{"id":7147,"date":"2016-09-19T09:14:02","date_gmt":"2016-09-19T01:14:02","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=7147"},"modified":"2022-07-01T04:03:45","modified_gmt":"2022-06-30T20:03:45","slug":"wealthy-indonesians-singapore-homes","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/wealthy-indonesians-singapore-homes\/","title":{"rendered":"Wealthy Indonesians keep eye on Singaporean homes"},"content":{"rendered":"
<\/div>
\"Wealthy
Wealthy Indonesian buyers have their eye on luxury homes, valued at $5 million or more<\/figcaption><\/figure>\n

Singapore’s property market is seeing a surge of interest from wealthy Indonesians, even as\u00a0developers brace for an impending slump.<\/p>\n

These buyers have their eye on luxury homes, valued at $5 million or more, according to latest\u00a0Urban Redevelopment Authority data.<\/p>\n

From January to mid-August this year, Indonesians purchased 30 of these properties. They bought\u00a0just eight luxury homes in 2015.<\/p>\n

\u201cWe\u2019re seeing a big increase in Indonesians buying the most expensive property,\u201d said Mr Ang Kok\u00a0Leong, a senior estate agent at SLP Realty.<\/p>\n

\u201cIndonesians see Singapore as a politically stable safe haven,\u201d explained JPMorgan Chase & Co’s\u00a0Jasslyn Yeo, a global market strategist.\u00a0\u201cThis is an important factor, especially at this time when you see so much instability in the region,\u201d\u00a0she said.<\/p>\n

Indonesians have been snapping up more property overall. They bought 189 homes here in the first\u00a0six months of the year, data from Cushman & Wakefield showed. This is 23 percent rise from the\u00a0first half of 2015.<\/p>\n

The surge in home purchases comes after the passing of a tax amnesty plan. Starting from June,\u00a0Indonesians have to pay a four percent tax on offshore wealth, that can take the form of property or\u00a0any funds.<\/p>\n

The tax is expected to increase to 10 percent by next March. Not declaring offshore wealth comes\u00a0with a hefty penalty \u2013 they will have to pay 200 percent of what they owe, Bloomberg<\/a> reported.<\/p>\n

This amnesty is targeted at rich Indonesians, who are set to repatriate or pay taxes on about $300\u00a0billion in offshore wealth, left in Singapore during times of unrest.<\/p>\n

\u201cThis global shift into increased transparency will no doubt result in subtle yet important changes in\u00a0the portfolio allocation of a typical high-net- worth individual,\u201d said Mr Evrard Bordier, managing\u00a0partner of Swiss bank Bordier & Cie.<\/p>\n

Read Bloomberg<\/a> for the full report.<\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore’s property market is seeing a surge of interest from wealthy Indonesians, even as\u00a0developers brace for an impending slump. These buyers have their eye on luxury homes, valued at $5 million or more, according to latest\u00a0Urban Redevelopment Authority data. From January to mid-August this year, Indonesians purchased 30 of these properties. They bought\u00a0just eight luxury…<\/p>\n","protected":false},"author":17,"featured_media":54436,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53589,57131],"tags":[],"persona":[],"class_list":{"2":"type-post","9":"entry","10":"has-post-thumbnail"},"acf":[],"yoast_head":"\nWealthy 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