Luxury living in seaside residential projects in Indonesia has emerged as a trend, becoming a hit for those who cannot afford homes at Sentosa Cove.
The Montigo Resorts, which is located in Batam Island, features 45 semi-detached and terrace houses with sizes of more than 560 sq m and priced from $1 million. Montigo Resorts also features 88 villas that are approximately 280 sq m in size and has an average selling price of $420,000.
The project was developed by Singapore-based KOP Group, whose portfolio includes Hamilton Scotts and Ritz-Carlton Residences.
Out of the 88 units launched for sale, 36 units have been snapped up, with buyers mostly including Singaporeans and Singapore-based expatriates. The project also guarantees an eight percent rental yield for investors, said Leny Suparman, CEO of KOP Properties.
Over in Bintan Island, Singaporean developer BU Holdings is selling a 162-villa seaside project – Pantai Indah.
BU Holdings, which was established in 2009, has teamed up with Gallant Venture, whose portfolio includes Laguna Bintan and Nirwana Gardens, for the development of the project.
Pantai Indah comprises three- and four-bedroom villas, with sizes ranging from 400 sq m to 88 sq m and priced between $700,000 and $1.8 million.
The more pricey beachfront villas feature lap pools and optional Roman bar and jacuzzi, while other units also come with optional swimming pools. Among the other facilities include a multipurpose hall, tennis courts and clubhouse.
The villas are located nearby Lagoi Beach Village on the northern portion of the island, which will feature food and beverage outlets, as well as shopping stores upon its completion in the fourth quarter of 2012.
Resorts and hotels in the nearby area, such as the Banyan Tree, also offer four golf courses and a combined 36 food and beverage outlets.
Out of the project’s 26 beachfront villas, ten have already been sold during its soft launch, mainly to Singapore-based expatriates who plan to use the villas for retirement or for weekend stays, said Mr. Chia, chairman and CEO of BU Holdings.
The official launch of the project is scheduled for early July.