Singaporeans eye waterfront homes abroad

ALL content used in this not-for-profit blog remain the property of their respective owners.
http://business.asiaone.com/property/news/singaporeans-eye-waterfront-homes-abroad

Funtasy Island

With a premium tagged to waterfront properties in Singapore, local investors appear to be looking at affordable developments on nearby islands instead.

These projects include those in Bintan and Batam, both in Indonesia.

The Heritage Bintan on Bintan Island is an upcoming condotel project - comprising a hotel, suites and serviced residences - developed by Indonesia-based firm PT. Stareast Sejahtera Group.

The project has already sold about 80 per cent of its 218 units to Singaporeans, even though it will be officially launched here only next month, said Mr Edwin Ng, chief executive and president of Stareast.

Studio apartments, the smallest units at 435.9 sq ft, are priced from S$180,000, while executive suites - the biggest and most expensive units - at 1,306.7 sq ft start from S$440,000.

Bintan is a renowned tourist destination and has "good investment potential". With a new international airport currently being built, the number of visitors to Bintan Resorts is expected to increase from 500,000 per year to over a million by 2015.

Another offshore island development that has gained traction among Singaporeans is Funtasy Island, located on a small isle near Batam.

Touted as the world's largest eco-theme park, about 250 waterfront villas there have already been sold, with 70 per cent of buyers hailing from Singapore, said a report by The Straits Times on April 20.

Singaporeans buy (these waterfront properties on nearby offshore islands) in anticipation of price increases in the future.