Collier - Editan

Colliers
DAFTAR ISI IN' E-PNA11:_.:N=11
01. SITE ANALYSIS  General Description

 Micro and Macro Accessibility
(Pages 03 - 21)  Technical Framework
)
02. ECONOMIC MACRO  National
(Pages 22 - 44)  West Java Province
 Bandung City and Sumedang District
03. APARTMENT ANALYSIS  Apartemen Bandung, Cimahi, dan Jatinangor
(Pages 45 - 92)  Apartemen Strata-title
 Bentuk Pesaing Lain
 Analisis Potensi Pasar
04. HOTEL ANALYSIS  Analysis of Jatinangor Hotel 's competitors and comparison
 Jatinangor Hotel of Market Potential.
(Pages 93 - 121)
05. RETAIL ANALYSIS )  Analysis of Retail Market in Bandung

 Analysis of Leasing Retail Market
(Pages 122 - 164)  Analysis of Strata-Title Retail Market
 Analysis of Retail Competitors
 Analysis of Retail Market Potentials
06. COMMERCIAL ANALYSIS

 Commercial Analysis of Apartment Supports
(Pages 165 - 180)
07. CONCEPT RECOMMENDATION
 Technical Framework
 Development Concept of Alternative 1 and 2
(Pages 181 - 210)  Concept Simulation.
01. ANALISIS
Property General Description Colliers
I N T E R N A T IO N A L
The Site Map of Macro Properties Administratively, the property is located in

Hegamanah village, Jatinangor Sub-district.
Jatinagor Sub-district is part of Sumadeng District,
West Java province. It is situated 26 kilometers
from Bandung. It is also one of the areas that
connect Bandung and its surrounding areas with
Pantura ( South Coast) line that connects cities along
the south coast of Java.
Timor-Lefie
The boundaries of Jatinagor sub-district are:
Clvisemas
1.1and
 On the north
Suksari and Tanjungsari Sub-districts.
 On the east
Tanjungsari and Cimanggung Sub-districts.
"..P.
!.7  On the south
BANDUNG.
 Rancaekek Sub-district Bandung District
 On the West
Source: Google and Colliers International Indonesia - Advisory
Cileunyi Sub-district Bandung District.
Topographically Jatinangor Sub -district is a hilly area , 725 - 800 m above the
sea level.
INTERNATIONAL
The Site Map of Micro Properties The property is part of educational area of
Jatinagor.
Unover;ata..
Podpdiaran The boundaries of the property are:
Unhreritss
ITB Padjadja ran  On the north
Jatinagor Street.
 On the east
BHS swimming pool and a
residential area
 On the south
Rice fields
 On the West
A residential area
4rOlwaris
5
Property General Description
The total area for Skyland developmennt is ±4.5 Ha (fully owned land). However,
there is still some potential for land addition. The detail of the total area as
follows:
Description Width of the land

Fully owned land ±45,000 m2
Not yet owned, included in the purchasing program ±16,000 m2
Not yet owned, there is a possibility to be purchased ±6,000 m2
The total of potential area ±67,000 m2

*The width of the landis based on google maps area calculator
The total area of the property, if it is fully acquired, is ± 67,000 m2.

The property has an irregular shape, some part is very narrow.
fully owned by PT. Adhika/Mr. Ronny

Not yet owned, included in the purchasing program
Not yet owned, there is a possibility to be purchased

Colliers
Property General Description INT N,A.L.
NT E RNAT I or, L
111111=■1■1
January 2016
Entrance Access Northen View Western View

Eastern View
Southern View A residence east of the property A condotel inside the property main Access
Source: Colliers International Indonesia - Advisory

Colliers
The Development around the Property
In the western area, the development
is dominated by residential
development, while on the northern
part, it is dominated by educational
facilities, especially public
universities or universities run by the
government.
At the meantime, commercial

development in Jatinangor is still
limited.
Residences
Shopping Centers
Apartments
Hotels
Education and Health Facilities
The list of the Development around the Property Colliers

Names of the development Types Distance (km) Route

Residence
1 Perum Brimob Jabar Residence 1.8 south JI. Raya Jatinangor — A Sayang
2 Ikopin Jatinangor Residence 2.0 southwest JI. Raya Jatinangor —JI. Sayang
3 Janati Park Residence 1.9 west JI. Raya Jatinangor
4 Bumi Rancaekek Residence 3.3 southwest JI. Raya Jatinangor — JI. Raya
Residence 3.6 southwest Cipancing
5 Rancaekek Permai JI. Raya Jatinangor — JI. Raya
Residence 4.5 southwest Cipancing
6 Bumi Rancaekek Kencana JI. Raya Jatinangor— JI. Raya
Cipancing
7 Bukit Mekar Indah
Residence 3.8 west JI. Raya Jatinangor —JI. Raya Cileunyi
Residence 4.7 west —
JI. Cimekar
8 Bumi Panyawangan Residence 5.5 west JI. Raya Jatinangor —JI. Raya Cileunyi
9 Permata Biru Residence 5.5 west JI. Raya Jatinangor — JI. Raya Cileunyi
10 D'Orange Residence 6.5 west JI. Raya Jatinangor —J1 Raya Cileunyi
11 Mekar Biru Residence 7.0 west JI. Raya Jatinangor —JI. Raya Cileunyi
12 Bumi Harapan
Residence 7.3 west JI. Raya Jatinangor — JI. Raya Cileunyi
Residence 1.8 south —
JI. Soekarno Hatta
Residence 2.0 southwest JI. Raya Jatinangor —JI. Raya Cileunyi
13 Bumi Panyileukan
Residence 1.9 west — Soekarno Hatta
JI.
Shoppi Shopping Center
ng Jatinangor Town Center Shopping Center 0.9 west JI. Raya Jatinangor
Center Colliers International Indonesia —
Source:
Advisory
444011011
List of Developments around the Property Colliers
INTERNATIONAL
No Development Name Notes Distance km) Route

Hotel
:.4,
Bandung Girl Gahana Golf
1 3 star 2,5 northwest JI. Raya Jatinangor
and Resort
2 Hotel Khatulistiwa Melati 1,9 west JI. Raya Jatinangor
Apartments
Pinewood Apartment Apartement 0,9 west JI. Raya Jatinangor Jl. Raya
2 Easton Park Apartment Apartement 1,5 west Jatinangor JI. Raya
Jatinangor — JI. Cikuda
3 Apartemen Taman Melati Apartement 0,7 north
Nanggerang
Fasilities
as Institut Pemerintahan
1 Dalam Negeri University 1.7 west JI. Raya Jatinangor
(IPDN)
2 Institut Koperasi Indonesia University 1.4 west JI. Raya Jatinangor
(IKOPIN)
3 Institut Teknologi Bandung University 1,1 northwest JI. Raya Jatinangor
Universitas Padjajaran University 0.5 north JI. Raya Jatinangor

(UNPAD)
5 2.9 west JI. Raya Jatinangor — JI. Raya Bandung
Terminal Cileuny Bus Terminal
6 Cirebon
............. iBandung
(ITB) Giri Gahana Golf Golf Course 1.7 northwest JI. Raya Jatinangor
Source: Colliers International Indonesia — Advisory
Some Important Developments around the Property Colliers
INTERNATIONAL
Perumahan Janati Park D'Orange Jatinangor Town Square Bandung Giri Gahana
Hotel Khatulistiwa Apartemen Taman Melati Pinewood Apartemen Easton Park
Sourcer: Google.corri and Colliers International Indonesia —Advisory
12
Macro Accessibility Colliers
INTERNATIONAL
Ke Arah (Purwakarta,
Cikampek, Jakarta)
am grail
Cimenyan
JelanTol Pasteur Ke Arah (Sumedang

Cirebon)
Universitas
Padjadiaran
Trans Studio Bandung
Ctleunyt a Sys
JLSoskarno41atta
C hampelas
Ke Arah (Nagreg
Margnti■
Ji ptt Taslkmalaya
Garut)
JuanTol Padaleunyl Rancaekek
C:calengk a
Katapang
Boiongsoang Cc)
Sol ok an Jeruk
Baleendah
P ameungpeuk
Soreang
Source: Google and Colliers International Indonesia —Advisory
13
Macro Accessibility Colliers
NTERN AT; 0 N L
The property is located on Jalan Raya Jatinagor, the access from the surrounding areas can be described as follows:
 Bandung City
There are 2 alternative routes form Bandung city to the property (via toll roads and non toll roads)
a. Via Padaleunyi toll road (distance: 26 km) with 45 - 60 minute drive.
b. Via Jalan Sukarno Hatta (distance 22 km) with 60 - 80 minute drive
 Sumedang
The property can be accessed via Jalan Bandung - Palimanan (distance: 31 km) with 80 - 100 minute drive
 Tasikmalaya
The property can be accessed via Jalan Nasional III (distance: 92 km) with 160 - 200 minute drive.
 Garut
The property can be accessed via Jalan Raya Bandung-Garut Bypass, then through jalan Nasional III (distance: 55 km) with 110
-140 minute drive.
 Cirebon
The property can be accessed via Cipali toll road to Jalan Raya Cirebon - Bandung (distance: 120 km) with 180 - 240 minute
drive. In the future, when Bandung - Cirebon toll roads are operated, the traveling time will be shorter.
 Husein Sastranegara Airport
The property can be accessed via Padaleunyi Toll Road (distance: 36 km) with 50 - 70 minute drive.
14
Colliers
Micro Accessibility INTERN 4TIONAL
The map and the picture show the

accesibility to the property through
Jalan Raya Jatinangor.
.The street connects the property to

some universities, such as Institut
Pemerintahan Dalam Negeri (IPDN),
Institut zKoperasi Indonesia (IKOPIN),
Institut Teknologi Bandung (ITB) and
the nearest is Univerista PAdjajaran
(Unpad).
Jalan Raya Jatinangor is also one of the

streets that connect Bandung and the
surrounding areas to Pantura which
connect them to cities in Java. For that
reason, The use of the street will be
highly increased duringholiday seasons
(such as: Eid al- Fitr, Christmas and
New Year).
Sumber: Colliers International Indonesia —Advisory

15
Visibility Colliers
INTERNATIONAL
The above picture shows The property visibility from Jalan Raya Jatinangor, 25 m in width.
A1011111.1116
Technical Framework Colliers
Skyland had processed the license to develop the 4.5 Ha site with license number 503.IP/013-BPMPP/2011, but in 2012 a new rule about the
provincial plan of layout and strategic areas of Jatinangor (Perda Kab, Sumedang number 12 year 2012) was out. It limits the height of a
building into 12 floors. The it has been revised into Perbup Sumedang number 92 year 2015 that is used as the basis of the plan.
The consultant estimated the technical framework based on 2 alternatives presented below:
1. The area owned by PT. Adhiloka
2. The total plan area (including the one that has not been purchased by PT. Adhiloka)
INTERNATIONAL
Alternative 1 - The area owned by PT. Adhiloka

Building first Building
floor width Building height
Based on the rules of Width (m2) KDB (%) KLB* limits (floor)
Zone ( n i l (m2)
--------------------------------------------------------------------------•-------------------------------------------------------------------------------------------4 ..
27.000 270.000 23
License number 503.1P/013- 45.000
60% - 180.000
BPMPP/2011 mixed ----------------
-------------- r--
Perda Kab. Sumedang Nomor 12 ----------------- 22.500 12
45.000
Tahun 6
mixed 50%
2 0 1 2 , _ ----------- Depending on
27.000
Perbup Sumedang Nomor 92 45.000 theland
4
Tahun 2015 mixed 60% condition*
*Based on the condition of the existing buildings, it can be assumed that the height limit of a building is 23 floors
Alternative 2 - The total plan area (including the one that has not been purchased by PT. Adhiloka)
Building first Building
floor width
width(m2) (m2) (m2)
Based on the rules of Zone KDB (%) KLEr Buidingnheight
limits (floor)
40.200
67.000 -
License number 503.1P/013-
Campuran 60% - 23
BPMPP/2011
33.500
Perda Kab. Sumedang Nomor 402.000
67.000
12 Tahun Campuran 50% 6 12
) 2 0 1 2 40.200
67.000 268.000
Perbup Sumedang Nomor 92 Depending on the
Tahun 2015 Campuran 60% 4 land condition*
Based on the condition of the existing buildings, it can be assumed that the height limit of a building is 23 floors
source: Colliers International Indonesia — Advisory
ERN,,1:011AL
KKOP (Kawasan Keselamatan Operasional Penerbangan/ Flight Operation safety Zone)
..„---- .-------
-----
irfO4s.
------,,,
ie .el'01:
—
.., /
14,
\ \
MOJA
--.'--'-'---'..
Max
height
Zone KKOP Radius (m) limit (m)
source: Colliers International Indonesia — Advisory -r;Innerhorizontal < 4.000 45
Because the property is located 21.7 km from Husein Sastranegara
surface
Airport, it is situated within the approach and take-off path. Therefore, Conic surface 4.000 — 6.000 45 — 150
the building height limit is more than 150 meters maximum. However, Outer horizontal 6.000 — 15.000 150
surface
since the government has set the height limit, the KKOP regulation Approach and take-
off surface >15.000 >150
becomes irrelevant.
.
Colliers
SWOT INTE,N4TIC•NAL
Strengths Weaknesses
 The property is located in Jatinangor that has developed into  The property has an irregular shape that limits the
an important educational area with public universities or development plan as commercial buildings.
higher level education institutes with national scale and  The shape of the land is not symmetrical, therefore, it might
students from all over Indonesia. need land acquisition to make it more efficient.
 The property is located 500 meter from University of  The building height is limited to 12 floors based on Perda
Padjajaran, one of the famous public universities in Kab. Sumedang Number 12 Year 2012, but it is being
Indonesia. revised.
 Jatinangor is an important point on the route that connect  The property has narrow entrance visibility, thus it reduces
big cities in Java. the visibility from Jalan Raya Jatinangor.
 The property has a good accessibility, in micro scale in
Jatinangor and in macro scale with the surrounding cities.
sourcer: Colliers International Indonesia — Advisory

Colliers
SWOT iN TE"Yric, ION' L
Opportunities Threads
 Jatinangor Sub-District is aimed to be Strategic Area of • The development plan of other property projects in Jatinangor
Provincial Education of Jatinangor and it will invite a lot of will become potential competitors for the development of
students from around Indonesia. This situation will create a
commercial buildings in the property site.
demand in various accommodation
 and commercial facilities in Jatinangor.
 The plan of making Jatinangor becomes part of Bandung
Metropolitan area makes infrastructure development in
Jatinangor aggressive.
The plan of property development as integrated commercial
buildings will give more value to the property than to other
development in Jatinangor

Colliers
Indikator Ekonomi 'NTE '1
Economic Indicators 2010 2011 2012 2013 2014 2015 2016
GDRP (IDR trillion)

Applied price 6.864,1 7.831,7 8.615,7 9.524,7 10.542,6 11.540,8
 Constant price 2000 6.864,1 7.287,6 7.727,0 8.158,2 8.568,1 8.976,9
GDRP per capita based
on applied price (million) 28,7 32,6 35,1 38.2 41,8 45,2
GDRP per capita based
on applied
based price (million)
on constant
on applied
price
Economic price (million)
growth (%YOY) 6,17 6.03 5,58 5,02 4,79
based on constant price
Inflation (%) 6,96 3,79 4,3 8,38 8,36 3,35 0,421
Exchange rate 9.084 8.776 9.369 12.087 12.438 13.194 13.5152
Interest - Bank Indonesia 5,75 6,48 7,75 7,5 7,002
6,5 6,0
(%)
Balance of Trade (million US$)
 Eksport 157.732,60 203.616,7 190.043,60 182.570,00 176.292 70 150.252,50 10.500.23
 Import 135.606,10 177.299,3 191.670,60 186.630,00 178.178,80 142.739,60 10.449,63
- Surplus (Deficit) 22.126,50 26.317,4 -1.626,00 -4.060,00 -1.886,10 7.512,9
New Investment (has been achieved)
 Foreign (US$ Million) 16.213,80 19.474,5 24.563,70 28.617,00 28.529,7 29.275,9
 Domestic (IDR 60.626,30 76.000,8 92.182,00 128.150,00 156.120,2 179.465,90
Billion)
Note:
1 2 3
January - February 2016 February 2016 January 2016
Source: Statistik Indonesia 2013, Bank Indonesia 2014, BKPM2014
GDP Colliers
1'4
 GDP of applied price increased from Rp
14,000 f, 7 6,864.1 trillion in 2010 to Rp 10,542.6 trillion

in2014.
Pertumbuhan Ekonomi (%)

12,000 6
 • •
10, 000 5
 in 2011 and 2012, Indonesia's economic
CC CC 4
growth was 6%. The growth slowed down in
8,000 0 3
2013 and 2014, with 5.78% and 5.02%.
1111 • IN MI
6,000 2
4,000 1  In 2015, GDP of Indonesia based on the

2,000 0
N E N E 0 constant price reached Rp. 11,540.8 trillion. The
CNI C■1 CNI CN1 Cs1 CNI economic growth even reached the lowest level in
Harga Berlaku Harga konstant Pertumbuhan Ekonomi the last four years, i.e. 4.79%.
 On the other hand, the economic
Credit Ratio to GDP
performance of Indonesia was stronger shown
100%
90%
with the low credit ratio to GDP. In 2012 credit
80% ratio reached 23%, the lowest point since 2000.
70%
The economic slowdown made the credit ratio
60%
50% increased a little to 27% in 2015.
40%
30%
20%
25
10%
0%
Source: Ministry of Treachery of Republic of Indonesia

Demographic Analysis Colliers
•J
E rd
1•11•1!Ill
Indonesia is the fourth most populous country in the

world, with the total population of 255.4 million in
55-8°4'59
2015, consisted of 128.3 million males and 127.9
million females.
The population is increased 1.46% every year, from

237.6 million in 2010. A large number of population
followed by the high growth of GDP per capita shows
that people purchasing power is high.
Indonesian population is dominated by young productive

people, with 88.85% of population is under 55 years old.
Dependency number in 2010 was 51.3, that means in
100 young productive people there are 51 non
productive ones.
15,000,000 10,000,000 5,000,000 0 5,000,000 10,000,000 15,000,000
Permpuan •Laki-li
Source: Central Buerau of Statistics (Biro Pusat Statistik)

Economic Performance Colliers
NTE,r :CIA AL
GROSS DOMESTIC REGIONAL PRODUCT OF WEST JAVA
Economic Indicator 2010 2011 [ 2012 1 2013 2014 2015

GDRP (Rp. Billion)
Applied price 906.716 1.021.629 1.128.216 1.258.914 1.387.276 1.525.150
Constant price 2000 906.716 965.622 1.028.410 _ 1.093.586 1.148.949 1.207.000
GDRP per capita (Rp)
Applied price 20.970.000 23.300.000 25.300.000 27.770.000 30.140.000 -
Constant Price 2000 20.970.000 22.022.675 23.061.875 24.120.000 24.960.000 -
Economic
- 6,50% 6,50% 6,34% 5,09% 5,03%
growth
Source: BPS Provinsi Jawa Barat
 From 2012, West Java economic growth had slowed down and reached the lowest point in 2015, with 5.03%.
 GDRP per capita of West java increased from Rp. 20.97 million in2010 to Rp. 30.14 million in 2014.
e •
{Alters
Economic Performance
Sector Contribution to West Java GDRP 2015
Administrasi
Jasa Perusahaan Pemerintahan,
Pertahanan _Jasa Pendidikan
0.42%
 Processing Industry is the main support of West
Jaminan Jasa Kesehatan
dan 2.74%
Jasa Keuangan Sosial dan kegiatan
2.49% Real Estate Wajib Sosial Java Economy (44.24%), due to the operation
1.17%_ 2.10% 0.75%
Informasi dan Jasa Lainnya of industrial area, especially in Karawang –
Komunikasi 0.20% Pertanian, Bekasi area.
3.53% Kehutanan dan
Penyediaan Perikanan
Akomodasi dan
7.85%  Wholesaling & Retailing and Construction also
Makan Minum Pertambangan
2.51% give a big contribution to West Java GDRP,
/ Perdangangan dan Penggalian
2.32% i.e. 16.06% and 8.28%.
Transportasi dan Eesar dan Eceran
Pergudangan 16.06%
4.78%
Konstruksi
8.28%
Peng
Pengadaan Air dan Gas
0.08% 0.49%
Source: BPS Provinsi Jawa Barat
11■ 111=111MOOP
 The highest inflation in West
Inflation
Java happened in 2005 and 2008,
20% 18.51% and 10.61%. It happened
18% because of the increase of fuel price.
16%
14%  From 2009, the inflation
12%
could be stabilized in one digit level.
10%
8%
A Inflation in 2015 was 2/72%.
6%
 From January to February
4%
2%
■ 2016 the inflation was 0.42%.
0%
Jan - Feb 16
0 8 0 0 0 N — 0 ( 9 0 ° ) 0
(N
(N Cs1 C CN N CN1 N
Source : BPS Provinsi Jawa Barat

Demographic Review
Colliers
NTE,=NA-HulJAL
Kabupaten/Kotamadya
Area width Population Dencity  Based on 2010 Population
No (Districts)
(km2) male female Total (Jiwa/Km2)
Census, the population of West
.....................Bogor 2.997,13 ... 2.452.562 2.319.370 .. 4.771.932 1.592,17
2 Suk abum i 4.160,75 1.193.342 1.148.067 .. 2.341.409 562,744 Java is 43,053,732 people with
3 C i a n j u r 3.594,65 1.123.091 1.048.190 2.171.281 604,03
the density of 1,158.17 people
4
B a n d u n g 1.756,65 ... 1.620.274 1.558.269 3.178.543 1.809,43
5 G a r u t 3.094,4 1.217.768 1.186.353 .. 2.404.121 776,92 per km2.
6 Tasikmalaya 2.702,85 834.996 840.679 1.675.675 619,97
 Sumedang District, where
7
C i a m i s 2.740,76 758.889 773.615 1.532.504 559,15
8 K u n i n g a n 1.189,6 520.632 514.957 1.035.589 870,54 the property is located, is an area
9 C i r e b o n 1.071,05 1.059.463 1.007.733 .. 2.067.196 1.930,06
with population density 781
10 Majalengka 1.343,93 582.892 583.581 ....... 1.166.473 867,96
11 Sumedang 1.560,49 547,797 545.805 1.093.602 718 people/km2. It is one of the areas
12 lndramayu 2.092,1 856.640 807.097 1.663.737 795,25
676,91
with population density under
13 S u b a n g 2.164,48 739.925 725.232 1.465.157
14 Purwakarta 989,89 436.082 416.439 852.521 861,23 1,000 in West Java.
15 Karawang .............. 1.914,16 1.096.892 1,030.899 2.127.791 1.111,61
16 B e k a s i 1.269,51 ...... 1.347.223 1.283.178 ..... 2.630.401 2.071,98
.
n
n
17 Bandung Barat 1.335,60 770.702 739.582 1.510.284 1.130,79

18 Kota Bogor 111,73
4n 484.791 465.543 950.334 8.505,63
19 Kota Suk abum i 48,96 152.080 , 146.601 298.681 6.100,51
20 Kota Bandung 167,31 ..... 1.246.122, 1.207.935 .. 2.453.517 14.314
21 Kota Cirebon 40,16 148.600 147.789 296.389 7.380,20
22 Kota Bekasi 213,58 1.183.620 1.151.251........ 2.334.871 10.932,07,
23 Kota Depok 199,44 880.816 857.754 1.738.570 8.717,26
24 Kota Cimahi 41,20 274.124 267.053 541.177 13.135,36
25 Kota Tasikmalaya 184,38 321.460 314.004 635.464 3.446,49
26 Kota Banjar 130,86 87.031 88.126 175.157 1.338,51
West Java 37.173,97 21.907.040 21.146.692 43.053.732 1.158,17
Source : Jawa Barat dalam Angka, SP 2010
NTEr-!N NI NnL
GROSS DOMESTIC REGIONAL PRODUCT (GDRP) OF BANDUNG

Ekonomi Indikator 2010 2011 2012 2013 2 0 1 4
,
P D R B ( R p M i l i a r )
Harga Berlaku 102.154,91 115.203,94 131.989,53 151.772,41 172.629,38
Harga Konstan 2010 102.154,91 110.234,43 119.632,25 128.988,56 138.911,06
PDRB per Capita (Rp) ............................................................!...........................................................
Harga Berlaku 42.350.000 47.430.000 53.990.000 6 1 . 7 3 0 .0 0 0 69.870.000
Harga Konstan 42.350.000 45.384.029 48.935.284 52.463.183 56.222.850
Pertumbuhan Ekonomi (YoY) - 7,91% 8,53% 7,82% 7,69%
Source : Bandung dalam Angka 2015
GROSS DOMESTIC REGIONAL PRODUCT (GDRP) OF SUMEDANG DISTRICT

_
Economic Indicator 2010 2011 2012 2013 2014
GDRP (Rp. Billion) . ............................. ... ...........................
Applied price 14.686,78 16.392,58 18.140,27 20.260,54 22.344,05
Constant price 2010 14.686,78 15.390,93 16.400,80 17.194,50 18.003,09
GDRP per capita (Rp)
Applied price 1 3 . 3 3 2 .4 9 6 1 4 .7 66 .990 16.266.827 1 8 .0 07 .369 19.747.900
Constant Price 13.332.496 13.864.667 14.670.839 15.282.308 15.900.000
Economic growth (YoY) - 4,79% 6,56% 4,84% 4,70%
Source : Kabupaten Sumedang dalam Angka 2015
 In general, Bandung has higher GDRP and GDRP per capita than Sumedang. In 2015 Bandung’s GDRP per capita was Rp. 69.8
million. It was 3.5 times higher than Sumedang’s (Rp. 19.7 milllion).
 Sumedang District also has lower economic growth than Bandung 3

Sector Contribution to 2014 GDRP of Bandung and Sumedang

BANDUNG KABUPATEN SUMEDANG
Administrasi
Pemerintahan, Jasa Kesehatan
dan Kegiatan Pertanian, Administrasi Jasa Kesehatan
Pertahanan
Sosial Kehutanan dan Jasa Perusahaan Pemerintahan, dan Kegiatan
3.0% Pertahanan
1.0% Perikan an 0.0 1'. Sosial
6.8 121. 1.02%
Jasa Perusahaan a Pendidikan 0.1%
0.8% 3.2%. Jasa Pendidikan
Jasa Lainny Pengadaan
Real Estate \5.56% Jasa lainnya
Real Estate 1_3.4% Listrik, Gas 1.59% 1.61%
1.2% I Pertambangan
Jasa Keuangan Pertambangan 0.1% Jasa Keuangan dan Penggalian
5.8% an Penggalian engadaan 4.07% 0.11%
Air 0.0%
'Indusin
d a n r 0.2% Informasi dan
Informasi dan 'Pengolah
Komunikasi an Komunikasi
9.1% 21.5% 2.77%
Industn
- Pe ngolahan
Perdangangan
Penyedia Penyedia Konstruksi •
Perdangangan Akomodasi dan Besar dan 18 88%
Akomodasi dan Ecaran '
Besar dan Eceran Makan Minum
Makan Minum 27.8:4 17.08% 9' 30%
4.6% 4.38%
Keuangan,
Persewaan dan Keuangan,
Jasa Perusahaan Persewaan dan
2.99% —Pengadaan
Jasa Perusahaan
2.99% Pengadaan Air Listrik, Gas
0.03% 0.30%
Sourcer : Bandung dalam Angka, 2015 Sumber : Kabupaten Sumedang dalam Angka, 2015
 Wholesaling and Retailing (27.8%) gave the biggest contribution to Bandung. While for Sumedang, the biggest contribution was
from farming sector (21.7%).
 Processing Industry gave the second highest contribution Bandung and Sumedang, with 21.5% and 18.8%.

34
T E CrJ
Inflation in Bandung
12%
10%
8%
6%
4%
2%
0%
00 rn 0 1 C Cr) U)
0 0 0
0 0 iS
Jan - Feb 16
0 0 CS 0 0 0
C C■ 1 CN C CN C
Source : Bandung dalam Angka, 2015
 From 2007, inflation stayed in one digit except in2008, 10,23%
 2005 inflation was 3.93% , much lower than 2014 (7,76%).
 In January — February 2016 the inlfasion was 0,38%, lower thanEast Java's 0,42%.
 35
Demographic Review Colliers
tNT
BANDUNG
Width Density
No KECAMATAN - Population (people/km2))
(districts) (Km2) Male female Total
1 Bandung Kulon 6 , 426)
(Km 71.041 69.739 140.780 21.793 ...
2 Babakan Ciparay 7,45 74.754 70.657 145.411 19.518
3 Bojongloa Kaler 3,03 61.252 57.773 119.025 38.282
4 Bojonglua Kidul 6,26 43.809 40.877 84.686 13.528
5 Astana anyar 2,89 34.180 33.862 68.042 23.544
6 Regal 4,30 40.333 40.201 80.534 18.729
7 Lengkong 5,90 34.939 35.432 70.371 11.927
8 Bandung Kidul 6,06 29.251 28.031 58.282 9.617
9 Buah Batu 7,93 47.288 46.730 94.018 11.856
10 Rancasari 7,33 38.165 36.849 76.014 10.370
11 Gedebage 9,58 18.321 18.336 36.657 3.826
12 Cibiru 6,32 36.295 34.896 71.191 10.264 ...
13 Panyileukan 5,10 20.122 19.665 39.787 7.801
14 Ujung Berung 6,40 38.641 37.380 76.021 11 878
. ..
15 Cinambo 3,68 12.777 12.165 24.942 6.778
16 Arcamanik 5,87 34.795 33.724 68.519 11.673
17 Antapani 3,79 37.020 36.588 73.608 19.422
18 Mandalajati 6,67 31.986 30.863 62.849 9.423 100,000.00 50,001. 0.00 50,000.00 100,000.00
19 Kiaracondong 6,12 65.623 64.837 130.460 21.317 ...  Perempuan • Laki-Laki
20 Batununggal 5 , 0 3 61.058 58.483 119.541 23.766  Based on the 2010 population census,
21 Sumur Bandung 3,40 18.246 17.914 36.160 10.635 ...
22 Andir 3,71 49.059 47.376 96.435 25.993 ... the population of Bandung is reached 2.453.517
23 Cicendo 6,86 49.686 48.923 98.609 14.374
.
24 Bandung Wetan 3,39
15.246
15.521
people with the density 14.314 people/km2.
. 30.767 9.076
25 Cibeunying Kidul 5,25 54.031 52.540 106.571 20.299  The total number of productive
26 Cibeunying Kaler 4,50 35.970 34.141 70.111 15.580
27 Coblong 7,35 68.324 61.699 130.023 17.690
population is 71%.
28 Sukajadi 4,30 53.828 53.305 107.133 24.915
29 Sukasari 6,27 40.478 40.493 80.971 12.914
29.604
30 Cicadap 6,11 . 28.395 57.999 9.492
TOTAL 167.31 1.246.122 1.207.935 2.453.517 14.314 
36
Source: Bandung Dalam Angka, 2011
Demographic Review Colliers
KABUPATEN SUMEDANG
width Population Density
No KECAMATAN
(districts) (Km') male female Total j ( j i w a l k m 2 )
12 Jah 1 nangor 26.2 53.788 53.907 107.695 4.110 7 ®
Liman ggyn2 ........I 40,76 40.272 40.100 8 0 .3 72 1.972 1
3 Tanjungsari 35,62 38.619 37.656 7 6 .2 75 2.141 MINI111■111
4 Sukasari 47,12 15.795 15.310 3 1 .1 05 660
5 Pamulihan 57,85 27.458 26.848 5 4 .3 06 939
6 R a n c a k a l o n g 52,28 18.733 18.759 3 7 .4 92 717
7 Sumedang Selatan 117.41 37.410 36.471 7 3 .8 8 1 629
8 Sumedang Utara 28,25 44.475 43.686 8 8 .1 6 1 3.121
9
G a n e a s 21,36 11.880 11.518 23.398 1.095
10 S i t u r a j a 53,98 17.803 18.107 3 5 .9 1 0 665
11 C i s i t u 53,31 1 3 . 0 1 8 1 3 . 1 6 7 2 6 .1 85 491
12 D a r m a r a j a 54,95 18.314 18.714 3 7 .0 28 674
13 C i b u g e l ...48,8 .. 10.427 10.360 2 0 .7 87 426
14 W a d ° 76,42 21.799 21.160 42.959 562
15 J a t i n u n g g a l 61,49 20.490 20.708 4 1 .1 98 670
16 J a t i g e d e ....I . . , .... li 11.491 12.210 23.701 2 1 2 50,000.00 30,000.00 10,000.00 10,000.00 30,000.0050,000.00
17 T o m o 66,2697 11.557 12.005 2 3 .5 62 356  Perempuan •Lak-iLaki
18 pi unVpy.a ...... 80,56 14.353 14.680 2 9 .0 33 360
106 16 14.201 14.654 28.855 272  Based on the population census, the total number of
19
PPrinean9 ............ ... .. .j ...
20 P a s e h 33,52 17.286 17.962 3 5 .8 4 8 1.069 Sumedang ‘s population is 1,093,602 peopleSumedang ‘s
21 Cimalaka 41,62 28.456 2 8 . 0 0 9 5 6 .4 65 1.357 with the density 718 people/km . 2
22 C i s a r u a 18,92 9.514 9.514 1 9 .0 28 1.006
23 T a n j u n g k e r t a 40,14 16.740 16.696 3 3 .4 36 833  Jatinangor sub-district, where the property is
24 Tanjungmedar 65,14 12.218 11.934 24.152 371 has the highest density 4,110 people/km2.
25 .............. Buandua ......
131 37 I._ 15.648 16.273 3 1 .9 21 243
26 S u r i a r 50,74 5.452 5.397 10.849 214  Productive aged population is dominated
TOTAL 1.560.49 547.197 545.805 1.093.602 718 in Sumedang district,
66%.
S: Kabupaten Sumedang Dalam Angka, 2011 7
Infrastructure Colliers
NTEPN 4TIONAL
Husein Sastranegara International Airport

This international airport is located on Jalan Pajajaran, Bandung. It is 5 km north of northwest of city centre.
PT Angkasa Pura II is renovating the airport. The development and expansion of Husein Sastranegara Airport cover:
 The expansion of passenger terminal from 5,000 m2 to 17,000 m2. By having the expansion, the terminal capacity becomes 3.4 million
people per year.
 The expansion of Commercial areas to 3,000 m2.
The ground-breaking was on September 29, 2014 and it was estimated to finish in March 2016.
Source: Google
Kertajati International Airport

Kertajati International Airport is built in Majalengka district, West Java with 1.800 hectare in width. It is as an alternative for people who live
in West Java and Central Java.
The construction of Kertajati International Airport is divided into 3 stages:
1. Infrastructure
2. The construction of passenger terminals
3. Operational supporting buildings.
As planned, this airport will have two runways sized 3,500x60 meter and 3,000x60 meter. By having two runways, it is expected that the
passenger capacity will be 20 million people per year. This airport is expected to operate at the end of 2017.
..4100111
Sumber: Google
Infrastructure
Jakarta – Bandung Express Train

Jakarta – Bandung Express Train will connect Jakarta to Bandung with 142.3 km in length. It will be the first express train in Indonesia
that operates 18 hours a day.
The ground breaking was on January 21, 2016.However, it has not postponed due to permit issues. This express train is estimated to
operate in 2019 with a route that is through 4 stations, i.e. Halim station, Karawang station, Walini station and Tegal luar station.
---■ •■ ■ •--
Stasiun tialim, Stasiun

44\......inisitimoolirmilimi46
■Karaywang
---00"11111111131"
Mii==m1
Kereta Cepat
Jakarta - B andung
Stasiun
 Paninng.: 142.3 km Walini
 Operas!
Total Investasi
: 2019 : USS5.5 billion BANDUNGSri
II
 Contractor : PT. Fast Trains Sjasipit
Indonesia China TmalLnal
(KCIC) INSPOS/PADRYO
Source::Goode
BANDUNG RAYA LRT

It is 154.46 km in length and planned to have 8
The Plan of the Routes of Metropolitan Bandung Raya LRT
routes:
1. Route 1: Leuwi Panjang – Gedebage – 4+.1Y1" 1 Lei. Pgricr9- Gedebage -
)911^.510,10!
Jatinangor MY 2 ktt.tr:I. PC1,109-C#Nkti -
P9.4610T9.9:.Wohn,
2. Route 2: Leuwi panjang – Cimahi – 1,*.r.3-4.9.t*O.?,9119.MAc0,Y1
)9,4!400.0c91.1WYFtf121-
Padalarang – Walini .*:•!APPPO-^9
100 5 c.§$,Yrilese - c?!:117.0..9g
3. Route 3: Leuwi Panjang – Soreang — TostOluar2Act9laya
loie! 6'ki9t120!..1.9..4?-Oskr49!9±,
4. Route 4: Babakan Siliwangi – Leuwi -1014.17-D090-P6_340.0
4! 8: 49b9k9r1
Panjang
- MP-41r
5. Route 5: Cibeureum _ Gedebage –
Tegalluar – Majalaya
6. Route 6: Martadinata – Banjaran
7. Route 7: Dago – Pasirluyu
8. Jalur 8: Babakan Siliwangi – Lembang –
Maribaya
The construction started in March 2016 and is

estimated to operate in 2019. This LRT is
planned to be integrated with Jakarta – Bandung Source: galamedianews.com
Express Train
NT E fr N 4T ION AL
BANDUNG INTRA URBAN TOLL ROAD (BIUTR) The project of construction of toll road inside
PETA LOKASI PROJEK "BANDUNG INTRA URBAN TOLL ROAD" Bandung or Bandung UIntra Urban Toll Road
(BIUTR) will start at Km 149 of Padalarang –
Cileunyi Toll Road. This project will intersect
Cams.Clans113.8km Bandung and its length will be 27.3 km.
Oa% • ah:WW 14.4 Wm) OralhoW - U1ngerwe kr*:
Odes P.3.56 Or, 15rellin1 Cap", (52

BIUTR project is divided into some routes:
Pao4stRA SNOAPC412%
/40.ATIVAMID 1. Route I
a. Route I-1 Pasteur access –Pasupati –
coal; wffi.8 Gasibu Underpass (5.5 km)
b. Route I-2 Soekarno Hatta access –
Gede Bage (4 km)
2. Route II
a. Route II-1 Gasibu Underpass access –
Cicaheum – Ujungberung (8.8 km)
 0016
b. Jalur II-2 Ujungberung access –
\ N i t ,
80
.41,1088
etescons 0' Soekarno Hatta (2.7 km)
Mamtno VA • c. Jalur II – 3 Ujungberung access –
lienwidompon
1111188118,
=IN=
Bler 711.1r
I■enalwesffror LAWN
Cibiru – Cileunyi (6.3 km)
CMaka, 4.1. gums pr air riOnIrl; e-
- D 1.fir law
Cowan The project is still under discussion between
Sumber: www.bandung.co West Java Provincial administration and
Bandung City administration regarding the areas
owned by 14 ministries, 9 areas have been
acquired.
.
42
N TE RN Al IC , r-/A l.
CISUMDAWU TOLL ROAD

Cisumdawu toll road connects Cileunti – Sumedang – dawuan with 61.6 km in length. This toll road is part of Tran Java toll
road.
Cisumdawu toll road is built in six sections:
1. Cileunyi – Rancakalong (12.02 km), the land acquisition is estimated to befinished in 2018.
2. Rancakalong – Sumedang (17.05 km), still under development and will operate at the end of 2017.
3. Sumedang – Cimalaka (3.7 km)
4. Cimalaka – Legok (8.2 km)
5. Legok – Ujung Jaya (16.42 km)
6. Ujung Jaya – Dawuan (4.23 km)
CILEUNYI –SUMEDANG – DAWUAN TOLL ROAD

kr& In sinviu
i:etbtn
1(kflaisti
JaLin Tol Cieutrii

Sumechrq-Dsomen
61,675 km
1140 'f smelling JAWA BARAT
) M I
Cu"'Oei 0C,lb earourl

d.,•r■ h-wrsrh.hos.7hal44,11d1r, :161rvetri111,47Pr*.r
Sourcer: Gooqle
I NT E R N AT IO N AL
1■111•0!,^-,i
CIAKAR TERMINAL
Ciakar Terminal is the only bus terminal in Sumedang district, located on Jalan Prabu gajah Agung/Jalan By Pass. It was built in 1990s
and it serves routes to 4 big cities in West java and Jakarta, i.e. Bandung, Depok, Cirebon, and Jakarta.
1 41
j7
AdACA
Afir WM'
isammor
6
.!!
Sum ber: www.wewengkonsumedang.com
Bandung Apartment market Colliers
IN T E R
MAP OF INDONESIA S
ailiti .1.7#r "
MALAYSIA
S®
PACIFIC
S OCEAN
MAP OF BANDUNG R 0 0 1 . '
...14 C',) •. , &+04.1...... ,S,

CITY , ,,,.. • ""'
4......., Swisco), -  G7 .
4
V....V. , , ..!... - / oi e
...,.-.A.vro4,,,i.p......
1
A 4
L. ,
W2-•H,
1=
4 '
, GRE • TER SUNDA ISLANDS ' w Ovir

4,4 ,.
"--•4....Al
'4, Jew Sp -
a=as 0 F
 le .Plitratm
Am
.E.2:1TIMOR
1
ax.
Sea
The apartment market is included:

 Bandung City
 Jatinangor
 Cimahi
Sourcer: Colliers International Indonesia - google.com dan Advisory

Supply Growth Colliers
THE ACCUMULATIVE SUPPLY OF STRATA-TITLE APARTMENTS
z 3 5
.0  Bandung apartment market was
-- 300%
30 strated in 2003, with Majesty

250%
Apartment (274 units).
25
200%
Pertumbuhan per Tahun

 During the period of 2003 - 2013, the
1
Jumlah Unit
20 150% supply grew significantly, 38.79% per

year.
11 1
100%
15
 The growth has slowed down since
" 1111111
2013, 27.81% per year reaching
10 50%
15,168 units (20 projects on 1Q 2016.
— 0%
 It is predicted that until 2019, the
-50%
supply of strata-tile apartments will
Cr) 0 l•-.. CO (33 0 .- CN1 Cr) V 0 CO
0 grow 9.56% per year, reaching 30,622
0 0
0 0 0 CD ---------------------------------------------------------------- 13......., EL, 11 11_,
0
C■ I N C \ I C
0
\ I CV CV CV CV CV CV CV CN CN1 CNI
0 0 0 0 0 0 0 0 0 0 CD r.- co (3) units (38 projects)
0 (C7■) I C Cv S \ 5I 5C \ I
CV .--
moi Pasokan Eksisting Pasokan Tahunan Pertumbuhan

*the supply based on the year of operation (YOY)
Source: Colliers International Indonesia – Advisory
48
Apartment supply Based on the Number Colliers
omilmorri
of Projects and Units
1Q 2016
Based on the Number of Projects Based on the Number of Units
1Q 2016
Most of the apartments are located in
Northen Bandung.
2019 (P)
Due to the rule of Bandung City
government that prohibits a new
development of apartments in Northern
2019(P)
Bandung, the development of new
Berdasarkan Jumlah Proyek Berdasarkan Jumlah Unit
ndung
a
apartments is concentrated in Southern
Jatinangor B Pusat
Cimahi 11%
3% 18% and Central Bandung.
The apartment growth in Jatinangor is
Bandung
Bsa= triggered by the potentially high
Libra 24%
39% investment in providing renting rooms to
fulfill students’ demand.
Bandung
.
Timur
5%
Sumber: Colliers International Indonesia - Advisory

Classification of Apartments based on Colliers
selling price per meter2 1111!MEIMEMMI
1C) 2016
Based on the number of Projects Based on the number of Units 1Q 2016
 Based on the number of projects,
> 20 5.10 juta/
juts! m2
m2
apartments with the price of 15 – 20
24% 21%
million/m2 have the biggest proportion,
34%.
 Based on the number of units, the
apartments are dominated by the ones
with selling price ≤ Rp. 10 million/m2
and Rp. 11 – 15 million/m2. Generally,
this apartment class is built with
2019(P)
massive scale concept.
Based on the number of Projects Based on the number of Units

Projection 2019 (P)
 Based on the number of units, the
apartments are dominated by the ones with
the selling price ≤ 10 million/m2. It is shown
that most ongoing projects are projects with
massive scale.
 jukkan bahwa sebagian besar proyek

dalam tahap pembangunan 50
Apartment Distribution Based on the Colliers
NiE I C: r
Selling Price per meter2

APARTMENT DISTRIBUTION, 1Q 2016 APARTMENT DISTRIBUTION, 2019 (P)
6.000 5,000 __
4,500 __
5,000
4,000
4,000 3,500 __
3,000 3,000 __
c 2,500
2,000
2,000
1,000 0 1,500 II
–
0 1,000
500 —
41.. c
iN.et N0T ) - \-\\
e hoc —
R‘' \rer '0%
G P •■) &cc\ ec\ N. co \
<,4 4b cA e gr acs dos
. e 'A 0 xt& ' e q
c ,
e r e P t k ‘
e\-v /\\ \) c‘
e
co C)\
Ct, (
e
.(4 413 •c•cb
 5 10 juta/ m2 11-15 juta/ m2 15-20 juta/ m2> 20 juta/ m2 e 6,.' cA <Z)'4' e e sz,
t• <%
,6c
, 'R,'?
Source: Colliers International Indonesia - Advisory  10 jutaY'in2 • 11-15 juta/ m2 • 15-20 juta/ m2> 20 juta/ m2
1Q 2016
 Southern Bandung, Eastern Bandung and Jatinangor are dominated by apartments with selling price ≤ Rp. 10 million/m2.
 Central Bandung is dominated by apartments with selling price 15 – 20 million/m2, Northern Bandung is dominated by apartment
with selling price 11 – 15 million/m2 and the only apartment in Cimahi has selling price 11 – 15 million/m2.
2019(P)
 It is projected that apartments with selling price 11 – 15 million/m2 and >20 million/m2 will dominate Central Bandung.
The prices of the apartments in Southern Bandung that will develop rapidly are ≤ 10 million/m2 and 11 – 15 million/m2.
 Northern Bandung will develop equally in every market, except for apartments with price ≤ 10 million/m2.
 Jatinangor starts marketing apartments with the price 15 – 20 million/m2.
 Jatinangor mulai memasarkan apartemen dengan harga jual Rp15-20 juta/meter2
Colliers
Kinerja Pasar Apartemen 1111=1111111111■11
* THE SUPPLY AND SELLING RATE OF APARTMENT MARKET IN

 Apartments in Northern Bandung have the
BANDUNG
highest rate of supply and selling, reaching
12,000 _ 100% 9,910 units with the selling rate 90%.
A
A •  The second highest sales is in Southern

10,000 A 80% Bandung (6,710 units) and in central Bandung
(4,487 units), with the selling rate 76% and
8,000
89%.
Tingkat Penjualan
60%
To 6,000
A-  Meanwhile, the apartment supply and sales in
0
40% Eastern Bandung, Cimagi and Jatinangor are
4,000 limited, each area has 2,258, 584 and 3,878
20%
units of supply and selling rate 51%, 98%, and
2,000
82%.
0 0%
 Until 1Q 2016 there is only one apartment
Bandung Bandung Bandung Bandung Cimahi Jatinangor operated in Cimahi since 2011.
Pusat Selatan Timur Utara
 Pasokan • Penjualan • Tingkat Penjualan
* The supply and Cumulative Selling Rate is based on the year of launching (YOL),
included existing supply and future supply.
Source: Colliers International Indonesia – Research and Advisory
52
Selling price – Strata-Title Apartments
AVERAGE PRICE OF APARTMENTS IN BANDUNG AND  The highest average selling price
SURROUNDINGS, 1Q 2016 is given by the apartments in central
Bandung, reaching Rp. 20.5 million/m2.
As the central of the city and commercial
area, the land price in this area is high
and the land is also limited, thus the
apartments in this area are higher class
apartments.
 The second highest selling price
is given by apartments in Northern
Bandung, Rp. 18.45 million/m2. As
tourism area, this area becomes
preference for accommodation in
Bandung.
 As strategic area of education and
integrated research, the selling prices for
 Harga Jual/ m 2 A Tingkat Penjualan 4 apartments in Jatinangor reach Rp.
**PPN 10% is not included in the price 13.4 million/m2.
Source: Colliers International Indonesia – Research and Advisory

 .
The Criteria of Competitor Apartments Colliers
IN' E IkN Al IC:f.J..AL
Here are the criteria used in deciding the competitor apartments.

1. Location
a. It is situated in Jatinangor
Because of the limitation of competitors, the Consultant analyzed apartments in Bandung that have the following criteria:
b. The apartment is located in Northern Bandung and 1 – 2 km from the famous education centre like ITB, UNPAD, and UNPAR.
c. It is devoted to and/or cooperate with an educational institution as complementary facilities.
2. Marketing Scheme
The apartment project with strata-title marketing scheme.
3. Operational Stages
a. The apartment project that has been operated since 2010.
b. The apartment project that is still under marketing stage and construction in 1Q 2016.
Based on the criteria above, there are four competitor apartments and six comparable apartments.
...4101110
Colliers
Location of the Competitors INTERNATIONAL
IIIIIIIFMI=1III
Apartments LEGEND:
No. note
University
1 Universitas Padjajaran (UNPAD)
2
Institut Teknologi Bandung (ITB)
Gi4hara Jatinangor
Coil ,ein rkk
,
Institut Pemerintahan Dalam

3
Universitas
Negeri (IPDN)
Padjadjaran Institut Koperasi Indonesia
4
(IKOPIN)
Kilmpu:; 11 0 li oargor
Competitors
1 Pinewood Residence
!moot'',
2 Easton Park Residence
1,,,,rrc'rintah
Neu IPDN gasi"

4E+1 PROPERTI
3 Apartemen Taman Melati
Ihu:°menu,
,
Lala5a
4 Skyland Tower A
J.
Source: Colliers International Indonesia - google.com and Advisory Alle5116111

Colliers
Location of Comparable Apartments I NTERNATI ONA L
-.,01.,■ ■ ■ •1.•■ •■ 14
BANDUNG LEGEND:
UTARA
No. Notes
Universities
1 Institut Teknologi Bandung (ITB)
64 Universitas Padjadjaran (UNPAD)
. s ........... 2
Bandung
% . 4 C -
Universitas Katolik Parahyangan
3
(UNPAR)
4 Universitas Telkom
Comparable Apartments
1 Apartemen Jarrdin Cihampelas
2 Dago Suites Apartemen
3 Galen Ciumbuleuit 2
BANDUNG 4 Gaferi Ciumbuleuit 3

SELATAN
Bandung Technoplex Living @
.................................... Telkom
.•- ..............................................
6 Hegarmanah Residence
•••••IS
 or.,
4
-
1 .• e:Nom U vI I y
............
Source: Colliers International Indonesia - google.com and Advisory

,0
GENERAL CHARACTERISTIC OF COMPETITORS Colliers
N T E RN AT I O NA L
GENERAL CHARACTERISTIC OF COMPETITORS
MARKETING OPERATING NUMBER OF NUMBER OF

No APARTMENT NAME ADDRESS DEVELOPERS SIZE
YEAR YEAR TOWERS UNITS
Eksisting
JI. Raya Jatinangor PT. Mahkota Intl Citra
Pinewood Apartment 2010 2012 1 980 39,28 — 41,25
no.150
2 Easton Park Residence 2012 2015 JI. Raya Jatinangor Kalmarland 1.400 20,00 — 54,00
Tahap Konstruksi
JI. Cileles - Cikuda PT Adhi Persada
3 Taman Melati Jatinangor 2013 2016 1 758 21,30 — 42,90
Hegarmanah Properti
4 Skyland Tower A 2013 2016 JI. Raya J Skyland 740 29,18 — 58,36
GENERAL CHARACTERISTIC OF COMPARABLE APARTMENTS

MARKETING OPERATING NUMBER
0 APARTMENT NAME ADDRESS DEVELOPERS OF NUMBER OF
YEAR YEAR UNITS SIZE
TOWERS
 ....... Eksisting .......
partment Jarrdin PT. Kagum Karya
2009 2014 JI. Cipaganti No.90 4 2. 4 44 18,50 — 40,00
.. iham pelas Husada
JI. Sangkuriang,
2 Dago Suites Apartment 2010 2014 Istana Group 1 658 35 ,00 — 132,00
Dago
JI. Raya Ciumbuleuit
3 aleri Ciumbuleuit 2 2013 2016 No. 42 A PT Bandung Inti Graha 1 960 27,18 — 64,28
Tahap Konstruksi
4 Galeri Ciumbuleuit 3 2013 2017 JI. Raya Ciumbuleuit Istana Group 2 599 33,24 — 84,27
Bandung Technoplex 2014
................... 2018 JI. Trs. Buah Batu PT Multikarya Land 2 1.900 24,10 — 51.26
6 Hegarmanah Residence 2015 2018 JI. Hegarmanah No 6 Istana Group f 380 78,00 — 131,00
Source; Colliers International Indonesia - Advisory

All competitor apartments only consist of one tower, with 700 to 1,400 units per tower.
The comparable apartments consist of 1 – 4 towers, with 190 to 900 units per tower.
Pictures of Competitor Apartments Colliers
NTEkN 4T I'C
COMPETITOR APARTMENTS
I I I, VII
k
1ihmt4N
1 II fitio 11:t
a 1 • olgitoM i...frkes
1.1 111014st;:m:g 0 .
1. . fiZobolL“ - ::
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Pinewood Residence Easton Park Residence Apartemen Taman Melati Skyland Tower A
Source: Colliers International Indonesia — google.com and Advisory

Colliers
Pictures of Comparable Apartments N T EP N AT I O N A L
COMPARABLE APARTMENTS
Apartemen Jarrdin Cihampelas Dago Suites Apartemen Galeri Ciumbuleuit 2
Bandung Technoplex Living

Galeri Ciumbuleuit 3 @ Telkom Hegarmanah Residence
Sumber: Colliers International Indonesia — google.com dan Advisory

Konfigurasi Unit
Operational STUDIO 1-bedroom 2-bedroom 3-bedroom
number Number
No. Apartment Name year size size Size
of Towers of units # Unit size (m2) # Unit # Unit # Unit
(m2) (m2) (m2)
C o m p e t i t o r
A 1 p a Apartment
Pinewood r t2012 m 1 e 9 8 0n 23,49-27,44
t s 71 - - 39,28-41,25 270 - -
2 Easton Park Residence 2015 1 1.400 20,00 - 36,3 1.2 39 132 54 22 - -
3 Taman Melati Jatinangor 2016 1 758 21,30-24,7 68 42,9 69 - -
4 Skyland Tower A 2016 1 740 29,18 54 - - 38,64 - 50,54 160 58,36 4C
Apartment Jarrdin
5 2014 4 2,444 18,5 1.493 24 527 33 248 40 17
Cihampelas
6 Dago Suites Apartment 2014 1 658 35 — 52 221 41 — 67 322 62 - 77 90 82 - 132 2
7 Galeri Ciumbuleuit 2 2016 1 960 27,18 — 32,05 528 35,42 — 36,57 168 40,68 — 64,28 264 - -
8 Galeri Ciumbuleuit 3 2017 1 599 33,24 — 35,92 -
456 ................................
- 48,10 — 84,27 - -
_ .... ... 143
9 Bandung Technoplex 2018 2 1.900 24,10 - 26,31 1.100 - - 48,99 — 51,26 800 - -
10 Hegarmanah Residence 2018 2 380 - - - - 78 140 113 -131 24
Source: Colliers International Indonesia and Advisory
Competitor Apartements
 Generally they provide more than 700 units up to 1,400 units in 1 tower.
 The dominant type provided is studio (20 – 30 m2) and 2-bedroom (38 – 54 m2).
 Basedon the number of units, they are divided into 3 groups, i.e. ≤ 500 units: 1 Project (Hegarmanah); 500 – 1,000 units: 3 projects;
and >1,000 units: 2 projects (Jardin and Bandung Technolplex each has 4 towers and 2 towers).
 The dominant types of units provided are studio (24 – 35 m2) and 2-bedroom (40 – 80 m2). Some of the apartments provide 1-bedroom
type (35 – 67 m2). 61
 Hegarmanah apartment, for middle and upper class, only provides 2-bedroom and 3-bedroom types.
Colliers
Configuration of Apartment INTERNATIONAL
111■11■1101
Units
Competitor Apartments Comparable Apartments T O T A L
Studio Type (82%) dominates competitor Like competitor apartments, studio type
apartments in Jatinangor. It corresponds dominates the comparable apartment, In total, The units of competitor apartments
with the target of the market segment, i.e. with 55%. and comparable apartments are dominated by
university students. studio and 2-bedroom types. Since the
market is students and investors, studio type
2-bedroom type is on the second position 2-bedroom type gets 24% and 1-bedroom has the largest market.
with 14%. gets 15%.
Sum ber: Colliers International Indonesia —Advisory

Colliers
Apartment Unit Classification N TE AN .4T ION AL
CLASSIFICATION TABLE OF APARTMENT UNIT WIDTH

Size (m2)
Criteria 2- bedroom 3-berdroom >3-bedroom
Studio 1-bedroom
S m a l l <30 30 — 35 50 — 65 <85 150 - 250

Class Medium 30 — 35 35 — 45 65 — 85 85 — 120 250 - 350
Large >35 45 — 60 >85 ______ > 1 2 0 >350 ______
CLASSIFICATION OF APARTMENT UNIT WIDTH

No Apartment Name Studio 1-bedroom 2-bedroom 3-bedroom Classification
Competitor Apartments
1 Pinewood Apartment small - small - small
2 Easton Park Residence small medium small - small
3 Taman MelatiJatinangor small - small - small
4 Skyland Tower A small - small small small
Classification small medium small small
5 ApartemenJardinCihampelas small small small small small
6 Dago Suites Apartment large large medium medium large
7 GaleriCiumbuleuit 2 medium medium small - medium
8 GaleriCiumbuleuit 3 medium - medium - medium
9 Bandung Technoplex small - small - small
10 Hegamrmanah Residence - - medium large large
Classification medium medium small large

Colliers
Classification of Apartment Units NTEP 4416 NPR
CLASSIFICATION PERCENTAGE OF APARTMENT UNIT SIZE
Competitor Apartments Comparable Apartments T OT A L
Based on the number of units, 63% of In general, competitor and

All competitor apartments provide comparable apartments provide small comparable apartments provide small
small sized units sized units. sized units.

Colliers
Classification of Apartment Units NT E N AT I C N A L
CLASSIFICATION PERCENTAGE OF APARTMENT UNIT SIZES BASED ON THE TYPES AND NUMBER OF UNITS
Studio 1-Bedroom 2-Bedroom 3-Bedroom
Sedang
5%
The majority of competitor

83% of competitor and and comparable Most of competitor and There are 50% of the total
comparable apartments apartments provide small comparable apartments number of 3-bedroom units
provide small sized studio sized 1-bedroom units provide small sized 2- with large size.
units. (46%). There are 28% bedroom units. Source: Colliers
large sized 1-bedroom International Indonesia –
units. Advisory

Colliers
Segmentation of Apartment Market INTERNATIONAL
IMIL11/11=1■ 1111111111■ 011
Based on the market segmentation, strata-title apartments in Bandung are categorized into four classes based on the
following criteria:
 Location : 30%
 Unit Size : 25%
 Apartment Facilities : 20%
 Developer's Reputation : 15%
 Selling price per unit and per meter2
: 10%
SEGMENTATION BASED ON THE PRICE

Market Segmentation *Selling price/meter2
Middle - Lower ≤ Rp. 10 million
Middle Rp. 11 - 15 million
Middle - Upper Rp. 16 - 20 million
Upper class > 20 million
*not included PPN 10%
SEGMENTATION BASED ON THE UNIT SIZE
Size (meter2)
CRITERIA
Studio 1-bedroom 2-bedroom 3-bedroom >3-bedroom
Small < 30 30 - 35 50 - 65 <85 150 - 250
CLASSIFICA
Medium 30 - 35 35 - 45 65 - 85 85 - 120 250 - 350
TION
Large >35 45 - 60 >65 >120 >350

Colliers
Segmentation of Apartment Market INTERNATIONAL
PERCENTAGE OF APARTMENT MARKET SEGMENTATION
Competitor Apartments Comparable Apartments T O T A L
Menengah
Atas
25°/
Menengah Menengah
75% Alas
40
Menengah
Atas
50%
A different trend is shown on

comparable apartments. 50% of the
Competitor Apartments consist of In general, 50% of the projects are for
apartments are devoted to middle -
middle class apartments (75%) and middle class apartments, 40 % for
upper class and 17% are devoted to
middle - upper class apartments middle - upper class apartments and
upper class. Apartments for middle
(25%). 10% for upper class apartments.
class only give 33% contribution.

Colliers
The Performance of Competitor and - r•o -
Apartemen Gained Based on the price, the apartments can
The Jarrdin Ciumbeleuit 2
be classified into:
Pinewood
Apartment  Apartments with selling price <Rp 10
100% Dago million/m2
90% _
Easton Park 1 Suites There is one competitor apartment in
80% _ Residence this category, i.e. Pinewood Apartment
GalIleri (Rp. 8.3 million/m2) operated since
70% Ciumbeleuit 3
2012 with 99% selling rate.
Bandung
60% Technoplex  Apartments with selling price Rp 10 -
50% Apartemen Skyland 20 million/m2
Sales Rate
Taman Melati Tower A Most of the apartments (6 apartments)

40% Jatinangor are in this category. In general, the
Hegarmanah
Residence competitor apartments in this category
30%
reached 66% - 90% selling rate, lower
20%
than the selling rate of comparable
10% ________________ apartments, 80% - 100%.
 Apartments with selling price >Rp 20
0% —
Rp0 Rp5 Rp10 Rp15 Rp20 Rp25 Rp30 million/m2
Selling Price per meter2 Millions There are only 2 comparable apartments
in this category. Dago Suites, with the
price of Rp. 25.39 million/m2, reached
98% selling rate. Hegarmanah, witha
Competitor Apartments ■ Comparable little higher price Rp. 26.73 million/m2,
Apartments Pembanding
Source: Colliers International Indonesia – Advisory reached 50% selling rate.
Fasilitas Apartemen Pesaing dan Colliers
INTERNATIONAL
 ■■••111111PIN
Pembanding '
Nama Proyek others
V V V
Integrated with the
Shopping Center
2 V V V V V
V V V V V
Entrance Access
Card, Rooftop View
Rooftop View, Parking
4 V V V V V V V V Building, Library
V V V V
V V V V
V V V
V
V V Children Playground,
V V V
Phone Connection
V V V V V V Health Centre
Home theatre, health

clinic, karaoke rooms,
V V V V V V V V jacuzziool and lagoon,
indoor sport area, library.
Notes;
1. Swimming pool Function Rooms
fitness Centre and other sport Shuttle Bus
2. Retail Stores
facilities
3. Internet Meeting Rooms
Colliers
Profile of Apartment Buyers NTEPN4TIONAL
MOTIVATION IN BUYING COMPETITOR APARTMENTS
Competitor Apartments Comparable Apartments Overall

Competitor Apartments partemen PesaingApartemen PembandingOverall
eseluruhan
Investment is the main motivation in buying competitor and comparable apartments. Around 70% of the buyers are investors.
Investors buys the competitor apartments to rent them to students who study in universities in Jatinangor, i.e. ITB and
UNPAD.
Investors buy the comparable apartments to rent them to students who study in nearby universities and to tourists who visit
Bandung (because the apartments are usually located in Northern Bandung).

Colliers
INTERNATIONAL
Profile of Apartment Buyers

ORIGIN OF COMPETITOR APARTMENT BUYERS
Overall
Competitor Apartments Comparable Apartments
Lainny Lainnya
a 15%
Most of the buyers of competitor and comparable apartments come from Jabodetabek (48%) and Bandung (37%).
, , d 1 #110
71
Colliers
Profile of Apartment Buyers INTEr,N,OluNAL
PAYMENT METHOD OF COMPETITOR APARTMENT BUYERS
Competitor Apartments Comparable Apartments Overall
Cash
Keras Cash
17% Keras
18%
Cicilan
In-house
52%
Cash
Keras
Cicilan
In-
4 1 . 1 8 % house
57%
Based on the diagrams above, it can be concluded some buyers used in -house installment or softcash as their method of
payment. Based on the survey, some competitors have more than 10x DP installment plan.

Colliers
Kesimpulan
INTERNATIONAL
Konfigurasi Harga Jual/ meter2 Tingkat Penjualan

Lokasi Jumlah
Proyek Rentang Fasilitas
I Tipe Unit Ukuran Unit Komposisi Rata-rata Rentang Rata-rata
Harga
Studio 20,00 - 36,3 82%
Jatinangor 1-Kamar Tidur 39 3%

I
(Competitor 82% 7
Rp 13.400.956 66% -99%
Appartment) 2-Kamar Tidur 38,64 - 54 13% Rp. 8.38 – Rp
18.62 million
3-Kamar Tidur 58,39 1%
Studio 18,5 — 35,92 55%
1-Kamar Tidur 24 — 67 15%

Bandung Rp. 11.42 – Rp.
(Comparable 26.73 million Rp 18.535.594 50% - 99% 84% 6
Tidur 33 — 78 24%
Appartments
) 6%
3-Kamar Tidur 40 - 131
In general, if compared to comparable apartments, the competitor apartments have the following criteria:
 providing relatively bigger units (for the same type of units)
 Offering lower selling price per meter2
 Reaching lower sales rate
 Providing relatively the same number of facilities.
Colliers
I NT E R NAT I O NA L
1 1MINIMPE•
1 1
Student Boarding
UniversitasPadjajaran and ITB Jatinangor provide boarding houses for their students.
House
Boarding Houses of Universitas Padjajaran and Institut Teknologi Bandung
Boarding Number of Number of number of
House Towers/Building room Capacity occupied Units occupancy rate Fee (per year)
s units
Rp 5 – 7 million per person2
UNPAD 9 617 1.156 1,058 92%1
Rp. 20 – 23 million per person3
ITB 4 368 920 524 57% Rp. 3 – 5.4 million per person
1. First year condition
2. Fee for certain students
3. Fee for Bale Padjajaran tower devoted to medical students and public.
UNPAD boarding house has a capacity of 1,156 unit with occupancy rate 92% in the first year. It is
because 4 of the buildings are devoted to certain students, like students on scholarship, medical and
pharmacy freshmen.
ITB boarding house has a capacity of 920 units with occupancy rate 57%. The occupancy rate is lower
than Unpad boarding house’s because some of the rooms are still under renovation.
Both of the universities provide internet connection, study rooms, public kitchen, laundry, playroom and
photocopy room.
Source: Offical website of UNPAD, ITB and Colliers International Indonesia – Advisory
Colliers
Exclusive Boarding Houses around the INTERNATIONAL
oni■ p■ N■ Im.mr■ -
•
Property
Map of Exclusive Boarding Houses List of exclusive boarding houses
around the Property Numbe
Occupanc
No Name r of Size (m2) Fee per month
y rate
Units
1 Awani Residence 277 90% 12 - 30 Rp. 1.8 – 2.5 million
2 Kos – kosan 1 27 96% 12 Rp. 1,6 million
3 Alzaena 24 100% 9 - 14 Rp. 1 – 1.5 million
4 Panorama Residence 44 80% 12 - 24 Rp. 1.5 – 2.5 million
5 GriyaMurti 40 88% 18 Rp. 1.2 million
6 de Java Mansion 31 100% 12 Rp. 1.4 million
7 Kos – kosan 2 50 70% 15 - 20 Rp. 1.7 – 2 million
There are around 7 exclusive boarding houses around the

property, the closest one is Awani Residence.
Generally there are around 25 – 50 units with occupancy

rate of 90% and the minimum fee for each unit is Rp. 1
million/month. Most of the occupants are students of
medical, social and politics and cultural science of
UNPAD. The minimal length of rent is 1 year.
7.
Low Rise Apartments and Boarding House Colliers
I N T E P N AT 1O N A L
Complex
Projects of Low Rise Apartments and Boarding House Complex
Marketing Operati land Numbe Number of
No Project Name Address Developer size
Year onal r of room units
Low Rise Apartment Year (ha) towers
1 Adede Park &Apartment 2015 2016 Artha Debang 2 70C

1.11. Cikuda Nanggerang Development Group
Komplek Kost
1 Wangsarajasa 2015 2016 I. GKPN T Wangsarajasa 3.89 160 1,92C
2 Beverly Park 2015 2017 I. Cikuda Nanggerang Pratiwi Land 0.6 25 276
In January 2016 there were one low rise apartment and two boarding house complexes. The apartment offers
room units , with end- user and investors as the target market. The boarding house complexes offer towers
with some room units and investors as the target market.
Pictures of a Low Rise Apartment and Boarding House Complexes

Adede Park & Apartment Wangsarajasa Beverly Park
r,tr-11 111" 11V- ab

v,

Low Rise Apartments and Boarding House Colliers
INTERNATIONAL
Complex •••=11111111I111•••1111
Configuration
No Number of Number of Number of Number of
Project Name Building Height Project Name
towers room units towers room units
Low Rise Apartment
1 9 700 4 - - 21
Boarding House Complex
1 160 1.920 3 320 120 12
2 25 276 3 163 – 352 108 – 179 12
Adede Park & Apartment project developed 9 towers with 700 rooms, 21 meter2 in width each.
Wangsarajaproject provides 160 towers with 1,920 rooms in total. Beverly park only provides 25 towers with 276 rooms. The
size of the rooms is 21 meter2.
Performance of Low Rise Apartments and Boarding House Complex

Project Name Units on Units sold Sales rate Marketing Month units sold per
sale month
Low Rise Apartment
1 Adede Park & Apartement 160 50 31 % 12 4
Boarding House Complex
1 Wangsarajasa 160 124 78 % 12 10
2 Bevery Park 25 18 72 % 5 4
Adede Park &Apartement could sell 4 units per month (50out of 160 units on sale) during the 12 month marketing (pre-
launching).
Wangsarajasa could sll 10 units per month, while Beverly Park sold 4 units per month.

Economic indicator of Bandung and Colliers
NTE'kN 6,TIONAL
Jakarta IIIIMMIII•0111•111
GDRP OF BANDUNG AND JAKARTA
PDRB 2010 2011 2012 2013 2014
Kota Bandung
GDRP per capita based on applied price 27 30,8 33,3 36,5 41,8
(IDR million)
Economic growth (%) 6,1% 6,5% 6,3% 5,7% 5,0%
DKI Jakarta
GDRP per capita based on applied price

(IDR million) 125,53 138,86 155,17 174,82 125,53
Economic growth (%) 13,86 11,86 12,97 13,86 13,86
Source: Bandung City BPS, DKI Jakarta BPS, Bandung DalamAngka 2014, and DKI Jakarta DalamAngka 2015
 Based on the 2014 applied price, GDRP per capita of Bandung reached Rp. 41 million, GDRP per
capita of DKI Jakarta was three times bigger, i.e. Rp. 125.53 million.
.4401111811110°
Colliers
Assumption of Market Potential Calculation NTERN411C,NIAL
Assumption of apartment selling price

Calculation Price
 Middle class starts from Rp. 363 million per unit
(not included PPN)
Apartment Price Rp. 363 million
Assumption of payment method
Apartment price +
 KPA, with 70% of the price will be funded by Bank. PPN 10%
Rp. 399.4 million
 Interest 10%
 10 year installment plan DP (30%) Rp 119,82 million
 Based on the calculation result, the estimated

Installment (70%) Rp 279,58 million
apartment installment starts from 3.69 million per
month.
KPA interest 10% per year
Assumption of market target
Installment per
 The installment is 30% of income month for 10 years
Rp 3,69 million/month
 The minimal monthly income is Rp. 12.32 million.

 Regular expenses per month is 40% of income,
i.e. Rp. 4.93 million/month
Assumption of Market Potential Colliers
I NT ERN 4TI ONAL
Calculation IMIIMIMENNO
SOCIO ECONOMIC STATUS (SES) IN BANDUNG AND DKI JAKARTA
Classificatio
Regular Domestic Expenses Bandung Jakarta
n
HH Expenditure Above 6 million/month 3.94 12.09
-A1
HH 5 - 6 million/month 4.86 6.67

Expenditure 12.91
-A2 5 - 6 million/month 4.86 6.67
4 - 5 million/month 10.9
HH Expenditure 2.5 - 4 million/month 40.08 38.06
-B 1
HH Expenditure 1.75 - 2.5 million/month 25.69 23.47
-C1
-C2
-D
HH Expenditure Below 0.9 million/month 0.58 0.13
-E
Source: Nielsen Consumber Media View Wave 2014
Based on the above classification, the number of families that has regular expenses more than Rp.
4.93million/month:
- 8.8% family in Bandung and its surrounding areas.
- 18.76% family in DKI Jakarta and its surrounding areas.
This group is potential market target for the proposed apartments.

d i i i i d e l
Assumption of Market Potential Colliers
INTEPNATIONAL
Calculation
NUMBER OF FAMILIES IN BANDUNG AND DKI JAKARTA
Source: Kota Bandung DalamAngka (2014), DKI jakartaDalamAngka (2015) and Colliers International Indonesia -Advisory
Based on the data above:
 Since 2014, It is projected that there will be 1,701 - 1,914 family growth in Bandung and DKI Jakarta
that can be a potential market target (for the developed apartment on the property site).
83
Colliers
Potential of Jatinangor Students Market INTERNATIONAL
Bedasarkan hasil survey, target pasar apartemen di Jatinangor, untuk end-user, adalah mahasiswa,
terutama yang bersekolah di Universitas Padjajaran (UNPAD) dan Institut Teknologi Bandung (ITB)
Jatinangor.
Estimasi Mahasiswa Baru Universitas Padjajaran dan Institut Teknologi Bandung

Number of new students 2011 2012 2013 2014 2015 2016(P) 2017(P) 2018(P) 2019(P)
JNPAD1 11.2041 9.93 10.36 9.152 7.672 8.808 9.523 9.523 9.523
ITB JATINANGOR 40 4 171 287 362 326 316 3201 321
Total 11.244 9.983 10.53 9.439 8.034 9.134 9.839 9.843 9.8441
note:
1
The years of 2017 -2019 are the estimated number of maximum capacity of UNPAD freshmen based on the average number of freshmen
from 2011 to 2016.
Based on the data above, there was a decrease in the number of UNPAD freshmen in 2015 due to the
decrease of accepted student quota. However, the quota was increased in 2016, while ITB
experienced an increase of freshmen in2014 and 2015.
In overall, from 2016 to 2019 the estimation of freshmen is increasing around 9,1334 - 9,844 students.
Source: Website Resmi Universitas Padjajaran , ITB dan Colliers International Indonesia - Advisory
Colliers
INTERNATIONAL
Calculation of Market Potential rii■ immommmi.111
Next, the consultant did some calculation to find out the number of freshmen that are potential to apartment
market.
Assumption Calculation Table of Competitor Apartment sales rate
Note
Number of competitor Apartments (existing + under construction) 3,878 units
Number of sold apartments1 2016 3,266 units
Sales Rate of Sold Apartment 537 units/year
Number of Competitor Remaining Apartments 612 units
Assumption of Apartment Sales Rate in 2016 2 204 Units/year
Assumption of sales period of the remaining apartments 3 years
Calculating assumption applied as follows:

1. Period of sales of all sold apartments starting from 2010 to 2016 or for 6.08 years.
2. Until 2016, there were 4 apartment projects with 82% sales rate and with the average sales per month of 17
units/month, so in one year it was 201 unit/year.

Colliers
Calculation of Market Potential I N1 ERN
Assumptions of Calculation that are used as follows:

1. Based on SES calculation, family potential which is able to buy an apartment has expenses >
Rp.4.9 million/month and assumption of apartment installment is Rp. 3.69 million.
2. Based on SUSENAS 2014, percentage of individual expenses for education is 5% and for house
installment 11%of total expenses.
3. Potential of student marketis estimated from the number of expenses for education fee.
4. Based on the calculation, undergraduate students of UNPAD who are potential for apartment
market are the ones with educational fee Rp. 10 million/semester. The total family expenses of
the student is Rp. 33 million/month and the expense for house installment is Rp. 3,67
million/month (close to the first assumption). Market potential of students who study for
bachelor degree or a diploma come from departments of pharmacy, dentistry, medical, geology
and midwifery.
5. While, all undergraduate students of ITB has educational fee rp. 10 million/semester, so it can be
assumed that all undergraduate students of ITB are potential for apartment market.
6. It is assumed that graduate and post graduate students (S2, S3, Specialist, Profession) have
educational fee> Rp 10 million/semester. Therefore, they are also included to the potential of
apartment market
Sum ber: Colliers International Indonesia — Advisory

Colliers
Calculation of Market Potential rNTERNAlIONAL
Table of Potential of Apartment Market based on Student Number

Description
Number of UNPAD freshmen (2016) 8,808 students
Market potential of UNPAD student (24%) 2,072 students
Number of ITB students in Jatinangor (2016) 316 students
Market potential of ITB students in Jatinangor (100%) 316 students
Total Market Potential of students (2016) 2,388 students
Assumption of apartment sales rate 204 students
Assumption of the absorbed market potential 2016 8.54%
Note:
1The percentage is derived from the data of freshmen capacity in 2016 mentioned in assumptions 4, 5 and 6
By having apartment sales rate in 17 units per month or 204 units per year, the apartment market of 2016
that can be absorbed was 8.54%.
Sumber: Colliers International Indonesia — Advisory

Sales Rate of Competitor Colliers
I NTE RNATIONA L
Apartment Units
1
Pinewood reached sales rate of 98% in 2 year time (2012)
2
Dago Suitesreached sales rate of 91% in 2 year time (2012)
Based on the analysis result, the sales rate of competitor apartment units can reach 10 -30 units per month in 1 - 4
year time.
In average, competitor apartments can sell 17 units per month in 4 year time.
In overall, competitor apartment can sell 22 - 26 units in 3 - 4 year time.
. 4 4,1113 8
Colliers
Scoring Criteria of Competitor INTERNATIONAL
Apartments
Score Location Developer Design Number of Class Facilities Functional Concept
Units/Tower
5 Bandung Arterial Road Reputable national Very <500 Upper ≥9 Integrated with >=
scaled Developer interesting 4mixed-use functions
4 Main Road of crowded Reputable interesting 500 -800 Middle 7-9 Integrated with >=
residential areas/universities Developer in Upper 3mixed-use functions
Near commercial areas in Bandung and its
Bandung surrounding areas
3 Main Road of crowded Developer with mediocre 800 - 1000 Middle 4-6 Integrated with >=
residential areas/universities expereince of 2mixed-use functions
Near commercial areas in building a well
Jatinangor known building
2 Secondary Road of crowded New developer/ Not too 1000 - 1500 Middle 1-3 Integrated with
residential areas/universities with a little interesting Lower supporting
Near commercial areas in experience in retailers/stores
Bandung building apartments
1 Secondary Road of crowded New developer Not >1500 Lower No No mixed - use
residential areas/universities interesting facilities function
Near commercial areas in
Jatinangor

Analysis of Apartment Colliers
Scoring
Number of Function
Apartment Name Location Developer Design Class Facilities Point
Unit/tower Concept
Price/m2
Weight 20% 15% 15% 20% 15% 10% 5% 100%
inewood Apartment 3 1 1 3 3 3 2,4 Rp8.383.038
Easton Park Residence 3 2 2 2 3 3 2 2,45 Rp10.362.055

Taman Melati
1 3 3 4 3 3 2 2,75 Rp16.234.197
Jatinangor
Skyland Tower A 3 1 4 4 4 5 3 3,4 Rp18.624.534
Apartment Jarrdin
2 2 2 4 3 3 2 2,65 Rp13.309.021
Cihampelas
Dago Suites Apartment 2 3 4 4 4 3 2 3,25 Rp25.392.802
Galeri Ciumbuleuit 2 4 3 2 3 4 3 3 3,2 Rp15.859.448
Galeri Ciumbuleuit 3 4 3 4 4 4 3 3 3,7 Rp18.497.028
Bandung Technoplex 2 1 3 3 3 3 3 2,5 Rp11.420.247

Hegarmanah
4 3 5 5 5 4 3 4,3 Rp26.735.016
R e s i d e n c e
Rencana Proyek 3 3 4 4 3 4 4 2,9 Rp15.128.838
A l 1 9 0
Colliers
Analysis of Apartment
Scoring By plotting the price/m2 and scoring
every project, R2 of 0.75 is achieved, it
means the estimated factors influence
the decision of selling price per square
meter.
With the score of 2.9, the proposed

project can sell with the price of Rp.
15,128,838 per square meter .
91
Recommendation -
Apartment
SELLING PRICE - MIDDLE -UPPER CLASS APARTMENTS
 Rp. 17,209,204/m2 (not included PPN)
TOTAL UNIT
 2 apartement towers @ 700 apartement towers
RECOMMENDATION OF TYPES AND CONFIGURATION OF APARTMENT UNITS
Number of
Unit type Size (SGA) Selling Price/unit Proportion Total Unit
units/tower
Studio 24 Rp413.021.755 70% 490 980
1-bedroom 35 Rp602.323.393 15% 105 210
2-bedroom 45 Rp774.415.791 15% 105 210
The total of Apartment Development 100% 700 1.400

* PPN 10% is not included in the selling Price
.4 4 1 0 1 1 1 0 21 1 1
Colliers
Criteria of Competitor and Comparable 1NTE
Hotels
Considering the location of the property, which is in Jatinangor, the consultant chose some criteria of competitor as
follows:
 Location
The competitors are located in Jatinangor area
 Classification
Considering that the property will be developed into mixed use area, therefore, the hotels being analyzed
are 3 - 5 starred hotels.
 Operational Stage
Operating hotels, and hotels under construction are also considered.
 Operator
Hotels operated by hotel operators (local or international) or operated by the owner himself (owner-
operator).
Moreover, because of the limited number of hotels in Jatinangor, the consultant also did comparison analysis with the
hotels outside competition area, but they have similar characteristics with the property, here are the criteria:
 Since the property is located around educational area, the comparable hotels should be located on
JalanJuanda and JalanDipatiUkur, near universities in Bandung.
 The hotel should be a budget hotel, a 3 starred or 4 starred hotel.
List of Operated Competitor and Comparing
Hotels
In January 2016, there were only two 3 starred hotels as competitors, 119 rooms.
Moreover, there were ten comparable hotel situated in Bandung, consisted of three budget hotels, four 3starred hotels,
and three 4 starred hotels.
The available rooms in budget and 3 starred hotels are usually less than 100 (except 101 Hotel with 140 rooms).
The number of rooms in 4 starred hotels is 100 – 200 rooms
List of Comparable Hotels Operating Colliers
NTE,,r4,,,:„NAL
Soon
No Hotel Name Operating Year Operator Number of Location
Rooms
4 star
1. Fourpoints Hotel 2016 Sheraton by Starwood 162 Jl. Ir. h. Juanda no. 46
Based on the survey in January 2016, there is no other new hotel operating in Jatinagor. While, there is
one under construction hotel in Bandung. This hotel, fourpoints Hotel by Sheraton, will operate in 2016
with 162 rooms.
97
Colliers
Lokasi Hotel Pesaing dan Pembanding INTERNATIONAL
1■NIMINIM
source: Colliers International Indonesia — Advisory
 The property is located in Jatinangor with the distance less than 18.3 km from Bandung.So far there are
only two hotels situated in Jatinangor and they are 3 starred hotels.PuriKhatulistiwa hotel is a hotel with
business concept and Bandung GiriGahana applies resort concept.
 For hotels in Bandung, comparable hotels are the ones near universities in Bandung, i.e. ITB and UNPAD.
These hotels are spread out across JalanJuanda and DipatiUkur.
98

Supply of Competitor and Comparable Colliers
E 4 ■ - .1%! ICr■
Hotels
DESCRIPTION OF HOTEL PROJECTS PER JANUARY 2016
 In January 2016, 3 starred hotels

Bintang-4 Budget Bintang-4
2 7 %
47% Budg
16% dominated the hotels in thearea
et
Illio of competitor and comparable
1 1 1 1 1 hotels.
27%  In 2019, Since there is only one
Bintang-
3 Bi Bintang-3 extra4 starred hotel in
55% 37% comparable hotel , the area will
still be dominated by 3 starred
PROYEKSI HOTEL HINGGA TAHUN 2019 hotels. However, the significant
JUMLAH PROYEK JUMLAH KAMAR increasing of number of rooms
Budget Budget will cause the hotel rooms will be
Bintang-4
tatiti 17% dominated by 4 starred hotels.
33%
Bintang-3 Bintang-4 Bintang-

50% 3
54% 32%
11 /9 9
Pictures of Competitor and Comparable Colliers
NTE 4
NA 1 lu NA L.
Hotels iw"I'Nf=1/■
COMPETITORS
100
Colliers
Pictures of Competitor and Comparing '!'"O'11111M
Hotels
COMPARABLE HOTELS

Pictures of Competitor and Comparable Colliers
INTE \L
Hotels
COMPARABLE HOTELS
source : Colliers International Indonesia — Advisory

„,e
Room Configuration of Competitor and Colliers
!NTF PNAl lc:NAL
Comparable Hotels 11■ 11111MImmol

 Budget Hotels: Tune hotel provides standard sized budget rooms, 17 m 2. Neo hotel and M Premiere provide bigger
rooms with 22 m2in size. Usually there is no suites.
 3 starred hotels: The standard room size is 24 - 25 m2. However, competitor hotels provide rooms with bigger size, 30 -
32 m2, so does The Palais. Suites are provided with 1.4 to 3.7 times bigger than the smallest rooms. Competitors
provide rooms with various sizes.
 4 starred hotels: provide standard room sized 26 - 33 m2. Types of rooms available are the most varied. Suites are 2
times bigger than the smallest rooms. While rooms with the highest class are three to five times bigger than the smallest
rooms.

Colliers
Hotel Facilities I NTE, Nr.TI ON,A L
Notes:
1 Swimming Pool 4 Tennis Court 7 Shops 10 Salon/Spa 13 Drugstore 16 Kids Playground
2 Gym Center 5 Garden 8 Cafe/Restaurant/Lounge 11 Laundry 14 Smoking Area 17 Bussiness Center
3 Sauna 6 Jogging Track 9 Pub, Bar, Club, Karaoke 12 Shuttle service 15 Kids Club 18 Banquet Facilities
Source : Colliers International Indonesia —Advisory
The above table shows that Hotel Jayakarta, as 4 starred hotel, provides most facilities if compared
with other hotels. For Competitor hotelsin Jatinangor, Hotel Bandung Girigahana has more facilities
than PuriKhatulistiwa.
Colliers
CONFIGURATION OF MEETING ROOMS INTERNATIONAL
Number Number of Meeting rooms Ballroom

No Hotel Name of Configuratio size size Notes
#room #room
Rooms n (sqm) (sqm)
Compatitors
- 3 star
1 Puri Khatulistiwa 4 4 96 - 336 3 800 1 Ballroom is only one room and cannot be divided
No ballroom, 2 small meeting rooms, can be combined to be
Bandung Giri Gahana
2 2 3 75 3 - - a bigger meeting room
Goff and Resort
Comparable Hotel
Budget Hotel
2 meeting rooms that can be combined
1 Hotel Neo Dipatiukur 2 3 37 2 -
2 meeting rooms that can be combined
2 Tune Hotel 3 4 78 - 92 3 -
Ballroom is the combination of 3 meeting rooms
3 M Premier 1 1
3 Star
:irttang
1 Patra Jasa Hotel 4 10 4 - Meeting room can be divided into smaller rooms
95 -155 -
No ballroom. since it's a3 starred hotel, the meeting room is
2 The Palais 3 3 24 - 65 3 - limited and not too big
3 101 Hotel 7 3 3 33 - 116 3 - - No ballroom

4 Scarlet Daso Hotel 1 1 120 1 - - No ballroom
4 Star
1
Jayakarta Hotel 12 20 40 – 173 10 324 – 370 2 2 ballrooms, can be divided into 3 smaller rooms
4
Jayakarta Hotel 2 ballrooms, can be divided into 3 - 4 smaller rooms, size 57
2 Holiday Inn 8 17 10 - 56,3 6 234 - 555 2
- 203,5 m2
10 56 - 171 5 12
270 1 Ballroom can be divided into 2 smaller meeting rooms
3 The Luxton Hotel 6
The 3 starred hotels usually only have less than 5 meeting rooms,. Only PuriKhatulistiwa,
20 located near IPDN, has a ballroom, while the other 3
starred hotels do not. 105
40 - 173
Performance of Competitor and Colliers
INT E
Comparable Hotel, January 2016 IMENN=OMIIIe
Source : Colliers International Indonesia — Advisory
106
Performance of Competitor and Comparable Colliers
Hotel, January 2016
Based on ARR, competitor and comparable hotels can be classified as follows:
 Hotels with ARR Rp 300,000 - Rp. 400,000

The three budget hotels, one competitor hotel and one 3 starred comparable hotel are in this
category. Two budget hotels operated by operators (Neo and Tune) were able to reach the highest
occupancy rate, 70 - 80%. Two 3 starred hotels, with ARR competing with the two budget hotels, only
reached 45% - 50%.
 Hotels with ARR Rp 400,000 - Rp. 550,000
One competitor hotel, one 3 starred and 4 starred comparablehotel are in this category. With very
different ARR, these three hotels reached similar occupancy rate, 60% - 65%.
 Hotels with ARR Rp550,000 - Rp. 600,000
All hotels in this category are comparable hotels; two 3 starred hotels and two 4 starred hotels. They
have a slightly different ARR, but They reached various occupancy rate, from 50% ( TheLuxton) to
75% (Holiday Inn).
107
Occupancy Colliers
N-F
f l im e n■ It si
Rate
 From 2013, the occupancy rate was likely
to decrease. In 2015, the occupancy rate
was around 60% - 70%.
 Overall, competitor hotels reached lower
occupancy rate than comparable hotels
Class Occ Jan 16 2013- jan'16
3 starred competitors -I
56,5% 62,5%
Budget 56,3% 59,0%
3 starred comparable
57,3% 64,1%
5 star 61.7% _ 69,6%

 Even though the overall occupancy rate
decreased, hotels operated international
operator were able to reached the highest
rate, 70% - 80%. Hotels not run by operator
had the worst performance, the occupancy
rate significantly decreased from 70% in
2013 to 55% in2015

08
Colliers
Average Room Rate (ARR) E 1 f1 Al_
 in general, the ARR was also likely to

decrease from 2013; except 3 starred
comparable hotels that showed a
different trend.
Class ARR Jan 2016 2013 - Jan '16
3 starred competitors Rp 402.500 Rp 428.750

Budget Rp 346.667 Rp 352.500
3 starred comparable Rp 492.500 Rp 497.646
5 star Rp 554.333 Rp 583.333
 From ARR side, since most of the local

operators operated 3 starred hotels,
ARR shown has higher price than the
ones operated by international
operators.
 In 2015, hotels with international
operators ran with budget class until
ARR was corrected to Rp. 465,000. In
January 2016, the average ARR was
Rp. 481,000.
Source : Colliers International Indonesia — Advisory

Performance of Meeting Colliers
INTERNATIONAL
Rooms
Meeting Package (per erson) number of
Wedding Package (per
Hotel Name No of Room Full Board events/wee
Half Day Full Day person)
(exc room) k
COMPETITORS
3 Star
Puri Khatulistiwa 4 Rp206,612 Rp247,934 Rp330,579 Rp 195.000 - Rp 400.000 3-4
Bandung Giri Gahana
2 Rp173,554 Rp206,612 Rp289,256 - 2-3
Golf and Resort
COMPARABLE
Budjet _
Hotel Neo Dipatiukur 3 Rp138,843 Rp188,430 Rp271,074 - 1-2
Tune Hotel 3 Rp152.893 Rp190,083 Rp268,595 - 1-2
M Premiere 1 Rp173,554 Rp256,198 Rp330,579 - 1 -2
3 Star
Patra Jasa Hotel 4 Rp161,818 Rp239,669 Rp380,165 - 7–8
The Palais 3 Rp140.496 Rp190.083 Rp247,934 - 1-2
101 Hotel 3 Rp206,612 Rp289,256 Rp330,579 - 2-3
'Scarlet Da.° Hotel 1 Rp136,364 Rp165,289 Rp.256,198 Rp 140,000 – Rp 180,000 2-3
4 Star
Jayakarta Hotel 12 Rp37,901 Rp454,545 Rp578,512 Rp 160,000 –Rp 215,000 10 - 12
Holiday Inn 8 Rp285,124 Rp309,917 Rp454,545 Rp 140.000 - Rp 185.000 8 - 10
The Luxton Hotel 6 Rp206,612 Rp239,669 Rp371,901 Rp 145.000 - Rp 200.000 8 - 10
MICE events are still dominated the use of meeting rooms in competitor and comparable hotels. Hotel that has
connection to an institution such as Hotel PatraJasa tends to have a more intense use of the meeting rooms than
other hotels with the same class. While, for 4 star hotels, Jayakarta Hotel has the most rooms and events
compared to other hotels.
10
Guest Profile of Competitor and Comparable Colliers
Hotels
82% of guusts staying in comparable and competitor hotels are domestic tourists.As a city with tourism
spots and as MICE destination, normally the budget hotels are dominated by FIT, while 4 starred hotels
are dominated by guests from MICE group.
Colliers
Summary INTERN 4TIONAL
Kelas AOR Jan Av. AOR ARR Jan 2016 Av. ARR
2016 (2013 — Jan 2016) (2013 — Jan 2016)
3 starred competitors 56.50% 62.50% Rp 402.500 Rp 428.750
BudgetBudget
Budget 56.30% 59.00% Rp 346.667 Rp 352.500
3 starred comparable 57.30% 64.10% Rp 492.500 Rp 497.646
4 star 61.70% 69.60% Rp 554.333 Rp 583.333
The occupancy rate average of competitor and comparable hotels in January 2016 was around 56% - 62%.
For ARR, In January 2016, most of competitor and comparable hotels experienced a decrease compared to
ARR average from 2013 - January 2016.
General Description of Hotel Market in Colliers
7 ,
1 " E ■
Competitor and Comparable Area

 Hotel rooms in competitor and
comparable areas grows 8.1 % per
year since 2005.
 Jatinangor only has2 competitor

hotels with total number of the
rooms is 119 rooms.
 Until 2018, it is predicted that total

number of rooms in competitor and
comparable area is 1.284 rooms.
 The average of occupancy rate

decreased from 2015. In January
2016, since it was the first month,
the occupancy rate and ARR tended
to slightly decrease in2015.
114
Demand of Starred Hotels in Sumedang Colliers ,
lf'JTF L
District
PROJECTION OF GROWTH OF GUESTS IN STARRED  In 2010 - 2014 the number of guests
HOTELS staying in a starred hotel grew 6.4%
per year. In the end of 2015, there
were 48,165 guests, dominated by
domestic guests (90%).
 Until 2018, the number of guests
11 1 1 1 1
staying in a hotel will grow 5.9% for
foreign guests and 6.3% for
1111 domestic guests
115
Characteristics of Starred Hotel Guests in West Colliers
•r o
java INIMINEN2.0
AVERAGE OF LENGTH OF STAY IN STARRED HOTELS IN WEST JAVA
Source: West Java BPS
The average length of foreign guests tended to be longer than that of domestic guests. Foreign guests
stayed for around 2 - 3 days, while domestic guests stayed for 1.6 day.
Projection of Room demand in Sumedang District Colliers
NTE,N411010 L
By referring to the result of market potential analysis listed below:
 The number of foreign and domestic guests staying in competitor hotels is projected to grow 4.32% and 2.51 per year.
 The average of length of stay is around 2.8 days for foreigners and 1.6 day for domestic guests.
 DOF in Sumedang District is around 1.8
The above graph shows that room utilization increase because of thelimited room supply. The utilization
rate slightly decreased after 2013 until it reached 59%. It is expected to increase until 2018 to 65%
because of the limited competitor hotels.
Colliers
The scoring of Hotel Average Room rate INTERNAlIC:WL
 1111111111IMMEIMMI
Number of Service
Score Location Design Building Age Class Operator facilities
rooms management
5 Located on the main
street of business , International
commercial centers or >150 excellent Very good <5 5 >12
operator
recreation centers in
Bandung
4 Located on the main
street of business , National operator -
commercial centers or 126 - 150 good good 5 - 10 4 10 - 12
good performance
recreation centers
around Bandung
3 Located on the local of
street, business , Independent - good
commercial centers or 76 - 125 Mediocre Mediocre 11 -15 3 7-9
recreation centers in performance
Bandung
2 Located on the local of
street, business ,
>15 with a lot of National operator - bad
commercial centers or 50 - 75 bad Not too good budget 4 -6
renovation performance
recreation centers
around Bandung
1 Far from business ,
commercial centers or Independent - bad
<50 terrible Bad >15 2 0-3
recreation centers in performance
Bandung
- 118
Assumption of Hotel Development in the Property Colliers
1■11111111
Because of the limited supply and assumption that hotel market performance will be better, and by considering the
characteristics of Propert's location, the consultant suggested the development of a 3 starred hotel on the Property's
location byfollowing the next assumptions:
 The hotel, seen from the size and facilities, will be classified into 3 starred hotel with the concept of business and
commercial center.
 The hotel will have 100 - 150 rooms
 The hotel will provide complete facilities, consisting of health facilities (swimming pools and children pools, fitness
center, spa and sauna), stores, cafe/restaurants, lounge, pub/bar, laundry service, business centre, meeting
facilities.
 The hotel will be operated by national scaled operators.
 The hotel will have good service management and interesting design.
119
Colliers
The Result of hotel Scoring INTE RNA TIO NA L
Analysis
120
Colliers
Hotel Position in the Property N , E , : ; :
Berdasarkan analisis tersebut,

dengan skor mencapai 3,4
apabila dioperasikan oleh
nasional operator. Hotel yang
akan dibangun akan
menerapkan ARR Rp 454.972.

The Supply of Bandung Retail Colliers
!
Market
I 111111 II I I I III
 In 2016, the total supply in Bandung was 493,674 m2.
 the highest growth in retail room in Bandung occurred in the period of 2000 - 2008, with 17.81% per year. Since
2018, the growth has slowed down, 3.21% per year. Until 2019,there is only one shopping center that will
operate in Bandung, i.e. The Icon Lippo Malls, with 9,000 m2 rental space. Therefore, it is predicted that the
supply will only grow 2.18% per year.
124
Map of Shopping Centre Zoning in Bandung Colliers
N T E I-N4 T IL NAL
/0 7- alr'l
BASEMAP
1
1 BANDUNGRARAT BANDUNG (168,3 Ha)
Bandung Pusat
10 proyek
Sewa : 64.293 m2
Strata : 80.683 m2
lWTAC
Bandung Timur
1 proyek
Sewa : 54.900 m2
Strata
Bandung Selatan Lewd (Boundary)

6 proyek pit CiPtyrovince
Sawa 135.955 Clank'
Strata 54.304 m2 =j1 Sunastrict I
13LuArea
Aden
is Railway
• 25 Highway
.41-30.W1

Characteristics of Bandung Retail Market Colliers
* All the data is based on The scale of retail space, not on the number of projects
In January 2016
 Based on the marketing Scheme , 72.66% of the retail space in Bandung was leasing retail space.
 Based on market segments, retail space for middle class dominated the retail market in Bandung with 47.23%
supply followed by retail space for upper class (21.55%) and then for middle - upper class (20.04%). While,
retail space for middle -lower class has the small proportion of the total retail supply in Bandung(11.17%)
 Based on the location, 38.54%retail space is located in Southern Bandung, 29.37% in Central Bandung,
20.97% in Northern Bandung and 11.12% in Eastern Bandung.
126
The Characteristics of Future Retail in Bandung Colliers
* All the data is based on The scale of retail space, not on the number of projects
In 2019
 Based on the marketing Scheme , most of the retail centers in Bandung will be dominated by shopping
centre applied leasing scheme, 73%.
 Based on market segments, in 2019 retail space for middle class will still dominate the retail market in
Bandung (46.39%) followed by retail space for middle - upper class and upper class that have similar
number of supply, i.e. 21.475 and 21.17%, while Retail for middle -lower class has the supply of 10.97%.
 Based on the location, Northern and Central Bandung will still dominate the number of retail space,
37.85% and 30.63%, followed by Northern Bandung (20.6%) and Eastern Bandung (10.92%).
127

Colliers
Pasokan Ruang Ritel Sewa di Bandung N'E
1 ■ 1 1 ■ 1 1
400,000 lt 3,11%
18,46% 3,98%  100.0%
350,000
IVO
"E
300,000
250,000 111111111 I 1
80.0%
60.0%
Pertumbuhan
200,000
on
co
150,000 I 111111111111
I
40.0%
11111111111.III•11
ce
100,000
50,000
I II 20.0%
 0.0% -
0 ~ a T s—- 0— 0a
— 7  _11_1 L.
a a 0 I r- co
(50,000) 0 0 0 0 0 0 0 8vi 0
cri Cyr _ Or
0
CV
El
N
CS 0
tie 'cr.; 20.0%
•1_111L
_______ C•J
L1 =V
0.1 0.1 C.4
Pasokan Awal Pasokan Tahunan Pertumbuhan
Sumber : Colliers International Indonesia — Advisory

 Pada Januari 2016, Bandung memiliki pasokan ruang ritel sewa 342.687 m2.
 Pertumbuhan ruang ritel sewa di Bandung bertumbuh signifikan dari tahun 2000 — 2008, dengan
18,46% per tahun
 Selama 2008 — 2016, pertumbuhan melambat karena tidak ada pusat belanja baru dan ada
penghentian operasi beberapa pusat belanja (Premier Dago dan Planet Dago). Tingkat pertumbuhan
tercatat 3,98% per tahun.
 Pada tahun 2019, diproyeksikan hanya akan ada dua pusat belanja baru. Pasokan hanya akan bertumbuh
3,11% per tahun, menjadi 375.687
m2. 129
Colliers
Distribusi Lokasi Pusat Belanja Sewa
Berdasarkan Ruang Ritel Berdasarkan Jumlah Proyek
Selatan
26.67%
Timur Utara
6.67% • 40.00%
Sumber: Colliers International Indonesia — Riset dan Advisory
 Mayoritas ruang rite! di Bandung terletak di Bandung Selatan (39,79%), diikuti Bandung Utara
(25,32%), dan Bandung Pusat (18,82%). Hanya terdapat satu pusat belanja di Bandung Timur, yaitu
Trans Studio Mall (TSM)
 Akan tetapi, sebagian besar pusat belanja berada di Bandung Utara (40%), Jumlah pusat belanja di
Bandung Pusat dan Selatan memiliki rasio yang sama, yaitu 26.67%.
130
Colliers
Kinerja Tingkat Hunian Ruang Ritel Sewa I NT E PN , % 1H u NA L
Berdasarkan Lokasi Berdasarkan Segmen Pasar

100%
100
BO% -- woo
%
60% -
80%
40% 60%
20% _ 40%
0% _ 20%
2014 2015 1Q2016 2014 2015 1Q2016
0%
--- Rata-rata Pusat Utara .1041M MM.
Rata-rata Menengah
Timur Selatan Menengah-Atas Atas
Dengan pasokan yang terbatas, ruang ritel sewa di Bandung Timur memiliki tingkat hunian tertinggi,
yaitu 99%
Kinerja yang baik juga ditunjukkan oleh ruang ritel di Bandung Utara (86%) dan Bandung Pusat
(84.8%). Sementara itu, tingkat hunian ritel di Bandung Selatan hanya 65%.
Dengan bauran pasar yang beragam dan cakupan pasar yang luas, pusat belanja kelas menengah-
atas dan atas mencapai tingkat hunian yang paling tinggi pada 97% dan 99%. Sementara itu pusat
belanja kelas menengah memiliki tingkat hunian lebih rendah 65,6%.
131
Colliers
Kinerja Tarif Sewa Ruang Ritel i,„
Rp700,000 Rp700,000
Rp600, 000 Rp600,000
Rp500,000 Rp500,000
Rp400,000 Rp400,000
------------------------------------ a a •-•
Rp300,000 Rp300,000
Rp200,000 Rp200,000 4
Rp100,000 Rp100,000
Rp0 Rp0
2014 2015 1Q2016 2014 2015 1Q2016
Rata-rata Pusat Utara Rata-rata Menengah
Timur Selatan Menengah-Atas Atas
Sumber: Colliers International Indonesia - Riset dan Advisory
 Berdasarkan wilayah, tarif sewa tertinggi diterapkan oleh pusat belanja di Bandung Timur (dengan hanya
1 pusat belanja) dengan Rp.675.000/m2/bulan, diikuti di Bandung Pusat (Rp. 409.375/m2/bulan) dan
Bandung Utara (Rp.405.000/m2/bulan). Sementara itu ruang ritel di Bandung Selatan menerapkan tarif
sewa terendah sebesar Rp.243.000/m2/bulan.
 Sementara berdasarkan kelas, tarif sewa untuk pusat belanja di Bandung adalah Rp 209.000/m2/bulan
(kelas menengah), Rp 475.000/m2/bulan (kelas menengah-atas) dan Rp 641.000/m2/bulan kelas atas.
 Rata- rata peningkatan tarif sewa untuk pusat belanja di Bandung adalah antara 0 — 5% per tahun
132
Tarif Sewa, Biaya Pemeliharaan dan Tingkat Colliers
Hunian pada Januari 2016

900,000 _____ 100%
100%
Tarif sewa dan Biaya Perawatan
800,000
Tarif Sewa dan Biaya Perawatan

800,000 _____ __ 90% 90%
700,000
700,000 _____ __ 80% 80%
70% 600,000
Tingkat Hunian
600,000 70%
Tingkat Hunian
60% 500,000 60%
500,000
50%
400,000 50%
400,000 40%
300,000 40%
300,000 30%
30%
200,000 200.000
H-- 20% 20%
100,000 100,000 10%
10%
0% 0%
Pusat Utara Timur Selatan Menengah Menengah -Atas Atas
Tarif Sewa Biaya Perawatan Tingkat Hunian Tarif Sewa Biaya Perawatan Tingkat Hunian
 Bandung Timur, dengan hanya satu pusat belanja, leluasa menerapkan tarif sewa tertinggi, dan mencapai
tingkat hunian tertinggi.
 Sebaliknya bandung Selatan, dengan pasar kelas menengah, hanya menerapkan tarif sewa terendah; dan
mencapai tingkat hunian terendah.
 Pusat belanja kelas menengah-atas dan atas mencapai tingkat hunian tertinggi, walau dengan tarif sewa yang
berbeda.
 Service charge yang diterapkan pusat belanja di Bandung berkisar antara Rp 70.000 sampai Rp 140.000 per
m2 per bulan.
Pasokan Ruang Ritel Strata-Title di Colliers
Ni, ET:N,V110f.1,L.
Bandung 1■ MIMIEW
---------It 21 66°19_ t o%
160,000 160.0%
140,000
120,000
IIIII INN II I 140.0%
120.0%
:HEINE Lill: ;
100.0% g
Ruang Ritel (m2)
100,000
80.0% •
80,000
1111
N 11 1111 I II
l
I 1 t
i
I
60.0% §
60,000
40.0% it
40,000
„ II 1 11 1
IIIIIIIIIIII
11
II 11 II 4 20.0%
III 1 I 11 I a II
20,000 0.0% -
20.0%
r r
0()0 0 0 0 0 0ie 0 0 0b•I■1\
f 4
3 co A t
t i l e l e l e (
1 7 l e l e l e l e l e l e l e l e l e
■P• ■■
l e C )
O N N N
93 cb
l e l e l e
Pasokan Awal rm. Pasokan Tahunan Pertumbuhan
 Pada Januari 2016, Bandung memiliki pasokan ruang ritel strata-title sebanyak 150.987m2.
 Pertumbuhan ruang ritel strata-title di Bandung bertumbuh tinggi selama periode 2000 — 2008,
sebesar 21,56% per tahun.
 Sejak tahun 2008, hampir tidak ada lagi ruang ritel strata-title masuk pasar di Bandung. Hanya ada
tambahan pasokan di tahun 2011 (dari Metro Dallas). Secara umum, selama periode ini, pasokan
tumbuh 0,20% per tahun.
 Sampai tahun 2019, tidak ada lagi tambahan pasokan ruang ritel strata-title.
135
5.4 Pasar Ritel
Jatinangor
Colliers
Kriteria Pusat Belanja Pesaing IN TE - +• N A 1 1 , 1 , , r/
Kriteria Pusat Belanja Pesaing
 Lokasi
Pusat belanja yang berlokasi di Jatinangor
Kriteria Pusat Belanja Pembandinq
Karena hanya terdapat satu pusat belanja di Jatinangor, maka dipilih pusat belanja pembanding, yang memiliki
karakteristik sebagai berikut:
 Lokasi
Pusat belanja yang terletak di Bandung, Jakarta atau Tangerang
 Konsep
Pusat belanja dengan konsep lifestyle, memiliki bauran pasar yang didominasi oleh gerai makanan dengan
kombinasi speciality shop dan memiliki outdoor area untuk gerai makanan
 Segmen Pasar dan skema pemasaran

Pusat belanja kelas menengah sampai kelas atas, yang dipasarkan dengan skema sewa
 Tahun Operasi
Pusat belanja yang sudah beroperasi dan yang masih dalam tahap konstruksi.
Daftar Pusat Belanja Pesaing dan Colliers
NTE P NATI,.NAL
Pembanding III•1I■ 1111
Luas Area
0 Nama Ritel YOP Developer Luas Lahan Atamat
Sewa (m2) (m2)
Pusat Belanja Pesaing
1 [Jatinangor Town Square 2006 IPT. Bandung Inti Graha Gru_pT 19.200 30.000 { Jalan Raya Jatinagor No. 150
pusat Bela* Pembanding ----
Cihampelas Walk 2004 -- PT. Karya Abadi Samarga 24.000 35.000 JI. Cihampelas No. 160
2 1Paris Van Java 2006 PT. Bintang Bangun Mandiri 26.500 38.000 JI. Sukajadi No. 131-139
---------- Braga City Walk 2006 Agung Podomoro Group 15.413 7.800 JI. Braga No. 99-101
Cihampelas Walk 2 2009 PT. Karya Abadi Samarga 8.000 35.000 JI. Cihampelas No. 160
Cilandak Town 2002 PT Graha Megaria Raya 25.637 38.992 JI. T.B. Simatupang Kay. 17
6 Square
L a P i a z z a 2004 PT. Summarecon A_gung, Tbk 11.000 20.000 JI. Boulevard Kelapa Gading
7 The Breeze 2013 PT. Sinar Mas Land, Tbk 24.300 25.000 JI. Grand Boulevard BSD
Sum ber: Colliers International Indonesia —Advisory
Berdasarkan kriteria sebelumnya, maka terpilih satu pusat belanja pesaing (Jatinangor Town Square) di Jatinangor,
dan tujuh pusat belanja pembanding (terdiri dari empat pusat belanja di Bandung, dua pusat belanja di Jakarta dan
satu pusat belanja di Tangerang)
Rata- rata luas area sewa pusat belanja adalah kurang dari 30.000 m2, dengan luas lahan lebih besar daripada luas
area sewa.
Secara umum ritel dengan konsep life style, dengan bauran pasar didominasi oleh gerai makanan, mulai marak
beroperasi sejak tahun 2002, dengan suksesnya Cilandak Town Square di Jakarta.
138
Gambar Pusat Belanja Pesaing dan Colliers
iNTEkNAl
Pembanding
Jatinangor Town Square Cihampelas Walk Paris Van Java Braga City Walk
Cihampelas Walk Ext Cilandak Town Square La Piazza
Sumber: google.com dan Colliers International Indonesia -Advisory

Colliers
Lokasi Pusat Belanja Pesaing dan I NT E R NAT I O NA L
Pembanding (Bandung)
Pusat Belan'a Pesain •
1 Jatinan or Town S s uare
Pusat Belarfa Pembandinc
1 Cihampelas Walk
2 Paris Van Java
3 Braga City Walk
4 Cihampelas Walk Extension
Sumber: Wikimapia dan Colliers International Indonesia — Advisory
Rata- rata lokasi pusat belanja pembanding yang berada di Bandung memiliki jarak 20 — 23 km (jarak udara) kesebelah
barat atau berjarak 39 — 42 km (jalan) dari Properti.
Lokasi Pusat Belanja Pembanding di Colliers
'•1 E
Jakarta dan Tangerang

Pusat Belanja Pembanding
Cilandak Town
Square La Piazza
The Breeze
Witt
Jakarta
Tangerang aa.. ) ta... -or.41t
N4
. i
J a k a r t a
Central
...moor •aweld . lui.ep,,Nmg
10'
AP. + Jakarta
. 4 4. r
A
South
far WI ..
\ : 0
S011
'range ..V'
ang
-.4...or
, I ,, Aikido
41" 4
.4•11.
Sumber: Wikimapia dan Colliers International Indonesia —Advisory
Sementara untuk pusat belanja pembanding yang ada di Jakarta, masing- masing berlokasi di Jakarta Selatan,
Jakarta Utara dan Tangerang Selatan.
Colliers
Karakteristik Pusat Belanja 1
INTERN4TIONAL
1■ I■ 1I■ 1
Kategori Pusat Belanja Berdasarkan Konsep
Luas Area Jenis Anchor Luas

Rasio
Tipe Konsep Termasuk Luas Cakupan
Jumlah Tipe Anchor (%)
Anchor (m2) Area (Km)
Neighbourhood Center Kenyamanan 2.787 — 13.935 Swalayan 30-50 4,8
> Department Store diskon,
Pusat Perbelanjaan Merchandise umum; Swalayan, Apotik, Toko
9.290 — 32.516 40-60 4,8 — 9,7
Komunitas Kenyamanan Peralatan Rumah, Toko
1a Pakaian Khusus/Diskon
Department Store
Lengkap, Department
Pusat Merchandise urnurn; Fashion
37.161 — 74.322 2a Store Junior, Kelompok 50-70 8-24,1
Perbelanjaan (umumnya berupa mall)
Penyewa, Department
Wilayah
Store Diskon, Toko
2 Pakaian D
Memiliki konsep yang sama
Department Store Junior,
dengan regional center, tetapi a74.322 50-70 8-40,2
Pusat Perbelanjaan Super Kelompok Pusat
lebih lengkap dan bervariasi
Wilayah a3 belanja, Toko Pakaian
Berorientasi fashion
7.432-23.266 Fashion N/A 8-24,1
Pusat dan mewah
Perbelanjaan Perlengkapan Rumah,
Khusus (Fashion) Didominasi oleh anchor 23.266-55.742 Department Store 75-90 8-16,1
N/A
Diskon, Warehouse Club
Power Center Rekreasi; Berorientasi
pada W isatawan; Pusat 7.432-23.266 z3 Restoran dan Hiburan N/A N/A
belanja dan Jasa Outlet barang-barang pabrik
Pusat Perbelanjaan
Bertema/Festival Menjual barang-barang pabrik 4.645-37.161 N/A
...........................................................i................................................. 40,2-120
N/A
Sumber: Outlet Indonesia —Advisory

Colliers International
Pusat Perbelanjaan Aga142
N/A
Karakteristik Pusat Belanja berdasarkan ,
Colliers
N E
Konsep Januari 2016 IMMIIMEMINP!
Pusat Belanja Pesaing Pusat Belanja Pembanding
Pusat
Belanja Pusat
Pusat Bei Belanja
Belanja tema Komunitas
Komunitas 43% 5 7%
100%
 Berdasarkan konsep, pusat belanja pesaing merupakan pusat belanja komunitas, yang melayani hanya
masyarakat sekitar.
 Sementara pusat belanja pembanding terdiri dari 57% pusat belanja komunitas dan 43% pusat belanja
bertema (lifestyle concept)
Colliers
Karakteristik Pusat Belanja iNTE,N.41,utJAL
 Pusat Belanja Sewa Kelas Menengah-Bawah

Pusat belanja sewa kelas menengah-bawah merupakan pusat belanja yang terdiri dari departemen store dan
supermarket lokal kelas menengah-bawah (Ramayana, Robinson). Restoran/kafe yang terdapat pada pusat
belanja kelas menengah-bawah adalah restoran/kafe lokal yang tidak memiliki jaringan.
 Pusat Belanja Sewa Kelas Menengah

Pusat belanja sewa kelas menengah merupakan pusat belanja yang terdiri dari departemen store kelas
menengah (Matahari, Star, Centro) dan supermarket/hipermarket kelas menengah (Giant, Carrefour, Hypermart
dan Lottemart). Restoran/kafe yang terdapat pada pusat belanja kelas menengah adalah restoran/kafe yang
memiliki jaringan Indonesia atau internasional.
 Pusat Belanja Sewa Kelas Menengah-Atas

Pusat belanja kelas menengah-atas merupakan pusat belanja yang terdiri dari departemen store kelas
menengah-atas (Metro, Sogo, Debenhams, Seibu) dan supermarket internasional/lokal kelas menengah-atas
(Foodmart, Foodhall, Ranch Market, Kemchicks). Restoran/kafe yang terdapat pada pusat belanja kelas
menengah-atas adalah restoran/kafe yang memiliki jaringan Indonesia atau internasional.
 Pusat Belanja Kelas Atas

Pusat belanja kelas premium memiliki bauran pasar atau penyewa yang hampir sama dengan pusat belanja
kelas menengah-atas, namun pada pusat belanja ini terdapat penyewa dengan merek internasional kelas
premium. Selain itu pusat belanja premium terletak pada area pusat bisnis (CBD). Restoran/kafe yang terdapat
pada pusat belanja kelas premium adalah restoran/kafe yang memiliki jaringan Indonesia atau internasional. i
Sum ber: Colliers International Indonesia — Advisory 14.

Karakteristik Pusat Belanja Berdasarkan
Segmen Pasar
Menengah
43(i,.
tvlenengah
Atas
Menengah 57%
100°0
 Satu-satunya pusat belanja di Jatinangor merupakan pusat belanja kelas menengah, dengan
penyewa utama Superindo (supermarket) dan Pojok Busana (department store) dan gerai
makanan nasional (Bakso Malang Karapitan, d'Cost Warung)
 Pusat belanja pembanding didominasi oleh pusat belanja kelas menengah-atas (57 persen) dan
kelas menengah (43 persen)
145
Karakteristik Pusat Belanja Berdasarkan Colliers
Luas Area Sewa
Kecil
43%
Sedang
57%
Kecil
100%
1 .
Kecil: <20,000 m Sedang: 20,000 — 40,000 m 111!. Besar: >40,000 m
 Satu-satunya pusat belanja di Jatinangor adalah pusat belanja berukuran kecil.

 Sedangkan sebagian besar (57%) pusat belanja pembanding adalah pusat belanja berukuran
sedang. Dan 43% merupakan pusat belanja berukuran kecil.
Kinerja Pusat Belanja Pesaing dan Pembanding Colliers
"J'e 14,
berdasarkan Tarif Sewa dan Tingkat Hunian, 2016 11!IINIMM11■ 0
The Breeze Cilandak Town Square

Jatinangor Town
Square
100% --
90% __
Paris Van Java
.z•
80% __
70% Cihampelas Walk

La Piazza
60% -
50%
40%
Braga City Walk

30%
20% -
10% -
0% -
Rp0 Rp100,000 Rp200,000 Rp300,000 Rp400,000 Rp500,000 Rp600,000
Permeter2per bulan
Pusat Belanja Pembanding •Pusat Belanja Pesaing

Kinerja Pusat Belanja Pesaing berdasarkan Tarif Colliers
, N T E 1 7 N 4 11 tiN A L
armns■ mliws
Sewa dan Tingkat Hunian, Januari 2016
Berdasarkan tarif sewa, pusat belanja dapat dikelompokkan menjadi tiga, yaitu:
 Kelompok pusat belanja dengan tarif sewa maksimal Rp 200.000 per meter2 per bulan. Hanya terdapat 1
pusat belanja dalam kelas ini, yaitu La Piazza dengan harga sewa Rp 150.000 per meter 2 per bulan dengan
tingkat hunian 80%
 Kelompok pusat belanja dengan tarif sewa antara Rp 200.000 dan Rp 400.000 per meter2 per bulan.
Terdapat 3 pusat belanja dalam kelompok ini, Jatinangor Town Square yang merupakan pusat belanja
pesaing juga terdapat dalam kelas ini dengan tarif sewa Rp 250.000 per meter2 per bulan dan mencapai
tingkat hunian 88%. Sementara 2 pusat belanja yang lain adalah pusat belanja pembanding: Braga City
Walk dengan tarif sewa Rp 225.000 per meter2 per bulan dan tingkat hunian 50% (dikarenakan sedang
dalam proses re-branding oleh pengembang), dan The Breeze dengan tarif sewa Rp 375.000 per meter 2 per
bulan dan tingkat hunian 90%.
 Kelompok pusat belanja dengan tarif sewa Iebih dari Rp 400.000 per meter2 per bulan.
Pusat belanja yang termasuk dalam kategori ini adalah pusat belanja dengan kelas menengah-atas yang
berada di Bandung dan Jakarta. Terdapat tiga pusat belanja yang termasuk dalam kategori ini yaitu
Cihampelas Walk, Paris Van Java (PVJ) dan Cilandak Town Square (Citos).
Cihampelas Walk menerapkan tarif sewa Rp. 550.000/meter2/bulan dan mencapai tingkat hunian 98%,
sementara Paris Van Java dan Cilandak Town Square memiliki tarif sewa yang sama yaitu Rp.
450.000/meter2/bulan dengan tingkat hunian 99% untuk PVJ dan 100% untuk CITOS.
A l0e 4 E
Colliers
Biaya Perawatan, 2016 NTE J'Cr
IM=MMil■•
Rp140,000
Rp120,000
c Rp 100,000
 Rp80,000
a)
0.
Rp60,000
cu
Rp40,000
Rp20,000
Rp0
Jatinangor Town Cihampelas Paris Van Java Braga City Walk Cilandak Town La Piazza The Breeze
Square Walk Square
 P
usat Belanja Pesaing ■ Pusat Belanja Pembanding
 Pusat belanja pesaing menerapkan biaya perawatan Rp 50.000/meter2/bulan.

 Pusat belanja pembanding menerapkan biaya perawatan antara Rp. 40.000 — Rp. 118.000/meter2 /bulan.
 Biaya perawatan tertinggi diterapkan oleh Paris Van Java yaitu sebesar Rp. 118.000/meter2/bulan.
149
Colliers
Kinerja Jumlah Pengunjung, Januari 2016 NTF _IJN
35,000
l
e 30,000
2
 -■
25,000
C
°- 20,000
to
2E 15,000
. ,
vi 10,000
I
0
1 2• 5,000 Jatinangor Town Cihampelas Walk Paris Van Java Braga City Walk Cilandak Town La Piazza The Breeze
Square Square
Pusat Belanja Pesaing • Pusat Belanja Pembanding
 Jatinangor Town Square dikunjungi rata-rata 8.700 pengunjung perhari, dengan tingkat kunjungan
tertinggi pada akhir pekan dengan 13.000 pengunjung.
 Pusat belanja pembanding di Bandung yang memiliki tingkat kunjungan tertinggi adalah Cihampelas Walk
dengan rata- rata tingkat kunjungan 17.500 pengunjung dan mencapai 24.000 pengunjung pada akhir pekan.
 Pusat belanja pembanding di Jakarta dengan tingkat kunjungan tertinggi adalah Cilandak Town
Square dengan 22.800 per hari dan menjadi 30.000 pengunjung pada akhir pekan.
150
Bauran Pasar
100%
■
mJasa-jasa
90% _____________=11  Anak
80%  Musik, Toko Buku dan Hobi
70% Toko Obat
 ❑ ptik
60%
 Elektronik dan HP
50%
40%
 Hiburan
30%
20% Salon dan Kecantikan
10%  Perhiasan dan Jam Alat-
0% alat Rumah Tangga
Jatinangor Cihampelas Paris Van Braga City Cilandak La Piazza The Breeze  Food and Beverage
Town Square Walk 1 Java Walk Town Square  Busana dan Asesoris
Busana dan Asesoris (Busana, Sepatu dan Tas) Food and Beverage (Restaurant, Café, Food court)
Anak (Taman bermain anak dan toko mainan anak) Jasa-jasa (Bank, Money Changer, Travel, Laundry)
 Rata- rata pusat belanja memiliki penyewa berupa Food and Beverage serta busana dan asesoris.
 Pusat belanja pesaing memiliki proporsi penyewa terbesar untuk busana dan asesoris (45%)
diikuti oleh F&B (20%).
 Untuk pusat belanja pembanding di Bandung, Paris Van Java memiliki proporsi terbesar untuk busana
dan asesoris, sementara Cihampelas Walk dan Braga City Walk didominasi oleh penyewa F&B
 Untuk pusat belanja pembanding di Jakarta, rata-rata didominasi oleh penyewa F&B sehingga ketiga
pusat belanja ini sering dijadikan meeting point.
Sumber : Colliers International Indonesia - Advisory

Colliers
Bauran Pasar , NT ERN AT ION AL
k---
Pusat Belanja
Pusat Belanja Pembanding
Pesainq ,.
Tenant
Jatinangor Town Cihampels Paris Van Braga City Cilandak Town
La Piazza The Breeze
Square Walk Java Walk Square
Hypermarket/ Supermarket v v - v -
v ....... ... v
Department Store v - v . . _ v
v v -
Toko Buku v _ v - v -
v -
Restoran ........................................... .._._ v v v - v
.
,: i,o'd Court v v - v v - v ......................
-
Salon dan Toko Kecantikan ........... v v v - v
v v ......___
Elektronik .......................................... - v - ,
M o b i l e P h o n e v v v - v - v
Optik _ .......................................... v . . - - v -
Taman Bermain v v v - v - v
Anak .................. v - - v
- v -
Bioskop Hiburan v v v v
v v -
(Karaoke ) Pusat v v - -
- v
Kebugaran Toko v ......__ v v - v
Obat - v v - v . . . . . .
. . . v
F .a.s. h i o n a n d A c c e s s o r i e s v v v - v -
Sepatu v v ..._ - v v
-
Perhiasan dan Jam - v .................................. - v -
v v - v
Home
... Furniture - - v
Toko Mainan Anak v v
- - ............... .._
Sumber Colliers International Indonesia - Advisory ............................................................___ -
v -
v
o Secara umum, pusat belanja pesaing dan pembanding
-
memiliki restoran serta fashion dan asesoris.
 Untuk pusat belanja pesaing, memiliki bauran
v pasar yang cukup komprehensif (hampir semua jenis
disediakan)
Bauran Pasar Colliers
NT E T ' r■
Fashion dan Aksesoris Makanan dan Minuman Hypermarket-Supermarket Department Store

Nama Pusat
Perbelanjaan
Internasional Nasional Lokal Internasional Nasional Lokal Intemasional Nasional Lokal Intemasional Nasional Lokal
usat Belanja Pesa ng
a t in an g o r
Town quare .i Superindo
Pojok
Busana
usat Belanja Pembanding
ihampelas Walk Welcome Yogya
aris Van Java 4 4 4 Hypermart Sogo
raga City Walk

ilandak Town
quare if 4 4 Foodmart Matahari
Piazza e
Breeze Ranch Market
Sumber: Colliers International Indonesia —Advisory
Semua hypermarket-supermarket dan department store pusat belanja pesaing dan pembanding merupakan
brand nasional (kecuali di Cihampelas Walk dengan department store lokal).
153
Colliers
Potensi Pasar
Karena ritel ini akan dibangun sebagai bagian dari pembangunan komersial terpadu, Konsultan berpendapat bahwa target pasar pusat
belanja, jika dibangun di atas lahan Properti, adalah:
 Penguhuni apartemen yang direncanakan akan dibangun di Properti

 Dad luar Properti, yaitu penduduk yang berada dalam kecamatan dan kecamatan yang bersinggungan dengan lokasi
Properti.
Dari Dalam Properti

Komponen 1 _____________ Konsep Colliers
kondotel Eksisting
Asumsi Jumlah Orang
Tipe Unit Jumlah Unit Total
.......... per Unit
Studio 540 1 540
2 Kamar Tidur 160 2 320
Total 880 1580
Rata-rata tingkat hunian apartemen (50%) 7 90
Total cakupan pasar dari apartemen (70% dari total penghuni) 553
Apartemen Strata Tower 2 dan 3
Asumsi Jumlah Orang
Tipe Unit Jumlah Unit Total
per Unit
Studio 968 1 968
Total 1408 1188
Rata-rata tingkat hunian apartemen (50%) 594
Total cakupan pasar dari apartemen (70% dari 416
total penghuni) Total Potensi Penounjunct. 969
Sum ber: Colliers International Indonesia — Riset dan Advisory
155
Colliers
Potensi Pasar
NTP•Ne■TILNAL
Dari Luar Properti:

1. Kecamatan Jatinangor
2. Kecamatan-kecataman yang Iangsung berbatasan dengan Kecamatan Jatinangor adalah:
 Kecamatan Tanjung Sari
 Kecamatan Sukasari
 Kecamatan Cilengkrang
 Kecamatan Cileunyi
Kecamatan 2012 2013 2014 2015P 2016P 2017P 2018P 2019P 2020P
Penduduk Kecamatan Jatinangor (orang) 113,849 111,147 111,886 117,072 119,343 121,614 123,884 126,155 128,426
r enduduk Kecamat an yang
bersinggungan o r an g) a.Kec am atan
T anjun g S ar i 80,702 78,803 79,355 82,941 84,065 84,513 85,412 86,579 88,383
D. Kecamatan Sukasari 32,082 32,373 32,930 32,499 32,586 32,673 32,761 32,848 32,935
:. Kecamatan Cilengkrang 49,302 50,765 52,563 54,274 55,985 57,696 59,407 61,118 62,829
i. Kecamatan Cileunyi 171,929 175,193 176,499 178,479 180,45 182,438 184,418 186,397 188,3773
Total 334,015 337,134 341,348 348,193 8 357,321 361,997 366,942 72,523
Total Catchment Area (people) 447,864 448,281 I 453,234 465,266 353,094 478,935
472,437 485,881 493,097 500,949
Sumber: Badan Pusat Statistik dan Colliers International Indonesia - Riset dan Advisory
156
Colliers
Potensi Pasar INTERNATIONAL
OUTER Sebagian besar, 62,8% rumah tangga di

BANDUNGPopulation sekitar Properti merupakan rumah
Kelompok Pengeluaran Jumlah Pengeluaran Vert%
. (in '0001
1,975 100 tangga dalam kelompok pendapatan C2
HH Expenditure - Al Above 6 Mio/month ... 2 0.1 .... - B (dengan rentang pengeluaran
HH Expenditure - A2 4-6 Mio/month 70 3.5 .. rumah tangga antara Rp 1,75 juta
HH Expenditure – B 2.5-4 Mio/month 4 6 4 23.5 ..
hingga Rp 4 juta per bulan). Maka,
HH Expenditure - Cl 2-2.5 Mio/month 3 77 f 20.3
HH Expenditure - C2 400 19
dapat dikatakan, mayoritas rumah
I . 7 5 - 2 . 0
HH Expenditure - C3 1.5-1.75 Mio/month 181 9.2 tangga di wilayah Properti adalah
HH Expenditure - C4 1.25-1.5 Mio/month 296
— ---------- .
15.0 rumah tangga kelas menengah.
HH Expenditure – D 0.9-1.25 Mio/month 162 8.2
HH Expenditure - E Below 0.9 Mio/month 23 1.2
Sumber: Nielsen Consumer Media View Wave IV 2015 - Colliers International Indonesia – Riset dan Advisory
Berdasarkan analisis Konsultan, penduduk yang berpotensi untuk berbelanja di pusat belanja modern
adalah penduduk dengan pengeluaran Iebih dari Rp 2 juta setiap bulannya dengan proporsi 47,4%. Maka
terdapat 233.728 orang yang menjadi potensi pasar dari pusat belanja yang akan dikembangkan.
Potensi Pasar 2012 2013 2015P 2016P 2 0 1 7 P 2018P 2019P 2 0 2 0 P

Jumlah penduduk 53.964 212.4851214.833
52.684 55.492 56.569 57.645 58.721 59.798 60.874
cakupan terdekat 2014P
Jumlah penduduk 159.802
158.323 165.044 167.367 169.370 171.586 173.930 176.576
cakupan -nenengah - ------------- 53.034
terjauh 212.288 233.728 237.450
161.799 220.536 223.935 227.015 230.308
Total
Sum ber: Badan Pusat Statistik dan Colliers International Indonesia - Riset dan Advisory
157
Colliers
Potensi Pasar
"JTE 4
11■1110IIMINI
Potensi Jumlah Kunjungan ke Pusat Belanja

Frekuensi Kunjungan
Lebih dari 1 kali per 40% dari total populasi
minggu* 1 kali per minggu 20% dari total populasi
1 k a l i p e r b u l a n 20% dari total populasi
2 k a l i p e r b u l a n 18% dari total populasi 2%
Tidak pernah mengunjungi mall dari total populasi
Total 100% dari total populasi
Al101111°158
Colliers
L ON'•
Potensi Pasar
N-I-El+N

rotensi 'unman Kumunaan aan lurniaapenauauK caKupan teraeKat per man
Frekuensi Kunjungan % 2012 2013 2014P 2015P 2016P 2017P 2018P 2019P 2020P
Lebih dari 1 kali per minggu* 40.0% 172.686 168.588 169.709 177.575 181.019 184.464 187.908 191.352 194.796
Satu kali per minggu 20.0% 43.172 42.147 42.427 44.39 45.255 46.11a 46.977 47.838 48.699
Satu kali per bulan 20.0% 10.793 10.537 10.607 11.098 11.314 11.529 11.744 11.96C1 12.175
Dua kali per bulan 18.0% 19.427 18.966 19.092 19.977 20.365 20.752 21.140 21.527 21.915
Total 98.0% 246.078 240.238 241.83E1 253.045 257.953 262.861 267.769 272.677 277.585
Hampir tidak pernah mengunjungi mall
2.0% *Asumsi 2 kali per minggu
Potensi iumlah kuniiungan dari iumlah penduduk cake an menenoah teriauh per bulan
Frekuensi Kunjungan % 2012 2013 2014P 2015P 2016P 2017P 2018P 2019P 2020P
Lebih dari 1 kali per minggu* 40.0% 506.63, 511.36" 517.75e 528.14C 535.572 541.984 549.077 556.577 565.044
Satu kali per minggu 20.0% 126.65:- 127.841 129.435 132.03E 133.893 135.496 137.26c 139.144 141.261
Satu kali per bulan 20.0% 31.66 31.961 32.36C 33.M. 33.472 33.874 34.317 34.78E 35.315
Dua kali per bulan 18.0% 56.99= 57.52 • 58.24e 59.41E 60.252 60.973 61.771 62.61E 63.567
Total 98.0% 721.95 ' 728.69' 737.802 752.59E 763.192772.328 782.434 793.12 805.187
Ham pir tidak pernah mengunjungi mall
nsi iumlah kuniunaan dari caku an penduduk per bulan

Frekuensi Kunjungan % 2012 1 2013 2014P 2015P 2016P 2017P 2018P 2019P 2020P
Lebih dari 1 kali per minggu* 40.0% 679.320 679.953 687.465 705.715 716.593 726.448 736.985 747.929 759.840
Satu kali per minggu 20.0% 169.830 169.988 171.86e 176.429 179.148 181.612 184.246 186.982 189.960
Satu kali per bulan 20.0% 42.458 42.497 42.967 44.107 44.787 45.402 46.062 46.746 47.490
Dua kali per bulan 18.0% 76.424 76.495 77.340 79.393 80.617 81.7251 82.9111 84.142 85.482
Total 98.0% 968.031 968.932 979.637 1.005.644 1.021.145 1.035.188 1.050.202 1.065.799 1.082.772
Ham pir tidak pernah mengunjungi mall
159
Colliers
Potensi Pasar
NITET•IN ATIONP
Pusat Belanja Pesaing Hari Kerja Akhir Pekan Total Pengunjung

Jatinangor Town Square 8.000 13.000 300.000
Total Pengunjung Pusat Belanja Pesaing (Pengunjung/bulan) 300.000
Total Potensi Pengunjung dari Kecamatan Jatinangor dan sekitarnya (Pengunjunglbulan) t050.203
Total Potensi Pengunjung dari Pusat Belanja yang Diusulkan (Pengunjunglbulan) 750.203
Pembagian Potensi Jumlah Pengunjung dengan Pusat Belanja dalam tahap

750.203
Konstruksi (Pengunjunglbulan)
Total Potensi Pengunjung di Pusat Belanja yang Diusulkan (Pengunjunglhari) 24.200
160
Colliers
Potensi Pasar ,NTE
Dari perhitungan potensi pasar sebelumnya dapat terlihat bahwa terdapat potensi sebesar kurang Iebih 24.200
kunjungan (dari luar properti) sementara dari dalam Properti terdapat potensi pengunjung sebesar 969 kunjungan,
namun jika dilihat dari kondisi pasar dan berdasarkan performa pengunjung dari pusat belanja yang telah
beroperasi di Jatinangor dengan maksimal kunjungan adalah 13.000 orang per hari, maka diproyeksikan jumlah
pengunjung untuk pusat belanja yang akan dikembangkan diatas Properti adalah sebanyak 15.000
kunjungan per hari, sehingga didapatkan luasan NLA yang dibutuhkan antara 9.643 m 2 sampai dengan 28.929
m2
Potensi NLA Pusat Belanja yang direncanakan
Asumsi A Asumsi B
Jumlah Pengunjung 15.000 15.00C

Total Pengeluaran (Rp/ orang) Rp50.000 Rp150 00C
Total Pengeluaran di Mall (Rp/bulan) Rp22.500.000.000 Rp67.500.000.00C
Alokasi pengeluaran untuk sewa (%) 15% 15%
Alokasi pengeluaran untuk sewa (Rp/bulan) Rp3.375.000.000 Rp10.125.000.000
Rata- rata harga sewa dari mall pesaing

Rp350.000 Rp350.000
dan pembanding (Rp/m2/bulan)
Net Leasable Area (NLA) yang dibutuhkan (m2) 9.643 28.925

Gross Floor Area (GFA) yang dibutuhkan (m2) 12.857 38.571
Sum ber: Colliers International Indonesia — Riset dan Advisory
Kriteria Skoring untuk Pengembangan Colliers
NT EPt gAl IO NAL
Pusat Belanja q1111•111111E1111•1
Net Jumlah
Leasable Pengunjun Desain Umur
Score Area Lokasi aasar Area Parkir Konsep Fungsi
uranBP Bangunan
Area q per Hari
Terletak di jalan utama >40.000 Parkir gedung dan Sangat
5 Jakarta >17 >25,000 < 5 tahun lain (hotel, kantor
daerah primer basement menarik
30.000- ....... apartemen)
Terletak di jalan 5-10 tahun
20,001 - Basement dan Dengan gedung
4 Bandung utama yang dekat 15-17 Menarik
40.000
25,000 surface parking kantor
dengan daerah 11-16 tahun
primer Terletak di 20.000- Parkir gedung dan
Tangerang 15,001 - Kurang Dengan 2 fungsi
3
Selatan
jalan sekunder 30.000
12-14
20,000 surface parking Menarik
dengan
lain
dari daerah primer
10.000- surface parking perbaikan
Terletak di jalan
8,001 - Tidak Dengan 1 fungsi
2 Jatinangor sekunder yang dekat 20.000 9-11 >50
15,000 Menarik besar lain
dengan daerah primer
<10.000 lots >16 tahun
................................... . Sangat dengan Tidak memiliki
1 - Terletak di jalan lokal a,000 Tidak perbaikan konsep fungsi
surface parking Menarik kecil lain
<50 Dengan 3 fungsi
Sum ber : Colliers International Indonesia — Advisory lots
> 16 tahun
162
Skoring untuk Pengembangan Pusat Colliers
NTENN4fIUNAL
Belanja 1■11■11111
Net Jumlah
Bauran Area m.n U Konsep Skor ..
Pusat Belanja Pesaing dan Area Lokasi Leasable Pengunjung Desain
Kumulatif Harga
Area Pasar per Hari Parkir ur Fungsi
Pembanding Bangunan Sewa
10% 25% 15% 15% 15% 5% 10% 5% 10% 100%
Pusat Belanja Pesaing
Jatinan . or Town Seuare 2 3 2 5 2 4 3 2 1 3,00 250,.000
Pusat Bela nja Pembanding
Cihampelas Walk 4 3 3 5 4 5 5 3 1 3,95 550.000
Paris Van Java 4 3 3 5 3 5 5 4 1 3,85 450.000
Braga City Walk 4 3 3 2 1 3 4 3 3 3,05 225.000
Cilandak Town Square 5 4 3 3 4 4 5 3 1 3,95 450.000
La Piazza 5 3 2 1 1 3 4 3 3 2,85 150.000
The Breeze 3 3 3 2 2 2 5 5 1 3,05 375.000

Pusat Belanja yang
2 3 3 2 3 3 4 5 3 3,25 314,582
direncanakan
163
Colliers
Proyeksi Tarif Sewa IN T E;>r: A.1 1c_,
1111■1111111111•1111
L
Dalam menentukan analisa posisioning, Konsultan akan menerapkan beberapa asumsi dari gedung ritel
yang direncanakan, sebagai berikut:
 Gedung ritel yang dibangun memiliki luas sewa adalah 15.000 meter2
 Gedung ritel yang dibangun akan memiliki bauran pasar antara 9 dan 11 bauran.
 Gedung ritel yang dibangun akan memiliki pengunjung 15.000 orang per hari.
 Gedung ritel yang dibangun akan memiliki desain yang menarik.
Dengan menggunakan asumsi diatas, gedung ritel yang akan dibangun memiliki jumlah skor sebesar 3.25;
harga sewa yang paling sesuai adalah Rp 315.000 per meter 2 per bulan. Diperkirakan tarif transaksi adalah
15 persen lebih rendah dibandingkan tarif penawaran, sehingga tarif transaksi sekitar Rp 267.000 per meter 2
per bulan atau dibulatkan menjadi Rp 270.000 per meter2 per bulan.
600,000
•
_____ y = 260972x - 533577
500,000 R2 = 0.8165
 •
400,000 •
300,000
200,000
•
100,000
0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50

 Pusat Belanja Pesaing dan Pembanding Pusat Belanja
yang direncanakan
Sumber : Colliers International Indonesia — Advisory 164
Analisis flomersia
Apartemen
Batasan Analisis
Dengan mempertimbangkan:
 Terbatasnya pasokan ruko di Jatinangor

 Konsep pengembangan di atas lahan Properti sebagai pembangunan komersial terpadu, yang
didominasi oleh hunian vertikal (apartemen)
Maka, analisis ini akan difokuskan pada ruko atau kios atau toko yang dibangun sebagai bagian dari
penunjang fasilitas apartemen dengan kriteria:
Lokasi
a. Ruko / Kios / Toko yang dikembangkan sebagai bagian dari pengembangan apartemen pesaing
b. Ruko / Kios / Toko yang dikembangkan sebagai bagian dari apartemen yang berjarak 'I — 2 km dari
pusat pendidikan ternama seperti ITB, UNPAD, dan UNPAR di Kota Bandung
Skema Pemasaran
Ruko / Kios / Toko dalam tahap pemasaran, di jual dan atau di sewa.
Dengan menerapkan kriteria diatas, maka konsultan menemukan 6 ruko/toko yang masih dipasarkan
Daftar Komersil
Colliers
INTERNATIONAL
Nama
No 1 Nama Proyek Tahun Operasi Tipe Komersial Skema Pemasaran Jumlah unit
pengembang
Tahap Pemasaran
1 everly Dago Istana Group 2013 Kios Jual 5
Kagum Karya
2 he Jarrdin Cihampelas 2014 Kios Jual 36
Husada
3 ston Park Residence Kalmarland 2015 ...... Ruko Jual .................. 2
........ Kios Sewa 15
4 aman Melati Jatinangor Adhi Persada 2016 Kios Jual 12
Properti
5 arahyangan Residence Agung Podomoro 2016 Kios Sewa 13
6 aleri Ciumbuleuit 3 Istana Group 2017 Kios Sewa 34
Tahap Perencanaan
1 Skyland Tower A Ryland 2016 Kios Jual 20
. _. ..
2 Bandung Technoplex Multikarya Land 2018 Kios Sewa 30
 Terdapat enam proyek pesaing yang sudah dipasarkan, dan dua proyek masih dalam tahap perencanaan atau
belum dipasarkan.
 Hampir seluruh proyek berbentuk kios yang dikembangkan sebagai fasilitas penunjang apartemen. Hanya
Easton Park yang memasarkan kios dan ruko.
 Kios dipasarkan dengan skema jual atau sewa, sedangkan ruko dipasarkan dengan skema jual.
168
Colliers
Jumlah Unit Komersial IN F. ttr,,...4,1. rc.rr
 Satu-satunya ruko yang ditawarkan hanya

dibangun dengan unit terbatas, kurang
dari lima unit
 Sedangkan tipe kios, yang sudah

dipasarkan. disediakan dengan kelompok
unit sebagai berikut:
Jumlah unit < 10 unit : 1 proyek
(Beverly Dago)
Jumlah unit 10 — 20 unit : 3 proyek
(Easton Park Residence, Taman Melati
Jatinangor, dan Parayangan
Residence)
Jumlah unit > 20 unit : 2 proyek (The
Jardin Cihampelas dan Galeri
Ciumbeleuit 3)
 Dua kios, dalam tahap perencanaan,

disediakan dengan unit lebih dari 20.
Colliers
Konfigurasi Unit INTERNATIONAL
Dimensi Luas
Tinggi Luas Tanah Luas Bangunan
No Nama Proyek Jumlah unit Bangunan (meter x
Bangunan (meter)) (meter)
meter)
Ruko
1 Easton Park Residence 4 2 2 5 0 360 12 x 15
Kios Jual .................... ..
1 Beverly Dago 5 1 - 18,8 - 33,9 -
2 The Jarrdin Cihampelas 36 1 - 16 - 20 4 x 4 s/d 4 x 5
3 Taman Melati Jatinangor 12 1 - 11,82 - 94 3 x 4 s/d 8 x 12
Kios Sewa ................. ... . -
1 Easton Park Residence 15 1 - 15 - 35 3 x 4 s/d 5 x 7
2 Parahyangan Residence .... 13 1 - 28,8 - 106,69 -
3
Galeri Ciumbuleuit 3 34 1 - mulai dari 40 m2 -
 Ruko di Easton park dibangun sebagai ruko 2 lantai, dengan luas tanah 250 m 2 dan luas bangunan
360 m 2 .
 Kios jual dibangun dengan luas 12 — 18 m 2 , sementara kios sewa dibangun dengan luas 15 — 40 m 2
 Pada umumnya lebar muka kios adalah 3 — 5 meter, dengan panjang kios beragam mulai dari 4 meter
sampai 5 meter
Colliers
Kinerja Unit Komersil N-E r %!,
RUKO
100% Ruko
90%
Tingkat penjualan ruko Easton Park
80% _
mencapai 50% (sisa 1 unit dari 2 unit)
70% — Ruko Easton
Park Residence dengan harga jual tanah sebesar
Rp15,68 juta/m2 (estimasi harga
Tingkat Penjualan
60% ___
2
bangunan ruko Rp 3 juta/m )
50% —
40%
30% _
20% –
10% —
0%
Rp- Rp5 ROD Rp15 Rp20
Juta
 Ruko Easton Park
Sumber: Colliers International Indonesia – Advisory

Colliers
Kinerja Unit Komersil 11111•111•111111
KIOS JUAL
100%
Kios Jual
Kinerja tertinggi di capai oleh Beverly
90% Beverly
Da o
Dago, yang telah mencapai tingkat
80% ■ penjualan 80%, dengan harga jual Rp 25
juta per meter
70%
The Jarrdin Cihampelas mencapai 50%

Tingkat Penjualan
60%
50%
tingkat penjualan dari 36 unit dengan
The Jarrdin
Cihampelas harga jual Rp 26,4 Juta per meter.
40%
Sementara, Taman Melati Jatinangor

30%
2_ mencapai tingkat penjualan sebesar
20% Taman Melati
Jatinangor
33% dengan harga jual mencapai Rp 30
10% juta per meter
0%
Rp- Rp10 Rp20 Rp30 Rp40
Harga Jual / Meter Juta
 Kios Jual
172
Colliers
Kinerja Unit Komersil ~PJTE 4
MINEMEMINIMP
_
KIOS SEWA
100% Parahyangan Residence mencapai tingkat
Parahyangan
hunian 92% dengan tarif sewa Rp
90% Residence
200.000/m2/bulan, meskipun unit masih
80% belum diluncurkan.
70% Untuk unit yang telah beroperasi, kios

Easton Park Residence memiliki tingkat
60%
hunian 47% dengan tarif sewa mencapai
Tingkat Sewa
50% Easton Park Rp208.000/m2/bulan.

Residence
40%
Sedangkan, Galeri Ciumbeuleuit 3 baru
30% saja melakukan pra-pemasaran di bulan
Februari 2016 dengan estimasi tarif sewa
20% Rp 150.000/m2/bulan.
10%
Galeri
0% Ciumbeuleuit 3
Rp- Rp100 Rp200 Rp300 Rp400 Rp500
Ribu
Harga Sewa per meter2 per bulan

Colliers
Bauran Pasar Komersil ird?EPTg IC,NAL
Keuangan, Transportasi dan

Persewaan dan _Komunikasi
Jasa Perusahaan 3%
Perdagangandan
Restoran
68`Yo

Bauran pasar komersil didominasi oleh:
 Sektor Perdagangan dan Restoran (68%) seperti minimarket, drugstore, restoran, dan café
 Jasa-jasa (26%), seperti laundry, salon dan
 Keuangan & jasa perusahaan (3%) serta Transportasi dan Komunikasi (3%), misalnya agen properti dan
perjalanan.
.00
Colliers
Rasio Unit Apartemen dengan Komersial INTERNATIONAL
Jumlah unit Rasio Unit

No Nama Komersil Jumlah unit komersil Apartemen : Unit
apartment Komersil
Ruko
!Easton Park Residence 4 1 14001 350 ...........
Kios Jual
1 everly Dago 5 390J 78
2 e Jarrdin Cihampelas 36 2 68
1 75 63
3 aman Melati Jatinangor 12
Rata-rata 70
Kios Sewa
Easton Park Residence 1 5 1400 93
Parahyangan Residence 1 3 1496 115
Gated Ciumbuleuit 3 3 4 599 18
Rata-Rata 75
Berdasarkan hasil survey lapangan ditemukan kondisi seperti berikut:
1. Belum terdapat komplek ruko di daerah Jatinangor dan berdasarkan apartemen kompetitor
tidak terdapat apartemen yang didukung oleh komplek ruko
2. Komersial penunjang apartemen adalah kios
Dengan kondisi tersebut, maka jenis komersil yang akan dipilih adalah kios dengan rasio unit
apartemen : unit komersil adalah 1:70 untuk kios jual dan 1:75 untuk kios sewa
175
Perbandingan Rasio Unit Apartemen Colliers
I NT E R NAT I O NA L
WININI■ 1■ 11
dengan Komersil 9
PERHITUNGAN KEBUTUHAN UNIT KOMERSIL
Rata-rata Rasio Unit

Keterangan Jumlah (Unit)
Apartemen : Unit Ruko
Jumlah unit Proyek 700

_......... ........
<ios Jual 70 10
Ki os Sewa 75 9
tKisaran Kebutuhan Unit Ruko 9 - 10 uniil
Dengan menggunakan rasio diatas maka dapat diestimasikan bahwa kebutuhan unit komersil di proyek
yang akan dibangun: untuk 700 unit apartemen adalah adalah 9 — 10 unit.
176
Colliers
Kriteria Skoring Perhitungan Kios Jual 11111=11111111•11111M1
TABEL KRITERIA SKORING KIOS JUAL

Jumlah Unit
Poin Pengembang Usia Apartemen Jumlah Unit Kios Luas Kios Terkecil
Apartemen
Bobot 20% 25% 25% 15% 1 5 %
Developer reputabel pada Dalam tahap
5 >1.000 unit < 10 unit > 30 m2
skala nasional perencanaan
Developer dengan pengalaman
membangun gedung yang cukup
3 1 - 3 tahun 500 - 1000 10 - 15 unit 15 - 30 m2
dikenal di Jatinangor atau daerah
Iainnya
Developer baru atau sedikit
1 > 3 tahun <500 unit >15 < 15 m2
pengalaman
Berikut merupakan asumsi yang digunakan konsultan dalam menentukan harga bagi kios jual pendukung
apartemen:
1. Pengembang merupakan pengembang baru atau sedikit pengalaman

2. Usia Apartemen adalah < 1 tahun atau 0 tahun / Dalam tahap perencanaan
3. Jumlah unit apartemen yang didukung direncanakan 500-1.000 unit (700 unit)
4. Jumlah unit kios yang direkomendasikan adalah 10-15 unit
5. Luas unit kios terkecil adalah 15 meter persegi.
177
Colliers
Hasil Analisis Skoring Kios Jual iNTEPNAUOMAL
TABEL ANALISIS SKORING KIOS JUAL

Usia Jumlah Unit Jumlah Unit Luas Kios
Nama apartemen Pengembang Poin Harga jual
Apartemen Apartemen Kios Terkecil
Bobot 15% 30% 30% 10% 15% 100%
Beverly Dago 3 3 1 5 3 2,8 Rp 25.000.000
The Jarrdin Cihampelas 1 3 5 1 3 2,8 Rp 26.441.407
Taman Melati Jatinangor 3 5 3 3 1 3,2 Rp 30.088.283
Proposed Project 1 5 3 3 3 3,1 Rp 28.996.388
DIAGRAM POSITIONING KIOS JUAL

Rp45 Berdasarkan analisis tersebut, dengan
Rp40 y = 10,918,948.53x - 4.852,352.50 skor mencapai 3,1 kios yang akan
R2 = 0.92
Rp35 dibangun memiliki harga jual sebesar
Rp28.996.388,- per meter2.
Harga Jual per Meter
Rp30
Rp25
Rp20
Rp15
Rp
10
Rp5
Rp- 0 1 2 3 4 5
 Kompetitor •Properti
178
Colliers
Kriteria Skoring Perhitungan Kios Sewa
TABEL KRITERIA SKORING KIOS SEWA
Jumlah Unit
Poin Pengembang Tingkat Sewa Kios Jumlah Unit Kios Luas Kios Terkecil
Apartemen
Bobot 15% 25% 20% 20% 20%
Developer reputabel pada skala
5 >80% >1.000 unit < 10 unit < 15 m2
nasional
Developer dengan pengalaman
membangun gedung yang cukup
3 dikenal di Jatinangor atau daerah 50 — 80% 500 - 1000 10 - 15 unit 15 - 30 m2
lainnya
Developer baru atau sedikit
1 < 50% <500 unit >15 > 30 m2
pengalaman
Berikut merupakan asumsi yang digunakan konsultan dalam menentukan harga bagi kios jual
pendukung apartemen:
1. Pengembang merupakan pengembang baru atau sedikit pengalaman
2. Asumsi tingkat sewa kios antara 50 — 80%
3. Jumlah unit apartemen yang didukung direncanakan 500-1.000 unit (700 unit)
4. Jumlah unit kios yang direkomendasikan adalah 10-15 unit
5. Luas unit kios terkecil adalah 20 - 30 meter persegi.
179
Colliers
Hasil Analisis Skoring Kios Sewa
TABEL ANALISIS SKORING KIOS SEWA
Tingkat Sewa Jumlah Unit Jumlah Unit Luas Kios
Nama apartemen Pengembang Poin Harga jual
Kios Apartemen Kios Terkecil
Bobot 15% 25% 20% 20% 20% 100%
Easton Park Residence 1 3 5 3 3 3,1 Rp 208.000
Parahyangan Residence 5 5 5 3 3 4,2 Rp 200.000
Galeri Ciumbuleuit 3 3 1 3 1 1 1,7 Rp 150.000
Proyek 1 5 3 3 3 3,2 Rp 190.1911
DIAGRAM POSITIONING KIOS SEWA

Berdasarkan analisis tersebut, dengan
Rp250,000
y= 20,955.41x + 123,133.76
skor mencapai 3,21 kios sewa yang
Harga Sewa per Meter per Bulan
R2=0.70 akan dibangun akan menerapkan tarif

Rp200,000
sewa Rp190.191/m2/bulan
Rp150,000
Rp100,000
Rp50,000
Rp ___
0 1 2 3 4 5
 Kompetitor • Properti
180
Batasan Teknis
Sebelumnya Skyland telah melakukan proses perijinan untuk pengembangan kawasan dengan luas 4,5 Ha
dengan Perijinan Nomor 503.IP/013-BPMPP/2011, namun pada tahun 2012 terdapat Perda Kab. Sumedang
Nomor 12 tahun 2012 tentang Rencana Tata Bangunan dan Lingkungan Kawasan Strategis Provinsi
Pendidikan Jatinangor yang mengatur batasan ketinggian bangunan menjadi 12 Iantai, namun selanjutnya
telah dilakukan revisi dan menjadi Perbup Sumedang nomor 92 tahun 2015 (yang kemudian digunakan sebagai
basis perencanaan)
Konsultan menghitung batasan teknis berdasarkan 2 alternatif yaitu
1. Atas lahan yang telah menjadi milik PT. Adhiloka

2. Atas keseluruhan lahan perencanaan (termasuk yang masih belum dimiliki oleh PT. Adhiloka)
Alternatif 1 - Atas lahan yang telah menjadi milik PT. Adhiloka
Lantai
Luas Lantai Batasan
Luas Dasar
Berdasarkan Peraturan Zona KDB (%) KLB* Bangunan ketinggian
Tanah (m2) Bangunan
(m2) Bangunan (Iantai)
(ma)
;Ierdasarkan Perijinan Nomor Campuran 45.000 60% 27.000 - - 23

03.1P/013-BPMPP/2011
Berdasarkan Perda Kab.
Campuran 45,000 50% 22.500 6 270.000 12
Sumedang Nomor 12 Tahun
2 0 1 2
erdasarkan Perbup disesuaikan
umedang Nomor 92 Tahun Campuran 45,000 60% 27.000 4 180.000 dengan kondisi
015 lahan*A
*berdasarkan kondisi eksisting bangunan saat ini maka dapat diasumsikan batasan ketinggian bangunan adalah 23 Iantai.
Batasan Teknis
Alternatif 2 - Atas keseluruhan lahan perencanaan (termasuk yang masih belum dimiliki PT.
Adhiloka
Lantai
Luas Lantai Batasan
Luas Dasar
Berdasarkan Peraturan Zona KDB (%) KLB* Bangunan ketinggian
Tanah (m2) Bangunan
(m2) Bangunan (lantai)
(m2)
Berdasarkan Perijinan Nomor
Campuran 67,000 60% 40,200 - - 23
503.1P/013-BPMPP/2011
Berdasarkan Perda Kab.
Sumedang Nomor 12 Campuran 67,000 50% 33,500 6 402,000 12
Tahun 2012
Berdasarkan Perbup
disesuaikan dengan
Sumedang Nomor 92 Campuran 67,000 60% 40,200 4 268,000
kondisi lahan*
Tahun 2015
*berdasarkan kondisi eksisting bangunan saat ini maka dapat diasumsikan batasan ketinggian bangunan adalah 23 lantai.
Atas permintaan klien, konsep yang akan diajukan berjumlah 2, konsep alternatif 1 menggunakan lahan yang
saat ini sudah sepenuhnya dimiliki klien dan alternatif 2 menggunakan lahan yang dimiliki ditambah dengan
luas lahan yang konsultan sarankan.
Aturan yang digunakan dalam rekomendasi konsep ini adalah peraturan atas keseluruhan lahan perencanaan
berdasar Perbup Sumedang No. 92 Tahun 2015.
,0
Batasan Teknis
KKOP (Kawasan Keselamatan Operasional Penerbangan)
_--- . ,.
-
----- 40"
40
_ -
I -:::_4640017
,. .
fr__
f 1
.
Mu
/ /
\
\ '
\ \ --"--
I, \
Zona KKOP Radius (m) Batas Tinggi

Maks (m)
Karena Properti terletak 21,7 kilometer dari Bandara
Permukaan Horizontal
Husein Sastranegara, maka Properti terletak dalam Dalam
< 4.000 45
Permukaan Kerucut
zona Permukaan Pendekatan dan Lepas Landas 4.000— 6.000 45—150
maka batas ketinggian bangunan maksimal adalah i
Permukaan Horizontal
Iebih dari 150 meter. 6.000— 15.000 150
Luar
Akan tetapi, karena Pemerintah telah menetapkan Permukaan
Pendekatan dan Lepas >15.000 >150
batasan ketinggian, maka ketentuan KKOP ini Landas
menjadi tidak relevan.
Colliers
Rekomendasi Pengembangan- Alternatif 1 f l%
LAHAN YANG DIMILIKI KLIEN
Lahan yang dimiliki klien adalah yang

ditandai dengan warna biru.
Berdasarkan studi pengukuranlahan
menggunakan software Sketchup,
berikut adalah data eksisting lahan:
Komponen Luas (m2)

Luas lahan yang dimiliki 45.000
Luas lantai dasar condotel 3.200
Luas area condotel 8.600.
Sumber: Klien dan Colliers International Indonesia - Advisory

Colliers
1Rekomendasi Pengembangan- Alternatif 1 UMMIIMIMO
KOMPONEN YANG AKAN DI KEMBANGKAN DI DALAM PROPERTI

Komponen Segmen pasar Jumlah Th. Operasi
A p a r t e m e n Menengah ....... 1.408 U n i t 2020, 2022 ..........
Retail Center Lifestyle 4 . 9 7 5 meter2 NLA 2 0 1 8
Ruko - 6 Unit 2019
Pada Alternatif 1, berdasarkan pasar, kompetisi, analisis pasar, dan potensi pengembangan Properti,
apartemen yang diusulkan berjumlah 1.408 unit terdiri dari 2 tower. Sedangkan untuk Retail Center memiliki
luas 4.975 m2 NLA. Ruko yang diusulkan berjumlah 6 unit.
Colliers
Rekomendasi Pengembangan- Alternatif 1 INTERNATIONAL
LIFESTYLE RETAIL CENTER

KONFIGURASI
Lantai Fungsi Tinggi (m) NLA (m2) GFA (m2)
FnB
5
Specialty
Supermarket
2 5
FnB
FnB
3 Gym 5
Student lounge
Total area (m2) 4,975 6,468
Berdasarkan studi bentuk lahan yang dilakukan Konsultan, luasan Retail Center yang diusulkan dipengaruhi oleh
faktor lokasi, yaitu Retail Center sebaiknya terletak di depan karena memerlukan visibilitas yang besar. Faktor
kedua adalah bentuk lahan yang menyempit, sehingga membatasi luasan yang dapat digunakan sebagai Retail
Center karena akses ke dalam lahan harus tetap berlanjut.
Presentase fungsi retail center dijelaskan dalam tabel berikut:
Fungsi %
Supermarket 20%
Specialty 25%
F n B 50%
Gvm 5%
187
Colliers
LIFESTYLE RETAIL
CENTER PARKIR_
Fungsi Luas Rasio Jumlah lot parkir (m2) Luas area parkir (m2)
Lifestyle center 4,975 m2 NLA 1:100 50 1,50C
Rasio parkir yang diusulkan adalah 1:100 meter 2 NLA sehingga jumlah unit parkir untuk retail center yang
diusulkan untuk disediakan di dalam properti adalah sebanyak 50 unit parkir yang letaknya dijelaska n dalam tabel
berikut:
Letak Parkir Rasio Jumlah lot parkir (m2) Luas area parkir (m2)
L a n t a i 3 31 930.00
Lantai 2 30 9 270
Surface 10 300
Total 50 1,500
188
Colliers
APARTEMEN KELAS MENENGAH

KONFIGURASI (1 TOWER)
kuran unit Total a r e a Total
Komponen Jumlah unit 0/0
NLA (m2) SGA (m2) GFA (m2) Total SGA (m2) GFA (m2)
U n i t
S t u d i o 21.6 24 26.67 484 11, 616 12,908.28
1-Kamar Tidur 31.5 35 38.89 110 3,850 4,277.90 94.13%
2-Kamar Tidur 40.5 45 50 110 4,950 5,500.00
...................................... Subtotal unit (1 tower) 704 20, 416 22,686.18
Fasilitas indoor
Lobby .................... 212.51 2501 277.78 250 277.78
Kios 4x4 ................ 161 18. 20. 73.6 81.76
Kios 4x5 ................ 2 231 25.56 92 102.24
Kios 5x5 ................. 251 28.751 31.9 57.5 63.88
5.87%
G y m 127.51 1501 166.6 150 166.67
C a f é 127.51................. 1501 166.6 300 333.34
Ruang bersama 2551 3001 333.33 300 333.33
Ruang manajemen 42.5 501 55.5 50 55.56
............................ Subtotal fasilitas indoor ........ 16 1,273 1, 414. 56
Fasilitas outdoor
Koiam renang ......... 200 200
Subtotal fasilitas outdoor 200
Total_area kacuali fasilitas outdoor loll__ . 9
8
,6
1
2 .7
0
,1
4
2 100%
Sum ber: Colliers International Indonesia - Advisory
Konsultan merekomendasikan untuk membangun apartemen dua tower, masing-masing 704 unit, yang dibangun
dalam dua tahap. Konfigurasi unit terdiri dari studio, 1-kamar tidur, dan 2- kamar tidur. Setiap tower dilengk dengan
fasilitas café, kios, dan pusat kebugaran.
189
Colliers
Rekomendasi Pengembangan- Alternatif 1
PARKIR (1 TOWER)
Komponen Tipe unit Rasio andardn Jumlah unit Unit parkir GFA Parkir (m )
St
ot (m2)
Studio 1- 48 242 7,260
1 parkir: 2 unit
Apartemen Kamar Tidur 2- 30 4 55 1,650
Kamar Tidur 1 parkir : 1 unit 11 110 3,300
2 0 407
Total area parkir (m ) 12,210
Sumber: Colliers International Indonesia - Advisory 11
0
Jumlah unit parkir yang diusulkan untuk disediakan untuk setiap tower adalah 407 unit
70 parkir. Rasio parkir untuk
apartemen adalah: 1:2 unit untuk tipe studio dan tipe 1-KT, sedangkan untuk 2-KT 4 adalah 1:1 unit. Secara
keseluruhan untuk dua tower apartemen yang memiliki konfigurasi identik, jumlah parkir yang tersedia adalah 814
lot parkir.
190
Colliers
Rekomendasi Pengembangan- Alternatif 1 INTE RNAT:O NAL

DETAIL PENGEMBANGAN (1 TOWER)
NLA SGA GFA Tinggi NLA SGA
Lantai Unit , Jumlah NLA SGA GFA Lantai Unit Tinggi Jumlah NLA SGA (m2) GFA (m2I
(m2) (m2) (m2) (rm .("12) (P12) (m)A
rot MP(
tudio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475.2 528 586.74
23 1 KT 31.5 35 38.89 3 5 157.5 175 194.45 14 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 225 250
tudio 21.6 24 26.67 22 4752 528 586.74 Studio 21.6 24 26.67 22 475.2 528 586.74
22 1KT 31.5 35 38.89 3 5 157.5 175194.45' 13 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 225 250
ludo 21.6 24 26.67 22 4752 528 586.74 Studio 21.6 24 26.67 22 475.2 528 586.74
21 1 KT 31.5 35 38.89 3 5 157.5 175 194.45 12 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 225 25C
tudio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 4752 528 586.74
20 1KT 31.5 35 38.89 3 5 157.5 175 194.45 11 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT ~ 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 225 25Q
tudio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475.2 528 586.74
19 1KT 31.5 35 38.89 3 5 157.5 175 194.45 10 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT 40.5 45 50 5 202.5 225 250 40.5 45 50 5 202.5 225 250
&to 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475.2 528 586.74
18 1KT 31.5 35 38.89 3 5 157.5 175 194.45 9 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 225 250
 tudio 21.6 24 26.67 22 475.2 528,586.74 Studio 21.6 24 26.67 22 475.2 528 586.74
17 1 KT 31.5 35 38.89 3 5 157.5 175 194.45 8 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 225 250
tudio 21.6 24 26.67 22 475.2 528586.74 Studio 21.6 24 26.67 22 475.2 528 586.74
16 KT 31.5 35 38.89 3 5 157.5 175 194.45 7 1KT 31.5 35 38.89 3 5 157.5 175 194.45
KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 225 250
tudio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475.2 528 586.
15 1KT 31.5 35 38.89 3 5 157.5 175 194.45 6 1KT 31.5 35 38.89 3 5 157.5 175
KT 40.5 45 50 5 202.5 225 250 .............. 2KT 40.5 45 50 5 202.5
Rekomendasi Pengembangan- Alternatif 1 C
NTEPN
AolieT
rsIONAL
APARTEMEN KELAS MENENGAH (1 TOWER

Lantai Unit NLA (ra) SGA (m2) GFA(m2) Tinggi Jumlah NLA (m2) SGA (m2) GFA (m2)
Studio 21.6 24 26.67 22 475.2 528 586.74
5 1 K T 31.5 35 38.89 3 5 157.5 175 194.45
2 K T 40.5 45 50 5 202.5 225 250
Studio 21.6 24 26.67 22 475.2 528 586.74
4 11(1' 31.5 35 38.89 3 5 157.5 175 194.45
2 K T 40.5 45 50 5 202.5 225 2511
Studio 21.6 24 26.67 22 475.2 528 586.74
3 1 K T 31.5 35 38.89 3 5 157.5 175, 194.45
2 K T 40.5 45 50 5 202.5 225 250
Studio 21.6 24 26.67 22 475.2 528 586.74
2 1 K T 31.5 35 38.89 3 5 157.5 175 194.45
2 K T 40.5 45 50 5 202.5 225 250
Lobby 212.5 250 277.78 1 212.5 250 277.78
Kios 4x4 16 18.4 20.44 4 64 73.6 81.76
Kios 4x5 20 23 25.56 4 80 92 102.24
Kios 5x5 25 28.75 31.94 2 50 57.5 63.88
G y m 127.5 150 166.67 5 1 127.5 15l 166.67
1 Café 127.5 150 166.67 2 255 300 333.34
Ruang 55.56
42.5 50 55.56 1 42.5 50
manajem en.............................
Ruang
255 300 333.33 1 255 300 333.33
bersama
Kolam
- 200- 1- - 200
.... renang -
.............
Tinggi bangunan 71
70418 20,416.013„.
Subtotal luas kamar 22,686.18
................... 37440
1,414.56
Subtotal fasilitas indoor 161,086.50
1,273.10
Subtotal fasilitas outdoor 1- - 200.00
Total luas bangunan (kecuali fasilitas outdoor) 19,460.90 p1.689_10
24,100.74
192
Colliers
Rekomendasi Pengembangan- Alternatif 1 NTENNATIONAL
RUKO
KONFIGURASI UNIT
Luas Jumlah GFA
Tipe Luas tanah (m ) bangunan
2 GF
A/unit Tinggi (m) Jumlah unit
lantai (m2)
(m2)
5x15 5
7 5
7 2 150 7 6 900
PARKIR
Jumlah lot
Tipe Rasio Jumlah unit ruko parkir Luas area parkir
Ruko 2 parkir: 1 unit 6 12 360

Jalan yang lebar dan menjadi penghubung antara area komersial dan area residensial menciptakan potensi
pengembangan Ruko dalam Properti. Dengan pertimbangan bentuk lahan, untuk alternatif 1 Konsultan
merekomendasikan untuk membangun ruko sejumlah 6 unit. Unit ruko memiliki luas lahan dan luas bangunan
5x15 dengan jumlah lantai 2. Untuk parkir, rasio yang diusulkan adalah 1:2 unit, sehingga total lot parkir yang
disediakan untuk ruko adalah 12 unit.
Colliers
Rekomendasi Pengembangan-Alternatif 1 I N T E R N AT I O N A L
ASILITAS PARKIR
LOT PARKIR
Letak Retail Apartemen 1 Apartemen 2 Ruko Total unit
L a n t a i 9 29 29 ........... 58
Lantai 8 36 36 ............ 72
La n t a i 7 36 36 ............ 72
L a n t a i 6 36 36 ........... 72
L a n t a i 5 54 54 ........... 108
L a n t a i 4 54 54 ........................................ 108
L a n t a i 3 31 54 54 ........... 139
L a n t a i 2 9 54 54 .......... 117
L a n t a i 1 54 54 ............ 108
Permukaan ................................. 10 ..................................... 12 ............ 22
Total , 50 407 407 12 876
Letak Retail Apartemen 1 Apartemen 2 Ruko Total luas (m2)
L a n t a i 9 870 870 .......... 1,740
L a n t a i 8 1,080 1,080 ...... 2,160
L a n t a i 7 1,080 1,080 ...... 2,160
L a n t a i 6 1,080....... 1,080 ....... 2,160
La nta i 5 1,620 1,620 ....... _ 3,240
Lantai 4 1,620 1,620 ...... 3,240
..antai 3 930 1,620 1,620 ...... 4,170
L a n t a i 2 270 ..........
_ 1,620 1,620 .... ...._...._ 3,510
L a n t a i 1 1,620 1,620 ...... 3,240
Permukaan 300 .......................... 360 .......... 660
Total 11500 12,210 12,210 360 26,28A
194
Colliers
Rekomendasi Pengembangan- Alternatif 2 NTE r ,N.MIONA
LAHAN YANG DIMILIKI KLIEN

Lahan yang dimiliki klien adalah yang
ditandai dengan warna biru. Berdasarkan
studi bentuk dan pengukuran lahan
menggunakan software Sketchup, berikut
adalah data lahan:
Komponen Luas m 2
Luas lahan yang dim iliki

45.000,0
Luas lanta dasar condotel
3.200,0
bas area condotelLuas tanah 8.60
yang diusulkan ditambah
Luas akses kedua 8.244,
60
Lahan yang diusulkan untuk ditambahkan

menjadi bagian dari Properti adalah seluas
8.244,88 m2. Hal ini dilakukan dengan
catatan Properti juga mendapatkan akses
kedua yang ditandai dengan warna merah
muda. Penambahan akses dilakukan untuk
memisahkan akses untuk residensial dan
komersial. Luas total lahan menjadi
53.844,88 m2.
Sumber: Klien dan Colliers International Indonesia -Advisory

Colliers
Rekomendasi Pengembangan- Alternatif 2 N E N 4T:ON
KOMPONEN YANG AKAN DI KEMBANGKAN DI DALAM PROPERTI

Komponen Segmen pasar Jumlah Th. Operasi
A p a r t e m e n Menengah 1.408 U n i t 2020, 2022....
Retail Center Lifestyle 15.000 meter2 NLA 2 0 1 9
Ruko 10 Unit 2019
Dibandingkan Alternatif 1, perbedaan konsep di Alternatif 2 adalah:
 Ritel yang akan dibangun lebih besar, dengan NLA 15.000 meter 2
 Ruko yang akan dibangun lebih banyak, 10 unit
196
Colliers
Rekomendasi Pengembangan- Alternatif 2 NT ER NAT IO NAL
IMMIM=111■ 1

KONFIGURASI
Lantai Fungsi NLA (m z) GFA (m
1 F n B 3.000 3.900
Specialty 2.000 2.600
S u p e r m a r k e t 3.000 3.900
2 F n B 1.000 1.300
Specialty 1.000 1.300
F n B 2.750 3.575
G y m 750 975
3
Student lounge 750 975
Dengan luasan lebih besar dan bentuk lebih teratur, maka ritel ini dapat dikembangkan dengan ukuran lebih besar,
yaitu 15.000 meter2
Rasio konfigurasi untuk rite) ini adalah sebagai berikut:
Fungsi %
Supermarket 20%
Specialty............. 25%
F n B 50%
Gym 5%
Sumber: Colliers International Indonesia - Advisory I 0 I II 197

Colliers
Rekomendasi Pengembangan- Alternatif 2 I NT E R NAT I O NA L
IMINE111111MP

PARKIR_
Fungsi Luas Rasio Jumlah lot parkir (m2) Luas area parkir (m2)
Lifestyle retail center 15,000 m2 NLA 1:100 150 4,500

Rasio parkir yang diusulkan adalah 1:100 meter2 NLA sehingga jumlah unit parkir untuk retail center yang
diusulkan untuk disediakan di dalam properti adalah sebanyak 150 unit parkir yang letaknya dijelaskan dalam
tabel berikut:
Jumlah lot parkir

Letak Parkir Rasio Luas area parkir (m2)
._ (m2)
30
Lantai 5 9 0 0
L a n t a i 4 30 900
L a n t a i 3 30 m2 30 900
L a n t a i 2 30 900
Lantai 1 30 900
Total 150 4.500
a4400111198
Colliers
Rekomendasi Pengembangan- Alternatif 2 NTEPNATIONAL

KONFIGURASI (1 TOWER)
Ukuran
unit Total area
Komponen Jumlah unit
NLA (m2) SGA (m2) GFA (m2) Total SGA (m2) Total GFA (m2)
n i t
S t u d i o 21.6 24 26.67 484 11,616 12,908.28
1-Kamar Tidur 31.5 35 38.89 11 3,850 4,277.90 94.13%
2-Kamar Tidur 40.5 45 50 11 4,950 5,500.00
....................................... Subtotal unit (1 tower) 70 20, 416 22,686.18
Fasilitas indoor
Lobby ...................... 212.5 250 277.7 250 277.78
K i o s 4 x 4 161 18 20.4 73.6 81.76
K i o s 4 x 5 2 231 25.56 92 102.24
K i o s 5 x 5 2 28.751 31.9 57.5 63'88
127.51 166.6 150 5.87%
G y m 1501 166.67
C a f é 127.51 15 166.6 300 333.34
Ruang bersama 25 3001 333.33 300 333.33
Ruang manajemen 42.5 501 55.5 50 55.56
............................................ Subtotal fasilitas indoor 16 1,273 1, 414. 56
Fasilitas outdoor
Kolam renang .......... 200 1 200
Subtotal fasilitas outdoor 1 200
Total area kecuali fasilitas outdoor (m2) 21,689 _ 24,100.74 100%
Konsultan merekomendasikan untuk membangun apartemen dua tower identik, masing-masing 704 unit, yang
dibangun dalam dua tahap. Konfigurasi unit terdiri dari studio, 1-kamar tidur, dan 2- kamar tidur. Setiap to
dilengkapi dengan fasilitas café, kios, dan pusat kebugaran.
199
Colliers
Rekomendasi Pengembangan- Alternatif 2 'NTERN4110NAL

PARKIR (1 TOWER)
Komponen Tipe unit Rasio Standard/Iot(m2) Jumlah unit Unit parkir GFA Parkir (m )
Studio 484 242 7,260
1 parkir: 2 unit
Apartemen 1-Kamar Tidur ................ 30 110 55, 1.650
2-Kamar Tidur 1 parkir : 1 unit 110 3,300
. ._._ 110
-1 _Total area parkir (m 2) 704 407
1111lPr 12210
Jumlah unit parkir yang diusulkan untuk disediakan untuk setiap tower adalah 407 unit parkir. Rasio parkir untuk
apartemen adalah: 1:2 unit untuk tipe studio dan tipe 1-KT, sedangkan untuk 2-KT adalah 1:1 unit. Secara
keseluruhan untuk dua tower apartemen yang memiliki konfigurasi identik, jumlah parkir yang tersedia adalah 814
lot parkir.
Rekomendasi Pengembangan- Alternatif 2
DETAIL PENGEMBANGAN (1 TOWER)
NLA SGA GFA Tinggi NLA SGA GFA NLA
Lantai Unit (m2) (m) Jumlah NLA SGA GFA Lantai Unit Tinggi Jumlah SGA (m2) FA (m2
(m21 (m2)
Studio 21.6 24 26.67 22 475.2 528586.74 Studio 21.6 24 26.67 22 475. 52 586.7
23 IKT 31.5 35 38.89 3 5 157.5 175 194.45 14 1KT 31.5 35 38.89 3 5 157. 17 194.4
2KT 40.5 45 50 , .......... 5 202.5 225 250 2KT 40.5 45 50 5 202. 22 25
. ..... .....
[studio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475 52 586.7
22 1KT 31,5 35 38.89 3 5 157.5 175 194.44 13 1KT 31.5 35 38.89 3 5 157.5 175 194.4"
2KT 40.5 45 50 5 202.5 225 250 21(1 40.5 45 50 5 202. 225 25
Studio 21.6 24 26.67 22 475.2 528586.74 Studio 21.6 24 26.67 22 475. 528 586.7
21 1KT 31.5 35 38.89 3 5 157.5 175 194.45 12 1KT 31.5 35 38.89 3 5 157.5 17 184.4"
1 2KT 40.5 45 50 5 202.5 22 25
2KT 40.5 45 50 5 202.5 225 250
Studio 21.6 24 26.67 22 47521 528 586.74 Studio 21.6 24 26.67 22 475. 528 586.7
20 11( 1 31.5 35 38.89 3 5 157.5 175 194.45- 11 1KT 31.5 35 38.89' 3 5 157.5 175 194.4
2KT 40.5 45 50 5 202.5 225 250 2la ....... 40.5 45 50 5 202.5 22 25
Studio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475... 528 586.7
19 1KT 31.5 35 38.89 3 5 157.5 175 194.45 10 1KT 31.5 35 38.89 3 5 157. 175 194.4'
2KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.5 22 25
Studio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475. 52 586.7
18 1 KT 31.5 35 38.89 3 5 157.5 175 194.45 9 11(1 31.5 35 38.89 3 5 157." 175 194.4
2KT 40.5 45 50 ....... 5 202.5 225 250 2KT 40.5 45 50 5 202. 22 25'
Studio 21,6 24 26.67 22 4752 528 586.74 Stuck 21.6 24 26.67 22 475 528 586.7
17 1KT 31.5 35 38.89 3 5 157.5 175 194.45 8 1KT 31.5 35 38.89 3 5 157. 175 194.4
2KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202. 225 25
Studio 21.6 24 26.67 22 475.2 528 586.74 Studio 21.6 24 26.67 22 475. 52:.
16 11CT 31.5 35 38.89 3 5 157.5 175 194.45 7 7 1KT 31.5 35 38.89 3 5 157. 175 194.4
21(1 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202. - 225 25
................ ................
Studio 21.6 24 26.67 22 4752 528 586.74 Studio 21.6 24 26.67 22 475. 586.
15 1KT 31.5 35 38.89 3 5 157.5 175 194.45 6 1KT 31.5 35 38.89 3 5 157.5 17"
2KT 40.5 45 50 5 202.5 225 250 2KT 40.5 45 50 5 202.
Sum ber Colliers International Indonesia - Advisory
Colliers
Rekomendasi Pengembangan- Alternatif 2 NTEPNATIONAL
APARTEMEN KELAS MENENGAH (1 TOWER

Tinggi 20............ 1,273.10 .... ,.
Lantai Unit GFA(m2) Tinggi Jurnlah225 SGA (m2) .....................
Studio NLA(m2) 21.6SGA (m2)
26.67 5 528 GFA (m2)
31.5 24
5 1 KT 38.89 3 2 175 586.74
1
35
2KT
45 50 2 718,374.40 225 194.45
40.5
Studio 24 28.67 5 16 528 250
21.6 1,086.50
4 1KT 35 38.89 3 5 175 586.74
31.5 NLA (m2)
2 45 50 2 225 194.45
K T 40.5 4752
24 26.67 2 528 250
Studio 21.6 157.5
3 35 38.89 3 5 175( 586.74
31.5 202.5
1 KT - - 45 50 5 225 194.45
40.5 475.2
i 24 26.67 2 528 250
21.8 157.5
2 2KT 35 38.89 3 2 175 586.74
31.5 202.5
Studio 45 50 5 225 194.45
1KT 40.5 475.2
250 277.7 5 250 250
2KT 212.5 8 157.5
18.4 1 73.6 277.7
Lobby 16 20.44 202.5
23 4 92 8
Kios 4x4 28.75 25.56 4 475.2
57.5 8119
Kios 4x5 25 31.94 157.5
150 5 2 150 10224
1 K i o s 5 x 5 ...........127.5
......... 150 166.67 202.5
1 300 63.88
G ym 127.5 212.5
50 166.67 2 50 166.67
Café 42.5 64 .. ............
55.56 1 333.34
Ruang 300 80 300
manajeen ...................
rn 255
333.33 1 55.56
Fluang - 50 ..
bersama - 127.5 333.33
200- 71 1-
Kolam bangunan 255
...... renang 200
luas
.................. 42.5 20,416.00
kamar
255
Subtotal fasilitasindoor " .......... 22,686.18
-
Subtotal fasilitas 1 1,414.56
Total fasilitasoutdoor)
19.460,90 21.689.10 200.00
Subtotal outdoor
Sumber: Colliers International Indonesia - Advisory 202
24,100.74
luas (kecuali
Colliers
Rekomendasi Pengembangan- Alternatif 2 I NT E R NAT I O NA L
11111■1•■•=11.0111111==
RUKO
KONFIGURASI UNIT
Luas b angunan
Tipe Luas tanah (m2) Jumlah lantai GFA/unit Tinggi (m) Jumlah unit GFA (m2)
(m2)
5x15 75 75 2 150 7 10 1500

PARKIR
Luas area parkir
Tipe Rasio Jumlah unit ruko Jumlah lot parkir
(m2)
Ruko 2 parkir: 1 unit 10 20 600
Colliers
Rekomendasi Pengembangan-Alternatif 2 INTE RNA TIO NA L
ASILITAS PARKIR
LOT PARKIR
Letak Retail Apartemen 1 Apartemen 2 Ruko Total unit
L a n t a i 9 29 29 ................... 58
Lantai 8 ...................... 36 36 ................... 72
L a n t a i 7 36 36 ................... 72
L a n t a i 6 36 36 ................... 72
L a n t a i 5 30 54 54 ................... 138
L a n t a i 4 30 54 54 ................... 138
Lantai 3 30 54 54 ................... 138
a n t a i 2 30 54 54 ................... 138
L a n t a i 1 30 54 54 ................. 138
Perm uka an 20........................... 20
Total . 150 407 407 20 984
Letak _ _ Retail Apartemen 1 Apartemen 2 Ruko Total luas (m2)
L a n t a i 9 870 870.................. 1740
L a n t a i 8 1,080 1,080............... 2,160
a n t a i 7 1,080 1,080 ........ 2,160
L a n t a i 6 1,080 1,080............... 2,160
L a n t a i 5 900 1,620 1,620 _ ..................... 4,140
L a n t a i 4 900 1,620 1,620............... 4,140
Lantai 3 900 1,620 1,620............... 4,140
L a n t a i 2 900 1,620 1,620............... 4,140
L a n t a i 1 900 1,620 1,620............... 4,140
Permukaan - - - 600 ......................... 600
Total 4,500 12,210 12,210 600 29,520
20 4
Colliers
Rekomendasi Konsep !NTERNtaIONAL
IMMIIIMMIP■ ■ •■
■c
TIMELINE PENGEMBANGAN
Komponen 2016 2017 1 2018 l 2019 2020 2021 2022
Retail Center
Ruko
Alternatif 1
Apartemen 1
Apartemen 2
Retail Center
Ruko
Alternatif 2
Apartemen 1
Apartemen 2
Tahap persiapan
Tahap konstruksi
Tahap operasional
Pada alternatif 1, ritel akan beroperasi pada tahun 2018 sedangkan pada alternatif 2, ritel akan beroperasi pada
tahun 2019 karena ukuran retail yang lebih luas sehingga membutuhkan waktu yang lebih lama dalam konstruksi.
Ruko dan apartemen pada kedua alternatif memiliki timeline yang sama yaitu masig-masing mulai beroperasi pada
tahun 2019 dan 2020.
Colliers
Rekomendasi Konsep
BATASAN TEKNIS
Peraturan luas
Luas tanah (m2) Batasan maksimal Konsep (m2) % Digunakan
bangunan (m2)
1111. ........... db.. .06.................... Alternatif 1
KDB 60% 27,000.00 11,962 44%
45,000.00
KLB 4 180000 55.569 31%
r
Alternatif 2
KDB ommik: 60% 32,306.931 17,419i
KLB 53,844.88
4 215 379.52 69,201 5342;00
Berdasarkan tabel diatas, pengembangan yang diusulkan memiliki efisiensi lantai dasar sebesar 44% untuk
alternatif 1, sedangkan untuk alternatif 2 sebesar 54%.Perbedaan pengembangan alternatif 1 dan alternatif 2
adalah luasan retail center dan jumlah ruko. Luas retail center alternatif 2 dua kali lipat dari retail center
alternatif 1 dan jumlah ruko alternatif 2 lebih banyak 4 unit dibanding alternatif 1. Namun dengan catatan
luas tanah alternatif 2 ditambah sebesar 8.844,88 m2.
Colliers
Simulasi Konsep- Alternatif 1
SITE PLAN
Retail Center Parkir
retail Fasilitas
apartemen Building
Core
Unit 2 KT
Unit Studio
Unit 1 KT
Kolam renang
Gedung parkir
apartemen Ruko
207
Colliers
Simulasi Konsep- Alternatif 1 NTERNATIONAL
PERSPEKTIF DARI AKSES MASUK
Sumber: Colliers International Indonesia -Advisory
208
Colliers
Simulasi Konsep- Alternatif 2 INTE - 4411
..
■111=7M11/111111,7
SITE PLAN
=Retail Center
Parkir retail
IlFasilitas apartemen
Building Core
Unit 2 KT
Unit Studio
Unit 1 KT
Kolam renang
Gedung parkir
apartemen Ruko

Colliers
Simulasi Konsep- Alternatif 2 INTERN 4T10 NAL
PERSPEKTIF DARI AKSES MASUK
,/
Sumber: Colliers International Indonesia -Advisory
Colliers International I Jakarta
Advisory Services
World Trade Centre 1, 10th Floor
Jalan Jendral Sudirman Kay. 29 —
31 Jakarta 12920 I Indonesia
TEL +62 21 3043 6888
00
Disclaimer: This presentation and the calculations shown herein have been prepared by The
Colliers International as a guide only. Any interested party seeking to rely on the contents should
undertake its own inquiries as to the accuracy of the information. Colliers International does n ot
guarantee, warrant the accuracy or represent the information contained in this document and
excludes unequivocally all inferred and implied terms, conditions and warranties arising out of this
document and excludes all liability for loss and damage arising there from including any loss of
profits, business or anticipated savings.

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DAFTAR ISI IN' E-PNA11:_.:N=11

01. SITE ANALYSIS  General Description

05. RETAIL ANALYSIS )  Analysis of Retail Market in Bandung

06. COMMERCIAL ANALYSIS

The Site Map of Macro Properties Administratively, the property is located in

Source: Google and Colliers International Indonesia - Advisory

Description Width of the land

Not yet owned, there is a possibility to be purchased ±6,000 m2

The total of potential area ±67,000 m2

The total area of the property, if it is fully acquired, is ± 67,000 m2.

fully owned by PT. Adhika/Mr. Ronny

Source: Google and Colliers International Indonesia - Advisory

Entrance Access Northen View Western View

Source: Colliers International Indonesia - Advisory

At the meantime, commercial

Names of the development Types Distance (km) Route

No Development Name Notes Distance km) Route

Universitas Padjajaran University 0.5 north JI. Raya Jatinangor

Hotel Khatulistiwa Apartemen Taman Melati Pinewood Apartemen Easton Park

Sourcer: Google.corri and Colliers International Indonesia —Advisory

JelanTol Pasteur Ke Arah (Sumedang

Source: Google and Colliers International Indonesia —Advisory

The map and the picture show the

.The street connects the property to

Jalan Raya Jatinangor is also one of the

Sumber: Colliers International Indonesia —Advisory

Source: Colliers International Indonesia — Advisory

Alternative 1 - The area owned by PT. Adhiloka

KKOP (Kawasan Keselamatan Operasional Penerbangan/ Flight Operation safety Zone)

sourcer: Colliers International Indonesia — Advisory

Source: Colliers International Indonesia — Advisory

Economic Indicators 2010 2011 2012 2013 2014 2015 2016

GDRP (IDR trillion)

 GDP of applied price increased from Rp

14,000 f, 7 6,864.1 trillion in 2010 to Rp 10,542.6 trillion

Pertumbuhan Ekonomi (%)

4,000 1  In 2015, GDP of Indonesia based on the

Source: Ministry of Treachery of Republic of Indonesia

Indonesia is the fourth most populous country in the

The population is increased 1.46% every year, from

Indonesian population is dominated by young productive

15,000,000 10,000,000 5,000,000 0 5,000,000 10,000,000 15,000,000

Source: Central Buerau of Statistics (Biro Pusat Statistik)

GROSS DOMESTIC REGIONAL PRODUCT OF WEST JAVA

Economic Indicator 2010 2011 [ 2012 1 2013 2014 2015

Source : BPS Provinsi Jawa Barat

17 Bandung Barat 1.335,60 770.702 739.582 1.510.284 1.130,79

GROSS DOMESTIC REGIONAL PRODUCT (GDRP) OF BANDUNG

GROSS DOMESTIC REGIONAL PRODUCT (GDRP) OF SUMEDANG DISTRICT

 Sumedang District also has lower economic growth than Bandung 3

Sector Contribution to 2014 GDRP of Bandung and Sumedang

Source : Bandung dalam Angka, 2015

 From 2007, inflation stayed in one digit except in2008, 10,23%

 2005 inflation was 3.93% , much lower than 2014 (7,76%).

Husein Sastranegara International Airport

Kertajati International Airport

Jakarta – Bandung Express Train

Stasiun tialim, Stasiun

BANDUNG RAYA LRT

The construction started in March 2016 and is

Odes P.3.56 Or, 15rellin1 Cap", (52

CISUMDAWU TOLL ROAD