The Jakarta Post
The reasons behind Indonesian purchases are varied; some buy because their children are studying in Singapore or they need routine medical check-ups, while others buy the property merely for investment or security. (Shutterstock/beersonic)
Indonesian buyers are said to be among the top-three foreign purchasers of property in Singapore.
“The top-three are always either Indonesian, Malaysian or Chinese. In fact, the Chinese have only started [to purchase properties] in the last 10 years. Before that, it was always either Malaysians or Indonesians,” Leong Boon Hoe, the COO of List Sotheby’s International Realty in Singapore, which specializes in brokerage and marketing of luxurious properties worldwide, recently told The Jakarta Post.
The reasons behind Indonesian purchases are varied; some buy because their children are studying in Singapore or they need routine medical check-ups, while others buy the property merely for investment or security.
“[It’s] because they know the property in Singapore will always be there,” Leong added.
The top-three locations in Singapore that interest most Indonesians are Orchard Road, which is widely known as a retail and entertainment center, Marina Bay, in which Indonesians reportedly were among the first movers to the area, and Keppel Bay and Sentosa Island. Although the government prohibits foreigners to own land in mainland Singapore, they can do it on Sentosa Island.
List Sotheby’s International Realty is a franchise of Sotheby’s International Realty owned by Japan-based List Group. Its latest major office in Singapore represents the market in Southeast Asia region, including Indonesia, targeting high net worth and ultra-high net worth individuals.
The firm is slated to open franchises in Hong Kong at the end of this year and Thailand in 2018. It currently has offices in Japan, Hawaii and the Philippines. (kes)
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