Rich Indonesians Snap Up Singapore Luxury Homes as Taxman CallsBy
Indonesians beat all foreign buyers of high-end units in 2016
Property agents say buyers are worried about Jakarta tax plan
Nevermind that Singapore is experiencing one of the worst property slumps in its history, demand for luxury housing is suddenly coming from an unexpected group: wealthy Indonesians.
This year’s purchases by Indonesian nationals of homes valued at S$5 million ($3.7 million) or more have already nearly quadrupled from last year’s total. The stepped-up buying coincides with the passage of a law in Jakarta aimed at getting Indonesians to repatriate or pay taxes on an estimated $300 billion that had fled to Singapore during previous periods of unrest, lest those who took their money out be found out for tax evasion — a reason cited by three property agents as a primary reason behind the purchases. Indonesians were the top foreign buyers at the luxury OUE Twin Peaks tower, which went on sale in July…
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