Oki Baren
Inilah.com, Jakarta - Berkaca dari kegagalan pembiayaan properti di AS, praktisi perbankan nasional sebaiknya hati-hati dan tidak tergoda persaingan jor-joran memberi tingkat suku bunga rendah. Kerasnya kompetisi tak harus direspons dengan mengurangi kualitas layanan perbankan.
Demikian benang merah perbincangan Inilah.com dengan praktisi perbankan Sasmaya Tuhuleley dan pengamat pasar modal Paulus Nurwadono, Senin (10/12).
Keduanya mengomentari kebijakan baru pemerintah AS, yakni membekukan suku bunga pinjaman debitor subprime mortgage guna menyelamatkan perekonomian dari ancaman resesi berkepanjangan, dan kemungkinan peristiwa serupa terjadi di Indonesia.
Sasmaya mengatakan, situasi pasar kredit perumahan di Indonesia berbeda dengan di AS. Kredit di sektor properti di Indonesia jauh lebih aman. Tapi, perbankan nasional tetap harus berhati-hati agar tidak terjebak dalam kompetisi tidak sehat. Industri perbankan nasional bisa belajar dari kegagalan subprime mortgage untuk tidak terpengaruh dalam perang suku bunga pinjaman.
“Meskipun kredit pembiayaan sektor properti di Indonesia relatif aman, bank tetap harus berhati-hati dengan hanya memberikan kredit pemilikan rumah (KPR) yang normal. Sebab, kecenderungan pasar perbankan kita sudah mengarah ke sana akibat persaingan yang ketat,” kata Sasmaya.
Sementara Paulus menyebutkan, persaingan antarperbankan memicu penurunan kualitas kredit ke sektor industri properti. “Saya kurang sreg kalau tingginya kompetisi di dunia perbankan direspons dengan cara menurunkan kualitas kredit. Turunnya kualitas kredit bukan langkah yang bagus,” tandas Direktur Operasional PT Sarana Multigriya Finansial (SMF) itu.
Paulus mencontohkan, penurunan kualitas kredit di sektor perbankan. “Perbankan harus berkompetisi tanpa mengorbankan kualitas. Itu pasti bisa dilakukan dengan meningkatkan efisiensi yang berdampak menipisnya margin keuntungan. Dengan begitu konsumen kredit properti akan merasakan manfaat yang lebih besar,” papar Paulus.
Kendati demikian, Paulus optimistis iklim perkreditan di sektor properti masih menunjukkan pertumbuhan kinerja yang positif. Kredit di sektor properti di Indonesia merupakan aset yang bagus untuk perbankan. Malah sebagian besar perbankan belum mau menjual portofolio kredit propertinya.
Terkait krisis subprime mortgage di AS, Presiden George W Bush, Kamis (6/12), mengumumkan kebijakan pembekuan kenaikan suku bunga pinjaman bagi para debitor untuk jangka waktu lima tahun. Kebijakan itu sebagai upaya penyelamatan perekonomian AS dari hantaman badai resesi akibat gagal bayar debitor subprime mortgage. Dalam skema moratorium itu debitor hanya dibebani bunga rendah, yakni 7-11%.
Kredit subprime bersifat spekulatif dan berisiko tinggi karena diberikan kepada debitor yang tidak bankable. Selain itu, kredit properti tersebut juga bermasalah akibat beban suku bunga yang lebih besar dibandingkan kredit umum.
Paulus kembali mengatakan, intervensi pemerintah AS untuk membekukan suku bunga subprime tidak akan menimbulkan tekanan terhadap fiskal. Pasalnya, pengurangan non performing loan (NPL) didukung lembaga finansial yang bertindak sebagai mortgage lender.
Selain itu, aksi penarikan dana besar-besaran (rush) dari para kreditor sudah mereda. “Sekarang ini spiralling over effect dalam proses redemption karena kepanikan pemilik protofolio subprime mortgage sudah jauh berkurang,” tandasnya.
Sasmaya menambahkan, strategi AS untuk keluar dari belitan masalah di pasar perumahan tidak akan memicu masalah baru. Hal itu tidak akan memberatkan cashflow kreditor pengucur dana subprime mortgage.
“Tindakan itu bagus karena dapat menumbuhkan kepercayaan publik terhadap pasar perumahan. Pembekuan suku bunga pinjaman merupakan solusi terbaik.,” katanya.
Jika situasi serupa terjadi di negeri ini, sangat tidak mudah keluar dari jebakan maut resesi. Pemerintah harus belajar dari AS untuk bisa keluar dari ancaman krisis. Apalagi, kebijakan tersebut sangat mendukung terciptanya iklim industri perumahan yang kondusif. [E1/I3]
Kamis, 07 Agustus 2008
Sabtu, 19 Juli 2008
Mortgage broker: peluang bisnis baru di bidang pembiayaan properti
Oleh : Sasmaya Tuhuleley, CWM
Ketika seseorang merasa kesulitan untuk menjual poperti, seperti rumah, apartemen, atau roko, dia masih bisa memanfaatkan jasa pihak lain, yaitu broker properti. Broker properti dalam hal ini, akan menghubungkan penjual properti tersebut dengan para pembeli. Begitu juga sebaliknya, jika seseorang ingin membeli sebuah properti, broker properti akan bertindak sebagai perantara yang akan mencari properti yang memiliki kharakter sesuai dengan properti yang diminati pembeli.
Usaha perantara jual beli properti tersebut telah berkembang menjadi industri yang menggurita. Sebut saja ERA, jaringan broker properti ini telah menyebar di berbagai kota di Indonesia. Bisnis broker properti juga menjanjikan keuntungan yang menggiurkan. Dengan mengutip bayaran atau fee sekitar 2,5% sampai 3% dari total nilai transaksi terhadap pihak yang diwakilinya, usaha ini bisa mendatangkan keuntungan yang besar, jika omzet penjualannya juga besar.
Usaha mortgage broker atau broker KPR kurang lebih serupa dengan broker properti, tapi khusus dalam mnghubungkan pembeli properti (rumah) yang ingin dapatkan pembiayaan KPR dengan bank. Mortgage broker juga bertugas mengerjakan sebagian tugas bank mulai dari pemasaran sampai dengan pengumpulan dan pengecekan kelengkapan data dan dokumen dari pemohon KPR.
Di negara-negara di mana sistim pembiayaan properti atau perumahannya telah maju dan telah memiliki secondary mortgage facility (SMF), mortgage broker dapat bertindak lebih jauh lagi dengan melakukan proses analisa dan persetujuan KPR (mortgage underwriting process) untuk kemudian melalui bank atau lembaga wholesale dijual kembali (pass through) kepada lembaga SMF. Lembaga SMF inilah yang kemudian melakukan sekuritisasi atas KPR-KPR tersebut dengan menerbitkan surat utang kepada investor.Dalam menjalankan bisnis, mortgage broker umumnya menggunakan sistim refferal. Dalam hal ini, mortgage broker menjalin kerja sama dengan beberapa bank. Berdasarkan kerja sama tersebut, atas setiap permohonan KPR yang masuk, mortgage broker akan mengarahkan (me-refer) pemohon kepada bank tertentu sesuai dengan pilihan pemohon setelah pemohon memenuhi semua persyaratan-persyaratan kredit yang dibutuhkan bank yang bersangkutan.
Atas jasa mortgage broker dalam membantu bank memperoleh konsumen dan melakukan pengumpulan dan pengecekan data serta dokumen persyaratan KPR tersebut, bank akan membayarkan sejumlah fee. Umumnya besar tarif fee merupakan hasil negosiasi dengan bank, bisa dalam prosentasi terhadap besar KPR yang disetujui atau jumlah tertentu. Dasar kesepakatan besarnya tarif yang disepakati umumnya disesuaikan dengan besarnya lingkup pekerjaan (effort) yang dilakukan mortgage broker.
Dalam praktek di Indonesia, selain membantu bank memperoleh konsumen (marketing), pengembang juga umumnya mengambil alih tugas bank melakukan pengumpulan dan pengecekan dokumen persayarat KPR. Untuk melakukan pekerjaan-pekerjaan tersebut, pengembang harus mengeluarkan biaya overhead yang cukup besar. Belum lagi, karena pengembang harus melakukan pekerjaan yang bukan merupakan kompetensinya, sehingga membuat pekerjaan tersebut menjadi kurang efisien.
Untuk itu, pengembang dapat memakai jasa mortgage broker untuk melakukan pekerjaan-pekerjaan tersebut dan cukup membayar sejumlah fee kepada mortgage broker. Dengan demikian, pengembang dapat melakukan penghematan, selain juga pekerjaan tersebut menjadi lebih efisien, karena dilakukan oleh pihak yang memang profesional di bidangnya.Sebagaimana disebutkan di atas, bank akan memperoleh manfaat yang besar bila melakukan kerja sama dengan mortgage broker, baik dalam memperoleh konsumen maupun dalam membantu menyeleksi nasabah dan melakukan pengumpulan dan pengecekan dokumen. Dalam hal ini, mortgage broker bertindak sebagai agen pemasaran bank sekaligus membantu bank menyeleksi konsumen.
Sebagaimana diketahui, jam kerja bank hanya berkisar antara jam 07.30-16.30. Dengan mengandalkan mortgage broker yang mempunyai jam kerja yang lebih fleksibel dan bersedia bekerja 24 jam, maka bank akan sangat diuntungkan. Selain itu, mortgage broker juga umumnya memiliki tenaga-tenaga penjual (sales people) yang memiliki budaya menjual (sales culture) yang luar biasa, karena mereka bekerja dengan sistim komisi (commission based).
Dengan demikian, apabila bank menggunakan jasa mortgage broker untuk melakukan pemasaran, efektifitasnya akan sangat luar biasa.Bagi pengembang, jika selama ini melakukan tugas membantu bank melakukan proses administrasi aplikasi KPR, seperti pengumpulan dan pengecekan dokumen persyaratan KPR, maka lebih baik tugas tersebut dialihkan kepada pihak lain (outsourcing), yaitu mortgage broker. Dengan demikian, pengembang dapat melakukan efisiensi dan penghematan biaya overhead. Selain itu, pengembang juga bisa lebih fokus melakukan pekerjaan pembangunan perumahan dan pemasaran yang memang menjadi tugas utamanya.
Yang juga perlu disadari, dengan melakukan kerja sama dengan mortgage broker, pengembang tidak perlu memikirkan mencari sumber pembiayaan bagi para calon pembelinya. Dengan bantuan mortgage broker yang umumnya memiliki kerja sama dengan banyak bank, maka tugas mencari bank yang akan membantu pembeli rumah membeli rumah yang akan dibangunnya untuk memperoleh KPR, menjadi jauh lebih mudah.Manfaat mortgage broker bagi masyarakat sangat besar. Selain membantu masyarakat memperoleh KPR untuk membeli rumah, mortgage broker juga dapat membantu masyarakat memilih bank yang sesuai keinginannya. Hal ini berbeda, jika masyarakat berhubungan langsung dengan bank atau pengembang.
Mengapa demikian? Karena mortgage broker biasanya memiliki kerja sama dengan banyak bank, sehingga mampu memberikan banyak pilihan kepada konsumen yang datang kepadanya. Selain itu, pemahaman mortgage broker yang mendalam terhadap KPR dan persyaratan-persyaratan KPR dari banyak bank, membuat mortgage broker lebih mampu memberikan nasihat yang tepat kepada masyarakat untuk memilih bank ketimbang pengembang.
Dengan jam kerja yang fleksibel dan tidak terikat untuk tetap berada di kantor setiap saat sebagaimana halnya petugas bank, maka petugas mortgage broker juga lebih memiliki banyak waktu untuk didedikasikan kepada konsumen. Dengan demikian, jika dikehendaki konsumen tidak perlu mendatangi kantor mortgage broker, tapi cukup petugas mortgage broker yang akan mendatangi konsumen.
Sebagai bisnis baru, mortgage broker memiliki peluang yang baik untuk berkembang menjadi industri tersendiri. Saat ini, dengan adanya persaingan yang ketat antara bank-bank untuk memasarkan KPR, kehadiran mortgage broker sebagai agen pemasaran bank akan semakin dibutuhkan.
Ke depan dengan kehadiran SMF di Indonesia, bisnis mortgage broker akan memperoleh tempat yang lebih kuat lagi di Indonesia. Harap diingat, di Amerika Serikat, perbankan komersial hanya memiliki konstribusi sebesar kira-kira 20% dari total KPR yang disalurkan di negara adidaya tersebut setiap tahunnya, sisanya sebesar 80% lagi disalurkan oleh mortgage broker dan mortgage company.
Catatan: Artikel ini pernah dimuat di Harian Investor Daily-Jakarta
Ketika seseorang merasa kesulitan untuk menjual poperti, seperti rumah, apartemen, atau roko, dia masih bisa memanfaatkan jasa pihak lain, yaitu broker properti. Broker properti dalam hal ini, akan menghubungkan penjual properti tersebut dengan para pembeli. Begitu juga sebaliknya, jika seseorang ingin membeli sebuah properti, broker properti akan bertindak sebagai perantara yang akan mencari properti yang memiliki kharakter sesuai dengan properti yang diminati pembeli.
Usaha perantara jual beli properti tersebut telah berkembang menjadi industri yang menggurita. Sebut saja ERA, jaringan broker properti ini telah menyebar di berbagai kota di Indonesia. Bisnis broker properti juga menjanjikan keuntungan yang menggiurkan. Dengan mengutip bayaran atau fee sekitar 2,5% sampai 3% dari total nilai transaksi terhadap pihak yang diwakilinya, usaha ini bisa mendatangkan keuntungan yang besar, jika omzet penjualannya juga besar.
Usaha mortgage broker atau broker KPR kurang lebih serupa dengan broker properti, tapi khusus dalam mnghubungkan pembeli properti (rumah) yang ingin dapatkan pembiayaan KPR dengan bank. Mortgage broker juga bertugas mengerjakan sebagian tugas bank mulai dari pemasaran sampai dengan pengumpulan dan pengecekan kelengkapan data dan dokumen dari pemohon KPR.
Di negara-negara di mana sistim pembiayaan properti atau perumahannya telah maju dan telah memiliki secondary mortgage facility (SMF), mortgage broker dapat bertindak lebih jauh lagi dengan melakukan proses analisa dan persetujuan KPR (mortgage underwriting process) untuk kemudian melalui bank atau lembaga wholesale dijual kembali (pass through) kepada lembaga SMF. Lembaga SMF inilah yang kemudian melakukan sekuritisasi atas KPR-KPR tersebut dengan menerbitkan surat utang kepada investor.Dalam menjalankan bisnis, mortgage broker umumnya menggunakan sistim refferal. Dalam hal ini, mortgage broker menjalin kerja sama dengan beberapa bank. Berdasarkan kerja sama tersebut, atas setiap permohonan KPR yang masuk, mortgage broker akan mengarahkan (me-refer) pemohon kepada bank tertentu sesuai dengan pilihan pemohon setelah pemohon memenuhi semua persyaratan-persyaratan kredit yang dibutuhkan bank yang bersangkutan.
Atas jasa mortgage broker dalam membantu bank memperoleh konsumen dan melakukan pengumpulan dan pengecekan data serta dokumen persyaratan KPR tersebut, bank akan membayarkan sejumlah fee. Umumnya besar tarif fee merupakan hasil negosiasi dengan bank, bisa dalam prosentasi terhadap besar KPR yang disetujui atau jumlah tertentu. Dasar kesepakatan besarnya tarif yang disepakati umumnya disesuaikan dengan besarnya lingkup pekerjaan (effort) yang dilakukan mortgage broker.
Dalam praktek di Indonesia, selain membantu bank memperoleh konsumen (marketing), pengembang juga umumnya mengambil alih tugas bank melakukan pengumpulan dan pengecekan dokumen persayarat KPR. Untuk melakukan pekerjaan-pekerjaan tersebut, pengembang harus mengeluarkan biaya overhead yang cukup besar. Belum lagi, karena pengembang harus melakukan pekerjaan yang bukan merupakan kompetensinya, sehingga membuat pekerjaan tersebut menjadi kurang efisien.
Untuk itu, pengembang dapat memakai jasa mortgage broker untuk melakukan pekerjaan-pekerjaan tersebut dan cukup membayar sejumlah fee kepada mortgage broker. Dengan demikian, pengembang dapat melakukan penghematan, selain juga pekerjaan tersebut menjadi lebih efisien, karena dilakukan oleh pihak yang memang profesional di bidangnya.Sebagaimana disebutkan di atas, bank akan memperoleh manfaat yang besar bila melakukan kerja sama dengan mortgage broker, baik dalam memperoleh konsumen maupun dalam membantu menyeleksi nasabah dan melakukan pengumpulan dan pengecekan dokumen. Dalam hal ini, mortgage broker bertindak sebagai agen pemasaran bank sekaligus membantu bank menyeleksi konsumen.
Sebagaimana diketahui, jam kerja bank hanya berkisar antara jam 07.30-16.30. Dengan mengandalkan mortgage broker yang mempunyai jam kerja yang lebih fleksibel dan bersedia bekerja 24 jam, maka bank akan sangat diuntungkan. Selain itu, mortgage broker juga umumnya memiliki tenaga-tenaga penjual (sales people) yang memiliki budaya menjual (sales culture) yang luar biasa, karena mereka bekerja dengan sistim komisi (commission based).
Dengan demikian, apabila bank menggunakan jasa mortgage broker untuk melakukan pemasaran, efektifitasnya akan sangat luar biasa.Bagi pengembang, jika selama ini melakukan tugas membantu bank melakukan proses administrasi aplikasi KPR, seperti pengumpulan dan pengecekan dokumen persyaratan KPR, maka lebih baik tugas tersebut dialihkan kepada pihak lain (outsourcing), yaitu mortgage broker. Dengan demikian, pengembang dapat melakukan efisiensi dan penghematan biaya overhead. Selain itu, pengembang juga bisa lebih fokus melakukan pekerjaan pembangunan perumahan dan pemasaran yang memang menjadi tugas utamanya.
Yang juga perlu disadari, dengan melakukan kerja sama dengan mortgage broker, pengembang tidak perlu memikirkan mencari sumber pembiayaan bagi para calon pembelinya. Dengan bantuan mortgage broker yang umumnya memiliki kerja sama dengan banyak bank, maka tugas mencari bank yang akan membantu pembeli rumah membeli rumah yang akan dibangunnya untuk memperoleh KPR, menjadi jauh lebih mudah.Manfaat mortgage broker bagi masyarakat sangat besar. Selain membantu masyarakat memperoleh KPR untuk membeli rumah, mortgage broker juga dapat membantu masyarakat memilih bank yang sesuai keinginannya. Hal ini berbeda, jika masyarakat berhubungan langsung dengan bank atau pengembang.
Mengapa demikian? Karena mortgage broker biasanya memiliki kerja sama dengan banyak bank, sehingga mampu memberikan banyak pilihan kepada konsumen yang datang kepadanya. Selain itu, pemahaman mortgage broker yang mendalam terhadap KPR dan persyaratan-persyaratan KPR dari banyak bank, membuat mortgage broker lebih mampu memberikan nasihat yang tepat kepada masyarakat untuk memilih bank ketimbang pengembang.
Dengan jam kerja yang fleksibel dan tidak terikat untuk tetap berada di kantor setiap saat sebagaimana halnya petugas bank, maka petugas mortgage broker juga lebih memiliki banyak waktu untuk didedikasikan kepada konsumen. Dengan demikian, jika dikehendaki konsumen tidak perlu mendatangi kantor mortgage broker, tapi cukup petugas mortgage broker yang akan mendatangi konsumen.
Sebagai bisnis baru, mortgage broker memiliki peluang yang baik untuk berkembang menjadi industri tersendiri. Saat ini, dengan adanya persaingan yang ketat antara bank-bank untuk memasarkan KPR, kehadiran mortgage broker sebagai agen pemasaran bank akan semakin dibutuhkan.
Ke depan dengan kehadiran SMF di Indonesia, bisnis mortgage broker akan memperoleh tempat yang lebih kuat lagi di Indonesia. Harap diingat, di Amerika Serikat, perbankan komersial hanya memiliki konstribusi sebesar kira-kira 20% dari total KPR yang disalurkan di negara adidaya tersebut setiap tahunnya, sisanya sebesar 80% lagi disalurkan oleh mortgage broker dan mortgage company.
Catatan: Artikel ini pernah dimuat di Harian Investor Daily-Jakarta
My jurney to Mumbay-India and KL-Malaysia
Bulan Juni-Juli 2008 lalu, saya bersama teman-teman baru saja dikirim perusahaan ke Lonavla dan Mumbay-India untuk mengikuti short course dan attachment program tentang housing finance di HDFC. Dalam perjalanan pulang kami juga sempat mampir di Kuala Lumpur-Malaysia. Banyak pengalaman menarik selama kami berada di India menyangkut masalah kultural dan makanan, selain tentu saja ilmu yang kami dapatkan selama berada di negara Shahrul Khaan tersebut. Pada kesempatan lain saya ingin berbagi cerita tentang pengalaman-pengalaman tersebut, namun kali ini saya akan memperlihatkan terlebih dulu beberapa foto selama kami berada di kedua negara tersebut.
Arrive in Mumbay-India, June 18, 2008
Gateway of India-British Colonial Building
Arrive in Mumbay-India, June 18, 2008
Gateway of India-British Colonial Building
Group Photo in Lonavla-India
Wearing India's Traditional Cloths
This is Original Bajaj
Mumbay's Waterfront City-Facing Arab Sea
With Mumbay Tourism Police
Group Shopping in Mumbay
At Twin Tower of KL-Malaysia
Senin, 12 Mei 2008
To make house more affordable for low income people
By Sasmaya Tuhuleley
The Ministry of Housing just raises the price of subsidized low cost housing from a maximum of IDR 49 million to IDR 55 million for target group I, from a maximum IDR 37 million to IDR 41.5 million for target group II, and from a maximum of IDR 25 million to IDR 28 million for target group III. The reason behind this price hike is more or less due to the recently increase of building materials. With the price hike, the developers will expectedly be encouraged to build as many as possible low cost houses, and therefore the supply will also increase. The question is can we expect that with the price increase, the demand of subsidized low cost house will also increase?
In the past three years, the development of subsidized low cost house or known as healthy simple house (“RSH”) was always behind the target set by the Ministry of Housing. In 2005, from the target of 114,000 units, the units delivered were only 79,899 or about 69.6%. From 2006’s target of 140,548 units and 2007’s target of 136,300 units, the units delivered were only 85,661 and 107,816 or about 60,9% and 79,1% respectively. Those who involved in the industry know precisely what has been happening.
The demand of low cost housing in Indonesia has been weaken since 1997’s Asian economic crisis and the world crude oil price hike in 2005. The collapse of Indonesia economy along with several other Asian countries in 1997 and the increase of domestic gasoline price due to world oil price hike in 2005 has deteriorate the purchasing power of low income people. This, in return has made difficult for those low income people to purchase a house even with the subsidy from Government.
With this regard, the decision to increase of maximum subsidized low cost house price by the Minstry of Housing will make even more uneasy for low income people to purchase a house. So it is almost impossible for Government to achieve its upcoming years subsidized low cost housing targets, if the price of house still continue to go higher and the purchasing power of low income people has not been improved yet. So, the problem is not on the supply side but the demand side.
If that is a fact, the improvement of demand for low cost housing is very crucial. It means that the Government needs to bring the low cost housing price down not the other way around to bring the price up. By bringing the price of low cost housing down, the demand of housing can be improved.
In Indonesia, where housing backlog is very huge due to undeveloped housing industry and poor economy situation, it is not so easy to do this duty. Up to the year 2004, it is estimated that housing backlog in Indonesia has been around 5.8 million units. And due to the population growth, other 800,000 unit new houses should be added every year. It means that if in a year around 400,000 units new houses both formal and informal houses were built between 2004 and 2007, in the end of 2007 the backlog has increased to 7.4 million units. So if Government wants to meet the housing need including this backlog in 10 years, there are more than 1.5 million units of houses have to be built and delivered every year.
And as mentioned before because of poor purchasing power, most of low income people can not afford to build or buy a house. So it is the Government’s duty to make house more affordable for those people. To make house more affordable especially for low income people, there are some issues has to be solved. Those issues, among others are issues on urban land development including land ownership and transfers, land taxation, and land information system ; issues on the lack of utility and infrastructure development ; and also issues regarding housing finance aspect.
With regard to urban land development, for example there is a need to strengthen the capacity of land-use management. In this case, the local Government will play a very important role, because local Government has control on land-use. The local Government has to plan the land-use in relation to urban land-use plans (“RUTR”) very carefully by involving public as a stakeholder. In the implementation of urban land-use plans, the local Government should also incorporating private sector to manage urban land development more efficiently and effectively by using resources from both sides.
For example, the local Government can provide land banks as well as infrastructures and utilities for housing in one area and invite developers to build houses in a block of land in that area. By doing so, the land price can be set and maintained in a very moderate level. Besides, because utilities and infrastructures are developed in one area, costs for the development of those utilities and infrastructures are not as expensive as if they are developed in differed areas.
The costs of land acquisition, land ownership and transfer, and land clearing combine with costs of utility and infrastructure development have a quite big portion in the cost structure of housing development. So if the costs of those components can be reduced, the production cost of a house can be reduced as well. Consequently, the price of the house can be cut down to a very moderate price. This will automatically make house more affordable for low income people.
In many countries, utility and infrastructure development become responsibility of the Government not a home buyer. But in Indonesia, a home buyer that also a tax payer has to pay for infrastructure and utility when he or she buy a house that are supposed to be financed with the taxes. If infrastructure and utility components were also subtracted from the cost structure of housing development, the cost of the house can be significantly reduced. The price of the house will follow suit. Again, this will make house more affordable for low income people.
The development of housing finance market infrastructure, especially mortgage market infrastructure is also important to make house more affordable. The aim of mortgage market infrastructure development is to provide liquidity and good access to mortgage with low interest rate for home buyers. The development of mortgage market should include both primary and secondary market.
As a conclution, it would be better for the Government to address all those issues to make house more affordable than just raise the price of subsidized low cost housing every year because the increasing price of building materials. Raising the price of subsidized low cost housing will only help the developers not the low income people. It will also not help the Government to achieve the target of delivering subsidized low cost housing to its low income people target groups.
Catatan: Coloumn ini dimuat di majalah Asian Property Investment Edisi # 6 Mei 2008
The Ministry of Housing just raises the price of subsidized low cost housing from a maximum of IDR 49 million to IDR 55 million for target group I, from a maximum IDR 37 million to IDR 41.5 million for target group II, and from a maximum of IDR 25 million to IDR 28 million for target group III. The reason behind this price hike is more or less due to the recently increase of building materials. With the price hike, the developers will expectedly be encouraged to build as many as possible low cost houses, and therefore the supply will also increase. The question is can we expect that with the price increase, the demand of subsidized low cost house will also increase?
In the past three years, the development of subsidized low cost house or known as healthy simple house (“RSH”) was always behind the target set by the Ministry of Housing. In 2005, from the target of 114,000 units, the units delivered were only 79,899 or about 69.6%. From 2006’s target of 140,548 units and 2007’s target of 136,300 units, the units delivered were only 85,661 and 107,816 or about 60,9% and 79,1% respectively. Those who involved in the industry know precisely what has been happening.
The demand of low cost housing in Indonesia has been weaken since 1997’s Asian economic crisis and the world crude oil price hike in 2005. The collapse of Indonesia economy along with several other Asian countries in 1997 and the increase of domestic gasoline price due to world oil price hike in 2005 has deteriorate the purchasing power of low income people. This, in return has made difficult for those low income people to purchase a house even with the subsidy from Government.
With this regard, the decision to increase of maximum subsidized low cost house price by the Minstry of Housing will make even more uneasy for low income people to purchase a house. So it is almost impossible for Government to achieve its upcoming years subsidized low cost housing targets, if the price of house still continue to go higher and the purchasing power of low income people has not been improved yet. So, the problem is not on the supply side but the demand side.
If that is a fact, the improvement of demand for low cost housing is very crucial. It means that the Government needs to bring the low cost housing price down not the other way around to bring the price up. By bringing the price of low cost housing down, the demand of housing can be improved.
In Indonesia, where housing backlog is very huge due to undeveloped housing industry and poor economy situation, it is not so easy to do this duty. Up to the year 2004, it is estimated that housing backlog in Indonesia has been around 5.8 million units. And due to the population growth, other 800,000 unit new houses should be added every year. It means that if in a year around 400,000 units new houses both formal and informal houses were built between 2004 and 2007, in the end of 2007 the backlog has increased to 7.4 million units. So if Government wants to meet the housing need including this backlog in 10 years, there are more than 1.5 million units of houses have to be built and delivered every year.
And as mentioned before because of poor purchasing power, most of low income people can not afford to build or buy a house. So it is the Government’s duty to make house more affordable for those people. To make house more affordable especially for low income people, there are some issues has to be solved. Those issues, among others are issues on urban land development including land ownership and transfers, land taxation, and land information system ; issues on the lack of utility and infrastructure development ; and also issues regarding housing finance aspect.
With regard to urban land development, for example there is a need to strengthen the capacity of land-use management. In this case, the local Government will play a very important role, because local Government has control on land-use. The local Government has to plan the land-use in relation to urban land-use plans (“RUTR”) very carefully by involving public as a stakeholder. In the implementation of urban land-use plans, the local Government should also incorporating private sector to manage urban land development more efficiently and effectively by using resources from both sides.
For example, the local Government can provide land banks as well as infrastructures and utilities for housing in one area and invite developers to build houses in a block of land in that area. By doing so, the land price can be set and maintained in a very moderate level. Besides, because utilities and infrastructures are developed in one area, costs for the development of those utilities and infrastructures are not as expensive as if they are developed in differed areas.
The costs of land acquisition, land ownership and transfer, and land clearing combine with costs of utility and infrastructure development have a quite big portion in the cost structure of housing development. So if the costs of those components can be reduced, the production cost of a house can be reduced as well. Consequently, the price of the house can be cut down to a very moderate price. This will automatically make house more affordable for low income people.
In many countries, utility and infrastructure development become responsibility of the Government not a home buyer. But in Indonesia, a home buyer that also a tax payer has to pay for infrastructure and utility when he or she buy a house that are supposed to be financed with the taxes. If infrastructure and utility components were also subtracted from the cost structure of housing development, the cost of the house can be significantly reduced. The price of the house will follow suit. Again, this will make house more affordable for low income people.
The development of housing finance market infrastructure, especially mortgage market infrastructure is also important to make house more affordable. The aim of mortgage market infrastructure development is to provide liquidity and good access to mortgage with low interest rate for home buyers. The development of mortgage market should include both primary and secondary market.
As a conclution, it would be better for the Government to address all those issues to make house more affordable than just raise the price of subsidized low cost housing every year because the increasing price of building materials. Raising the price of subsidized low cost housing will only help the developers not the low income people. It will also not help the Government to achieve the target of delivering subsidized low cost housing to its low income people target groups.
Catatan: Coloumn ini dimuat di majalah Asian Property Investment Edisi # 6 Mei 2008
Sabtu, 10 Mei 2008
Secondary mortgage market development
By Sasmaya Tuhueleley
For long time, mortgage lenders (banks) in Indonesia do not have access to raise long-terms funds from capital market due to the lack of secondary mortgage market infrastructures. Banks can only issue corporate bonds and other medium-terms loan instruments or source short-terms funds like savings and time deposits for mortgages. Without long-terms funds from capital market, banks will be exposed to maturity mismatch risk. Because of this constraint, banks choose to limit their mortgage portfolio that deminish affordability of housing.
Some developed countries have been very successful in increasing affordability of housing by creating secondary mortgage market through the establishment of secondary mortgage facilities (SMFs) like Freddie Mac, Fannie Mae, and Ginnie Mae in the United State of America (USA). In Asia, there are also Cagamas Berhard (Malaysia), Korea Mortgage Corporation (South Korea), and Hong Kong Mortgage Corporation (Hong Kong) that have been proven successfully in contributing to increase affordability of housing.
Learning from the success of those countries, several years ago the Government of Indonesia began to think of creating secondary mortgage market. After many studies, seminars and meetings among experts and officials, the momentum to create secondary mortgage market then showed its face, when Susilo Bambang Yodhoyono was elected as a new President in 2004.
One of Yudhoyono’s 100-day programs at the time was to develop secondary mortgage market in order to meet Indonesia’s housing deficit. To start this valuable program, on February 7, 2005 the new President signed Presidential Decree No. 19/2005 on Secondary Mortgage Facility (SMF). The Decree calls for alternative long-terms financing for mortgages through securitization. Pursuant to this Decree, PT. Sarana Multigriya Finansial (PT. SMF) was established and scheduled to begin operating in the first semester 2006.
Unfortunately, after almost 3 years in operation, PT. SMF can not be functioned as people’s expected. Although, the company has announced to public about its plan to close IDR 500 billion mortgage securitization transaction involving Bank BTN as an originator last year, but the transaction has not been done yet. The IDR 1 trillion paid-in capital is still in the company’s pocket waiting for purchasing mortgages to be securitized.
Initiatives
Before secondary market-based housing finance system was introduced, the world only knows depository bank-based housing finance system. Depository bank-based housing finance system is a system where banks originate loans (mortgages) portfolio and take deposits or borrow money from money market. The depository bank-based housing finance system is no longer exist in many countries.
Secondary market-based housing finance system is a system developed to connect housing financing with capital market. With this system, banks or other mortgage lenders originate mortgages and sell pool of mortgages to SMF as a conduit. SMF then issues collateralized mortgage obligation (CMO) or participation letter to investors like pension funds and insurance companies in the capital market. Secondary market-based housing finance system now has replaced depository bank-based housing finance system in many countries because as explained before, this system can increase affordability of housing.
Indonesia is in the process of moving from the “old-style” depository bank-based housing finance system into a “world-trend” secondary market-based housing finance system. With this new system, the country can increase affordability of housing significantly. The system will also help the development of capital market in Indonesia. The objective to create secondary mortgage market and migrate to the new system will be difficult to be achieved if PT. SMF still can not function well. The longer PT. SMF start operating the system, the longer the development of secondary mortgage market and the longer the country move to this new system.
Initiatives to speed up secondary mortgage market development should be taken by PT. SMF, Government and also Parliament. The following are some of those incentives:
Firstly, PT. SMF should be more proactive in approaching banks, investors and other related parties through persuasive communication. Stakeholders need transparent and clear information about PT. SMF’s roles and activities. Lack of information will lead into mis-interpretation, so it will be more important for PT. SMF in their early stage to speak with stakeholders.
Secondly, PT. SMF as a conduit and be assigned to create and develop secondary mortgage market should change its business model on securitization from just acts as coordinator or arranger to directly involve in the business transaction by purchasing mortgages and then issue collateralized mortgage obligation (CMO) or participation letter to investors.
Thirdly, in the early stage it should be more clear also about PT. SMF’s roles to make houses more affordable and creating secondary mortgage market in Indonesia. These two roles could not be bounded into one package. It will be better for PT. SMF to focus on achieving its main goal which is to create secondary mortgage market.
Fourthly, to support PT. SMF in developing secondary mortgage market in Indonesia the Government needs to relax taxation rules or regulation on mortgage securitization. Taxes charged to the mortgage securitization business should encourage investors, originators and other related parties to engage in the transaction.
Finally, the rules for transfer of land title in the second lien and Bapepam regulation should in accordance with the PT. SMF’s rules on securitization. These two rules will not be hurdles if Indonesian has Securitization Law. Therefore Government and Parliament should start working in issuing Securitization Law.
Secondary mortgage market in Indonesia will be in place if all parties could play their role accordingly. So we hope so much that all parties have the same idea and think in the same length of curve. We will taste the benefit of secondary mortgage market if all parties play all instruments in the same harmony. So it is necessary for us to use this momentum, otherwise people will loose their faith and it could jeopardize the Government housing programs.
Catatan: Coloumn ini pernah dimuat di majalah Asian Property Investment
For long time, mortgage lenders (banks) in Indonesia do not have access to raise long-terms funds from capital market due to the lack of secondary mortgage market infrastructures. Banks can only issue corporate bonds and other medium-terms loan instruments or source short-terms funds like savings and time deposits for mortgages. Without long-terms funds from capital market, banks will be exposed to maturity mismatch risk. Because of this constraint, banks choose to limit their mortgage portfolio that deminish affordability of housing.
Some developed countries have been very successful in increasing affordability of housing by creating secondary mortgage market through the establishment of secondary mortgage facilities (SMFs) like Freddie Mac, Fannie Mae, and Ginnie Mae in the United State of America (USA). In Asia, there are also Cagamas Berhard (Malaysia), Korea Mortgage Corporation (South Korea), and Hong Kong Mortgage Corporation (Hong Kong) that have been proven successfully in contributing to increase affordability of housing.
Learning from the success of those countries, several years ago the Government of Indonesia began to think of creating secondary mortgage market. After many studies, seminars and meetings among experts and officials, the momentum to create secondary mortgage market then showed its face, when Susilo Bambang Yodhoyono was elected as a new President in 2004.
One of Yudhoyono’s 100-day programs at the time was to develop secondary mortgage market in order to meet Indonesia’s housing deficit. To start this valuable program, on February 7, 2005 the new President signed Presidential Decree No. 19/2005 on Secondary Mortgage Facility (SMF). The Decree calls for alternative long-terms financing for mortgages through securitization. Pursuant to this Decree, PT. Sarana Multigriya Finansial (PT. SMF) was established and scheduled to begin operating in the first semester 2006.
Unfortunately, after almost 3 years in operation, PT. SMF can not be functioned as people’s expected. Although, the company has announced to public about its plan to close IDR 500 billion mortgage securitization transaction involving Bank BTN as an originator last year, but the transaction has not been done yet. The IDR 1 trillion paid-in capital is still in the company’s pocket waiting for purchasing mortgages to be securitized.
Initiatives
Before secondary market-based housing finance system was introduced, the world only knows depository bank-based housing finance system. Depository bank-based housing finance system is a system where banks originate loans (mortgages) portfolio and take deposits or borrow money from money market. The depository bank-based housing finance system is no longer exist in many countries.
Secondary market-based housing finance system is a system developed to connect housing financing with capital market. With this system, banks or other mortgage lenders originate mortgages and sell pool of mortgages to SMF as a conduit. SMF then issues collateralized mortgage obligation (CMO) or participation letter to investors like pension funds and insurance companies in the capital market. Secondary market-based housing finance system now has replaced depository bank-based housing finance system in many countries because as explained before, this system can increase affordability of housing.
Indonesia is in the process of moving from the “old-style” depository bank-based housing finance system into a “world-trend” secondary market-based housing finance system. With this new system, the country can increase affordability of housing significantly. The system will also help the development of capital market in Indonesia. The objective to create secondary mortgage market and migrate to the new system will be difficult to be achieved if PT. SMF still can not function well. The longer PT. SMF start operating the system, the longer the development of secondary mortgage market and the longer the country move to this new system.
Initiatives to speed up secondary mortgage market development should be taken by PT. SMF, Government and also Parliament. The following are some of those incentives:
Firstly, PT. SMF should be more proactive in approaching banks, investors and other related parties through persuasive communication. Stakeholders need transparent and clear information about PT. SMF’s roles and activities. Lack of information will lead into mis-interpretation, so it will be more important for PT. SMF in their early stage to speak with stakeholders.
Secondly, PT. SMF as a conduit and be assigned to create and develop secondary mortgage market should change its business model on securitization from just acts as coordinator or arranger to directly involve in the business transaction by purchasing mortgages and then issue collateralized mortgage obligation (CMO) or participation letter to investors.
Thirdly, in the early stage it should be more clear also about PT. SMF’s roles to make houses more affordable and creating secondary mortgage market in Indonesia. These two roles could not be bounded into one package. It will be better for PT. SMF to focus on achieving its main goal which is to create secondary mortgage market.
Fourthly, to support PT. SMF in developing secondary mortgage market in Indonesia the Government needs to relax taxation rules or regulation on mortgage securitization. Taxes charged to the mortgage securitization business should encourage investors, originators and other related parties to engage in the transaction.
Finally, the rules for transfer of land title in the second lien and Bapepam regulation should in accordance with the PT. SMF’s rules on securitization. These two rules will not be hurdles if Indonesian has Securitization Law. Therefore Government and Parliament should start working in issuing Securitization Law.
Secondary mortgage market in Indonesia will be in place if all parties could play their role accordingly. So we hope so much that all parties have the same idea and think in the same length of curve. We will taste the benefit of secondary mortgage market if all parties play all instruments in the same harmony. So it is necessary for us to use this momentum, otherwise people will loose their faith and it could jeopardize the Government housing programs.
Catatan: Coloumn ini pernah dimuat di majalah Asian Property Investment
Minggu, 04 Mei 2008
Perbankan dan UKM pascapilpres
Ditulis oleh Bisnis Indonesia - Sasmaya Tuhuleley (Praktisi dan Pengamat Perbankan)
Tuesday, 27 July 2004
Pemilu presiden dan wakil presiden (pilpres) putaran pertama baru saja berakhir. Sebentar lagi kita akan memasuki pilpres putaran kedua, dengan dua pasang capres dan cawapres yang akan tersisa. Walaupun perhitungan suara oleh KPU dalam pilpres putaran pertama masih berlangsung, tapi kita sudah bisa menebak pasangan mana yang akan masuk dalam pilpres putaran kedua.
Pada kampanye pilpres putaran kedua nanti, program-program ekonomi yang diusung diperkirakan masih akan sama dengan kampanye putaran pertama, yaitu menyangkut upaya peningkatan pertumbuhan ekonomi dan pemberdayaan ekonomi kecil dan menengah (UKM) mengikuti mainstream yang ada di masyarakat.
Di negara dengan sistem ekonomi modern seperti Indonesia, perbankan boleh dibilang merupakan mesin yang diandalkan menjadi penggerak roda perekonomian. Karena itu siapapun pasangan capres dan cawapres yang akan terpilih menjadi presiden dan wakil presiden nanti, tentunya sangat mengharapkan peran maksimal dari perbankan untuk menjalankan agenda ekonomi mereka.
Permasalahannya, sampai saat ini perbankan sendiri masih bergulat mengatasi persoalan-persoalan internal yang belum kunjung selesai setelah baru saja keluar dari krisis. Belum lagi pengalaman traumatik dililit kredit macet di masa lalu, yang membuat perbankan sangat berhati-hati, kalau tidak bisa dibilang takut untuk menyalurkan kredit.
Saat ini memang telah terlihat geliat penyaluran kredit oleh perbankan, ditandai dengan mulai meningkatnya loan to deposit ratio (LDR) bank-bank. Namun kalau ditelusuri lebih jauh, sebenarnya kredit yang disalurkan perbankan sebagian besar merupakan kredit konsumtif.
Besarnya porsi pinjaman yang diberikan perbankan kepada sektor konsumsi, bukan kepada sektor produksi, membuktikan bahwa perbankan masih memiliki keraguan terhadap performa dunia usaha. Oleh karena itu, agar perbankan mau kembali melirik dunia usaha, maka terlebih dahulu dunia usaha harus mampu memperbaiki performanya.
Hal ini tidak mudah, karena kondisi Indonesia saat ini masih belum cukup kondusif, terutama karena masih kurangnya stabilitas keamanan dalam negeri, adanya ketidakpastian hukum, serta maraknya praktik korupsi yang membuat reputasi Indonesia sebagai salah satu negara terkorup di dunia semakin kondang.
Khusus mengenai UKM, permasalahannya tidak hanya terbatas kepada kondisi lingkungan usaha yang kurang kondusif saja, tapi juga sejumlah kelemahan struktural, seperti kurangnya profesionalisme, permodalan, dan posisi tawar untuk memperoleh akses perbankan perlu mendapatkan penanganan tersendiri.
Solusi melalui UKM
Indonesia adalah negara besar dengan jumlah penduduk saat ini mencapai sekitar 215 juta jiwa. Akibat krisis, jumlah penduduk Indonesia yang menganggur meningkat cukup tajam. Menurut data Bapenas, setelah mengalami krisis selama lima tahun, jumlah pengangguran terbuka di Indonesia telah membengkak dari sekitar 4,3 juta jiwa pada 1996 menjadi 9,13 juta jiwa pada 2002 dan kembali meningkat menjadi 10,3 juta jiwa pada 2003.
Pada 2004 ini jumlah pengangguran terbuka di Indonesia kembali meningkat menjadi 10,83 juta jiwa. Angka pengangguran tersebut akan semakin spektakuler, jika kita memasukkan pengangguran tersembunyi (disguise unemployment) yang pada 2004 berjumlah sekitar 31.9 juta.
Menurut hitung-hitungan ekonomi, pemerintah harus memacu pertumbuhan di atas 7% per tahun, agar dalam kurun waktu 4-5 tahun mendatang masalah pengangguran tersebut dapat terpecahkan. Padahal, untuk mencapai pertumbuhan ekonomi seperti sebelum krisis, yaitu rata-rata di atas 7% per tahun bukan merupakan hal mudah.
Menurut Mohamad S. Hidayat, Ketua Kamar Dagang dan Industri Indonesia (Kadin), untuk mengangkat pertumbuhan ekonomi Indonesia dari angka sekitar 4% saat ini menjadi 6,5% - 7% dalam empat tahun mendatang dibutuhkan investasi sekitar Rp400 triliun, dimana Rp300 triliun di antaranya merupakan investasi swasta.
Angka Rp300 triliun investasi swasta tersebut tentunya bukan jumlah yang kecil, mengingat investasi asing atau foreign direct investment (FDI) yang diharapkan dapat mengisi kekurangan modal dalam negeri akhir-akhir ini malah menjauh dari Indonesia.
Melihat kenyataan seperti itu, solusi pemecahan masalah pengangguran melalui pemberdayaan UKM menjadi pilihan yang menarik, walaupun kenyataannya lebih mudah mengatakan hal itu dari pada melaksanakannya. Kondisi lingkungan usaha yang kurang mendukung ditambah dengan kelemahan-kelemahan struktural yang melingkupi UKM membuat pemberdayaan UKM menjadi sesuatu yang sulit untuk dilaksanakan.
Namun demikian, jika semua pihak, baik itu pemerintah yang akan berkuasa nanti, perbankan, maupun pelaku UKM sendiri memiliki komitmen kuat dan mau bekerja keras, maka tidak mustahil pemberdayaan UKM tidak lagi sekedar slogan atau janji-janji kampanye capres dan cawapres untuk menarik hari rakyat semata, tapi bisa diwujudkan menjadi kenyataan.
Peran perbankan
Perbankan dapat lebih berperan dalam memberdayakan UKM jika mau mengubah pendekatan, yaitu dengan meninggalkan sama sekali cara-cara konvensional dalam mendekati UKM. Misalnya, penerapan persyaratan bank teknis kepada UKM, seperti pendekatan 5C dalam penilaian kelayakan kredit, yaitu character, capital, capacity, condition of economy, dan collateral dirasakan sangat tidak relevan.
Pengalaman penulis yang kebetulan bekerja di bank yang baru mencoba terjun membiayai UKM menunjukkan, betapa sulit mencari UKM yang mampu memenuhi persyaratan teknis seperti itu. Ujung-ujungnya, walaupun telah tersedia anggaran yang cukup besar dari kantor pusat untuk membiayai UKM, pelaksanaannya boleh dibilang nihil.
Masih ada lagi persyaratan yang harus dipenuhi perbankan jika ingin berpartisipasi secara maksimal dalam pemberdayaan UKM. Apa saja persyaratan tersebut?
Pertama, perbankan jangan melihat pembiayaan UKM semata-mata sebagai proyek politis untuk menyenangkan pemerintah. Pembiayaan UKM harus dilihat dalam konteks bisnis, sehingga pendekatan yang diambil juga adalah pendekatan bisnis (business like).
Kedua, jika perbankan telah mempunyai komitmen untuk membiayai UKM, hal ini tidak boleh dilakukan secara setengah-setengah. Artinya, perbankan harus benar-benar menyiapkan dukungan infrastruktur untuk itu, seperti dukungan organisasi, teknologi informasi, maupun sumber daya manusia (SDM) yang memadai.
Ketiga, untuk mengatasi permasalahan kurangnya profesionalisme di kalangan pelaku UKM, perbankan tidak boleh hanya bertindak sebagai bankir tapi lebih jauh lagi sebagai penasehat (advisor), yaitu mampu memberi bimbingan kepada para pelaku UKM. Misalnya, memberikan bimbingan dalam hal penataan manajemen produksi, pemasaran, administrasi, maupun pencatatan keuangan (akuntansi).
Keempat, sebagaimana yang telah dikemukakan sebelumnya, perbankan harus meninggalkan pendekatan agunan untuk menilai kelayakan kredit UKM yang selama ini masih berlaku di kalangan perbankan, walaupun secara teori sering diajarkan, bahwa agunan bukan merupakan syarat utama memperoleh kredit, tapi kelayakan usaha.
Catatan: Artikel ini diposting di Situs Resmi Departemen Koperasi pada hari ulang tahun koperasi tahun 2004, sebelumnya dimuat di Harian Bisnis Indonesia
Tuesday, 27 July 2004
Pemilu presiden dan wakil presiden (pilpres) putaran pertama baru saja berakhir. Sebentar lagi kita akan memasuki pilpres putaran kedua, dengan dua pasang capres dan cawapres yang akan tersisa. Walaupun perhitungan suara oleh KPU dalam pilpres putaran pertama masih berlangsung, tapi kita sudah bisa menebak pasangan mana yang akan masuk dalam pilpres putaran kedua.
Pada kampanye pilpres putaran kedua nanti, program-program ekonomi yang diusung diperkirakan masih akan sama dengan kampanye putaran pertama, yaitu menyangkut upaya peningkatan pertumbuhan ekonomi dan pemberdayaan ekonomi kecil dan menengah (UKM) mengikuti mainstream yang ada di masyarakat.
Di negara dengan sistem ekonomi modern seperti Indonesia, perbankan boleh dibilang merupakan mesin yang diandalkan menjadi penggerak roda perekonomian. Karena itu siapapun pasangan capres dan cawapres yang akan terpilih menjadi presiden dan wakil presiden nanti, tentunya sangat mengharapkan peran maksimal dari perbankan untuk menjalankan agenda ekonomi mereka.
Permasalahannya, sampai saat ini perbankan sendiri masih bergulat mengatasi persoalan-persoalan internal yang belum kunjung selesai setelah baru saja keluar dari krisis. Belum lagi pengalaman traumatik dililit kredit macet di masa lalu, yang membuat perbankan sangat berhati-hati, kalau tidak bisa dibilang takut untuk menyalurkan kredit.
Saat ini memang telah terlihat geliat penyaluran kredit oleh perbankan, ditandai dengan mulai meningkatnya loan to deposit ratio (LDR) bank-bank. Namun kalau ditelusuri lebih jauh, sebenarnya kredit yang disalurkan perbankan sebagian besar merupakan kredit konsumtif.
Besarnya porsi pinjaman yang diberikan perbankan kepada sektor konsumsi, bukan kepada sektor produksi, membuktikan bahwa perbankan masih memiliki keraguan terhadap performa dunia usaha. Oleh karena itu, agar perbankan mau kembali melirik dunia usaha, maka terlebih dahulu dunia usaha harus mampu memperbaiki performanya.
Hal ini tidak mudah, karena kondisi Indonesia saat ini masih belum cukup kondusif, terutama karena masih kurangnya stabilitas keamanan dalam negeri, adanya ketidakpastian hukum, serta maraknya praktik korupsi yang membuat reputasi Indonesia sebagai salah satu negara terkorup di dunia semakin kondang.
Khusus mengenai UKM, permasalahannya tidak hanya terbatas kepada kondisi lingkungan usaha yang kurang kondusif saja, tapi juga sejumlah kelemahan struktural, seperti kurangnya profesionalisme, permodalan, dan posisi tawar untuk memperoleh akses perbankan perlu mendapatkan penanganan tersendiri.
Solusi melalui UKM
Indonesia adalah negara besar dengan jumlah penduduk saat ini mencapai sekitar 215 juta jiwa. Akibat krisis, jumlah penduduk Indonesia yang menganggur meningkat cukup tajam. Menurut data Bapenas, setelah mengalami krisis selama lima tahun, jumlah pengangguran terbuka di Indonesia telah membengkak dari sekitar 4,3 juta jiwa pada 1996 menjadi 9,13 juta jiwa pada 2002 dan kembali meningkat menjadi 10,3 juta jiwa pada 2003.
Pada 2004 ini jumlah pengangguran terbuka di Indonesia kembali meningkat menjadi 10,83 juta jiwa. Angka pengangguran tersebut akan semakin spektakuler, jika kita memasukkan pengangguran tersembunyi (disguise unemployment) yang pada 2004 berjumlah sekitar 31.9 juta.
Menurut hitung-hitungan ekonomi, pemerintah harus memacu pertumbuhan di atas 7% per tahun, agar dalam kurun waktu 4-5 tahun mendatang masalah pengangguran tersebut dapat terpecahkan. Padahal, untuk mencapai pertumbuhan ekonomi seperti sebelum krisis, yaitu rata-rata di atas 7% per tahun bukan merupakan hal mudah.
Menurut Mohamad S. Hidayat, Ketua Kamar Dagang dan Industri Indonesia (Kadin), untuk mengangkat pertumbuhan ekonomi Indonesia dari angka sekitar 4% saat ini menjadi 6,5% - 7% dalam empat tahun mendatang dibutuhkan investasi sekitar Rp400 triliun, dimana Rp300 triliun di antaranya merupakan investasi swasta.
Angka Rp300 triliun investasi swasta tersebut tentunya bukan jumlah yang kecil, mengingat investasi asing atau foreign direct investment (FDI) yang diharapkan dapat mengisi kekurangan modal dalam negeri akhir-akhir ini malah menjauh dari Indonesia.
Melihat kenyataan seperti itu, solusi pemecahan masalah pengangguran melalui pemberdayaan UKM menjadi pilihan yang menarik, walaupun kenyataannya lebih mudah mengatakan hal itu dari pada melaksanakannya. Kondisi lingkungan usaha yang kurang mendukung ditambah dengan kelemahan-kelemahan struktural yang melingkupi UKM membuat pemberdayaan UKM menjadi sesuatu yang sulit untuk dilaksanakan.
Namun demikian, jika semua pihak, baik itu pemerintah yang akan berkuasa nanti, perbankan, maupun pelaku UKM sendiri memiliki komitmen kuat dan mau bekerja keras, maka tidak mustahil pemberdayaan UKM tidak lagi sekedar slogan atau janji-janji kampanye capres dan cawapres untuk menarik hari rakyat semata, tapi bisa diwujudkan menjadi kenyataan.
Peran perbankan
Perbankan dapat lebih berperan dalam memberdayakan UKM jika mau mengubah pendekatan, yaitu dengan meninggalkan sama sekali cara-cara konvensional dalam mendekati UKM. Misalnya, penerapan persyaratan bank teknis kepada UKM, seperti pendekatan 5C dalam penilaian kelayakan kredit, yaitu character, capital, capacity, condition of economy, dan collateral dirasakan sangat tidak relevan.
Pengalaman penulis yang kebetulan bekerja di bank yang baru mencoba terjun membiayai UKM menunjukkan, betapa sulit mencari UKM yang mampu memenuhi persyaratan teknis seperti itu. Ujung-ujungnya, walaupun telah tersedia anggaran yang cukup besar dari kantor pusat untuk membiayai UKM, pelaksanaannya boleh dibilang nihil.
Masih ada lagi persyaratan yang harus dipenuhi perbankan jika ingin berpartisipasi secara maksimal dalam pemberdayaan UKM. Apa saja persyaratan tersebut?
Pertama, perbankan jangan melihat pembiayaan UKM semata-mata sebagai proyek politis untuk menyenangkan pemerintah. Pembiayaan UKM harus dilihat dalam konteks bisnis, sehingga pendekatan yang diambil juga adalah pendekatan bisnis (business like).
Kedua, jika perbankan telah mempunyai komitmen untuk membiayai UKM, hal ini tidak boleh dilakukan secara setengah-setengah. Artinya, perbankan harus benar-benar menyiapkan dukungan infrastruktur untuk itu, seperti dukungan organisasi, teknologi informasi, maupun sumber daya manusia (SDM) yang memadai.
Ketiga, untuk mengatasi permasalahan kurangnya profesionalisme di kalangan pelaku UKM, perbankan tidak boleh hanya bertindak sebagai bankir tapi lebih jauh lagi sebagai penasehat (advisor), yaitu mampu memberi bimbingan kepada para pelaku UKM. Misalnya, memberikan bimbingan dalam hal penataan manajemen produksi, pemasaran, administrasi, maupun pencatatan keuangan (akuntansi).
Keempat, sebagaimana yang telah dikemukakan sebelumnya, perbankan harus meninggalkan pendekatan agunan untuk menilai kelayakan kredit UKM yang selama ini masih berlaku di kalangan perbankan, walaupun secara teori sering diajarkan, bahwa agunan bukan merupakan syarat utama memperoleh kredit, tapi kelayakan usaha.
Catatan: Artikel ini diposting di Situs Resmi Departemen Koperasi pada hari ulang tahun koperasi tahun 2004, sebelumnya dimuat di Harian Bisnis Indonesia
Pembiayaan sekunder perumahan, untuk siapa?
Oleh : Sasmaya Tuhuleley
Baru-baru ini, Fakultas Hukum Universitas Trisakti menyelenggarakan seminar nasional bertajuk secondary mortgage facility (SMF) atau pembiayaan sekunder perumahan yang diikuti oleh kalangan akademisi, perbankan dan profesi lain, seperti notaris dan appraisal. Sebagai salah satu pembicara dalam seminar tersebut, penulis mendapat kesan kuat, kalau selama ini masyarakat kurang terinformasi dengan baik mengenai pentingnya lembaga yang satu ini. Kesan tersebut mungkin ada benarnya, mengingat minimnya liputan media menyangkut kehadiran PP 19/2005 tentang Pembiayaan Sekunder Perumahan yang telah lama dinanti-nantikan itu.
Pertanyaan pembiayaan sekunder perumahan untuk siapa, sebagaimana judul artikel ini, adalah merupakan sebuah ironi. Mengapa? Karena selama ini masih banyak orang berpikir kalau kehadiran lembaga pembiayaan sekunder perumahan hanya untuk kepentingan pihak-pihak tertentu, seperti pengembang dan perbankan, bukan untuk kepentingan rakyat banyak.
Sejujurnya saja, selama hampir 60 tahun merdeka, pembangunan perumahan di Indonesia masih berjalan di tempat. Pada hal sebagai salah satu negara dengan jumlah penduduk terbesar di dunia, kebutuhan perumahan di Indonesia juga sangat besar. Menurut perkiraan, saat ini kebutuhan perumahan di Indonesia dalam 10 tahun ke depan, adalah sekitar 2,9 juta unit per tahun, di mana sekitar 900 unit merupakan kebutuhan di daerah perkotaan. Sementara itu, total pasokan rumah setiap tahunnya hanya sekitar 400 unit atau masih terdapat defisit sekitar 2,5 juta unit per tahun.
Dengan defisit yang sedemikian besar, tentu saja diperlukan upaya-upaya yang luar biasa untuk mengatasinya. Upaya yang selama ini dilakukan pemerintah, misalnya melalui program KPR bersubsidi dianggap belum cukup memadai. Sebagai contoh, dengan program subsidi rumah sederhana sehat (RSH) yang ditargetkan pemerintah tahun 2004 sebanyak 200.000 unit, hanya bisa direalisasikan sekitar 70.000 unit rumah saja.
Sebenarnya yang menjadi permasalahan mengapa program pembangunan perumahan di Indonesia tidak bisa berjalan baik, adalah karena kemampuan atau daya jangkau masyarakat untuk memiliki atau membeli rumah yang masih sangat rendah. Untuk itu, satu-satunya cara yang paling efektif dilakukan, adalah dengan meningkatkan daya jangkau masyarakat melalui penciptaan pasar perumahan yang efisien.
Ada dua hal yang dapat dilakukan untuk menciptakan pasar perumahan yang efisien, yaitu : pertama, dengan berupaya menurunkan biaya pembangunan perumahan, sehingga harga rumah menjadi lebih murah ; serta kedua, dengan memperluas akses masyarakat untuk memperoleh KPR.
Untuk menurunkan harga rumah, pemerintah perlu segera menghilangkan red tape dengan memangkas rantai birokrasi serta memberantas praktek-praktek KKN, terutama di instansi-instansi pemerintahan yang selama ini berwenang mengeluarkan perijinan di bidang pembangunan perumahan untuk mengurangi ekonomi biaya tinggi.
Adapun untuk memperluas akses masyarakat dalam memperoleh KPR, pemerintah perlu membangun sistem pembiayaan perumahan yang mampu menjamin ketersediaan KPR dengan biaya yang murah dan terjangkau. Caranya, seperti yang disinggung sebelumnya, adalah dengan mengintegrasikan pasar pembiayaan perumahan dengan pasar modal melalui pembentukan lembaga pembiayaan sekunder perumahan.
PP 19/2005
Masyarakat selama ini hanya tahu, bahwa untuk membeli rumah mereka perlu pergi ke bank dan mengajukan aplikasi atau permohanan fasilitas KPR. Yang tidak diketahui masyarakat, adalah dari mana bank memperoleh pendanaan untuk membiayai KPR yang mereka mohon, serta apa saja permasalahan yang sedang dihadapi bank.
Untuk menyalurkan KPR, bank selama ini hanya mengandalkan dana masyarakat, baik berupa giro, tabungan, maupun deposito. Permasalahannya, KPR adalah kredit berjangka panjang, dengan jangka waktu antara 5-20 tahun, sedangkan simpanan masyarakat yang ada di bank berupa giro, tabungan dan deposito merupakan dana berjangka pendek, yaitu kurang dari 2 tahun. Salah satu prinsip dalam ilmu manajemen aset dan utang atau asset liabilities management (ALMA) bank, adalah bank tidak boleh meminjam jangka pendek (borrow short) dan meminjamkan jangka panjang (lending long), karena akan menghadapi resiko maturity mismatch.
Namun demikian, bank tidak punya pilihan lain, karena bank tidak memiliki akses untuk memperoleh pendanaan jangka panjang. Untuk mengurangi resiko maturity mismatch tersebut, bank dengan terpaksa harus membatasi portofolio KPR yang dimilikinya serta mengenakan suku bunga yang lebih tinggi kepada masyarakat. Akibatnya, akses masyarakat untuk memperoleh KPR dengan biaya terjangkau menjadi sangat terbatas.
Melalui lembaga pembiayaan sekunder perumahan, bank dapat mengakses dana-dana yang ada di pasar modal, seperti dana-dana pensiun dan asuransi, karena adanya integrasi antara pasar pembiayaan perumahan dengan pasar modal. Di banyak negara, integrasi antara pasar pembiayaan perumahan dengan pasar modal telah terbukti mampu mendongkrak pertumbuhan sektor perumahan dengan cepat.
Dengan dikeluarkannya PP 19/2005 yang menjadi landasan pembentukan lembaga atau perusahaan pembiayaan sekunder perumahan di Indonesia, berarti tinggal selangkah lagi kita akan memiliki sistim pembiayaan perumahan yang lebih maju dan sejajar dengan negara-negara lain. Dengan adanya lembaga tersebut, bank dan juga lembaga-lembaga keuangan lainnya, seperti mortgage broker dan mortgage company yang berpeluang muncul menyaingi bank dalam menyalurkan KPR kepada masyarakat, tidak perlu lagi memikirkan pendanaan KPR
Pendanaan KPR dapat diperoleh dari investor pasar modal yang membeli surat utang yang diterbitkan perusahaan pembiayaan sekunder perumahan dengan jaminan kumpulan aset atau piutang KPR yang dibeli dari bank sebagai agunan. Mengingat dana yang dimiliki investor, baik investor di dalam negeri maupun luar negeri sangat luar biasa besar, maka potensi pendanaan KPR melalui pasar modal juga amat luar biasa besarnya.
Dengan APBN yang terbatas, pemerintah memang mengalami kesulitan untuk memberikan subsidi kepada rakyat. Kenaikan harga BBM belum lama ini menjadi salah satu contoh bagaimana pemerintah berusaha menekan defisit APBN yang tentu saja akan semakin memberatkan pundi-pundi keuangan pemerintah, jika subsidi BBM tidak segera dikurangi, sebagai akibat kenaikan harga minyak mentah dunia.
Subsidi untuk bidang perumahan sendiri telah dirubah sejak beberapa tahun lalu dari sistim pinjaman dana murah menjadi subsidi selisih bunga. Dengan sistim subsidi selisih bunga pemerintah tidak perlu menyediakan dana yang besar, dibanding dengan subsidi pinjaman dana murah, sehingga tidak memberatkan APBN.
Hanya saja sebagai akibat dari perubahan tersebut, bank harus mencari sendiri pendanaan KPR di pasar yang tentu saja tidak mudah. Karena itu, banyak bank yang enggan menyalurkan KPR bersubsidi. Jika keadaan ini dibiarkan terus akan sulit bagi pemerintah untuk mewujudkan program sejuta rumah yang telah dicanangkannya. Yang rugi, tentu saja rakyat yang belum memiliki rumah.
Dengan adanya pembiayaan sekunder perumahan yang menyediakan dana murah yang berasal dari investor pasar modal serta dorongan melakukan efisiensi pasar primer untuk menurunkan harga jual rumah, maka pemerintah tidak perlu lagi menyediakan subsidi seperti sekarang ini. Anggaran subsidi perumahan yang ada kelak dapat dialokasikan untuk mereka yang benar-benar miskin. Misalnya, dengan membangun rumah-rumah susun sewa atau rumah penampungan bagi kaum tunawisma.
Mereka yang bukan rakyat miskin dan tergolong agak mampu dapat mengakses langsung KPR dari bank dan lembaga-lembaga keuangan lain. Dengan harga rumah yang semakin murah dan suku bunga KPR yang lebih terjangkau, walaupun tanpa subsidi dari pemerintah, maka jumlah mereka yang eligible atau memenuhi syarat untuk memperoleh KPR juga semakin bertambah. Dampaknya, akan semakin banyak rakyat Indonesia yang bisa memiliki rumah, sehingga program sejuta rumah yang dicanangkan pemerintah bukan lagi sekedar jargon politik belaka.
Pembiayaan sekunder perumahan untuk siapa? Tentu saja untuk rakyat, terutama jutaan rakyat kecil yang sampai saat ini masih belum memiliki rumah atau tinggal di rumah-rumah yang tidak layak huni. Jadi, mari kita sambut kehadirannya.
Catatan: Artikel ini pernah dimuat di harian Bisnis Indonesia
Baru-baru ini, Fakultas Hukum Universitas Trisakti menyelenggarakan seminar nasional bertajuk secondary mortgage facility (SMF) atau pembiayaan sekunder perumahan yang diikuti oleh kalangan akademisi, perbankan dan profesi lain, seperti notaris dan appraisal. Sebagai salah satu pembicara dalam seminar tersebut, penulis mendapat kesan kuat, kalau selama ini masyarakat kurang terinformasi dengan baik mengenai pentingnya lembaga yang satu ini. Kesan tersebut mungkin ada benarnya, mengingat minimnya liputan media menyangkut kehadiran PP 19/2005 tentang Pembiayaan Sekunder Perumahan yang telah lama dinanti-nantikan itu.
Pertanyaan pembiayaan sekunder perumahan untuk siapa, sebagaimana judul artikel ini, adalah merupakan sebuah ironi. Mengapa? Karena selama ini masih banyak orang berpikir kalau kehadiran lembaga pembiayaan sekunder perumahan hanya untuk kepentingan pihak-pihak tertentu, seperti pengembang dan perbankan, bukan untuk kepentingan rakyat banyak.
Sejujurnya saja, selama hampir 60 tahun merdeka, pembangunan perumahan di Indonesia masih berjalan di tempat. Pada hal sebagai salah satu negara dengan jumlah penduduk terbesar di dunia, kebutuhan perumahan di Indonesia juga sangat besar. Menurut perkiraan, saat ini kebutuhan perumahan di Indonesia dalam 10 tahun ke depan, adalah sekitar 2,9 juta unit per tahun, di mana sekitar 900 unit merupakan kebutuhan di daerah perkotaan. Sementara itu, total pasokan rumah setiap tahunnya hanya sekitar 400 unit atau masih terdapat defisit sekitar 2,5 juta unit per tahun.
Dengan defisit yang sedemikian besar, tentu saja diperlukan upaya-upaya yang luar biasa untuk mengatasinya. Upaya yang selama ini dilakukan pemerintah, misalnya melalui program KPR bersubsidi dianggap belum cukup memadai. Sebagai contoh, dengan program subsidi rumah sederhana sehat (RSH) yang ditargetkan pemerintah tahun 2004 sebanyak 200.000 unit, hanya bisa direalisasikan sekitar 70.000 unit rumah saja.
Sebenarnya yang menjadi permasalahan mengapa program pembangunan perumahan di Indonesia tidak bisa berjalan baik, adalah karena kemampuan atau daya jangkau masyarakat untuk memiliki atau membeli rumah yang masih sangat rendah. Untuk itu, satu-satunya cara yang paling efektif dilakukan, adalah dengan meningkatkan daya jangkau masyarakat melalui penciptaan pasar perumahan yang efisien.
Ada dua hal yang dapat dilakukan untuk menciptakan pasar perumahan yang efisien, yaitu : pertama, dengan berupaya menurunkan biaya pembangunan perumahan, sehingga harga rumah menjadi lebih murah ; serta kedua, dengan memperluas akses masyarakat untuk memperoleh KPR.
Untuk menurunkan harga rumah, pemerintah perlu segera menghilangkan red tape dengan memangkas rantai birokrasi serta memberantas praktek-praktek KKN, terutama di instansi-instansi pemerintahan yang selama ini berwenang mengeluarkan perijinan di bidang pembangunan perumahan untuk mengurangi ekonomi biaya tinggi.
Adapun untuk memperluas akses masyarakat dalam memperoleh KPR, pemerintah perlu membangun sistem pembiayaan perumahan yang mampu menjamin ketersediaan KPR dengan biaya yang murah dan terjangkau. Caranya, seperti yang disinggung sebelumnya, adalah dengan mengintegrasikan pasar pembiayaan perumahan dengan pasar modal melalui pembentukan lembaga pembiayaan sekunder perumahan.
PP 19/2005
Masyarakat selama ini hanya tahu, bahwa untuk membeli rumah mereka perlu pergi ke bank dan mengajukan aplikasi atau permohanan fasilitas KPR. Yang tidak diketahui masyarakat, adalah dari mana bank memperoleh pendanaan untuk membiayai KPR yang mereka mohon, serta apa saja permasalahan yang sedang dihadapi bank.
Untuk menyalurkan KPR, bank selama ini hanya mengandalkan dana masyarakat, baik berupa giro, tabungan, maupun deposito. Permasalahannya, KPR adalah kredit berjangka panjang, dengan jangka waktu antara 5-20 tahun, sedangkan simpanan masyarakat yang ada di bank berupa giro, tabungan dan deposito merupakan dana berjangka pendek, yaitu kurang dari 2 tahun. Salah satu prinsip dalam ilmu manajemen aset dan utang atau asset liabilities management (ALMA) bank, adalah bank tidak boleh meminjam jangka pendek (borrow short) dan meminjamkan jangka panjang (lending long), karena akan menghadapi resiko maturity mismatch.
Namun demikian, bank tidak punya pilihan lain, karena bank tidak memiliki akses untuk memperoleh pendanaan jangka panjang. Untuk mengurangi resiko maturity mismatch tersebut, bank dengan terpaksa harus membatasi portofolio KPR yang dimilikinya serta mengenakan suku bunga yang lebih tinggi kepada masyarakat. Akibatnya, akses masyarakat untuk memperoleh KPR dengan biaya terjangkau menjadi sangat terbatas.
Melalui lembaga pembiayaan sekunder perumahan, bank dapat mengakses dana-dana yang ada di pasar modal, seperti dana-dana pensiun dan asuransi, karena adanya integrasi antara pasar pembiayaan perumahan dengan pasar modal. Di banyak negara, integrasi antara pasar pembiayaan perumahan dengan pasar modal telah terbukti mampu mendongkrak pertumbuhan sektor perumahan dengan cepat.
Dengan dikeluarkannya PP 19/2005 yang menjadi landasan pembentukan lembaga atau perusahaan pembiayaan sekunder perumahan di Indonesia, berarti tinggal selangkah lagi kita akan memiliki sistim pembiayaan perumahan yang lebih maju dan sejajar dengan negara-negara lain. Dengan adanya lembaga tersebut, bank dan juga lembaga-lembaga keuangan lainnya, seperti mortgage broker dan mortgage company yang berpeluang muncul menyaingi bank dalam menyalurkan KPR kepada masyarakat, tidak perlu lagi memikirkan pendanaan KPR
Pendanaan KPR dapat diperoleh dari investor pasar modal yang membeli surat utang yang diterbitkan perusahaan pembiayaan sekunder perumahan dengan jaminan kumpulan aset atau piutang KPR yang dibeli dari bank sebagai agunan. Mengingat dana yang dimiliki investor, baik investor di dalam negeri maupun luar negeri sangat luar biasa besar, maka potensi pendanaan KPR melalui pasar modal juga amat luar biasa besarnya.
Dengan APBN yang terbatas, pemerintah memang mengalami kesulitan untuk memberikan subsidi kepada rakyat. Kenaikan harga BBM belum lama ini menjadi salah satu contoh bagaimana pemerintah berusaha menekan defisit APBN yang tentu saja akan semakin memberatkan pundi-pundi keuangan pemerintah, jika subsidi BBM tidak segera dikurangi, sebagai akibat kenaikan harga minyak mentah dunia.
Subsidi untuk bidang perumahan sendiri telah dirubah sejak beberapa tahun lalu dari sistim pinjaman dana murah menjadi subsidi selisih bunga. Dengan sistim subsidi selisih bunga pemerintah tidak perlu menyediakan dana yang besar, dibanding dengan subsidi pinjaman dana murah, sehingga tidak memberatkan APBN.
Hanya saja sebagai akibat dari perubahan tersebut, bank harus mencari sendiri pendanaan KPR di pasar yang tentu saja tidak mudah. Karena itu, banyak bank yang enggan menyalurkan KPR bersubsidi. Jika keadaan ini dibiarkan terus akan sulit bagi pemerintah untuk mewujudkan program sejuta rumah yang telah dicanangkannya. Yang rugi, tentu saja rakyat yang belum memiliki rumah.
Dengan adanya pembiayaan sekunder perumahan yang menyediakan dana murah yang berasal dari investor pasar modal serta dorongan melakukan efisiensi pasar primer untuk menurunkan harga jual rumah, maka pemerintah tidak perlu lagi menyediakan subsidi seperti sekarang ini. Anggaran subsidi perumahan yang ada kelak dapat dialokasikan untuk mereka yang benar-benar miskin. Misalnya, dengan membangun rumah-rumah susun sewa atau rumah penampungan bagi kaum tunawisma.
Mereka yang bukan rakyat miskin dan tergolong agak mampu dapat mengakses langsung KPR dari bank dan lembaga-lembaga keuangan lain. Dengan harga rumah yang semakin murah dan suku bunga KPR yang lebih terjangkau, walaupun tanpa subsidi dari pemerintah, maka jumlah mereka yang eligible atau memenuhi syarat untuk memperoleh KPR juga semakin bertambah. Dampaknya, akan semakin banyak rakyat Indonesia yang bisa memiliki rumah, sehingga program sejuta rumah yang dicanangkan pemerintah bukan lagi sekedar jargon politik belaka.
Pembiayaan sekunder perumahan untuk siapa? Tentu saja untuk rakyat, terutama jutaan rakyat kecil yang sampai saat ini masih belum memiliki rumah atau tinggal di rumah-rumah yang tidak layak huni. Jadi, mari kita sambut kehadirannya.
Catatan: Artikel ini pernah dimuat di harian Bisnis Indonesia
Jumat, 02 Mei 2008
REITs: the most prefered instrument for property finance
by: Sasmaya Tuhuleley
Property development in Indonesia still heavily depends on bank loans, because of the country’s less-developed capital market in terms of product variety. As a capital market instrument for infrastructure and property finance, Real Estate Investment Trusts (REITs) have been successesfully introduced in several Asian countries like Japan, Hong Kong, Malaysia and Singapore. Considering economic growth, urbanization, increasing affluences, and the growth of middle classes that need mounting funds to finance infrastructure and property development, REITs are expected to be successfully introduced in Indonesia as well.
The introducing of REITs in Indonesia can be seen as an effort of the country to find new alternative source of funds to finance its economic activities, especially for property development. Indonesia can not only depend on bank loans to finance its property development, because it is not healthful for the country. As we know, property development needs long-term financing, while banks can only provide short-term loans because banks’ source of funds is mostly composed of deposits. Besides, property development needs mounting of funds that banks can hardly provide.
What are REITs? A REIT is a real estate company that offers common shares to investors (public). A REIT share represents ownership in an operating business with two characteristics, including managing groups of income-producing properties and distributing most of its profits to investors as dividends. There are two types of REITs, which are mortgage REITs and equity REITs. Mortgage REITs are REITs that make loans secured by real estate, while equity REITs are REITs that focus on the “hard assets” business operations and tend to specialize in owning certain properties like apartments, office buildings, or commercial real estates. Equity REITs are generally the type of REITs that are referred to when discussing them as an investment tool.
REITs are an attractive high-yield capital market instrument for investors. A REIT is also a way for ordinary or everyday investors to invest in property. Investors can buy, sell and trade shares of REITs just as they would for a normal stock. Like a stock, investors in REITs look for trustworthy and competent management and reasonable compensation of those managers.
As for real estate companies or developers, REITs are the most prefered instrument to finance property compared to bank loans or other capital market instruments. In the property finance using REITs instrument, developers are not the ones who finance the project but inventors do. Because the project is basically financed by investors, developers will not be exposed to any financial risk. Therefore, developers can focus on developing or/and managing the properties without worry about financial aspects.
Real estate companies or developers in Indonesia have been long awaiting instrument that can provide long-term funds to finance their property projects. Therefore now is the momentum to introduce REITs in Indonesia. The Indonesia Capital Market Supervisory Agency or “BAPEPAM-LK” has issued four decrees or regulations on REITs in December 2007.
About 10 years ago, in 1997 “BAPEPAM-LK” also issued several regulations governing publicly-listed asset-backed securities (ABS) transactions through a collective investment contract (CIC) which is a contract made between investment manager and a custodian bank. This is to shield the ABS-CIC or known as “KIK-EBA” from the originator’s bankruptcy with regards to the transfer of assets from originator to the “KIK-EBA”. The “KIK-EBA” is not a special purpose vehicle (SPV) which is in most jurisdictions known as a trust. But “KIK-EBA” may be utilized as a trust, because of its remote bankruptcy attribute. The issuance of “KIK-EBA” guidelines is aimed at encourage onshore securitization.
Nonetheless, the effectiveness of the “KIK-EBA” model remains to be tested in the marketplace. A number of key concern regarding Indonesia’s structured finance market, including its legal framework, tax environment, accounting treatment, and other potential challenges are still unclear. According to Fitch Published Report, should any of the potential onshore deals overcome all hurdles and be completed successfully, it may pave the way for a burgeoning Indonesia’s securitization market. However, until now there is no single instrument of “KIK-EBA” has been traded in the market yet.
REITs that will operate using the “KIK-EBA” legal framework will face exactly the same situation. REITs need potential onshore deals to overcome all hurdles if any. The question is who will be the pioneer to start the deal?
REITs are not something new for Indonesians’s real estate companies. In 2006, PT. Lippo Karawachi, Tbk, a sister company of Lippo Group issued for the first time First Real Etsate Investment Trust (First REIT) in Singapore. The First REIT own three hospitals, including Siloam Hospitals Lippo Karawaci, Siloam Hospitals West Jakarta, Siloam Hospitals Surabaya and one hotel, which is Imperial Aryaduta Hotel & Country Club. All the above assets are located in Indonesia. After being listed in Singapore Exchange, First REIT then acquired other three properties located in Singapore. The assets value of First REIT as of September 2007 at Sin $ 325.6 million, showing an increase of Sin $ 17.6 million over its book value.
In 2007, Lippo Group also listed its second REITs in Singapore. Lippo plans to list three more REITs in Singapore Exchange in the next two to three years. The assets will include several retail malls in Indonesia and China. The total new portfolio size of Lippo’s three new REITs will be about Sin $ 4 billion.
Lippo Group is not the only Indonesia’s real estate company that is interested in listing REITs in Singapore. Salim Group and Sinar Mas Group have also had early talks to list REITs in the city-state since 2006. Perdana Gapuraprima Group another prominent real estate company in Indonesia is also looking to list REITs on the Singapore Exchange this year. The REITs will be a joint venture with Amanah Raya Berhad, a company owned by the government of Malaysia. The REITs will have the assets of five malls from Perdana Gapuraprima located in Indonesia and other two malls from Amanah Raya located in Malaysia.
While Singapore has been successful in attracting Indonesia’s real estate companies to list REITs in Singapore Exchange, Indonesia could also do the same. The Indonesia Stock Exchange can look for any potential onshore deal from Indonesia’s real estate companies and ask the authorities to overcome all hurdles.
Catatan: kolom ini pernah dimuat di majalah Asian Property Investment
Property development in Indonesia still heavily depends on bank loans, because of the country’s less-developed capital market in terms of product variety. As a capital market instrument for infrastructure and property finance, Real Estate Investment Trusts (REITs) have been successesfully introduced in several Asian countries like Japan, Hong Kong, Malaysia and Singapore. Considering economic growth, urbanization, increasing affluences, and the growth of middle classes that need mounting funds to finance infrastructure and property development, REITs are expected to be successfully introduced in Indonesia as well.
The introducing of REITs in Indonesia can be seen as an effort of the country to find new alternative source of funds to finance its economic activities, especially for property development. Indonesia can not only depend on bank loans to finance its property development, because it is not healthful for the country. As we know, property development needs long-term financing, while banks can only provide short-term loans because banks’ source of funds is mostly composed of deposits. Besides, property development needs mounting of funds that banks can hardly provide.
What are REITs? A REIT is a real estate company that offers common shares to investors (public). A REIT share represents ownership in an operating business with two characteristics, including managing groups of income-producing properties and distributing most of its profits to investors as dividends. There are two types of REITs, which are mortgage REITs and equity REITs. Mortgage REITs are REITs that make loans secured by real estate, while equity REITs are REITs that focus on the “hard assets” business operations and tend to specialize in owning certain properties like apartments, office buildings, or commercial real estates. Equity REITs are generally the type of REITs that are referred to when discussing them as an investment tool.
REITs are an attractive high-yield capital market instrument for investors. A REIT is also a way for ordinary or everyday investors to invest in property. Investors can buy, sell and trade shares of REITs just as they would for a normal stock. Like a stock, investors in REITs look for trustworthy and competent management and reasonable compensation of those managers.
As for real estate companies or developers, REITs are the most prefered instrument to finance property compared to bank loans or other capital market instruments. In the property finance using REITs instrument, developers are not the ones who finance the project but inventors do. Because the project is basically financed by investors, developers will not be exposed to any financial risk. Therefore, developers can focus on developing or/and managing the properties without worry about financial aspects.
Real estate companies or developers in Indonesia have been long awaiting instrument that can provide long-term funds to finance their property projects. Therefore now is the momentum to introduce REITs in Indonesia. The Indonesia Capital Market Supervisory Agency or “BAPEPAM-LK” has issued four decrees or regulations on REITs in December 2007.
About 10 years ago, in 1997 “BAPEPAM-LK” also issued several regulations governing publicly-listed asset-backed securities (ABS) transactions through a collective investment contract (CIC) which is a contract made between investment manager and a custodian bank. This is to shield the ABS-CIC or known as “KIK-EBA” from the originator’s bankruptcy with regards to the transfer of assets from originator to the “KIK-EBA”. The “KIK-EBA” is not a special purpose vehicle (SPV) which is in most jurisdictions known as a trust. But “KIK-EBA” may be utilized as a trust, because of its remote bankruptcy attribute. The issuance of “KIK-EBA” guidelines is aimed at encourage onshore securitization.
Nonetheless, the effectiveness of the “KIK-EBA” model remains to be tested in the marketplace. A number of key concern regarding Indonesia’s structured finance market, including its legal framework, tax environment, accounting treatment, and other potential challenges are still unclear. According to Fitch Published Report, should any of the potential onshore deals overcome all hurdles and be completed successfully, it may pave the way for a burgeoning Indonesia’s securitization market. However, until now there is no single instrument of “KIK-EBA” has been traded in the market yet.
REITs that will operate using the “KIK-EBA” legal framework will face exactly the same situation. REITs need potential onshore deals to overcome all hurdles if any. The question is who will be the pioneer to start the deal?
REITs are not something new for Indonesians’s real estate companies. In 2006, PT. Lippo Karawachi, Tbk, a sister company of Lippo Group issued for the first time First Real Etsate Investment Trust (First REIT) in Singapore. The First REIT own three hospitals, including Siloam Hospitals Lippo Karawaci, Siloam Hospitals West Jakarta, Siloam Hospitals Surabaya and one hotel, which is Imperial Aryaduta Hotel & Country Club. All the above assets are located in Indonesia. After being listed in Singapore Exchange, First REIT then acquired other three properties located in Singapore. The assets value of First REIT as of September 2007 at Sin $ 325.6 million, showing an increase of Sin $ 17.6 million over its book value.
In 2007, Lippo Group also listed its second REITs in Singapore. Lippo plans to list three more REITs in Singapore Exchange in the next two to three years. The assets will include several retail malls in Indonesia and China. The total new portfolio size of Lippo’s three new REITs will be about Sin $ 4 billion.
Lippo Group is not the only Indonesia’s real estate company that is interested in listing REITs in Singapore. Salim Group and Sinar Mas Group have also had early talks to list REITs in the city-state since 2006. Perdana Gapuraprima Group another prominent real estate company in Indonesia is also looking to list REITs on the Singapore Exchange this year. The REITs will be a joint venture with Amanah Raya Berhad, a company owned by the government of Malaysia. The REITs will have the assets of five malls from Perdana Gapuraprima located in Indonesia and other two malls from Amanah Raya located in Malaysia.
While Singapore has been successful in attracting Indonesia’s real estate companies to list REITs in Singapore Exchange, Indonesia could also do the same. The Indonesia Stock Exchange can look for any potential onshore deal from Indonesia’s real estate companies and ask the authorities to overcome all hurdles.
Catatan: kolom ini pernah dimuat di majalah Asian Property Investment
Pemerintah masih butuh bank perumahan
Liputan6.com, Jakarta: Pemerintah masih membutuhkan bank perumahan yang sanggup menyalurkan kredit bagi masyarakat berpendapatan rendah. Terutama bagi mereka yang selama ini masih sulit dipenuhi perbankan nasional. "Apabila bank perumahan yang ada saat ini dihilangkan maka pembiayaan diserahkan kepada mekanisme pasar sepenuhnya," kata ekonom...undisclosure...Sasmaya Tuhuleley di Cimacan, Cianjur, Jawa Barat, dalam bincang bisnis, Sabtu (18/11), yang diselenggarakan Forum Wartawan Negara Perumahan Rakyat (Forwapera).
Menurut Sasmaya, persoalannya apabila diserahkan kepada mekanisme pasar maka perbankan nasional umumnya sulit untuk masuk ke pasar tersebut. Dengan demikian, segmen inilah yang kemudian diisi BTN. Ia menambahkan, sebenarnya untuk membiayai KPR bagi masyarakat berpendapatan rendah akan memberi keuntungan kepada perbankan. Ini mengingat peminatnya sangat besar sehingga risiko dapat ditekan.
Sasmaya menjelaskan, keengganan perbankan masuk di sektor perumahan dengan KPR kurang dari Rp 100 juta sebenarnya dapat diatasi bila PT Sarana Multigriya Finansial yang berdiri sejak 2005 segera beroperasi. Selama ini perbankan besar di luar BTN enggan masuk ke pasar KPR kriteria menengah ke bawah akan membuat kinerjanya tidak efisien, tapi melalui sekuritisasi aset yang dilaksanakan PT SMF kendala tersebut sebenarnya dapat diatasi.
Melalui pola ini, imbuh Sasmaya, dana KPR yang tersedia akan lebih murah karena adanya sumber dana besar dari pasar modal. Dan sebagai dampak ikutannya akan memunculkan lembaga pembiayaan perumahan nonbank. Namun untuk menciptakan pola demikian sebenarnya tidak mudah karena seperti di Malaysia membutuhkan waktu 14 tahun sampai sistem sekuritisasi aset KPR berjalan di pasar, sedangkan Indonesia baru dua tahun.(ANS/Antara)
Catatan: Wawancara ini dilakukan pada saat saya menjadi pembicara pada sebuah seminar tahun 2007
Menurut Sasmaya, persoalannya apabila diserahkan kepada mekanisme pasar maka perbankan nasional umumnya sulit untuk masuk ke pasar tersebut. Dengan demikian, segmen inilah yang kemudian diisi BTN. Ia menambahkan, sebenarnya untuk membiayai KPR bagi masyarakat berpendapatan rendah akan memberi keuntungan kepada perbankan. Ini mengingat peminatnya sangat besar sehingga risiko dapat ditekan.
Sasmaya menjelaskan, keengganan perbankan masuk di sektor perumahan dengan KPR kurang dari Rp 100 juta sebenarnya dapat diatasi bila PT Sarana Multigriya Finansial yang berdiri sejak 2005 segera beroperasi. Selama ini perbankan besar di luar BTN enggan masuk ke pasar KPR kriteria menengah ke bawah akan membuat kinerjanya tidak efisien, tapi melalui sekuritisasi aset yang dilaksanakan PT SMF kendala tersebut sebenarnya dapat diatasi.
Melalui pola ini, imbuh Sasmaya, dana KPR yang tersedia akan lebih murah karena adanya sumber dana besar dari pasar modal. Dan sebagai dampak ikutannya akan memunculkan lembaga pembiayaan perumahan nonbank. Namun untuk menciptakan pola demikian sebenarnya tidak mudah karena seperti di Malaysia membutuhkan waktu 14 tahun sampai sistem sekuritisasi aset KPR berjalan di pasar, sedangkan Indonesia baru dua tahun.(ANS/Antara)
Catatan: Wawancara ini dilakukan pada saat saya menjadi pembicara pada sebuah seminar tahun 2007
SMF perlu standarisasi persetujuan KPR
Kapanlagi.com - Perlunya dipersiapkan standarisasi persetujuan Kredit Pemilikan Rumah (KPR) untuk memudahkan proses sekuritisasi, dengan akan diwujudkannya Secondary Mortgage Facility (Pembiayaan Sekunder Perumahan, PSP) dalam waktu dekat ini.
"Standarisasi diperlukan, mengingat format dan klausul perjanjian KPR masing-masing bank saat ini tidak sama (tidak standar), sehingga dalam penerapannya akan menyulitkan," kata pemerhati pembiayaan perumahan, Sasmaya Tuhuleley dalam Orientasi Wartawan Properti dan Konstruksi di Cisarua, Bogor, pekan ini.
Bahkan terkadang antara petugas kredit (credit officer) dalam satu bank tidak memiliki proses analisa dan persetujuan yang seragam. Bahkan, banyak bank yang belum menggunakan sistem penilaian (credit scoring model) untuk melakukan persetujuan dan analisa KPR.
Disamping itu, kemampuan perbankan dalam menyediakan data dan informasi terkini dan akurat melalui sistem informasi yang dimilikinya juga masih harus dikaji kembali. Ada kekuatiran MIS bank-bank belum mampu menyediakan data KPR secara cepat dan akurat.
Kesulitan mungkin akan dialami bank-bank jika diharuskan menyediakan informasi yang lebih rinci yang menyangkut rasio income dan harga (price to income ratio, PTI), serta rasio income terhadap kredit (loan to income ratio, LTI).
Bahkan untuk kecepatan proses analisa dan persetujuan kredit rata-rata perbankan nasional membutuhkan waktu 1-2 minggu, sementara di negara-negara maju bisa dilakukan kurang dari satu hari. Hal ini karena di negara-negara tersebut telah menggunakan sistem komputer (paperless), sedangkan di Indonesia masih manual.
Sasmaya mengkhawatirkan, apabila masalah internal perbankan belum dapat diatasi sampai dengan dioperasikannya SMF, dikhawatirkan perbankan tidak dapat memanfaatkan secara maksimal kehadiran SMF. Padahal dengan adanya SMF diharapkan bank dapat terus memproduksi KPR.
Bagi masyarakat dengan keterbatasan bank meningkatkan kapasitas produk KPR akan membuat akses mendapatkan KPR dengan biaya murah serta terjangkau semakin sulit. Kondisi demikian juga akan menyulitkan pemerintah untuk memenuhi target membangun rumah bagi masyarakat, kata Sasmaya.
Di negara maju seperti Amerika Serikat sektor perumahan memberikan kontribusi besar bagi ekonominya mencapai 8 persen terhadap PDB, sementara di Indonesia peran tersebut masih 1,4% saja. Sementara di negara maju sekalipun jarang membeli rumah secara tunai, sehingga peran perbankan memang sangat diandalkan dalam pertumbuhan perumahan. (*/bun)
Catatan: wawancara ini dilakukan ketika saya menjadi pembicara di sebuah seminar
"Standarisasi diperlukan, mengingat format dan klausul perjanjian KPR masing-masing bank saat ini tidak sama (tidak standar), sehingga dalam penerapannya akan menyulitkan," kata pemerhati pembiayaan perumahan, Sasmaya Tuhuleley dalam Orientasi Wartawan Properti dan Konstruksi di Cisarua, Bogor, pekan ini.
Bahkan terkadang antara petugas kredit (credit officer) dalam satu bank tidak memiliki proses analisa dan persetujuan yang seragam. Bahkan, banyak bank yang belum menggunakan sistem penilaian (credit scoring model) untuk melakukan persetujuan dan analisa KPR.
Disamping itu, kemampuan perbankan dalam menyediakan data dan informasi terkini dan akurat melalui sistem informasi yang dimilikinya juga masih harus dikaji kembali. Ada kekuatiran MIS bank-bank belum mampu menyediakan data KPR secara cepat dan akurat.
Kesulitan mungkin akan dialami bank-bank jika diharuskan menyediakan informasi yang lebih rinci yang menyangkut rasio income dan harga (price to income ratio, PTI), serta rasio income terhadap kredit (loan to income ratio, LTI).
Bahkan untuk kecepatan proses analisa dan persetujuan kredit rata-rata perbankan nasional membutuhkan waktu 1-2 minggu, sementara di negara-negara maju bisa dilakukan kurang dari satu hari. Hal ini karena di negara-negara tersebut telah menggunakan sistem komputer (paperless), sedangkan di Indonesia masih manual.
Sasmaya mengkhawatirkan, apabila masalah internal perbankan belum dapat diatasi sampai dengan dioperasikannya SMF, dikhawatirkan perbankan tidak dapat memanfaatkan secara maksimal kehadiran SMF. Padahal dengan adanya SMF diharapkan bank dapat terus memproduksi KPR.
Bagi masyarakat dengan keterbatasan bank meningkatkan kapasitas produk KPR akan membuat akses mendapatkan KPR dengan biaya murah serta terjangkau semakin sulit. Kondisi demikian juga akan menyulitkan pemerintah untuk memenuhi target membangun rumah bagi masyarakat, kata Sasmaya.
Di negara maju seperti Amerika Serikat sektor perumahan memberikan kontribusi besar bagi ekonominya mencapai 8 persen terhadap PDB, sementara di Indonesia peran tersebut masih 1,4% saja. Sementara di negara maju sekalipun jarang membeli rumah secara tunai, sehingga peran perbankan memang sangat diandalkan dalam pertumbuhan perumahan. (*/bun)
Catatan: wawancara ini dilakukan ketika saya menjadi pembicara di sebuah seminar
Housing market in 2008: the rise of high rise
By Sasmaya Tuhuleley
In its previous issue, this magazine reported that the condominium market in Jakarta was said to have been moving toward an alarming level. In one hand, the brokers faced difficulty in selling new condominium units. While on the other hand, the developers were reported to still continue developing new condominium projects.
If we look at 4 to 5 years back from now, the development of condominium projects in Indonesia, especially in Jakarta has been very aggressive. Many developers began to enter the condominium market by building new projects to serve the market demand of new condominium units.
Before, housing market in Indonesia has been dominated by landed or horizontal houses. Many landed housing projects in various scales have been developed nationwide. However, because of the scarcity of land in the urban areas, most of landed houses can only be built in sub urban areas. In urban areas, especially in the metropolitan cities the choice is only to build high rise or vertical houses like condominiums and apartments.
Meanwhile, because of poor transportation system in Indonesia, people began to realize that living in a condominium or apartment near down town is much more convenient than living in a landed house but far away from workplace. People then favor “back to city”, borrowing a slogan popularized by Agung Podomoro Group, an icon in Indonesia property industry by buying a condominium or renting an apartment in the city.
The Government also realizes the important of developing vertical houses to fulfill the housing needs in some metropolitan cities. For five years starting this year, the Government has been planning to build at least `1,000 towers low cost condominium and serviced apartment projects using some subsidy schemes for middle to low income people.
The continuing development of condominium projects by developers and the up-coming development of 1,000 tower government subsidized low cost condominium and apartment projects indicate a rise of high rise or vertical houses in Indonesia. Housing market in Indonesia especially in the metropolitan cities in 2008 and beyond could be dominated by vertical houses like condominiums and apartments.
Prospect in 2008
During the year 2007, as predicted before the economy of Indonesia will grow around 6,2% (moderate scenario). Although, global financial market has been shaken by US subprime mortgage crisis and oil price hike approaching the psychological level of US$ 100 dollar per barrel this year, but the economy of Indonesia is still predicted to grow above 2006 growth level.
Some factors contributing to this growth according to the consensus of economists are: firstly, the down trend of interest rate; secondly, the low and stable inflation rate; thirdly, the impressive performance of export; and fourthly, the improvement of domestic and foreign investment. Those favorable economy indicators have resulted in an improvement of people purchasing power.
In the Year 2008, some economists still believe that the economy of Indonesia will grow above the 2007 growth level, despite the slow down of global economy do to oil price hike. World Bank also predicts that economy of Indonesia will grow at 6,5% level in 2008, the highest among Southeast Asia countries economic growth next year, which is only around 5,7%. The Government of Indonesia even projects that the economy of Indonesia will grow at 6,8% level. If we look at the trend of some economic indicators like investment and international trade, it is inevitable that our economic growth next year will outperform the growth of the year before.
With such an impressive economic performance outlook next year, Bank Indonesia (BI) is expected to continue cutting down BI rate to around 7-7,5% from 8,25% level now, especially if the inflation rate can be maintained at 6-6.5% level. And if the interest rate drops, banks will not have other choice accept lending their money to the real sectors. Some sectors that are predicted to receive more loans from banks among other are: infrastructure sector like toll road, power plan, and telecommunication; plantation sector like cacao and rubber; and oil & gas sector.
Property sector like housing will also enjoy a significant growth because of money pumped by banks to finance home buyers with low interest rate mortgages. As reported in the statistical data of Bank Indonesia, the national mortgage loan outstanding has been increased from IDR 72.6 trillion in 2006 to IDR 92.7 trillion in September 2007 or grows 27.6%. In the Year 2008, mortgage loan outstanding is predicted to increase to around IDR 126.0 trillion or grows around 29% from the previous year.
Market Expansion
The worry from this magazine about Jakarta’s condominium market as quoted in the beginning of this column, has its own reasons. The massive development of condominium projects recently and the up-coming 1,000 tower government subsidized low cost condominium projects can cause an over supply to Jakarta’s condominium market.
This problem will arise, especially if most of condominiums built before are sold to investors who buy condominiums for renting or to speculators who buy condominium units for a speculative motive expecting capital gain from price hike. If it is the case, we worry that investors will face difficulty in renting the condominiums delivered to them when all the new projects developed are completed next year. The developers will also face difficulty in selling new condominiums projects, because they have to compete with speculators who own the existing condominium stocks. However, we still expect that with the increasing purchasing power of people and low interest rate mortgages next year, the new condominium projects built can be absorbed by market.
How to anticipate the challenges in condominium market next year? Segmentation, targeting, and positioning (STP) probably can be a key. For example, the high-end condominium segment is predicted to be stagnant next year, because of the market limitation. To anticipate that, developers should come out with better concept projects to attract home buyers, otherwise avoid this segment.
Meanwhile, although middle segment is predicted to have a good prospect next year, but still developers are suggested to go for low cost segment. In this segment, developers will compete with the up-coming 1,000 tower government subsidized low cost condominium projects. However, with a good concept plus low price strategy developers should not worry, because market for this segment is still untapped.
To expand the market, developers are suggested to move and find new development areas out of Jakarta’s Central Business Districts (CBDs). Outside Jakarta, developers are suggested to consider Surabaya, Bandung, Batam, Depok, Bekasi, and Tangerang as a priority. Medan, Makasar, Denpasar, Malang and Jogjakarta probably have a good prospect to be tapped also next year.
Many developers have depended on hard cash or cash installment payment methods in selling their condominium projects to home buyers. The involvement of banks in the transaction is very limited. In effect, this strategy has limited the market of their condominium projects. With the down trend of mortgage interest rate next year, developers can involve banks in financing their transactions with buyers to expand the market.
Catatan: Kolom ini pernah dimuat di majalah Asian Property Investment
In its previous issue, this magazine reported that the condominium market in Jakarta was said to have been moving toward an alarming level. In one hand, the brokers faced difficulty in selling new condominium units. While on the other hand, the developers were reported to still continue developing new condominium projects.
If we look at 4 to 5 years back from now, the development of condominium projects in Indonesia, especially in Jakarta has been very aggressive. Many developers began to enter the condominium market by building new projects to serve the market demand of new condominium units.
Before, housing market in Indonesia has been dominated by landed or horizontal houses. Many landed housing projects in various scales have been developed nationwide. However, because of the scarcity of land in the urban areas, most of landed houses can only be built in sub urban areas. In urban areas, especially in the metropolitan cities the choice is only to build high rise or vertical houses like condominiums and apartments.
Meanwhile, because of poor transportation system in Indonesia, people began to realize that living in a condominium or apartment near down town is much more convenient than living in a landed house but far away from workplace. People then favor “back to city”, borrowing a slogan popularized by Agung Podomoro Group, an icon in Indonesia property industry by buying a condominium or renting an apartment in the city.
The Government also realizes the important of developing vertical houses to fulfill the housing needs in some metropolitan cities. For five years starting this year, the Government has been planning to build at least `1,000 towers low cost condominium and serviced apartment projects using some subsidy schemes for middle to low income people.
The continuing development of condominium projects by developers and the up-coming development of 1,000 tower government subsidized low cost condominium and apartment projects indicate a rise of high rise or vertical houses in Indonesia. Housing market in Indonesia especially in the metropolitan cities in 2008 and beyond could be dominated by vertical houses like condominiums and apartments.
Prospect in 2008
During the year 2007, as predicted before the economy of Indonesia will grow around 6,2% (moderate scenario). Although, global financial market has been shaken by US subprime mortgage crisis and oil price hike approaching the psychological level of US$ 100 dollar per barrel this year, but the economy of Indonesia is still predicted to grow above 2006 growth level.
Some factors contributing to this growth according to the consensus of economists are: firstly, the down trend of interest rate; secondly, the low and stable inflation rate; thirdly, the impressive performance of export; and fourthly, the improvement of domestic and foreign investment. Those favorable economy indicators have resulted in an improvement of people purchasing power.
In the Year 2008, some economists still believe that the economy of Indonesia will grow above the 2007 growth level, despite the slow down of global economy do to oil price hike. World Bank also predicts that economy of Indonesia will grow at 6,5% level in 2008, the highest among Southeast Asia countries economic growth next year, which is only around 5,7%. The Government of Indonesia even projects that the economy of Indonesia will grow at 6,8% level. If we look at the trend of some economic indicators like investment and international trade, it is inevitable that our economic growth next year will outperform the growth of the year before.
With such an impressive economic performance outlook next year, Bank Indonesia (BI) is expected to continue cutting down BI rate to around 7-7,5% from 8,25% level now, especially if the inflation rate can be maintained at 6-6.5% level. And if the interest rate drops, banks will not have other choice accept lending their money to the real sectors. Some sectors that are predicted to receive more loans from banks among other are: infrastructure sector like toll road, power plan, and telecommunication; plantation sector like cacao and rubber; and oil & gas sector.
Property sector like housing will also enjoy a significant growth because of money pumped by banks to finance home buyers with low interest rate mortgages. As reported in the statistical data of Bank Indonesia, the national mortgage loan outstanding has been increased from IDR 72.6 trillion in 2006 to IDR 92.7 trillion in September 2007 or grows 27.6%. In the Year 2008, mortgage loan outstanding is predicted to increase to around IDR 126.0 trillion or grows around 29% from the previous year.
Market Expansion
The worry from this magazine about Jakarta’s condominium market as quoted in the beginning of this column, has its own reasons. The massive development of condominium projects recently and the up-coming 1,000 tower government subsidized low cost condominium projects can cause an over supply to Jakarta’s condominium market.
This problem will arise, especially if most of condominiums built before are sold to investors who buy condominiums for renting or to speculators who buy condominium units for a speculative motive expecting capital gain from price hike. If it is the case, we worry that investors will face difficulty in renting the condominiums delivered to them when all the new projects developed are completed next year. The developers will also face difficulty in selling new condominiums projects, because they have to compete with speculators who own the existing condominium stocks. However, we still expect that with the increasing purchasing power of people and low interest rate mortgages next year, the new condominium projects built can be absorbed by market.
How to anticipate the challenges in condominium market next year? Segmentation, targeting, and positioning (STP) probably can be a key. For example, the high-end condominium segment is predicted to be stagnant next year, because of the market limitation. To anticipate that, developers should come out with better concept projects to attract home buyers, otherwise avoid this segment.
Meanwhile, although middle segment is predicted to have a good prospect next year, but still developers are suggested to go for low cost segment. In this segment, developers will compete with the up-coming 1,000 tower government subsidized low cost condominium projects. However, with a good concept plus low price strategy developers should not worry, because market for this segment is still untapped.
To expand the market, developers are suggested to move and find new development areas out of Jakarta’s Central Business Districts (CBDs). Outside Jakarta, developers are suggested to consider Surabaya, Bandung, Batam, Depok, Bekasi, and Tangerang as a priority. Medan, Makasar, Denpasar, Malang and Jogjakarta probably have a good prospect to be tapped also next year.
Many developers have depended on hard cash or cash installment payment methods in selling their condominium projects to home buyers. The involvement of banks in the transaction is very limited. In effect, this strategy has limited the market of their condominium projects. With the down trend of mortgage interest rate next year, developers can involve banks in financing their transactions with buyers to expand the market.
Catatan: Kolom ini pernah dimuat di majalah Asian Property Investment
A year of hope for property
By Sasmaya Tuhuleley
As the economy of Indonesia still depends on bank loans, the robust bank lending can help economy to expand. Bankers are optimistic that bank loan outstanding will grow at least 25% compared to only about 22% last year, that will help the economy to expand 6,4-6,8%. This optimism is based on the prediction that Bank Indonesia’s benchmark interest rate (BI rate) will continue to drop from its current level of 8% to around 7%. The down trend of BI rate will give banks more room to cut their lending rates.
The growth of property loan outstanding this year is expected to exceed 30%, following the trend of last year’s growth around 29%. Construction loans will lead the growth because of increasing activities in office, retail and residential property development. The demand of office and retail as well as both landed and vertical houses will encourage developers to expand their business. Consequently they need more loans from banks.
The growth of construction loan outstanding will be followed by mortgage loan outstanding. If last year, mortgage outstanding was expanded 29%, this year its growth is predicted to exceed 30%. Aside from the increasing supply of new landed houses and condominium units, the strong demand of mortgage loans is also supported by the down trend of mortgage interest rate and the improvement of people purchasing power.
Although property sector is very promising this year due to mounting bank loans, but attention should be given to several big issues in the vein of:
Firstly, the issue of oil price hike that can hit global economy including Indonesia’s economy very badly. The optimism about economic prospect this year including property sector will be irrelevant to be talked to if oil price continue to break its record after achieving a new record of US$ 100 per barrel last month.
Secondly, the issue of non performing or problem loans that will spark off drawback to the economy due to over lending in property sector. Many people believe that the 1997’s Asian crisis is owing to escalating property loans. As we know many banks in Asian countries like Thailand, Malaysia, and Indonesia had lent a lot of money to finance property projects at that time hoping that the region’s economic fortune would not come to the end. However, as the crisis hit the region, problem loans arose putting many banks into liquidity crunch.
Thirdly, the issue of maturity mismatch especially in mortgage loans that may result in liquidity problem to banks. As we know, banks in Indonesia can not source long term funds from capital market to finance their mortgage lending due to the lack of secondary mortgage market infrastructures. While lenders in many Asian countries like Malaysia, Hong Kong, India or
Thailand gain access to low cost and long term funds from capital market, banks in Indonesia can not. While for instance home buyers can enjoy as low as 7% interest rate mortgages in Thailand and 6% in Malaysia with 30 years tenor, the average mortgage interest rate in Indonesia is still as high as 12% with average 10 years tenor.
Home works
Indonesia is a country with huge population. Therefore the opportunity to develop property market is very promising in the long run. However, Indonesia needs to do its home works first. Problems regarding property taxation, land deed, building permit, or infrastructure and utility development need be addressed soon.
The government of Indonesia also needs to facilitate secondary mortgage market development to help banks and other mortgage lenders mobilizing long term funds from capital market. Although, PT. Sarana Multigriya Finansial (Persero) or PT. SMF has been established as a ‘conduit’ for mortgage securitization process in Indonesia since 2005, but until now this company can not function as expected. The company’s plan to close the IDR 500 billion mortgage securitization transaction in Indonesia involving Bank BTN as an originator last year could not be done. Therefore, the government needs to find solution in helping the company to develop secondary mortgage market.
Real Estate Investment Trusts (REITs) have been successesfully introduced in Japan, Hong Kong, Malaysia and Singapore. REITs are an attractive high-yield capital market instrument to finance property development in Asia. Considering economic growth, urbanization, increasing affluences, and the growth of middle classes that need mounting funds to finance infrastructure and property development, Indonesia needs to follow suit.
Indonesia has been long opening its economy to global investors. But not like in many other countries, property market here still relatively close to foreign investors. Indonesian can buy property in neighborhood countries like Australia, Singapore or Malaysia, but people from those countries can not buy property here. In effect, Indonesia continue to suffer from capital out flow for the benefit of other countries.
Recently, the government of Malaysia has relaxed rules for foreign ownership of private residential property. With this new rule, foreigners can buy condominium unit worth minimum RM 250,000 or US$ 68,535 in that country. Singapore has also allowed foreign ownership of private residential property up 100 years. But in Indonesia, government still imposes restrictions on foreign ownership of property. The government only allows foreigners to lease property up to 25 years. Because of this restriction, developers can not sell their residential property projects like condominium units to foreigners.
Parliament and Indonesia Real Estate Association (REI) has asked government to relax its rule on foreign ownership of private residential property. Enggartiasto Lukita from parliament has specifically imposed government to amend the Main Law of Agrarian 1960. The Law according to him is no longer good for the development of the country. Everybody will wait for the government and parliament to amend this Law.
Indonesia is a big country with big opportunities. Nobody is doubt about that fact. This year could be a year of hope for property to expand beyond everybody’s expectation, as long as the country considerably do its home works.
Catatan : Kolom ini pernah dimuat di Majalah Asian Property Investment
As the economy of Indonesia still depends on bank loans, the robust bank lending can help economy to expand. Bankers are optimistic that bank loan outstanding will grow at least 25% compared to only about 22% last year, that will help the economy to expand 6,4-6,8%. This optimism is based on the prediction that Bank Indonesia’s benchmark interest rate (BI rate) will continue to drop from its current level of 8% to around 7%. The down trend of BI rate will give banks more room to cut their lending rates.
The growth of property loan outstanding this year is expected to exceed 30%, following the trend of last year’s growth around 29%. Construction loans will lead the growth because of increasing activities in office, retail and residential property development. The demand of office and retail as well as both landed and vertical houses will encourage developers to expand their business. Consequently they need more loans from banks.
The growth of construction loan outstanding will be followed by mortgage loan outstanding. If last year, mortgage outstanding was expanded 29%, this year its growth is predicted to exceed 30%. Aside from the increasing supply of new landed houses and condominium units, the strong demand of mortgage loans is also supported by the down trend of mortgage interest rate and the improvement of people purchasing power.
Although property sector is very promising this year due to mounting bank loans, but attention should be given to several big issues in the vein of:
Firstly, the issue of oil price hike that can hit global economy including Indonesia’s economy very badly. The optimism about economic prospect this year including property sector will be irrelevant to be talked to if oil price continue to break its record after achieving a new record of US$ 100 per barrel last month.
Secondly, the issue of non performing or problem loans that will spark off drawback to the economy due to over lending in property sector. Many people believe that the 1997’s Asian crisis is owing to escalating property loans. As we know many banks in Asian countries like Thailand, Malaysia, and Indonesia had lent a lot of money to finance property projects at that time hoping that the region’s economic fortune would not come to the end. However, as the crisis hit the region, problem loans arose putting many banks into liquidity crunch.
Thirdly, the issue of maturity mismatch especially in mortgage loans that may result in liquidity problem to banks. As we know, banks in Indonesia can not source long term funds from capital market to finance their mortgage lending due to the lack of secondary mortgage market infrastructures. While lenders in many Asian countries like Malaysia, Hong Kong, India or
Thailand gain access to low cost and long term funds from capital market, banks in Indonesia can not. While for instance home buyers can enjoy as low as 7% interest rate mortgages in Thailand and 6% in Malaysia with 30 years tenor, the average mortgage interest rate in Indonesia is still as high as 12% with average 10 years tenor.
Home works
Indonesia is a country with huge population. Therefore the opportunity to develop property market is very promising in the long run. However, Indonesia needs to do its home works first. Problems regarding property taxation, land deed, building permit, or infrastructure and utility development need be addressed soon.
The government of Indonesia also needs to facilitate secondary mortgage market development to help banks and other mortgage lenders mobilizing long term funds from capital market. Although, PT. Sarana Multigriya Finansial (Persero) or PT. SMF has been established as a ‘conduit’ for mortgage securitization process in Indonesia since 2005, but until now this company can not function as expected. The company’s plan to close the IDR 500 billion mortgage securitization transaction in Indonesia involving Bank BTN as an originator last year could not be done. Therefore, the government needs to find solution in helping the company to develop secondary mortgage market.
Real Estate Investment Trusts (REITs) have been successesfully introduced in Japan, Hong Kong, Malaysia and Singapore. REITs are an attractive high-yield capital market instrument to finance property development in Asia. Considering economic growth, urbanization, increasing affluences, and the growth of middle classes that need mounting funds to finance infrastructure and property development, Indonesia needs to follow suit.
Indonesia has been long opening its economy to global investors. But not like in many other countries, property market here still relatively close to foreign investors. Indonesian can buy property in neighborhood countries like Australia, Singapore or Malaysia, but people from those countries can not buy property here. In effect, Indonesia continue to suffer from capital out flow for the benefit of other countries.
Recently, the government of Malaysia has relaxed rules for foreign ownership of private residential property. With this new rule, foreigners can buy condominium unit worth minimum RM 250,000 or US$ 68,535 in that country. Singapore has also allowed foreign ownership of private residential property up 100 years. But in Indonesia, government still imposes restrictions on foreign ownership of property. The government only allows foreigners to lease property up to 25 years. Because of this restriction, developers can not sell their residential property projects like condominium units to foreigners.
Parliament and Indonesia Real Estate Association (REI) has asked government to relax its rule on foreign ownership of private residential property. Enggartiasto Lukita from parliament has specifically imposed government to amend the Main Law of Agrarian 1960. The Law according to him is no longer good for the development of the country. Everybody will wait for the government and parliament to amend this Law.
Indonesia is a big country with big opportunities. Nobody is doubt about that fact. This year could be a year of hope for property to expand beyond everybody’s expectation, as long as the country considerably do its home works.
Catatan : Kolom ini pernah dimuat di Majalah Asian Property Investment
Kamis, 01 Mei 2008
Pemberlakuan SPP dan Misi Ganda Bank BUMN
Oleh: Sasmaya Tuhuleley
Indonesia setelah berakhir era orde baru, memang berbeda. Indonesia pada era reformasi saat ini menjadi jauh lebih demokratis. Demokratisasi yang terjadi bukan hanya di bidang politik, tetapi juga ekonomi. Kebijkan-kebijakan di bidang ekonomi, terutama yang menyangkut sektor publik saat ini menjadi jauh lebih transparan dibanding sebelumnya.
Indonesia setelah berakhir era orde baru, memang berbeda. Indonesia pada era reformasi saat ini menjadi jauh lebih demokratis. Demokratisasi yang terjadi bukan hanya di bidang politik, tetapi juga ekonomi. Kebijkan-kebijakan di bidang ekonomi, terutama yang menyangkut sektor publik saat ini menjadi jauh lebih transparan dibanding sebelumnya.
Berita baiknya, dengan adanya keterbukaan dalam pengambilan kebijakan yang bersifat publik, masyarakat dapat dilibatkan untuk ikut berpartisipasi dalam proses pembuatan suatu kebijakan. Dengan demikian, dapat dihindari pengambilan kebijakan yang merugikan negara dan rakyat banyak. Berita buruknya, pengambilan kebijakan itu sendiri menjadi bertele-tele, karena harus melalui debat publik yang melelahkan. Untuk itu, harus ada pemisahan yang jelas, mana kebijakan kebijakan yang murni ekonomi dan mana yang mengandung unsur publik. Ketidak jelasan keduanya hanya akan menimbulkan kontroversi yang dapat menghambat kemajuan pembangunan ekonomi.
Kebijakan Kepemilikan Tunggal atau Single Precence Policy (SPP) yang dikeluarkan Bank Indonesia (BI), adalah contoh sebuah kebijakan yang pada akhirnya menjadi kontroversi yang merugikan karena mengabaikan hal itu. SPP yang pada dasarnya dibuat untuk mempercepat konsolidasi perbankan dan seharusnya murni ekonomi, tidak membuat pengecualian terhadap bank-bank BUMN.
Padahal selama ini diakui atau tidak, bank-bank BUMN dalam menjalankan kegiatan usahanya memiliki misi ganda. Sebagai entitas bisnis, bank-bank BUMN harus bisa menghasilkan keuntungan untuk kepentingan shareholders. Sementara sebagai bank yang dimiliki negara dan rakyat, bank-bank BUMN sekaligus juga harus dapat berperan sebagai agen pembangunan yang mampu membantu mensejahterakan kehidupan rakyat banyak.
Misi yang terakhir ini yang lupa dipertimbangkan BI pada saat menetapkan SPP. Bank-bank BUMN dianggap sama dengan bank-bank swasta nasional atau asing yang memang tidak diberi misi atau tugas khusus oleh Pemerintah. Sebagai contoh, beberapa bank BUMN, seperti Bank BRI sekarang ini deberi tugas membiayai sektor UNKM dan Bank BTN diberi tugas membiayai perumahan rakyat. Tentunya, tugas-tugas tersebut tidak mungkin diberikan kepada bank-bank umum swasta nasional maupun asing.
Karena memiliki misi atau tugas khusus tersebut, kehadiran bank-bank BUMN mempunyai arti yang berbeda dengan bank-bank umum swasta nasional dan asing. Oleh sebab itu kebijkan yang diambil, apabila menyangkut bank-bank BUMN tidak betul-betul murni ekonomi. Kepentingan publik atau rakyat banyak juga harus dipertimbangkan pada saat kebijakan dibuat, karena jika tidak bisa-bisa rakyat yang akan dirugikan.
Sekarang ini nasi sudah menjadi bubur, karena SPP yang terlanjur keluarkan, batas akhir penyampaian rencana aksinya tinggal beberapa bulan lagi. Sementara itu, berbagai perdebatan, khususnya yang menyangkut pemberlakuan SPP kepada bank-bank BUMN masih terus berlangsung. Dikhawatirkan, karena tingkat kontroversinya yang begitu besar, SPP tidak bisa dilaksanakan. Pada hal SPP itu sendiri bukan kebijakan yang buruk, karena untuk memperkuat struktur industri perbankan nasional, jumlah bank yang begitu banyak saat ini harus segera dikurangi.
Melalui SPP, bank-bank yang kepemilikannya sama kemungkinan akan merger satu sama lain, sehingga jumlah bank ada juga otomatis akan berkurang. Di samping itu, dengan kepemilikan tunggal, di mana satu pemilik hanya diizinkan memiliki saham pengendali atas `satu bank, maka akan memudahkan BI dalam melakukan pengawasan terhadap bank-bank yang ada.
Lalu apa yang dapat dilakukan BI? Memang tidak mudah, tapi pilihan alternatif-alternatif berikut ini mungkin bisa dipertimbangkan:
Lalu apa yang dapat dilakukan BI? Memang tidak mudah, tapi pilihan alternatif-alternatif berikut ini mungkin bisa dipertimbangkan:
Pertama, BI dapat menunda pemberlakuan SPP untuk waktu yang tidak terbatas. Dengan penundaan tersebut, diharapkan para pemilik bank akan secara suka rela memilih aksi korporasi (corporate action) yang paling diinginkan, apakah akan melepaskan atau mengurangi kepemilikannya pada salah satu atau lebih bank di mana pemilik tersebut memiliki saham pengendali ataupun melakukan merger, sehingga si pemilik kemudian hanya memiliki saham pengendali atas satu bank. Konsukuensinya, kemungkinan tidak akan ada pemilik bank yang bersedia secara suka rela melaksanakan ketentuan SPP, sehingga konsolidasasi perbankan yang diharapkan menjadi gagal.
Kedua, memberlakukan SPP sesuai tenggat waktu yang ditetapkan, dengan pengecualian terhadap bank-bank BUMN. Pilihan ini masuk akal, mengingat misi ganda yang harus dijalankan bank-bank BUMN sebagai entitas bisnis sekaligus agen pembangunan, sehingga kebijakan yang menyangkut bank-bank BUMN bukan kebijakan murni ekonomi tapi ada unsur publiknya, sehingga harus dibedakan. Konsukuensinya, pemilik bank-bank umum swasta nasional akan menolak melaksanakan kebijakan tersebut, karena merasa diperlakukan tidak adil atas suatu kebijakan yang semula berlaku untuk semua pemilik bank, kemudia dibuat pengecualian.
Ketiga, memberlakukan SPP kepada semua pemilik bank tanpa kecuali, baik bank-bank umum swasta nasional maupun BUMN. Dari alternatif ini ada (2) dua opsi yang bisa dipilih terutama bagi bank-bank BUMN, yaitu:
Ketiga, memberlakukan SPP kepada semua pemilik bank tanpa kecuali, baik bank-bank umum swasta nasional maupun BUMN. Dari alternatif ini ada (2) dua opsi yang bisa dipilih terutama bagi bank-bank BUMN, yaitu:
1) Opsi merger bagi bank-bank BUMN. Hanya saja, jika opsi ini diberlakukan, maka tidak akan ada lagi misi khusus yang bisa dibebankan kepada bank-bank BUMN tertentu. Konsukuensinya, perdebatan dan kontroversi di masyarakat akan terus terjadi, mengingat ada kepentingan rakyat yang dikorbankan. Mengingat kondisi Indonesia yang masih dalam proses pemulihan ekonomi dan kebutuhan pembiayaan bagi sektor-sektor tertentu yang tidak bisa diserahkan sepenuhnya kepada mekanismen pasar, maka opsi ini kemungkinan akan sulit diterima masyarakat dan Pemerintah.
2) Opsi pembentukan holding bank BUMN. Opsi ini kelihatannya paling masuk akal, karena dengan adanya sebuah Bank BUMN Holding yang memiliki 4 (4) bank BUMN sebagai subsidiary, maka masing-masing bank BUMN masih dapat melaksanakan kegiatan binisnya seperti biasa, termasuk melaksanakan tugas khusus untuk membiayai sektor-sektor ekonomi tertentu yang dibebankan Pemerintah. Hanya saja, opsi ini masih memiliki sedikit kelemahan, yaitu pembentukan holding tersebut tidak dapat menghasilkan tingkat efesiensi seperti yang diharapkan dibanding opsi merger.
Alternatif-alternatif tersebut di atas, mungkin semuanya sulit untuk dipilih BI, karena masing-masing memiliki konsukuensi yang kurang menguntungkan. Akan tetapi harus diingat, bahwa saat ini BI tidak memiliki banyak pilihan alternatif menyangkut pemberlakukan SPP. Ketiga alternatif tersebut, mungkin merupakan alternatif terbaik saat ini yang bisa dipertimbangkan BI.
Dari ketiga alternatif tersebut, mengingat kewibawaan BI sebagai otoritas perbankan harus tetap terjaga, maka pilihan alternatif yang paling masuk akal, adalah alternatif ketiga, yaitu memberlakukan SPP kepada semua bank tanpa kecuali. Pilihan alternatif ini juga merupakan pilihan alternatif yang saat ini diterima masyarakat.
Khusus mengenai opsi yang tersedia bagi bank-bank BUMN, BI sebaiknya menyerahkan sepenuhnya kepada Pemerintah sebagai pemegang saham: apakah akan memilih opsi merger atau pembentukan Bank BUMN Holding. Pemerintah pasti akan mempertimbangkan dengan sangat cermat dan hati-hati mengenai untung ruginya masing-masing opsi. Yang jelas, Pemerintah tidak akan serampangan dalam mengambil keputusan. Apalagi keputusan yang mengabaikan kaidah-kaidah baku yang berlaku, yaitu melalui kajian ilmiah oleh pihak yang memahami benar mengenai anatomi bank-bank BUMN.
Catatan: Artikel ini pernah dimuat di Harian Bisnis Indonesia
Catatan: Artikel ini pernah dimuat di Harian Bisnis Indonesia
Lessons from Sub Prime Mortgage Crisis
By: Sasmaya Tuhuleley
Sub prime mortgage (SPM) crisis in US has been started since 2006, but it became a global financial crisis in July 2007. As reported before, the crisis has caused “insolvency” problem to several minor banks and mortgage financial institutions in US. The crisis has also put some financial institutions involving in SPM market to close down their operations.
What is the deference between SPM and mortgages lent by mainstream lenders? Can SPM crisis influences mortgage market in Indonesia? How to protect Indonesia’s mortgage market from such a crisis in the future?
The Difference
SPM are mortgages lent to borrowers who do not qualify for mainstream lenders. The mainstreams lenders only lend to those who qualify for loans, such as: having a good credit history, enough income to fulfill future financial obligations, and cash to pay down payment of the real estate transaction. SPM lenders lend to those who do not qualify for loans with an assumption that if borrowers can not pay their installments, lenders will put their collaterals into foreclosures.
Because of risks involved in this kind of mortgages, the interest rate charged to SPM usually 3 to 4% higher than that of ordinary mortgages. This unusual high interest rate is a danger not only for borrowers but also for lenders. And because SPMs are also adjustable rate mortgages (ARMs), the interest rate can even go higher if market rate changes.
One factor that has put SPM market into crisis is the rise of interest rate due to a recent unfortunate economy situation in US. The rise of interest rate has caused many SPM borrowers fail to repay their installments. Meanwhile, since so many collaterals go into foreclosures, the housing price plunges bringing “bubble” situation in US housing market.
The SPM crisis then became a global financial crisis, because the fact that many financial institutions and global hedge funds bought the “derivative” products of SPMs. With the increasing worries of the ability of borrowers to fulfill their obligations, many investors began to redeem their funds from hedge funds resulted in a global financial crisis.
Mortgage Market in Indonesia
SPM crisis in US has influenced financial market in Indonesia very badly. Because of the crisis, the composite index (IHSG) of Jakarta Stock Exchange (BEJ) fell to 1.863 point in 16 August, 2007 from 2.403 point in 26 July, 2007. The Rupiah also depreciated to 9.500 level per one US dollar in the same month.
Although Indonesia financial market has been recovered from crisis, but worries are still not disappeared, especially in the mind of investors. It also happens to financial market authorities, which are Central Bank (BI) and Stock Exchange Supervisory Body (Bapepam-LK) that still keep on observing global market movement.
Worries about financial market situation in Indonesia is normal, but not about mortgage market. Mortgage market in Indonesia will not be affected by crisis. This is because both markets are different one another. Mortgage market in Indonesia consists of borrowers who qualify for loans, while SPM market in US consists of those who do not qualify for loans.
Accept from that, although mortgage market in Indonesia has been developing since 1976, but it just grows recently as more players come into the market. In such a growing market, the capacity of lenders to originate mortgages is very small compared to the demand of mortgages from home buyers. In the marketing theory, this kind of market is called “seller market”, meaning that there are more home buyers who need mortgages than the capacity of lenders to originate mortgages. Since mortgage market in Indonesia is a “seller market”, lenders in Indonesia can choose borrowers who qualify for loans only.
So, there is no need to worry about mortgage market condition in Indonesia and the effect of SPM crisis to our market. Why this is important for being addressed?
Firstly, housing sector in Indonesia has not been developed properly, because home buyers do not have a good access to mortgages. To support the development of housing sector, banks in Indonesia are encouraged to keep opening their door to home buyers. If banks are worried about ongoing crisis, they will probably limit their access to home buyers.
Secondly, PT. Sarana Multigriya Financial (PT. SMF) founded in 2005 based on President Decree No. 19/2005 is preparing a first mortgage securitization in Indonesia. This transaction involves Bank BTN as an originator that will sell Rp. 500 billion pool of mortgages to investors. The due diligence process involving arranger, rating agency, financial advisor, and lawyer has being conducted now. If the investors are worried about mortgage market situation in Indonesia, they will be discouraged to participate in that transaction. As a result, it will cause a set back in secondary mortgage market development in Indonesia.
Lessons
Although SPM crisis will not affect mortgage market in Indonesia, but there are lessons that we can learn from the crisis. SPM crisis had taken placed, because SPM lenders have violated prudential principles in lending. Lenders in Indonesia do not have to follow SPM lenders. Mortgage market in Indonesia is not a mature market like those in developed countries. Mortgage market in Indonesia is still promising to both lenders and investors in the future. It is unnecessary for lenders in Indonesia to conduct a market innovations like that of SPM market in US.
Other lesson that Indonesia can learn from crisis, that it is necessary to develop a strong and healthy mortgage market to avoid such a crisis in the future. To do that, mortgage market infrastructures have to be strengthened both primary and secondary market. In primary market, for instance Indonesia needs to develop a credit bureau to provide accurately and timely credit history to lenders not only to cover credit records of banking and financial institutions transactions but also other transactions such as electricity, telephone, and tax payments.
In secondary market, Indonesia also needs to develop infrastructures to support the operations of PT. SMF in providing long term funds to lenders. As we know, mortgage lenders (banks) in Indonesia are facing difficulties in finding long term funds from capital market, since PT. SMF can not operate effectively because of the lack of market infrastructures. (*Work for an Indonesia national bank)
Catatan: Kolom ini pernah dimuat di Majalah Asian Property Investment
Sub prime mortgage (SPM) crisis in US has been started since 2006, but it became a global financial crisis in July 2007. As reported before, the crisis has caused “insolvency” problem to several minor banks and mortgage financial institutions in US. The crisis has also put some financial institutions involving in SPM market to close down their operations.
What is the deference between SPM and mortgages lent by mainstream lenders? Can SPM crisis influences mortgage market in Indonesia? How to protect Indonesia’s mortgage market from such a crisis in the future?
The Difference
SPM are mortgages lent to borrowers who do not qualify for mainstream lenders. The mainstreams lenders only lend to those who qualify for loans, such as: having a good credit history, enough income to fulfill future financial obligations, and cash to pay down payment of the real estate transaction. SPM lenders lend to those who do not qualify for loans with an assumption that if borrowers can not pay their installments, lenders will put their collaterals into foreclosures.
Because of risks involved in this kind of mortgages, the interest rate charged to SPM usually 3 to 4% higher than that of ordinary mortgages. This unusual high interest rate is a danger not only for borrowers but also for lenders. And because SPMs are also adjustable rate mortgages (ARMs), the interest rate can even go higher if market rate changes.
One factor that has put SPM market into crisis is the rise of interest rate due to a recent unfortunate economy situation in US. The rise of interest rate has caused many SPM borrowers fail to repay their installments. Meanwhile, since so many collaterals go into foreclosures, the housing price plunges bringing “bubble” situation in US housing market.
The SPM crisis then became a global financial crisis, because the fact that many financial institutions and global hedge funds bought the “derivative” products of SPMs. With the increasing worries of the ability of borrowers to fulfill their obligations, many investors began to redeem their funds from hedge funds resulted in a global financial crisis.
Mortgage Market in Indonesia
SPM crisis in US has influenced financial market in Indonesia very badly. Because of the crisis, the composite index (IHSG) of Jakarta Stock Exchange (BEJ) fell to 1.863 point in 16 August, 2007 from 2.403 point in 26 July, 2007. The Rupiah also depreciated to 9.500 level per one US dollar in the same month.
Although Indonesia financial market has been recovered from crisis, but worries are still not disappeared, especially in the mind of investors. It also happens to financial market authorities, which are Central Bank (BI) and Stock Exchange Supervisory Body (Bapepam-LK) that still keep on observing global market movement.
Worries about financial market situation in Indonesia is normal, but not about mortgage market. Mortgage market in Indonesia will not be affected by crisis. This is because both markets are different one another. Mortgage market in Indonesia consists of borrowers who qualify for loans, while SPM market in US consists of those who do not qualify for loans.
Accept from that, although mortgage market in Indonesia has been developing since 1976, but it just grows recently as more players come into the market. In such a growing market, the capacity of lenders to originate mortgages is very small compared to the demand of mortgages from home buyers. In the marketing theory, this kind of market is called “seller market”, meaning that there are more home buyers who need mortgages than the capacity of lenders to originate mortgages. Since mortgage market in Indonesia is a “seller market”, lenders in Indonesia can choose borrowers who qualify for loans only.
So, there is no need to worry about mortgage market condition in Indonesia and the effect of SPM crisis to our market. Why this is important for being addressed?
Firstly, housing sector in Indonesia has not been developed properly, because home buyers do not have a good access to mortgages. To support the development of housing sector, banks in Indonesia are encouraged to keep opening their door to home buyers. If banks are worried about ongoing crisis, they will probably limit their access to home buyers.
Secondly, PT. Sarana Multigriya Financial (PT. SMF) founded in 2005 based on President Decree No. 19/2005 is preparing a first mortgage securitization in Indonesia. This transaction involves Bank BTN as an originator that will sell Rp. 500 billion pool of mortgages to investors. The due diligence process involving arranger, rating agency, financial advisor, and lawyer has being conducted now. If the investors are worried about mortgage market situation in Indonesia, they will be discouraged to participate in that transaction. As a result, it will cause a set back in secondary mortgage market development in Indonesia.
Lessons
Although SPM crisis will not affect mortgage market in Indonesia, but there are lessons that we can learn from the crisis. SPM crisis had taken placed, because SPM lenders have violated prudential principles in lending. Lenders in Indonesia do not have to follow SPM lenders. Mortgage market in Indonesia is not a mature market like those in developed countries. Mortgage market in Indonesia is still promising to both lenders and investors in the future. It is unnecessary for lenders in Indonesia to conduct a market innovations like that of SPM market in US.
Other lesson that Indonesia can learn from crisis, that it is necessary to develop a strong and healthy mortgage market to avoid such a crisis in the future. To do that, mortgage market infrastructures have to be strengthened both primary and secondary market. In primary market, for instance Indonesia needs to develop a credit bureau to provide accurately and timely credit history to lenders not only to cover credit records of banking and financial institutions transactions but also other transactions such as electricity, telephone, and tax payments.
In secondary market, Indonesia also needs to develop infrastructures to support the operations of PT. SMF in providing long term funds to lenders. As we know, mortgage lenders (banks) in Indonesia are facing difficulties in finding long term funds from capital market, since PT. SMF can not operate effectively because of the lack of market infrastructures. (*Work for an Indonesia national bank)
Catatan: Kolom ini pernah dimuat di Majalah Asian Property Investment
Langganan:
Komentar (Atom)
