TEMPO.CO, Jakarta - Jakarta's increasing density does not stop property developers from cramping new spaces for retail, whether on top of old buildings or in a totally new plot of land. The capital city will have four new malls this year, and have additional space for retail.
A research by Colliers International Indonesia revealed that Jakarta's retail space as of the end of the first quarter this year was 4.45 million square meters (sqm).
In the second quarter that size will go up as two new malls, Bassarua City Mall and Shopping Mall in Pancoran, will start operating. The malls will take up 21,000 sqm and 8,000 sqm of land respectively.
Two more malls, Pantai Indah Kapuk Mall and Neo SOHO Mall at Podomoro City will open in the second half.
Pantai Indah Kapuk Mall will add 30,000 sqm of new retail space, while Neo SOHO Mall at Podomoro City will supply 40,000 sqm.
"These new shopping mall will increase Jakarta's cumulative retail space by 2.2 percent on a year-on-basis," Colliers' research stated as quoted by Bisnis Indonesia Friday, April 15.
BISNIS.COM
