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176 Unit Condominium-Hotel for Bali's Nusa Dua

Project to be Managed by Novotel Scheduled for Completion in December 2006.

(4/23/2005) In June 2005, P.T. Metafora International will commence construction of a 176 unit Condominium Hotel on a 4.8 hectare site in the Bali Tourism Development Corporation (BTDC) at Nusa Dua.

Set for completion and occupancy in late 2006, the US$ 19 million project will comprised 10 towers - 6 for short term rental to the public and 4 dedicated to private residences.

Located in close proximity to the beach and Nusa Dua's golf course, units will be sold at prices starting from US$140,000 to US$300,000 for the top-of-the-line penthouse model.

According to reports in the Indonesian-language Bisnis Indonesia, one tower has been pre-sold to Accor Australia.

Novotel has been appointed to operate and manage the 108 unit condominium hotel and have guaranteed an annual rate of return on investment (ROI) of 8% for the first 5 years of ownership in combination with the owner's right to occupy purchased units for 21 days of every year.