Photos: Estonians Sold Two Major Developments in Bali and Launched New Construction Phases
Estonian entrepreneurs' real estate development company Investland Bali sold 75 lofts and villas in its various developments and started several new projects on the Indonesian island.
According to Investland Bali's acting director Kristjan Ploompuu, all 12 row house-type Amari Villa units and 49 Maya Residence units built in the Canggu resort area on Bali's south coast were sold over the course of a year, in addition to other developments. "We are now building 13 more villas next to Amari," said Ploompuu, adding that the entire complex will be completed by the end of the year.
"We also launched the Temple Heights development in the Canggu tourism area, where 15 loft-type apartments will be built on an elevated site between two old temples. The 80-square-meter lofts with designer furniture, appliances and terraces cost 130,000 euros," said Ploompuu, adding that half of the new lofts have already been pre-sold and the project will be completed by the end of the year.
"Additionally, we acquired a large plot of land in Canggu, where we plan to develop one of the largest projects in the entire area. We spent almost a year on the design, and recently started excavation work," added Ploompuu.
"Like it or not, the uncertain times in Europe are increasing the interest of both Estonians and international investors in Asia, and we receive inquiries every day. Security is an important issue. The buyers are primarily from Europe, the Arab countries and Australia. Investors from Dubai have also purchased real estate in Bali in groups of 3-5 units. Rental yields in Estonia and Europe are at best around five percent, but Bali has a tourism season year-round and the average net rental yield is between 10 and 20 percent," said Ploompuu.
"Indonesia and especially Bali is clearly a rising country both economically and in terms of tourism, and its strong investment and development prospects were recently highlighted by both Forbes and Goldman Sachs. We ourselves can see how rapidly demand and real estate prices have risen here over the past couple of years," said Ploompuu.
