Property developer Agung Panorama Propertindo, for instance, plans to start building an office building called CREA The Nusa Dua Resort Office in the third quarter this year.

The project, which targets local and foreign startups, will offer spaces with a rental price of Rp 27 million (US$2,027.33) per square meter.

“The office building only has 60 units; it will be open 24 hours,” Joseph Effendy, president director of CREA project said on Thursday as quoted by Kontan.co.id.

Tony Eddy, a property consultant from Keller Williams, said office buildings offered significant potential in Bali as the island had good internet infrastructure, as well as a cheaper rental price compared to developed countries.

“The rental price for office space in the United States is very expensive, especially for tech startups that have just started their businesses,” Tony said, referring to the situation faced by tech startups in Silicon Valley.

Some fledgling companies are now opting to move to Bali, as it is a cheaper option compared to Singapore and the US, he added.

For instance, with a budget of US$500,000, startups can cover costs for two years in Bali, compared with nine months in Singapore and only six months in the US, he said. (dmr)

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