Rich Indonesians Buy High-End Properties In Singapore

By Ahmad Fuad Yahya JAKARTA, April 17 (Bernama) -- Many rich Indonesians are buying high-end properties in Singapore as a form of investment and their numbers exceeded other foreign nationals like the Chinese from China and Malaysians. Director for residential marketing at Raffles Quay Asset Management, Thomas Yan, said Indonesians accounted for a large number of units of the Marina Bay Suites sold to foreigners. Tan said 70 per cent of the total 221 units had been sold, half of which were to foreigners and Indonesians accounted for 30 per cent of the buyers. "Indonesia represents the highest number of purchasers. It is one of our key markets, and we continue to see strong demand," Tan was quoted as saying in the English daily, Jakarta Globe. The 66-story Marina Bay Suites, to be completed in 2013, is part of the Marina Bay Financial Centre property development in Singapore's "new downtown," Marina Bay. The US$4 billion property is built on 3.55 hectares and has three office towers, an apartment tower and a retail area. Tan said Raffles Quay was promoting the remaining four of its highest floors, including three penthouses, which were kept for the best buyers. "Buyers of Marina Bay Suites are willing to pay from US$3.5 million to US$9.5 million," he said. Meanwhile, property consultant firm, Savills, in its research on the Singaporean property market in February, said Indonesians were among the top foreign buyers in that country. According to the report, 79 per cent of Indonesian buyers purchased properties priced above US$1 million, indicating preferences for higher-quality residential space. -- BERNAMA