Bisnis.com reports that PT Suryainti Permata will be marketing The New Kuta Bali Condotel as part of its total development of the The Rich Prada Hotel project at Dreamland, Pecatu, on the Ungasan Peninsula.
The Marketing Director of PT Bali Pecatu Graha, Caleb Rudolf, said the property would be marketed in three of Indonesia's largest cities – Surabaya, Jakarta and Medan. Adding, "We will begin in Surabaya, after that we'll promote in Jakarta and Medan."
Rudolf went on to explain that only around 30% of the total 950 units comprising the Condotel would be offered to outside investors with the remaining units staying in the hands of PT Suryainto Permata.
Bali Pecatu Graha, according to Rudolf, will serve as the complex managers while the operations of the resort would be done by The Rich Prada chain. Elaborating, he added: "so the development concept will resemble the 'Bali Tourism Development Corporation (BTDC)' in Nusa Dua, where PT Suryainti Permata purchases a cluster in the 'Bali Pecatu Graha' in which to build a Condotel."
He said that for those investing in Condotel units the developer is prepared to give a 11.5% annual return against an average occupancy of 60%. This calculation is based on their observation that starred hotels in Bali are averaging occupancies of around 70%.
Rudolf said he is confident that the Condotel project will achieve occupancies in excess of 70% based on the continuing growth in foreign tourist arrivals to Bali. He predicted the project, which has already commenced construction, will be in operation by 2011. Moreover, he said that with the improving real estate market in Indonesia, he was confident that all the units offered to outside investors would be sold within 6 month's time.
He told the press that the property investment in the project remains a relative bargain in comparison to the cost of an apartment in Singapore. Units at the New Bali Kuta Condotel not facing directly on the golf course would be sold for Rp. 1.15 billion (US$115,000) per unit, while units with views would be sold for between Rp. 1.2 billion – Rp. 1.3 billion (US$120,000 – 130,000).
[Bali's Last Major Resort].
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