Bali's economy to grow this second quarter

Bank Indonesia for Bali and Nusa Tenggara have predicted that with this national school holiday coinciding with the fasting month, economic growth will be motivated for the second quarter of this year. This is compared to last year.

It was claimed that the diversion of foreign tourists to Bali from Thailand could expect a lift to Bali’s economy during this second quarter. He also felt that, based on surveys conducted by Bank Indonesia, consumer and business confidence would remain high in the second quarter.

Economists at Bank Indonesia also feel that Bali’s agricultural sector would positively contribute to the Island’s economy due to prevalent good weather conditions. This good weather is anticipated to positively impact Bali’s fishing sector.

Favourable conditions sustain Bali’s economy which Bank Indonesia predicts will grow at a rate of 5.2-5.8% during the second quarter of 2014.

Economic growth in Bali was at 5.43%.

Latest property market news - Lippo group

On Wednesday, Lippo Group broke ground with a mixed-use shopping mall in Kupang, East Nusa Tenggara, in its latest endeavour to develop beyond Java.

The director revealed Lippo Mall Kupang will be built across four hectares, costing approximately Rp600billion ($51million).

The 40,000 square metre shopping mall will quarter Matahari Department Store, Hypermart, as well as the Lippo Group’s movie theater chain, Cinemaxx.

The Kupang mall is amongst the Lippo Group’s major plan to tap into the property market of East Nusa Tenggara.

The group is currently also building a branch of its private hospital chain - Siloam Hospitals – nearby the Lippo Mall Kupang, expected to open in October. It will cover an area of approximately two hectares with 320 rooms alongside 250 catering for patients.

Furthermore, the Jakarta based group will also construct a Lippo Group office, upon an area of approximately two hectares, on the site.

Last year, Lippo inducted the Kupang branch of its hypermarket chain, Hypermart, through Matahari Putra Prima — its lifestyle retail unit.

Beyond Kupang, the property conglomerate is also presently undertaking several projects within areas outside Java - Including Makassar, Padang, South Sulawesi and West Sumatra.