Singapore’s stable economic and political environment, coupled with relaxed regulation of the property market, has continued to attract wealthy Indonesian home buyers, according to the Jakarta Post.
Thomas Tan, Marketing Director of Raffles Quay Asset Management (RQAM), said that wealthy Indonesians believe Singapore is an ideal place for property investment.
“Singapore is attractive for Indonesians because it has a strong currency and good infrastructure,” he said. “For educational purposes, Singapore also offers more opportunities.”
He said that many Indonesians are currently purchasing homes for their children. “A house is an important facility when Indonesian parents want to send their children to Singapore to pursue higher education,” he quipped.
He also noted that rapid infrastructure developments are another factor encouraging Indonesians to purchase homes in Singapore. “The (Singapore) government will build more mass rapid transport lines to connect all important districts,” he said.
With the country’s relaxed regulations regarding home ownership, many foreign buyers are flocking to Singapore to purchase homes. According to the Urban Redevelopment Authority (URA), Indonesians were the third top foreign buyers in the country, behind Malaysians and mainland Chinese. Over 50 percent of the 1,706 Indonesian buyers acquired homes ranging from S$1.5 million to S$5 million.
Christopher Fossick, Managing Director of the Singapore and Southeast Asia division of Jones Lang LaSalle (JLL), said that the positive climate in Indonesia had boosted such investments.
“We see how Indonesian investors are putting their money into real estate outside of the country, particularly in Singapore, but also in China, and as far afield as the UK and the US,” he said.
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