Panorama to build apartments in Bali

JAKARTA: Tourism business the Panorama Leisure Group is planning to build a boutique hotel and apartment complex in Seminyak, Bali in what the management says is a vote of confidence in the island's tourism prospects.

Panorama management said in a statement that it would build the complex, the Haven Villa and Apartments, in the second quarter of 2007, with operations expected to commence at the end of 2008.

To date, the complex, which consists of seven villas and 60 apartments units, has been well-received, with the villas all having been sold out.

The management is now therefore focusing on selling the apartment units, at a price averaging at US$200,000 for a one-bedroom apartment and $340,000 to $380,000 for a two-bedroom apartment.

To attract more buyers, the group is offering a 6 percent guaranteed rental return per annum for the first three years of operation.