What happened
Indonesia is seeing more apartment projects run years late or stop altogether. Ferry Salanto, head of research at Colliers Indonesia, explained how buyers can protect themselves at the firm's third quarter 2026 media briefing on 7 October. detikProperti published his advice on 8 October together with views from other market analysts.
His core point is simple. Someone buying at pre-sale is not purchasing a finished flat. They are paying for a developer's commitment to complete the building on schedule and to the agreed specification.
Checks before you pay
Salanto outlined several steps. First, confirm that the project and the land under it are legally sound. Next, track actual progress on site rather than marketing images. Then look at the developer's history of delivering earlier projects.
He also stressed the PPJB, Indonesia's preliminary sale and purchase agreement. Buyers should read closely what it says about the handover date and about penalties if the developer misses it.
Buyers with enough funds could consider finished units or projects where construction is well advanced. They cost more than pre-sale stock, but the building is certain to exist. “The question is not only can I afford to buy, but can I afford the risk,” Salanto said.
Projects that stalled
According to detikcom's records, The Spring Residence in Ciputat was declared bankrupt in 2024. Apartemen Point on Jalan Daan Mogot has had no clear outcome since 2019. Work on Gayanti City in Mampang Prapatan has been halted since 2021.
Hundreds of Meikarta units were never finished and buyers have not been refunded. LRT City projects in Tebet, Ciracas and Cibubur, Oase Park and other ADCP developments stopped for lack of money, and the government is looking for a fix. Gardenia apartments in Bogor were reportedly declared bankrupt, yet a 2025 ruling reversed that.
Why projects freeze
Ali Tranghanda, chief executive of Indonesia Property Watch, puts thin capital first. High rise housing needs far more money and tighter cash flow control than landed projects do.
His second reason is demand. Supply exceeds what buyers can absorb, because prices sit above what the urban middle class can pay. In his view the cheapest apartments should cost around Rp 300 to 500 million, while market prices are already higher.
Steve Sudijanto, director of Global Asset Management, adds two more causes. Some developers push ahead without permits or on land not zoned for apartments. Others announce two towers while holding only Rp 25 to 50 billion, when such a scheme can need hundreds of billions.
What it means for Bali
Foreign buyers on Bali usually acquire leasehold villas rather than flats. Leasehold, or Hak Sewa, is a long term lease of land. The risk logic is the same, since many deals close while the villa is still being built and the buyer pays for a promise.
The same causes can arise on the island. Developers may start with too little capital, build without a PBG building approval, or choose plots where the RDTR detailed zoning plan does not allow housing or tourist lodging.
This is a national story, not a Jakarta one. On Bali, a developer's insolvency or a refused permit can lead to the same result: money is stuck, there is no villa, and disputes drag on for years.