Despite Many Challenges, This Year The Property Market Is Improving

By : Ahmad Fadli And Aldi Firhand. A | Monday, February 26 2018 - 20:55 IWST

Illustration of Apartment Development (Ist)

INDUSTRY.co.id - Jakarta - Property developers are optimistic that market conditions in 2018 will improve. PT Graha Jasa Ekatama Ichsan Thalib, President Director of PT Graha Jasa Ekatama, said that there will be an improvement in property sales after the market slump last year.

"This is a time of property challenges quite heavy, but we believe in 2018 this graph will start to improve," said Ichsan in Jakarta.

Ichsan confess, the condition of the property market in 2017 is very lethargic. He explained, last year the developers were forced to sell property units at prices lower than prices in 2015 and 2016.

"In 2017 the atmosphere is quite severe, we have never felt the property in Jakarta the price down," said Ichsan.

Even so, Ichsan observes the trend in 2018 will start a positive move for the property sector. He said property with prices below Rp 2 billion would be in demand this year.

Meanwhile, he considered, for property with prices above Rp 2 billion there will be no significant improvement. Therefore, Ichsan has optimism to launch Solterra Place which has price range from Rp 700 million to Rp 2 billion per unit.

With a land area of four hectares, he will begin the development of the first phase of two apartment towers this year. The apartment project located in Pejaten, South Jakarta, was developed by holding Waskita Group.

Ichsan prepares green open land up to one hectare as the main attraction of the project. In addition, he admitted, the location of Solterra Place is quite strategic because it is flanked by two toll road access that is the inner-city toll road and the outer ring road of Jakarta.

Ichsan targets to start building the first tower which consists of 521 units of apartments in April 2018. Development is expected to be completed within the next three years.

"So this option is already measurable by observing the trend of property condition, besides, we hold Waskita so we become more confident our target is sold out one tower this year," said Ichsan.