Based on Bank Indonesia’s data, loans fore the property sector (including KPR) has amounted to Rp204tn as of Aug09, which has surpassed FY08 figures of Rp194tn. This came about as banks started to relax credit starting in 2-3Q09, which have bought down KPR rates to single digits (i.e. 9.5%pa fixed rate for 1-3 yrs, then floating).
Property companies whose buyers (low to mid up market) have significant reliance on mortgage loans include CTRA, SMRA, BSDE and ELTY. We see this development of sustained growth in KPR as a sufficient initiative for the above property developers to continue
project roll outs geared towards low to mid landed housing development, which should create a buffer on any slowdown from high-rise development projects.
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