\nLower than expected liquidation since the introduction of the tax amnesty program<\/p>\n
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.
Lower than expected liquidation since the introduction of the tax amnesty program The implementation of...<\/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-28767","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\/p75ss1-7tZ","jetpack-related-posts":[{"id":27891,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-market-unaffected-by-indonesian-tax-amnesty\/","url_meta":{"origin":28767,"position":0},"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":[]},{"id":25901,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-up-singapore-property\/","url_meta":{"origin":28767,"position":1},"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":26067,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-indonesians-buying-luxury-singapore-real-estate\/","url_meta":{"origin":28767,"position":2},"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":28509,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indonesians-make-last-ditch-application-for-tax-amnesty\/","url_meta":{"origin":28767,"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":34232,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/indonesias-tax-amnesty-pumps-confidence-back-into-property\/","url_meta":{"origin":28767,"position":4},"title":"Indonesia\u2019s tax amnesty pumps confidence back into property","date":"November 14, 2016","format":false,"excerpt":"\r New infrastructure developments will open up opportunities A promising future for Indonesia\u2019s real estate market. Image: Naruedom Yaempongsa\/Shutterstock By Todd Lauchlan The hottest topic in Indonesian politics right now is undoubtedly the tax amnesty program. Despite early reports that \u201cconfessions\u201d and both domestic and repatriated funds were only trickling\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":28767,"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\/28767"}],"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=28767"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/28767\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=28767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=28767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=28767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\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 USD9.8 billion (SGD13 billion) of assets have been repatriated, significantly lower than USD184 billion (SGD251 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.
\nMore: Home prices in Singapore have fallen to a record 7-year low
\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.
\nThis article originally appeared on PropertyGuru.com.sg on 30 September 2016
\nTax and real estate law will be one of the discussions in the next Property Report Congress on 13 October 2016 at the Fairmont Jakarta. The whole-day conference Property Report Congress Indonesia is a dedicated, high-level forum for industry leaders, VIPs, and real estate professionals to discuss how to continue driving growth and excellence in one of the world\u2019s dynamic real estate markets. For tickets, partnerships and enquiries, visit the official website or contact Amy@propertyguruinternational.com.
\nRead next: Pressed for land, Singaporean developers explore growing Indian cities
\n
\nSource : property-report.com
\nRead more…Singapore home market unaffected by Indonesian tax amnesty<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"