Jakarta: Maybank Investment Banking Group (IBG) expects Indonesia's property sector to remain supported by a robust launch pipeline with continued pre-sales growth in 2026, with major developers rolling out residential projects across key urban areas.

According to BERNAMA News Agency, the investment bank projected aggregate pre-sales to grow by about three per cent in 2026, driven by residential launches from the 'old masters'.

The four 'old masters' identified by Maybank IBG include Bumi Serpong Damai, which plans to launch two new projects - Nava Park 2 and Kota Wisata Ecovia. Ciputra Development is targeting joint-operation launches in Greater Jakarta and Surabaya. Meanwhile, Pakuwon Jati is expanding through a long-term development pipeline extending to 2030, supported by capital expenditure of approximately Indonesian rupiah 20 trillion (1 million Rupiah = RM239.8).

Summarecon Agung, another 'old master', remains strategically positioned with flagship townships in Serpong and Bekasi, as it accelerates development at its newest township in Tangerang. Despite the improving outlook, established developers underperformed amid tight domestic liquidity, leading to a clear divergence in 2025 performance.

This divergence resulted in muted mortgage rate pass-through despite central bank rate cuts, while newer and less liquid names outperformed, lifting the IDX Property Index by about 55 per cent in 2025. Sector fundamentals, however, remained intact, with 2025 aggregate pre-sales expected to grow by one per cent year-on-year, despite subdued housing demand in the mid-to-low segment, offset by resilient mid-to-upper segment demand.

The bank anticipates valuations to remain compelling, with deep discounts to the revalued net asset value of 77 to 87 per cent, while price-to-book ratios are near historical lows. With sustained pre-sales growth expected into 2026 and a strengthening growth narrative, established developers will be seen as attractive laggard opportunities, supporting the sector's positive outlook.