Month: October 2020 Page 1 of 5

Niche market

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Palmer quits Grimley

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Peace dividends

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Croydon offices: Home alone

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Chase real estate guru quits in strategy ruckus

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Innovation not stagnation

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Property developers, banks rush to woo millennial homebuyers

first_img His criteria for a house is also typical of young and productive millennials, according to the recent Property Outlook 2020 discussion forum organized by online property marketplace rumah123.com. Millennials want a house that is affordable, with easy access to the city center or within Greater Jakarta with close proximity to highways or commuter line stations.Property developers and lenders are reshaping their business strategies to cater to millennials, born between 1980 and 2000, who constitute 24 percent of the country’s population of 268 million, Statistics Indonesia (BPS) data from 2019 shows. Millennials are also likely to account for 75 percent of the global workforce by 2025, according to the Deloitte Millennial (Generation Y) Survey.“The millennial market is growing rapidly because the demographic is very big. Even though some do not have the capital to buy properties with high rates yet, in three to five years [their purchasing power] is going to be great,” said CEO of AKR Land Development Thomas Go on Thursday. AKR Land, a sister company of publicly listed fuel distributor PT AKR Corporindo, has developed the Grand Estate Marina (GEM) City in Gresik, East Java, targeted at millennials with houses starting from Rp 300 million. Thomas said in Gresik, millennials accounted for half of his company’s buyers. Millennials, who make up nearly a quarter of Indonesia’s population, are becoming an increasingly hot market for property developers and mortgage lenders.Naufal Adam, 23, is a prime example. The corporate bank analyst has Rp 500 million (US$36,500) to put down as a deposit and plans to take out a five-year mortgage.“I feel that renting an apartment or a boarding house is only a short-term solution. The value for money diminishes overtime, in comparison to buying a house, which could potentially increase in value,” said Naufal, who now lives with his parents in Bekasi, West Java, 25 kilometers from his office in Menteng, Central Jakarta. In Jakarta, where AKR Land developed the AKR Gallery West office tower and residences in Kebon Jeruk, West Jakarta, 25 percent of AKR Land’s property buyers are millennials.Other property giants from Ciputra Group to Sinarmas Land are also chasing the millennial market. At Ciputra’s Citra Maja Raya development in Lebak, Banten, landed houses are available starting from Rp 180 million, while at its Citra Sentul Raya housing complex in Sentul, West Java, prices start at Rp 660 million. Sinarmas is also building hundreds of 48 square meter houses in BSD City, with prices starting at Rp 800 million.“No one wants to buy properties listed above Rp 2 billion,” said Arman Nukman from the Real Estate Indonesia (REI), during a panel discussion at Property Outlook 2020 on Thursday, adding that prices had to be below Rp 750 million to attract millennial buyers. Banks are also actively targeting the demographic by marketing their “millennial mortgage loan” products, which offer lower down payment rates and longer payment tenures, making the monthly installments less burdensome.  State-owned lender Bank Tabungan Negara (BTN), for one, has channeled Rp 9.3 trillion in mortgage loans for over 27,500 housing units since October 2018. Its mortgage product KPR Gaess, a youthful  wordplay on “mortgage, guys”, is designed specifically for 21 to 35 year olds and offers a free admin fee, single digit interest rate, a 50 percent of provision discount and a 30-year loan tenure. Private lender CIMB Niaga also has its KPR Xtra Bisa. With down payments starting from 5 percent, a three-year fixed rate of 5.5 percent and a tenure of up to 25 years, the lender is looking to grow its customer base through the product. However, millennials are not only price-sensitive, they are also cautious about debt, according to a 2016 Goldman Sachs Global Investment Research report. The report also stated that millennials have a preference for experiences over material possession, an analysis that the country manager of rumah123.com, Maria Herawati Manik, brought up during the panel discussion. “The challenge is to convince them. Because their lifestyle is very experiential, this is a challenge to answer to their demands,” said Maria, adding that the generation was more interested in simple yet convertible living spaces — caring more for design than the amount of space. And with millennials being digital natives, convincing them requires a strong online presence and engagement, said Maria, encouraging businesses to step up their digital marketing game. She explained that as of 2019, online searches for housing had surged 27 percent on her site, dominated by people aged between 25 and 35. According to a rumah123.com consumer survey, there is an unmet appetite for affordable housing. For apartments, 44.3 percent of the demand is for apartments priced below Rp 300 million, yet only 30.4 percent of the supply caters to that demand. For houses, 16.5 percent of overall demand is for options below Rp 300 million but only 8.8 percent of the supply meets that criterion.As proximity to public transportation also matters, transit-oriented developments, in which properties are clustered near highways, bus shelters or commuter line stations, will flourish in the years to come, property developers said. (ydp)Topics :last_img read more

China’s Olympic swimming champion Sun Yang banned for eight years

first_imgA FINA report said Sun questioned the credentials of the testers before members of his entourage smashed vials containing his blood samples with a hammer.Sun had argued during the CAS hearing that the testers failed to prove their identity and behaved in an unprofessional manner.He competed at last year’s world championships in South Korea under the shadow of the appeal, and three rivals snubbed him after races.”The CAS Panel unanimously determined, to its comfortable satisfaction, that the athlete violated Article 2.5 FINA DC [Tampering with any part of Doping Control],” the CAS statement said.”In particular, the Panel found that the personnel in charge of the doping control complied with all applicable requirements as set out in the ISTI (International Standard for Testing and Investigation).”More specifically, the athlete failed to establish that he had a compelling justification to destroy his sample collection containers and forego the doping control when, in his opinion, the collection protocol was not in compliance with the ISTI.”Topics : China’s world and Olympic swimming champion Sun Yang was handed an eight-year ban on Friday, a sanction that rules him out of this year’s Tokyo Games, after he missed an out-of-competition test for doping.The Court of Arbitration for Sport (CAS) accepted an appeal from the World Anti-Doping Agency (WADA) against a decision by swimming body FINA to clear Sun of wrongdoing for his conduct during the test in September 2018.The 28-year-old is China’s top swimmer, having won two gold medals at the 2012 London Olympic games and another in Rio de Janeiro in 2016, and the case has attracted huge interest in his homeland.last_img read more

Cruise ships could become floating hospitals, Trump says

first_imgCruise ships could be converted into floating hospitals to treat cases of the novel coronavirus, US President Donald Trump said Thursday.Micky Arison, the chairman of Carnival Corporation, which operates Carnival Cruise Line, “made the offer, it was a generous offer,” Trump said during a press conference.”He said that he has some ships that would be ideally suited for what we are doing,” the president said, since the ships are “big and have a lot of rooms.” As well as the Comfort, Trump has said that the USNS Mercy hospital ship would also be deployed.The governors of California and Washington state quickly called for it to be dispatched to their shores.The cruise industry was plunged into crisis since the start of the pandemic, when several ships were forced to lock down, with passengers and crew prevented from disembarking after coronavirus cases were confirmed onboard.Trump announced on March 13 that major cruise lines would suspend trips from US ports for 30 days in response to the pandemic. Topics :center_img “If we should need ships, a lot of rooms, they’ll be docked at New York and Los Angeles and San Francisco and different places.”Carnival is the world’s leading cruise line.Faced with an explosion of COVID-19 cases and a need to free up hospital beds, the US government moved Wednesday to dispatch the navy’s 1,000-room USNS Comfort hospital ship to New York, one of the worst-hit states in the country.It is not yet clear when the ship will arrive at the New York city harbor.last_img read more

PLN tells Greater Jakarta customers to report electricity usage by email, WhatsApp

first_imgPLN normally sends personnel to check electricity meters in each house to assess electricity usage. The data is then used by the company to calculate electricity bills for each customer.However, the social-distancing policy in curbing COVID-19 transmission has forced the electricity firm to not send personnel to check meters.“If they fail to send such information [by Sunday], customers will be charged the average amount for the previous three months,” PLN Greater Jakarta Distribution Unit spokesperson Dita Artsana said, as quoted by kompas.com.If the average bill does not match the actual usage, she added, corrections would be made in the following month.This policy of self-reporting is only available in Greater Jakarta. For customers outside this area, the PLN would charge the average of the previous three months’ usage.“This policy is implemented so customers don’t have to interact with our technicians, in line with the government’s appeal to stay at home and for physical distancing,” PLN senior executive vice president for business and customer service Yuddy Setyo Wicaksono said in a statement. (aly)Topics : State-owned electricity firm PLN has urged its customers in Greater Jakarta area to report their electrical usage to the company by themselves, following the government’s appeal for people to keep physical distance between others to prevent COVID-19 transmissionCustomers using the postpaid electricity service are required to send their ID number and a picture of their electricity meter showing usage in kilowatt-hour (kWh). Such information should be sent via email or WhatsApp chat to a PLN office in their respective region, which will be used by the company to calculate electricity bills for April.This policy does not apply to customers using a prepaid electricity service.last_img read more

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