The PNSE Bali land sale is done. PT Pudjiadi & Sons Tbk (PNSE), the Jakarta-listed company that owns and runs Jayakarta Hotels & Resorts, has sold 18,693 sq m of land in Bali for Rp70.1bn. The buyer is PT Berkat Benoa Propertindo. PNSE reported the deal to the Indonesia Stock Exchange on 28 October. The timing stands out: Bali’s hotels are busy, yet a listed hotel owner chose to sell land rather than build on it.
Key facts
| Item | Detail |
|---|---|
| Seller | PT Bali Realtindo Benoa, 99.99% owned by PNSE |
| Buyer | PT Berkat Benoa Propertindo |
| Land | Block B, 18,693 sq m in eight plots, HGB (right-to-build) title |
| Price | Rp70,098,750,000 |
| Price per sq m | Rp3.75m (our calculation) |
| Largest plot | 9,485 sq m for Rp35.57bn |
| Signed | 26 October 2026, deed No. 26 |
| Wider deal | 42,644 sq m, agreed 7 August 2025, amended 3 June 2026 |
| Paid on signing | Remaining Rp63.57bn |
What happened
PNSE’s subsidiary signed a sale-and-purchase deed for Block B on 26 October. The buyer paid the remaining Rp63.57bn that day, according to PNSE’s filing to the Indonesia Stock Exchange. The final land deed still waits for notary checks, according to IQPlus.
Block B is the second part of a larger deal. The two companies agreed in August 2025 to sell 42,644 sq m in total. Block B covers about 44% of that. The filing does not say what happens to the rest or give the land’s exact location. The notary is based in Badung, the regency that covers most of Bali’s southern tourist areas.
PNSE says the sale turns a fixed asset into current assets, and that the money “can be used for new investment or diversification into more profitable sectors”. It did not name a project. We could not identify who is behind the buyer.
The market around it
Bali is busy. Governor Wayan Koster said foreign arrivals averaged 22,314 a day from 1 to 18 October and that hotel occupancy is above 90%, with luxury hotels the fullest, according to Antara. That is the governor’s figure, not an industry survey.
Costs are also rising. Bali wants to collect more through its tourist levy in 2027, and the governor has signalled a minimum-wage rise above the formula; see our reports on the Bali tourist levy target and the Bali minimum wage for 2027.
The hotels are weaker than the headline profit
PNSE’s unaudited nine-month accounts, filed on 30 October, show why the land matters. Hotel revenue fell from Rp167.38bn to Rp160.38bn and operating profit fell 44% to Rp24.25bn, as occupancy dropped, according to The Signal’s reading of the filing. Net profit jumped to Rp70.23bn, but mostly because of a Rp78.41bn gain on the earlier sale of Block A, signed in July. The company also closed Hotel Jayakarta Suites Komodo Flores after an earthquake on 15 August.
Our read
At Rp3.75m per sq m, this is a land price, not a hotel price. It is a useful reference for owners holding large plots in southern Bali, but the exact location matters, and PNSE did not give it.
A hotel company selling land in a full market is a signal. Building a new resort in Bali now means rising costs and a crowded top end. PNSE has taken the cash instead.
Our view: expect more of this. Older listed owners with land banks and modest balance sheets will sell plots to developers with more capital, and keep their operating hotels.
What it means for you
1. Owners with land banks in Bali
Rp3.75m per sq m is now a public reference point. Use it, but adjust for location, access and zoning.
2. Developers and buyers
Sellers exist even in a strong market. Phased deals with deposits, like this one, spread the cash outlay.
3. Investors in listed Indonesian hotel stocks
Watch where PNSE puts the money. “Diversification” is not a hotel plan.
4. Operators
New supply in Bali may come from developers buying land from older owners. Talk to the buyers, not only the sellers.
FAQ
What did PNSE sell in Bali?
Block B, 18,693 sq m of land in eight plots, through its subsidiary PT Bali Realtindo Benoa.
How much was the PNSE Bali land sale worth?
Rp70,098,750,000, or about Rp3.75m per sq m by our calculation.
Who bought the land?
PT Berkat Benoa Propertindo. Its owners are not named in the filing.
Is the deal complete?
The buyer paid in full on 26 October. The final land deed was still waiting for notary checks, according to IQPlus.
What will PNSE do with the money?
It says the proceeds may fund new investment or diversification into more profitable sectors. It has not named a project.
