An artist’s impression of the Sentosa Umulas Resort in Bali. Source: Supplied
AUSTRALIAN investors are flocking to a new luxury development in Bali offering cheap retirement living for the over-55s.
Former Virgin Entertainment executive Ian Duffell has joined forces with Bali-based Australian property developer Saxon Looker’s Sentosa Worldwide Resorts group and Indonesian company Mandiri Aditama Perkasa to develop a 6.5ha site at Umalas, near trendy Seminyak.
All up, 133 luxury houses will be developed at the Sentosa Residence Umalas complex with fully furnished one-bedroom villas priced from $US199,000 ($219,000), while opulent three-bedroom, two-level riverfront villas, complete with private swimming pools, are priced from $US500,000. Two-bedroom premium villas on 282sq m sites are on sale for $US395,000.
So far, 24 villas have been sold at an average price of $US270,000, Mr Duffell said, speaking from Bali yesterday.
“About 40 per cent have sold to Australians and we have sold 30 per cent to local expats living in Bali - there has been a lot of interest from the expat community,” said Mr Duffell, who has been marketing the project for two months.
“There has also been interest from other parts of Asia, such as Singapore, and we have some interest from Europe,” he added. Most buyers are attracted to the project because of the cheap management fees. For a basic package of $US100 a week, owners get all common area garden maintenance, public lighting costs as well as their own gardens and pool cleaned weekly. They can also tap into a 24-hour on-call maintenance facility. For $US200 a week, buyers also receive a maid, shopping, cleaning and cooking, plus a nightly turn-down service.
“Most people want to think it’s a hotel-type environment,” Mr Duffell said.
While most of the buyers, particularly those aged over 55, plan to live at the facility full-time, Mr Duffell said others expected to live there for three to four months of the year and rent the property out for the remainder of the year.
The developers plan to release the three-bedders, which will be priced from $US500,000 and feature three carparks, pools and large gardens, within four weeks.
“People come in wanting to buy the one-bedder and upgrading to the two bedder because they want the ability to have people staying with them,” Mr Duffell said.
“Generally the buyers are over 50 - those are the ones who would live there, but there are people in their 30s and 40s also buying.”
Construction has started, with completion expected within 18 months.
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