Bakrieland Eyes Rp 110b in 2011 Sales for New Bali Golf Resort
Francezka Nangoy. The Jakarta Globe, Jakarta - 26/07/2011
Bakrieland Hotels and Resorts, a unit of property developer Bakrieland Development, forecasts about Rp 110 billion ($13 million) in revenue this year from the advanced sale of units at its latest planned resort in Bali.
The golf resort, called Nirwana Bali Golf Suites, is built on a 27,000-square meter lot on Bakrieland’s 103-hectare Nirwana Bali Resort. The development is located in Tabanan, about an hour’s drive from Ngurah Rai Airport. Construction on the golf suites is scheduled to start in January and be completed by January 2014.
The company has focused on Tabanan to attract visitors who want to find a quiet retreat on Bali that has not been overly developed, like Kuta and Legian. The only other developments in the area are Bakrieland’s hotel and another resort.
“The trend for property in Bali now is moving away from Legian and Kuta because that area has become too crowded and tourists can no longer relax and enjoy the island’s beauty,” Deden Sudarbo, chief marketing officer at Bakrieland Hotels and Resorts, said on Tuesday.
The resort’s development will cost around Rp 220 billion and the average price of units will range from between Rp 1.2 billion and Rp 2.5 billion.
According to Bakrieland’s financial statement, Nirwana Bali Resort is valued at up to Rp 884.33 billion. The resort consists of an 18-hole golf course, 146 suites and supporting facilities such as function halls and retail stores.
The latest sale was expected to be opened in October and 30 percent of the 146 units on offer sold by the end of the year, Deden said. At that rate, sales could reach Rp 110 billion in the first three months of marketing.
By March 2013, all suites were expected to be sold, Deden added. The entire complex — which includes the golf resort, hotel and suites — was planned to be completed within eight years.
“The financing for the project will come mainly from our internal cash flow,” Deden said, “but if needed, the company will find a bank loan.”
Meanwhile, Bakrieland Development on Tuesday filed its financial statement with the Indonesia Stock Exchange (IDX). The company reported a 156 percent surge in profit to Rp 180.89 billion for the first half this year compared to the same period last year.