Developer Gapuraprima Group, partnered with Sun Group, to build The Sun Heritage Condotel five stories on Sunset Road Kuta, Bali. Pole erection of The Sun Heritage Condotel development is done on Saturday morning was well attended by the President Director Rudy Margono Gapuraprima Group and owner of Sun Group, Imelda Sundoro. Condotel will be managed by Best Western Premiere is scheduled for completion by the end of 2011.
Director of Operations PT Sun Heritage Gapuraprima Andy Candy said, Condotel consisting of 260 units were constructed in an area of 5,000 square meters. “This is a condo that is operated as a hotel,” said Andy. From the spacious 5,000 square meters, the building is only 40 percent, remaining open green spaces, parks, and parking lots. Why choose Condotel? Why not apartments or luxury Bali villas? According to Andy, in Bali, local governments prohibit construction of apartments to maximize tax revenues.
“Condotel is an ordinary hotel. However, the ownership of each room is different. So, Condotel is operated as a hotel, but the owner is different, and operated together. Thus, the unit owner is often empty because it will still earn income on the revenue-pool”.
According to Andy, Condotel development should look at the location, and Kuta is a strategic location for Condotel. “Kuta is the bustling tourist attraction for local and Asia. Since the Bali bombing, the number of local tourists and Asia increased by 200 percent, not only for sightseeing, but also for the MICE business. The location is strategic because they want to Kuta, Sanur, Seminyak, Nusa Dua and easy, “explained Andy.
The Sun Heritage Condotel has a variety of types and prices. For studio type area of 30 square meters, the price of sold USD 900 million, and the unit area of 60 square meters of Rp 1.8 billion, and 90 units of USD 2.7 billion square meters. Largest unit, Penthouse, an area of 200 square meters, is sold at Rp 6 billion.
The condotel buyers, for the first two years of warranty revenue gain of 10 percent a year from the purchase price. After that, income earned floating. Andy predict, Condotel owners will earn income on 15 percent of the purchase price a year. In 8 years, the owner has reached break-even point.
After that Condotel owners live to reap the benefits. The rental rates for studios 30 square meters approximately USD 1 million per night. Amenities, in addition to two swimming pools, fitness facilities and five star facilities in general. Service and other facilities are also not lose with beachfront villas in Bali which is currently much favored by tourists.
This condotel is built on the land tenure status awake (HGB) pure. This is an added value for buyers. “Until the end of February 2011, from 260 units sold, 30 percent of them already sold. The buyer most of the investors in Jakarta and Surabaya,” said Andy Candy. Earlier, President Director Rudy Margono Gapuraprima Group, said today that he led the company aggressively build Condotel. In the year 2011 alone, at least 10 Condotel Gapuraprima build in various locations.