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Swire Properties expects sales boost for Indonesia Savyavasa project as Jakarta eases foreign buying requirements

  • A sales roadshow for Savyavasa covering Hong Kong, mainland China, Singapore and other cities in Southeast Asia will kick off in the first quarter of 2024
  • Move by Jakarta to make it easier for foreigners to buy property in Southeast Asia’s largest economy is expected to boost sales

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A sales roadshow for Savyavasa to take in Hong Kong, mainland China, Singapore and other cities in Southeast Asia will kick off in the first quarter of 2024. Photo: Handout
Cheryl Arcibal
Swire Properties is ramping up marketing and promotion for its joint venture luxury property project in Indonesia following Jakarta’s move to ease property purchase requirements for foreign investors by allowing them to simply present their passport instead of a special stay permit.
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A sales roadshow for Savyavasa, a joint venture between the Hong Kong developer and Jakarta Setiabudi International Group, to take in Hong Kong, mainland China, Singapore and other cities in Southeast Asia will kick off in the first quarter of 2024, said Adrian To, director of residential at Swire Properties.

The project, part of a HK$100 billion (US$12.8 billion) 10-year capital expenditure plan by one of Hong Kong’s oldest and largest builders of luxury homes and grade A offices, has pre-sold about 69 units as of late October, according to the latest data. Swire Properties, however, believes that Jakarta’s easing measure will further boost demand, with new enquiries already received in Singapore and mainland China among others.

Swire Properties has a 50 per cent stake in the project that will comprise around 400 units and which is located in South Jakarta, close to the Sudirman central business district, foreign embassies and five-star hotels. Units with two to four bedrooms have a starting price of 7.8 billion rupiah (US$500,000), excluding taxes.

“We welcome the Indonesian government’s latest initiative, which will make it much easier for foreigners to obtain property ownership rights in the country with eased requirements,” said To. “This is beneficial to Savyavasa.”

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To obtain a stay permit in Indonesia, foreigners are typically required to submit proof of sufficient funds, undergo background checks, provide a sponsor letter and evidence of adequate health and life insurance, among other items.
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