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Indonesia becomes promising market for Singaporean property

Written By vibykhmer on Saturday, August 22, 2009 | 3:35 AM

JAKARTA, Aug. 22 (Xinhua) -- Indonesia becomes a promising market for Singaporean property, contributing a big share for foreign investment in the sector, the Kompas daily reported Saturday, quoted an official.

Eindrata Tanukusuma, the general manager of property sales in the Far East Organization, the largest property developer in Singapore, said that at the peak of Singaporean booming property in 2007, Indonesian investors filled 31 percent of foreign market in the country. That time, 27 percent of Singaporean property was bought by foreign buyers.

"We are optimistic that Indonesia still has a chance to contribute much, especially buyers from big cities like Jakarta, Bandung of West Java province, Surabaya of East Java province and Semarang of Central Java province," said Tanukusuma in Semarang on Friday.

He said that the trend was initiated by growing people who chose Singapore to look for qualified education and health services.

He also said that in average foreign buyers filled 13 percent of Singaporean property, the second largest after Malaysia.

"At least Indonesia had once dominated foreign purchasing in Singapore. We hope that Indonesian buyer percentage could return to 2007 level," said Tanukusuma.

He admitted that Singaporean property had decreased in 2008 due to impact of the global financial crisis, resulting in sharply decrease from 14,800 units per year to 4,300 units, the lowest level in the last 13 years.

However, sales tended to increase this year and were expected to recover in 2010.

According to the company's assistant manager of Indonesia's representative office Maikel Tanuwijaya, Indonesia's positive economic growth would promote investment in Singapore.

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