Singaporeans taking up Jakarta condominiums

JAKARTA (JP): Many Singaporeans are taking advantage of the low prices of new condominiums in Jakarta, a leading developer said yesterday.

PT Dewata Wibawa, which is developing Four Seasons Regent Residences located in Jakarta's Golden Triangle, said Singaporeans form the largest group of foreign buyers of its condos that have been put up for sale.

Singaporeans comprise 14 percent of all buyers in Towers I, II and III, the company said in a statement.

Singaporeans bought 22 condos in Tower III, exceeding the developer's target, it said quoting an executive of the company.

Dewata Wibawa marketing director Tyler E. Goodwin said he was elated by the response by Singaporeans, whom he described as "generally known for their meticulous scrutiny of properties".

Associate director of Colliers Jardine, Jerry Tan, said: "There is a feeling of immense satisfaction as we have exceeded the initial quota of 20 condos set aside for the Singapore marketing launch."

Colliers Jardine and Richard Ellis have been contracted by the developer to market Four Seasons Regent Residences in Jakarta to Singaporean buyers.

Other major overseas buyers come from Malaysia, Hong Kong and Japan.

Dewata Wibawa is a 55 percent equity owner in the S$293 million (Rp 500 billion) joint venture project along with Nissho Iwai Corp (25 percent) and Toyo Real Estate Co Ltd (20 percent).

The property will comprise four towers with 510 condos. Construction began in November and the first two towers will be completed by October 1998.

The developer has sold 96 percent of the condos, which entered the market at S$255 per square foot in November. Prices have since risen to S$326, the company said. The developer has sold 55 percent of all condos in Tower III. (04)