A Bali Journey Part II
Sorry I forgot to post Part II and posted Part III instead. Here’s Part I in case you missed it.
Meetings, meetings and more meetings. To get this retirement community project rolling we need, in the short term, to sign a land deal, a business agreement, and then get a Master Development Plan for the property underway.
In the photos I can be seen standing next to the land owner, Ibu Agung (the flowers are from our team, for Ibu's 50th wedding anniversary). I'm also in another photo, with our local lawyers. In land deals, in some cases you can avoid lawyers and go straight to a notary. But since we have a revenue sharing arrangement with the landowner (in exchange for a smaller downpayment), we need a legal business agreement.
The other two photos are of our local architect Putu, in a house that's been converted to shared offices (with a builder who was Putu's high school friend).
We have our deal signing scheduled for February 12th. If all goes well we will be land owners (for 30 years plus an option for an additional 20 years).
Wish us luck
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Part IV will be about moving forward after two failed land deal signings. On April 4th and then again on April 16th the landowner backed away from attending the notary meetings (leaving us with unsigned land certificates as well as our business agreement document).
I started this phase of the retirement community saga (with the current landowner) at the beginning of November. My partners started in September.
We are frustrated.
However, just recently we got a lead on a new landowner in an even prettier part of Bali that’s interested in our revenue-share model. The main reason we are having difficulties in getting a deal done is that land is expensive in the more accessible parts of Bali and rather than trying to fund the land as well as the project development, we want to primarily focus on project development. It may even be possible to pre-sell residential units and thereby reduce our capital needs even further.
Since we want a real community (meaning 50+ residences) it’s going to be a hurdle to get it off the ground.
For now it’s still worth giving it a go.
Later,
Neill
Definitely worth it, Neill! Keep going, my friend. The new possibility sounds better than the last one. Thanks for keeping the dream alive! Cindy