With investors obviously convinced that Bali's current business downturn is a short-term phenomenon, the soon-to-be-opened Swiss-Bellhotel Bay View will be adding 78 luxury suites and 58 villas onto Bali's accommodation market. Expected to commence operations in September 2006, the project is estimated to represent an investment of Rp. 290 billion (approximately US$28.4 million)
Owned by PT Bali Regency 21 and being developed on a owner-investment basis, the first phase of the project Ė the 78 suites are set to come on the market this year with the remaining villa development scheduled to be built in 2007-2008.
The 78 two and three bedroom suites are being marketed at between Rp. 1.2 -2.7 billion (approximately US$118,000 Ė US$265,000), with reportedly 50% of the units already sold to both local and overseas owners. The second-phase of the project comprised of 58 villas will go on sale at projected prices of between Rp. 2-3 billion (approximately US$196,000 and US$294,000).
The new development is located in the Taman Mumbul area, nearly half-way between Nusa Dua and Bali's Ngurah Rai International Airport.
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