Moody's cuts sales forecast for Indonesia's developers on Covid-19 resurgence

Singapore

INDONESIA'S property sector will continue to suffer amid the Covid-19 pandemic, despite recovering demand for private homes. Moody's Investors Service expects retail asset demand to stay depressed in the next six to 12 months on weak retail sales, while telecommuting will hurt the office market and "industrial land sales will stay weak as companies hold back capital spending".

Meanwhile, supply and demand for the residential segment are projected to remain stable, with the market driven by housing projects in the 1 billion rupiah (S$94,000) range.