Singaporean property developer Chyau Fwu Group (CFG) is targeting Indonesian buyers for its latest development on the back of figures showing that Indonesian's account for about 33 percent of overseas property purchasers in Singapore.
Senior executive Eddie Chow said Wednesday that the firm was hoping that 50 percent of the buyers of its latest residential project, called Parkview Eclat, would be Indonesians.
Citing government figures, CFG said that Indonesians were the largest foreign buyers of property in Singapore last year, with most of the others coming from the Middle East, Hong Kong and China.
Given this, the group is planning to launch its Parkview Eclat project, which is believed to be one of Southeast Asia's most luxurious residential developments, in Indonesia.
CFG is offering Indonesians the first opportunity to purchase residential units in Parkview Eclat, which is located in Grange Road, about a five-minute walk from the country's famous shopping street, Orchard Road.
"We are preserving an air of exclusivity for these buyers for all 35 limited edition apartments," Chow said.
He said that the construction cost of the building was between S$500 (US$327.78) per square foot (psf) and S$600 psf, well ahead of Singapore's average of around S$300.
Built on 12.2 hectares, the exclusive apartments will range in size from 3,000 square feet, or about 333.33 square meters, up to 10,000-square-feet "super-penthouses".
The development is expected to be finished by mid 2009.
An exhibition on the Parkview Eclat development will be held in the Egonia Room at the Hotel Mulia Senayan on March 23-25 and on March 31-April 1.