JAKARTA. Property market, including the market of condotel (condominium hotel) is unlikely to recover in the quarter I-2017.
Vivi Herlambang, Director of PT Hotel Sahid Jaya International Tbk said, property market, including condotel market has been in a difficult situation since 2016. "People tend to invest in other instruments," Vivi said, Tuesday (7/2).
When the market was conducive, Sahid Jaya (SHID) could sell about 9-10 units condotel of a project. However, since the last year, SHID can sell maximum of five units per project.
According to KONTAN's record, this year Sahid Jaya will continue the development of condotel and apartment projects of Sahid Bangka in Bangka. The company is targeting to accomplish the projects by 2018.
Sahid Jaya is also developing condotel and apartment in Timika, Papua under the brand of Sahid Timika. The projects are targeted to be accomplish in 2018. Sahid Jaya will provide shopping center in the projects' areas.
Fritz Bonar Panggabean, Chief Marketing Officer of PT Indra Megah Makmur admitted that condotel market has been sluggish. According to him, aside of the macro economic condition, the sluggish market is also caused by the misdirected management by the developers. Therefore, the investors were in doubt to invest in condotel.
The developers are supposed to manage condotel investment like shopping center. In other words, the developers are supposed to target recurring income.
However, a property company needs an eight to ten year period of time to reach break even point if applies that strategy. "Many developers expect to gain turnover in an immediate time. But they forgot that condotel business requires a long term investment and relation with the investors," Fritz told KONTAN, Monday (6/2).
Despite of the sluggish market, Indra Megah Makmur is optimistically to develop Aston Ciloto Puncak Hotel & Resort in Bogor, West Java in 2018. The project worth Rp 200 billion will be consisted of 100 units of condotel and 86 units of hotel.
Sluggish condominium market
Aside of condotel, condominium market is also sluggish. "Property industry remains flat, including the condominium market," said Theresia Rusadi, Corporate Secretary of PT Intiland Development Tbk.
To date, Intiland is managing condominium project of Graha Golf in Surabaya. This condominium is the extension of the project of Graha Famili housing in Surabaya.
Intiland has been selling Graha Golf Tower II since 2015. The condominium will consist of 79 units of residence. Previously, the company has launched Graha Golf Tower I, which also consists of 79 units.
Meanwhile, Intiland has been operating a condominium in Southern Jakarta area, namely 1 Park Residence. Management of this company claims that the occupancy level of this condominium has reached 95%. (Muhammad Farid/Translator)
Cek Berita dan Artikel yang lain di Google News
