Lombok doesn’t have to become the next Bali – here’s why
Lombok doesn’t have to become the next Bali – here’s why
Indonesia’s next premier resort destination is ready to stand on its own
Located in West Nusa Tenggara, Lombok is increasingly becoming more popular with international tourists, holiday-seekers and property investors. In March 2016, the country’s Central Statistics Agency recorded that foreign tourist arrivals went up by nearly 23 percent, making Lombok the fastest-growing tourist destination in the archipelago.
The area has been designated one of 10 emerging tourist destinations in the country by President Joko Widodo, according to The Jakarta Post. Despite having to deal with cancelled flight routes in previous quarters, the government reported that 18,702 foreign tourist arrivals went through Lombok International Airport.
“With this international airport and the Indonesian government committing to infrastructure by putting in a lot of money towards the roads and water supply, it’s the next step for Lombok, which has always been seen as ‘the next Bali’ for about 30 years now, but it hasn’t really come to fruition,” says 38-year-old investor Andrew Corkery, managing partner of Indonesian residential resort development, Selong Selo.
More: Regional visitors bet on Lombok’s residential market
The multi-phase project Selong Selo is found 25 minutes from the airport and serviced by newly surfaced road infrastructure. The development has been a hit with foreign investors looking to invest in a high-end residential resort that offers great value for their money.
“We do look at the price comparisons in neighbouring islands such as Bali. In Lombok you get up to 90 percent discount on land values, depending on where you’re looking to invest in real estate,” Corkery and his partners tell Property Report.
As of April 2016, more than 75 percent of Selong Selo Residences Lombok have been sold to foreign buyers on a 100-year leasehold tenure – foreigners aren’t entitled to freehold properties. Most investors are expats from Singapore, Hong Kong, Australia and United States, and the rest are based in Indonesia.
Selong Selo offer two collections, which have uninterrupted views of the Indian Ocean. Prices start at USD339,000 for the Kayu Villa Collection (plot and villa), while the bespoke Bale Samar Collection are being sold starting from USD95,000 for a plot.
With its in-house construction team, Selong Selo ensures that all building materials are natural, renewable and completely recyclable to protect Lombok’s serene environment.
“Right now Bali is just dense and hectic, with the traffic jams and increasing pollution, but in Lombok the atmosphere is more relaxed and quiet. It’s definitely a different experience than Bali,” says Corkery, whose group will also manage all the villas.
The first villa will be ready in mid-2016. When the entire project is completed in 2019, all residents will have access to the beach club facilities.
“We believe in the next 10 years Lombok will have stronger capital gains, and the reason for that is the area now has premium real estate products. At Selong Selo, we just want to do everything properly, from development to acquisition to management. Indonesia is a difficult place to do business in and we want to get rid of that difficulty for our consumers.”
Read next: Lombok, Bali’s promising little sister
Source: Property Report