PERCHED 100m above the Indian Ocean, the view from the villas promises to be dramatic. As far as the eye could see, the gleaming blue sea stretches out into the far horizon. Waves beat persistently against the foot of the limestone cliffs, as though demanding entry into the world of man.
This is Alila Uluwatu, a Shangri-la-like hideaway reminiscent of the utopia in James Hilton’s novel The Lost Horizon. The only difference is, this will be for real.
Unlike the mainstream hotels, the likes of so many international chains, Alila Uluwatu is a boutique designer hotel. But unlike its other hotels, this will be the first time the Alila Hotels and Resorts Private Ltd (www.alilahotels.com) is adding a residential component to its resort business.
The Singapore-based hotel operator has two other resorts in Bali, Alila Manggis and Alila Ubud, but these do not come with units for sale. The company also runs Alila Jakarta, a city hotel in Jakarta and a service apartment. The hotel operator is managing other hotels in Vietnam, Thailand, China and Maldives.
International sales and marketing representative Jasmine Teow says it has become a growing trend for hotels operating in Bali to have a parallel residential component due to the popularity of the island as a tourist destination.
Hence, it is putting up for sale 28 three-bedroom villas for sale with a starting price of US$2mil each. Teow says several of the units have been sold. Besides the three-bedroom villas, the 13.5-ha Uluwatu project will have five cliff-side villas and 50 one-bedroom villas, both of which the company will manage. The project also has a spa and other food and beverage facilities.
“We are known for our designer boutique hotels. The emphasis here is personalised, exclusive service amid an ambience that comes with character. What we are selling essentially is an experience,” says Teow.
Contemporary design in cultural Bali
She says there are three types of buyers – those who love Bali and have made this their annual holiday destination, investors and retirees.
The company has so far marketed the project in Hong Kong, Singapore and Jakarta since early 2006.
The marketing team in association with Colliers International was in Kuala Lumpur earlier this week for private appointments with potential buyers.
“Under the deal, Malaysians sign a long-lease agreement of 100 years. Indonesian law does not allow a foreigner to have freehold properties unless the buyer has an Indonesian spouse and the property is bought under the spouse’s name so this is an opportunity,” she says.
Teow says land values in Bali are generally forecast to grow at rates of 25% to 30% yearly. At any time during the construction process, usually nine to 18 months there, buyers are free to sell. In line with expectations of notable real estate agencies in Bali, conservative forecasts expect the villa prices to increase by between 10% and 20% yearly in the mid-term.
“In a fast rising market, this means a property could have a value well in excess of purchase price with returns already evidenced of up to 25%, giving buyers ample opportunity for capital appreciation,” she says.
A buyer will have to pay 30% of the purchase price of US$2mil over a period of three consecutive months, says Teow.
In a cash deal, the remaining outstanding balance will have to be paid for in the fourth month. Under a second payment option, the remaining 70% balance can be spread out in equal instalments, interest free, over the 18-month construction period or whatever the remainder of the construction period at the time of the purchase.
Under a third payment option, financing is provided up to 50%, with the first 10% due over three consecutive months and the next 20% payable in equal instalments, interest free, over the construction period. The remaining 50% will begin on completion of the villas with a maximum tenor of five years. There will be 60 equal monthly instalments of principal plus interest (in US dollars) at a rate of 12%. Design and layout plans are finalised during the initial three months.
“We have a generic layout and design and there will not be too drastic changes to it. There will be a furniture and fittings package on top of the furniture which are already included in the price,” says Teow.
The project is currently about 50% complete with 50 units of one-bedroom villa. A show villa for the three-bedroom unit is also ready. The three-bedroom villa sits on a land area of between 20,000 to 30,000sq ft with a built-up of about 8,000sq ft, each with a 60 ft x 13 ft pool. There is a monthly maintenance of about US$600 for the external upkeep of the villa.
The overall look and style is open contemporary with quite a bit of water features.
Teow says the developer PT Bukit Uluwatu Villas is moving away from the traditional Balinese style with the alang-alang (thatched roof) offered by an adjacent resort Bulgari. The Indonesian company is headed by Franky Tjahyadikarta and his partner while the architect is Australian-based Kerry Hill Architecture, which is also involved with the Alila Ubud and Alila Manggis resorts.
Teow says buyers have the option to return the unit to the operator in order for them to rent out the place on a 50/50 profit sharing basis.
“If an investor buys a unit and eventually wants us to operate it, we will check the place and replace any furniture or fittings which we feel are necessary to achieve that certain ambience and atmosphere,” says Teow.
The project is located on Dreamland Beach, where another resort Bulgari, which charges US$1,000 a night is located. Teow says there are other resorts coming up along the same stretch but they will not be close to each other due to the ruggedness of the terrain.
“We generally think of a beach as a place where one goes for a swim. This beach that Alila Uluwatu is located on is accessible via a lift as it is 100m below. It is more suitable for surfing, not swimming,” she says.
The project is located at the southern tip of Bali, in Pecatu, part of the Bukit area under the Badung Regency, about 20km from Ngurah Rai Airport, about 40 minutes away.
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