Foreign property developers have been prompted to operate in Indonesia due to its promising economic conditions, and the majority of these developers are from Singapore, according to kontan.co.id. Developers from Singapore have been watching Indonesia’s property industry for years.

Colliers International director Monica Koesnovagril agreed, saying Indonesia’s ongoing massive infrastructure development had attracted overseas developers. Another vote of confidence for Indonesia’s economy was rating agency Standard & Poor’s upgrading Indonesia’s sovereign ratings to ‘investment grade’ in May of this year. Gundy Cahyadi, an economist at DBS in Singapore, said the upgrade was a “clear indication of Indonesia’s improved fundamentals in recent years and investors’ acknowledgement of it”.

Although it is difficult to confirm the exact number, kontan.co.id said Singapore developers currently operating in Indonesia included CapitaLand through The Ascott Limited, Pollux Properties and Keppel Land Limited.

A delegation of the Real Estate Developers Association of Singapore (REDAS) visited Indonesia in 2013 and held talks with leaders of the Investment Coordinating Board (BKPM) and the Jakarta City government as reported by antaranews.com. The 22 members of the REDAS delegation represented 14 leading Singapore developer groups and various Asian countries such as Japan, China and Malaysia.

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