The lure of the seven-year guarantee: Citadines Berawa Beach Bali

By
/ EdgeProp Singapore
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April 28, 2019 12:53 AM SGT
Singaporeans Darren Chua and Remy Ng, co-founders of the Jakarta-based property development company Genesis Indojaya, previewed their maiden hospitality project in Bali, Citadines Berawa Beach, on March 9-10. The duo subsequently held a weekend launch in Singapore on April 6-7 at Marriott Tang Plaza.
The developer released an initial phase of 150 units within the property, which contains a total of 226 serviced residences ranging from studios to one- and two-bedroom suites.
Located on a 17,800 sq m (192,000 sq ft) site at Berawa Beach, in the up-and-coming coastal village of Canggu, the project is scheduled to be completed by end-2020. It will be managed by Ascott Ltd, the hospitality arm of Singapore-listed property group Capitaland for 10 years, with the option of another 10 years.
At the Marriott Tang Plaza, the weekend show drew over 100 attendees. To date, 25 units have been sold (Credit: Genesis Indojaya)
The developer is offering investors is a guaranteed rental return (GRR) of 5% for seven years, with no lock-in period, and also absorbing the withholding tax of 10% on the GRR of 5% for the entire seven-year period.
The weekend show in Singapore drew over 100 attendees. To date, 25 units have been sold. For now, the developer has been inundated by enquiries from overseas.
“One of the main reasons for us to start the sales campaign in Singapore is Remy’s and my familiarity with Singapore,” says Darren Chua, equity adviser at Genesis Indojaya.
The partners intend to showcase the project in key markets around the region, including China, Hong Kong, and Taiwan, from May to July. “Of course, Indonesia will also be one of our target markets,” says Remy Ng, managing director of Genesis Indojaya who is based in Jakarta.

Wide spectrum of buyers

Buyers in Singapore come from a wide spectrum, from a senior risk management professional seeking “stable, long-term yield” and a design director with an international architectural firm who liked the design of the project, to a homemaker who wanted to invest so she and her family could visit Bali regularly for holidays.
All except two of the 25 units were sold in Singapore. The remaining two units were scooped up by a French buyer who was holidaying in Bali...