Cash-strapped millennials looking to save and dealing with budgetary pressures will find that coliving offers a cheaper and more affordable solution for home ownership.
Social isolation due to the proliferation of social media and technology has also made living in large communities with private bedrooms and shared common spaces attractive. "Coliving is essentially a new take on an old idea, imagined by a millennial generation that values things like openness and collaboration, social networking, and the sharing economy,” said Peony Tang, Director of PT. Setiawan Dwi Tunggal (SouthCity) in her written statement.
Many developers in developed countries like China, Hong Kong, and Singapore have capitalized on the trend by building coliving spaces with small private bedrooms and bathrooms, but large shared spaces and common facilities. As it turns out, real estate is being disrupted by coliving spaces.
The latest report from Jones Lang LaSalle (JLL), a global property management and research company, said that the rapid process of urbanization, rising cost of property, and the improvement in transportation infrastructure have changed people’s living preferences.
"We see increasingly intense demand for affordable residential alternatives in all Asia Pacific cities," said Rohit Hemnani, COO and JLL Head of Alternative Capital Markets in Asia Pacific.
This trend is further supported by the rise of the sharing economy, which has revolutionized and disrupted the world. Right from transport services to workspaces and online entertainment, collaborative consumption is redefining the way we live. Coliving or shared living is growing in popularity because sharing common areas and facilities promote openness, collaboration and community.
The large population of young people and the very rapid process of urbanization in Indonesia has led to a growing demand for new residential models such as coliving. According to the Central Bureau of Statistics (BPS) data, the number of working age population or above 15 years per August 2018 is 194.7 million. Of this number, 124 million have worked or are able to rent and buy housing, while a total of 16.5 million are still in school. This number is clearly more than any other country in Southeast Asia. In addition, future mass transportation projects also promise opportunities for owners of coliving properties.
Developed by PT. Setiawan Dwi Tunggal, The Parc is the first coliving project in Southern Jakarta with a focus on community, collaboration and shared facilities. The concept of coliving is not just sharing space and living facilities. Today, the coliving trend extends beyond the physical space to include community events and collaboration. "The Parc is a modern form of housing for our generation where residents share more than just living spaces and facilities, but also share interests, skills, resources, values, and dreams with other passionate people," said Peony Tang, Director of PT. Setiawan Dwi Tunggal (SouthCity) in her written statement.
"The coliving concept that we offer is different from traditional homes. We provide opportunities for residents to share and collaborate in a large community, but still prioritizing privacy, function and comfort.The Parc is a shared living designed to support a better life. "The Parc is designed to meet the needs of today’s millennial generation who require affordable housing solutions that are equipped with large community and shared facilities to promoteopenness, collaboration, networking, and perhaps even business opportunities," Peony said.
According to Peony, The Parc provides facilities for millennials to interact and collaborate with other residents. One of the facilities offered is a coworking space with free Wi-Fi. "In fact, going forward, there will be many interesting and inspiring community events at The Parc. For instance, residents will be able to share ideas over a cup of coffee during weekly breakfast events or even collaborate during a poolside BBQ session. Not only that, The Parc has many facilities such as multi-function hall, club house, gym, 50m Olympic sized pool, 1km jogging track, badminton court and so on," Peony said.
In addition to facilities, The Parc also provides transportation access that greatly supports the convenienceof its residents. It is strategically located within close proximity to the Lebak Bulus and Fatmawati MRT stations, Pondok Cabe-Tanah Abang MRT. There is alsoTrans Jakarta from Pondok Cabe-Tanah Abang, Depok-Antasari Toll road through the Andara and Brigif toll gates. There is also additional toll access with the Cinere-Jagorawi toll road through the Cinere toll gate, and the Cinere-Serpong toll road through the RE Martadinata toll gate.
Associate Director of SouthCity, Stevie Faverius Jaya said, “With a growing population of millennials that represents over 60% of Indonesia's demographics, it is an opportunity for SouthCity to create a new product, The Parc, specifically for millennials. Moreover, The Parc also provides various payment waivers that provide opportunities for millennials to own a home starting from just Rp. 99.000/day.”