COMMERCIAL PROPERTY SURVEY Quarter IV - 2006 The developments of commercial property in Jabotabek area : the rental rate offices, ritels and industrial estates remain stable while apartments increased 2.58% (qtq) or increased 12.25% (yoy) and hotels decreased 0.87% (qtq) or decreased 3.24% (yoy). The occupancy rate offices increased 0.39% (yoy) and apartments increased 22.29% (yoy). The developments of commercial property in area (qtq) : The rental rate of retails and hotels increased each by 1.49% and 11.93%. While apartments decreased 19.06%, the offices rental rate was stable. The occupancy rate of hotels and ritels decreased each by 10.59% and 22.04%. The Retails at Jabodetabek and During Quarter IV-2006, the retails occupancy rate in Jabodetabek (Jakarta Bogor Depok Tangerang - Bekasi) decreased from 93.87% to 93.49%. (Graph 1). Jabodetabek : selling pric e, selling rate increased, the occupancy rate decreased,while the rental rate and stock stable. Graph 1 The Development of the Occupancy Rate and the Price of the Retails In Jadebotabek 100.0 : the occupancy rate decreased, rental rate and selling rate increased 380.000 350.000 95.0 320.000 290.000 90.0 260.000 230.000 Quarterly, the retails rental rate in Jabodetabek was stable, slightly decreased to become Rp375,885 /m 2 /month. During reporting period, total stock retail in Jabodetabek was stable, slightly increased from 1,912,472/m 2 become 1,912,474 m 2. Methodology Commercial Property Survey is a quarterly survey since March 1999 that covers 5 commercial property segments which are: shopping centers, offices, hotels, apartments, and industrial estates in two areas, the first area in Jakarta Greater Area or known as Jadebotabek stands for Jakarta-Depok-Bogor-Tangerang-Bekasi and the second area in. Data colecting is conducted by directly interview with panel respondents that selects by purposive random sampling method. Data observed are occupancy rate, price, and rent rate of commercial property. Weighted average method is applied on data processing based on specific property segment and total. The differentiation between quarterly and monthly commercial property survey is on the scope of coverage. Quarterly survey uses population data whereas monthly survey uses sample data. Real Sector Statistics Group 1
Annually, the retails occupancy rate in Jabodetabek decreased by 0.50% compared to 93.96% in Q IV-2005. The retails rental rate increased at 17.95% (yoy) as compared previous year (Rp318,670//m 2 /month). While the retails space stock was stable. The Strata Title Retails In reporting period, the selling rate of total strata title retails in Jabodetabek increased 0.90% from 88.58% become 88.39%. The selling price of the retails strata-title recorded increased 1.93% from Rp51,698,441/m 2 in the previous quarter to be Rp52,696,585/m 2. In Quarter IV-2006, the retails occupancy rate in decreased from 61.06% (in Q III-2006) to 56.60% (q-t-q). Meanwhile the retails rental rate increased by 1.49% i.e. from Rp201,000/m 2 to Rp204,000/m 2. The selling price of the retails strata-title recorded increased from 43.00% to 47.67%. Generally, the retails space stock decreased 0.28% to be 104,536/m 2. The Offices in Jakarta and Leased-office Jakarta : the occupancy rate and selling rate decreased, rental rate, selling price and stock remain stable. :the occupancy rate increased, the rental rate stable and stock increased. In Quarter IV-2006, the offices occupancy rate in Jakarta was recorded at 85,08%, or it decreased 1.17% as compared in the previous quarter (86.08%) (Graph 2). It was mainly caused by relocation from leased office to strata title office majority at IT, telecommunication, finance, cargo, and oil company. Generally, the office rental rate in Jakarta was stable, slightly increased by Rp109,084/m 2 /month compared to Rp109,086/m 2 /month in the previous quarter (q-t-q). In reporting period, total stock of the offices was stable, slightly increased from 4.314.626/m 2 to 4.314.627m 2. It was mainly caused by additional Indofood Tower in CBD and Beltway Office Park A and Ratu Prabu in non-cbd. On annual basis, the occupancy rate of the rental offices went up 0,39% as compared in Q IV-2005 (84.75%). The rental rate and stock were stable (y-o-y). Graph 2 The Development of the Occupancy Rate on the Office Rental Rate In Jakarta 115.000 95.0 110.000 105.000 90.0 100.000 95.000 90.000 00 80.0 80.000 75.000 75.0 Real Sector Statistics Group 2
Strata-titled Offices The office selling rate in Jakarta decreased from 99,06% in the previous quarter to be 97,70%. Meanwhile, the office selling price were stable, slightly increased from Rp12,176,771/m 2 to Rp12,176,772/m 2 (q-t-q). Annually, the office selling rate growth up 11.05% and the office selling price was stable (y-o-y). In reporting period, the offices occupancy rate in increased from 95,99% in the previous quarter to be 97,00%. While the office rental rate was stable at Rp92.500//m 2 /month. Quarterly, the total office stock in was increased from 17.156/m 2 become 17.41/m 2. Apartments in Jakarta and Leased Apartment Jakarta : the occupancy rate, the rental rate and the selling rate decreased,, the selling price and stock increased. : the occupancy rate increased, selling rate, the rental rate and selling price de creased Quarterly, the average occupancy rate of leased apartment in Jakarta decreased from 73.16% in the previous quarter to be 72,69%. The rental rate decreased 8,44% (q-t-q), i.e. from Rp137.779 /m 2 /month to Rp126.145/m 2 /month (Graph 3). The total stock of leased apartment in reporting period was stable at 6.567 units. Annually, the occupancy rate decreased by 7.63%, while the rental rate increased by 12.25% (y-o-y) compared to Rp112.378/m 2 /month in the same period in 2005. The total stock of leased apartment increased by 22.29% compared to the same period in 2005 at 5.370 unit. Graph 3 The Development of Occupancy Rate and Rental Price Of the Apartment (Rp) (%) 140.000 135.000 130.000 80.0 125.000 120.000 75.0 115.000 110.000 70.0 105.000 100.000 65.0 95.000 90.000 60.0 Real Sector Statistics Group 3
Strata-titled Apartment Quarterly, the selling rate decreased from 93.11% to 93.10%. While the selling price for the apartment in Jakarta area was stable, slightly increased from Rp8.232.570/m 2 to Rp8.232.572/m 2. Total stocks for strata-titled apartment in Jakarta slightly increased so stock become 36.221 units (q-t-q). Annually, the selling rate of the apartment strata title increased by 4.89% and the selling price was stable compared to the previous quarter, while the total stock increased by 0.08%. Leased Apartment Quarterly, the occupancy rate of leased apartment increased by 4.95% from 77.50% to 81,33%. The rental rate decreased by 19.06% compared to the previous quarter at Rp443.625/m 2 /month. Strata-titled Apartment In Quarter IV-2006, the selling rate of strata-titled apartment decreased 10.76% compared to the previous quarter at 79.00%. While the selling price for the apartment decreased 8.00% compare to the previous quarter at Rp991,070/m 2. Hotels in Jabotabek and Jabotabek : the occupancy rate and rental rate decreased, while stock was stable. : the occupancy rate decreased and rental rate increased In Quarter IV-2006, the average occupancy rate for three, four and five -star hotels decreased 8.53% (q-t-q), from 67.19% to 61.46%. The decreasing on the occupancy rate was due to the decrease of the occupancy rate for three, four and five-star hotels each by 12.11%, 6.92% and 5.47%. The average hotel room rates in Jabotabek decreased 0.87%, i.e from Rp450,512/night to Rp446,576/night (Graph 4). The highest decreased was recorded at the rates of three-stars hotels by 7.49% (from Rp289,176/night to Rp267,528/night). In reporting period, the total of room stock in the three-star, four-star and five-star hotels in Jabotabek stable at 21,399 room. Annually, the occupancy rate increased 12.69% (y-o-y) compared to the same period in 2005 (54.54%). While the room rates decreased 3.24% and the room stock decreased 8.27%. Quarterly, the occupancy rate for three, four and five-star hotels in decreased by 10.59% so the occupancy rate become 64.27%. The average hotel room rates increased 11.93%, i.e from Rp300.124/night to Rp335.935/night. Real Sector Statistics Group 4
Graph 4 The Development of the Occupancy and the Room Rates Hotels In Jabotabek Area 500.000 70.0 450.000 60.0 400.000 50.0 350.000 40.0 300.000 30.0 Industrial Estates in Jabotabek The selling rate increased, the rental rate, the selling price and stock remain stable In Quarter IV-2006, the selling rate of industrial estates in Jabotabek increased from 78.25% to 80.44%. Meanwhile, the rental rate in Jabotabek were stable at Rp25,167/m 2 /month. The selling price were stable, slightly decreased from Rp622,291/m 2 Rp622,290/m 2. The supplies of industrial estates similar with the previous quarter at 8.567 Ha. Annually, the average of the rental rate of the industrial estates increased 0.04% (yo-y) compared to Rp25,158/m 2 /month in Quarter IV-2005. The selling price was stable Rp622.290/m 2 and the selling rate increased 12,21%. Meanwhile the stock increased 35.44%. to Real Sector Statistics Group 5