{"id":27891,"date":"2016-09-30T12:22:46","date_gmt":"2016-09-30T05:22:46","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty\/"},"modified":"2016-09-30T12:29:54","modified_gmt":"2016-09-30T05:29:54","slug":"singapore-home-market-unaffected-by-indonesian-tax-amnesty","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty\/","title":{"rendered":"Singapore home market unaffected by Indonesian tax amnesty"},"content":{"rendered":"


\nIndonesian property holdings in Singapore have seen lower than expected\u00a0liquidation since the introduction of the TAS.
\nThe 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.
\nCredit Suisse noted that Indonesians have historically been amongst the largest foreign buyers of prime residential property in Singapore. As such, when the TAS was introduced, there were concerns that Indonesians would liquidate their property holdings in Singapore and repatriate the assets back to Indonesia, adding downward pressure on prime residential prices.
\nHowever, it was found that only US$9.8 billion (S$13 billion) of assets have been repatriated, significantly lower than US$184 billion (S$251 billion) in declared assets.
\nOn the other hand, the TAS has also not resulted in any rise in Indonesians buying prime residential properties. Based on Urban Redevelopment Authority (URA) data up to 20 September, foreigners made up 610 of 1,844 buyers in the prime Core Central Region (CCR), with Indonesians accounting for 136 units.
\nIn fact, year-to-date volumes have continued to be subdued, in light of cooling measures like the Additional Buyers Stamp Duty (ABSD), which is targeted at foreigners.
\n\u201cConsequently, foreigners represented 33 percent of total CCR sales year-to-date, in line with historical averages, while Indonesian buyers represented 7.4 percent of (the) total (sales), below historical averages of 10.0 percent,\u201d said the report.
\nAs such, the modest increase in foreign buyers at new launches may have been driven by a combination of project attributes and discounts \/ incentives.
\nAt Cairnhill Nine, for instance, 50 percent of the 215 units sold were bought by Singaporeans, with the remainder well distributed among Indian nationals, mainland Chinese, and Indonesians.
\n\u201cWe understand recent new launches of prime properties such as The Nassim (10 units sold) and Gramercy Park (36 units sold) too saw similar buyer profiles, while 80 percent of buyers at Tower 1 of OUE Twin Peaks were Singaporeans, likely driven by its deferred payment schemes,\u201d added Credit Suisse.
\n\u00a0
\nCheryl Marie Tay, Senior Journalist\u00a0at PropertyGuru, edited this story. To contact her\u00a0about this or other stories, email cheryl@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore home market unaffected by Indonesian tax amnesty<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Indonesian property holdings in Singapore have seen lower than expected\u00a0liquidation since the introduction of the...<\/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-27891","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\/p75ss1-7fR","jetpack-related-posts":[{"id":28767,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty-2\/","url_meta":{"origin":27891,"position":0},"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":26067,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-luxury-singapore-real-estate\/","url_meta":{"origin":27891,"position":1},"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":25901,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-up-singapore-property\/","url_meta":{"origin":27891,"position":2},"title":"More Indonesians buying up Singapore property","date":"September 13, 2016","format":false,"excerpt":"\r Indonesians 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 The number of Indonesian nationals purchasing luxury homes in Singapore has nearly quadrupled from last year\u2019s total, reported Bloomberg. Data from\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":28509,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indonesians-make-last-ditch-application-for-tax-amnesty\/","url_meta":{"origin":27891,"position":3},"title":"Indonesians make last-ditch application for tax amnesty","date":"October 4, 2016","format":false,"excerpt":"\r The queues ran long and late into the night Traffic in Jakarta. Kichigin\/Shutterstock Around 2,750 people lined up at Indonesia\u2019s tax headquarters to beat the deadline of the first phase of the tax amnesty program \u2014 with some even queuing up until late night. In a handwritten letter to\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":27891,"position":4},"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":29481,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/the-joy-of-tax-3-things-weve-learned-about-real-estate-taxes-in-indonesia\/","url_meta":{"origin":27891,"position":5},"title":"The joy of tax: 3 things we\u2019ve learned about real estate taxes in Indonesia","date":"October 11, 2016","format":false,"excerpt":"\r Tax amnesty, tax havens and luxury taxes in Indonesia \u2013 it\u2019s all going on Africa Studio\/Shuttershock Tax, the second most interesting word in the English language ending with \u2018x\u2019, is cropping up in Indonesian property news a lot lately. With current growth figures nothing to celebrate \u2013 a far\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\/27891"}],"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=27891"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/27891\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=27891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=27891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=27891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}