Yahoo Finance Savyavasa ultra-luxe condo in south Jakarta from $675,000
Units at the exclusive Savyavasa in the prime Dharmawangsa enclave have panoramic views of the skyline (Picture: PT Jantra Swarna Dipta)
Hong Kong property giant Swire Properties rolled out its first luxury residential project in Jakarta, Indonesia, the 402-unit Savyavasa, to an international audience early this year. The project was showcased in Singapore in January and in Hong Kong this month.
The project is a 50:50 joint venture with established Indonesian developer Jakarta Setiabudi Internasional (JSI) Group under the joint-venture company, PT Jantra Swarna Dipta.
The timing of the international launch of Savyavasa is significant, as it comes on the back of easing restrictions on foreign property ownership in Indonesia.
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In August 2023, the Indonesian government announced that foreigners can purchase residential property as individuals, with a property title issued in their name. “They don’t need the complication of setting up a company; all they need is their passport,” says Chandra Asali, director of JSI Group and president director of PT Jantra Swarna Dipta.
Asali: [Foreigners] don’t need the complication of setting up a company; all they need is their passport (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Foreigners enjoy the same tax treatment as locals
Foreigners will also enjoy the same tax treatment as local Indonesians. When purchasing a property, home buyers are subjected to an 11% value-added tax and a title transfer tax of 5%. There is also a 1% super luxury tax on apartments with a minimum built-up area of 150 sq m (1,615 sq ft).
“Foreigners and locals have the same tax treatment, unlike in Singapore, where foreigners are hit by a 60% additional buyer’s stamp duty,” says Asali.
There are no restrictions in selling the property either, according to Asali. When selling, there is a final tax of 2.5% on the sale price, he adds.
Savyavasa, located in the exclusive neighbourhood of Dharmawangsa in South Jakarta, has 402 units across three towers (Picture: PT Jantra Swarna Dipta)
Unlike Singapore, Indonesia does not make land available on a freehold tenure, only leasehold. Land purchased by developers is held under Hak Guna Bangunan (HGB) and issued on a 30-year lease with the option to extend every 20 to 30 years. Lease renewal only involves an administrative fee, according to Asali.
Under the HGB, home buyers — locals and foreigners — will be issued strata-titled certificates allowing them to renew the lease for 20 to 30 years, incurring only an administrative fee, he adds.
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However, there are still some restrictions in place. Foreigners can purchase residential land, but it must not exceed 2,000 sq m (21,528 sq ft). There is also a minimum purchase price for foreigners of IDR3 billion ($256,467) for apartments and IDR5 billion ($427,445) for landed property.
Arrival and drop-off point at Tower 1, the most luxurious of the three towers at Savyavasa (
Setting the benchmark
Savyavasa is expected to set the benchmark for luxury residences in Jakarta. It has just three towers with 402 units on a sprawling 3ha (322,920 sq ft) site. It is situated in Dharmawangsa, a prime residential neighbourhood in south Jakarta, just 3.5km from the CBD. It is near lifestyle amenities such as shopping malls, restaurants, bars, luxury hotels, international schools and embassies. The American Club is also just a minute’s walk away.
“Dharmawangsa is a popular expatriate enclave,” says Bram van Hoof, director of JSI Group. “The closest comparison in Singapore is probably Nassim Hill.”
Swire Properties is a property developer whose name is synonymous with ultra-luxury residential projects such as Eden in Singapore, designed by Thomas Heatherwick of Heatherwick Studio, and Opus in Hong Kong, designed by Frank Gehry. Opus had shattered records when a 5,444 sq ft, top-floor apartment was sold for US$66 million in 2015. Eden in Singapore saw all 20 units sold en bloc for $293 million to the Tsai family of Want Want Holdings in 2021.
Watson-Swingewood: With the new regulations on foreign ownership, we’re seeing a lot more overseas investors showing interest in the property (Photo: Samuel Isaac Chua/EdgeProp Singapore)
Not surprisingly, Savyavasa boasts household names in the design of luxury residential and hospitality projects, from Chan Soo Khian of Singapore-based SCDA Architects, the appointed project architect; to Yabu Pushelberg for the interior design of the luxury tower (Tower 1); Richard Sadeki for the interiors of Towers 2 and 3; and landscape designer Karl Princic of Intaran Design.
The developer is also offering fully furnished units as an option to international buyers, says Van Hoof of JSI. The furnishing is estimated at 5% to 7% of the purchase price of the apartment, he adds. Alternatively, the developer can also help liaise with furniture rental companies, if the international investor prefers to rent out the unit fully furnished.
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Four-bedroom unit at Tower 1 of Savyavasa, with interiors designed by Yabu Pushelberg (
Prices from $478 psf
The most upscale tower at Savyavasa is Tower 1, with just 72 units and a mix of three- and four-bedroom apartments. Three-bedders are from 325 to 336 sq m (3,498 to 3,617 sq ft), while four-bedroom units are from 485 to 496 sq m (5,221 to 5,339 sq ft). The units also come with a 6m ceiling height and full-height windows offering panoramic views of the city from its 40-storey perch.
To date, over 60% of the units at Tower 1 have been sold, says Sophie Watson-Swingewood, vice president director, Indonesia, at Swire Properties.
The 41-storey Towers 2 and 3 have a combined total of 330 units and a mix of two-, three- and four-bedroom apartments. Two bedrooms are from 131 to 133 sq m (1,410 to 1,432 sq ft). Three-bedrooms range from 195 to 254 sq m (2,099 to 2,734 sq ft), while four-bedroom units are 264 sq m (2,842 sq ft). “Demand has come from families and those downsizing from large houses in the area,” says Watson-Swingewood. “With the new regulations on foreign ownership, we’re seeing a lot more overseas investors showing interest in the property.”
Van Hoof: Dharmawangsa is a popular expatriate enclave; the closest comparison in Singapore is probably Nassim Hill (Photo: Samuel Isaac Chua/EdgeProp Singapore)
The entry price for a 131 sq m (1,410 sq ft) two-bedder is $675,000 ($478 psf), while a 195 sq m (2,099 sq ft) three-bedroom apartment is priced from $1.015 million ($484 psf). Four-bedroom units of 264 sq m (2,842 sq ft) start from $1.38 million ($486 psf).
In Singapore, for $675,000, one can only purchase a five-room resale flat in the suburbs of Choa Chu Kang or a three-room resale flat in the city fringe of Kallang/Whampoa or Queenstown. Meanwhile, the entry price for a two-bedder in the prime districts of Singapore is $1.31 million ($2,135 psf) for a 614 sq ft unit, based on caveats lodged.
Savyavasa is targeted for completion by the end of this year, with handover expected in 2Q2025.
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