More Australian property to be marketed in Indonesia

More Australian property to be marketed in Indonesia

JAKARTA (JP): Australian developers consider Indonesia to be
one of the best potential property markets in Southeast Asia,
while their government seems to be encouraging foreigners to own
apartments in its country.

The success of a private company selling 20 units of
apartments near the Sydney Harbor to Indonesian buyers in April
will soon be followed by other offers from Australian developers.

Central Equity Limited, a publicly-listed developer based in
Melbourne, will hold a two-day exhibition here starting on
Saturday, and will be introducing apartments in the center of
Melbourne.

In cooperation with PT SuryaPrapta Indah, a private property
company, Central Equity will market some 100 apartment units
whose construction will be completed late next year.

Meanwhile, PT Home 21, a subsidiary of the PSP Group which
runs property and brokerage business, will also participate in a
home exhibition to offer apartments in Australia.

Home 21, which has just signed an agreement with a Singapore-
based international property consultant Victor Morris, will be
able to market foreign property in Indonesia and Indonesian
property in other countries.

"I am sure that many Indonesians will be interested in buying
Australian apartments as the units can be leased with a leasing
guarantee of six percent in the first year," SuryaPrapta's
director, Sarwono, told The Jakarta Post here yesterday.

A large amount of foreign exchange will leave Indonesia as the
two companies are convinced of smooth marketing here.

Home 21's president, Tommy S. Sanjoto, said his company
expects to market some 40 Australian apartment units at the
housing expo.

Australia rules that only half of the apartments built in the
country may be purchased by foreigners.

Nigel Hobart, an advisor at Home 21, said that Indonesia and
its neighboring countries are different markets, "but demand for
Australian property is definitely strong and increasing."

Hobart and Sarwono said there are no data on how many
Indonesians are buying apartments in Australia, but Indonesia is
viewed as one of the best potential markets after Singapore and
Hong Kong.

The executives said that Indonesian buyers will likely lease
the apartments or use them as residences for their children
studying in Australia. (icn)