Singapore Property Dominated by Indonesians
Thursday, 15 November, 2007 | 16:11 WIB

Tempo Interactive, Jakarta: Investors from Indonesia are still dominating property ownership in Singapore where Indonesians own around 22 percent of foreign property.

Based on data from the Singapore' Urban Redevelopment Authority (URA) and Savills Research Consultancy, during the first semester of 2007, 29 percent of property sold in Singapore was bought by foreign parties.

Of this amount, around 1,300 properties or around 22 percent of foreign property purchases were made by Indonesians.

URA and Savills also said that the number of foreigners who bought properties in Singapore in the second quarter rose by around 27.5 percent from the previous quarter.

According to Kan Kum Wah, Marketing Director of Marina Bay Financial Center, luxury homes are still the target of buyers from outside Singapore.

“The number of buyers with prices above SIN$1.5 million or Rp9 billion rose by 39 percent in the second quarter of 2007,” he stated in a press release received by Tempo yesterday (14/11).

In 2006, said Wah, foreign buyers were more interested in private residence costing between SIN$500,000 (Rp3 billion) and SIN$1 million (Rp6 billion).

He said most of apartments purchased by foreign parties between January and July 2007, and dominated by five traditional investor groups.

Investors in these groups comprise Indonesia, Malaysia, India, England and China.

“But it's still significant, as almost 68 percent of all sales are to foreigners,” said Wah.

He said that 10 percent of Marina Bay Residences apartment buyers were Indonesians.

The apartments are selling quickly and, according to Wan, his company managed to sell 428 units of residences within only three days in December last year.

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