Bali JUNE UPDATE 2022

Greetings from New Nordic in Indonesia. During the month of May, our team took the opportunity to visit the Bali Waterworld construction site in Sanur and had several meetings with project stakeholders. We were encouraged to see an overall easing of entry requirements and travel restrictions, along with a slow increase in general tourism numbers in Indonesia. In general, tourism in Bali is picking up, especially in the Seminyak and Canggu areas. Sanur is doing much better than before, though hotel revenues still have room to recover. We are encouraged by these developments and look forward to bringing the Bali Waterworld project to market.

As discussed in our previous newsletter, our focus over the past several months has been to divest certain assets in Indonesia which are unrelated to the Waterworld project in order to settle outstanding matters with our contractor partners in Bali. As of last week, this process has been completed and within two weeks, initial site preparation works will begin on the Waterworld construction site. In parallel, we are working with our architectural and engineering teams to evaluate which unsold units can be split into smaller units which are more suitable for the current operating environment in Bali. The remaining unsold units will be offered for sale under a revised commercial offering by the end of the month of June and these funds are earmarked for the completion of the project.

At the same time, we have appointed a specialist hotel concept consultant to assist us with revisions in the project’s public areas and amenities. This is necessary to make operations as efficient as possible as well as ensure the project’s offerings are in line with the demands of the market. Our desire is to create a fun, dynamic and unique property which reflects the current demographics and expectations of guests in Sanur. More details about these exciting changes will be announced in due time.

As always, we welcome any further questions you may have about the project. Simply send an e-mail to info@newnordicgroup.com and our team will respond to you within two business days.

Sincerely,

New Nordic Group
Indonesia