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#43421 - 06 Feb 07 03:32 JP/Panorama to build apartments in Bali
biznews Moderator Offline
Pujangga Besar

Registered: 24 Apr 08
Posts: 7508
Loc: Jakarta
Panorama to build apartments in Bali

JAKARTA: Tourism business the Panorama Leisure Group is planning to build a boutique hotel and apartment complex in Seminyak, Bali in what the management says is a vote of confidence in the island's tourism prospects.

Panorama management said in a statement that it would build the complex, the Haven Villa and Apartments, in the second quarter of 2007, with operations expected to commence at the end of 2008.

To date, the complex, which consists of seven villas and 60 apartments units, has been well-received, with the villas all having been sold out.

The management is now therefore focusing on selling the apartment units, at a price averaging at US$200,000 for a one-bedroom apartment and $340,000 to $380,000 for a two-bedroom apartment.

To attract more buyers, the group is offering a 6 percent guaranteed rental return per annum for the first three years of operation. -- JP
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#43428 - 06 Feb 07 04:01 Re: JP/Panorama to build apartments in Bali [Re: KuKuKaChu]
doremi Offline
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Registered: 17 Jan 07
Posts: 488
Loc: slouch couch
To attract more buyers, the group is offering a 6 percent guaranteed rental return per annum for the first three years of operation. -- JP

So if I buy this one-bedroom flat in Bali for $200,000, I can then rent it out for $1000 USD a month? (guarantee according to this).
Question to all you expats, is that a reasonable rent???

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#43429 - 06 Feb 07 04:10 Re: JP/Panorama to build apartments in Bali [Re: doremi]
KuKuKaChu Moderator Offline
Pooh Bah

Registered: 09 Oct 05
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i would not believe too much of what they claim.

the very first question you should be asking is, "do i own it?"

in this case, i can guarantee that the answer will be "no".
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#43433 - 06 Feb 07 04:21 Re: JP/Panorama to build apartments in Bali [Re: KuKuKaChu]
doremi Offline
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Registered: 17 Jan 07
Posts: 488
Loc: slouch couch
If I paid $200,000 wasn't the apartment mine, Kuku? I'm not clear on your last stmt.

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#43437 - 06 Feb 07 04:32 Re: JP/Panorama to build apartments in Bali [Re: doremi]
KuKuKaChu Moderator Offline
Pooh Bah

Registered: 09 Oct 05
Posts: 10790
Loc: Centre of the Universe
Quoting: nwgirl
If I paid $200,000 wasn't the apartment mine, Kuku? I'm not clear on your last stmt.

ask them, what sort of title will i get? the answer will be a lot of mumbo jumbo about Hak Milik and nominees. villa ownership by foreigners in Bali is a house of cards that's going to collapse sooner or later.

basically, foreign nationals cannot own property in Indonesia. the only way a foreigner can secure property rights is through use of a PMA company which owns the property on their behalf.

for fuller discussion on this see http://okusi.net/garydean/works/landlaw.html
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KuKuKaChu: dangerously too sophisticated

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#43443 - 06 Feb 07 04:48 Re: JP/Panorama to build apartments in Bali [Re: KuKuKaChu]
doremi Offline
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Registered: 17 Jan 07
Posts: 488
Loc: slouch couch
I'll heed your advice.

Thanks for the link (will check it out later).


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