‘We are dying’: No new shopping center openings, leasing grinds to halt

first_imgThe market was projected to see a total of 205,000 square meters of new projects being developed this year, according to a quarterly report released on April 20 by Cushman & Wakefield, which operates in 60 countries. But Arief expected no new openings of shopping centers in the second quarter.“If the pandemic does not abate soon, then the occupancy rate of shopping centers in Jakarta is projected to decline,” Arief told The Jakarta Post on Wednesday. “It was because there were no tenants opening new stores in shopping centers, and many tenants that failed due to COVID-19 were forced to close their stores.”Cushman & Wakefield noted at least seven key lease transactions in the first quarter of the year — excluding lease renewal.The largest transaction in terms of area was by movie theater chain FLIX Cinema with 7,500 sq m of space at Mall of Indonesia, followed by clothing retail company H&M with 6,000 sq m of space at Mall Kelapa Gading, both in North Jakarta.“Many tenants are temporarily suspending their business expansion and postponing their fit-out work,” said Arief.Prior to the social restrictions in Jakarta, the national epicenter of the coronavirus pandemic, the occupancy rate of shopping centers remained relatively stable at 80.8 percent in the January to March period, a decline of 0.3 percentage points from the previous quarter.Wendy Haryanto, the executive director of Jakarta Property Institute (JPI), a non-profit organization advising developers, said on May 15 that owners of retail property needed an elimination of the minimum utility bill to cut costs in order to survive the pandemic.For example, Grand Indonesia, a 17.5-hectare shopping center in Central Jakarta, may have to face a minimum monthly utility bill of Rp 4 billion, although its electricity consumption is estimated to be drastically lower because temporary closure is in place.“This is very difficult,” Wendy said in an online talk on May 15. “Eliminating the minimum utility bill for the property is a must.”Read also: Concerns mount over reopening of offices, malls as Indonesia steps into ‘new normal’Naomi Santosa, the head of property and asset management at real estate services firm Jones Lang LaSalle (JLL), expected shopping centers to see shorter customer visits of between 2 and 3 hours a day as they mainly come for basic shopping needs in the early days after the restriction is lifted.“So people may not hang out with their friends for an entire day,” Naomi said in an online talk on May 15. “I do not see that happening in this particular time.”Topics : The retail property market recorded no new openings of shopping centers or leasing activities in April and May in Jakarta as shopping malls across the country temporarily closed to prevent further spread of COVID-19.Data compiled by the Indonesian Shopping Center Association (APPBI) show that 190 shopping malls across the country temporarily closed.Stefanus Ridwan, the chairman of the association, said Tuesday that some shopping malls had negotiated a one-month rent deferment deal with tenants to ease the financial hardship as a result of the pandemic. Some also offered large discounts on rent or service charge. “We are dying, much less able to survive,” Stefanus, who also serves as president director of publicly listed real estate developer PT Pakuwon Jati, told The Jakarta Post on Tuesday. “We had hoped to make a profit during Idul Fitri, but in these conditions, we did not.”The government has planned to gradually reopen the economy under health protocols to establish a “new normal” amid the continued rise of confirmed COVID-19 cases in Indonesia. President Joko “Jokowi” Widodo visited Summarecon Mall in Bekasi, West Java, on Tuesday to take a look at the mall’s preparations for its upcoming reopening.Read also: ‘I don’t think we can wait’: Business groups ready for ‘new normal’ despite risksArief Rahardjo, the director of research and strategic consulting at real estate services firm Cushman & Wakefield, said the coronavirus restrictions in Jakarta, which were extended to June 4, forced newly developed shopping centers to delay their opening longer.last_img read more

PREMIUMGender biases run deep in Indonesian companies: Survey

first_imgTopics : #gender gender-gap #gender-diversity workplace #workplace Women #women Linkedin Log in with your social account LOG INDon’t have an account? Register here Facebook A recent study by the International Labor Organization (ILO) has shown that Indonesian women are increasingly well-trained and have begun to surpass men in educational attainment and STEM (Science, Technology, Engineering and Math) skills. They represent a promising pool of talent for the country, but gender biases continue to plague Indonesian workplaces, holding many women back from their professional potential.In June of this year, the ILO surveyed 400 companies in Indonesia and found that 80 percent supported gender diversity in the workplace. Companies said that diversity and inclusive policies would increase profitability, enhance creativity and innovation and would improve their reputations as employers.But the realization of this professed desire remains distant for most companies in Indonesia.A lack of women in senior management and on boards of directors of Indonesi… Google Forgot Password ?last_img read more

Newly-built beach apartment to be given away

first_imgHouse hunters and sellers have been given the chance to bag a luxury beachside apartment without paying a cent for it.Real estate group Century 21 has announced that it will give away a brand new Sunshine Coast apartment worth $400,000 to a lucky family or individual in the market to buy or sell a home anywhere in the country.To be eligible to “win” the unfurnished two-bedroom property near Kings Beach in Caloundra, Queensland, interested parties have to request a free market appraisal through the group or attend one of its open homes.In demand: The most popular apartment developments A two-bedroom apartment in a new housing complex will be given away.Those who sell their properties through Century 21 or use its property management services can also be entered into the draw for the property, which will be finished construction in June 2017.The winner will not be required to pay stamp duty costs on the home, but may have to stump up other buying costs such as conveyancing fees, depending on how they wish to conduct the transaction.The company is giving away an additional $20,000 in cash if the winner is referred by a friend.Century 21 chairman Charles Tarbey says the competition intends to get would-be home buyers and sellers more involved in the property market.The apartment will be completed in 2017.Trendy: Brisbane residents fall in love with apartment livingNational sales trends show more sellers and buyers are sitting on the fence than they were last year.More than 6% fewer properties changed hands in Sydney over the past year, while turnover sank roughly 6% in Adelaide, 15% in Perth and 30% in Darwin, according to Core Logic RP Data.“There are thousands of Australians looking to transact property at the moment and we thought this competition may give them an added incentive to explore their options,” Tarbey says.The Sunshine Coast unit will suit someone looking for a home, holiday property or investment, Tarbey adds.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor9 hours agoThe unit will be in a block with 39 other apartments.Growth: Brisbane market in upswingThe apartment is part of a new development called Ocean Verge, a seven-level block of 40 units being constructed by Murphy Builders at the site of four former housing blocks purchased in 2014.The location is within walking distance of Kings Beach, a renowned surfing location, as well as the nearby Moffat Beach. The median price of units in the area is $378,000.The competition closes next March. The winner will be announced April 28.This story was originally published on the Daily Telegraphlast_img read more

New York loses climate change lawsuit against oil majors

first_imgOffshore Energy Today Staff A United States district judge has dismissed a climate change lawsuit filed earlier this year by the City of New York against five oil majors Chevron, Exxon Mobil, ConocoPhillips, BP, and Shell. The judge acknowledged the reality of climate change effects but said it was not something to be resolved in court.New York City skyline: Image Source: Pixabay under CC0 licenseThe City of New York sought the oil and gas quintet be held liable for the emissions that result from their worldwide production, marketing, and sale of fossil fuels, and the negative effects to the City.However, in its ruling dismissing the lawsuit, Judge John F. Keenan has said while the climate change is a fact of life, the serious problems caused by it are not for the judiciary to ameliorate, adding that the global warming and solutions must be addressed by the two other branches of government.What is more, Judge said City’s claims against the oil companies doing business internationally, is something to be resolved by international agreements, including—although the United States has expressed its intent to withdraw—the Paris Climate Accords.Judge Keenan said: “The Court recognizes that the City, and many other governmental entities around the United States and in other nations, will be forced to grapple with the harmful impacts of climate change in the coming decades. However, the immense and complicated problem of global warming requires a comprehensive solution that weighs the global benefits of fossil fuel use with the gravity of the impending harms.“To litigate such an action for injuries from foreign greenhouse gas emissions in federal court would severely infringe upon the foreign-policy decisions that are squarely within the purview of the political branches of the U.S. Government. Accordingly, the Court will exercise appropriate caution and decline to recognize such a cause of action.”Sea level risingIn its lawsuit, the plaintiff said the New York City was exceptionally vulnerable to sea-level rise due to its long coastline and its large floodplain that is home to more than 218,000 New Yorker. It said that five oil companies’ ongoing conduct continued to exacerbate global warming and cause recurring injuries to New York City.It sought damages for “for the past and permanent injuries inflicted,” as it said it had been forced to make climate resiliency investment on constructing levees and sea walls, elevating facilities and streets, and waterproofing and hardening infrastructure.“In addition, the City must promptly take more robust measures to make New York City more resilient and protect the public and City property from climate change, including enlarging existing storm and wastewater storage facilities and installing additional new facilities, as well as associated infrastructure and pumping facilities, to prevent flooding in low-lying areas that are vulnerable to rising seas or increasingly severe downpours,” the lawsuit read, among others.Read the full ruling here – PDF (New York vs Oil Companies Ruling)last_img read more

Matchbook Betting Podcast unveils three new hosts

first_img Related Articles StumbleUpon Submit Share Footstock signs Chris Kamara as new brand ambassador August 18, 2020 Share GVC hires ‘comms pro’ Tessa Curtis to re-energise media profile  August 25, 2020 Premier League looks to broadcast every behind-closed-door fixture August 28, 2020 With the Premier League firmly upon us, the NFL season returning on Thursday, and the Champions League a mere two weeks away, the Matchbook Betting Podcast has announced a new roster of hosts. Ali Maxwell (Premier League), Nat Coombs (NFL) and Phil Kitromilides (Champions League) will be delivering weekly focused previews and insights for sports fans.Matchbook CEO Mark Brosnan said: “One of our key objectives at Matchbook is to bring our bettors closer to their favourite sports and keep them up to speed with the latest news and insights. I am particularly excited about our new line up of hosts who’ll take our podcast offering to another level.” Maxwell is a freelance presenter, producer and analyst across TV, radio, and podcasting. Host and producer of the Not The Top 20 Podcast, Ali’s expertise can also be seen on Sky Sports EFL Matters and heard on TalkSPORT’s EFL programming. He commented: “I’m hugely excited to be part of the Matchbook podcast team, hosting the Weekend Football Podcast. Matchbook is known for high-quality betting podcasting across a number of sports, and the commitment to improve their product further is great news for sports bettors. “I’m honoured to be on a list of podcast hosts for the coming season that includes a number of people I hold in high regard across the broadcasting industry. Working with Aidan ‘Sully’ O’Sullivan and our special guests, some of the best minds in football betting, I look forward to building on the excellent foundation put in place over the last few years, getting the best out of our experts, and taking the Weekend Football Podcast to the next level.”Coombs has been broadcasting NFL on UK TV & Radio for over ten years, anchoring over 100 games across BBC, Channel 4, FIVE and TalkSport where he currently hosts weekly coverage every Sunday night throughout the season, including the Super Bowl. He writes a weekly NFL column for The Times and is unquestionably one of the UK’s foremost experts on the NFL.He commented: “I am very excited to be joining the Matchbook podcast team. Podcasting is such an exciting space, and I’m joining some terrific broadcasters in the stable, not to mention working with some great guests on the NFL pod. Bring on the new season!”Kitromilides is a sports broadcaster based in Madrid. He has been the lead presenter and commentator for Real Madrid TV for the last six years, during which time he has travelled all over the world with the team, seeing them win four of the last five Champions League trophies. He is also the founder and host of The Spanish Football Podcast alongside Sid Lowe, which is the world’s most listened to English language podcast on Spanish football.He added: “I’m really excited to be covering the greatest club competition in the world for Matchbook this season. The Champions League is a special tournament and I’ll be aiming to convey my excitement for the competition in every podcast, as well as working with the Matchbook team to provide top analysis of all the major games and markets.”last_img read more