Aspen Residences

Cilandak, Midrange, South Jakarta

The Aspen Residences @ Admiralty are two midrange apartment towers located in Cilandak, South Jakarta. They are part of a larger complex called Megatown Fatmawati. The latter also includes the One BelPark Mall, the Admiralty Residences (home cluster built in 2008), the Admiralty Clubhouse, and the Aspen Peak Residences (upscale apartment towers, still in construction).

It was developed by the group Harmasland (PT Harmas Jalesveva), also behind Millenium Sirih Hotel and Kemang Sovereign. This group is owned by the Maruli Family which is the major shareholder of PT Metro Realty Tbk, a real estate company that owns Metro Pasar Baru, Melawai Plaza, Metro Sunter Plaza and Metro Sunter Apartments.

I stayed a few days in Green Palace and this is my honest review about it:

Location:

Neighborhood

In which neighborhood of Jakarta is the complex located?
Aspen Residences is in Pondok Labu, Cilandak, a low-to-middle income residential neighborhood in the South of Jakarta. It is mostly a low-rise district, with only a few towers or large buildings.

How far is the complex from:
– Jakarta Airport: 60 minutes
– Grand Indonesia Mall: 60 minutes
– Kota Tua: 80 minutes
– Kemang: 30 minutes

How does it look like around the apartments?
As you exit the residence, you have the One BelPark Mall on the left, and then a small, yet busy road:

The neighborhood in front of Aspen Residences Jakarta

You can walk a little bit and you have a variety of shops and services (warungs, coffee shops, minimarts, banks, hairdressers, etc).

What are the important landmarks nearby?

Walking distance or within a short car ride, there are a few landmarks you can go to:

Malls:
One Belpark Mall is the most interesting thing to do around the residence. It is not too big, but it is clean and you can find many important tenants (supermarket, cinema, optician, food, phone, some fashion, hardware, games, etc).

One Belpark Mall Jakarta

The mall CITOS (Cilandak Town Square) is the 2nd closest and it is more upmarket (better for dining out).

Supermarkets:
Farmers’ Market in BelPark Mall (a bit expensive but good products generally). For cheaper products, you can go to Transmart Carrefour KidCity about 15 minutes away.

Restaurants:
There is mostly junk food restaurants in One Belpark Mall, but the food court is decent. Also, Imperial Kitchen serves good Chinese food.
Along Jalan RS Fatmawati, you can also find a few cheap warungs and restaurants that are fine. For more sophisticated meals, you’ll have to go to CITOS.

Bars:
Only in CITOS. There, Jenja is one of the best nightclubs in Jakarta.

Universities:
UPN Veteran and Prasetya Mulia Universitas are both quite large.

Schools:
Many International schools are in South Jakarta not too far from Aspen Residences: Jakarta Intercultural School (the best), NIS International School (Dutch), Singapore International School, Highscope Indonesia.

Preschools:
Twinkle Star Montessori School, Kinderland Preschool Bona Vista

Hospitals:
The large RS Fatmawati is only 5 minutes away. Also nearby, Siloam Hospital (expensive) and Mayapada Hospital.

Parks:
None is very near, the closest would be the Ragunan Park about 20 minutes away.

Offices:
Plenty in TB Simatupang, the 2nd largest Central Business District in Jakarta after the Golden Triangle.

Transportation

What are the main roads or highways nearby?
Aspen Residences is 10 minutes from the Jakarta Outer Ring Road, a highway connecting Bekasi, South Jakarta, Tangerang and the Airport. It is the only major road nearby. This means it is complicated to go to North Jakarta or Central Jakarta as you’ll need to use small streets like Jalan Pangeran Antasari.

What is the traffic situation near the apartment?
Because of roadworks, the current traffic situation around the apartment is pretty bad, especially on TB Simatupang. Still, I believe it is not as bad as in Central Jakarta.

Is it easy for taxis/Uber/Grab to find the location?
It is still a new complex so not all of them will have heard of it. One Belpark Mall should be more familiar to them.

Is there a Transjakarta bus stop nearby?
Not really. There are non-AC buses going to Ciledug, Ciputat and Blok M that you can take in front of the Fatmawati Hospital (10 minutes by foot).

Is there a train station nearby?
No.

How about the MRT?
An MRT station will be located in Fatmawati, near the hospital. This is very interesting as it would make the City Center of Jakarta much more accessible.

Are there sidewalks? Is it possible to walk around?
They are small and not in a good condition. Walking around is difficult.

Building Quality

Building and Architecture

What is the reputation of the developer?
As I wrote above, Fatmawati Megatown is being developed by Harmasland. This developer is still relatively unknown and mysterious. All we know is that is owned by the Maruli family of the Metro Realty group. They seem to have made their money during the Soeharto era with midclass buildings like Metro Pasar Baru, Metro Sunter and Melawai Plaza. They also used to have shares in Yama Bank, together with Siti Hardijanti Rukmana, the eldest daughter of Soeharto.

I tried to fund as much information as I could on Internet, but very little is available. All I have is an article about a corruption case affecting Samuel Maruli.

Conclusion: Of course, the prices of Aspen Residences will be lower than the competition because the developer is a new-comer. You should be very careful.

Who is the architect?
I read online that the architects were both the consultant Airmas Asri (Indonesian) and RSP Singapore. However, when I checked their websites, there is no mention of them building Aspen Residences.

Who is the contractor?
The contractor was Pulau Intan, a large group that has built dozens of similar properties, usually in the midrange segment.

What is the situation with the land certificate?
The developer has a Hak Guna Bangunan Murni, which means the property was built on its own land. As an apartment owner, you get a Strata Title di atas HGB Murni.

Are there issues with the electricity supply?
Not to my knowledge.

Are their issues with parking?
Not to my knowledge.

How many lifts are there in each tower?
There are 2 residents’ lifts per tower and 1 service lift.

Lifts Aspen Residences

Design and Appearance

How does the building look like?

From outside:
Not very nice, it looks like a budget apartment like those in Kalibata or Bassura City.

Tower Aspen Residences Jakarta

Reception:
Large lobby but messy and not well-decorated. Small reception desk.

Reception Aspen Residences Jakarta

Lobby Aspen Residences

Garden:
It is a bit messy as well and it doesn’t seem completely finished in some areas.

Pond and Garden in Aspen Residences Jakarta

Plants Aspen Residences Jakarta

Pool:
Rectangle shape, not a really cozy area to hang out.

Swimming Pool Aspen Residences

Corridors:
Nothing special apart from the false ceiling.

Corridors Aspen Residences

How spacious are the apartments?
The size of the apartments is average, in line with the standards of a midrange property. There are only 2 and 3-bedroom units available with most size as such::

– 2-bedroom units start at 47m2 (2 bathrooms)
– 3-bedroom units start at 84m2 (2 bathrooms)

Materials, Equipment, and Finishes

What is the quality of the materials, furniture, and equipment used in the construction?
This is an evaluation of the quality I observed in the residence:

Tiles: Ceramic, large size
Painting: Average
Doors: Average
Ceiling: False ceiling in most of the property
Elevator: Good
Gym equipment: Average
Pool equipment: None
Furniture: Average
Artwork: None

What is the quality of the finishes?
It was fine.

Comfort

Facilities and Services

What are the facilities provided in the property?

– Swimming pool: Good enough for swimming (as long as there are no kids around). I didn’t like the area and there were no sunbeds to tan or relax (see photos above).

– Gym: Only a few machines, not very good ones.

Gym Aspen Residences

– A sand pit for kids:

Sand for Kids in Aspen Residences

More facilities were promised on the brochure of the property. Since part of it is still under construction (Tower C and D), they might come only later on.

What are the services available within the property?

– Not much, only an ATM. However, in the One Belpark Mall you will find a supermarket, restaurants, banks, etc (also in Jalan RS Fatmawati).

Atmosphere

How busy is the property?
The property felt empty and kind of abandoned. I would guess it isn’t fully occupied yet.

Is it noisy?
No.

What is the background (ethnicity, social status) and attitude of residents?
I only saw Indonesian guests, mostly families from the middle class.

Management

Maintenance

How old is the property?
It was completed in 2015.

Are there visible damages?
Surprisingly, for a new property, there were a few signs of “tear and wear”.  For instance, the paint in the corridor or the wood deck at the pool.

Pool Maintenance Issue

Cleanliness and Gardening

The cleanliness was satisfactory, but the gardening pretty bad (see photos above).

Security

– Guards on duty at the gates and reception: 24/7
– CCTV cameras: Few
– Access card: Yes, you need an access card to enter the lift area and to reach your floor.

Hospitality

The staff was professional.

Rooms and Prices

Prices at Aspen Residences may vary depending on many factors such as the floor, the unit type, the room condition and the furnishings.

Be aware that you may also need to pay for additional fees: Service charge, parking fee, electricity and water bills, etc. Here are a few examples of prices and ratios for this property:

2-Bedroom Type (54m2) – Furnished:

  • Rental 1 Year: IDR 90M (or 7.5 million per month)
  • Buy: IDR 1,500,000,000
  • Break Even Point (Buying Price/Gross Annual Rental): 16.66 years
  • Average buying price/m2: IDR 27 million/m2

3-Bedroom Type (84m2) – Furnished:

  • Rental 1 Year: IDR 150M (or 12.5 million per month)
  • Buy: IDR 2,100,000,000
  • Break Even Point (Buying Price/Gross Annual Rental): 14 years
  • Average buying price/m2: IDR 25 million/m2

Which units are the best?
I think units facing the West or North have a nicer view.

Investment Potential

Is there a potential for a price increase in the future?

A normal price increase would be around 5% per year. Here are some of the factors that may affect this rate:

– Factors pushing the prices up:

  • MRT station in Fatmawati. This is definitely a big plus for the complex.
  • More office towers being built in TB Simatupang

– Factors pushing the prices down:

  • The developer is not famous and he doesn’t seem to manage the property very well so far
  • Expat numbers in South Jakarta getting smaller as many oil companies are leaving

Overall evaluation of the price: Would I buy here?
The prices of Aspen Park are high for buyers, but low for renters. I would not buy there for this reason.

Address

Aspen Residences Apartments
Jalan Rumah Sakit Fatmawati No.1,
Pondok Labu, Cilandak,
South Jakarta 12450, Indonesia
Phone number: +62 (0) 21 7513 888

My Ratings

I do my best to write honest and detailed reviews of the apartments I visit. If you disagree with my rating, please let me know why and leave your own rating at the end of this page.

Aspen Residences
2.6 / 5 My Rating
{{ reviewsOverall }} / 5 Readers' Rating (4 votes)
What I Liked
- Location near a mall and not too far from TB Simatupang
- Reasonable renting prices
- MRT is coming in Fatmawati, 10 minutes away
What I Didn't Like
- Not a famous developer
- Some maintenance issues less than 3 years after the opening
- Average facilities
Location
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Comfort
Management
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