The TAS Amnesty Scheme (TAS) in Indonesia has not affected Singapore’s residential sector in face of it’s implementation as reported by Credit Suisse. It further noted that being the one of the largest foreign prospects of Singapore’s prime residential property, there were apprehensions that Indonesians may liquidate and repatriate their assets and properties back to Indonesia.
It was disclosed that assets repatriated came close to only US$13 billion (S$13 billion) which is notably lower than their declared assets of US$184 billion (S$251 billion).
On the other hand, the TAS implementation did not culminate a rise in Indonesians acquiring prime residential estates. According to the Urban Redevelopment Authority (URA), foreign buyers in the Core Central Region (CCR) made up of only 610 out of 1,844 and with Indonesians acquisition for 136 units.