Supporting material for the investor pitch: the overarching design concept, what membership feels like, the programming framework, the 72-hour member arc, the optional ADRIFT expansion, the valuation bridge, and the cross-border net-of-tax walk. This appendix accompanies the main deck.
A single design language across the club and its residences. The Line members club and the 18 members-only residences, a separate building on the same campus, share a service spine, materials, and spatial vocabulary, with residents reaching the club a short walk across the grounds via their own lobby. Five governing principles shape every surface, light condition, and circulation moment.
Grit & Grace
A balance between raw athletic energy and refined spatial elegance. Exposed concrete, dark metals, and tactile stone paired with soft lighting and precise detailing. Resilient yet graceful.
Community Focused
The club fosters authentic connection. A linear spine subtly guides members through shared experiences. Spaces overlook one another. Lounges support spontaneous gatherings.
Calm Recovery
Dedicated zones shift from intensity to tranquility. Hot and cold bath and quiet sauna experiences use muted palettes, soft acoustics, and intimate spatial proportions to create restorative enclaves.
Spatial Transformation
Spaces expand, compress, and reveal themselves gradually along the linear axis. Circulation, mezzanines, and changes in light quality transform the journey, making movement feel intentional.
Exclusivity
A curated sense of access. Restricted lounges, controlled sight-lines, and thoughtfully choreographed pathways ensure members feel protected and valued. Sophisticated materials enforce the club tier.
Appendix · A1 / 7
What it feels like
One day. Three modes.
From cold pool at first light to candlelit table after dark, the day at The Line has a shape. The morning is for work that does not photograph well. The afternoon is the bathhouse, twenty minutes at a time. The night is twelve members at one table. Three modes, one membership, one cohort moving through the same architecture across the same hours.
06:30 · The Work
Cold pool, heavy iron. The room is quiet because everyone is here for the same reason. No spectators. No filming.
14:00 · The Return
Bath, breath, Aufguss ceremony at hour seven. Twenty minutes of stillness, twenty of cold, twenty of being a different person.
21:00 · The Table
Twelve members at a long table. David Myers in the kitchen. Candlelight, lilies, a bottle not on the list. Conversations that do not happen in restaurants.
Application based · Cohort programmed · No filming · Members and one guest
Appendix · A2 / 7
Appendix · Social & Cultural Programming
Five formats. One program.
A standing cultural calendar gives members reasons to show up beyond training and dining. The programming layer is what converts a luxury facility into a community, and what underwrites the recurring revenue mix at exit.
01
Weekly Supper Club
Members Lounge
An intimate weekly gathering for members around a shared table. Rotating menus, evolving guest lists, and a standing reason to wind down together after dark. The social anchor of the week.
02
Monthly Member Night
Rooftop
A monthly open evening on the rooftop for members and one guest. Informal, recurring, and deliberately unstructured. The format changes. The community deepens.
03
Quarterly Speaker Night
Members Lounge
Four times a year, a practitioner at the frontier of performance science, longevity, business, or mindset addresses the membership. Curated for depth, not reach. The room is small by design.
04
Private Event Buyouts
Rooftop or Lounge
The full rooftop or lounge available exclusively for member-hosted events. Corporate offsites, founder dinners, product launches, and private retreats held within the campus environment and service standards.
05
Brand Partnership Nights
Rooftop
Selected brand partners bring curated evening experiences to the membership. Wellness, nutrition, culture, and lifestyle brands whose values align with The Line and ADRIFT. Members get access. Brands get the right room.
Appendix · A3 / 7
Appendix · Signature Experience
The 72-Hour Reset. Cinematic. Sensory. Memorable.
A structured immersive journey for members and select guests. Three days, no theory, no clinical tracking. The body recalibrates because the environment is built for it. The slot is part of the membership, not an upsell.
Day 01
Decompress.
External noise drops off. Arrival ritual, soft food, slow breath, early dark. The body lets go of the week.
Day 02
Recalibrate.
Movement, heat, cold, food, fire. Contrast as ritual. The body remembers itself under pressure and under stillness.
Day 03
Reintegrate.
Connection, reflection, the supper that closes the arc. Members leave physically reset, mentally clear, socially anchored.
Five reset slots per quarter. Members and one guest. By calendar, not by request.
Appendix · A4 / 7
Optional Future Expansion · Out of This Raise
ADRIFT Hotel. Optional. Separately capitalized.
A future beachfront hospitality asset on Bali's coast, a boutique luxury hotel under the ADRIFT name, remains a candidate expansion. It is explicitly out of this raise: it would be its own site, its own diligence (beachfront sempadan, LP2B agricultural overlay), and its own capital, funded by its own pre-sales and debt with no additional outside equity from this round. It is shown here for completeness, not underwritten in the base case. The comp set below is reference context: it is the band a future ADRIFT would be priced into, and the demand backdrop for the Seseh corridor that supports the club today.
What gets built
30 keys blended at ~110 m² interior plus outdoor
8 Garden / Forest rooms (65 to 75 m²)
10 Deluxe Pool Access rooms (85 to 95 m²)
6 Junior Suites (110 to 130 m²), 4 Suites (160 to 200 m²), 2 Owner’s Suites (240 to 280 m²)
Signature restaurant Ora, Japanese plus Italian, Chef David Myers
ADRIFT Poppy, social lounge plus rooftop bar
Hotel guests share the Line’s bathhouse, wellness, training, cultural programming
If pursued, as a separate raise
Capital, its own equity + senior debt, no equity from this round
Build, ~30 keys, indicatively $400K to $450K per key
Land, a separate beachfront site, its own diligence
ADR band, ~$650 to $760, within the comp set below
Self-funding, by its own pre-sales and debt
Member synergy, priority ADRIFT access is a Founders Reserve benefit; cross-sell is upside, not underwritten here
Trigger, only after the Bali club model is proven; a platform decision, not part of this raise
In This Raise
No
Status
Optional
Property
Keys
Wellness
TTM ADR
Occupancy
RevPAR
EBITDA / Key
Build / Key (est.)
Six Senses Uluwatu
103
✓
$580 - 720
62 - 68%
~$400
~$110K
$650 - 800K
COMO Shambhala Estate
30
✓ (anchor)
$700 - 920
58 - 65%
~$500
~$160K
$700 - 1.0M
Capella Ubud
22
✓
$1,100 - 1,400
55 - 62%
~$700
~$220K
$1.2 - 1.6M
Aman (Amankila / Amandari)
34 - 47
✓
$1,500 - 2,500
50 - 60%
~$1,050
~$340K
$1.4 - 2.0M
Bulgari Resort Bali
59
✓
$950 - 1,200
60 - 68%
~$680
~$200K
$1.0 - 1.4M
ADRIFT (optional, if pursued)
~30
✓ (shared)
~$650
~68%
~$442
~$70K (hotel-only)
$400 - 450K
Why it is out of this raise
Risk Discipline
Bali luxury occupancy is the weakest segment of the market and ADR has drifted; a future hotel enters on its own balance sheet, after the club model is proven, never funded by this round's equity.
Reference band
$650-760 ADR
A future ADRIFT would price between Six Senses ($580-720) and Capella ($1,100-1,400), below trophy beachfront. The comp set is context, not a base-case projection.
Member synergy
Upside Only
Priority ADRIFT access is a Founders Reserve benefit. Any cross-sell into the club is upside on top of the base case, not underwritten in the returns.
If pursued, validation
Horwath HTL
A stamped Horwath HTL or JLL Hotels APAC feasibility would be commissioned before any future hotel raise. Not required for this round.
Appendix · A5 / 7
Appendix · Valuation Bridge, Sum of the Parts
$18.7M pre-money, grounded in the club. Not back-solved.
The pre-money is grounded in the club, the asset the investor retains, not in a residence surplus or a hotel that is out of this raise. The bridge below marks (a) the retained members club at a conservative multiple of stabilized EBITDA, (b) the residence mechanism, which recapitalizes the build rather than producing a pre-sale windfall (its recurring managed-hospitality EBITDA is credited at exit, not at entry), and (c) platform rights and brand IP held at conservative carry. Land is a forward acquisition, not yet owned, so it is not marked as secured value. This round prices at $18.7M pre-money.
Component
Method
Conservative
Base
Aggressive
Retained members club, enterprise value
Multiple of stabilized EBITDA ~$4.5M (bear ~$3.0M / upside ~$5.8M)
$30M (10x)
$54M (12x)
$81M (14x)
Less: capital still to deploy (club + land)
Club build + land, funded by this round; residences fund their own build via pre-sales
($8.5M)
($8.3M)
($8.3M)
Club net asset value at HoldCo
$21.5M
$45.7M
$72.7M
Line Residences, financing + hospitality seed
Pre-sales recapitalize the build at ~$4,460/m²; recurring managed-rental EBITDA is valued at exit (see Returns), not credited here
$0M
$1.0M
$3.0M
Platform rights, brand IP, member system
Co-invest priority on future markets; brand, playbook, and ~90%-margin Remote tier owned at HoldCo. Conservative carry, optionality not promised value.
$1.5M
$3.0M
$6.5M
Land status
Forward acquisition, not yet under LOI or contract, so not marked as secured value
Not included
Not included
Not included
Sum of the parts
$23.0M
$49.7M
$82.2M
Implied discount vs. the sum of the parts
Output, not input: the round's pricing gives back 35 to 66% of the undiscounted parts for execution risk, single-asset liquidity, and a minority position; the deeper discounts apply to the larger SOTPs
(35%)
(62%)
(66%)
Implied pre-money valuation
$15.0M
$18.7M
$28.0M
The ask
$8M for ~30% (post-money ~$26.7M)
$18.7M pre-money, grounded in the club, priced inside the $15.0M to $28.0M bridge band
The $18.7M pre-money is grounded in the retained club at a conservative 12× on stabilized EBITDA, discounted heavily for execution risk, single-asset liquidity, and a minority position, with land still a forward acquisition. The residences recapitalize the build rather than producing a pre-sale windfall, and their recurring managed-hospitality EBITDA is credited at exit, not at entry; the platform is conservative optionality, not promised value. Investors are paying for a 30% interest in a recurring-revenue club whose first site is substantially de-risked by pre-sold residences, plus the platform option, on the best terms it will offer.
Appendix · A6 / 7
Appendix · Cross-Border Structuring, Net of Tax
Cross-border investor view. Net of tax. Singapore on top. Indonesia underneath.
Family offices underwrite to net-of-tax IRR, not gross. The structure is built to minimize repatriation leakage from operating Indonesia through Singapore to the investor; the walk below is illustrated for a Hong Kong-resident investor, and treaty outcomes vary by jurisdiction. The Indonesia-Singapore Double Tax Avoidance treaty is the single most valuable line in the structure.
The Stack
HK Investor → Singapore HoldCo → PT PMA
Layer 1, Indonesia. PT Third Spaces Consulting (Indonesian PMA) holds the land and operates the business. Operating-level corporate income tax 22%. Distributable cash flows after Indonesian CIT.
Layer 2, Singapore HoldCo. Singapore HoldCo owns 100% of the PT PMA. Indonesia-Singapore DTA caps Indonesian withholding on dividends to Singapore at 10% (vs 20% statutory) where Singapore beneficial ownership is documented and substance test is met.
Layer 3, Hong Kong investor. Singapore-to-HK dividend distributions exempt from Singapore withholding (one-tier system). HK does not tax foreign-source dividends at the investor level for HK domiciled vehicles. Net leakage modeled at 10 to 12% of distributable Indonesian net income.
Tax Leakage Stack
Modeled at base case
PPN (Indonesian VAT) 11% on relevant taxable supplies at the operating level. Embedded in the operating model and recovered through pricing.
Indonesian CIT 22% on operating profit. Standard corporate rate. PT PMA is not eligible for tax holiday at this size and category.
Indonesian dividend WHT 10% to Singapore HoldCo under DTA, vs 20% statutory. Saves ~$0.3 to $0.5M per year at stabilization.
Singapore corporate tax 17%, with foreign tax credit available for Indonesian WHT, often reducing net Singapore liability to near zero. One-tier dividend out to HK with no further Singapore withholding.
HK investor level. Foreign-source dividend income, generally HK profits-tax exempt for offshore investment vehicles. Subject to investor-specific structuring.
Stage
Stabilized Base (Y5)
Effective Rate
Cumulative Leakage
Club EBITDA, Bali (post PPN)
~$4.5M
n/a
n/a
Less: Indonesian CIT 22%
($0.99M)
22.0%
22.0%
Distributable Indonesian net income
$3.51M
n/a
n/a
Less: Indonesian WHT to Singapore (DTA 10%)
($0.35M)
10.0% of dividend
30.0%
Singapore HoldCo received
$3.16M
n/a
n/a
Singapore tax post foreign tax credit
~$0M
~0%
30.0%
Singapore-to-HK dividend (one-tier, no WHT)
$3.16M
0%
30.0%
Net to HK investor pool, stabilized base case
$3.16M
~30% total leakage
n/a
Implied net IRR vs gross IRR (base case)
Net ~25 to 26% vs gross ~29%, 7-year hold; net runs ~3-4 points below pre-tax
Net-of-tax IRR is the metric to underwrite to, wherever the investor is domiciled. The walk is illustrated on club EBITDA (~$4.5M); the residence-hospitality layer (~$1.2M) sits in the same PT PMA and carries the same CIT and withholding treatment, so the same ~30% envelope applies to the full ~$5.7M operating EBITDA. Indicative figures are management estimates only and assume the Singapore HoldCo meets DTA substance requirements (which the structure is designed to satisfy). Final structuring to be reviewed with the investor's tax counsel during the data-room phase. The structure is engineered for a 30% total leakage envelope, materially better than direct PT PMA ownership without DTA shelter.
Appendix · A7 / 7
The Line × ADRIFT · Seseh · Bali
Single Founding Round
Be the first on the line.
$8M round for ~30% of the club + platform. 150 founding members and a curated investor cohort close together. First close on land control and clean title; final close December 15.
