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Construction delay, affordability issues jeopardize TOD pickup
Property consultants report strong demand for housing within transit-oriented development (TOD) areas, but such apartments will only find buyers if they are affordable and if public infrastructure is completed.
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Housing option: A high-rise apartment is one feasible housing solution in large cities like Jakarta. The Jakarta administration is offering affordable apartments under a zero down payment scheme as part of its public housing program. (The Jakarta Post/Ghina Ghaliya Quddus)
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esidents eagerly anticipate the prospect of housing within transit-oriented development (TOD) areas, property consultants report, but such apartments will only find buyers if they are affordable and if public infrastructure is completed.
“Apartments located closer to TOD points are more desirable than similar residences in the area that are nowhere near transit points,” Cushman & Wakefield strategic director Arief Rahardjo said in a media briefing in Jakarta on Thursday.
Arief explained that public enthusiasm for apartment development at TOD points coincided with the latest expansion of public transit facilities. He pointed to the recent development of transportation systems, including the new Greater Jakarta LRT and the Jakarta-Bandung high-speed railway, which cater to the eastern and southern parts of Jakarta.
With commuters increasingly prioritizing convenience and connectivity, housing within TOD areas has become an enticing prospect for urban dwellers. He said this aligned with developers' interests as they kept building within a limited radius around transit points.
However, “if the [development of] public transit is hampered and unclear, inhabitants as end users will think twice about choosing the property in that area, as they still have to rely on private transportation,” warned Arief.
Read also: KAI suspends Greater Jakarta LRT trial to fix glitches
As urban populations continue to grow, so does the need for efficient and sustainable transportation. In response, building within an 800-meter radius of public transit points has emerged as a popular urban development strategy to integrate transit functions with activities, buildings and public spaces, with a high intensity of space utilization, according to the Jakarta Property Institute (JPI).
