A small studio,
one island.
Nusa Estates is a boutique developer based in Bali. We build a small number of considered residences each year, alongside a circle of investors who join by introduction.
How Nusa came to be.
Nusa Estates was founded by Bruno Horst and Lena Noyon. During their first trip to Bali in 2022, they traveled slowly along the west coast, stayed in villages rather than hotels, and kept returning to the same question: why was there so little small-scale, design-led housing built with the patience the island deserved?
Back in Brussels, they spent two years mapping the legal, financial, and construction landscape in Indonesia. They assembled a local team of architects, builders, and land-law specialists, and in 2025 launched the first project: Pigstone Beach, a small residence above the black volcanic sand of Kedungu.
The project was offered to a small circle of family investors and subscribed in full. That same discipline - co-invest our own capital, fixed-price construction, quarterly reporting, and one site at a time - now anchors every project that follows.
Bruno Horst & Lena Noyon.
Bruno Horst
Co-founder · Capital & Investor Relations
Bruno's read on real estate started as an investor, not a builder. An early property purchase in Cape Verde - made mostly on instinct, before he'd have called himself an investor at all - taught him to notice a place's fundamentals long before a market catches on to them: access, scarcity, the kind of demand that doesn't evaporate with a tourism cycle. Years of travel since have sharpened that instinct rather than replaced it.
At Nusa, he leads capital strategy and investor relations - keeping what's promised to investors and what's actually delivered in line, project by project. Bali reads to him as exactly that kind of fundamentals-first opportunity: a destination with real, durable appeal, not a trend to be timed.
Lena Noyon
Co-founder · Design & Bali Operations
Lena's interest in real estate started at the other end: not what a place could return, but what made it worth building well in the first place. Her own early property investment, also in Cape Verde, put her hands-on with the decisions that actually determine whether a building holds up and holds value - siting, materials, proportion, how a structure sits against the land around it.
Travelling since through places at very different stages of development only confirmed it: thoughtful building strengthens a place, careless building just extracts from it. At Nusa, she leads design and Bali operations, carrying that same conviction into every decision - the right site, the right materials, architecture considered rather than default.
One site at a time.
A project begins only when a site feels right in three seasons - dry, wet, and the transition between - and only when we are ready to commit our own capital alongside our partners.
Structure
A dedicated Indonesian PT PMA per project, reviewed by Indonesian counsel and European tax advisors.
Construction
Fixed-price contracts with bonded local contractors - no cost-overrun risk to investors.
Reporting
Quarterly, to every investor. We hold management responsibility; investors hold all economic rights.
A short read of the investor structure covers the detail. Between projects we walk land, talk to villages, and work with local architects, artisans, and craftsmen - the waiting is the work.
Site selection, architecture, investor relations, and day-to-day operations - with site visits arranged personally for investors and waiting-list members.
Open a conversation.
The first step is a short, private call - in Bali, or by video.