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Jakarta Post

‘We are dying’: Mall openings, new leases grind to halt

  • Dzulfiqar Fathur Rahman

    The Jakarta Post

Jakarta   /   Fri, May 29 2020   /  12:18 am

The retail property market recorded no shopping center openings or leasing activity in Jakarta in April and May as malls across the country temporarily closed to curb the spread of COVID-19.Data compiled by the Indonesian Shopping Center Association (APPBI) shows that 190 shopping malls in the country have temporarily closed.Stefanus Ridwan, the chairman of the association, said on Tuesday that some shopping malls had negotiated one-month rent deferrals with tenants. Some also offered large discounts on rent or service charges.“We are dying, much less able to survive,” said Stefanus, who also serves as president director of publicly listed real estate developer PT Pakuwon Jati. “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 establis...