18 Sep '16, 9am

Demand for Singapore luxury homes from wealthy Indonesians

SINGAPORE - Although Singapore is experiencing one of the worst property slumps in its history, demand for luxury housing is coming from an unexpected group: wealthy Indonesians. This year's home purchases by Indonesian nationals valued at S$5 million or more have nearly quadrupled from last year's total. The increased buying coincides with the passage of a Jakarta law aimed at getting Indonesians that had fled to Singapore during previous periods of unrest to repatriate or pay taxes on approximately US$300 billion. This is to prevent those who took their money out to get caught for tax evasion - which three property agents cited as a primary reason behind the purchases. Indonesians topped the list of foreign buyers at the luxury OUE Twin Peaks tower, which went on sale in July. "We're seeing a big increase in Indonesians buying the most expensive property," said Ang Kok L...

Full article: http://www.srx.com.sg/singapore-property-news/23562/deman...

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