Investment Memorandum

Azure Rise
Pecatu

Dreamland, Uluwatu — Bali, Indonesia

A landmark 5-star mixed-use resort & residential development
on the cliffs of Bali's most sought-after coastline.

April 2026  •  PT Brave Idea Development  |  Bali Nexus Investment Partners  |  Investland Group Limited

Strictly Private & Confidential

$342.8M
Total Revenue
~$109M
Net Profit
~$96M
Max Equity
31.7%
Project IRR
~3 yrs
Capital Payback
50 : 50
Profit Split

Executive Summary

An Exceptional Cliff-Edge
Development Opportunity

Azure Rise Pecatu is an exceptional mixed-use development on the cliff-edge of Dreamland, Uluwatu — one of the most iconic locations in Southeast Asia. The project combines a 5-star Radisson Collection hotel, hotel-serviced residences, private villas, and a curated retail village on 63,100 m² of Tourism-Zone land adjacent to the New Kuta Golf Course.

Radisson Collection

Preliminary hotel management agreement in place for the 200-room 5-star hotel. Access to 20M+ loyalty members and global distribution.

Prime Positioning

Cliff-edge site with panoramic Indian Ocean and sunset views. Adjacent to New Kuta Golf Course. Neighbours: Jumeirah and Six Senses.

Tourism-Zone Land

Pink (Tourism Zone W) designation — fully permitted for tourism and commercial development. Land cost of $35M for 63,100 m².

Booming Market

Bali recorded 6.33M international visitors in 2024 — a 41% increase year-on-year. Luxury RevPAR in Uluwatu grew +14% in 2024.

Investor Protection

Investor holds 99.99% of SPV. 50:50 profit split after full capital return. Capital payback in approximately 3 years.

Strong Returns

$342.8M total sales revenue. ~$109M net profit. 31.7% project IRR. >18.9% investor IRR after profit split.

Bali — Market Overview

The Island of the Gods

Bali stands among the world's premier travel and lifestyle destinations. Its unique combination of natural beauty, spiritual culture, and improving infrastructure has sustained decades of compounding tourism growth.

6.33M
International Visitors 2024
+41%
Year-on-Year Growth
$17.6B
Tourism Revenue 2024
16.4M
Total Visitors 2024

Hospitality Market Data

5-Star Hotel Performance

Area Segment Occ. Rate ADR (USD) RevPAR (USD) YoY Change
Jimbaran / Uluwatu Luxury 5-Star ~62% $295–315 $183–195 +14% RevPAR
Seminyak / Canggu Upper Upscale ~68% $180–220 $122–150 +11% RevPAR
Nusa Dua Luxury / 5-Star ~65% $250–290 $163–189 +10% RevPAR
Ubud Luxury / Boutique ~60% $200–260 $120–156 +8% RevPAR
Bali overall avg All segments 73.2% ~$150 — +14% YoY

Sources: Horwath HTL / C9 Hotelworks Bali Hotel & Branded Residences Report 2025; STR Global Data 2024.

Hotel Partner

Radisson Collection

Radisson's premium lifestyle brand, positioned alongside properties such as Grand Place Brussels and Royal Mile Edinburgh.

  • 20+ million Radisson Rewards loyalty members
  • International distribution and OTA partnerships
  • Operational expertise and quality assurance
  • Revenue management and centralised yield management
  • Strong upper-luxury segment positioning

Branded Residences

Comparable Pricing (~45 m² studio)

Brand / PropertyPrice/m²
Jumeirah Private Residences$2,500–$3,200
Six Senses Residences$3,000–$4,000
Radisson-serviced$2,200–$2,800
Non-branded (Uluwatu avg)$1,900–$2,200
Azure Rise Pecatu$3,750

Premium justified by Radisson brand, cliff-edge views, golf-course adjacency, and full-service resort amenities.

The Project

Azure Rise Pecatu

A landmark development offering residents, guests, and investors access to unmatched panoramic ocean views, world-class golf, and the prestige of cliffside living in Dreamland — the scenic heart of south-eastern Bali.

63,100 m²
Land Area
100,015 m²
Gross Building Area
88,640 m²
Gross Leasable Area
Pink Zone
Tourism & Commercial
Freehold
Land Title
5 Floors
+ Rooftop
PTI Architects
"Pecatu Waves" Design
Radisson Collection
Hotel Partner (Preliminary)
Jumeirah & Six Senses
Neighbouring Properties

Masterplan

"Pecatu Waves" by PTI Architects

Cascading terraces, resort amenities, and ocean-facing residences integrated into the cliff-edge site above Dreamland Beach. The design echoes the natural curves of the Dreamland coastline.

Development Components

Five Integrated Elements

01

5-Star Hotel

$110M

Radisson Collection • 200 Keys 20,000 m² GBA • $2,000/m² build cost Infinity pools, spa, F&B, helipad
02

Residential Apartments

$188.7M

58,240 m² GBA • 50,320 m² GSA $3,750/m² avg sale price Smart-home enabled • Radisson services
03

Private Villas

$9M

3,000 m² • $4,000/m² Cliff-edge • Bespoke interiors Private pools • Butler service
04

The Promenade

$25.9M

7,400 m² • Retail & F&B Village Artisan shops, dining, supermarket
05

Parking

$9.2M

11,375 m² • Underground & multi-level 6.5% projected yield at 70% occ.

Architectural Renderings

Residential Perspectives

Terraced apartments with cascading pools and panoramic ocean views. PTI Architects.

Resort Amenities

Facilities Perspectives

Infinity pools, landscaped grounds, and oceanfront amenities. PTI Architects.

Financial Overview

Project Economics

Revenue

Residential Sales (50,320 m² @ $3,750)$188,700,000
Hotel 5-Star Sale (20,000 m² @ $5,500)$110,000,000
Villas (3,000 m² @ $4,000)$9,000,000
Commercial & Retail (7,400 m² @ $3,000)$25,900,000
Parking (11,375 m²)$9,212,500
Total Sales Revenue$342,812,500

Costs

Land Acquisition$35,000,000
Construction — Residential$69,888,000
Construction — Hotel$40,000,000
Construction — Villas$4,500,000
Construction — Commercial$6,660,000
Construction — Parking$6,256,250
Design & Architecture$5,092,170
Networks, Landscaping & Reserves$9,309,910
Project Team$6,619,821
Sales & Marketing$50,256,312
Total Costs$233,582,464

Annual Revenue Projection

2026
$32.0M
2027
$156.5M
2028
$74.3M
2029
$74.3M
2030
$5.8M

Development Timeline

2025 – Q2 2026
Pre-development & Permitting
Q3 2026
Construction Commencement
Q2 2028 – Q2 2029
Residential & Villa Delivery
Q4 2028
Hotel & Commercial Delivery
Q2 2031
Final Units & Project Completion

Investment Structure

Equity Participation Framework

Key Terms

SPV OwnershipInvestor: 99.99%
Equity RequiredUp to USD 100M
Project IRR~31.7%
Investor IRR>18.9%
Return of Capital~3 years
Profit Split50 : 50 after payback
Management Fee5% of dev. budget
Investor Profit (50%)USD 54,615,018
Ownership TypeFreehold
Decision Making100% unanimous

Cash Flow Profile

Equity deployed in tranches over ~3 years (2026–2028), aligned to construction milestones. Positive accumulated cash flow from Q1 2029.

~$96.1M
Peak Equity Exposure
Q1 2029
CF Breakeven
Q2 2029
Capital Returned
~$150M
Total Investor Return

The Team

Experienced Leadership

A multi-disciplinary team combining deep European real estate expertise with on-the-ground Bali knowledge.

Veljo Kuusk
Veljo Kuusk
Managing Director
Brave Idea Development

30+ years investment and development experience from the EU. Leads overall strategy and project delivery.

Oliver Heliste
Oliver Heliste
Local Development Partner
Brave Idea Development

Over a decade in Bali with deep local relationships and intimate understanding of the market and regulatory environment.

Kristjan Ploompuu
Kristjan Ploompuu
Investment & Management Advisor
Brave Idea Development

15 years in real estate, investment consulting, and portfolio management across Europe and Asia.

Tarvo Kubja
Tarvo Kubja
Project Manager
Brave Idea Development

20+ years in European real estate. Oversees construction management, coordination, and quality assurance.

Independent Oversight
Ronaldo Alves
Ronaldo Alves
Chief Executive Officer
Bali Nexus Investment Partners

15+ years real estate across Brazil, USA, and Bali. Independent observer ensuring informed decision-making.

Risk Analysis

Risk Matrix & Mitigants

Construction Cost Overrun
Medium
Pricing benchmarked by Radisson. 2% contingency reserve. EU-quality standards with fixed-price contracts.
Sales Price Softening
Low–Med
Based on actual comparable transactions. Radisson brand adds 25–33% premium. Phased sales strategy.
Occupancy & Revenue
Low
Radisson management, global distribution, and loyalty program. Uluwatu commands Bali's highest ADR.
Regulatory / Permitting
Medium
Pink Zone (Tourism W) — designated for this use. Master plan approved. Local legal advisors engaged.
Foreign Ownership
Low–Med
Indonesian SPV with freehold title. Standard structure. Investor holds 99.99%.
Currency Risk
Low–Med
Sales and key contracts USD-denominated. IDR exposure limited to local sub-contracts.
Market / Macro
Low
Bali arrivals grew 41% in 2024. Diversified product mix reduces single-segment exposure.
Key-Person Risk
Low
Team with 15–30+ years each. Redundant oversight via Bali Nexus. Radisson handles post-completion ops.
Interest Rate / Financing
Low
Equity-funded. No debt financing. Investor tranches aligned to construction draw schedule.

Market Outlook

Bali 2026–2030

Hospitality Sector

  • Active pipeline: 5,641 rooms across 45 hotels — confirming institutional confidence in Uluwatu sub-market
  • Luxury ADR growth projected at 5–8% annually in IDR terms
  • Bali designated "National Tourism Strategic Area" with committed infrastructure spend through 2030
  • Post-COVID recovery: average visitor spend materially higher than pre-2020

Branded Residences

  • Gross rental yields: 7–14% (2025) — branded product at upper end
  • Strong demand from SE Asian, European, and Australian buyers
  • Digital nomad visa driving long-term rental demand
  • Uluwatu price growth 5–10% p.a. (2022–2025)

Macro Factors

Indonesian GDP Growth~5% annually
Airport ExpansionNew international terminal
Tourism Ministry Target7.4M visitors by 2027
Currency StabilityModerate IDR/USD stability
Foreign Investment Law2023 reforms support PT equity

Next Steps

Begin Due Diligence

  1. 01Execute Non-Disclosure Agreement (NDA)
  2. 02Receive full financial model and due diligence data room
  3. 03Schedule site visit and management presentation in Bali
  4. 04Review and negotiate Term Sheet / Shareholders Agreement
  5. 05Legal, tax and structural advisory engagement
  6. 06Investment committee approval and equity commitment
Veljo Kuusk
Managing Director
PT Brave Idea Development
+62 811 3803 3521
veljo.kuusk@bestideabali.com
Ronaldo Alves
CEO
Bali Nexus Investment Partners
+1 646 932 5535
ronaldo.alves@balinexus.com
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