JAKARTA, Jan 15 (Bernama) -- Maybank Investment Banking Group (IBG) expects Indonesia’s property sector to remain supported by a robust launch pipeline with continued pre-sales to growth in 2026, with major developers rolling out residential projects across key urban areas.
The investment bank said aggregate pre-sales were projected to grow by about three per cent in 2026, underpinned by residential launches from the “old masters”.
The four “old masters” identified by Maybank IBG include Bumi Serpong Damai, which plans to launch two new projects — Nava Park 2 and Kota Wisata Ecovia — while Ciputra Development targets joint-operation launches in Greater Jakarta and Surabaya.
Pakuwon Jati continues to expand through a long-term development pipeline which extends to 2030, supported by capital expenditure of about Indonesian rupiah 20 trillion (1 million Rupiah = RM239.8).
The other “old master”, Summarecon Agung, remains well-positioned with flagship townships in Serpong and Bekasi as it accelerates development at its newest township in Tangerang.
Despite its improving outlook, established developers underperform amid tight domestic liquidity, as the sector experienced a clear divergence in 2025 performance, Maybank IBG said
This had led to muted mortgage rate pass-through despite central bank rate cuts, while newer and less liquid names outperformed, which lifted the IDX Property Index by about 55 per cent in 2025.
Sector fundamentals, however, remained intact, and 2025 aggregate pre-sales are expected to grow by one per cent year-on-year, despite subdued housing demand in the mid-to-low segment, offset by resilient mid-to-upper segment demand.
The bank expects valuations to remain compelling, with deep discounts to the revalued net asset value of 77 to 87 per cent, while price-to-book ratios are near historical lows.
With sustained pre-sales growth expected into 2026 and a strengthening growth narrative, established developers will be seen as attractive laggard opportunities, which supports the sector’s positive outlook.
-- BERNAMA
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