Local Updates of Bali

Pantai Lima, a cluster of five luxury villas on the west coast of Bali, is the first development built by former Hong Kong derivatives trader Mathias Echene and his wife, Gaelle. “Pantai Lima is not just another cookie cutter-estate where villas are identical to one another and shoe-horned into a tiny plot of land,” said Mr. Echene, who left his job as Asia head of derivative structuring for Calyon, the investment banking arm of the Crédit Agricole Group, in 2006.

Located on a secluded beach a 25-minute drive from Seminyak, a center for shopping and nightlife, the project covers 1.6 hectares, or four acres. Each of the 800-square-meter (8,600-square-foot) beachfront houses feature a unique design created by Mrs. Echene. They reflect a Balinese style, with high ceilings made of bamboo rafters, wood floors and large gardens. The villas are serviced year-round by 70 full-time staffers, including chefs.

Since the project was completed in August 2008, three of the villas have sold; the remaining two are priced at $3.7 million and $3.4 million (2.8 million euro and 2.6 million euro). The initial buyers have come from Hong Kong, New York and Europe, Mr. Echene said. Buyers have been looking for second homes, as well as rental income, Mr. Echene said. Units rent for between $1,400 and $2,200 a night (1,000 euro and 1,700 euro), depending on the season.

The Bali market has managed to remain strong, despite the downtown, Mr. Echene says. Finding actual data on Bali is difficult, but a case can be made that it will be more resilient than many markets. The villas in Pantai Lima are offered on a freehold basis, but buying property in Bali can be tricky for foreigners. More information on buying in Bali can be found here.

Written by: Kevin Brass
Published on: The New York Times - raisingtheroof.blogs.nytimes.com