Expatriates Start Acquiring Properties in Surabaya

About 10 percent of 450 apartments and Small Office Home Office (SOHO) developed by Operational Cooperation (KSO) PT Darmo Permai and PT Waskita Karya in the 88 Avenue Surabaya Project had been purchased by expatriates.

KSO Wskita Darmo Permai managing director Kevin Sanjoto said that 65 percent of the 450 units had been sold. About 50 percent of the buyers were from Surabaya, 10 percent were expatriates, 15 percent from Jakarta and the rest of them were buyers from East Indonesia.

“The expatriate buyers are from Japan, Singapore, and Korea. Some of them need places during their stay in Surabaya, including as preparations to face the ASEAN Economic Community (AEC),”Kevin said during the ground breaking ceremony of the project on Saturday, January 30, 2016.

Waskita Karya Realty president director Didit Oemar Prihadi said that KSO Waskita Darmo Permai would hold road shows in big cities to boost the sales.

“With such a strategy, we believe that we will gain new buyers, because many investors outside Java are interested in investing in Surabaya,” Kevin added.

The apartment and SOHO project was a part of a superblock project developed on a 3.4-hectare land in West Surabaya. It was planned that the project would have eight towers consisting of SOHO, The Residence, The Suites, The Sky, The View, The Terrace, The Heritage and The Infinity. SOHO and The Residence would be the first towers to be completed.

“By looking at the sales figure, and since the development project has been started, we expect to complete the project by 2018, and the handover can be conducted on August 8, 2018,” Didit said.