Singapore developer targets Indonesians<\/p>\n
Damar Harsanto, The Jakarta Post, Singapore<\/p>\n
The fact that many Indonesians are eager to buy properties in
\nSingapore has also prompted the country's largest private
\ndeveloper Far East Organization Pte Ltd to introduce its luxury
\napartments in Orchard Road.<\/p>\n
During the first preview of the Orchard Scotts, Far East Chief
\nOperating Officer Chia Boon Kuah said the plush residences --
\nequipped with four 60-meter-lap pools, three full-size tennis and
\nbasketball courts -- were mostly targeting non-Singaporeans.<\/p>\n
\"We expect 50 percent or more of the apartments will be bought
\nby foreigners from Indonesia, Hong Kong, Malaysia and China,\" he
\nsaid, declining to disclose the launching date.<\/p>\n
At least 387 apartments, measuring 1,500 to 3,700 square feet,
\nwill be on offer.<\/p>\n
\"There is a growing demand for large luxurious units in prime
\ndistricts of which there has been a limited supply in the past
\ntwo years,\" Chia said.<\/p>\n
Citing official data, there are at least 166 plush apartments
\nbeing sold as of July this year, a slight increase from 163 units
\nin the corresponding period last year.<\/p>\n
\"We have had several buyers from Jakarta and Surabaya in the
\npast couple of years,\" he told The Jakarta Post.<\/p>\n
Ku Swee Yong, the general manager of the company's
\nrepresentative office in Indonesia, confirmed Chia's statement.<\/p>\n
\"We sell between 20 and 30 units of apartments per annum,\" he
\nsaid.<\/p>\n
The apartments carry price tags at between S$500,000
\n(US$295,858) and S$4 million.<\/p>\n
Ku said Indonesians buy properties in Singapore for reasons of
\nhealth, education and investment.<\/p>\n
Aside from having good hospitals and universities, Singapore
\nalso offers a promising growth of 10 percent to 15 percent per
\nannum in terms of property investment, he added.<\/p>\n
According to Chia, Far East is set to open representative
\noffices in Medan, North Sumatra; Palembang, South Sumatra;
\nPekanbaru, Riau; and Semarang, Central Java; to garner potential
\nbuyers.<\/p>\n
\"We are also looking into the possibility of expanding our
\nbusiness in Indonesia. For instance, we have seen that some
\ndisputed land in Surabaya is good for our business,\" Chia said,
\nadding his company is still studying a possible dispute
\nsettlement.<\/p>\n
Far East is confident that the sales of the Orchard Scotts's
\napartments will be high, thanks to the Singapore government's
\nplan to rejuvenate the entire Orchard Road area into one of the
\nworld's most vibrant shopping streets. It has allocated S$1.6
\nbillion for the make-over of the area in the next five years.<\/p>\n
The American architect behind the three-colored towers of The
\nOrchard Scotts, Bernardo Fort-Brescia, who also attended the
\npreview said he treated the new apartments \"like a canvas\" where
\nhe painted different colors and shapes.<\/p>\n
\"I hope this will give a new vision for the life (in the
\nOrchard Road area) so that those who live in it will share a
\nfeeling that they are living in a place that is unique and
\ndifferent,\" said the internationally acclaimed architect who has
\ncreated over than 500 high rise buildings in the United States,
\nincluding the Atlantis and New York's Westin Times Square
\nRedevelopment.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/singapore-developer-targets-indonesians-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
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