W Hotels Worldwide and Indonesian company Dua Cahaya Anugrah (DCA) launched The Residences at W Bali-Seminyak yesterday at St Regis Hotel Singapore.
The 79-unit villa-style development is next to the 158-room W Bali Hotel.
The 79 units consist of 65 one-bedroom units of 2,422 to 3,068 sq ft, 10 two-bedroom units of 3,789 sq ft and four three-bedroom villas of 6,708 to 7,669 sq ft.
Prices range between US$605 and US$800 per sq ft - which equates to about US$1.5 million for the most affordable villa.
According to a DCA spokesperson, this is about a 5 to 10 per cent premium to other projects around Seminyak.
The development is freehold for Indonesian citizens and leasehold for foreigners, based on the current ownership laws in Indonesia. DCA lawyers are available to advise foreigners on the types of ownership available to foreigners.
The project, which was launched in Indonesia about three months ago, is almost 60 per cent sold. Most of the buyers are the Indonesians. Reportedly, three one-bedroom villas have already been sold to Singaporeans.
A catch is the concept of ownership - the villas will form part of W Hotel's rental pool and will be looked after by the hotel's management team for 48 weeks of the year. The villa owners will be allocated exclusive access to their property for four weeks a year.
At a news conference yesterday, DCA said owners can expect an internal rate of return in excess of 5 per cent from their property's rental income.
The development was designed by SCDA Architects, which has done numerous high-end developments in Singapore.
There will be a public viewing at St Regis Hotel over the weekend, from 10am to 7pm.
W Hotel Worldwide is a brand in the Starwood stable, which includes St Regis, Sheraton, Le Meridien and Westin.
The brand was started in 1998 with the opening of W New York. Since then it has expanded rapidly. Currently, Starwood is the only hotel chain with a dedicated 'residential' team that helps developers with projects.
In Singapore, City Developments has launched W Residences on Sentosa. In May, two units were sold at a median price of $2,800 psf.
Source: Business Times, 17 Jul 2010