Industrial estate property demand is reported to increase up to 100ha (+140%qoq)as per 1H10.Cushman and Wakefield claimed that the surge in sales was due to impact of riots occurred in Thailand which led foreign investors to relocate their business in Indonesia.During 2Q10,there was a new supply of 257ha which came from Lippo Cikarang and Modern Cimande.
Industrial estate in Bekasi,Kerawang and Purwakarta dominated the 1H10 sales,with take-up rates up to 90%.Auto spare part industry,pharmacy,steel and F&B industry are sectors that dominated the sales.
Under our coverage,KIJA is the company who will be most benefited from the trend.The company currently has landbank for industrial estate of 1,570ha.As per yesterday ’s closing price,KIJA trades at 79%discount to NAV10.
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