Real estate complexes offer a home of one's own

Real estate complexes offer a home of one's own

The monetary crisis has put paid to many dreams for the
country's middle class and for those who had finally begun to
carve out a better quality of life for themselves.

It may be cold comfort for many to hear, as prices spiral out
of control, rice becomes a luxury purchase and pink slips land
with a sobering thud on desks, but the devastating crisis must
and will eventually run its course.

Although the property market has bottomed out and most of the
country's building contractors are reportedly insolvent, there is
always one strategic investment in the future -- a home in a real
estate complex.

Forget cellular phones, designer clothes and the nifty new
gadget guaranteed to worm its way ever-so-briefly into people's
hearts.

A home of one's own, in contrast, is the dream of all, a means
to stake independence and a prospective money-spinner for sale or
rental when the storm of recession finally passes.

The array of houses on offer in real estate complexes is
great, ranging from luxurious beachfront mansions on Jakarta's
north shore to more modest but comfortable homes in satellite
cities.

Adji, a flight attendant, grew up in the Central Jakarta
suburb of Pejompongan. When his aging father sold the family
home, Adji advised him to purchase two houses in the burgeoning
real estate complexes on Jakarta's periphery.

Before the crisis, the investment paid off handsomely for the
family.

"I was able to rent out this house to a foreign couple for two
years on a dollar-based rent," Adji said in the comfortable
living room of one of the homes in a Tangerang real estate
complex. The area has full security, pleasant, carefully tended
lanes and on-site sports facilities.

Adji's investment strategy was to use selling points of new
furniture and the conveniences of a microwave and standard
electric oven.

The foreign couple has since returned home, and Adji is
occupying the vacant home at present until the economic situation
makes its rental a viable possibility.

He remains pragmatic about the investment, seeing the long-
term potential and the gains already made.

"For the time being, I would be willing to rent it out in
rupiah because there are really no takers for it on its dollar
rate (US$800 per month)," he said. "But at any rate, I am making
a profit because everything is paid for."

Real estate complexes sprouted up across Greater Jakarta
during this decade, particularly in the boom years of the early
1990s.

But even before the boom went bust, it was a case of buyer
beware in picking a legitimate developer who would stick to his
or her promises made in glossy promotional brochures.

Cases have surfaced of hapless prospective home owners left in
the lurch after making hefty down payments, or of real estate
complexes where basic infrastructure and promised amenities are
still lacking years after the groundbreaking took place.

Developers are also obligated by law to set aside a portion of
funds to develop amenities for poorer surrounding communities, a
requirement which some have apparently flouted by building shoddy
structures or nothing at all.

Thankfully, these cases are the exceptions, and most buyers
find satisfaction in their new homes.

Kiki, an account officer for a state bank, grew up poor in
Bandung, West Java, one of nine children of a widowed employee of
the local office of the State Logistics Agency.

He worked and studied hard, setting a goal to better his life
and that of his family.

Today, married and with twins, he owns a small but comfortable
home in a real estate complex in Jatibening.

"Of course, things are difficult now, with the higher interest
rates in particular, but this home is everything we need," Kiki
said. "All the facilities are here or within easy reach.

"If I want to play tennis, for instance, there are two courts
here which I can use anytime."

Like Kiki, most purchasers of real estate complexes are
seeking comfort and convenience. They want to be far from the
madding crowd of Jakarta -- in a place where they can still smell
the roses and hear the birds singing -- but at a location within
easy reach of work and all of the attractions of the big city.

Many of the major real estate complexes and developments are
located on Jakarta's fringes, such as Tangerang. The construction
of major highways has cut travel time to and from the capital; a
new road connecting Tangerang's Serpong area and Jakarta may be
open before year's end.

In addition to comfortable homes offered in affordable price
ranges, buyers put a priority on surrounding facilities, such as
shopping centers, entertainment centers, schools and
transportation services.

A stone's throw away from Adji's complex is a row of small
shops offering everything from local food specialities to laser
disc rental, a Hero supermarket, a cineplex, fast-food
restaurants, a fitness center and a Makro wholesaler.

"I do go to Jakarta a lot because my family and many of my
friends are there and because it is easy just to get on the toll
road," he acknowledges. "But I can just as easily spend the whole
day here doing anything I want."

Adji, still single, does not have family concerns to think of
at present. But for Kiki and Budi, an employee of a private
chemical company, the safety and comfort of their children are of
paramount importance.

Both Budi and his wife work, and, he said, he can have peace
of mind knowing that his children, aged five and eight, are safe
in the complex's security system.

"Our driver picks the kids up from kindergarten and school,
both of which are in our complex, and brings them back home. My
wife and I can rest assured that everything is all right with
them because we know the security guards and their routines."

He also puts out that residents get to know their neighbors --
at the very least on nodding terms -- compared to the big-city
impersonality of areas in Jakarta.

"Your neighbors know you and so they look out for you, too,"
said Budi.

Neighborhood solidarity was perhaps given its greatest test
during the mid-May riots, when some real estate complexes were
targets of rampaging mobs.

After the mayhem had died down, Jakarta and its surroundings
lived in a climate of fear as rumors swirled of the likelihood of
renewed violence.

Complexes organized neighborhood patrols, with residents
banding together on night watch to ensure the security and safety
of their areas.

And the sleepless nights brought an unexpected reward of
greater familiarity with neighbors and tightening of communal
bonds.

"It was a case of all of us together in the same situation,"
says Kiki. "In the past, many of the wealthier residents wouldn't
bother to do the neighborhood patrol but would, instead, just
slip a couple of thousand rupiah to the security guard to get out
of it.

"But in May, everybody did their part, and it helped us all
get to know each other better because we all depended on each
other."

Infrastructure and provision of complete services also makes a
difference.

With hectic schedules, Budi and his wife do not want to be
concerned about garbage collection or sanitation, both of which
are taken care of by the complex management.

One of the new complexes is Country Woods Estate, set in the
heartland of southwest Jakarta. Located on 20 hectares and with
137 units, its beautiful, tranquil surroundings are within easy
access of all necessities.

Its convenient location is central to Bintaro Plaza, Blok M
Mall and Pondok Indah Mall. A short eight kilometer drive away
are the international schools of Britain and Japan, plus the
Jakarta International School and Global Jaya.

The estate is completely self-contained, with its own supplies
of water and electricity, 24-hour security and full sports
facilities and children's playgrounds.

-- Bruce Emond