Affordable Housing Development
Affordable Housing Development
Business Model Description
Construct affordable housing complexes for low-income population, offered through low-cost financing schemes. Examples of some companies active in this space are:
PERUMNAS, founded in 1974, is a State-Owned Enterprise (BUMN) providing housing and settlements for the lower-middle income community. It has built >600,000 housing units in >150 cities in Indonesia. In 2016, it raised USD 18.82 mn in an equity round from the Government of Indonesia.
Elang Group, founded in 2007, is engaged in housing development, building thousands of affordable housing units in Bogor and surrounding areas. The group has built >10,000 houses so far and focuses on housing project with Simple Healthy Housing (RSH) concept
PT Waskita Karya Realty, founded in 2014, operates as a subsidiary of PT Waskita Karya (Persero) Tbk (hold 99.99% stake) and invests in, owns and develops real estate properties. As of 2019, it raised total USD 137.13 mn, including USD 1.1 mn in a Venture round PT Waskita Karya (Persero) Tbk.
PT Astra Modern Land, founded in 2016, is a joint venture between PT Mitra Sindo Makmur and PT Astra Land Indonesia. It provides real estate development services.
Expected Impact
Promotion of affordable and climate resilient housing development to ensure quality accommodation for all sections of society.
How is this information gathered?
Investment opportunities with potential to contribute to sustainable development are based on country-level SDG Investor Maps.
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Country & Regions
- Indonesia: Countrywide
- Indonesia: Sumatra
- Indonesia: Java
Sector Classification
Infrastructure
Development need
To achieve the GDP growth target, infrastructure spending should reach ~USD 450 bn, while GoI allocated 37% from state budget (1).
In 2020, 40.47% population was living in slums, informal settlements or inadequate housing. (2) In 2019, 13.86% Urban Slum Households (growing each year) were unfit for habitation and without proper sanitation facilities. (3)
Policy
2020-24 National Development Agenda states infrastructure development as a priority for economic development. (1) GoI aims to provide accessible affordable housing for low-income households (MBR), including the continuation of programs such as the 1 million urban housing (Sejuta Rumah) program. (4)
Gender inequalities and marginalization issues
Poor quality infrastructure impacts women's mobility often impacting their livelihood choices, increases time spent on activities such as water collection, exposure to household pollution, increased burden to manage waste, among others.
Being the primary managers of water supply in households, women are greatly affected by water scarcity and quality issues, and have higher stakes in resilience-building solutions.
Disasters triggered by natural hazards, including extreme weather impacts, can damage houses in urban areas due to high exposure to hazards, weak construction, and use of substandard materials. Thus, lack of affordable and quality housing is a major concern as location and quality of housing in informal settlements is a key driver of risk for the urban poor. (5)
Investment opportunities introduction
GoI has executed 28 infrastructure projects under Government Cooperation with Business Entity (KPBU) worth USD 17 bn. (6) 2020-2024 RPJMN targets 70% households living in decent housing, i.e. ~11 mn households (1). Through the Sejuta Rumah program, there have been 2 mn housing units that were built by MoPWH in 2020. (7)
Key bottlenecks introduction
Uncontrolled urbanization and unintegrated city-development may cause a hindrance to infrastructure planning.
Indonesia bears the highest disaster risk in the world, which necessitates the need for climate resilient housing. (8)
Real Estate
Development need
Subsidies under housing program benefit middle-income, salaried households. (9) As the population urbanizes, housing backlog reaches 11 mn units (2021). (10) Poor quality housing in urban areas is at high risk during natural hazards (extreme weather) due to weak construction, and use of substandard materials. (5)
Policy priority
2020-2024 Development Strategies in Urban Infrastructure Sector include development of living environment to increase resilience to disasters and climate change hazard (priority agenda) and access to decent, safe, and affordable housing settlements in cities. (1)
Gender inequalities and marginalization issues
The risks of uncontrolled urbanization, urban sprawl and slums are often greater for women as they are more vulnerable to assault and harassment. Women and children are also particularly affected by natural disasters, accounting for >75% of displaced persons.
Inadequate access to water, sanitation and hygiene facilities disproportionally affect poor women and girls, constraining their educational pursuits, economic productivity and putting their personal safety at risk. (11)
There is high incidence of women-headed households amongst the poorest residents of slums and informal settlements in the Global South. Poor women in the Global South are increasingly living in urban informal settlements, on land subject to potential expropriation, exposing them to the threat of eviction. (12)
Investment opportunities introduction
GoI disbursed ~USD 5.2 bn subsidized housing loans (FLPP) for 943,583 units between 2010 to 2021, (13) including USD 1.3 bn for 178,728 units in 2021.(14) Urban Flats (Sejuta Rumah program), requires funding of USD 27.6, to be funded from State Budget (4% ), Regional Budget (27%), State Owned Enterprise (7%) and Private and Community (62%). (15)
Key bottlenecks introduction
Most of the existing urban and suburban land is controlled by large developers and its designation is not for residential purposes, causing the land price unaffordable.
Home Builders
Pipeline Opportunity
Affordable Housing Development
Construct affordable housing complexes for low-income population, offered through low-cost financing schemes. Examples of some companies active in this space are:
PERUMNAS, founded in 1974, is a State-Owned Enterprise (BUMN) providing housing and settlements for the lower-middle income community. It has built >600,000 housing units in >150 cities in Indonesia. In 2016, it raised USD 18.82 mn in an equity round from the Government of Indonesia.
Elang Group, founded in 2007, is engaged in housing development, building thousands of affordable housing units in Bogor and surrounding areas. The group has built >10,000 houses so far and focuses on housing project with Simple Healthy Housing (RSH) concept
PT Waskita Karya Realty, founded in 2014, operates as a subsidiary of PT Waskita Karya (Persero) Tbk (hold 99.99% stake) and invests in, owns and develops real estate properties. As of 2019, it raised total USD 137.13 mn, including USD 1.1 mn in a Venture round PT Waskita Karya (Persero) Tbk.
PT Astra Modern Land, founded in 2016, is a joint venture between PT Mitra Sindo Makmur and PT Astra Land Indonesia. It provides real estate development services.
Business Case
Market Size and Environment
Affordable housing target - 1 mn units (16) Real estate contribution to GDP - 2.94% (17)
As of October 2021, under the the One Million Houses Program, 871,218 housing units were built throughout Indonesia, including 650,649 units for MBR (Low-Income Communities) and 220,569 units for non-MBR. (16)
Backlog (needs) of housing for the poor in Central Java Province - 419,000 units (2020). (18) Central Java Province built 102,000 housing units in 2019, while only 72,000 houses were constructed in 2020 due to the impact of Covid-19. (18)
In January 2022, 682,255 units of subsidized house were sold, 13,326 subsidized units were booked, and 11,643 housing developers were involved in the Government's house subsidy program. (19).
Indicative Return
In 2020, Perumnas reported Return on Investment of 0.74% and Return on Equity of 25.96%. (20)
Perumnas: Gross Profit Margin = Loss -16.98%; [2019 - Profit 29.30%] (20)
Perumnas reported net revenue of USD 48.5 mn in 2020, cash ratio of 55.89% and Net Loss Margin -59.85%. (20)
Private Equity firms target 20-25% IRRs on their investment. Returns depend on stage of investment and the valuation at the time of exit. Example: Seed fund investors will earn a better return if they hold their investment, than the investors who enter at a later stage.
Investment Timeframe
Long Term (10+ years)
Since real estate is a capital intensive sector; and the players in this space are addressing the needs of the low-income group population, generating a substantial return on investment would take more than 10 years.
Ticket Size
> USD 10 million
Market Risks & Scale Obstacles
Market - Highly Regulated
Market - Volatile
Capital - CapEx Intensive
Impact Case
Sustainable Development Need
>12% of urban population lives in overcrowded houses. (5) Low grade housing facilities is a concern as change in climate increases their vulnerability. Extreme precipitation leads to leaks and rusting, while increased air moisture leads to growth of mold which can have a serious health impact.
Promote home ownership by offering tax-rebates on income tax, in addition to provision of subsidies and incentives by the Government. (21)
Improvement in architectural commitments in Indonesia to meet international standards. The occupancy rate for housing was <36m^2 (national standard) which was still 49%. Only 29% fulfilled national standard and other 21% were above the standard. (22)
Gender & Marginalisation
Need to create a comfortable, healthy environment and quality subsidized housing to realise the ideals of fulfilling housing needs for all levels of society, especially affordable and quality housing for MBR. (16)
Women are considered to be dependent on their partners and the assets (such as land) are prioritized for men. In general, men receive a larger inheritance than women. In addition, the majority of Indonesian people follow the patrilineal ownership patterns that see men as inheritors. (23)
Expected Development Outcome
Improve quality of life of the population by offering essential amenities to support development of housing complexes. With PSU assistance in Kalimantan, as many as 4,326 units were covered under their distribution drive to provide adequate facilities. (16)
Provide low-cost (low-interest based) financial assistance to encourage home-ownership in Indonesia.
Ensure residential development to support commercial development, i.e. providing quality housing solutions near factories, etc. (21)
Gender & Marginalisation
Promote sustainable development through ensuring quality and affordable housing for all sections of the population.
Increase in proportion of women owned properties. Based on data from the National Land Agency (BPN), only 24.2% of the total land in Indonesia is registered in the name of women. (23)
Rehabilitation of substandard units and addressing infrastructure deficiencies to ensure quality and climate resilient housing is promised to all sections of the population. (21)
Primary SDGs addressed
11.1.1 Proportion of urban population living in informal, informal settlements or inadequate housing
11.1.1 Proportion of urban population living in informal, informal settlements or inadequate housing
11.3.1 Ratio of land consumption rate to population growth rate
Proportion of households with access to adequate and affordable housing 2019 - 56.51 Male - 56.36; Female - 57.32 2020 - 59.54 Male - 59.28; Female - 60.90 (24)
Proportion of households with access to adequate and affordable housing - Expenditure Quintile 2019 40% lowest- 44.73 40% medium- 58.42 20% highest- 70.34 2020 40% lowest- 48.69 40% medium- 61.21 20% highest- 72.34 (25)
Not available as on January-2022
52.18% in 2030 with BAU scenario 68.06% in 2030 with intervention scenario (22)
52.18% in 2030 with BAU scenario 68.06% in 2030 with intervention scenario (22)
Not available as on January-2022
Secondary SDGs addressed
Directly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Public sector
Indirectly impacted stakeholders
People
Gender inequality and/or marginalization
Planet
Corporates
Public sector
Outcome Risks
Provision of affordable housing finance assistance (to enable low-income group to afford housing purchases) would increase the costs borne by corporates, thereby delaying the returns for investors.
Provision of additional tax rebates and subsidies by the Government will increase the burden on government spending towards housing for all.
If the rate of growth in housing costs is more than the rate of growth in income, purchasing power of the population to spend on housing will be restricted.
Gender inequality and/or marginalization risk: In the absence of sufficient regulations / controls to maintain quality of construction, vulnerable population may be open to exploitation and poor quality housing projects.
Impact Risks
Inadequate development of affordable housing would hamper the quality of life for vulnerable sections of society.
Absence of well designed housing finance products may hamper access and affordability to quality housing by low income segments.
Gender inequality and/or marginalization risk: Lack of private participation in this sector will aggravate the burden on the Government to expand affordable housing schemes.
Impact Classification
What
Affordable housing development to ensure quality housing for all sections of society.
Risk
Highly impacted by market forces such as Covid-19, natural calamities, recession, etc.
Contribution
Investing in climate resilient infrastructure can help save humanity a whopping USD 4.2 tn (global estimate) from climate change damages. (26)
Impact Thesis
Promotion of affordable and climate resilient housing development to ensure quality accommodation for all sections of society.
Enabling Environment
Policy Environment
RPJMN 2020-2024: Development and management of public housing is one of the major projects under this policy, focused on 6 metropolitan areas to facilitate access for low-income urban residents to decent and affordable housing, including the provision of supportive ecosystems. (1)
Satu Juta Rumah: The GOI runs "one million houses" program for low income population, using the subsidized housing and flats loan scheme (FLPP). (28)
Climate Resilience Development Policy under Presidential Regulation No. 18 of 2020: prescribes licensing and compliance with building reliability standards and the provisions for housing that is compatible with spatial planning and served by the availability of adequate basic infrastructure. (29)
Financial Environment
Financial incentives: The GoI provides subsidized housing loan scheme in cooperation with the implementing bank through either conventional or sharia system, through the MoPWH/PUPR Regulation No.35/2021 (35)
Fiscal incentives: Under MoPWH Regulation No.20/PRT/M/2019, GoI allocated USD 89.7 mn in mortgage subsidies for 175,000 low-income families nationwide. The stimulus was in the form of interest rate subsidies for loan installments (SSB), 54%, and down payment subsidies (SBUM), 46%. (35)
Other incentives: Under Regulation No. 103/PMK.010/2021, 100% VAT DTP incentive is granted for supplies of new landed houses/flats with a maximum selling price of ~USD 138783; 50% VAT DTP incentive applies to supplies of landed houses/flats with selling prices above ~USD 138783 to ~USD 346959. (36)
Regulatory Environment
Government Regulation No.64/2016: stipulates that housing development for low income population is carried out for a land area of 0.5-5 hectares and located in one location designated for the construction of landed houses. (30)
MoPWH Decree No. 242/2020: sets the income level for the target credit/house ownership, the amount of interest rate/margin of subsidy financing, time and term of credit/house financing, price limitations, housing site, area of public flat units, and amount of subsidy for housing deposit. (31)
Government Regulation No. 13/2017: regulates the policy directives for national development regarding national spatial planning and strategies for improving access to urban services, networks of facilities and infrastructure, and environmental functions in a holistic and sustainable manner. (32)
Ministry of Spatial Development/National Land Agency Regulation No. 1/2018: on Guidelines for Spatial Plans at province, city, and district level have listed environmental and social conditions in detail, including potential disasters, natural resources, land capacity, ecosystem balance. (33)
BKPM Regulation Number 4 of 2021: The exception to the minimum investment value requirement for foreign capital states that the total investment should be >USD 0.6 mn, excluding land and buildings. (34)
Marketplace Participants
Private Sector
Corporates: PT Waskita Karya Realty, PT Perumnas, PT Nirwana Kharisma, Elang Group Investors: Government of Indonesia
Government
Financial Services Authority (OJK), Ministry of Public Works and Housing, Ministry of Agrarian Affairs and Spatial Planning, National Team for Acceleration of Poverty Reduction (TNP2K), Ministry of National Development Planning, Ministry of Finance, Ministry of Environment and Forestry
Multilaterals
World Bank (WB), International Finance Corporation (IFC), The ASEAN Infrastructure Fund (AIF), The Islamic Development Bank (IsDB), Asia Development Bank (ADB)
Non-Profit
REI (Real Estate Indonesia), APERSI (Asosiasi Pengembang Perumahan dan Permukiman Seluruh Indonesia), HIMPERRA (Himpunan Pengembang Permukiman dan Perumahan Rakyat), Yayasan Lembaga Konsumen Indonesia (YLKI)
Public-Private Partnership
House Subsidy Distribution Through Housing Financing Liquidity Facility KPR (FLPP) Scheme Exceeds Target housing mortgage (KPR) subsidy programs
Target Locations
Indonesia: Countrywide
Indonesia: Sumatra
Indonesia: Java
References
- (1) Republic of Indonesia. 2020. Indonesia's 2020-2024 National Medium-Term Development Plan (RPJMN). https://perpustakaan.bappenas.go.id/e-library/file_upload/koleksi/migrasi-data-publikasi/file/RP_RKP/Narasi-RPJMN-2020-2024-versi-Bahasa-Inggris.pdf.
- (2) Republic of Indonesia. 2021. Voluntary National Review For Implementation of New Urban Agenda (Provisional Report). https://www.urbanagendaplatform.org/sites/default/files/2021-10/INDONESIA_Provisional%20Report%20NUA_signed.pdf
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