22 January 2024
Sydney home prices to skyrocket ‘by 23 per cent’
Sydney home prices are expected to grow by as much as 23 per cent over three years, with one neglected part of the market to boom the most.
Sydney home prices are expected to grow by as much as 23 per cent over three years, according to new data.
The report from property industry analyst and economic forecaster Oxford Economics Australia predicts relatively slow home price growth will persist across Sydney for the remainder of the 2024 financial year before gaining pace in both FY25 and FY26.
According to the Residential Property Prospects report, which forecasts property prices and the rental market to 2026, unit price growth in Sydney will outpace that of house prices through to the end of June 2026.
Oxford Economics expects unit prices will grow by 23.4 per cent over that period, with house prices expected to rise by 15.8 per cent.
That would take Core Logic’s Sydney’s media unit value past the m figure to ,029,869 and the median house price past the .5m mark to .621930.
“Capital city performances have diverged in recent months. Total listings have risen in Melbourne and Sydney, a trend we expect will continue in coming quarters, acting to slow price growth,” said Maree Kilroy, report author and Senior Economist at Oxford Economics Australia.
“Tailwinds will serve to propel prices in Perth, Brisbane, and Adelaide. Low levels of advertised listings and affordability in pockets will prop up prices in these cities next year. “Interest rate cuts from late 2024 should boost credit availability, accelerating broad price growth once again.”
In regards to Sydney: “Increasing an estimated 10.3 per cent over 2023, Sydney’s median house price is estimated to have exceeded its previous peak in the December quarter 2023, reaching .6 million,” the Oxford Economics Australia report reads.
“However, the pace of growth is slowing; a function of an additional interest rate lift in November and rising total listing volumes. Fading demand stamina is showing through in softening auction clearance rates.”
The report from Oxford Economics Australia expects this trend to continue through early 2024, resulting in house price growth of only 3.3 per cent, and 5.2 per cent for units in FY2024.
“With the context of a growing dwelling stock deficiency, the return of interest rate cuts will drive the next acceleration of price growth from late-2024 onwards,” said Kilroy.
Oxford Economics Australia expects the relatively cheaper price point of units to help back stronger growth near term. Sydney’s median house and unit price are forecast to increase 5.9 per cent and 8.3 per cent per annumc respectively over the two years to June 2026.
Moves made by the Albanese Government, including increased taxes for foreign purchases and doubling the vacancy fee for homes owned by overseas investors, is expected to have a modest impact upon the Sydney real estate market and be confined to specific Sydney postcodes, many at the top end of the market.
According to the January’s PropTrack Home Price Index, “ “Several factors contributed to the slowdown in home prices over the last quarter of 2023.
“There was an additional interest rate rise as well as an increase in the supply of homes listed for sale, which provided buyers more choice and helped to alleviate competition.
“Despite regional areas experiencing higher growth in December, combined capital city areas were the clear outperformers in 2023, with prices up 6.44% over the course of the year versus 3.2% in the rest of state markets.
“Even though recent months have seen a rise in the number of properties listed for sale, overall supply remains relatively constrained, particularly in Perth and Brisbane. This has been a key contributor to price rises in these markets.
“Despite the cool down in capital city prices seen over December, prices in 2024 will be supported by population growth and what looks likely to be a more stable interest rate environment.”
https://www.news.com.au/finance/real-estate/buying/sydney-home-prices-to-skyrocket-by-23-per-cent/news-story/56cfee474a3c01a97d844212f45491be
Sydney home prices are expected to grow by as much as 23 per cent over three years, according to new data.
The report from property industry analyst and economic forecaster Oxford Economics Australia predicts relatively slow home price growth will persist across Sydney for the remainder of the 2024 financial year before gaining pace in both FY25 and FY26.
According to the Residential Property Prospects report, which forecasts property prices and the rental market to 2026, unit price growth in Sydney will outpace that of house prices through to the end of June 2026.
Oxford Economics expects unit prices will grow by 23.4 per cent over that period, with house prices expected to rise by 15.8 per cent.
That would take Core Logic’s Sydney’s media unit value past the m figure to ,029,869 and the median house price past the .5m mark to .621930.
“Capital city performances have diverged in recent months. Total listings have risen in Melbourne and Sydney, a trend we expect will continue in coming quarters, acting to slow price growth,” said Maree Kilroy, report author and Senior Economist at Oxford Economics Australia.
“Tailwinds will serve to propel prices in Perth, Brisbane, and Adelaide. Low levels of advertised listings and affordability in pockets will prop up prices in these cities next year. “Interest rate cuts from late 2024 should boost credit availability, accelerating broad price growth once again.”
In regards to Sydney: “Increasing an estimated 10.3 per cent over 2023, Sydney’s median house price is estimated to have exceeded its previous peak in the December quarter 2023, reaching .6 million,” the Oxford Economics Australia report reads.
“However, the pace of growth is slowing; a function of an additional interest rate lift in November and rising total listing volumes. Fading demand stamina is showing through in softening auction clearance rates.”
The report from Oxford Economics Australia expects this trend to continue through early 2024, resulting in house price growth of only 3.3 per cent, and 5.2 per cent for units in FY2024.
“With the context of a growing dwelling stock deficiency, the return of interest rate cuts will drive the next acceleration of price growth from late-2024 onwards,” said Kilroy.
Oxford Economics Australia expects the relatively cheaper price point of units to help back stronger growth near term. Sydney’s median house and unit price are forecast to increase 5.9 per cent and 8.3 per cent per annumc respectively over the two years to June 2026.
Moves made by the Albanese Government, including increased taxes for foreign purchases and doubling the vacancy fee for homes owned by overseas investors, is expected to have a modest impact upon the Sydney real estate market and be confined to specific Sydney postcodes, many at the top end of the market.
According to the January’s PropTrack Home Price Index, “ “Several factors contributed to the slowdown in home prices over the last quarter of 2023.
“There was an additional interest rate rise as well as an increase in the supply of homes listed for sale, which provided buyers more choice and helped to alleviate competition.
“Despite regional areas experiencing higher growth in December, combined capital city areas were the clear outperformers in 2023, with prices up 6.44% over the course of the year versus 3.2% in the rest of state markets.
“Even though recent months have seen a rise in the number of properties listed for sale, overall supply remains relatively constrained, particularly in Perth and Brisbane. This has been a key contributor to price rises in these markets.
“Despite the cool down in capital city prices seen over December, prices in 2024 will be supported by population growth and what looks likely to be a more stable interest rate environment.”
https://www.news.com.au/finance/real-estate/buying/sydney-home-prices-to-skyrocket-by-23-per-cent/news-story/56cfee474a3c01a97d844212f45491be
10 January 2024
Consultant Reveals the Fate of Property in DKI If the Capital is Moved to IKN
Jakarta, CNN Indonesia -- Colliers Indonesia as a property consultant said that the development of the National Capital City (IKN) of the Archipelago has the potential to change property prices in Jakarta and create opportunities for changing the function of ministry/institution (K/L) buildings into residences.
Colliers Head of Advisory Services Monica Koesnovagril said that her party is still not sure whether property in Jakarta will be cheap if the center of government shifts to IKN. He emphasized that everything still depends on supply and demand in Jakarta.
"Even if that happens (property prices in Jakarta become cheaper or more expensive), it won't be in the short term. And if we are talking about Jakarta (property) prices will go up or down, that's the supply and demand that exists in Jakarta. So, price movements "You could say it doesn't depend on IKN," explained Monica in the virtual Fourth Quarter 2023 Media Briefing, Wednesday (10/1).
"So, we still can't say whether the price will go up or down. At least in the short term, it still depends on the current market," he added.
Colliers also discussed the opportunity to transform K/L buildings in Jakarta into residential areas. Monica said there are three main factors that need to be considered to make this idea a reality.
First, regulations. However, according to him, currently the urban planning of the abandoned ministry buildings is for offices.
Second, zoning or area mapping. Monica said the zoning of the ministry/institution building is for government offices, so it needs to be rethought if it wants to be converted into a residence.
Third, technically change it. He said there are many considerations that need to be studied carefully if you want to make the building a residence for residents.
"So, the answer is that it's not that easy if it is directly converted into a residence," he said.
"In fact, if for example you still want to (become) an office, there are also considerations from a regulatory perspective and you have to also calculate what the space requirements are. Indeed, there are plans like that, but it feels like it will be gradual because the supply at IKN is also gradual ," added Monica.
Monica also emphasized that the transfer of government officials to IKN would not be immediate and leave Jakarta empty. He said everything would be done in stages.
However, he did not rule out the option of turning the building into a residence. Although, its location in the middle of the city will be a special consideration.
https://www.cnnindonesia.com/economic/20240110132832-92-1047632/konsultan-besar-nasib-properti-di-dki-kalau-ibu-kota-di moved-ke-ikn
Colliers Head of Advisory Services Monica Koesnovagril said that her party is still not sure whether property in Jakarta will be cheap if the center of government shifts to IKN. He emphasized that everything still depends on supply and demand in Jakarta.
"Even if that happens (property prices in Jakarta become cheaper or more expensive), it won't be in the short term. And if we are talking about Jakarta (property) prices will go up or down, that's the supply and demand that exists in Jakarta. So, price movements "You could say it doesn't depend on IKN," explained Monica in the virtual Fourth Quarter 2023 Media Briefing, Wednesday (10/1).
"So, we still can't say whether the price will go up or down. At least in the short term, it still depends on the current market," he added.
Colliers also discussed the opportunity to transform K/L buildings in Jakarta into residential areas. Monica said there are three main factors that need to be considered to make this idea a reality.
First, regulations. However, according to him, currently the urban planning of the abandoned ministry buildings is for offices.
Second, zoning or area mapping. Monica said the zoning of the ministry/institution building is for government offices, so it needs to be rethought if it wants to be converted into a residence.
Third, technically change it. He said there are many considerations that need to be studied carefully if you want to make the building a residence for residents.
"So, the answer is that it's not that easy if it is directly converted into a residence," he said.
"In fact, if for example you still want to (become) an office, there are also considerations from a regulatory perspective and you have to also calculate what the space requirements are. Indeed, there are plans like that, but it feels like it will be gradual because the supply at IKN is also gradual ," added Monica.
Monica also emphasized that the transfer of government officials to IKN would not be immediate and leave Jakarta empty. He said everything would be done in stages.
However, he did not rule out the option of turning the building into a residence. Although, its location in the middle of the city will be a special consideration.
https://www.cnnindonesia.com/economic/20240110132832-92-1047632/konsultan-besar-nasib-properti-di-dki-kalau-ibu-kota-di moved-ke-ikn
18 December 2023
Visible progress of upcoming RTS Link draws S’porean, Malaysian buyers to JB properties
JOHOR BAHRU – When Chinese developer R&F launched its second phase of sales for the Princess Cove condominium in Johor Bahru in 2018, it sold an estimated 30 per cent of its nearly 3,800 apartments by the end of the year.
The company expected sales momentum to continue for the project, which is less than 10 minutes away from the JB checkpoint on foot.
But the Covid-19 pandemic struck, forcing the closure of international borders, including the land crossings between Johor and Singapore.
“During the pandemic, there was some despair, especially when the borders were closed. (Property) prices also fell to lower points,” said R&F deputy general manager Xu Jie.
But in 2023, sales for the project picked up significantly, especially during the April to September period, which saw five times more transactions than in the same period in 2022, Mr Xu said.
He added that the heightened interest is largely due to the Rapid Transit System (RTS) Link, with its rail viaduct and trestle bridge now taking shape across the Strait of Johor.
“Just taking a glance at the sea, the RTS’ construction is clearly visible,” said Mr Xu, adding that the obvious progress is a point of assurance for buyers.
The RTS Link is a 4km rail shuttle service set to be operational by end-2026, with a capacity to carry 10,000 passengers every hour in each direction between Woodlands North MRT station in Singapore and Bukit Chagar in JB.
Construction of the rail link, which began in November 2020, crossed at least the 50 per cent mark on both sides by November 2023.
It is expected to ease congestion plaguing the Causeway, which is used by hundreds of thousands daily.
That optimism appears to be widely shared among buyers of properties around the RTS station, which is being built next to the current immigration complex in JB.
Mr Xu said around 40 per cent of Princess Cove buyers are Singaporeans, many of whom were keen to invest in JB properties after Singapore hiked the additional buyer’s stamp duty again in April, making it pricier to own two or more properties in the Republic.
The next biggest groups of buyers are from Malaysia, China and Taiwan, he added.
“We are in a window of opportunity,” said Mr Xu.
“Property prices will only get higher the closer it gets to the completion of the RTS.”
To continue reading, please go to link below:
https://www.straitstimes.com/asia/se-asia/visible-progress-of-upcoming-rts-link-draws-s-porean-malaysian-buyers-to-jb-properties
The company expected sales momentum to continue for the project, which is less than 10 minutes away from the JB checkpoint on foot.
But the Covid-19 pandemic struck, forcing the closure of international borders, including the land crossings between Johor and Singapore.
“During the pandemic, there was some despair, especially when the borders were closed. (Property) prices also fell to lower points,” said R&F deputy general manager Xu Jie.
But in 2023, sales for the project picked up significantly, especially during the April to September period, which saw five times more transactions than in the same period in 2022, Mr Xu said.
He added that the heightened interest is largely due to the Rapid Transit System (RTS) Link, with its rail viaduct and trestle bridge now taking shape across the Strait of Johor.
“Just taking a glance at the sea, the RTS’ construction is clearly visible,” said Mr Xu, adding that the obvious progress is a point of assurance for buyers.
The RTS Link is a 4km rail shuttle service set to be operational by end-2026, with a capacity to carry 10,000 passengers every hour in each direction between Woodlands North MRT station in Singapore and Bukit Chagar in JB.
Construction of the rail link, which began in November 2020, crossed at least the 50 per cent mark on both sides by November 2023.
It is expected to ease congestion plaguing the Causeway, which is used by hundreds of thousands daily.
That optimism appears to be widely shared among buyers of properties around the RTS station, which is being built next to the current immigration complex in JB.
Mr Xu said around 40 per cent of Princess Cove buyers are Singaporeans, many of whom were keen to invest in JB properties after Singapore hiked the additional buyer’s stamp duty again in April, making it pricier to own two or more properties in the Republic.
The next biggest groups of buyers are from Malaysia, China and Taiwan, he added.
“We are in a window of opportunity,” said Mr Xu.
“Property prices will only get higher the closer it gets to the completion of the RTS.”
To continue reading, please go to link below:
https://www.straitstimes.com/asia/se-asia/visible-progress-of-upcoming-rts-link-draws-s-porean-malaysian-buyers-to-jb-properties
18 November 2023
Developers are increasingly attracting attention to the West Jakarta area, what are the prospects?
Jakarta - Property development in West Jakarta, namely Tangerang, has become one of the barometers of the property industry in Jabodetabek. More and more developers are looking at the western area of Jakarta to expand their business networks.
Property observer Anton Sitorus said that this was normal because the western area of Jakarta, especially Tangerang, had promising potential for both the residential and investment property sectors.
"The products developed in West Jakarta are diverse, apart from that it has good and well-organized infrastructure. So this area in West Jakarta has become a promising new territory," stressed Anton Sitorus in his statement, written on Sunday (18/11/2023).
Apart from that, one of the factors for property development in West Jakarta is the township development concept which is developed in a planned manner by developers. Anton explained, with careful planning and a strong concept, a township project will have pride and prestige that is comfortable for residence and also as a business area.
"Like Alam Sutera, which was developed since the early 1990s, it has now become a property product brand that is popular with consumers. It is popular because the infrastructure is developing and the facilities continue to increase," explained Anton.
In its development, a township development becomes an area that functions as a live, learn, work, play area that is active 24 hours a day. So that it becomes a one stop solutions area with a touch of modern concept that will provide a feeling of security and comfort.
Apart from that, the current development of a township development, according to Anton, is always based on sustainability and healthy living. "This approach has always been a reference for property products developed with a township concept and it has been proven that property products that prioritize this element are always in demand by the public," stressed Anton.
Meanwhile, Alvin Andronicus, Chief Marketing Officer (CMO) of Elevee Condominium, stated that another factor that is also determining why Alam Sutera becomes an area of interest to consumers and trendsetters is the city management factor that provides a sense of security and comfort.
"We (Alam Sutera) have been building this 800 hectare area for almost 30 years. And the product continues to develop, starting from the cluster-style landed house concept and we are the pioneers of this concept. And currently we are developing superblock products, such as Elevee Condominium which is not only a concept "It's just a vertical residence but equipped with various facilities for the residents' needs, but also a 4 hectare forest park," he explained.
https://www.detik.com/properti/berita/d-7043641/kawasan-barat-jakarta-mesin-dilirik-pengembang-how-prospeknya
Property observer Anton Sitorus said that this was normal because the western area of Jakarta, especially Tangerang, had promising potential for both the residential and investment property sectors.
"The products developed in West Jakarta are diverse, apart from that it has good and well-organized infrastructure. So this area in West Jakarta has become a promising new territory," stressed Anton Sitorus in his statement, written on Sunday (18/11/2023).
Apart from that, one of the factors for property development in West Jakarta is the township development concept which is developed in a planned manner by developers. Anton explained, with careful planning and a strong concept, a township project will have pride and prestige that is comfortable for residence and also as a business area.
"Like Alam Sutera, which was developed since the early 1990s, it has now become a property product brand that is popular with consumers. It is popular because the infrastructure is developing and the facilities continue to increase," explained Anton.
In its development, a township development becomes an area that functions as a live, learn, work, play area that is active 24 hours a day. So that it becomes a one stop solutions area with a touch of modern concept that will provide a feeling of security and comfort.
Apart from that, the current development of a township development, according to Anton, is always based on sustainability and healthy living. "This approach has always been a reference for property products developed with a township concept and it has been proven that property products that prioritize this element are always in demand by the public," stressed Anton.
Meanwhile, Alvin Andronicus, Chief Marketing Officer (CMO) of Elevee Condominium, stated that another factor that is also determining why Alam Sutera becomes an area of interest to consumers and trendsetters is the city management factor that provides a sense of security and comfort.
"We (Alam Sutera) have been building this 800 hectare area for almost 30 years. And the product continues to develop, starting from the cluster-style landed house concept and we are the pioneers of this concept. And currently we are developing superblock products, such as Elevee Condominium which is not only a concept "It's just a vertical residence but equipped with various facilities for the residents' needs, but also a 4 hectare forest park," he explained.
https://www.detik.com/properti/berita/d-7043641/kawasan-barat-jakarta-mesin-dilirik-pengembang-how-prospeknya
16 November 2023
Advanced! This Developer Uses AI to Track Damaged Roads
Jakarta - The development of technology can certainly help various aspects of life, one of which is the property sector. Who would have thought that the development of Artificial Intelligence (AI) could also be used for the property sector, one of which is road repairs.
This was done by property developer Sinar Mas Land. CTO of Sinar Mas Land, Mulyawan Gani, said that his party uses generative AI technology to find out which roads are everywhere, especially in the BSD City area that need improvement.
"What's more interesting is the use of AI genes to see road cracks. So if we build a road and have finished asphalting it, like it or not, there will definitely be cracks, potholes and all kinds of things," he said at the Sinar Mas Land 'Tech Media Workshop' event. at Green Office Park 9, BSD, South Tangerang, Thursday (16/11/2023).
According to Gani, sometimes local people or residents forget to complain about the road. Even if you have reported it, determining the exact position of the damaged road is quite difficult.
Well, one of the innovations carried out by Sinar Mas Land is to install cameras on shuttle buses in BSD City. With the help of AI, images recorded on the bus camera can be translated into text.
"So this is an example of our inspector's patrol car having a camera installed and this camera will live stream along their route and technologically they will eventually detect using AI the positions of all kinds of potholes, cracks in the road, it is recorded," said Gani.
However, he did not deny that there were still several obstacles in using this technology. One of them is related to sunlight which can cause shadows on the road.
"So AI needs to be trained. If we buy AI goods, it's not like we download apps. People think 'oh AI is ready to use, download it straight away and use it like Chat GPT', that's true, but for corporate purposes like us ", where we have data security problems, we want data privacy, this becomes complex where the AI must be 'stitched', one of which is by training the AI to be smarter," he explained.
Gani said that his party uses AI not to gain revenue or income, but for the satisfaction of consumers and residents of BSD City. This also includes improving the company's internal performance.
"With this technology, you can imagine its use far and wide. I can repair roads more quickly, I can evaluate contractor performance better and I can make complaints or input around road users," he explained.
Not only that, his party also uses AI to see congestion points in BSD City through an application. In this way, residents and visitors can avoid traffic jams.
"In the future, we also want to explore to detect the difference between dry leaves and plastic waste," he said.
This is intended to make it easier for worker partners who clean the streets around BSD City.
Meanwhile, Gani revealed that in the third quarter of 2024 his party will create a place or database for BSD City residents. The hope is that residents and developers or coders in BSD City can use the data released by Sinar Mas Land to create applications that are useful for local residents, for example how to detect emergencies or view train schedules with shuttle buses.
"You can imagine where we will provide some public data such as the BSD Link (shuttle bus) schedule where we expect fellow students, residences or maybe school children 'if I combine BSD Link data and train data, for example "How do you calculate the headway? For example, if you want to go to Jakarta, you can go to the application which was not made by Sinar Mas Land but was made by the residence which took the information from us," he said.
Gani also revealed that developing AI technology is quite large. Because, what is being developed is not only the system but all the components in it.
"When we talk about AI investment, it means there are all kinds of sensors, for example like our smart building. The 'smart' thing, to make the building 'smart' in just one building is around IDR 25-40 billion. That figure is probably more than 10% of the building myself," he said.
"If our commitment is to make the city smart, perhaps the figure is around IDR 300-400 billion per year because this is a large investment. Because what is needed is not just the 'brain', the engine. If the engine happens to be a partnership with Microsoft, it will become an engine- "We are helped, but the question is how can this 'brain' absorb the information? That means it needs IoT, sensors, dashboards, well that's what makes the investment seem big," he concluded.
https://www.detik.com/properti/berita/d-7040133/canggih-pengembang-ini-pakai-ai-buat-lakak-jalan-besar
This was done by property developer Sinar Mas Land. CTO of Sinar Mas Land, Mulyawan Gani, said that his party uses generative AI technology to find out which roads are everywhere, especially in the BSD City area that need improvement.
"What's more interesting is the use of AI genes to see road cracks. So if we build a road and have finished asphalting it, like it or not, there will definitely be cracks, potholes and all kinds of things," he said at the Sinar Mas Land 'Tech Media Workshop' event. at Green Office Park 9, BSD, South Tangerang, Thursday (16/11/2023).
According to Gani, sometimes local people or residents forget to complain about the road. Even if you have reported it, determining the exact position of the damaged road is quite difficult.
Well, one of the innovations carried out by Sinar Mas Land is to install cameras on shuttle buses in BSD City. With the help of AI, images recorded on the bus camera can be translated into text.
"So this is an example of our inspector's patrol car having a camera installed and this camera will live stream along their route and technologically they will eventually detect using AI the positions of all kinds of potholes, cracks in the road, it is recorded," said Gani.
However, he did not deny that there were still several obstacles in using this technology. One of them is related to sunlight which can cause shadows on the road.
"So AI needs to be trained. If we buy AI goods, it's not like we download apps. People think 'oh AI is ready to use, download it straight away and use it like Chat GPT', that's true, but for corporate purposes like us ", where we have data security problems, we want data privacy, this becomes complex where the AI must be 'stitched', one of which is by training the AI to be smarter," he explained.
Gani said that his party uses AI not to gain revenue or income, but for the satisfaction of consumers and residents of BSD City. This also includes improving the company's internal performance.
"With this technology, you can imagine its use far and wide. I can repair roads more quickly, I can evaluate contractor performance better and I can make complaints or input around road users," he explained.
Not only that, his party also uses AI to see congestion points in BSD City through an application. In this way, residents and visitors can avoid traffic jams.
"In the future, we also want to explore to detect the difference between dry leaves and plastic waste," he said.
This is intended to make it easier for worker partners who clean the streets around BSD City.
Meanwhile, Gani revealed that in the third quarter of 2024 his party will create a place or database for BSD City residents. The hope is that residents and developers or coders in BSD City can use the data released by Sinar Mas Land to create applications that are useful for local residents, for example how to detect emergencies or view train schedules with shuttle buses.
"You can imagine where we will provide some public data such as the BSD Link (shuttle bus) schedule where we expect fellow students, residences or maybe school children 'if I combine BSD Link data and train data, for example "How do you calculate the headway? For example, if you want to go to Jakarta, you can go to the application which was not made by Sinar Mas Land but was made by the residence which took the information from us," he said.
Gani also revealed that developing AI technology is quite large. Because, what is being developed is not only the system but all the components in it.
"When we talk about AI investment, it means there are all kinds of sensors, for example like our smart building. The 'smart' thing, to make the building 'smart' in just one building is around IDR 25-40 billion. That figure is probably more than 10% of the building myself," he said.
"If our commitment is to make the city smart, perhaps the figure is around IDR 300-400 billion per year because this is a large investment. Because what is needed is not just the 'brain', the engine. If the engine happens to be a partnership with Microsoft, it will become an engine- "We are helped, but the question is how can this 'brain' absorb the information? That means it needs IoT, sensors, dashboards, well that's what makes the investment seem big," he concluded.
https://www.detik.com/properti/berita/d-7040133/canggih-pengembang-ini-pakai-ai-buat-lakak-jalan-besar
18 October 2023
RI Citizens Can Now Do Property Business in Singapore, Here's How
Jakarta, CNBC Indonesia - Singapore has developed into one of the largest commercial destinations in the world and a destination for studying. Along with economic and educational growth in the Lion Country, the need to rent property such as landed houses, apartments (condos) or real estate continues to increase.
Foreign nationals such as investors, business people, workers, and students certainly need temporary housing. Therefore, the first step they take is to rent a place to live close to their place of work/business or campus.
The need to rent property in Singapore does not only come from investors, business people, workers and students. Many native Singaporeans also choose to rent property, especially young people. The main reason they leave their parents' house and choose to rent their own property is because they want to be independent.
Read: US-China Move Away First, European-RI Businesspeople Are More Friendly
The large number of foreigners (investors, business people, workers, and students) and local Singaporeans renting property for temporary residence has attracted the attention of Andrew Adriaan, an Indonesian citizen who is also a Singapore Permanent Resident (PR). Seeing a business opportunity from renting this property, Andrew then founded a property rental agency called Redbrick.id in 2013.
In its development, Redbrick.id is currently starting to collaborate with Indonesian citizens who own property/landloard such as houses, apartments and real estate in Singapore. These property owners from Indonesia are invited to work together to rent out their properties to investors, business people, workers, students and local Singaporeans who need temporary housing.
"Redbrick.id bridges the gap between Indonesia and Singapore by offering premium property management services. However, this service is tailored for Indonesians who own property in Singapore. Our main priority is ensuring their welfare while maximizing their investment returns," said Andrew in his statement, in Singapore, Tuesday (17/10/2023).
So, what is Redbrick.id doing to help Indonesian citizens who own property in Singapore?
"We provide assessments and reports on properties, conduct tenant screening, create rental agreements, arrange key handovers, provide property management, handle check-in, perform maintenance, collect rent, manage finances, and renew leases. We do it all. who takes care of it," said Andrew.
With years of experience and a deep understanding of the property market in Singapore and Indonesia, Redbrick.id is optimistic that it can become a trusted partner in managing property for Indonesian citizens in Singapore.
Redbrick.id, continued Andrew, provides comprehensive services designed to improve the property performance of Indonesian citizens in Singapore while reducing potential complications or risks in property rental matters. For this reason, Redbrick.id always provides strategic input in all property rental matters.
"We are committed to providing personalized solutions that align with the unique needs and preferences of Indonesian property owners in Singapore. In this way, remote property ownership becomes an easy and rewarding experience," he concluded.
https://www.cnbcindonesia.com/entrepreneur/20231018160230-25-481655/warga-ri-kini-bisa-bisnis-properti-di-singapura-ini-caranya
Foreign nationals such as investors, business people, workers, and students certainly need temporary housing. Therefore, the first step they take is to rent a place to live close to their place of work/business or campus.
The need to rent property in Singapore does not only come from investors, business people, workers and students. Many native Singaporeans also choose to rent property, especially young people. The main reason they leave their parents' house and choose to rent their own property is because they want to be independent.
Read: US-China Move Away First, European-RI Businesspeople Are More Friendly
The large number of foreigners (investors, business people, workers, and students) and local Singaporeans renting property for temporary residence has attracted the attention of Andrew Adriaan, an Indonesian citizen who is also a Singapore Permanent Resident (PR). Seeing a business opportunity from renting this property, Andrew then founded a property rental agency called Redbrick.id in 2013.
In its development, Redbrick.id is currently starting to collaborate with Indonesian citizens who own property/landloard such as houses, apartments and real estate in Singapore. These property owners from Indonesia are invited to work together to rent out their properties to investors, business people, workers, students and local Singaporeans who need temporary housing.
"Redbrick.id bridges the gap between Indonesia and Singapore by offering premium property management services. However, this service is tailored for Indonesians who own property in Singapore. Our main priority is ensuring their welfare while maximizing their investment returns," said Andrew in his statement, in Singapore, Tuesday (17/10/2023).
So, what is Redbrick.id doing to help Indonesian citizens who own property in Singapore?
"We provide assessments and reports on properties, conduct tenant screening, create rental agreements, arrange key handovers, provide property management, handle check-in, perform maintenance, collect rent, manage finances, and renew leases. We do it all. who takes care of it," said Andrew.
With years of experience and a deep understanding of the property market in Singapore and Indonesia, Redbrick.id is optimistic that it can become a trusted partner in managing property for Indonesian citizens in Singapore.
Redbrick.id, continued Andrew, provides comprehensive services designed to improve the property performance of Indonesian citizens in Singapore while reducing potential complications or risks in property rental matters. For this reason, Redbrick.id always provides strategic input in all property rental matters.
"We are committed to providing personalized solutions that align with the unique needs and preferences of Indonesian property owners in Singapore. In this way, remote property ownership becomes an easy and rewarding experience," he concluded.
https://www.cnbcindonesia.com/entrepreneur/20231018160230-25-481655/warga-ri-kini-bisa-bisnis-properti-di-singapura-ini-caranya
26 August 2023
Why house prices are set to soar for two more years - before they CRASH, claims expert who accurately predicted property market collapse in 2008 AND 1990s
As mortgage rates rocket to a two-decade high and buyers face the least affordable market in recent memory, alarm bells have been ringing over an imminent house price crash.
But one expert insists there is no need to panic - yet. Economist Fred Harrison, who accurately predicted the last two global property crashes, claims real estate will keep going up in value until 2026 - before they come plummeting down.
Harrison is a pioneer of the '18-year house price cycle theory' which claims a crash only occurs 18 years after the last one began.
His hypothesis, which is based on 1930s research on business cycles in Chicago, has yet to prove him wrong.
In his book, The Power in the Land, published in 1983, Harrison, correctly forecast property prices would peak in 1989 as well as the recession that followed.
In 2005, he published Boom Bust: House Prices, Banking and the Depression of 2010, which successfully forecast the 2007 peak in house prices and ensuing crash.
His most recent book We Are Rent claims prices will peak in 2026 before a recession occurs that will eclipse the events of 2008.
Harrison alleges that the only thing that can disrupt the cycle is a world war. Even the pandemic - which poured gasoline on the property market - was not enough to take the trend off its current trajectory.
The British author told DailyMail.com: 'During the pandemic we saw these huge increases in house prices. That was because the Government gave households big sums of money to keep the economy afloat - and most of this money ended up in the housing market.
'Now we are seeing house prices drop slightly and people say a crash is coming. But actually if you look at the long-term trend what we are seeing now is just a correction.
'Prices are going up, just not as quickly as they were before.'
Harrison insists that the global housing market is 'synchronized' and that the UK and US will undergo a crash at the same time.
He expects this will begin in 2026 and end in 2028 - 20 years after the last one.
Harrison says a 'substantial decline' in property prices is coming - though he says he cannot speculate on exact figures.
He insists the 18-year cycle can be traced back for 300 years. The pattern begins with a crash that lasts for about two years before entering a 'recovery' phase which lasts for six or seven years and sees prices undergo modest growth.
After that there is a sustained price growth for nine years which is broken up for a year or two by a 'mid-cycle dip.'
At this point a crash ensues and the cycle begins again.
Harrison is unable to pinpoint exactly why 18 is the magic number but his most plausible explanation suggests it is determined by interest rates.
The record low interest rates of the last decade have seen house prices soar. However, with the Fed's benchmark rate now set between 5.25 and 5.5 percent, this will have a delayed knock-on effect on house prices, Harrison explained.
He estimates that the cycle is the same length of time it takes a borrower to pay off the interest on a 5 percent loan. At this point the cycle begins again.
His comments come after it was revealed housing affordability in the US is now worse than it was in 2006 as buyers face a perfect storm of high mortgage rates and elevated house prices.
Figures from the Atlanta Federal Reserve show that affordability has fallen below levels seen during the housing bubble peak in the lead-up to the 2008 financial crisis.
The Atlanta Fed uses house prices, mortgage rates and average incomes to calculate an 'affordability' score each month. The latest figures, from June 2023, show the score has plunged to 69.5 - nearly 40 points below where it was in June 2020.
The report also does not take into account mortgage rates, which have shot up again in August. It means this month is likely to become the worst month for housing affordability of the century, according to estimates by Fortune.
https://www.dailymail.co.uk/yourmoney/property/article-12446057/Why-house-prices-set-soar-two-years-CRASH-claims-expert-accurately-predicted-property-market-collapse-2008-1990s.html
But one expert insists there is no need to panic - yet. Economist Fred Harrison, who accurately predicted the last two global property crashes, claims real estate will keep going up in value until 2026 - before they come plummeting down.
Harrison is a pioneer of the '18-year house price cycle theory' which claims a crash only occurs 18 years after the last one began.
His hypothesis, which is based on 1930s research on business cycles in Chicago, has yet to prove him wrong.
In his book, The Power in the Land, published in 1983, Harrison, correctly forecast property prices would peak in 1989 as well as the recession that followed.
In 2005, he published Boom Bust: House Prices, Banking and the Depression of 2010, which successfully forecast the 2007 peak in house prices and ensuing crash.
His most recent book We Are Rent claims prices will peak in 2026 before a recession occurs that will eclipse the events of 2008.
Harrison alleges that the only thing that can disrupt the cycle is a world war. Even the pandemic - which poured gasoline on the property market - was not enough to take the trend off its current trajectory.
The British author told DailyMail.com: 'During the pandemic we saw these huge increases in house prices. That was because the Government gave households big sums of money to keep the economy afloat - and most of this money ended up in the housing market.
'Now we are seeing house prices drop slightly and people say a crash is coming. But actually if you look at the long-term trend what we are seeing now is just a correction.
'Prices are going up, just not as quickly as they were before.'
Harrison insists that the global housing market is 'synchronized' and that the UK and US will undergo a crash at the same time.
He expects this will begin in 2026 and end in 2028 - 20 years after the last one.
Harrison says a 'substantial decline' in property prices is coming - though he says he cannot speculate on exact figures.
He insists the 18-year cycle can be traced back for 300 years. The pattern begins with a crash that lasts for about two years before entering a 'recovery' phase which lasts for six or seven years and sees prices undergo modest growth.
After that there is a sustained price growth for nine years which is broken up for a year or two by a 'mid-cycle dip.'
At this point a crash ensues and the cycle begins again.
Harrison is unable to pinpoint exactly why 18 is the magic number but his most plausible explanation suggests it is determined by interest rates.
The record low interest rates of the last decade have seen house prices soar. However, with the Fed's benchmark rate now set between 5.25 and 5.5 percent, this will have a delayed knock-on effect on house prices, Harrison explained.
He estimates that the cycle is the same length of time it takes a borrower to pay off the interest on a 5 percent loan. At this point the cycle begins again.
His comments come after it was revealed housing affordability in the US is now worse than it was in 2006 as buyers face a perfect storm of high mortgage rates and elevated house prices.
Figures from the Atlanta Federal Reserve show that affordability has fallen below levels seen during the housing bubble peak in the lead-up to the 2008 financial crisis.
The Atlanta Fed uses house prices, mortgage rates and average incomes to calculate an 'affordability' score each month. The latest figures, from June 2023, show the score has plunged to 69.5 - nearly 40 points below where it was in June 2020.
The report also does not take into account mortgage rates, which have shot up again in August. It means this month is likely to become the worst month for housing affordability of the century, according to estimates by Fortune.
https://www.dailymail.co.uk/yourmoney/property/article-12446057/Why-house-prices-set-soar-two-years-CRASH-claims-expert-accurately-predicted-property-market-collapse-2008-1990s.html
16 August 2023
Not all housing can be purchased by foreigners, here are the types
Jakarta - The government has issued regulations regarding foreign citizens (WNA) to have residence only with immigration documents, such as a passport, visa or residence permit. However, foreigners can buy not all housing.
The intended occupancy is a commercial house or flat, not a subsidized one. Based on the Ministerial Regulation (Permen) ATR/Head of BPN Number 18 of 2021 concerning Procedures for Determining Management Rights and Land Rights Article 186 paragraph 1, it is stated that ownership of residential houses or residences for foreigners is limited to landed houses:
1. Houses in the category of luxury homes in accordance with statutory provisions
2. (1) one plot of land per person/family
3. The maximum land area is 2,000 m2
However, if it has a positive impact on the economy and social, a landed house can be provided with more than a plot of land or an area of more than 2,000 m2 with the permission of the minister. In detail, landed houses that can be owned by foreigners are on land with Right of Use over State Land, Right to Use over Right of Ownership which is controlled based on a Right to Use agreement over Right of Ownership with a deed from the Land Deed Making Officer (PPAT), or it can also be on Management Rights based on land use agreements with Management Rights holders.
In the same Ministerial Regulation, it is stated in article 185, part b, that flats that can be purchased by foreigners are flats built on plots of land with Right to Use or Right to Build on State Land, Right to Use or Right to Use Building on Land, Right to Management, or Right to Use. or Building Use Rights on Freehold land.
In the same regulation in article 187 paragraph 2, it is stated that housing that foreigners can purchase is in the form of purchasing a new house/unit or an old house/unit and the price of the house or residence is determined by a Ministerial Decree.
https://www.detik.com/properti/berita/d-6879108/nggak-all-hunian-bisa-dibeli-wna-ini-tipe
The intended occupancy is a commercial house or flat, not a subsidized one. Based on the Ministerial Regulation (Permen) ATR/Head of BPN Number 18 of 2021 concerning Procedures for Determining Management Rights and Land Rights Article 186 paragraph 1, it is stated that ownership of residential houses or residences for foreigners is limited to landed houses:
1. Houses in the category of luxury homes in accordance with statutory provisions
2. (1) one plot of land per person/family
3. The maximum land area is 2,000 m2
However, if it has a positive impact on the economy and social, a landed house can be provided with more than a plot of land or an area of more than 2,000 m2 with the permission of the minister. In detail, landed houses that can be owned by foreigners are on land with Right of Use over State Land, Right to Use over Right of Ownership which is controlled based on a Right to Use agreement over Right of Ownership with a deed from the Land Deed Making Officer (PPAT), or it can also be on Management Rights based on land use agreements with Management Rights holders.
In the same Ministerial Regulation, it is stated in article 185, part b, that flats that can be purchased by foreigners are flats built on plots of land with Right to Use or Right to Build on State Land, Right to Use or Right to Use Building on Land, Right to Management, or Right to Use. or Building Use Rights on Freehold land.
In the same regulation in article 187 paragraph 2, it is stated that housing that foreigners can purchase is in the form of purchasing a new house/unit or an old house/unit and the price of the house or residence is determined by a Ministerial Decree.
https://www.detik.com/properti/berita/d-6879108/nggak-all-hunian-bisa-dibeli-wna-ini-tipe
08 August 2023
Fill in the 2024 Tax Return Automatically? Here's the explanation
Jakarta CNBC Indonesia - Taxpayers will no longer experience the hassle of filling out an Annual Tax Return (SPT) starting in 2025. This is because filling out the SPT for the 2024 tax year will be more practical.
Taxpayers, both individual taxpayers and business entities, no longer need to enter tax data one by one and calculate it themselves. The Directorate General of Taxes (DJP) system will allow taxpayers to obtain prepopulated SPT or SPT with data presented automatically.
This sophisticated system developed by DGT is the core tax system or the Renewal of the Tax Administration Core System (PSIAP). Through the core tax system, taxpayers will gain access to tax payer accounts which contain tax liability data, starting from SPT to asset data and other tax transactions.
Meanwhile, prepopulated taxpayer data is drawn from various agencies including banking, local government, customs, BKPM and other institutions. DGT will partner with 89 entities to integrate their systems with the core system.
Expert Staff to the Minister of Finance for Tax Regulations and Law Enforcement, Iwan Djuniardi, explained that the concept of prepopulated SPT will be visible from the withholding receipts that are released. If the proof of withholding data is correct, please confirm and submit the tax directly.
"If it's true, just 'yes..yes..yes', if it's not true, just fix it," he told CNBC Indonesia, quoted Tuesday (8/8/2023).
However, if there are other incomes that have not been listed, Iwan emphasized that taxpayers must report this.
"It's not filled in by the tax office, as if it were the DJP. Because there is other income data, for example shop data and others, we haven't taken it. We haven't taken the underground data," stressed Iwan.
If the core tax is running, Iwan said that some data will be included in the SPT. For example, the tax on house rent or boarding house rent.
"In the past, it wasn't included, even though the tax was 10%," he said. So far, everything depends on honesty. In the new system, DGT can look through the taxpayer's assets.
"How come this asset is silent. We can calculate the cost of the asset. Or maybe this asset is rented out," he said. All of this data will be entered into the taxpayer's tax payer account which is loaded in the core tax system and can be seen by the taxpayer. If there is an error in asset data, Iwan said that taxpayers can contact the tax office.
"There is a call center, but there must be evidence," he stressed.
The plan is that this system will start running fully on May 1 2024. Currently, this sophisticated system is still undergoing testing. The Directorate General of Taxes must ensure that the modules of the 21 business functions in the core tax system run well and correctly.
"The modules were tested, there were things that weren't justified. Now it's just per module. We're starting to test whether there are any missing functions. This is still being enriched," he explained.
After the enrichment phase, then enter the integrated testing system. This was done in order to connect 21 modules that had been tested previously.
Iwan ensures that this phase also takes a long time. Meanwhile, 21 tax service business processes have been processed from manual to automatic based on technology, namely. management of Tax Returns (SPT), document management system (DMS), taxpayer services, assessment services, supervision, extensification, tax collection, investigations, objections and appeals.
https://www.cnbcindonesia.com/news/20230808054749-4-460967/isi-spt-pajak-2024-automat-begini-pengjualannya
Taxpayers, both individual taxpayers and business entities, no longer need to enter tax data one by one and calculate it themselves. The Directorate General of Taxes (DJP) system will allow taxpayers to obtain prepopulated SPT or SPT with data presented automatically.
This sophisticated system developed by DGT is the core tax system or the Renewal of the Tax Administration Core System (PSIAP). Through the core tax system, taxpayers will gain access to tax payer accounts which contain tax liability data, starting from SPT to asset data and other tax transactions.
Meanwhile, prepopulated taxpayer data is drawn from various agencies including banking, local government, customs, BKPM and other institutions. DGT will partner with 89 entities to integrate their systems with the core system.
Expert Staff to the Minister of Finance for Tax Regulations and Law Enforcement, Iwan Djuniardi, explained that the concept of prepopulated SPT will be visible from the withholding receipts that are released. If the proof of withholding data is correct, please confirm and submit the tax directly.
"If it's true, just 'yes..yes..yes', if it's not true, just fix it," he told CNBC Indonesia, quoted Tuesday (8/8/2023).
However, if there are other incomes that have not been listed, Iwan emphasized that taxpayers must report this.
"It's not filled in by the tax office, as if it were the DJP. Because there is other income data, for example shop data and others, we haven't taken it. We haven't taken the underground data," stressed Iwan.
If the core tax is running, Iwan said that some data will be included in the SPT. For example, the tax on house rent or boarding house rent.
"In the past, it wasn't included, even though the tax was 10%," he said. So far, everything depends on honesty. In the new system, DGT can look through the taxpayer's assets.
"How come this asset is silent. We can calculate the cost of the asset. Or maybe this asset is rented out," he said. All of this data will be entered into the taxpayer's tax payer account which is loaded in the core tax system and can be seen by the taxpayer. If there is an error in asset data, Iwan said that taxpayers can contact the tax office.
"There is a call center, but there must be evidence," he stressed.
The plan is that this system will start running fully on May 1 2024. Currently, this sophisticated system is still undergoing testing. The Directorate General of Taxes must ensure that the modules of the 21 business functions in the core tax system run well and correctly.
"The modules were tested, there were things that weren't justified. Now it's just per module. We're starting to test whether there are any missing functions. This is still being enriched," he explained.
After the enrichment phase, then enter the integrated testing system. This was done in order to connect 21 modules that had been tested previously.
Iwan ensures that this phase also takes a long time. Meanwhile, 21 tax service business processes have been processed from manual to automatic based on technology, namely. management of Tax Returns (SPT), document management system (DMS), taxpayer services, assessment services, supervision, extensification, tax collection, investigations, objections and appeals.
https://www.cnbcindonesia.com/news/20230808054749-4-460967/isi-spt-pajak-2024-automat-begini-pengjualannya