Tag Archives: Batam

Habibie to build US$1 billion Batam project

Posted on 2 Feb 2016 | Comments Off on Habibie to build US$1 billion Batam project

Pollux Habibie International, the company of Indonesia’s former president BJ Habibie, is set to build luxury apartments in Batam in an attempt to woo foreign buyers, especially Singaporeans, reported The Jakarta Post.

Called Meisterstadt, the US$1 billion (S$1.4 billion) project will be developed on a nine-hectare site, and will consist of 11 towers of apartments, hotel rooms, offices and a hospital.

Ilham Akbar Habibie, son of President Habibie and commissioner of Pollux Habibie International, revealed that the mega project will be built in four stages, with works set to begin in the middle of this year.

“Initially, the plan to construct a hospital in the superblock was in the last will and testament of my mum (the late Ainun Habibie). It will be implemented in the third stage of this superblock’s construction,” he said during the project’s launch on Saturday (30 Jan).

Ilham noted that the property market in Batam is promising due to its close proximity to Singapore. He hopes that Singaporeans will be the main buyers of the apartments.

“Singapore now has five million residents and it has continued to grow. We hope that we can benefit the country’s population, particularly in the property sector,” he said.

“It happened in Hong Kong in the 1950s, during which the region’s population had flown to several provinces of the Chinese mainland near Hong Kong. We’ve now seen a similar situation in Guangdong, in which industries and businesses from Hong Kong have flown to the city.

“Such an effect will happen between Singapore and Batam.”

The developer hopes to sell a third of the apartments to foreigners while the rest will be marketed to local buyers.

In fact, 1,575 apartments in two of the towers have already been booked by potential buyers holding VVIP pass cards during the launch. A total of 1,874 VVIP pass cards were released for the event.

To be built during the first stage of construction, the apartments come in three different sizes – 24.82 sqm, 42.51 sqm and 51.59 sqm. Unit prices start from Rp 400 million (S$41,618).

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More S’poreans looking offshore for investment homes

Posted on 7 May 2012 | Comments Off on More S’poreans looking offshore for investment homes

More S’poreans buying holiday homes in neighbouring islands.

With tighter curbs on local property, more Singaporeans are looking offshore to buy investment homes.

And some are opting for affordable luxury, closer to home.

Only 30 minutes by boat from Singapore, one of Indonesia Batam’s key selling points is proximity.

Savills’ director of International Residential Sales Julian Sedgwick said: “Over the last two years, we’ve seen an increase of Singaporeans looking for holiday homes, and buying in close proximity to Singapore. It’s about the buyer looking for ease and access, and that’s what Bintan, Batam, Bali offer.

“Historically, buyers have always bought for investment in London, Sydney, New York, but we’re also seeing people wanting a bit of luxury where they can invest, get a good return on their investment, but also to benefit from that investment.”

Savills said Singaporeans now form up to 30 per cent of its company’s overseas second home buyers, up from just six to eight per cent in 2007.

In a 2012 report by global property firm Knight Frank, Singaporeans rank ninth on the list of top 10 buyers of prime holiday homes, alongside nationals of larger advanced economies like the US and Germany.

One project that’s seeing brisk sales is the five-star Montigo Resorts in Nongsa, known as the golf and resort side of Batam.

Half the lease-hold units that have been sold so far are going to Singaporeans.

The luxury villa costs less than one-tenth of what one will pay for a similar property in Singapore.

But can affordability overcome Batam’s less than glowing reputation as the place for cheap seafood and naughty nightlife?

An interviewee Channel NewsAsia spoke to said: “The sleazy side of Batam has always been known better than anything else, so it’s hard to run away from that impression.”

Montigo’s developers said their presence in Batam will help change perceptions.

Ong Chih Ching, CEO, KOP Group, Montigo Resorts, said: “As a result of that bad reputation no one has really come here and done something new and something different. That is a baggage that unfortunately now, as the pioneer for Batam, we have to carry. But every time we bring someone here they change their perception.”

But facing stiff competition from destinations like Bali and Phuket, Batam’s pitch as a prime property market still has some way to go.

Source : CNA – 7 May 2012

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Posted in Luxury Property, Property Market / Real Estate

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