COVID-19 has further decreased hotel performance in Surabaya. Even in April and May, occupancy according to STR data was recorded to be less than 20% and ADR was below US$30.
Hoteliers must reassess their strategies to be able to adapt to the changes. Moreover, Surabaya is known as one of the MICE centres, even though MICE activities will become very limited going forward because there are protocols that must be followed, one of which is to cut capacity by 50%.
As Head Research Department, Ferry is in charge in providing property market knowledge for internal purposes and for clients. The scope of sectors covered in the quarterly market report comprises office, apartment, retail, hotel and industrial estate.
In regional tasks, the Heads of Research of each country work together in providing regional market reports covering the Asia Pacific region and globally. Currently Research Department is not only operating as a cost-centre department, as he and his team have been assigned by the Central Bank to provide monthly market information.
On the consulting front, the task involves providing a wide range of advisory services to our clients. Working closely with Consulting Department, we help clientsby preparing feasibility studies to determine whether their property projectsare viable from both financial or marketing aspects.
Nurul joined in the property industry since 2013. Experienced as property research for five years. Have a special interest in hospitality and tourism industry.
