One property mogul, the director of Majestic Land, Vishnu Tri Anggoro, says he’s putting his money in Ubud because Bali’s investment potential even surpasses that of Abu Dhabi, reports Kompas.
Not that Bali needs any more hotels or properties judging by the traffic and crazy amount of rooms available if you do an Agoda search.
However, despite the apparent overcrowding of South Bali, Anggoro’s hanging on to the rise of Bali’s hospitality industry with Majestic Land’s development of a condotel project in Ubud.
“Bali has always been a destination for holidays, especially for newly married couples. The property market in Bali is still widespread,” surpassing Abu Dhabi, explained Anggoro, as quoted by Kompas. He also added that in addition to the island’s natural beauty, Bali also holds onto its cultural heritage, making the market especially promising for the Island of the Gods.
Anggoro’s condotel project, the Condotel Royal Kamuela Villas Sebatu is reportedly in Ceking Village, Ubud. If all goes as plan (rarely in Bali), construction should start in March 2015 and last for 18 months. Built on an area of 10,000 square meters, 16 condotel units are planned to be built.
Anggoro confidently (maybe over-so) believes all units will be sold out within three months.
Based on Kompas reports, price trends of Bali condotels sure are a motivating factor for Anggoro and his company. As of June 2014, the price per square meter surged up to IDR37 million, up an average of 25.3 percent.
Source: Kompas
Photo: Wikimedia Commons
