Netherlands-based leading dredging and marine expert Boskalis won a contract from Indonesia-based Ciputra Yasmin for the development of a land reclamation project off the coast of Makassar (South Sulawesi). Reportedly the contract is worth 80 million euro. Boskalis will develop five artificial islands offshore. These islands are part of the 'Centre Point of Indonesia' project which aims at creating quality land (through reclamation) and use this land for commercial and residential purposes. Activities are scheduled to start in the second quarter of the year. It will require two years to complete the project.

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Global ratings agency Fitch Ratings cut its outlook on three Indonesian palm oil companies - Sinar Mas Agro Resources and Technology (SMART), Ivo Mas Tungkal, and Sawit Mas Sejahtera - from stable to negative. The rating of the three companies was cut to AA (idn) by Fitch Ratings Indonesia. However, an AA (idn) rating still denotes a low probability of default for the company and its bonds. The rating of bonds of SMAR, due in 2017 and 2019, were also cut to AA (idn). The three palm oil companies are owned by Golden Agri Resources, part of the Sinar Mas Group that is controlled by Eka Tjipta Widjaja, one of the richest Indonesians.

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Despite the slowdown that occurred in Indonesia's property sector amid the overall cooling economy, at least 54 apartment projects are currently being developed in the capital city of Jakarta in 2016, nearly all of these projects are situated outside the city's central business district. Investment in apartments remains attractive for both the developer and end-user (or investor), various property watchers say. Meanwhile, global rating agency Standard & Poor's Financial Services says the outlook for Indonesian property developers this year depends on the passing of the tax amnesty bill.

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Although ceramic sales in Indonesia are flat in Q1-2016, some stakeholders remain optimistic that sales of ceramics in Indonesia may grow 20 percent (y/y) to 433 million square meters in 2016. This growth comes on the back of the government's push for infrastructure development, promotional activities (conducted by Indonesia's ceramic industry), and the lower gas price. Infrastructure development will encourage property development. With the property sector being the largest buyer of ceramics, Indonesia's ceramic industry should thrive on government-led infrastructure development.

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