence Karet Central Jakarta 255 Apartment Pejaten Park Residence Warung Buncit South Jakarta 380 Belmont Residence (TowerAthena) Meruya West Jakarta 165 Four Winds Permata Hijau South Jakarta 122 Capitol Suites Prapatan Raya Central Jakarta 327 Puri Mansion Apartment (Tower A) Puri Kembangan West Jakarta 900 Madison Park Tanjung Duren West Jakarta 1,200 Gayanti City (2 Towers) Gatot Subroto CBD 318 Verde Two (Tower 1) Rasuna Said CBD 152 Verde Two (Tower 2) Rasuna Said CBD 152 Bellevue Place Tebet South Jakarta 128 Kebayoran Icon Kebayoran Lama South Jakarta 256 Veranda Pesanggrahan West Jakarta Regatta London Tower Pantai Mutiara North Jakarta 276 Central 88 (2 Towers) Kemayoran Central Jakarta 612 Holland Village Cempaka Putih Central Jakarta 400 Domaine Sudirman CBD 186 Skyline Residence (2 Towers) DI Panjaitan East Jakarta 481 Kemang Penthouse Kemang South Jakarta 262 The Foresque Pasar Minggu South Jakarta 600 Springhill Golf Suites Kemayoran Central Jakarta 450 Sentra Timur Residence (Tosca Tower) Pulogebang East Jakarta 133 Taman Anggrek Residence Tanjung Duren West Jakarta 3,000 Puri Orchad (3 Tower) Kembangan West Jakarta 3,000 The Langham Residences Senopati South Jakarta 57 continued 18 Research & Forecast Report 3Q 2014 Apartment Colliers International

19 Apartment name location region no. of units continuation Anandamaya Residences (3 towers) Sudirman CBD 500 Maqna Residence Meruya West Jakarta 380 Vittoria Residence (3 tower) Daan Mogot West Jakarta 1,100 One Otium Residence Antasari South Jakarta 160 Wang Residence Kedoya West Jakarta 250 The Pejaten Pejaten South Jakarta 200 Demand Sales activity in the Jakarta apartment market during 3Q 2014 increased modestly. The overall take-up rate of the Jakarta apartment market was 86.6%, an increase of only 1.4% QoQ. Based on the findings in the field, after the Idul Fitri holiday and the presidential election, sales activities have gradually trended upward. Less newly launched / introduced projects, compared to the previous quarter, has affected the increase of the overall takeup rate. Based on a field survey and findings from the marketing of several apartment projects, the sales activity has been slightly hampered, on the back of uncertainty prior to the presidential election. However, sales activity has bounced back in a positive trend since the new president elect was announced. In addition to the high demand for inner city living and a gradual shift in the trend of living from landed houses to highrise apartment buildings, people buy apartments for investment reasons. Both end-users and investors treat apartment units as an asset. From the end-user s perspective, the apartment can be an asset that hedges against inflation. For investors, owning an apartment can provide recurring income from rent and keep cash flow stable if the owners buy the apartment with a mortgage. Take-up Rate Trend Between Existing and Future Projects 100% 90% 80% Until September 2014, the take-up rate of existing apartments in Jakarta reached 95%, relatively stable from the previous quarter and an increase of only 2% YoY. On the other hand, the take-up rate of under-construction projects was 73.2%, rising by 2.7% from the previous quarter. Based on the market segment, the pre-sales rate of middle upper class projects achieved the highest take-up rate of 84%, followed by upper class at 78%. The high pre-sales absorption rate of middle upper and upper class was related to the high demand in those areas, such as Pondok Indah, Simprug, Senopati, Permata Hijau, Kemayoran, Kedoya and in the CBD area. The large number of apartment units from low and middle lower class apartment projects will likely increase market competition and impact the overall sales rate, evidenced by lower take-up rates of 71 and 72%, respectively. However, there are only two luxury apartment projects under construction, Raffles Residences and The Langham Residences, which posted an average sales rate of 71%. Average Take-up Rate Performance by Class on Future Projects 100% 90% 80% 70% 70% 60% 60% 50% 50% Low Middle-Low Middle-Upper Upper Lux YTD Existing Future 19

20 Developers, especially of middle class projects, will therefore need to offer compelling product advantages, such as the proximate access to public transport and other public facilities, and be competitive in promoting their projects in order to boost sales. Traditional catalysts, such as more flexible payments, giving discounts and direct prizes, and longer instalments, continue to lead in accelerating sales. Flexible payments include the buyer being able to purchase the apartment by paying a fixed amount during a certain period, e.g. 12 months and at the end of the instalment period, the buyer can immediate settle by cash or with a mortgage. If the buyer chooses a hard-cash payment, the developer usually gives a big discount, e.g %. Electronic media advertising is proving to be an effective way to gain more sales as it reaches more people than other media. The CBD area continued to have the highest take-up rate during this quarter, particularly because there are no new developments being introduced during the quarter. The non-prime area achieved the highest take-up rate growth compared to the previous quarter, mainly generated from the good performance of apartment projects in West Jakarta. On the other hand, with its good accessibility and the fact that it is generally perceived as the second most prominent location for both investment and for a second or third home, the South Jakarta area continues to record positive growth both QoQ and YoY. Average Take-up Rate Performance in Different Locations Change Area 3Q 2q Q 2014 QoQ YoY CBD 95.6% 94.8% 95.3% 0.4% -0.3% South Jakarta 88.2% 89.7% 91.2% 1.5% 3.0% Non-Prime Area 84.1% 82.0% 83.6% 1.5% -0.5% Asking Price The average asking price of Jakarta s apartments witnessed a smoothly increasing trend this quarter. The upward adjustment in price is largely driven by good sales performance of the underconstruction projects. The non-demand reasons, like continuing construction progress, also triggered the price hike as well as limited availability of vacant land in sterling locations in Jakarta. Overall, the average asking price of apartments in Jakarta increased by 5.8% QoQ and 17.2% YoY, to IDR26.8 million/sq m for the whole area and all classes of apartment. In our records, there are about 41 apartment projects that introduced new prices during the quarter, with the increases ranging from 5 to 15% QoQ. Despite modest demand growth, some developers are still confident in increasing the asking price due to investment reasons. From the buyer side, investing in property, such as apartments, is the best way to maintain the value of their money. Buying property is particularly appealing in Jakarta because the limited financial sector offers few other investment options. Furthermore, in a developing country like Indonesia, people buy property as a way of saving for the future because they cannot rely on pensions and other social benefits. Average Asking Price of Strata-title Apartment Based on Area IDR 50,000,000 IDR 40,000,000 IDR 30,000,000 IDR 20,000,000 IDR 10,000,000 IDR YTD CBD South Jakarta Non-prime Area As depicted in the graph, the average asking price for apartments in South Jakarta recorded the highest QoQ growth followed by the CBD and non-prime areas. The high increase in the South Jakarta area was mainly triggered by under-construction projects that are approaching their completion dates, such as Bellevue at Pondok Indah, Woodland Park, and La Venue Apartment. Most of the increase in the non-prime area was triggered by good sales performance of middle-class apartment projects located in the middle to upscale areas, such as Tanjung Duren, Kedoya, Puri Indah, and Cawang areas. Average Asking Price in Different Locations (in IDR) Area 3Q 2q Q 2014 QoQ Change YoY CBD 35,498,251 39,702,373 41,759,611 5% 18% South Jakarta 24,329,220 28,724,626 31,241,685 9% 28% Non-Prime Area 17,912,497 19,609,236 20,320,645 4% 13% 20 Research & Forecast Report 3Q 2014 Apartment Colliers International

21 Apartment For Lease Supply For the last two consecutive quarters, Jakarta has not seen any new serviced or non-serviced apartment supply. Thus, as of the end of September 2014, the cumulative supply of apartments for lease stood at 8,334 units, consisting of 57.2% serviced and 42.8% non-serviced apartments. The apartment market in Jakarta is expecting for 185 fullyfurnished new dwellings in the next quarter from the serviced apartment project, The Ascott Kuningan, that is part of the large integrated development, Ciputra World Jakarta I, offering oneto three-bedroom units. Supposed to open in 2014, TBS Linera Serviced Apartments was postponed due to regulation issues and will likely hold the opening in the second quarter of There are four serviced apartment projects in the pipeline until 2016, including projects that will be operated by two international brands, Frasers Hospitality and Oakwood. Fraser Place at Setiabudi Sky Garden is part of three towers in the Setiabudi area. Jakarta, with limited land, offers a high plot ratio in strategic business and residential locations, which enables developers to build more floor space on a piece of land. Future serviced apartments are mainly part of integrated mixed-used developments. Locations like the CBD and South Jakarta remain the preferred location for serviced apartments. For several years, these two areas have been irreplaceable for many expatriate communities due to the proximity to the business district and international schools. Detail of Unit Available at the Ascott Kuningan Type size (sq m) #units 1BR Deluxe Executive Premier BR Executive Premier BR Premier List of Future Apartment For Lease Projects Name of development year of operation location area no. of units TBS Linera Apartment Service 2015 Jl. Intan No. 25 Cilandak Barat South Jakarta 110 Fraser Place at Setiabudi Sky Garden 2015 Jl. Karbela Selatan CBD 150 Fraser Suites at Ciputra World Jakarta Jl. Prof. Dr. Satrio CBD 200 Oakwood at District 8 Senopati 2016 Jl. Senopati South Jakarta Research & Forecast Report 3Q 2014 Apartment Colliers International

22 Occupancy Rates The average occupancy rate of apartments for lease in 3Q 2014 stabilised at 76.2%, reflecting a minor change of less than 1% compared to the previous quarter. Unlike shortterm accommodation that is generally seasonal, long-term accommodation, like serviced apartments, is less affected by the Islamic holiday season and presidential elections. In general, a large number of occupiers of apartments for lease are longstay tenants. A slight decrease in the overall QoQ occupancy performance is a result of the intermediate period of occupation between old and new corporate tenants and also because of the expiration of contract work permits. Occupancy Rate of Serviced and Non-Serviced Apartment 100% 90% 80% 70% 60% The CBD area recorded a modest increase of 0.3% compared to the previous quarter to 82.3%. The increase occurred mainly due to short-term leases for serviced apartments, which constituted a maximum of 30% of the total occupied units. Meanwhile, South Jakarta and Non-prime areas experienced a downward trend compared to the previous quarter, by 1.7 and 0.1%, respectively. 50% 2007 Non-Serviced Serviced 2014YTD The QoQ Occupancy Performance Area 1Q Q 2014 QoQ change CBD 82.02% 82.28% 0.26% South Jakarta 79.30% 77.62% -1.68% Non-Prime area 70.54% 70.41% -0.13% The overall occupancy rate of apartments for lease has remained steady since despite the lack of new apartments for lease. Tough competition from new strata-titled apartments, especially in the South Jakarta area, has likely hampered the occupancy rates of both serviced and non-serviced apartments. Potential tenants, which mostly come from overseas corporations, are generally finding serviced apartments to occupy during their time working in Jakarta. However, since new strata-titled (individually owned) apartments continue to offer an option to lease, there is a wide variety and selection of apartments at competitive prices with flexible payments. This is likely to put pressure on the overall occupancy rate for leased apartments. Average Rental Rates Overall, no rental increases occurred during the quarter. As we previously predicted in the 2Q 2014 report, despite the hike in electricity tariffs in July 2014, most apartments did not immediately increase the rental rates, and will only apply a yearly cyclical rent increase instead. During 3Q 2014, the average rental rate of apartments for lease stood at USD21.80/sq m/ month. This figure represents the average for all of Jakarta with the CBD posting the highest average rental rates at USD27.60/ sq m/month, followed by South Jakarta at USD15.34 and Nonprime areas at USD19.45/sq m/month. The direct competition from individually owned apartments does not immediately impact the drop in occupancy rates. One of the reasons for this is the long-term partnership between companies with the serviced apartment operators to provide houses for their client s representatives in Jakarta. Despite a massive amount of future strata-titled apartment supply, the occupancy rate of apartments for lease is projected to hold steady at between 70 and 80%. Such a steady condition is likely to hold back rental rate growth. Rent growth is anticipated to be less aggressive going ahead as compared to the previous years. 22 Research & Forecast Report 3Q 2014 Apartment Colliers International

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