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Indonesia's residential property sales grew 1.5 percent quarter-on-quarter in the January-March
period, down from 6.0 percent in the previous three months, in line with a broader economic
slowdown, according to the latest survey by the central bank. (bit.ly/2agELGI)
Property developers pinning hopes on the tax amnesty to help revive sluggish sales in the
country of 250 million people will be targeting individuals such as Indonesian banking-toproperty tycoon Tahir.
"Many will participate (in the tax amnesty), including me," Tahir, who was ranked Indonesia's
10th richest person by Forbes with an estimated net worth of $2 billion last year, told Reuters in
a text message.
Tahir, who goes by one name, aid he has not decided which Indonesian assets to invest in. He
declined to disclose how much money he plans to bring home and from where.
Several banks are advising tax amnesty clients to invest in real estate.
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Indonesian state-controlled lender PT Bank Tabungan Negara Tbk is partnering with some
developers to offer investment opportunities to its clients, said President Director Maryono, who
goes by one name.
Maryono estimated the tax amnesty could boost the high-end property market by 5-10 percent
next year, while Tulus Santoso Brotosiswojo, a director at PT Ciputra Development Tbk, expects
at least 20 percent of the repatriated funds to be invested in the overall property sector.
Property assets priced above 2 billion rupiah ($153,000) are likely to sell more, as people who
were previously scared of being chased by the tax office would now be less hesitant about
making such purchases, Adrianto Pitoyo Adhi, President Director of PT Summarecon Agung
Tbk, told Reuters.
Estimates on how much the scheme will revive the property market vary. Shares of developers
haven't risen much since the announcement, highlighting some doubts over the sector's
immediate rebound.
"We await implementation before we can know the tangible impact," said Matthew Shaw,
Indonesia managing director for property services provider Cushman & Wakefield.