Last Sunday, we went to visit the marketing office of PIK 2 property developer at Pantai Indah Kapuk, North Jakarta. We were amazed at the scene of the big crowd there. People were lining up to pick up lotteries to buy apartment units which are priced starting at 248 million IDR to 604 million IDR. They are launching the second tower of Tokyo Riverside apt project with around 1000 units, with the first tower completely sold according to the saleswoman. This scenery defies the story of property slowdown. This proves that the demand for cheap apartments is still resilient. We suspect perhaps the big chunk of buyers is newly wedded beside enterprising investors. Concern about the slowdown in property due to tax scrutiny and economic hardship certainly is not evident here. Observing the large crowd at this launching, we should focus on property names with primary target market below 1 billion, such as MTLA (Metland).
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