# Turnkey vs Off-Plan vs Build — Comparison

> Canonical: https://santarabali.com/ · Scenarios: https://santarabali.com/finmodel/scenarios.json

| Path | Time to revenue | Risk | Santara fit |
|------|-----------------|------|-------------|
| **Turnkey operating (Phase 1)** | Immediate | Operating DD | **From USD 780,000** — 4 villas live |
| **Value-add shells (Phase 2)** | ~3 mo finish | Construction | **USD 390,000** + ~90–120k finish |
| **Off-plan / pre-sale** | 12–24+ mo | Developer delivery | Not this asset |
| **Build from scratch** | 18+ mo | Permits, cost overrun | Phase 2 faster than greenfield |

## Santara positioning
- **Below replacement cost** for 7 villas on 800 m² (verify under NDA)
- Phase 2 shells avoid 12–18 month greenfield timeline
- Not a passive-yield promise at current run-rate

Medium: https://medium.com/@bitoptorg/why-smart-capital-is-avoiding-off-plan-property-in-bali-and-what-to-buy-instead-09e990e79af6