Industrial estates woo developers
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Indonesia's strong economic growth has made several residential developers such as Agung Podomoro Group and Gajah Tunggal Group enter the industrial estate sector, according to recent data from property analysts.
Colliers International associate research director Ferry Salanto said these companies and another smaller group of corporations have procured lands allocated for industrial use this year.
“Agung Podomoro Group for instance are planning to develop a total of 342 hectares of land for the industrial sector in Karawang [West Java],” Ferry said.
He said other property conglomerates that would try to enter this sector would be the Bakrie Group, Jababeka and Lippo Group.
In Java, Karawang remains the area with the most land being sold in the second quarter compared to other industrial areas like Bekasi in West Java and Serang in Banten.
In total, the Karawang area sold a total of 118.63 hectares in the second quarter of this year, higher than the 106.86 hectares of land recorded in the first quarter this year. Meanwhile, Bekasi only sold 49.16 hectares of land, 71 percent of total sales in the first quarter of this year due to the limited amount of land to sell.
