JAKARTA: Batam, Bintan, & Karimun of Riau Islands are being set up by Public Housing Ministry to be a free zone for foreign residents to own properties.
Public Housing Minister Djan Faridz revealed the foreign residents could own directly properties with direct lease rights within of 60 years or 90 years. In addition, he had already communicated the plan to National Land Board (BPN).
Residents of Singapore and its surrounding become a market target to acquire apartments in the zone. Thus, Public Housing Ministry should coordinate with Finance Ministry and Home Affairs Ministry.
“Multiplier impact of the free zone for foreign ownership in Batam, Bintan, and Karimun is quite huge. The three islands could be the second Singapore. On the other word, foreign residents will buy homes in Indonesia.” (t01/aph)
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