LOVERS of Bali in Hongkong have been taking advantage of a first chance to buy property at the southern tip of the island. At an exhibition which ended here last Saturday, 13 houses were sold. Although foreign ownership of land and property is forbidden under Indonesian law, it is legal to lease from an Indonesian corporation. PT Pulau Taman is offering a 50-year assignable lease for properties in two new residential developments near Denpasar. The lease is technically a 30-year one with a prepaid automatic 20-year renewal, and it offers a good hedge against inflation when compared with the more commonplace five-year renewals. In effect, the home is being bought for 50 years, during which the owner may independently sub-lease his property or assign the lease to another person or corporation. This is the first time that the option to purchase a 50-year lease has been made available in Bali, according to the senior project consultant, Mr Jerry Cardinale. ''It took nine months to finalise the project with the local planning board, which was convinced we were trying to build a hotel,'' he said. ''Now that we have received approval, all the other developers are watching keenly to see how successful it will be.'' Harbourview, which consists of 25 one-and two-bedroom two-storey houses, is being built on the hillside above Nusa Dua at the southern tip of Bali. It will be ready for occupation in the middle of 1994. The estate includes a swimming pool, an air-conditioned restaurant, tennis and badminton courts, and private parking. The 20 two-bedroom homes at Sanctuary Gardens are being built on seven acres of land just slightly up the hill from Harbourview. Each home is surrounded by a wall for privacy. A business centre in the estate offers fax and photocopying facilities, and residents can use the Harbourview recreational facilities. In both properties, sheet glass is allows occupants to take full advantage of the view of Benoa Harbour and Mount Agung in the distance. The properties are spacious. The living and dining area in the single bedroom homes at Harbourview are 602 sq ft and the total area of the house is 1,657 sq ft. The largest property at Harbourview is 2,496 sq ft. Sizes at Sanctuary Gardens range from 1,270 sq ft to 2,215 sq ft. Prices start at US$117,000 at Sanctuary Gardens and rise to $325,900 at Harbourview. Hongkong banks generally will not provide a mortgage on Indonesian property, and Indonesian banks charge 25-30 per cent interest rates. To overcome this problem, the developer is offering an 11-year mortgage at eight per cent. All contracts will give the leaseholder the option to buy the freehold if Indonesian laws change during the 50-year period. Demand for housing has grown due to Bali's economic growth of over 350 per cent during the last five years, which makes property a good investment. These new houses are being marketed in Hongkong by Montpelier.