Property Sector Indonesia: Bleak Demand for Apartments in Q1-2016
Property market research firm Colliers International Indonesia said Indonesia's residential apartment sector remained weak in the first quarter of 2016. The sector is still feeling the impact of the slowdown in the overall property sector of Indonesia that occurred over the past two years. Ferry Salanto, Associate Director for Research at Colliers International Indonesia, said only three new apartment projects were launched in Jakarta in Q1-2016: (1) The Residence at The St Regis Jakarta, (2) Arandra Residence and (3) the Victoria Tower Fatmawati City Center (these projects are expected to be completed by 2019 or 2020).