Indonesia Dominates Singapore’s Apartments
Friday, 08 September, 2006 | 16:37 WIBTempo Interactive
, Jakarta: Indonesia dominates the purchase of apartments in Singapore. Based on the result of Center for the Study of Indonesian Property (PSPI), purchases by Indonesians reach 40 percent of the total apartment purchases by foreigners in that country.
“The remaining buyers are from China, Thailand and Malaysia,” Ali Tranghanda, Director Executive of PSPI, told Tempo yesterday (7/9).
He is of the opinion that the purchase of apartments in Singapore by many Indonesians is common in investment.
Indonesian investors, according to Ali, believe that investment of apartments in Singapore is safe because there is investment clarity such as building rights up to 99 years. In addition, there is facility in the payment system which allows investors to pay according to the development stage.
Apartment developers in Singapore in fact view the Indonesian market as quite profitable. They often offer apartments in Indonesia. For example, Singapore held an apartment exhibition at a five-star hotel in Jakarta during September 1-3. An exhibition like this is held almost every month.
Bayu Utomo, Head of Strategic Consultant Jones Lang Lasalle, acknowledged he did not know exactly the rate of Singapore’s apartment purchase by Indonesia’s groups. However, he confirmed the booming of Singapore apartment purchase.
According to him, this is because many Indonesians live there. “Not only in Singapore, in Australia, too,” he said.