Business Times - 08 Nov 2006And all that Indonesian money ... is it clean?
22% of residential property deals are with foreign buyers
By ARTHUR SIM
(SINGAPORE) Foreign buyers now account for 22 per cent of all residential property transactions here - an increase of 24 per cent from a year ago.
According to a report by Savills Singapore, 22 per cent or 3,143 of the 14,286 homes sold in the first nine months of the year were bought by foreigners. And the full-year figure is likely to be a record high, says Savills' director of marketing and business development, Ku Swee Yong.
The report does not break down foreign buyers into nationalities - but Mr Ku says Indonesians and Malaysians account for most of the transactions. Malaysians favour mid-market homes, while Indonesians are inclined to target the top end.
Technorati: Singapore; Indonesia; money laundering.