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Cornerstone Plaza, located at the intersection of Jalan TB Simatupang and Jalan Pangeran Antasari in Cilandak, South Jakarta, is a mixed-use development featuring residential towers and a compact retail component managed by Cornerstone Retail Management under PT Indonesian Paradise Property Tbk. The property integrates approximately 1,600 residential units across two towers with a retail alley designed for lifestyle and daily convenience, spanning under 20,000 square meters of gross leasable area.
Positioned in the premium TB Simatupang business corridor, it benefits from proximity to corporate offices, international schools, and major thoroughfares, enhancing its appeal for urban professionals. The tenant mix emphasizes food and beverage outlets, with confirmed anchors like Foodhall supermarket and Starbucks coffee shop, alongside potential spaces for lifestyle and service-oriented retailers to serve the on-site residential population and surrounding office workers.
Market positionally, South Jakarta's retail sector maintains strong performance with upper-grade properties achieving 87% occupancy rates as of Q3 2025, supported by a recovering economy and consumer preference for integrated living-retail experiences.
Leasing advantages include flexible terms from a new development eager to fill spaces quickly, lower entry rents compared to established malls (estimated at Rp 700,000-800,000 per sqm per month), and built-in footfall from residents estimated at 5,000-10,000 daily once fully occupied. However, as a nascent property, initial footfall may lag behind mature malls like nearby Gandaria City or Cilandak Town Square, which report 15,000-20,000 visitors daily.
Accessibility is favorable via toll roads (1.6 km from Mampang Prapatan/Cilandak gate) and public transport, though traffic congestion in the area poses risks.
Demographic profile targets middle-to-upper income groups aged 25-45, with household incomes exceeding Rp 15 million monthly, drawn from the dense urban fabric of over 15,000 residents per sq km.
Operational quality is anticipated to be high, with management by experienced firms like Cushman & Wakefield for overall operations, focusing on green spaces, connectivity, and tenant support to mitigate challenges like market saturation in F&B categories.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Target Market
The primary demographic for Cornerstone Plaza comprises urban professionals and expatriates aged 25-45 in middle-to-upper income brackets (Rp 15-30 million monthly household income), residing or working in the TB Simatupang corridor. Surrounding Cilandak area has a population density exceeding 15,000 per sq km, bolstered by nearby international schools like Jakarta Intercultural School and corporate hubs employing over 100,000 workers. This supports steady weekday footfall from office commuters, while weekends attract families from elite residential enclaves. Risks include competition from e-commerce eroding impulse buys, but integrated residential-retail setup ensures captive audience, potentially yielding 60-70% of traffic from on-site residents initially.
Competition and Market Saturation
South Jakarta hosts over 20 malls, with competitors like Gandaria City (95% occupancy, diverse tenant mix) and Cilandak Town Square (high footfall of 18,000 daily) dominating the premium segment. Cornerstone Plaza differentiates via its small-scale, neighborhood-focused retail alley, avoiding direct rivalry with mega-malls but facing saturation in F&B, where 40% of spaces are allocated. New supply like this adds 2.53% to Jakarta's retail inventory in 2025, pressuring rents downward by 0.5-1% YoY. Strengths include lower competition for niche lifestyle tenants; drawbacks encompass potential oversupply if economic slowdown reduces office traffic, currently at 80% post-pandemic recovery.
Lease Terms and Operational Risks
Leasing terms offer competitive base rents of Rp 700,000-850,000 per sqm per month, below the South Jakarta average of Rp 815,400, with service charges around Rp 150,000-200,000 per sqm annually covering maintenance and marketing. New developments like this provide incentives such as rent-free periods (1-3 months) and turnover-based escalations to attract tenants. Occupancy is projected at 70-80% upon opening, benefiting from residential synergy but vulnerable to aging infrastructure risks in a flood-prone area and access issues from TB Simatupang traffic peaks (delays up to 30 minutes). Operational quality relies on Cornerstone's expertise in tenant placement, though weak categories like non-food retail may underperform amid 74.7% city-wide occupancy stability.
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Jakarta Selatan
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