Jakarta, February 23, 2024 – The property business is one of the sectors that is quite optimistic about facing 2024. This indicator can be seen from stable economic growth, increasing public purchasing power, and the ongoing government policies to support consumers and business actors in this sector. Referring to the realization of investment throughout January-September 2023, the property sector, represented by housing, industrial estates, and offices, managed to book investments of Rp83.7 trillion. This figure increased from the January-September 2022 period of Rp80.5 trillion.

The government itself estimates that Indonesia's economy will grow by 5.2% in 2024, considering global and domestic economic conditions. Previously, the International Monetary Fund (IMF) also stated that Indonesia's economic growth of 5.05% in 2023 provides many opportunities for several industrial sectors, including the property sector.

Kelvin O Lesmana, President Director of PT Mitra Sindo Sukses, said that although Indonesia will enter a political year in 2024, the property sector continues to show positive indicators that continue to rise. Moreover, the need for homes will never really stop, especially for first-time homebuyers whose demand will always be there.

Kelvin O Lesmana said, based on data from the Financial Services Authority (OJK), in factual conditions, people's savings deposits in banks continue to increase by a very large amount. This situation is certainly a positive opportunity for economic actors in the property sector to continue educating and convincing people to move their funds to property products, especially landed houses, whose market remains strong due to the high demand for housing.

Time to Buy a House

Kelvin said that 2024 is the right time to own new property, because throughout this year there is a Value Added Tax (VAT) incentive program through PMK 007/2024 so that investors can have a new home without having to pay VAT. This VAT DTP can be used for each individual for the acquisition of 1 landed house or 1 apartment. Individuals who have utilized the VAT DTP incentive before the enactment of PMK 120/2023 in 2023 can re-utilize this VAT DTP incentive.

"This condition is what causes developers to remain optimistic about launching new products, especially residential ones, which have a very large market, including PT Modernland Realty Tbk. by presenting the premium housing Vastu @Garden City, a 7.5-hectare premium cluster that offers various advantages, both in terms of concept, design, and facilities within the Jakarta Garden City township," concluded Kelvin.

After being launched at the end of 2023, the construction progress of the Vastu @Garden City cluster has now entered the stage of infrastructure development in the form of roads and landscapes, following the main gate which has been completed earlier.

In addition to infrastructure, Modernland Realty has also officially started the construction of a luxurious clubhouse located within the cluster. This commitment is realized by holding a Groundbreaking Ceremony or the laying of the first stone for the construction of the Vastu @Garden City Clubhouse on Friday (23/2/24).

"Vastu @Garden City Clubhouse is the second clubhouse built in the Jakarta Garden City township. It is exclusive because it is located within the cluster and is equipped with various premium facilities such as a semi-Olympic swimming pool (adult), a children's swimming pool, and a Jacuzzi, a fitness center, and a multipurpose room," said Ruswin Yusdiantoro, Technical General Manager of Jakarta Garden City.

This exclusive facility, which occupies an area of 3500 square meters, can later be used for a number of sports and recreational activities as well as socializing with other residents of the Vastu @Garden City cluster.

"In addition to being a supporting facility for residents, we are optimistic that the presence of a clubhouse will have a positive impact on the growth of house prices in the Vastu @Garden City cluster in the future," explained Ruswin Yusdiantoro.

Key points highlighted in the translation:

• Accurate terminology: Real estate-specific terms like "township", "cluster", "infrastructure", and "clubhouse" are translated correctly.

• Contextual understanding: The translation captures the essence of the article, emphasizing the positive outlook for the property sector, especially in the context of a political year.

• Clarity and conciseness: The translation is clear, concise, and easy to understand, while maintaining the original meaning.

• Cultural nuances: Any cultural references or nuances in the original text are carefully considered and translated accordingly.