EPISODE 23:
Inside The Kedungu Fund: 2025 Growth, Strategy & Results

00:35
Bali Business Club, Omri once again, Dubai, session number two. Hi Gawain, how are you? I’m fabulous. Yeah, it’s the second time we’re shooting in this studio, it’s called the UPOD. Let’s promote them a little bit. It’s in downtown and it’s quite a good studio. And we’re nursing a bit of a hangover today. Why is that? We had a bit of an event last night with a lot of investors for the fund, obviously. Not a hangover because I don’t drink. You don’t drink, but I mean my hangover.

01:07
I had too much Coke Zero, that’s for sure. But yeah, it was a very good event. Yeah, it was beautiful. Was that The Guild downtown? The Guild, yeah. Amazing restaurant. 20-odd people, I’d say. Exceptional. And you’ve been living in Dubai now what? Two months. Wow, congratulations, you survived. Thank you. Against all the odds, we all thought you’d be scurrying back to Bali. No, no, I’m quite happy here. I really enjoy the city life. It’s been some decades. I haven’t lived in a proper… Since Paris, yeah.

01:40
Since… Yeah, no, since Paris, like 2000 something. But yeah, I really enjoy it. I love this city a lot. I really enjoy my life here. I’m going back to Bali in a month, in December. Cool. I’m sure everybody is excited to see you. Well, you I guess. Maybe you. Hopefully. Party of one. Hopefully. No, no, but I think it was a good decision to come to Dubai and bridge the gap between Middle Eastern investors and Asian, I mean Bali anyway, projects, investments. We did a podcast on that, the last one, so check that out.

02:17
Bridging the gap between Dubai and Bali capital. Yeah. Worth looking at. With Lauren from Eliter. With Lauren, yeah. Who organized. The event, yeah. The event, absolutely, yeah. So yeah, no, it’s very interesting. I mean, I’m just starting to be very honest with you. The first month was more like getting an apartment, getting a car, getting my daughter into school and so on and so forth. So now I’m just starting to actually work. Do some work. Yeah, some proper work. Yeah. It feels good.

02:44
Okay. But yeah, and I can see the potential here. It’s quite amazing. Yes. It’s limitless. It is. It is. Okay. What are we talking about? Okay. Let’s talk about the fund in general. What are the news? And then we’ll go on a small FAQ type, our Q&A questions that are the most asked questions we get from new investors or potential investors or people interested in the fund. A lot that we got from social media, from private messages or comments on social media. And I think you’ve made a little list.

03:22
You’re going to grill me on this. Yeah. Okay. All right. So let’s do that after the break and we’ll be right back. Okay. So we’re back. Omri, we’re talking about the fund, latest news and updates and everything that’s been happening. Give it to us. We are at $12.5 million AUM now as of a few days ago. The valuation of the fund is every three months, as you know, people don’t know, maybe. So the next one will be like, I think it’s the second or the fifth of January, something

03:56
like that. Let’s see where we are at then. We were at 10 million at the last, and we did the podcast for the 10 million here. That was exactly three months ago, three and a half months ago. So we went from 10 million in July, and towards 12.5 million today. Let’s try to double that in the next three months, maybe. It’s going in the right direction. Yeah. The Fund is doing great. Let’s talk about Kedungu maybe a little bit. The school, the school has been running for now two months since

04:27
we opened in mid August. We have some really, really great feedbacks from the, I mean, the kids are happy. We can tell they are happy and the parents as well. So that’s really cool. Teachers, head of school, everyone is happy in that school. I regret a lot my daughter not being in the school and she does as well. She tells me all the time, “I wish I was in Grow” and so on, but it is what it is. Yeah, it looks fine. I watch the socials all the time and it’s a lot going on. Yeah, it’s cool.

05:00
Animals to cooking, to planting things. Yeah, the farm, the chicken eggs. It’s very, very cool. They have a lot of great activities and it makes me want to be a kid again. So that’s the school. Price of the land in Kedungu has increased substantially in the last few months. There’s a lot of projects that have a lot of developments. I mean, a lot of new businesses, a lot of restaurants that have opened. There’s a lot that are opening or in process. There’s a beach club being built, family

05:41
beach club, not a boom, boom beach club. Okay, that’s on the beach, Bali Beach Glamping. Just next to Bali Beach Glamping and it’s a project spearheaded by Ciputra and Bali Beach Glamping and we also have something in there. So yeah, that’s… We’re keeping busy, keeping busy, keeping busy. Everything’s in the right direction. Yeah. So one of the big news of The Fund lately is that So you know, basically The Fund is What until now on two main axis. So land banking and development, the school

06:19
being the first development, yeah. We started recently to go into private equity. So for those who don’t understand private equity means acquiring shares of existing companies, yeah. And the first two businesses that are in which we invested is Bali Beach Glamping. So we acquired some of the shares. And that’s a done deal, obviously, yeah? We’re in process right now. It’s happening now. And the Bali Beach Club. Okay. Yeah. There’ll be more in the future. It’s a good start? We don’t know yet.

06:52
What? But yeah, it’s a good start. Good profitable businesses, yeah? Yeah, absolutely. Yeah. Okay. So any other news or can we just kick off onto what’s frequently asked questions and what the funds all about? Because I think we’ll put this in all the places where new investors or new viewers will see this. So I think maybe just… Unless there’s another news update, maybe just start on what is the fund and why is it called The Kedungu Fund? And give us the elevator sizzle. Okay.

07:24
Is this the first time you’ve ever done this? Yeah, I know. I’ve done this like a thousand times. It’s very boring for me. Well, let’s get some life. How about you do it? No, no, no, no, no. This is your sizzle. Okay, you’ll answer to the first question What is The Fund? I’ll do the rest. What’s The Fund? Oh, me? Yeah. The Fund is a private equity, Singapore based kind of Bali investments venture. Its focus is on Kedungu and primarily on land banking. All right. Over to you, Sam.

07:52
Okay, so you said it all. It’s based on in Singapore. We are incorporated in Singapore and we are specialized in real estate. Okay. With a little bit of private equity now tiny bit, but the main thing is the real estate. Land banking specifically. Yeah, originally was just land banking when we just opened the fund and then we thought, okay, this is silly. We know how to develop. We know how to run a business. So let’s do something greater than just buy land and sell land. I mean, lease land

08:27
because we do lease mostly. And that’s when the school project came. So we had to give a little bit of a history. We thought, okay, what are we going to do? The first thing that comes to mind when you’re in Bali and you want to develop something is make villas, yeah. But we decided that there’s a lot of people that do it very well and probably better than us. And we decided that we didn’t want to do just like everyone else. And I’ve always done that in investments as well in my businesses.

09:00
I don’t like to do too much like everyone else. We thought, okay, so what could be interesting to develop? And the obvious answer was community driven projects. So projects that are not beneficial to like one family or five that come and live in Kedungu. but are beneficial for a whole much more, for much more people. So like the school was the first project we have in the works, a small shopping plaza with maybe some offices and mixed use facilities, I don’t know, and then a medical center.

09:34
I think the medical center is a little bit too early for Kedungu today, but probably next year or the following year. I mean, at least starts. The shopping plaza will happen soon. So “announcement” Ta-da. We don’t have everything yet under control. We don’t know exactly how we’re and so on and so forth. We have a few projects, a few concepts that we’ve been working on, on different plots that we have. So there’s a 30 are plot in front of the school. And then we have nine, I think it’s close to

10:14
nine are more towards the beach after the real estate agency. Okay. Before we get into more details on it, why don’t we start on a little Genesis story? Because I think it’s a nice story that people like to hear. Why like the, you know, you’re in Pererenan, you focus on Pererenan and then you know, you invested before and how the whole genesis idea worked and friends and family and how you wanted to buy all the land up and down Pererenan high street and you couldn’t and the whole. So the whole, how did it start?

10:45
It started with me investing in Kedungu. So I put about half a million dollars in land there just for myself. What we are doing in Kedungu I did in Pererenan. So back like five, six years ago, we didn’t have as much money as now and it was very frustrating to not being able to buy the whole street, you know, and make a massive profit. So we bought a few plots, including leasing our office. When I say buy, it means acquire. Sometimes I say buy, but it’s not the right word. So it’s more like leasing because most of

11:23
us, those plots are leasehold. So anyway, we acquired a few plots. We sold them a few years later, made a huge profit. And so we, I wanted to replicate that in Kedungu which I did on my own. I had not at all in mind the idea of making a fund back then. But that was in 2022, I think, end of 22. So I bought a couple of plots and then my friends told me, “Omri, can I join in with you?” And they know I’m good with this kind of thing, you know, what I call pioneer investing. So identifying places where the trend is

11:58
going to come and that are going to become, you know, well known and more touristy and investing in those places. So a few friends came to me and said, “Omri, can I join you? Can I give you 100,000, 200,000, whatever?” I said, “Yes, yes, yes,” in the beginning. And then after realizing that I was going to be diluted like crazy with my 10 good friends, I told them, “Guys, you know just do your own things. I do my own things. You’re big boys.” And that’s it. And then I, after a while, I said,

12:34
Okay, this is silly because I have all these people. They have a volume of investment, potential volume investment. I have this knowledge, this expertise. How can I find some match between both areas? And that’s when the fund idea came. So I don’t have a financial background, so I had to study really hard for it. It took me like three, four months. I read all investopedia I watched thousands of hours of videos on YouTube, maybe not thousands. And then we started The Fund. You weren’t in at the time, I think.

13:10
You came after. We started The Fund. It was a bit chaotic in the beginning. It was complicated because a lot of things we didn’t think about with Singapore and countries and whatnot on the compliance side, on the technical side, banking side, and so on and so forth. So it took three, four months. Inception of the fund was March, 2023. So the funny story is that none of my original friends came in when we started the fund because it took too long, so they invested somewhere else. So I found 10 other friends plus me, so 11.

13:50
And I put some money, they put some money, currently I have maybe half a million dollars in the fund. So I’ve skinnied the game as well. Many people ask me, “How much of the fund is yours?” And then some friends that put like… Back then the entry ticket was $15,000, I remember. So that was very, very low. Early bird, yeah. Some of my friends joined and I thanked them for the trust. We called them the OG’s, yeah. And the early adopters, more politely. Early adopters, yeah. It all started with that.

14:23
And with them and me. And then the rest is history, yeah. So why Kedungu? Like, tell me the story about how the West Coast development wave travels and why. Like, why does that happen? So basically, the golden rule of real estate in Bali is to understand three principles, yeah. The first is that government is always pushing for more and more tourists. Yeah. And I think the biggest this last quarter. There’s basically half a million tourists every year, more or less, yeah. So I mean, they have to sleep somewhere,

15:03
they have to eat somewhere, they have to go on the beach somewhere and so on and so forth. So that’s rule number one. Principle number two, sorry, principle number one. Principle number two is that you can’t build upward in Bali. The maximum level height you can build is 15 meters. It’s a law that dates from 1960’s, 7 or 8 or something like that. And as you know, when you’re in Bali, you can see if you look at the horizon, there’s no high-rise building. There’s only like four floor maximum, yeah.

15:35
With that in mind, if you have more people and you cannot stack them up, then the expansion is horizontal, yeah. So it’s fairly easy when you look at the map, you look at where it’s developed and where it’s not developed and you know exactly where it’s going to go. So you just have to see how long it took to go from point A to point B, from point B to point C and then you know right away how much, how long it’s going to go, it’s going to take to go from point C to point D. So that’s

16:03
basically, that’s my recipe. And there’s one other thing that you kind of hyper focus on. As the third principle is to fine tune exactly where on which actual street to invest is the surf break. So surfers are always the first to go somewhere and an area, a region, a village will always develop faster if there is surf, if they have surf break than if they don’t. And it’s also a different kind of development. If you look in Bali for instance, from Kuta all the way to Pererenan, you have surf break

16:39
so it has developed fairly evenly all along the way. After Pererenan there’s no more surf and the next surf spot is Kedungu You know because you’re a surfer. I do know that, yeah. So if you look for example at Cemagi, so we have, what do we have in between? We have Seseh, massive green zones and so on and so forth. Very beautiful. I love Seseh. It’s super lovely, nice neighborhood, you know. It’s very recent that there are some, a few restaurants. There was nothing for years, yeah. And then you have Cemagi which

17:17
has no beach access basically. Cemagi is just residential. There’s no business. There is one restaurant, maybe two, you know. Riviera has in front of the Bloom School. That’s the only restaurant basically and maybe a couple of Warungs, yeah. And there’s nothing. Suburbia. Yeah, yeah. And then you have Nyanyi. Nyanyi is another story because it’s a different big investment with, yeah, with Nuanu. Sorry, Nyanyi who has development called Nuanu, yeah. And then Tanah Lot. So Tanah Lot is Tanah Lot.

17:54
There’s a temple. There’s nothing there. And then there’s Kedungu, yeah. And if you look at the development of Kedungu, if you look at the last, I don’t know, two years, it has developed so much faster than any of these neighborhood. Then you can, you can forecast what’s going to happen in the next three, four years. I mean, there’s one new business opening every week or so, restaurant or whatnot. So imagine multiply by, I don’t know, 100 weeks or 200 weeks, you know.

18:31
It’s a lot, yeah. But I think that kind of sums up the Kedungu Fund, where it is now, what’s been happening. I think let’s just get into some FAQs. So what we’ve done is taken, you know, we’ve obviously done a lot of investor calls, et cetera, et cetera. So we get asked a similar amount of questions, you know, what’s happening? How is the fund structured? Yeah. Fees, returns, everything. So let’s start with maybe just a quick overview of where the fund is right now. So how far is it in?

18:58
How long is the fund going to be around? When was it, when did it start? And when does it close, et cetera? Okay. So we started in March 2023 with a horizon of five years. Okay. So maturity is March 2028. And we added 12 months, an extra 12 months to be able to spread the liquidation of the assets on a longer period. We’ll probably start liquidating around, in our opinion, as per our projections, maturity of the market, not the fund of the market, is around 2028. Okay. Between 2028 -2029. So we’ll probably start

19:39
liquidating some assets around. So when you say liquidating, you’re just going to sell either to individual buyers or another corporate or? Yeah, it doesn’t matter. I mean, sublease to whoever has the money to buy, to pay for it. So we probably do that around Q3, Q4, 2027 and spread it up until like 2029. Okay. And so what returns has the fund received to date? So I’m not going to talk in terms of IRR because no one understands that unless you’re in finance. But in Layman’s terms, very easily, people

20:18
who have invested in the very beginning of the fund have doubled their money, basically. From day one. From day one, yeah. So if you had put $100,000 in March 2023, you would have $200,000 today. That’s net profit. Yeah. Net ROI. So this is done, yeah. From our projections, in a very conservative way of calculating that, thanks to our friend Chris and Paul, financial analyst and Ilyas, it will be a little bit less than 2x now between less than 2x now between now and the maturity of the fund.

21:00
So if you put $100,000 now, you’ll have a little less than $200,000 in the next three years, more or less. So it’s the growth is still growing very fast. It’s still much faster than anywhere in the world, you know, the returns. But it’s a bit slower than the first segment of those five years. And it will kind of plateau.. It will plateau, yeah. It will plateau in the year, 2029, 2030 years of prices. Like Pererenan is doing now. Yeah, exactly. Yeah. And it all has to do with the escalation of

21:36
prices, of land prices. So it goes up very fast and then it slowly plateaus towards the end of the five year, five six year period cycle. Okay. So it’s a five year fixed term fund, capital appreciation focused. Yeah. 2023 exit 2028, 29. Yeah. Okay. Another question I get asked a lot is how’s the fund structured? Yeah. And why is it structured like that? Basically shareholders, investors, let’s say, investors become shareholders of a company in Singapore. Okay. That company controls the PMA in Indonesia

22:17
and that PMA acquires the asset does the operational and so on and so forth. So when you say controls that companies. It’s the main show. So the PMA, the Kedungu fund is owned by the Singaporean company. Okay. And why? In the very early days when before the inception of the fund, before we started it, I had, we didn’t have a plan to be incorporated in Singapore, but we realized that so there’s a few reasons. We realized that the ease of onboarding is paramount to the good functioning of the fund.

22:58
Especially with foreign investors. We have foreign investors we have never met. Okay. And in Indonesia, if you want to change the ACTA, so the articles of incorporation of a company, there is a notary process. Okay. And hypothetically you’re supposed to sit in front of notary on the same day as every other investors and sign the change of ACTA. So if you have like 10 investors, all 10 must sign. There is a way to sign remotely, but you have to legalize a bunch of documents to put the apostille on a bunch of documents, go to the

23:33
embassy, do the certified translation and so on and so forth. It would be impossible. It would be impossible. I think Singapore is a little bit ahead on that level, in that area compared to Indonesia. Compared to France as well actually. Many other countries. So everything is done online. So your KYC is done by Singapore. So we have a corporate agent in Singapore called Sleek, quite famous corporate agent. It’s like the legal legends, our legal legends in Singapore counterpart. And they handle the KYC, they take care of

24:12
the onboarding and everything is done. They have like an admin on the website and it’s beautifully done. It’s very, very smooth. So easy access investing probably takes what, two weeks or so I would say on average? Yeah, not even. You don’t have to be there. You just sign remotely. Everything is done remotely. It’s stamped, blah, blah. To get the actual certificate is the thing that takes the most because it comes from Accra, which is the corporate arm of the Ministry of Finance in Singapore.

24:45
And depending on if there’s a holiday or not, it can take up to like three, four weeks. But regardless, for our investors, as soon as they have sent their capital, their investment is starting to work. And then I suppose another quick, audits, valuations. Who does that? How transparent is it? It’s very transparent. We have, okay, so our two main partners would be KJPP. It’s an Indonesian land value. I mean, it’s an Indonesian valuer that values companies, but also value real estate.

25:30
And we’ve been working with them. They are the one that’s, so they periodically value some of our assets. And not every one of them, because it’s pointless, but some of our assets are strategically, in strategic areas of Kedungu. And then if they value this land, then the one next door would have the same value. So this is why it’s only on some assets. And then we basically take those valuation and use them for the valuation of the fund, for the NAV. What is the NAV? The net asset value per share.

26:18
It’s like the share price. Yeah, the share price. So today, the share price is $120.05 USD. Next month, or the month, or the following, forget, they will start valuing to some land and school and different assets that we own. And depending on the valuation, it will increase the share price to $130 or $125 or $135 or something like that. So that’s on the valuation side. We have another partner for compliance and governance and transparency called Mazars, M-A-Z-A-R-S, very, very famous auditor.

26:57
Part of the top five, I think. Yeah, absolutely. It’s worldwide. And they check our books, basically. So if they see anything that’s wrong in the books, they flag it. If they flag it, we’re in trouble. And they do a formal yearly annual audit and then a quarterly, I think quarterly or half quarterly? Yeah, it depends on the… We don’t have a full audit quarterly. We have smaller audits and then a full audit yearly. So how do investors… What kind of investor reporting is there?

27:28
Is there a newsletter or a report or a dashboard? You do the newsletter. You should know. I do. I do. Hey, I’m the interviewer here. All right. So Gawain, What is the communication with the investors? Well, before we get into that, why don’t we talk about the dashboard? That’s your baby. The dashboard is from the very, very… From the very beginning, I insisted to have a beautiful, very a lot of information. So when you become an investor, you access that dashboard. People that are not investors, can access demo,

28:05
I think it’s thekedungufund.com/demo, D-E-M-O. And the login password is pre-filled. So yeah, investors, so demo doesn’t have all the information, but the investors have. And they have basically all… Everything that’s related to their investment, how much they invested, when they invested it, how much is it worth now, what is the return of investments, and then the information pertaining to the fund in general also. The nav per share, the liabilities, everything you need to know about the fund is there.

28:45
And some news and… And some news and all the legal docs out there for everyone to access here, if they want to see what the other PMA is done, other private equity is done, I think, yeah. Okay. All right. And another question I got to ask is The Fund locked or are investors able to exit early? Good question. They can and they can’t. They can if they want, but there is a right way and the wrong way to do it. The wrong way would be to ask us, to ask the general partnership. We’ve put in place a measure to prevent

29:24
investors to remove their investment before maturity. The reason behind that is that if someone decides to get out, because we don’t hold cash, because all our cash is… We try to hold as little cash as possible because it’s invested. If you have put a million dollar and you want your million dollar back, I wouldn’t know how to pay you back. You gotta sell something. I would have to sell something. And if I sell something, it would be detrimental to the other investors. So the measure we put in place is that if

30:00
you’re an investor, you have invested in the fund and you want to get out before maturity, you would have 50% penalty, which is a lot. So needless to say, no one is going to do it. Now that being said, we understand that people may have… Everybody has different life and some problems and some financial problems and they might need the money for some reason, family or whatnot. So we let the investors, as much as they want, sell their shares of the Singaporean company at the price they want to sell it.

30:38
So either to other investors or new investors. So if they sell the shares, they sell the shares, we have the right of first refusal. So they have to tell us. That’s the only condition. They have to tell us. And if we want to buy them back, then we are… Number one in line. Yeah, we’re number one. If we don’t say, okay, then they can sell them to their neighbor, their grandmother, whoever, I don’t care. And then they can get whatever money they get from them. So it’s a fixed term fund,

31:05
but it’s not locked? Well, it’s not locked, locked. But it’s half locked. Okay, so, I mean you work in the Kedungu community. It’s a small, close knit community. It’s, you know, a small sort of a small village that is getting bigger. But I know we deal closely with the banjar. We have a school that we we’re very interconnected with the community. What things have we done or on our planning to do to obviously improve the life grow Kedungu in a sustainable rate. You know, all that kind of

31:32
CSR slash community initiatives. I think, the biggest thing we’ve done, I mean, we, we do a thousand things all the time. whether a small donation to some youth club or some group of whatever, you know? But the biggest thing we did, I think, was to install street lights. There was no street lights in Kedungu. And to my surprise, there was no plan to install street lights. I mean, no immediate plan. So you would drive in Kedungu in the middle of Kedungu at night. It would be completely dark.

32:10
The moon and the stars to guide you. So we installed street lights in all the center of Kedungu, which cost us like $25,000, something like that. It wasn’t free. We donated, so some people know, but most don’t know. Kedungu fund is part of a group called Kosong Satu Group. And that group, not anymore, but used to have a company called Baliprod, a film production company. We just split last month. That company had massive wardrobe of clothes, all brand new from Zara and H&M and so on

32:55
and so forth, from all the shoot we had for the last years. And we’ve donated that wardrobe. Plus, some people also brought their own clothes, some people from Kedungu. So we donated about a bit over 200 kilos of clothes to some families in need in Kedungu. I mean, boxes and boxes and boxes of Zara clothes, basically. So yeah, that and a bunch of smaller things. We’re trying to be as useful as possible. Gede, our Indonesian partner, that’s on the ground there. There’s a way we can help.

33:36
The Banjar knows we are here to help and we are happy to help. It is my opinion that locals and foreigners should work hand in hand to better the life of the village and the community. Tourism is inevitable because it’s coming from higher up. Jakarta decided to have more tourists because it’s foreign currency coming into the country. I think it’s very smart. It’s a very smart move on an economical standpoint. And it is what it is. Those people are here and there will be more people, more tourists,

34:17
more expat, more everything. And I think that if everybody is open-minded and calm about it and smart about it, we can build a beautiful future for the community and this community that has side-by-side foreigners and Indonesians. I think it listens to the rules and regulations and all those kinds of things that are sometimes, if we all abide by those kinds of rules, Bali should develop in an orderly kind of… Yeah, absolutely. There’s a big thing about green zone and people building on green zone.

34:59
So I completely agree with it. I think it’s outrageous. And we don’t build on green zone. This is one thing for sure. And nobody should. And if the rules… The problem of Bali is there’s a number of rules and they are not well enough enforced. If everyone was playing ball and respecting the rule of law, then there wouldn’t be any problem. The problem is that not everyone does it here. But yeah, we believe that we can show the way and lead by example. So this is what we try to do.

35:37
So back to the land question quickly. So you’ve got what, we got 23 properties at the moment or 23 land parcels. What is the selection criteria? Why does that land make sense and that one doesn’t? How is that process? So originally, I’m more of a street front land kind of guy than a residential land kind of guy. So we focused a lot on acquiring as much street front properties as we could. So we have a lot of properties on the main street of Kedungu. You can see our little signs left and right.

36:14
We don’t have a lot of residential because there’s plenty of that. And the value of residential land is less than the street front land. And the price escalation will be less as well. At maturity, we expect residential land, prime residential land to be around 45 million per are per year, whereas residential, sorry, street fronts, commercial street fronts will be anywhere between 60 and 70 million. If you look at Kedungu at Pererenan now, I mean, if you find it, and I doubt you find it, nothing,

36:53
you would probably pay around between 60 and 90 million per are per year. If you try to get land in Batubolong, which is impossible, I would guess it would be like 100 or 120. And there’s no way those prices can be applicable for residential. That is just impossible. If you pay that expensive piece of dirt, you need to make money on it. You can’t just live. So it needs to be a business or restaurant, supermarket. Nobody wants to live on high street anyway. Exactly. Exactly. So our strategy was to acquire as many high

37:34
street properties as possible. And then now we’ve, I mean, it’s hard to, they don’t come by so easily. So we are getting more and more residential. Or some street front that’s from smaller streets. Yeah, mixed use kind of stuff. Okay. And then I’ll ask a final question, unless you’ve got anything else to throw in here. I have nowhere to be. So what’s next? I mean, after the fund, after 2028, what’s the plan? This is a question that’s recurring. I get asked this all the time.

38:11
What happens in 2028? The plan is to basically all the assets that we have not developed, so basically the empty plots, we will liquidate. Provided that the price has reached the level we want it to reach, we will liquidate. So anywhere between 40 million and 45 million per are per year. The assets that we have developed, my idea is to turn The Kedungu Fund into a private equity fund. But that I would have to have the agreement from all shareholders, of course. But this is something we’ll discuss when the time comes.

38:54
But the asset that we have developed or the private equity that we’ve acquired, so Bali Beach Glamping and so on and so forth, and that are generating good yield, I mean, in my mind, it doesn’t make sense to sell. We’ve done the hard work, we’ve got them. You know. It’s selling on undervalued there It’s just not mature enough to sell. If the shareholders agree, my idea is to keep those assets and turn The Kedungu Fund into a private equity fund that will manage those assets, those

39:30
existing assets, and possibly acquire more. So that’s basically what’s happening. And then the next land fund, is it something in the works? We have some ideas on the next land fund, maybe Yeh Gangga, maybe Kelating. I’m going to stay vague on that. Well, yeah, I think that’s it. Unless you’ve got anything to throw in? No, I think we’ve covered quite a bit of basic stuff. Not a lot. Basic, but important. Long podcasts, well, longer than we planned it to be, but some important information.

40:06
And yeah, I think that’s it. It’s getting hot also, so we’re going to turn the air condition back again. This is Dubai. Starting to sweat all under these lights. But yeah, cool. Thanks. We’ll do another update when you’re in Bali next, probably December. Yeah. Cool. Thanks, everybody. Thank you.