FARPOINT, The Royal Institution of Chartered Surveyors (RICS) and BOMA Indonesia Bring Greater Clarity to the Indonesian Office Market

Jakarta, 19 October 2016 – Commercial office buildings are measured in different ways around the world. This results in a wide deviation in measurement around the world; depending on the method used, the calculated floor area can deviate by as much as 24%. This deviation is not due to how the property is measured, but is a result of detail that is included or excluded from the measured area. The International Property Measurement Standard (IPMS) creates a common basis of measurement.

First Building in Asia Pacific Achieving IPMS

Sequis Tower, an international Grade A office building developed by FARPOINT in the Sudirman CBD is the first building in Asia Pacific to achieve RICS IPMS approval. “FARPOINT believes by adopting a global standard which speaks the same language in office area measurement, will benefit the industry and our stakeholders in the long term,” explained Dougie Crichton, President Director PT Prospero Realty.

Currently, the inconsistent use office measurement standards create confusion for end users, developers, investors, agents and those who value office buildings. IPMS for Offices will set out what should, and what should not be included when measuring office floor space. Adopting IPMS also reflects the company’s wider objective to recognize best practice that provides uniform, transparent and consistent method to measure commercial property across the world to benefit its customers and tenants.

Commenting on the partnership with FARPOINT, RICS Managing Director, ASEAN, Jennifer Welch said, “This pilot is extremely important for the Jakarta office market and RICS is delighted to work with FARPOINT and its architects to deliver consistent measurement standards to one of Jakarta’s iconic office buildings, to bring greater clarity to the Indonesian office market.” As members of the IPMS coalition, RICS is committed to working with BOMA in Indonesia and local IPMS supporters such as FARPOINT, MAPPI, LEADS and JLL Indonesia to promote the use of IPMS for offices.

As the real estate industry in Indonesia is becoming more global in nature, international occupiers and
investors expect landlords to provide common standard that is comparable across markets. “Applying
a global measurement standard improves transparency and credibility that help attract investment in
the Indonesia real estate market. And I see that we are ready for the IPMS in Indonesia, especially in
Jakarta,” said Todd Lauchlan, JLL Country Head for Indonesia when met at the launch of IPMS with
FARPOINT in Sequis Center on Monday (17/10).