Bali is booming after the bomb
Thursday, 22nd April 2004
Source : 4Hoteliers
BALI - April 20, 2004.
Bali is booming after the bomb and making a come back like no one expected. Investors and tourists alike are flocking to this magical island to stake their claim in the new and improved Bali. (www.nubali.com)
According to Hanno Soth, chairman of PT. Hanno Bali, a well-known developer on the Island, the world has realised that Bali is a huge brand name that conjures up images of an idyllic tropical getaway. The past 2 years have seen a diversion of Bali 's visitors to other destinations, however they are now coming back to the island as in the end there is no other place like it in the world. What you have here is a developed tourism market, surrounded by stunning natural beauty and a unique and ancient culture that seems for the most part oblivious of the modern invasion. Here, people can be seen in the oddest places carrying on like they would have 100 years ago.
Yes, the Island has lost its innocence after the bomb, but with that tragedy Bali has transformed herself into a sophisticated lady, growing out of her many childish qualities, in favour of class and refinement.
An example of this new sophistication is "Ku Dé Ta", a fine dining beachfront restaurant in Seminyak, where long time residents and the international jet set gather for breathtaking sunset cocktails, dressed in their chic white linens, sipping expensive drinks and enjoying world class dining at world class prices.
The amount of construction that has taken place during the tourist loll is staggering. And not just in quantity, but also in quality and the amount of money being spent. We are seeing multi-million dollar projects popping up right and left, almost overnight. The soon-to-be completed avant-garde restaurant/lounge "The Landing" boasts of taking things literally to a 'higher level', with its four storey terracing to a helipad and 360 degree panoramic views of Bali. (www.nubali.com)
Try to book a villa in the posh Oberoi/Seminyak area and you will find most boutique villa resorts are fully booked. And these places are not cheap to stay in averaging USD $250 - 400 / night for a 2 bedroom villa.
People like staying in Seminyak's private villas as they offer guests the ideal escape, where, when they close the front gate, they find themselves in a private world to enjoy their own swimming pool and luxurious architectural designs that are usually a mix of ethnic and contemporary. Maids, chauffeurs, chefs and masseuses are only a phone call away. (www.nubali.com)
According to PT. Hanno Bali a typical villa in Bali costs an average of USD $150,000 - $250,000 and often are leasehold properties with leases of 20-30 years. What is remarkable about these villas for expats that purchase them is the return on investment that the villa generates so it often times does not matter whether they are freehold or lease, owners typically see 100% return on their investments over 4 and 5 years, plus they have the villa to enjoy for themselves and their friends whenever they want. Whether leasehold or freehold, expats that purchase these villas see such a return on their investment that the fact that the property is freehold or leasehold is not important. Not only do owners typically see a 100% return over a 4-5 year period but they also have a villa which to enjoy themselves alone or with friends.
The ultra-wealthy are also building the ultimate estates on Bali. A Jakartan Coal Baron, has built a magnificent mansion perched high above the sea on the cliff near Uluwatu, complete with cliff-side swimming pools and tennis courts. (www.nubali.com)
Properties like "The Istana", also on the cliff and near Uluwatu fetch USD $2000/night. The big hotel chains like Four Season and Ritz Carlton have also joined the villa game and offer their guests private villas and estates, the price? From $450/night to upwards of $3000.
By all indications Bali is coming back stronger then ever. It might be wise to sign up right now.