- Joined
- Aug 12, 2016
- Messages
- 193
Hi Jstar,
Thank you for your reply.
Yes , there is not much of a track record from either of these PT.PMA companies .., both are a couple of years old .., and have both set up tourist accommodation in quite remote locations in Nusa tengara
.., and visiting tourist numbers are not that great to be honest and rather seasonal at that.
One of the offerings (from one of the companies) is priced just beyond what I am expected to pay - and the other is nicely priced with my budget for it's beautiful location and views .., so I will concentrate on that one,
Their PT.PMA company consists of just 3 young foreigners (whom I presume one of them is a director)
- and this enables them to employ a foreigner (who is currently on location) and those other 3 (apparent share owners) are now back doing their regular day jobs in their respective home countries . There are also a few locals employed on site for cleaning rooms , and maintenance etc ...,
- Their business is just a homestay type setup near the beach .., with about 6-8 budget / backpacker style rooms which share a common 'hang out' area , and they do not run a restaurant on site, but guests may use the share kitchen facilities if needed - there are warungs etc not too far away.
- They also offer a few scooters for guests to rent.
- Within the same property they also have an upmarket (for the area) 3 bedroom complete villa which they also rent out (per day) at a premium price.
The Land and their Deal :
Further away (still on their land) is about 1.5 hectares of land , to which they envisions selling up to 8 plots (each being about 1600Sq meters) which they hope to have 'like minded people' buy from them.
There is One house already completed by them , and this is the house I am 'sort of' considering to buy as a permanent residence.
They intend to have these plots share in the cost of 24 hour onsite security , and also plan a common area shared between them for a BBQ area etc .
They also have caveats in place for their property ..., which include ...,
- They get to have the final say in who can or cannot buy into their plan to avoid conflict of interests
- They get the final say into 'who can or cannot buy your property if you decide to sell , and they get the first option to buy you out if you do decide to sell.
.., and have also placed caveats on what you can and cannot do with the property...,
EG; no major renovations allowed,
- no minor renovations without prior approval,
- No outside contractors allowed onsite without their prior approval.
They suggest (if you want) to air B&B your place out if you are not there (for a %) but that is only if their accommodation facilities are already full (which over a year is not very often)
.., and water and power is apparently metered and billed to you , but ultimately the power and water lines feed their property.
They only have one place built so far that is being offered for sale.
.., It is crude by design (typical indo construction) and very - very basic 2 bedroom - 1 bathroom size . There is also no landscaping of any sort as present , just dirt .
.., I highly doubt there will be any further development expected to take place on the property until they sell that first plot due to their (suspected) cash flow issues.
As for their (the P.T PMA) experience in business ????????
..., I think they are just young people who used all their savings to follow up a dream of an endless summer - and cash flow must be and issue , as they are all back in their home countries working their regular day jobs - and all perhaps hoping to get a chance to get back to ' living their dream' their again.
.......(if purchased by me) ........, As I intend to live there full time .., (I have a building contractors background)
- maintaining (my house - if purchased) will be my responsibility - not theirs , and shouldn't be a problem for me to handle over the years..., and,
- sharing the cost of 24hr onsite security will be part of their purchase agreement - (they estimate security budget of 2 juta a month to be shared between the 6-8 plots)
I just need to find out what the legal ramifications are to MY PURCHASE ....., (ie; if I decided to buy one of their plots of land - with villa)
ie; - if their PT.PMA current business - either ...,
- sold their business or the whole property ,
- died
- broke the rules of either immigration, manpower and their P.T PMA agreements
- went bankrupt,
- failed to taxes .., and all the other 'belly up' issues their PT. PMA company may face in the forwarding years to come.
... as ATM .., I would be having intentions to spend the rest of my days living in it ?
... As always , If I later feel serious about the purchase (after gaining as much info from here etc) .., I will surely be paying for professional legal advice before leaping in.
Thx guys
To be frank, as it read lower and lower, it gets worse and worse.
It starts nice, homestay concept, scooters avialable to rent
Then I see they "plan to" do this and that.
Their existing show room/pilot unit seems weak.
They have cash issues.
Seems strict with renovations/contractors (tho its not nessasarily a bad thing)
First right to buy (need deeper details)
Cant air bnb if its not full, how the heck are u gonna be sure if its full on that date or not?
Have you heard of
https://en.wikipedia.org/wiki/Strata_title ?
It governs many people living togather well in general.
Anyway, if you do buy it and live in it, im sure some of us in expatindo would consider parting some $ for time there. Hint hint.
