Thamrin Residences Jakarta

Thamrin Residence is a residential complex of 5 towers (42 floors each) with more than 1,700 midrange apartments in total. It is a popular option for both renters and investors, due to its excellent location in Central Jakarta. In particular, many of its tenants are expatriates and tourists.

Completed in 2009, it was developed over an area of 2.4 hectares by PT Jakarta Realty, a joint venture between Agung Podomoro Land and Jakarta Propertindo. The same group also built Cosmo Terrace, Thamrin Executive Residences, and Thamrin City.

Below is the honest review of my stay there:

Location:

Neighborhood

In which neighborhood of Jakarta is Thamrin Residences located?
It is in Tanah Abang, Central Jakarta, an important trading and shopping center. It is a neighborhood full of contrast, with luxury malls and 5-star hotels only a few hundred meters away from low-income houses.

In terms of location, it is very central, but not that great: Thamrin Residences is still about 1 kilometer from Grand Indonesia or Plaza Indonesia, which is considered far in Jakarta. You can walk there, but by the time you arrive you’ll be covered in sweat and feeling dirty. Going with a taxi is better, but because of traffic jams, one-way streets and long U-turns, you’ll need 15 minutes. Personally, I was using moto taxis (ojeks): A few are always waiting in front and they charge you IDR 10,000 to Grand Indonesia.

How far is it from:
– Jakarta Airport: 60 minutes
– Grand Indonesia Mall: 10-15 minutes
– Kota Tua: 40 minutes
– Kemang: 45 minutes

How does it look like around the apartment?
Thamrin Residence is bordered:
– On the North by Thamrin Executive Residences, and then by Thamrin City Mall.
– On the South by a local, working-class neighborhood (kampung).
– On the East by a road, and then by a dirty water reservoir – Not interesting
– On the West by some rukos (shops), offices, and then a local neighborhood (kampung)

Overall, the immediate neighborhood of Thamrin Residences is not very interesting unless you go to the Grand Indonesia area.

What are the important landmarks nearby?

Walking distance, there are a few landmarks you can go to:

Malls: Thamrin City is the nearest mall. It is targeting the Indonesian middle-class, with many cheap, non-branded shops. Famous for Muslim wear. There is also a Hypermart supermarket, a food court, and many affordable restaurants (including fast food chains like Burger King, Lotteria and Domino’s).

Grand Indonesia is possibly the busiest mall in Jakarta. It is a medium-to-high-end mall where Jakartans love to hang out. You can find almost everything there. Very good cinema and food court.

Plaza Indonesia is the most luxurious mall in Jakarta. Home to brands like Louis Vuitton, Cartier, Chanel, etc. There are also more affordable shops, a supermarket, a cinema, a nightclub, bars, restaurants, etc.

Supermarkets: Hypermart in Thamrin City (cheap), Ranch Market and FoodHall in Grand Indonesia (expensive, imported products), FoodHall in Plaza Indonesia. There is also a rather large minimarket (with fruits, vegetables) and two 24h minimarts in Thamrin Residences.

Restaurants: Too many to count in Grand Indonesia and Plaza Indonesia. All kind of cuisine you like, at every price. Nearer, there are also around 10 affordable restaurants in Thamrin Residences. If you enjoy street food, you will find hundreds of warungs and “kaki limas” near Jalan Kebong Kacang Raya.

Restaurant Area Thamrin Residences (on two floors)

Bars: Cork&Screw, Immigrant, 99, Burgundy, Skye, Cloud, Paulaner Brauhaus.

Universities and Schools: None famous.

Preschools: Jakarta World Academy in UOB building.

Hospitals: None very near. There is a Brawijaya Clinic in UOB building.

Parks: The closest is the park surrounding the MoNas (National Monument), about 2.5 kilometers away.

Offices: Many office buildings are nearby, especially the ones located in Jalan Thamrin: The Plaza, UOB, Wisma Nusantara, etc.

Transportation

What are the main roads or highways nearby?
Thamrin Residences is 1 kilometer away from Jalan Sudirman (that’s 10 minutes by car). This large avenue is one of the most important in Jakarta as it connects the South (Senayan) to the North (Kota Tua). It is also the street with the most skyscrapers and the most attractions (bars, restaurants, malls) in the whole city.

The nearest toll road is 20 minutes away in Jalan Gatot Subroto.

What is the traffic situation near the apartment?
Just in front of the apartment, the road is usually quiet. The problems start as you reach either Jalan Kebon Kacang Raya or Jalan KH Mas Mansyur. You are almost certain to get stuck there. That’s why even though Thamrin Residences is in Central Jakarta, you should not underestimate the time it may take to go even to Jalan Sudirman.

Is it easy for taxis/Uber/Grab to find the location?
Yes, it is very famous. They can even pick you up directly at the lobby of your tower, in the basement area.

Is there a Transjakarta bus stop nearby?
The closest station is Tosari on Jalan Sudirman, but it is around 12 minutes away by foot. From there, you can take several lines (1, 2A, 3A, 6A) to destinations like Kota, Blok M, Kalideres, Ragunan, Monas, Pulo Gadung and Senayan.

There are also plenty of non-AC buses that you can catch in Tanah Abang (to Bekasi, Blok M, Kampung Rambutan, etc).

Finally, you can take a DAMRI bus to Jakarta airport for only IDR40,000 in front of Thamrin City.

Is there a train station nearby?
Not exactly nearby. The nearest is Karet Station (10 minutes by car), which is a stop on the Yellow line going from Bogor/Depok to Jatinegara (via Pasar Minggu, Tebet, Manggarai, Senen). Tanah Abang station is even further but you can get the Blue line from there (to Serpong and Bintaro).

How about the MRT?
An MRT station will be built in Bunderan HI, in front of Plaza Indonesia. This would be about 10 minutes from Thamrin Residences.

The recently-inaugurated train link between the Airport and Central Jakarta arrives at BNI City railway station, about 15 minutes from the complex. It is convenient as you won’t be dependent on traffic jams whenever you need to catch a flight.

Are there sidewalks? Is it possible to walk around?
They are not in great condition, but still, you can walk to Thamrin City, Plaza Indonesia, Grand Indonesia.

Building Quality

Building and Architecture

What is the reputation of the developer?
Thamrin Residences was developed and it is owned by PT Jakarta Realty, a joint venture between two large Indonesian companies (Agung Podomoro Land – APL – and PT Jakarta Propertindo) and the city of Jakarta (though the BUMD – Badan Usaha Milik Daerah).

Agung Podomoro Land and Jakarta Propertindo have a fairly good reputation in the midrange segment, but not all of their properties are in good condition. APL’s complex Mediterania Gajah Mada, for instance, is in a poor state.

Who is the architect?
I’m not 100% sure who was the architect for the project, but it seems to have been the consultancy firm Airmas Asri. They have worked on several high-end towers such as The Capital Building or Pakubowono View.

Who is the contractor?
The contractor was Nusa Raya Cipta, a large company that has built some mid-to-upscale complexes like Soho Apartments or Royale Springhill Garden.

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?
No.

Are their issues with parking?
I read that there were 2,000 parking lots in the complex, which seems sufficient.

How many lifts are there in each tower?
There are 3 residents’ lifts per tower.

Lift Thamrin Residences

Design and Appearance

How does the building look like?

From outside:
I cannot say that the towers are pretty. They look like many other buildings from the Agung Podomoro Land (especially the Mediterania brand): Large concrete structures, painted in one color, with small balconies and visible airconditioning. The only originality is that the last floors have large glass windows (Premiere Apartments).

Thamrin Residence (5 towers on the left) and Thamrin Executive (the tower on the right)

Tower Thamrin Residences Jakarta

Towers Thamrin Residences

Reception:
There is a main, large reception on the Ground Floor, with a high ceiling and marble flooring. This one looks nice but most of the time, you’ll go through a smaller one in the basement of your tower. You have to cross the parking to reach it, which is convenient for car owners, but not so pleasant for the others. I’ll rather avoid spending time in a polluted parking lot if I can.

That second lobby is rather basic, with just two sofas and a smaller desk.

Main Lobby Thamrin Residences’ Ground Floor

Smaller Reception at Basement (Parking Area) of Thamrin Residences

Entry Reception Thamrin Residences from the Parking in Basement

Parking Thamrin Residences with Reception in the Background

Garden:
Several gardens in the complex, they are pleasant and visually appealing:

Garden and Kids Playground Thamrin Residences

Pools:
Two enormous lagoon-shaped pools and one rectangle-shaped pool, with fountains, and a partial wood deck:

Swimming Pool Thamrin Residences

Fountain Thamrin Residences

Corridors:
Basic, not attractive.

Corridor Thamrin Residences

How spacious are the apartments?
There are 1694 normal units and 64 “Premiere” units. The latter are on the higher floors and they have floor-to-ceiling glass windows. These apartment sizes are for the normal ones:

– 1-bedroom units start at 39m2 (1bathroom)
– 2-bedroom units start at 60m2 (1 bathroom)
– 3-bedroom units start at 90m2 (2 bathrooms)

Materials, Equipment, and Finishes

What is the quality of the materials, furniture, and equipment used in the construction?
On average, the quality follows the standards of a midrange property:

Tiles: In the apartments, 60x60cm ceramic. In the lobby, marble tiles.
Painting: Average
Doors: Good
Ceiling: Simple false ceiling
Elevator: Sigma brand, a Korean subsidiary of Otis
Gym equipment: Local, professional brand
Pool equipment: Limited to a few wooden chair and sun beds (without mattresses).
Furniture: Simple sofas and tables in the reception, decent welcome desk
Artwork: None

What is the quality of the finishes?
Good, no major defects found.

Comfort

Facilities and Services

What are the facilities provided in the property?

– Swimming pool: It is one of the largest pool complexes I have seen in Central Jakarta. 3 very large ones, perfect for swimming, but a bit too crowded on weekends. There are a few sunbeds to relax. The water temperature is medium. I did not see a pool reserved for kids.

Pool in Thamrin Residences

Pool Thamrin

Pool Thamrin Residences

– Two jacuzzis (not heated)

Jacuzzi Thamrin Residences

– A gym with some machines that were not functioning well. Next to it, a room for aerobics, yoga and dancing.

Gym in Thamrin Residences

Aerobics Room in Thamrin City

– A barbecue area

Barbecue Thamrin Residences

– A walking track (around 500 meters)

Walking Track Thamrin Residences

– Two tennis courts in good condition

Tennis Court Thamrin Residence

– A kid’s playground (under maintenance)

What are the services available within the property?

A lot of services are available on the Ground Floor and First Floor of the complex:
– A dozen restaurants, usually affordable, selling Indonesian, French, Italian and Indian food.
– 3 minimarkets, open 24, including one that sells fruits, vegetables and some imported products (expensive)
– Several laundries, including a convenient coin laundry
– ATMs of practically every Indonesian banks
– A beauty salon
– A daycare center
– A mosque and a church

Atmosphere

How busy is the property?
This is a very popular residence, with over 3,000 residents so you can expect to see a lot of people, either in the lobby, in the lift, in the restaurant area or in the swimming pool.

Is it noisy?
All the units facing local neighborhoods (South and West) will be exposed to the sound of a mosque.

What is the background (ethnicity, social status) and attitude of residents?
It is quite mixed, with mostly Indonesians, Indonesian Chinese, and maybe 25% of foreigners. Among the latter, I noticed a few from India or the Middle East. There are also many tourists who rent the apartments via online platforms like Airbnb.

There are families but in general, residents are young singles or couples, working in the Central Business District.

Management

Maintenance

How old is the property?
It was completed in 2009.

Are there visible damages?
Not too many, though, in some locations (corridors, external facade), the walls could use a little repainting. Overall, the maintenance is good.

Cleanliness

I think the property is clean.

Security

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

Hospitality

I had almost zero interaction with the staff.

Rooms and Prices

Prices at Thamrin 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:

Studio Type (42m2) – Furnished:

• Rental 1 Year: IDR 90M (or 7.5M per month)
• Buy: IDR 1,200,000,000
• Break Even Point (Buying Price/Gross Annual Rental): 13.3 years
• Average buying price/m2: IDR 28.57 million/m2

2-Bedroom Type (58m2) – Furnished:

• Rental 1 Year: IDR 132M (or 11M per month)
• Buy: IDR 1,900,000,000
• Break Even Point (Buying Price/Gross Annual Rental): 14.4 years
• Average buying price/m2: IDR 32.76 million/m2

Which units are the best?
Edelweiss, the North-East tower, is the best in my opinion, for several reasons: The view is better, it is closer from Grand Indonesia, and you won’t have the noise from the neighborhood’s mosque. However, you should be aware that there is a large, empty plot of land next to it so it is possible that a new tower will be constructed there. To prevent that, make sure you choose an apartment facing East, as far away as possible from the empty land.

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:

• The location will become even more interesting as many new offices and malls are being built nearby (for instance, in a huge plot of land next to Plaza Indonesia). Also, an MRT station will be located nearby.
• Smart investors can rent their apartment daily on Airbnb and make much better revenue than from a monthly or yearly rental. A typical daily rate for a 1-bedroom unit is at least IDR500,000.

– Factors pushing the prices down:

• There is still a lot of available land in Tanah Abang. As prices go up, more plots will become available to build towers, thus preventing too much inflation.
• The construction of the MRT may be a double-edged sword: It will be easier for people to come to downtown Jakarta, and therefore not necessary anymore to pay a high premium to stay in the city center.
• The property will soon be 10 years old. Jakartans tend to prefer buying new apartments as they rarely trust the building quality over a long period.

Overall evaluation of the price: Would I buy here?
I think Thamrin Residences is still a safe and relatively affordable investment. I would personally focus on the tourist and expat market, as they are generally willing to be more for the same product. For a 42m2 1-bedroom apartment, you can probably get over IDR12M/month if you know how to market it properly (fast internet, Netflix, modern interior, etc). This would give you a gross return on investment (before expenses and tax) after just 10 years.