Singapore remains the favorite haven for wealthy Indonesians seeking to invest in high-end property.
Thomas Tan, director for residential marketing at Raffles Quay Asset Management, says that Indonesia continues to show its stronger demand for the purchase of high-rise residences in Singapore.
He adds that around 30 percent of the foreign buyers who have purchased the new 221 units of the 66-storey Marina Bay Suites are Indonesians. About 70 percent of the units have been sold to foreigners, including those from Malaysia and China.
“Indonesia is one of our key markets, and I have seen many positive responses from Indonesians willing to invest in Marina Bay Suites,” Tan remarks.
Currently, Tan is in charge of supervising the project of luxurious Marina Bay Suites, slated to complete in 2013. It’s the second residential tower located in the Marina Bay Financial Centre.
Location is always the reason of a developer in setting a price. Strategically situated in one of Singapore’s most prestigious addresses, Marina Bay Suites has its own charm that attracts buyers who are willing to pay from S$3.5 million to more than S$9 million for one residential unit.
Marina Bay Suites development is surrounded by lush greenery overlooking magnificent bay views, and equipped with a sumptuous range of unparalleled facilities and friendly amenities.
“We are targeting foreigner buyers for a number of reasons. Apart from the convenience in which the Singaporean government allows foreigners to take a full ownership of their property, our political stability and good economy are what have driven many foreigners to engage in property investment in Singapore. Besides, this is one of the safest countries in the world,” Tan explains.
According to a research on the Singaporean property market by property consultant firm Savills, 79 percent of Indonesian buyers are those who have purchased properties priced above S$1 million.
Singapore is one of the world’s propitious havens that facilitate clear and reliable investment. With the country’s close proximity to Indonesia, it is very understood why more and more Indonesian property investors are eyeing this small city-island.
By Aulia R. Sungkar. Published in HighEnd Mag, July 2012 edition.