{"id":25901,"date":"2016-09-13T09:44:20","date_gmt":"2016-09-13T02:44:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-up-singapore-property\/"},"modified":"2016-09-13T09:51:00","modified_gmt":"2016-09-13T02:51:00","slug":"more-indonesians-buying-up-singapore-property","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-up-singapore-property\/","title":{"rendered":"More Indonesians buying up Singapore property"},"content":{"rendered":"


\nIndonesians have already bought 30 properties in Singapore valued at $5 million or more this year, up from just eight for the whole of 2015, data shows. \u00a0
\nThe number of Indonesian nationals purchasing luxury homes in Singapore has nearly quadrupled from last year\u2019s total, reported Bloomberg.
\nData from the Urban Redevelopment Authority (URA) shows that Indonesians acquired 30 properties in Singapore valued at $5 million or more from January to 17 August, a significant increase from only eight for the whole of 2015.
\nIn the first half of 2016, Indonesians purchased 189 properties of all values in Singapore, up by 23 percent over the same period last year, revealed Cushman & Wakefield.
\nThe pent-up buying activity coincides with the passage of a law by Jakarta, aimed at getting Indonesians to repatriate or pay taxes of around US$300 billion, which was moved to Singapore during periods of unrest.
\nUnder the said law, Indonesians will pay a tax rate of four percent on declared funds or property left overseas. The tax rate increases in stages to 10 percent just as the amnesty period comes to an end in March. Those who bring their money back to Indonesia and keep it there for at least three years pay two percent and are also offered various potential investments. Those who do not declare and are found out face paying 200 percent of the tax owed.
\n\u201cWe\u2019re seeing a big increase in Indonesians buying the most expensive property,\u201d stated Ang Kok Leong, a senior property agent at SLP Realty, who cited Singapore\u2019s upcoming move to share financial information with Indonesia as the biggest motivation of his Indonesian clients.
\n\u201cThese people are generally in tune with this kind of situation back home, so if I\u2019m not about to let the Indonesians know what I have, I will buy in Singapore.\u201d
\nSingapore, Indonesia and other countries are adopting global tax reporting requirements to inform each other of nationals holding assets overseas. Indonesians moving money into property, however, are counting on information on assets held in banks, and not in real estate, as the only ones to be shared, said brokers and agents.
\nNonetheless, not all Indonesians buying real estate are avoiding taxes, with some seeing value in a market that bottomed out in prime areas at end-2015. Indonesians are attracted to property located in Singapore\u2019s city centre, particularly the Orchard Road area where the luxury OUE Twin Peaks towers are situated. According to Cushman & Wakefield, apartment prices in the area rose by 0.6 percent since their low at end-2015.
\nThe OUE Twin Peaks development, where prices went for as much as $4 million when it went on sale in July, saw Indonesians emerge as the top foreign buyers.
\nAn agent at Propnex Realty, the company that handles sales for the project, said the robust demand from Indonesians came as a surprise. It is a significant change from the past sales of downtown luxury homes, like Marina One Residences last year, when buyers from Indonesia made up just three of around 200 units sold, revealed data from Cushman & Wakefield.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…More Indonesians buying up Singapore property<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Indonesians have already bought 30 properties in Singapore valued at $5 million or more this...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-25901","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6JL","jetpack-related-posts":[{"id":26067,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-luxury-singapore-real-estate\/","url_meta":{"origin":25901,"position":0},"title":"More Indonesians buying luxury Singapore real estate","date":"September 14, 2016","format":false,"excerpt":"\r Indonesians have already bought 30 properties in Singapore valued at USD5 million or more this year, up from just eight for the whole of 2015, data shows Singapore skyline. beboy\/Shutterstock The number of Indonesian nationals purchasing luxury homes in Singapore has nearly quadrupled from last year\u2019s total, reported Bloomberg.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":36534,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-foreigners-buying-homes-in-singapore\/","url_meta":{"origin":25901,"position":1},"title":"More foreigners buying homes in Singapore","date":"November 30, 2016","format":false,"excerpt":"\r JLL recorded an increase in foreigners buying private homes in Singapore. Singapore\u2019s private residential market attracted even more foreign buyers during the first nine months of this year (9M 2016), according to the latest report from property consultancy JLL. In 9M 2016, foreigners \u2014 excluding PRs (permanent residents) \u2014\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22584,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/4-reasons-why-indonesians-invest-in-singapore\/","url_meta":{"origin":25901,"position":2},"title":"4 reasons why Indonesians invest in Singapore","date":"August 11, 2016","format":false,"excerpt":"\r Many buyers of the Cairnhill Nine development in the Orchard area are Indonesians. (Photo: CapitaLand) Wealthy Indonesians have long had an interest in collecting residential properties in Singapore. In 2014, Indonesia accounted for 24 percent of Singapore\u2019s property purchases, and while foreign investments in general slowed last year, including\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22506,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/four-reasons-why-indonesians-invest-in-singapore\/","url_meta":{"origin":25901,"position":3},"title":"Four reasons why Indonesians invest in Singapore","date":"August 10, 2016","format":false,"excerpt":"\r Singapore has long been popular with Indonesian investors. Robertson Blue Condominium along Singapore River. Image credit: commons.wikimedia Wealthy Indonesians have long had an interest in collecting real estate in neighboring Singapore. In 2014, Indonesia accounted for 24 percent of Singapore\u2019s property purchases, and while foreign investments in general slowed\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28767,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty-2\/","url_meta":{"origin":25901,"position":4},"title":"Singapore home market unaffected by Indonesian tax amnesty","date":"October 6, 2016","format":false,"excerpt":"\r Lower than expected liquidation since the introduction of the tax amnesty program The implementation of the Tax Amnesty Scheme (TAS) in Indonesia has not had any material impact on Singapore\u2019s residential segment, said Credit Suisse in a report. Credit Suisse noted that Indonesians have historically been amongst the largest\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27891,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty\/","url_meta":{"origin":25901,"position":5},"title":"Singapore home market unaffected by Indonesian tax amnesty","date":"September 30, 2016","format":false,"excerpt":"\r Indonesian property holdings in Singapore have seen lower than expected\u00a0liquidation since the introduction of the TAS. The implementation of the Tax Amnesty Scheme (TAS) in Indonesia has not had any material impact on Singapore\u2019s residential segment, said Credit Suisse in a report. Credit Suisse noted that Indonesians have historically\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/25901"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=25901"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/25901\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=25901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=25901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=25901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}