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Good morning,
Alam
Sutera – A Decent Take-Up Rate For Chiara
Last Saturday, we
attended Alam Sutera’s launch of its Chiara sub-cluster, in Pasir Kemis, Tangerang.
Chiara is a part of the Sari cluster, within the Suvarna Sutera project. It
was an open event which welcomed both invited investors and other interested
parties or passerbys. This launch was held in collaboration with several
mortgage providers such as Bank Permata, OCBC NISP, Bank Central Asia and
CIMB Niaga. We maintain our BUY call and IDR540 TP (59% upside) on this
counter.
¨ Landed
residential development. Suvarna Sutera is a new landed residential development
located in Pasar Kemis, Tangerang. It is accessible via the Jakarta-Tangerang
toll road, towards the Merak exit #31. Chiara is a sub-cluster of the Sari
cluster, which in turn is within the 900ha Suvarna Sutera Phase 1
development. Alam Sutera currently has 2,600 ha of total development rights
in Pasar Kemis, of which about 500 ha will be transferred to China Fortune
Land Development Co Ltd (CFLD) by 2021.
¨ Chiara
has three types of landed residential units. Land areas range
128-216 sqm per unit, while the area of its buildings spans 115-165sqm per
unit. Each unit has two storeys and at least a car port and solar water
heater. The Santa Laurensia school will be built by 2018, inside the Sari
cluster. Residential units within the Sari cluster will also be protected by
a double gate cluster system. An Alam Sutera sales agent told us that there
will be a petrol station built by 2018, and more commercial tenants are
expected to come in by 2019.
¨ Pricing
& payment methods. The sales agent told us that property prices ranged
from IDR1.4bn to IDR2.2bn per unit, or IDR10.5 per sqm to IDR11.5m per sqm
respectively. There will be a 20% discount for those who pay by cash. Other
buyers will be able to opt for 12-24 months in-house installment payments, or
pay via mortgage. Loans were offered by Bank Permata, OCBC NISP (both banks
had representatives at the launch) that offered a 5.99% fixed interest rate
for two years. Other banks also had representatives giving more details of
housing loans, at the launch. There was an additional 1% discount only for
customers who purchased homes on 7 May. Alam Sutera also gave a Korean buffet
lunch and door prizes such as LED TVs, home theatre systems and mobile phones
to attract buyers to its event.
¨ What
we observed. We
dropped by the event at 11am, and found that its marketing office was not
crowded at this time. We were offered a tour of the site as well. The most
developed area is the Padi cluster (near the marketing office) while the Sari
cluster is only half-developed. The Chiara sub-cluster is being prepped for
ground-breaking works, and it is scheduled to be handed over in 2019. There
are shophouses already built in front of the Sari cluster’s entrance,
although its sole tenant is currently a coffee shop as there are a few
residents already living in the recently-built Jati cluster.
¨ Conclusion. We found the Alam
Sutera marketing office more crowded at 12.05pm, after our site tour. We
gathered that 156 units were offered on that day, and were told that the
take-up rate reached 60% (ie 93 units). (Yualdo
Tirtakencana)
Link
to report to be sent out later
Link
to Daily report: Indonesia Morning Cuppa 090517
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Media Highlights:
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Corporate
AKR Corporindo issues IDR1trn bond
Surya Semesta Internusa allocates IDR4trn
for Subang area project
Unilever receives IDR3trn loan from
affiliate
Astratel Nusantara looks to acquire one
more toll road
Bank Jabar to issue IDR2.5trn bond
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Our
Recent Publication:
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Company Update: Surya Semesta
Internusa – Positive Outlook Unchanged
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Economics Update: Economic Growth Sustained
In 1Q17
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Company Update: Bank Mandiri – Spring Has
Finally Sprung
Link to report: Bank
Mandiri : Spring Has Finally Sprung
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Company Update: Waskita Karya – Stellar
Performance
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Company Update: Pembangunan Perumahan
Persero – The Most Undervalued Contractor
Link to report: Pembangunan
Perumahan Persero : The Most Undervalued Contractor
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Company Update: Telekomunikasi Indonesia –
Blazing The Trail
Link to report: Telekomunikasi
Indonesia : Blazing The Trail
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Results Review: Ciputra Development –
Expect Numbers To Improve In The Quarters Ahead
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Economics Update: Further Electricity Rate
Hike Drives Inflation In April
Link to report: Further
Electricity Rate Hike Drives Inflation In April
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Company Update: Harum Energy –
Continued Strong Earnings Ahead
Link to report: Harum
Energy : Continued Strong Earnings Ahead
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Company Update: Wijaya Karya Beton –
Brighter Outlook Ahead
Link to report: Wijaya
Karya Beton : Brighter Outlook Ahead
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Company Update: Charoen Pokphand Indonesia
– Downgrading On Rich Valuations And Margin Erosion
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Best regards,
Helmy Kristanto
Director
Head of Indonesia Research
PT. RHB Securities Indonesia
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