Apartment Projects Stalled as Demand Dips

Property developers are shifting focus to landed properties and putting new apartment projects on hold due to oversupply and declining demand, though ongoing apartment projects are still on track to meet completion targets.

Yanita Petriella

27 Jun 2024 - 17.49
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Apartment Projects Stalled as Demand Dips

The apartment building is currently being completed.

Bisnis, JAKARTA — Apartment developers remain committed on completing their projects despite the current sluggish conditions of the market. Aldo Daniel, chief operating officer at Synthesis Development, said the company is working on The Belton Residence apartment encompassing 5 hectares in the Synthesis Huis complex in Cijantung, East Jakarta worth IDR 100 billion.

The apartment has already been topped off, with the building itself at 90 percent completion and reaching 45 percent completion overall. The apartment is targeted to be ready for handovers by October 2025.

"Each month, we try our best to keep up construction progress by 3 to 5 percent. Although the construction of The Belton Residence is massive, we prioritize precision and safety to ensure the construction results can meet expectations," Aldo told Bisnis on Wednesday (26/6/2024).

The Belton Residence offers three types of units ranging from studio, two-bedroom, to three-bedroom units, priced between IDR 700 million and over IDR 1 billion. The residence embraces a modern concept, accompanied by a green environment, and equipped with natural ventilation.

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