Property Report April Issue 2013 by Ensign Media

Design Statements

Protected assets

Tax efficient properties in Europe

Leasehold resort properties Ownership opportunities on Bali

India’s satellite development Luxury real estate in Gurgaon

Integrated living

The rise of mixed use developments

Upscaling Cambodia

Emerging resorts and villa investments

Bespoke Bangkok luxury

Inside a customised apartment in Bangkok APRIL 2013 | 1

MCI (P) 102/01/2013

Issue 103 April 2013

S$8, RM20, IDR70,000, THB200, HK$60, PHP350

KDN PPS 1662/10/2012 (022863)

Luxury real estate, architecture and design

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Co-Sponsors:

Media Partners:

Recognising the ever increasing quality of residential properties in Southeast Asia

This year, Ensign Media have added two prestigious events to the calendar of regional property awards events Recognising the 'best of the best' in the region's real estate, the property awards also provide investors with a valuable benchmark for excellence Nominations are now open in a wide range of categories To nominate a developer, project, agent, architect or interior designer VISIT www.thailandpropertyawards.com www.indonesiapropertyawards.com www.philippinespropertyawards.com www.southeastasiapropertyaward.com Or Contact jay@ensign-media.com

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APRIL 2013 | 17

PUBLISHING EDITORIAL Issue 103 APRIL 2013

TERRY BLACKBURN JULES KAY SOFIE LISBY LIAM ARAN BARNES REBECCA FOSTER AUSANEE DEJTANASOONTORN PISINEE CHERNGSAARD JIRAWADEE SANGRAYAB RAWIWAN SRISUMPHAN PIYANUN POBSOOKNAITUM SUPHATRA PAKDEEWIROJ CHRISTINE MAY ABEJO SERENE LIAM NIXON SALIMBANGON CHANIDA CHANKRAPOE NITA ISMAIL

CHIEF EXECUTIVE OFFICER terry@ensign-media.com MANAGING EDITOR jules@ensign-media.com DEPUTY EDITOR sofie@ensign-media.com ASSOCIATE EDITOR liam@ensign-media.com EDITORIAL ASSISSTANT rebecca@ensign-media.com ART DIRECTOR ausanee@ensign-media.com SENIOR GRAPHIC DESIGNER pisinee@ensign-media.com BANGKOK, PATTAYA, HUA HIN ACCOUNT MANAGER jirawadee@ensign-media.com ACCOUNT EXECUTIVE rawiwan@ensign-media.com ACCOUNT EXECUTIVE piyanun@ensign-media.com ACCOUNT EXECUTIVE PHUKET, PHANG NGA, KRABI AND SAMUI suphatra@ensign-media.com ACCOUNT EXECUTIVE INTERNATIONAL MARKETS christine@ensign-media.com SINGAPORE, BUSINESS MANAGER serene@ensign-media.com PHILIPPINES nixonsalimbangon@gmail.com SUBSCRIPTIONS and DISTRIBUTION (THAILAND) chanida@ensign-media.com SUBSCRIPTIONS and DISTRIBUTION (SINGAPORE) nita@ensign-media.com ENQUIRIES, COMMENT, LETTERS Editorial Submissions

editorial@property-report.com GENERAL info@property-report.com

Ensign Media Co. Ltd. SINGAPORE : 39 Arab Street #03-01, Singapore 199738. t: +65 6744 6903; f: +65 6744 6910 BANGKOK:55 BIO HOUSE BLDG, 5th Fl., Sukhumvit Soi 39, Klongton Nua, Wattana Bangkok 10110. t:+66 (0) 2662 5195; f: +66 (0) 2662 5198 PHUKET : 23/4 Moo 3, Kwang Road, T. Vichit, A. Muang Phuket, Phuket 83000. t:+66 (0) 7626 4756; f: +66 (0) 7626 3561 www.ensign-media.com 18 | APRIL 2013

Property Report is available throughout the region (and in Hong Kong) in bookshops and newsagents, and at leading hotels, serviced apartments, golf courses and airline lounges. While every care has been taken in the production of this publication, the publisher takes no responsibility for any errors, loss or omissions that may occur. Currencies quoted are for information only. No part of this publication may be reproduced without written permission of the publisher. All rights are reserved.

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EDITORIAL

The road to somewhere As Southeast Asia’s more established engines of capital look for ways to take their foot of the gas and avoid a crash, new revved up economies like Indonesia, Philippines and Thailand are driving regional wealth and consumer spending, while at the same time creating a pool of investment capital that is LQFUHDVLQJO\ ʉRZLQJ DFURVV ERUGHUV LQ VHDUFK RI DWWUDFWLYH returns. The scheduled launch of the Asian Economic Community in 2015 has already spurred several of the region’s fastest growing nations to spend a serious chunk of their burgeoning tax revenues on major infrastructure improvements. In fact, the race to develop transport routes and connectivity has SURPSWHG WKH ʈQDQFH PLQLVWULHV LQ VRPH JRYHUQPHQWV WR EHFRPH uncharacteristically generous with public funds. Indonesia recently announced a wholesale increase in capital spending, particularly on transport amenities such as roads, bridges, sea routes and airport upgrades to improve connectivity through the archipelago. On Bali, major works are already underway to better connect Ngurah Rai International Airport with the island’s harbour and ever swelling tourist areas, with upgrades also planned to help raise annual passenger capacity to 25 million. Meanwhile, Thailand is going all out to position itself at the centre of the planned new Asian powerhouse, pouring a massive US$76 billion of investment into infrastructure that includes new highways linking neighbouring countries such as Cambodia, Laos and even China, a high speed rail network, plus upgrades to the capital’s two increasingly crowded airports. Not to be left behind, the Philippines has set a US$9.6 million infrastructure budget for 2013 — its highest ever — most of which will also be allocated to airports, roads and bridges, all seen as essential to speed up growth. Such a commitment to fundamental improvements surely spells good news for investors into the region’s property markets. Although the sceptics might regard the prospect of regional economic union as a bridge too far;; the free movement of capital in what is undoubtedly one of the world’s wealthiest regions will FUHDWH VLJQLʈFDQW RSSRUWXQLWLHV IRU WKRVH VPDUW HQRXJK WR ERDUG the gravy train.

Jules Kay Property Report jules@ensign-media.com

Cover Photo: 5IF 3JCCPO )PVTF CZ '", %FTJHO 4UVEJP 20 | APRIL 2013

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EDITORIAL

Investments of passion As property markets heat and cool, people in Asia are increasingly looking beyond bricks and mortar for returns on investments. So-called ‘investments of passion’ are on the rise, with fine art, watches, wine, cars and jewellery being the top choices for the world’s rich, according to The Wealth Report 2013 by Knight Frank. The report says the sterling value of classic cars and coins increased 23 and 25 percent, respectively, in the year to Q3, 2012 – a rise which is unmatched in the region’s property markets. In fact, by comparison, even London’s prime central residential market rose ‘only’ 10 percent during the same period, a nd gold just 5.6 percent. Yet despite the handsome returns on these investments of passion, property is still the largest asset class in most investment portfolios, making up an average 22 percent globally. Now that is something to get passionate about and in this issue of Property R eport, you’ll find a great selection of properties which may take your fancy, from integrated developments in Malaysia, Indonesia and Thailand to holiday homes in up-and-coming investment destination, Cambodia.

6RʈH /LVE\ Property Report sofie@ensign-media.com

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CONTENTS Issue 103 APRIL 2013

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PICK UP YOUR COPY AT THE FOLLOWING LOCATIONS AROUND THE REGION:

Retail

Hong Kong: Dymocks (12 Branches) Jumbo Magazine House Metrobooks (2 Branches) Page One (4 Branches) Indonesia: Periplus (33 Branches in Jakarta & Bali) Malaysia: All Day Enterprise Borders Bookstores (5 Branches in KL) Diamond Store Dj Book Centre Flying Emporium Gramedia Bookstores Interntional Jasema Enterprise Kinokuniya Book at KLCC Mph Bookstores (18 Braches in KL, Putrajaya & Johor Bahru) Niko Niko Doh Nz Magazine Centre (3 Branches in KL) Popular Book Co (20 Branches in KL, Ipoh, Subang, Borneo & Penang) Syarikat Syidah Times The Bookshop (4 Branches in KL) Singapore: Borders (2 Branches) Cheers (68 Branches) Chevron Petrol Stations (19 Locations) Dufry Singapore (5 Branches) Harris Book (2 Branches) Kinokuniya (2 Branches) MPH Bookstores (4 Branches) Newsstands (24 Locations) NTUC Fairprice Page One Popular (8 Branches) Prologue Times Newslink (6 Branches) Times The Book Shop (5 Branches) Thailand: Amarin (9 Branches in Bangkok) Asia Books (25 Branches in Bangkok) B2s (23 Branches in Bangkok, Chiang Mai, Hadyai, Khonkaen & Phuket) Bookazine (28 Branches in Bangkok, Samui, Pattaya, Hua Hin & Phuket) Exotic Siam – Oriental Hotel Foodland (4 Branches in Bangkok) Friendship Supermarket Pattaya Gift Shop Bangkok Hospital Silom Se Ed (9 Branches in Bangkok, Samui, Pattaya and Phuket) The Books Bumrungrad Hospital The Mall (3 Branches in Bangkok) Villa Market (17 Branches in Bangkok) Central Department premiere & platinum lounge (14 Branches) Cambodia Monument Books (Phnom Penh), Phnom Penh Airport, Siam Reap Airport.

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Hotels & Serviced Apartments

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Hong Kong: Conrad Hong Kong Four Seasons Hotel Peninsula Hotel Le Meridien Cyberport Cosmopolitan Hotel The Mira Hong Kong InterContinental Hong Kong InterContinental Grand Stanford Hong Kong Island Shangri-La, Hong Kong Kowloon Shangri-La The Langham, Hong Kong Harbour Grand Kowllon Harbour Plaza North Point Kowloon Hotel Lanson Place Hotel The Royal Garden Sheraton Hong Kong Hotel & Towers W Hong Kong Novotel Century HK Eaton Hotel Royal Plaza Hotel Nikko Regal Kowloon Regal Hong Kong Regal Airport Sky City Marriott Ritz Carlton Hong Kong Altira Hotel Macau Crown Plaza Hotels Crown Tower Four Seasons Hotel Galaxy Waldo Hotel and Casino Grand Waldo Hotel Hard Rock Hotel Hotel Royal Hotelisboa L’ Arc Macau Mandarin Oriental Macau MGM Macau New Century Hotel Macau Pousada Marina Infante Regency Hotel Riviera Hotel Macau Sands Macau Hotel Saotiago Star World Hotel The Landmark The Venetian Westin Resort Wynn Macau Indonesia: Ascott Jakarta The Ritz Carlton Kempinski Hotel Hotel Niko Ciputra Hotel Shangrila Jakarta Four Season Jakarta Jw Marriot Grand Hyatt Jakarta Intercontinental Mid Kristal Sultan Hotel Mulia Senayan The Ritz Carlton Pp Grand Mahakam The Darmawangsa Alila Hotel Grand Sahid Jakarta Park Lane Jakarta Menara Peninsula Borobudur Int’l Hotel Crown Plaza Hotel Le Meridien Hotel Mandarin Oriental Menteng Exe Apt. Ayodya Hotel Conrad Hotel Four Seasons Resort Jimbaran Grand Hyatt Hotel Nusa Dua Intercontinental Hotel Nikko Hotel Nusa Dua Novotel Nusa Dua Nusa Dua Beach Hotel Puri Bali Hotel Ritz Carlton Hotel Sheraton Laguna Nusa Dua The Bale Hotel The Laguna Westin Hotel Malaysia: Berjaya Times Square Equatorial Kuala Lumpur Grand Millennium Hilton Kuala Lumpur Hilton Petaling Jaya Hotel Istana Hotel Maya Kuala Lumpur Le Meridien Kuala Lumpur Mandarin Oriental Kuala Lumpur Mutiara Kuala Lumpur Nikko Kuala Lumpur Novotel Kuala Lumpur City Centre Renaissance Kuala Lumpur Shangri-La Hotel Kuala Lumpur Sheraton Imperial Kuala Lumpur The Ascott Kuala Lumpur The Ritz Carlton Kuala Lumpur The Westin Kuala Lumpur Traders Hotel Singapore: CAPELLA SINGAPORE CAPRI BY FRASER, HOTEL RESIDENCES Crowne Plaza Changi Airport Fairmont Singapore Four Seasons Hotel Singapore Grand Copthorne Waterfront Hotel Grand Hyatt Singapore Hilton Singapore Hotel Intercontinental Singapore Le Grove Service Apartments Naumi Hotel Orchard Park Suites (Service Apartment) Orchard Scotts Residence Park Royal Serviced Residences Shangri-La Apartments & Residences Sheraton Towers Singapore Hotel The Fullerton Hotel Singapore The Sail @ Marina Bay The Sail @ Marina Bay Treetops Executive Residences Thailand: Amanpuri Anantara Phuket Baan Yamu Bel Air Panwa Hotel Cape Panwa Hotel & Spa Centre Point Serviced Apartments Citadines Bangkok Dusit Laguna Dusit Thani Bangkok Grand Hyatt Erawan Hilton Resort Phuket Indigo Pearl Phuket JW Mariott Phuket Karma Resort & Spa Kata Beach Resort & Hotel Le Meridien Phuket Beach Resort MaDuZi Marriott Pattaya Mayfair Marriott Movenpick Resort Phuket Oakwood Serviced Apartments Phuket Impiana Phuket Pavilions Resort Sala Phuket Resort & Spa Sala Samui Resort & Spa Serenity Terrace Shangri-La Bangkok Sila Evason Sri Panwa The Chedi Phuket The Conrad Hotel The Mangosteen The Oriental Hotel The Peninsula Hotel The Sukhothai Tongsai Bay Trisara West Sands Twin Palms Phuket Andara Phuket Six Senses Samui Centara Samui Four Points by Sheraton Sukhumvit

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Airport Lounges

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Hong Kong: CNAC Lounge Dynasty Lounge Royal Orchid Lounge Hong Kong Lounge Emirates Lounge Red Carpet Lounge The Traveller’s Lounge EAST The Traveller’s Lounge WEST Morning Calm ( Korean Air) SQ Lounge Qantas Lounge Indonesia: JW Executive Lounge El John Lounge D Green Lounge Garuda Executive Lounge Indosat Executive Lounge Sunda Kelapa Executive Lounge Batavia Lounge Pura Indah Lounge Premiere Lounge Emerald Sky Lounge (Garuda First & Business Lounge) Mutiara Lounge Garuda Executive Lounge Teluk Banten Lounge Malaysia: Emirates Lounge Plaza Premium Lounge Oman Airways Malaysian Airlines Thai Airways Singapore: Jet Quay Terminal Korean Air Malaysia Airlines Plaza Premium Lounge Premier Club & Rainforest by SATS Lounge SATS Premier Club T2 T3 SATS Premier Club Thai Airways The Skyview Lounge (Terminal 1) Singapore Airlines-Paragon Service Ctr. Emirates Lounge Thailand: Singapore Airlines Lounge Birtish Airways/Qantas Lounge Air France Lounge Eva Air Lounge Louis Tavern CIP Lounge (Concourse F) Thai Airways Bangkok Airways Biman Aangiadesh Lounge Druk Air (Royal Phutan) Korean Air Lounge Gulf Air Lounge King Power Lounge

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Clubs/Banks/Marinas/Restaurants/Others

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Hong Kong: The Aberdeen Mariners Club Clearwater Bay G&C Marina Club Club Marina Cove Gold Coast Yacht Club Royal Hong Kong Yacht Club American Club (Tai Tam) China Club Chinese Recreation Club Club Grand Kornhill Craigengower Cricket Club Dynasty Fringe Club HK Country Club Kowloon Bowling Green Club Kowloon Cricket Club Kowloon Tong Club Ladies’ Recreation Club Oasis Club Royal HK Golf Club HK Golf Club Discovery Bay Golf Club Shek O Golf Club Singapore: British High Commission Citigold Centre (13 Branches) Coffee Club Pte Ltd (23 Outlets) Hollandse Club Keppel Club Marina @ Keppel Bay ONE°15 Marina Club Porsche Centre Singapore Republic of Singapore Yacht Club Rolls Royce Motor Cars Singapore Sentosa Golf Club Singapore Cricket Club Singapore Island Country Club (Bukit Location) Singapore Polo Club Swiss Club The American Club Singapore THE BRITISH CLUB The Dempsey Brasserie The Executives Club The Legends Fort Canning Park The Pines Country Club The Tanglin Club Thailand: Australian Chamber of Commerce Black Mountain Golf Club British Chamber of Commerce Loch Palm Golf Club Phuket Country Club Singaporean Chamber of Commerce Bumrungrad Hospital Samitivej Hospital Red Mountain Golf Course . TRSC International Lasik Center

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The Leading LeadingMagazine Magazinefor forLuxury LuxuryReal RealEstate Estate

SOUTHEAST EASTASIA ASIA SOUTH Issue2012-January 98 November2013 2012 Issue 99/100 December S$8, RM20, IDR70,000, THB200, HK$60, PHP350 S$8, RM20, IDR70,000, THB200, HK$60, PHP350

INSIDE A BANGKOK ICON Ritz-Carlton Residences

Philippines Goes Prime

Myanmar — Risky business?

A House in the Country

Architect Felino“Jun” Palafox

UK Green Belt Properties

Exclusive Interview

KDN PPS 1662/10/2012 (022863) KDN PPS 1662/10/2012 (022863) KDN PPS 1662/10/2012 (022863)

MICA (P) 020/02/2012 MICA (P) 020/02/2012 MICA (P) 020/02/2012

KDN PPS 1662/10/2012 (022863) KDN PPS 1662/10/2012 (022863)

MICA (P) 020/02/2012 MICA (P) 020/02/2012

ER 2012 CONDOMINIUMS VILLAS HOT DEALS Condominiums â âVillas â â APARTMENTS a partments ââhot deals â â INTERIORS interiors NOâVEâMBDESIGN d esign

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LEADING EDGE 6,

"O BDBEFNJD JOWFTUNFOU PQQPSUVOJUZ Student accommodation in the UK conjures images of dank, sparsely decorated rooms, cluttered with thirdhand furniture and the remnants of the previous nightâ&#x20AC;&#x2122;s party. Student expectations, however, appear to have increased somewhat in recent years, giving rise to potentially lucrative new assets for property investors. | by LIAM ARAN BARNES

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APRIL 2013 | 31

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)JHI IPQFT JO )POH ,POH Hong Kongâ&#x20AC;&#x2122;s government introduced new property taxes last autumn in a bid to cool the cityâ&#x20AC;&#x2122;s overheated property market. Analysts, however, say many luxury property investors â&#x20AC;&#x201C; especially those from mainland China â&#x20AC;&#x201C; still view Hong Kong as an attractive destination. | by MIKE IVES

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PuraVida

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Regional Offices: Hong Kong: Room 2101, 11/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong, Tel: 852 3752 1898 Indonesia: Sampoerna Strategic Square, South Tower Level 30, Jl. Jend. Sudirman kav. 45-46, Jakarta 12930, Tel: 6221 29930 755 Malaysia: Penthouse (Level 27), Centrepoint South, The Boulevard, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur, Tel: 603 2096 9581/9582 Philippines: Level 40 PBCom Tower, 6795 Ayala Avenue corner V.A. Rufino Street, Makati City 1226, Philippines, Tel: 632 789-9146 South Korea: No. 931 Hyundai Parisian, 907-10 Mok-dong, Yangcheon-gu, Seoul, Korea 158-050, Tel: 82 2 2061 1900 Taiwan: No. 25, 4F, Suite 620, Sec 1, Dun Hua South Road, Taipei, Taiwan, R.O.C, Tel: 886 2 2570 1820 Thailand: Level 41, Suite 4121, United Center Building, 323 Silom Road, Bangrak, Bangkok, 10500 Thailand, Tel: 66 2 630 4744 Vietnam: 16/F Saigon Tower, 29 Le Duan Str, Dist. 1 HCMC, Tel: 84 8 3520 7635 APRIL 2013 | 33

SPECIAL FEATURE 5BY FGGJDJFOU QSPQFSUZ

A life less taxing Europe’s sophisticated financial infrastructure provides High Net Worth Individuals from around the world with options for protecting their assets while also enjoying capital appreciation and lifestyle benefits. | by JULES KAY

Guernsey With easy access to mainland Europe and the UK via regular flights and ferries, a favourable tax regime, modern infrastructure and exceptional health and education facilities, Guernsey is an appealing solution for those seeking out a Singapore or Hong Kong in Europe. There’s no VAT (GST), no capital gains tax, no inheritance tax, no estate duty, no purchase or sales tax, no capital transfer tax and no pension capping. Furthermore, the island’s worldwide tax capping rate has been brought down to GBP100,000 (US$151,288) and there is zero corporation tax. Not only is life a lot less taxing on Guernsey, is also well known as a holiday destination, enjoying more than 2,000 hours of sunshine per year despite being less than an hour’s flight from London. Guernsey offers a peaceful way of life in a vibrant and cosmopolitan community complemented by beaches, bracing cliff walks and breathtaking views, as well as world class restaurants and designer boutiques.

TOP: GUERNSEY VIEW BOTTOM: ROYAL TERRACE

Property highlight Royal Terrace, situated in St Peter Port – the financial and residential capital of Guernsey - is a mixed use development located in the heart of the CBD. The project is located on the site of the former iconic Royal Hotel, which was famously frequented by royalty. It was acquired by developers the Long Port Group in 2002 and now comprises 46 luxury local market apartments and eight freehold open market penthouses (of which only five remain). According to Charles Weston Baker, Head of Savills International, London, open market properties available for foreign purchase in Guernsey are incredibly rare and highly sought after. There are only 1,700 such properties market on the island in total and ownership offers foreign purchasers an automatic right to live and work on Guernsey. The penthouses are large enough to feature up to four bedrooms, all with en-suite bathrooms, several reception rooms as well as a home cinema and even a private gym if desired, they also offer up to 1,000 sq ft of private terraces and could therefore feature a private infinity pool. Royal Terrace enjoys panoramic views over the picturesque Queen Elizabeth II Marina and out towards Guernsey’s sister isles of Jersey, Alderney, Herm, Sark and Brecqhou, home to the well-known Daily Telegraph owners, the Barclay brothers. In addition the apartments and penthouses, Royal Terrace also boasts a top class spa facility, a convenience food store, and a gourmet delicatessen. Owners can be jetted off to London in just 55 minutes aboard Long Port’s very own private jet, a Citation XLS. Prices range from GBP5.9 million to GBP6.9 million (US$8.8 million to US$10.2 million) for the shell and core, enabling purchasers to implement their own bespoke layouts and to select specifications to suit their personal tastes and requirements. www.royal-terracepenthouses.com

34 | APRIL 2013

THE ULTIMATE IN LIFESTYLE

∙ Private luxury 4 bedroom 4 bath residence set on 1/2 acre within exclusive gated community ∙ Separate self-contained guest house and centrally-located entertaining pavilion ∙ Gourmet kitchen with temperature controlled wine cellar ∙ Quiet and tranquil north-facing lakefront position

∙ World-class golf, tennis and premiere social events enjoyed by its members. ∙ Magnificent, multi-award winning Sun Spa offering gym, fitness and spa treatments. ∙ Ocean front resort provides miles of white sandy beaches for sun and surf. ∙ Ten minutes to Sunshine Coast Airport and 1 hour from Brisbane International.

David A. Perez

email: david@villarealestate.com.au mob: +61(0) 427 378 600 We offer excellent real estate investment opportunities in Australia and abroad.

APRIL 2013 | 35

SPECIAL FEATURE

company incorporated in Gibraltar was a tax free company. As of January 2011, there is no longer any distinction between onshore and offshore companies. All companies incorporated in Gibraltar are subject to a low tax of 15 percent per annum. Gibraltar also offers offshore banking services which are not taxed and provides banking secrecy for offshore bank account holders. Other Gibraltar financial benefits include zero tax on interest earned on savings, maturing insurance-based plans are paid gross with no tax liability and there is also no capital gains or inheritance tax and the VAT-free shopping.

5BY FGGJDJFOU QSPQFSUZ

Gibraltar According to Gary Hersham from Beauchamp Estates, residential property bought by a non-resident in Gibraltar may be owned by an individual applicant or joint applicants, or alternatively, in the name of a company of which the applicant is the beneficial owner. There are significant tax advantages if property is purchased through a Gibraltar company and anyone with GBP2million (US$3 million) net assets who buys a property for their exclusive residential use and hasn’t lived in Gibraltar within five years can qualify for Category 2 resident status, resulting in paying no greater than GBP24,500 (US$37,056) on their worldwide income. Gibraltar also has MIRAS (Mortgage interest relief at source) on principal private residences, affording borrowers, tax relief on mortgage interest. Anyone buying their first property in Gibraltar is eligible to claim GBP11,500 (US$17,393) tax relief, which can be taken over one to ten years. First-time buyers also benefit from a GBP4,000 (US$6,049) home-purchase allowance offered to all who buy residential property there. Prior to January 2011, a non-resident offshore

36 | APRIL 2013

TOP: GIBRALTAR VIEW BOTTOM: ADMIRALTY HOUSE

Property highlight Admiralty House is a Georgian style home of elegance and character. The accommodation, which is spread over three floors, comprises four generously proportioned reception rooms for formal entertaining, four spacious principal bedrooms, all with dressing rooms and en suite bathrooms, plus three further double bedrooms with bathrooms for use as staff quarters. Admiralty House is set in beautifully landscaped gardens featuring a mosaic-tiled swimming pool, a sun terrace from which to enjoy the breathtaking sea views and a separate kitchen and barbecue area. The guest villa houses a gym and selfcontained studio with double bedroom, en suite bathroom and fully fitted kitchen. The newly built home is a marriage of original architectural design and quality craftsmanship and has been finished to an exceptional standard throughout, with little expense spared.A landmark building on the cliff face, it is one of Gibraltar’s most prestigious properties with more than four years of meticulous planning and attention to detail resulting in a unique residence that combines imposing architecture with state-of-the-art technology. This gives the owner all the comfort and convenience of modern day living, coupled with the elegance of a more gracious past. The property is on the market for GBP20 million (US$29.8 million) through Beachamp Estates. www.beauchamp.co.uk

Switzerland According to Oli Stastny, Aylesford International’s representative in Switzerland, moving your residency to the Swiss Confederation not only offers a life in a safe and attractive environment with a healthy economy, but also lets you take advantage of Swiss tax rules. In some areas of Switzerland, such as Graubünden and St Moritz, a lump sum tax system for foreigners generating no income in Switzerland is offered when moving to the residency. This is very attractive for wealthy global investors who can apply for Swiss residency permission based on a simple fee, without involving excessive administrative work every year. Based on information provided in Deloitte’s International Tax Highlights 2013, it is wise to choose a canton (jurisdiction) carefully in Switzerland. Although there is no capital acquisitions tax, real property tax may be levied in some areas and the same applies to inheritance/estate tax and net wealth/net worth tax.There is no specific capital gains tax levied at the federal level but some cantons levy a separate capital gains tax on the sale of real property, however no canton levies tax on personal capital gains from movable property that is not considered an asset of a business.

TOP: SWITZERLAND VIEW BOTTOM: CHESA GHEOLA

Property highlight Chesa Gheola is a classic chalet located in the heart of St Moritz with Mongiardino interior designs and views over the town and the lake. The 300 sqm chalet also benefits from a fully self contained 200 sqm three bedroom apartment within the house and facilities include a double reception and fireplace, two entrances, eight bedrooms (four in the main chalet plus one for staff and three in the self-contained apartment), six bathrooms and five reception rooms. Three terraces provide outdoor living in summer and there’s also a double car garage and dedicated ski room. The property is located within 5 minute’s walk of Corviglia mountain and 10 minute’s drive from the famous Suvretta and Corvatsch mountains. Widely regarded as one of the world’s best skiing destinations, these three mountains offer 88 trials ranging through blue, red and black levels of difficulty. During the summer months, the breathtaking Engadin Valley offers a large range of activities, including mountain biking, rock climbing, hiking and sailing on the lakes. Chesa Gheola is on the market with Aylesford International at a price of CHF 27.5 million (US$29 million). www.aylesford.com

APRIL 2013 | 37

SPECIAL FEATURE 5BY FGGJDJFOU QSPQFSUZ

Monaco Monaco is widely considered a European tax haven, but in some ways is less attractive than Guernsey, Gibraltar or Switzerland because the principality is not a tax-free territory. Residents pay tax in the form of 19.6 percent VAT on all goods and services and as the Monegasque VAT system is shared with France, it could even be said that Monaco residents also pay some French tax. Corporations also pay a steep a 33 percent tax on profits – unless they can demonstrate that three-quarters of company turnover is generated within the confines of the principality. However, for residents, Monaco does offer a tax efficient fiscal regime with zero income taxes, zero capital gains taxes, zero wealth tax and zero inheritance taxes for direct heirs. Property highlight La Brise is a classic riviera villa with traditional architecture complemented by fine contemporary touches. The property overlooks Port Hercule harbour and offers a choice of terraces and balconies from which to take in the stunning views and enjoy balmy summer evenings. The elegant interiors are complemented by state of the art technology and exquisite furnishings that lend the residence an air of grandeur that befits the upscale location. An abundance of space prevails through the 625 sqm, four-storey property with four bedrooms, three bathrooms, separate living and dining rooms, plus a basement cinema room and, crucially in Monaco, a garage with 3 private parking spaces. La Brise is on the market with Savills International for EUR45 million (US$58.5 million). www.savills.com/international 38 | APRIL 2013

TOP: MONACO VIEW BOTTOM: LA BRISE

Key considerations â 0X mVXxS z`X mx X z lX greatest guarantees of tax efficiency but the requirements and procedures for residency can differ greatly in each country. â 1zwX Sz x mX mw z X X z personal income tax on foreigners, others impose minimal or no capital gains and inheritance taxes,so the relative benefits should be carefully assessed. â X SAx RX lXuV mx R Ax offshore company with the real owner as the beneficial shareholder. â 3lX mVXx m z] Szw Ax

shareholders in offshore tax havens are generally kept in the strictest confidence. â "mxmwm mxk X z X lz uV include an assessment of the country’s political and economic stability, availability of local professional services (i.e. accounting and legal firms), telecommunication infrastructures, and existing international taxation treaties. â 3lX lXu z] A A uAxxmxk professional is essential to choose the tax efficient destination that best suits your needs.

With hundreds of nominations submitted for this year’s Thailand Property Awards and judges well underway with the process of selecting the ‘best of the best’ in the kingdom’s property sector, early reservations are now available.

Winning a Thailand Property Award is one of the most prestigious acknowledgments of a company’s achievements. The awards have become a benchmark for high quality s tandards in the property industry, with buyers often choosing award winning properties, agents, architects and designers when investing in the kingdom.

The awards are highly coveted by real estate agents, property developers, interior designers and architects in Thailand’s residential real estate industry and the Gala Awards Dinner attracts over 600 CEOs, managing directors, presidents and other senior management figures every year. This year the event will be held at

Centara Grand & Bangkok Convention Centre at Central World

on the 19th of September. For more information and reservations Ensign Media Co., Ltd. | Tel: 02-662-5195 # 10 | Fax: 02-662-5198 info@thailandpropertyawards.com | www.thailandpropertyawards.com Judging Supervised By:

Co-Sponsors:

Media Partners:

International Media Partner:

Official Supplier:

APRIL 2013 | 39

Organised By:

SPECIAL REPORT "XBSET

Companies gear up for regional property awards

NOMINATIONS ARE OPEN AND ALREADY FLOODING IN FOR THIS YEAR’S EXPANDED REGIONAL PROPERTY AWARDS WITH PRESENTATION CEREMONIES AND GALA DINNER EVENTS SCHEDULED IN JAKARTA, MANILA, BANGKOK AND SINGAPORE. WITH HUNDREDS OF IMPRESSIVE PROJECTS COMPLETED AND MANY MORE UNDERWAY ACROSS SOUTHEAST ASIA, THIS YEAR’S REGIONAL PROPERTY AWARDS WILL RECOGNISE AND SHOWCASE SOME OF THE BEST PROPERTIES ON OFFER TO INVESTORS ANYWHERE IN THE WORLD. “WE ARE DELIGHTED TO BE HOLDING EVENTS IN MANILA AND JAKARTA IN 2013,” TERRY BLACKBURN, CEO OF ENSIGN MEDIA SAID. “BOTH INDONESIA AND THE PHILIPPINES HAVE EXCELLED WITH THEIR QUALITY OF ENTRIES IN THE SOUTH EAST ASIA PROPERTY AWARDS IN THE PAST TWO YEARS, SO IT’S ONLY RIGHT THAT THEY NOW HAVE THEIR OWN STANDALONE EVENTS.” FOR THIS YEAR’S EXPANDED AWARDS PROGRAMME, REGIONAL EVENTS WILL TAKE PLACE IN MANILA IN JULY, JAKARTA IN AUGUST, THAILAND IN SEPTEMBER AND WILL CUMULATE WITH THE SOUTH EAST ASIA PROPERTY AWARDS EVENT IN SINGAPORE IN OCTOBER.

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IN BRIEF

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AYANA RESIDENCES

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Oriental Living is a contemporary Asian furniture gallery featuring exclusive award-winning brands with an extensive range of handcrafted furniture and home decor objects.

CRAFTED LIVING SPACES

SAMUI 9/18 Moo1 Maenam, Koh Samui 84330, Thailand T +66 (0) 77 247 675 E info@oriental-living.net PHUKET 424 Srisoonthorn Road Cherngtalay, Phuket 83110, Thailand T +66 (0) 76 325 419 E info@oriental-living.net

www.oriental-living.net

APRIL 2013 | 45

IN BRIEF

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BIG BRAND BEAUTIES

CAMĂ&#x2030;LIA Â RING Â BY Â CHANEL This Â fine Â piece Â of Â Chanel Â j ewellery Â a dds Â a Â f lourish Â of Â colour Â and Â excitement Â t o Â a ny Â o utfit, Â a nd Â h as Â t he Â distinct Â appearance Â o f Â a Â g littering Â f inger Â c orsage. Â From Â the Â CamĂŠlia Â Exquis Â c ollection, Â t he Â r ing Â combines Â the Â traditional Â s hape Â a nd Â p attern Â o f Â a Â f loral Â design Â with Â a Â unique, Â m odern Â f lash Â o f Â h ot Â p ink. Â I t Â i s Â crafted Â in Â 18 Â karat Â yellow Â g old Â a nd Â i s Â s et Â w ith Â o ne Â brilliant-Âcut Â diamond, Â f ive Â o val-Âcut Â p ink Â s apphires Â and Â nine Â brilliant-Âcut Â p ink Â s apphires. Â T he Â p iece Â w ould Â work Â excellently Â alongside Â t he Â c o-Âordinating Â C amĂŠlia Â necklace Â and Â bracelet, Â a nd Â m ay Â b e Â t he Â p erfect Â g ift Â f or Â that Â special Â someone.

ANASTASIA Â DIAMOND Â WATCH, Â FABERGĂ&#x2030; FabergĂŠâ&#x20AC;&#x2122;s Â Anastasia Â Diamond Â watch Â is Â characteristically Â feminine. Â An Â elegant Â oval Â dial Â covered Â in Â 304 Â diamonds Â gives Â the Â watch Â its Â unique Â sparkle Â and Â the Â white Â gold Â crafting Â was Â inspired Â by Â the Â embroidered Â white Â robes Â favoured Â for Â formal Â occasions Â by Â women Â of Â the Â Russian Â Imperial Â court, Â hence Â the Â name Â Anastasia. Â The Â watch Â features Â a Â diamond Â encrusted Â 18 Â karat Â white Â gold Â bezel Â and Â case, Â and Â the Â crown Â is Â also Â set Â with Â a Â single Â diamond. Â The Â Anastasia Â is Â powered Â by Â an Â automatic Â quartz Â movement Â and Â set Â into Â a Â graceful Â satin Â strap. Â The Â dial Â measures Â 50mm Â in Â diameter. Â

LOU Â CLUTCH Â BAG, Â JIMMY Â CHOO What Â better Â way Â to Â add Â some Â colour Â to Â your Â wardrobe Â than Â with Â the Â multicoloured Â Lou Â clutch Â bag? Â Lou Â is Â a Â functional Â yet Â feminine Â elaphe Â handbag, Â comprising Â one Â main Â compartment Â DQG D VPDOO ]LSSHG SRFNHW LQVLGH 7KH Ę&#x2030;RUDO SULQWHG S\WKRQ EDJ LQWURGXFHV DQ H[RWLF FKDUP WR \RXU RXWĘ&#x2C6;W DQG LV Ę&#x2C6;QLVKHG elegantly Â with Â a Â gold Â chain. Â The Â chain Â features Â the Â extra Â detailing Â of Â hanging Â coin Â charms Â which Â have Â been Â developed Â VSHFLĘ&#x2C6;FDOO\ IRU -LPP\ &KRR 'HSHQGLQJ RQ WKH RFFDVLRQ /RX can Â be Â carried Â on Â the Â shoulder Â as Â a Â functional Â daytime Â handbag, Â or Â alternatively Â as Â a Â hand Â held Â clutch Â for Â more Â formal Â evening Â wear.

Â Â Â Â Â 50 | APRIL Â 2013

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HI LIFE -VYVSZ /FXT

M|HEADSET, MOBIADO For those who live life in the fast lane, Mobiado’s latest Bluetooth headset is perfect when you need to maintain communication whilst on the go. Part of an internationally recognised luxury mobile phone brand, the m|Headset comes from Mobiado’s Precision collection. The gadget draws its design inspiration from industrial machinery and engineering instruments and is discrete and minimalistic in its appearance. The body of the headset is manufactured from a combination of anodised aircraft aluminium, sapphire crystal and mother of pearl. The m|Headset is available in black or gold mother of pearl.

COSMOPOLITAN PEN, MONTEGRAPPA The M ontegrappa C osmopolitan p en i s p art o f a l imited edition c ollection r evived f rom t he 1 990s t hat d raws on several v ibrant c ultures f rom a round t he w orld t o create unique s tyling. C rafted f rom s terling s ilver w ith r esin accents, t he p en’s d ecorative d etails a re f ormed i n bas relief. T he c ultures f eatured o n t he C osmopolitan pen are inspired b y A rabian a nimals o f t he d esert, C hina’s ancient gods, B ohemian P aris, M ount R ushmore a nd Victorian England. E ach p en w ill b e o ffered a s p art o f a s pecial edition o f 5 00 r oller b all p ens, 5 00 f ountain p ens and 50 pens c rafted i n g old.

DERBY SHOES, CHRISTIAN DIOR These e legant D erby s tyle s hoes a re f ashioned f rom supple, r efined b rown p atina l eather a nd a re p art of Dior’s Avenue M ontaigne c ollection. T he s hoes a re d istinguished by t heir h and s titched g ood-year c onstruction a nd their top o f t he l ine c raftsmanship. B orn o ut o f a m asculine chic d esign c oncept, f inishing t ouches i nclude a r aw seam signature o n t he s tiffener a nd t hick, s upple l eather soles. Both c omfortable a nd s tylish, t hese s hoes c an b e t eamed with e ither c asual a nd f ormal a ttire f or d aytime o r evening wear. Timeless i n t heir c lassic d esign, t he D ior D erby shoes will l ast y ou f or m any s easons t o c ome.

52 | APRIL 2013

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HI LIFE $JUZ 3FOUBM -VYVSZ *OUFSWJFX

Pioneering luxury living Since the development of Discovery Bay in Hong Kong in the late 1970s, HKR International has expanded across Asia and today owns and develops luxury properties in Hong Kong, Shanghai, Tokyo, Bangkok and Singapore. The vision has always been to pioneer the development of innovative living spaces while pushing the envelope in terms of quality. Property Report caught up with Benjamin Cha, managing director of HKRI to talk about the challenges of doing business in Asia’s largest markets and to get a sneak peek into future developments. | by SOFIE LISBY 54 | APRIL 2013

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HI LIFE )PNF 5FDI

Wash away the day

For many people the bathroom is a sanctuary — a place to either wake-up to the day ahead with a refreshing shower or dissolve into satisfied reverie while washing away the stresses of the day or indulging in a soothing soak. As individual preferences become more sophisticated, bathroom and sanitation specialists are constantly coming up with innovations that bring luxury and choices to the personal experience of bathing.

NEW EXPERIENCES

BATHING CHIC

asia.toto.com

kallista.com

Toto’s NEOREST Series raises the bathroom bar and makes a new kind of bathng culture possible thanks to a skilful balance of cutting edge technology and aesthetic design.

In designing Kallista’s “For Town” collection, Michael S Smith created something that is timeless and elegant. Inspired by the cinematic architecture of the 1930s and 1940s, the pieces suit a variety of living environments, whether its a smart city apartment, a weekend getaway in the hills or tropical holiday home by the ocean.

DOUBLE STREAM SOPHISTICATION

POWER AND SOUL haco.co.th

hansgrohe.com.sg Hansgrohe’s new Raindance Select E 120 hand shower provides the right water experience for every need and every shower type, thanks to its innovative aerated jet technology. It does so at the click of a button, switching between the three types of water jet with the Select push-button. Invigorate with a powerful, tingling rain jet or switch to the more soothing gentle, aerated jet.

Another innovative shower featuring the world’s only Bokoma Spray™. Choose your spray, click the button, enjoy your shower. From maximum vitalisation to total relaxation, the innovative GROHE Power&Soul™ showers put choice at your fingertips.

OVERHEAD PLEASURE hansgrohe.com.sg The Raindance Select E 300 overhead shower by Hansgrohe integrates two different shower face technologies into a single shower head. The unit blends smaller holes for the forceful rain jet, and larger holes incorporating aeration for the gentle, air-enriched RainAir jet. Switching between the two types of jet is done by a simple click on the Select push-button in the centre of the shower face.

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HI LIFE )PNF 4UZMF

Back in black Society is changing, and these days increasing numbers of men are taking as great an interest in interior design as women. This year’s décor trends mirror this movement more than ever before with subdued, calm details outstripping “cute” and frivolous detailing as the latest interior design craze. Black is back as increasingly masculine accents sweep garish brights aside. Black furniture paired with silvery white accessories mirror the chic, masculine trend in a big way, and textured rugs and accessories help add warmth and style to the space. Detailing can be added with African and Mexican pieces that inject further character into the décor with their unique prints and shapes. Black furniture and accessories can also be styled with crisp, light coloured walls and floors to ensure dark colours do not oppress the space. Our message for this season? Paint it black.

1.Carl Hansen & Son, CH103 sofa 2. Fritz Hansen Kaiser, Idell 6631 Lexus Table lamp 3. Danskina, Dune rug in black 4. OVO, Robe etching wall art 5. Herman Miller, H Frame credenzas, courtesy Herman Miller, Inc 6. Herman Miller, I Beam oc casional table, courtesy Herman Miller, Inc

58 | APRIL 2013

VOTED

APRIL 2013 | 59

HI LIFE $JUZ SFOUBM 7JMMB 3FOUBM

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Staying in Asia Two Â stylish Â and Â spacious, Â comfortably Â furnished Â four-Âbedroom Â properties Â sit Â side-Âby-Âside Â on Â one Â of Â Koh Â Samuiâ&#x20AC;&#x2122;s Â most Â picturesque Â stretches Â of Â sandy Â beach. | by TINA HSIAO

In Â Asia Â villa Â is Â rather Â unique Â on Â Koh Â Samui Â as Â it Â combines Â one Â beachfront Â and Â one Â garden Â villa Â on Â a Â private Â estate Â that Â boasts Â stunning Â sea Â views Â and Â is Â surrounded Â by Â landscaped Â tropical Â greenery. Â Â Each Â villa Â offers Â 4 Â air-Âconditioned Â bedrooms Â with Â ensuite Â bathrooms, Â its Â own Â spacious Â living, Â dining Â space Â and Â a Â fully Â equipped Â modern Â kitchen. Â Contemporary Â comforts Â include Â four Â poster, Â king Â size Â beds Â in Â some Â of Â the Â bedrooms, Â bath Â tubs Â in Â the Â master Â suites Â and Â leading Â edge Â audio Â visual Â systems Â for Â in-Âvilla Â entertainment. The Â Beachfront Â villa Â An Â ideal Â family Â retreat Â that Â occupies Â a Â series Â of Â stand Â alone Â living Â and Â sleeping Â pavillions, Â one Â set Â on Â 2 Â levels Â with Â an Â entertainment Â room Â downstairs Â and Â a Â bedroom Â upstairs. Â The Â living Â area Â sits Â in Â its Â own Â pavilion Â overlooking Â the Â large Â pool Â and Â beach, Â comfortable Â sofas Â are Â poised Â in Â front Â of Â the Â TV Â and Â DVD, Â while Â glass Â doors Â slides Â open Â on Â two Â sides, Â allowing Â guests Â to Â easily Â combine Â indoor Â and Â outdoor Â living. Â The Â bedrooms Â (3 Â double, Â one Â twin) Â are Â all Â comfortably Â furnished Â with Â ample Â storage Â and Â ensuite Â bathrooms. Â Â The Â Garden Â villa Â %XLOW RYHU WZR Ê&#x2030;RRUV DQG WKHUHIRUH LGHDO IRU D JURXS RU IDPLO\ VKDULQJ 7KH XSSHU Ê&#x2030;RRU KRXVHV a Â generous Â sea Â view Â lounge Â and Â dining Â area Â served Â by Â a Â fully Â equipped Â European Â kitchen Â with Â branded Â Smeg Â and Â Mex Â appliances, Â a Â large Â double Â refrigerator Â and Â built Â in Â oven. Â Three Â garden Â YLHZ JURXQG Ê&#x2030;RRU EHGURRPV WZR GRXEOH RQH WZLQ ERDVW Ê&#x2030;RRU WR FHLOLQJ ZLQGRZV WR GUDZ LQ the Â tropical Â surroundings Â and Â have Â built Â in Â wardrobes, Â personal Â safes Â and Â ensuites. Â The Â upper Â Ê&#x2030;RRU PDVWHU EHGURRP RSHQV RQWR D EDOFRQ\ RYHUORRNLQJ WKH VHD Â Â Â Â Â 60 | APRIL Â 2013

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APRIL 2013 | 61

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Indiaâ&#x20AC;&#x2122;s satellite success story GURGAON HAS EMERGED AS ONE OF INDIAâ&#x20AC;&#x2122;S MOST PROMISING PROPERTY MARKETS, WITH THIRD HIGHEST PER CAPITA INCOME IN THE COUNTRY. | by NAMRATA KOHLI /FX %FMIJ T TBUFMMJUF DJUZ TIPU JOUP QSPNJOFODF BT BO PVUTPVSDJOH IVC GPS NBOZ HMPCBM *OGPSNBUJPO 5FDIOPMPHZ *5 BOE *5 &OBCMFE 4FSWJDFT *5&4 DPNQBOJFT BOE UPEBZ TFSWFT BT /PSUI *OEJB T DPNNFSDJBM DFOUSF #BDLFE CZ B TUSPOH DPSQPSBUF BOE JOEVTUSJBM CBTF (VSHBPO BMTP DBMMFE UIF .JMMFOOJVN $JUZ IBT FNFSHFE BT BO JOEFQFOEFOU NJDSP NBSLFU GSPN /FX %FMIJ BOE UIBOLT UP UIF EJWFSTF FNQMPZNFOU PQQPSUVOJUJFT NBOZ QFPQMF QSFGFS UP XPSL BOE TUBZ JO (VSHBPO 5P DBUFS UP UIF EFNBOE GSPN BTQJSJOH FEVDBUFE QSPGFTTJPOBMT TPNF PG UIF SFHJPO T GJOFTU DPOEPNJOJVNT HBUFE DPNNVOJUJFT PGGFSJOH XPSME DMBTT BNFOJUJFT IBWF CFFO MBVODIFE XJUI (SBEF " EFWFMPQNFOUT BDSPTT WFSUJDBMT PG SFTJEFOUJBM DPNNFSDJBM SFUBJM BOE SFDSFBUJPO 5IF QSPQFSUJFT GFUDI HPPE SFUVSOT BOE (VSHBPO JT UIFSFGPSF B GBWPVSJUF NBSLFU GPS JOWFTUPST BOE TFDPOE IPNF PXOFST /3*4 BOE HMPCBM *OEJBOT 'PDVTFE JOGSBTUSVDUVSF EFWFMPQNFOU JOJUJBUJWFT JODMVEJOH DPOTUSVDUJPO PG UIF (VSHBPO 3BQJE .FUSP SBJM BOE UIF 4PVUIFSO BOE /PSUIFSO 1FSJQIFSZ SPBET IBWF BEEFE UP UIF BQQFBM PG UIF DJUZ QPTJUJPOJOH (VSHBPO BT B QSJNF JOWFTUNFOU PQQPSUVOJUZ GPS DPSQPSBUF IPTQJUBMJUZ DIBJOT BOE PUIFS JOTUJUVUJPOBM SFBM FTUBUF EFWFMPQFST XJUI QSPYJNJUZ UP UIF BJSQPSU JT BOPUIFS BEWBOUBHF 1SPNJOFOU *OEJBO EFWFMPQFST IBWF B TUSPOH QSFTFODF JO (VSHBPO JODMVEJOH UIF MJLFT PG %-' 5BUB )PVTJOH (PESFK 1SPQFSUJFT 4PCIB *SFP 6OJUFDI 3BIFKB "U DVSSFOU QSJDFT B TR GU BQBSUNFOU XPVME DPTU 64 "U UIF WFSZ UPQ FOE TQBDJPVT TR GU BQBSUNFOUT TFU BSPVOE B HPMG DPVSTF TFMM GPS BOZUIJOH GSPN 64 NJMMJPO VQXBSET (VSHBPO T FYJTUJOH CSBOEFE IPUFM JOWFOUPSZ TUBOET BU PWFS SPPNT XJUI B QMBOOFE QJQFMJOF PG PWFS SPPNT 0G UIFTF PWFS QFSDFOU BSF NJE TDBMF BOE CVEHFU TVQQMZ BDDPSEJOH UP SFTFBSDI CZ +POFT -BOH-B4BMMF 7JSUVBMMZ BMM EPNFTUJD BOE JOUFSOBUJPOBM IPUFM PQFSBUPST BTQJSF GPS SFQSFTFOUBUJPO JO (VSHBPO JG UIFZ BSF OPU BMSFBEZ QSFTFOU Â Â Â Â Â 62 | APRIL Â 2013

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Integrated living MIXED USE CONCEPTS ARE SWIFTLY BECOMING A DESIRABLE INVESTMENT OPTION FOR A NEW GENERATION OF BUYERS LIVING IN BOOMING METROPOLISES ACROSS ASIA. THE INTEGRATED LIVING MODEL NOT ONLY OFFERS RESIDENTS CONVENIENT ACCESS TO A WIDE RANGE OF FACILITIES, BUT MAY ALSO PROVIDE GREATER VALUE IN TERMS OF PROBABLE RETURNS ON INVESTMENT. | by REBECCA FOSTER

64 | APRIL 2013

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TOP: KEMANG VILLAGE BOTTOM: HYDE SUKHUMVIT

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FAK3 IS AN AWARD WINNING BOUTIQUE DESIGN STUDIO FOCUSING ON UNIQUE SIGNATURE LUXURY DEVELOPMENTS. THE FIRMâ&#x20AC;&#x2122;S FOUNDERS, MIHO HIRABAYASHI AND JOHNNY WONG CREATE MEMORABLE EXPERIENCES, STIMULATING THE SENSES WITH A POETIC BLEND OF SPACE, LIGHT AND METICULOUS DETAILING. THE COMPANYâ&#x20AC;&#x2122;S SIGNATURE DESIGNS HAVE RECEIVED WORLDWIDE RECOGNITION IN THE DESIGN PRESS, AS WELL AS COVERAGE IN GLOBAL PUBLICATIONS SUCH AS THE NEW YORK TIMES. HIRABAYASHI SPOKE TO PROPERTY REPORT ABOUT THE CREATION OF THE RIBBON HOUSE STAIRCASE AND THE CHALLENGES OF REDESIGNING AN ALREADY EXISTING STRUCTURE.

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A STEEL STRUCTURE FABRICATED IN CHINA AND ASSEMBLED ON SITE

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TO BLUR THE BOUNDARIES BETWEEN THE INSIDE AND OUTSIDE

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WE USED NATURAL STONE TO CONNECT THE BUILDING TO THE NATURAL ENVIRONMENT

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WE REALLY WANTED TO TAKE ADVANTAGE OF THE LOCATION AND WORK WITH THE VIEW

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WE TRIED TO CREATE AN INTERESTING JOURNEY

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A MIX OF BOTH WESTERN AND EASTERN INFLUENCES

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THE INSIDE-OUTSIDE RELATIONSHIP IS VERY MUCH A JAPANESE HOUSE CONCEPT

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SPECIAL REPORT #BMJ MFBTFIPME

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Something borrowed, something new FREEHOLD TITLES IN SOUTH BALI HAVE BECOME PROHIBITIVELY EXPENSIVE LEADING TO AN INCREASE IN THE DESIRABILITY OF LEASEHOLD OPTIONS. NOT ONLY FOR FOREIGNERS, BUT ALSO FOR INCREASING NUMBERS OF INDONESIAN BUYERS. | by THOMAS JONES

he merits of freehold property are obvious. It allows the security of owning of a piece of land, safe in the knowledge that it is yours to enjoy, build upon and pass on as you see fit; and most importantly, to enjoy the capital appreciation on the land, which in Bali has been very dramatic in recent years, leading to vast profits being made by early investors. Ironically, as freehold land prices in the most popular areas of southern Bali have increased almost beyond comprehension, many new investors now find themselves priced out of the market. In an environment like Seminyak, where freehold land titles are limited as Balinese landowners have realised that by leasing the land they can hold onto it as their birthright and still enjoy an income, leasehold titles are definitely becoming a more attractive investment for commercial developments, such as hotels, entertainment venues or rental villas.

LAYAR SEMINYAK

Domestic investment flows With the rapidly increasing amount of domestic money flowing into the Bali market, an interesting phenomena is developing; Indonesian citizens are now buying leasehold titles, something unheard of in the past. Unlike foreigners, Indonesians have full rights to buy freehold, but with freehold land plots becoming extremely rare, opening the mind to leasehold titles provides the commercial buyer with better and more affordable options for more attractive land packages. “Leasehold titles, particularly in the southern parts of Bali, offer better land APRIL 2013 | 89

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options with less money down,” according to Dominique Gallmann, founder and CEO of Exotiq Property in Bali. “In the past there was no way an Indonesian buyer would even consider buying leasehold. But now, for the first time in the history of this office we are selling leasehold titles to Indonesian citizens,” he says. “In the past we would never have thought about approaching an Indonesian client with a leasehold investment proposition. We have just sold our first big piece of investment land to an Indonesian buyer.” Indonesian investor, Widi Ariwibowo purchased a villa in Seminyak through Exotiq Property to operate as a rental investment, and was more than happy to take it on leasehold title. “The property was a great short-to-medium term investment alternative to freehold and was much simpler than buying freehold, especially beneficial for on-selling,” he says. “I bought it with a 25-year lease and a 25-year extension at a pre-agreed price, plus 25 further years at market price and I was able to make a tidy profit on the resale, which helped in the purchase of bigger property. Of course, as the book value of the lease decreases, you need to closely watch the stream of income and the market value of the lease. Being in a prime, fast-growing area with a great management programme already in place and a strong turnover in guest rentals was a deciding factor in the buying and then reselling of the property. I also had the added luxury of enjoying staying in a beautiful villa when I wanted.” Other leasehold opportunities attracting foreign buyers 90 | APRIL 2013

PRIVATE VILLA PETITENGET

are those offered in larger developments such as Double-Six, Seminyak by PT Paradise Investasti (Made / Kadek Wiranath), a low density development consisting of five levels, with 146 one- and two- bedroom units of varying sizes and layouts. The development includes eight penthouses and all units are available to purchase for an exclusive lease period of 47 years, bank backed with guaranteed ROI of 6 percent for three years, six years and 10 years respectively. The development also offers buyers the option to enter a rental pool from the beginning of the term and not take guaranteed returns with prices ranging from US$295,000 to US$3 million. Key considerations The benefits of leasehold on Bali are simple. Apart from opening up a wider selection of land choices, it also allows for a less expensive outlay. If an investor were to purchase a freehold plot in Seminyak they would have likely put down IR2 billion (US$206,186) up front to build a hotel. But if they were to lease the land for IR20 million (US$2,061) a year and pay 25 years with two extensions of 25 years taking it to 75, or even 100 years, then they would not have to deposit so much money up front. They then have the ability to look at cash flow options and future values and see which is a smarter option. This also allows them to consider devaluation of the asset: no hotel is built to last beyond a 30 years lifespan without a major refit. This also gives them flexibility in choosing the pieces of land they want. If the leasehold plot is better located they can easily, and

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safely, take the leasehold. DISINI VILLA When acquiring a leasehold property it is imperative to carefully examine how a contract is written with careful considerations given to pricing and lease extensions. The strength of the lease, for both parties, all comes down to the wording in the contract. “When some of the first leasehold agreements were made (in the 1980s) some of these leases were rented for as low as US$100 per are, per year,” says Gallmann, adding that many were written up very loosely with a small stock phrase that stated that the lessee had first right of refusal over the new contract; something called hak prioritas, with conditions to be decided later. “As these contracts have come up for extension some Balinese people have simply refused to extend or demanded over-inflated prices,” Gallmann says. “As a result there are many stories of people being forced to simply walk away from their, sometimes quite substantial investment.” Some investors at that time, however, did see the writing on the wall and made sure contracts stipulated precisely that they would be renewed, including both the duration of the lease and extension, pegged to commodities like gold or to the fair market price. This strategy is now fully in place for new leasehold contracts. Ingo Mueller of international advisory and law firm Limcharoen in Bali advises all his clients to leave nothing to question. “With all new contracts it is strongly advisable to have a 92 | APRIL 2013

specific reference to the duration of the contract and the number of permissible extensions and to either fixed at the time of signing or have a fixed mechanism in place to determine price,” says Mueller. “Gold prices are a relatively strong indicator of price taking into account that market prices here are quite exceptional by international standards,” he says. As for determining market price, there is no government agency doing valuation so it is best to include a clause where an independent agent will be brought in to value the property. “One way is to appoint an independent valuation expert or property agent who will work out current market prices based on what has sold in the area of a similar size and aspect,” he advises. “If the two parties cannot agree then two agents will be appointed and the median price shall be taken.“ Will these contracts stand up in court if challenged? “These are legal documents protected by the laws of Indonesia,” says Mueller. “When the contract is silent then you are in a weak position and the landowner can refuse to cooperate. But as long as the contract is worded strongly then the land lessee is in a position where they can unilaterally exercise his or her rights to keep the use of the land.“ Future proofing On the whole, the property market on Bali is looking healthier than ever, particularly in the high demand areas of south Bali that are strongly performing. infrastructure developments such

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as the airport expansion, the new underpass at the Simpang Siur roundabout linking Bali’s main bypass roads, and the new elevated toll way, which is being built out through Benoa Harbour and linking both Nusa Dua and the main road to Sanur in the east are all underway. These are expected to have a great impact on easing entry to the island and the relentless traffic that can plague Bali’s roads during high season. All are seen as strong indicators that the Indonesian government, both national and local, is serious about the needs of Bali in attracting foreign and domestic investment. Both will be finished before the APEC summit being held on the island in October 2013, which will be placing Bali firmly in the world spotlight. The prevailing school of thought that leasehold land loses value with each passing year can be offset by the fact that the rising value of the land or improvements of any structures on the land can, in certain situations, offset time driven depreciation. Having a rock solid extension clause placed into the contract means the asset will not lose value and will remain an attractive proposition for future on-selling.

DOUBLE SIX BALI

LEASEHOLD Pros 1. It’s cheaper —a 25 year lease is roughly 40 percent of the freehold price. 2. No tax on the transaction for the buyer of a leasehold. 3. No nominee needed. Straight deal between foreigner and land owner. 4. More selection in today’s market. 5. Capital gains can be realised on a longer than standard lease term if resale is part of the strategy. Cons 1. Resale can be tough if the lease ticks down below 18-20 years. 2. Little or no capital growth on a lease of less than 25 years. 3. Older leases do not guarantee a lease extension. 4. Risk that the landowner or his family will not extend if a guarantee is not written into the lease.

WHAT’S OUT THERE? A few examples of leaseholds are on offer in the Oberoi Road area include at the large end of the scale, a 3,500 sqm plot offered at around US$1.4 million, perfect for a hotel development, and a 700 sqm piece of land at around US$280,000 — both for 28 years with a 25 year extension with certificates, access roads and utilities on site. These plots are selling at the same price of IDR14 million (US$1,443) per 100 sqm, showing the consistency of the pricing in the area. As for villa investment a three-bedroom, 225 sqm dwelling on 650 sqm of land in Petitenget within a gated community is selling at US$790,000 on a 44-year lease with a 40 year option, making for a great long-term rental investment. http://exotiqproperty.com 94 | APRIL 2013

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INDEPTH $BNCPEJB

Coastal, colonial and city investments CAMBODIA NOW OFFERS INVESTORS WITH AN ADVENTUROUS STREAK THE OPPORTUNITY TO DEVELOP AND OWN LUXURIOUS, YET UNIQUE PROPERTIES IN A CHOICE OF APPEALING LOCATIONS. | by LIAM ARAN BARNES

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APRIL Â 2013 Â | Â 97 Â Â

INDEPTH $BNCPEJB

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TOP: AN ARTISTâ&#x20AC;&#x2122;S IMPRESSION OF MORAKOT ISLANDâ&#x20AC;&#x2122;S RESIDENTIAL VILLA COMPLEX BOTTOM: A ROOM AT KEP-BASED VILLA KNAI BANG CHATT

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INDEPTH $BNCPEJB

A SHOT OF THE LVING AND DINING ROOM AT VILLA SOUANE CHBAR

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Samujana is an exclusive collection of spacious individual and decadent residences for sale with award-winning architecture that embraces its natural tropical environment. Perfectly perched on a Samui Island hillside with pure sea views, direct beach access and boasting some of Asia’s largest private pools, each uniquely designed villa offers an impressive photo scene of both sea, neighbouring islands, and hills. With

seamless

and

attentive

hospitality

services, your Samujana investment promises to soar beyond expectations with fantastic rental returns in an ever-popular Thai island destination. Immerse yourself in the splendour of Samui’s shoreline and experience Samujana.

www.ownsamujana.com . own@samujana.com . +66 80 886 4226 APRIL 2013 | 101

INDEPTH

THE MONOTONE COLOUR AND THE MIRROR SURFACES IN THE BEDROOM GIVE THE ILLUSION OF A LARGER ROOM AND HELP KEEP THE FINISH TIDY AND EXCLUSIVE. THE WALK-IN CLOSET BY MOLTENI & C IS THE FIRST OF ITS KIND IN THAILAND.

"U )PNF

A home for all seasons WITH THE HELP OF HIGH-END EUROPEAN FURNITURE MAKERS AND THE CREATIVE TOUCH OF SEASONS, AN IMPORTER OF FINE ART AND HOME DECOR, BEN NA NAKORN HAS DECORATED HIS BANGKOK APARTMENT AT LE RAFFINÉ ON SUKHUMVIT SOI 39 WITH UNIQUE COLLECTOR’S ITEMS AND BOLD MASCULINE COLOURS.

102 | APRIL 2013

APRIL 2013 | 103

INDEPTH "U )PNF

THE CHILDREN’S CAR IN THE HALLWAY IS AN ANTIQUE COLLECTOR’S ITEM. “IT IS BOUGHT ON AUCTION,” EXPLAINS BEN. “MY FRIEND HAS HAD IT FOR YEARS AND I’VE ALWAYS LOVED IT SO I BEGGED HIM TO SELL IT TO ME. IF YOU WANT TO BUY THIS CAR, YOU CAN ONLY FIND IT AT CHRISTIE’S IN LONDON.” THE BACK WALL IS A SHOWCASE OF FORNASETTI LIMITED EDITION ITEMS, WHICH ADD A PERSONAL TOUCH AND LEND WARMTH TO THE CORRIDOR.

104 | APRIL 2013

APRIL 2013 | 105

INDEPTH "U )PNF

TOP: THE DOIMO LEATHER SOFA ACTS AS BOTH A DIVISION AND A MAIN FEATURE IN THE LIVING ROOM, PROVIDING A CONTRAST TO THE DARKER WALLS. IT IS TREATED WITH NANO TECHONLOGY GIVING IT A PROTECTIVE COAT. THE COFFEE TABLE FROM GLAS ITALIA, APTLY NAMED ILLUSION, IS ACTUALLY SEETHROUGH YET HAS A SHADED FINISH WHICH LENDS IT A MIRROR FINISH WHEN VIEWED FROM ANGLES. THE RED AND WHITE STRIPED LOUNGE CHAIR FROM BB ITALIA WAS CHOSEN TO ADD SOME COLOUR TO THE OTHERWISE GREY SCALE LIVING ROOM. BOTTOM: “I’M QUITE TALL, 185 CENTIMETRE, SO THE BAR IS SLIGHTLY TALLER THAN NORMAL AND HAD TO BE CUSTOM MADE,” EXPLAINS BEN. HE AND HIS WIFE SHAYA ENJOY ENTERTAINING AND THE COUNTER ALSO FUNCTIONS AS A DINING TABLE AND HANG-OUT SPOT.

106 | APRIL 2013

APRIL 2013 | 107

INDEPTH "U )PNF

BEN’S LOVE OF ITALIAN DESIGN STARTED WHILE HE WAS STUDYING IN ENGLAND AND DRAWING INSPIRATION FROM W HOTELS AROUND THE WORLD HE HAS ADORNED EVERY ROOM WITH UNCONVENTIONAL ACCESSORIES THAT GIVE THE HOME A PERSONAL TOUCH. THE FACE THEMED DISPLAYS ARE ALL FROM FORNASETTI. The brands mentioned in this article are available from SEASONS www.seasonsofliving.com

108 | APRIL 2013

APRIL 2013 | 109

ANALYSIS *OTJHIUT

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%FBUI PG B TBMFTNBO Modern property sales techniques leave plenty to be desired. Is demand so high thereâ&#x20AC;&#x2122;s no longer a need for convincing sales pitches or is the web taking over as a remote closer?

It Â was Â a Â bit Â like Â an Â out Â of Â body Â experience Â as Â I Â found Â myself Â reaching Â around Â the Â quacking Â salespersonâ&#x20AC;&#x2122;s Â head, Â put Â my Â hands Â around Â her Â neck Â and Â squeezed Â KDUG +DUG DV LQ Ę&#x2C6;JKWLQJ IRU D ORRVH EDOO in Â a Â rugby Â scrum Â and Â hoarding Â the Â prized Â trophy Â while Â all Â manner Â of Â mayhem Â breaks Â out Â around Â you. Â Hold Â on Â tight, Â tight Â and Â tighter. Â But Â in Â the Â blink Â of Â an Â eye Â I Â was Â back Â in Â the Â present, Â with Â only Â my Â mind Â drifting Â into Â criminal Â intent. Â Â There Â would Â be Â no Â OJ Â Simpson Â inspired Â trial, Â nor Â were Â any Â gloves Â present Â in Â clear Â sight. Â Welcome Â to Â the Â world Â of Â pitching Â property Â and Â a Â dreaded Â day Â of Â visiting Â developers Â model Â show Â units. Â Quasimodo Â couldnâ&#x20AC;&#x2122;t Â stand Â hearing Â those Â ringing Â bells, Â but Â for Â me Â what Â absolutely Â drives Â me Â to Â the Â frayed Â edge Â is Â the Â mindless Â modern Â day Â sales Â pitch. Â &DOO PH TXLUN\ EXW , Ę&#x2C6;QG LW KLJKO\ DQQR\LQJ WR Ę&#x2C6;UVW EH JLYHQ D VHW RI UXOHV rather Â than Â welcomed Â into Â the Â shrine-Â like Â aura Â of Â the Â highly Â esteemed Â and Â prestigious Â show Â unit. Â â&#x20AC;&#x153;No Â camerasâ&#x20AC;? Â is Â WKH Ę&#x2C6;UVW TXDFN WKDW FRPHV RXW RI P\ KRVWČ&#x192;V Â Â Â Â Â 110 | APRIL Â 2013

mouth, Â along Â with Â â&#x20AC;&#x153;come Â now, Â we Â have Â others Â waiting.â&#x20AC;? Worse Â still Â is Â actually Â showing Â up Â without Â an Â appointment, Â which Â seems Â tantamount Â to Â walking Â into Â the Â CIA Â Headquarters Â or Â the Â Kremlin Â and Â asking Â WR XVH WKH EDWKURRP 7KDW Ę&#x2C6;UVW VPLOH turns Â to Â a Â confused Â state, Â squinty Â eyes Â are Â up Â next Â and Â then Â the Â ultimate Â grimace. Â Bring Â on Â the Â waterboarding, Â as Â walking Â in Â unannounced Â is Â a Â not Â dissimilar Â to Â a Â group Â of Â boat Â people Â showing Â up Â on Â the Â beach Â in Â Australia Â with Â Gucci Â luggage. Â There Â simply Â is Â no Â explanation. Â Once Â the Â tour Â begins, Â the Â monotone Â voice Â over Â kicks Â into Â top Â gear, Â combining Â the Â drone Â of Â a Â speeding Â motorbike Â and Â a Â Usain Â Bolt Â sprint Â from Â room Â to Â room. Â Whatever Â you Â do, Â donâ&#x20AC;&#x2122;t Â interrupt Â or Â ask Â questions, Â as Â the Â memorised Â drivel Â must Â be Â delivered Â in Â full. Â This Â has Â to Â be Â one Â of Â those Â arcane Â sales Â SOPs Â (standard Â operating Â procedures). Â Over Â the Â years Â Iâ&#x20AC;&#x2122;ve Â encountered Â some Â pretty Â savvy Â sales Â people Â who Â look Â you Â in Â the Â eye, Â grasp Â your Â hand Â and Â ask Â you Â questions. Â Suddenly Â itâ&#x20AC;&#x2122;s Â as Â if Â someone Â

turned Â up Â the Â heat Â in Â the Â room Â and Â a Â :RRGVWRFN EXUVW RI JRRG YLEHV Ę&#x2C6;OO WKH empty Â space. Â Apparently Â those Â days Â are Â over. Â Though Â I Â have Â to Â say Â in Â the Â beleaguered Â timeshare Â world Â (whoops, Â make Â that Â the Â vacation Â ownership Â sector), Â those Â guys Â and Â gals Â know Â how Â to Â establish Â an Â instant Â BFF Â friendship. Â But Â lets Â talk Â about Â the Â end Â game, Â what Â that Â sales Â person Â really Â wants Â it Â not Â to Â answer Â a Â question, Â nor Â do Â they Â have Â any Â interest Â in Â what Â you Â think Â or Â have Â to Â say, Â but Â itâ&#x20AC;&#x2122;s Â the Â quest Â for Â your Â email Â address. Â 7KLV LV WKH HQG DOO EH DOO Ę&#x2C6;QDO JRDO 2QFH thatâ&#x20AC;&#x2122;s Â obtained, Â an Â article Â like Â chill Â comes Â over Â the Â room Â signalling Â itâ&#x20AC;&#x2122;s Â time Â you Â left. Â That Â means Â now, Â not Â later. Â Go Â onâ&#x20AC;Ś Â get Â the Â hell Â out! For Â anyone Â who Â asks Â for Â my Â email, Â they Â all Â receive Â the Â same Â response Â â&#x20AC;&#x201C; Â a Â quizzical Â look Â and Â stunned Â humourless, Â deadpan Â serious Â answer: Â â&#x20AC;&#x153;whatâ&#x20AC;&#x2122;s Â email?â&#x20AC;? Â This Â usually Â stops Â the Â request Â dead Â in Â its Â tracks. Â No, Â I Â donâ&#x20AC;&#x2122;t Â do Â the Â Yahoo. Â There Â is Â no Â G Â spot Â in Â my Â Gmail. Â I Â need Â to Â get Â off Â this Â train Â before Â it Â starts Â to Â get Â embarrassing. Â So Â there Â you Â have Â it Â Â â&#x20AC;&#x201D; Â the Â real Â estate Â industryâ&#x20AC;&#x2122;s Â trigger Â point Â of Â success Â in Â 2013 Â â&#x20AC;&#x201C; Â the Â sales Â function Â is Â on Â autopilot. Â Â Maybe Â demand Â is Â simply Â so Â strong Â that Â all Â we Â need Â are Â order Â takers? Â Or Â else Â the Â industry Â simply Â isnâ&#x20AC;&#x2122;t Â attracting Â the Â caliber Â of Â sales Â professional Â it Â once Â was. Â Okay, Â so Â you Â donâ&#x20AC;&#x2122;t Â believe Â me, Â go Â out Â and Â walk Â in Â my Â shoes Â for Â while. Â Just Â cut Â your Â head Â off Â and Â send Â over Â the Â rest Â of Â your Â body. Â Be Â prepared Â for Â a Â vanilla Â experience Â without Â any Â of Â the Â fun Â kinky Â stuff Â and Â above Â all Â â&#x20AC;&#x201C; Â get Â ready Â to Â Yahoo*. *Note Â to Â readers: Â I Â received Â no Â promotional Â consideration Â from Â Yahoo Â when Â writing Â this Â piece, Â though Â I Â am Â open Â and Â ready Â to Â discuss Â such Â consideration, Â provided Â it Â does Â not Â entail Â email Â of Â any Â kind. Â Â -------------------------------------------BILL BARNETT is the founder and managing director of hospitality and property consulting firm C9 Hotelworks, a leading analyst in the region, he also writes for various publications including his own news site www.thephuketinsider.com

For just the two of you …

www.salaresorts.com

APRIL 2013 | 111

ANALYSIS -FHBM

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1SPQFSUZ CVZFST MFHBM DMJOJD This monthâ&#x20AC;&#x2122;s questions and answers are a broad spectrum of industry and consumer based questions about mixed-use real estate products in Southeast Asia. I Â want Â to Â buy Â a Â beachfront Â property Â in Â Bali, Â which Â is Â part Â of Â a Â â&#x20AC;&#x2DC;mixed Â useâ&#x20AC;&#x2122; Â project Â comprising Â hotel, Â residential Â villa Â and Â apartments. Â My Â use Â of Â the Â property Â is Â restricted Â to Â 60 Â days Â per Â year, Â although Â I Â do Â get Â a Â % Â return Â paid Â to Â me Â on Â my Â investment Â as Â a Â share Â with Â the Â developer Â in Â the Â rental Â program, Â but Â not Â the Â hotel. Â I Â was Â told Â I Â should Â just Â sign Â the Â contract Â and Â have Â it Â notarized, Â but Â normally Â for Â conveyancing Â I Â would Â expect Â more Â than Â this Â to Â be Â needed. Â What Â should Â I Â do? /RFDO TXDOLĘ&#x2C6;HG ODZ\HUV LQ %DOL FDQ EH engaged Â to Â provide Â certain Â advice Â on Â the Â quality Â of Â the Â land Â title Â over Â which Â the Â project, Â and Â also Â your Â designated Â unit Â is Â built. Â Notaries Â are Â used Â to Â draw Â up Â or Â vet Â contracts Â to Â have Â them Â executed, Â but Â they Â are Â supposed Â to Â be Â neutral Â third Â parties, Â they Â are Â not Â representing Â any Â one Â parties Â interest. Â Therefore, Â you Â can Â consider Â engaging Â a Â ODZ Ę&#x2C6;UP ZKR ZLOO XVH D QRWDU\ WR FRPSOHWH a Â transaction. Â Â It Â is Â also Â important Â to Â know Â what Â type Â of Â ownership Â you Â are Â being Â offered, Â which Â will Â most Â likely Â be Â limited Â to Â a Â leasehold Â interest. Â â&#x20AC;&#x2DC;Freeholdâ&#x20AC;&#x2122; Â or Â â&#x20AC;&#x2DC;Hak Â Milikâ&#x20AC;&#x2122; Â is Â restricted Â to Â Indonesians Â only. Â Leasehold Â is Â known Â as Â â&#x20AC;&#x2DC;Hak Â Sewaâ&#x20AC;&#x2122; Â and Â it Â is Â recommended Â this Â is Â limited Â to Â 30 Â years. Â Alternatives Â are Â a Â â&#x20AC;&#x2DC;right Â to Â useâ&#x20AC;&#x2122; Â for Â 25 Â years, Â with Â such Â rights Â actually Â registered Â in Â the Â ODQG FHUWLĘ&#x2C6;FDWHV FDSDEOH RI H[WHQVLRQ RQO\ by Â a Â private Â registered Â agreement. Â You Â are Â right Â to Â mention Â that Â the Â land Â title Â must Â also Â be Â checked, Â to Â the Â extent Â that Â compliance Â with Â regulations Â both Â legal Â and Â also Â as Â a Â surprise Â to Â some Â unfamiliar Â with Â Bali Â â&#x20AC;&#x201C; Â customary, Â must Â be Â checked. Â In Â terms Â of Â the Â contract, Â a Â clear Â analysis Â of Â the Â applicability Â of Â any Â international Â style Â contracts Â to Â the Â legal Â regime Â in Â Indonesia Â must Â be Â conducted. Â Finally, Â the Â actual Â commercial Â transaction Â in Â terms Â of Â the Â reliability Â of Â the Â percentage Â offered Â in Â the Â context Â of Â the Â rental Â program, Â the Â hospitality/hotel Â operation Â and Â the Â residential Â element Â of Â the Â project Â should Â be Â analysed. Â Your Â adviser Â Â Â Â Â Â 112 | APRIL Â 2013

should Â make Â enquiries Â into Â the Â stability Â and Â length Â of Â term Â of Â the Â branded Â hotel Â operator, Â analyse Â closely Â the Â common Â area Â fees Â or Â management Â fees, Â the Â expenses Â which Â may Â be Â deducted Â from Â your Â returns, Â or Â invoiced Â separately, Â and Â guide Â you Â on Â your Â tax Â liabilities Â if Â you Â are Â foreigner Â investing Â in Â such Â a Â program. Â I Â have Â been Â persuaded Â by Â a Â real Â estate Â agent Â that Â the Â best Â type Â of Â property Â is Â a Â mixed-Âuse Â property. Â I Â donâ&#x20AC;&#x2122;t Â know Â where Â to Â begin Â looking Â and Â how Â to Â assess Â comparables Â for Â mixed-Âuse Â property. Â What Â are Â the Â general Â practical Â and Â legal Â considerations Â I Â should Â consider Â before Â making Â a Â serious Â commitment? The Â common Â real Â estate Â issues Â are Â well Â known: Â land Â due Â diligence;Íž Â reviewing Â contracts Â and Â ensuring Â safety Â of Â deposits Â and Â completion Â monies. Â In Â Phuket, Â you Â should Â look Â carefully Â if Â the Â project Â has, Â RU ZLOO GHĘ&#x2C6;QLWHO\ REWDLQ D Č&#x201A;KRWHO OLFHQVHČ&#x192; for Â its Â hotel Â operations, Â or Â if Â the Â program Â is Â not Â a Â hotel Â and Â is Â a Â rental Â program Â as Â the Â two Â are Â quite Â different Â propositions. Â You Â should Â also Â have Â your Â legal Â counsel Â check Â the Â background Â to Â the Â inception Â of Â the Â project Â â&#x20AC;&#x201C; Â did Â it Â apply Â for Â the Â correct Â type Â of Â environmental Â consents Â and Â permissions Â for Â operation Â as Â a Â hotel, Â which Â generally Â include Â stringent Â waste Â treatment Â procedures, Â health Â and Â safety Â procedures Â and Â regulations Â on Â key Â building Â aspects, Â such Â as Â lifts Â and Â emergency Â access? Â There Â are Â also Â rules Â about Â matters Â such Â as Â the Â â&#x20AC;&#x2DC;setbackâ&#x20AC;&#x2122; Â from Â the Â beach. Â In Â terms Â of Â the Â practical Â matters Â which Â are Â linked Â to Â the Â contracts Â and Â legal Â matters, Â you Â should Â check Â when Â your Â rental Â or Â investment Â return Â percentage Â will Â commence Â â&#x20AC;&#x201C; Â if Â the Â hotel Â isnâ&#x20AC;&#x2122;t Â opened Â on Â time, Â how Â will Â that Â affect Â your Â return Â â&#x20AC;&#x201C; Â will Â you Â be Â compensated Â for Â any Â losses Â for Â late Â delivery Â of Â your Â return? Â If Â you Â sign Â a Â binding Â agreement Â where Â the Â unit Â you Â purchased Â is Â in Â the Â rental Â or Â hospitality Â program, Â on Â what Â terms Â could Â you Â exit Â such Â

an Â arrangement Â and Â on Â what Â terms Â might Â you Â be Â forced Â to Â exit Â the Â arrangement? Â If Â you Â donâ&#x20AC;&#x2122;t Â pay Â to Â refresh Â furniture, Â or Â you Â fail Â to Â pay Â your Â management Â fees, Â how Â does Â this Â affect Â your Â property Â and Â use? Â What Â if Â your Â neighbors Â donâ&#x20AC;&#x2122;t Â pay Â WKHLU IHHV" 7KHVH DUH WKH W\SHV RI VSHFLĘ&#x2C6;F questions Â you Â and Â your Â advisers Â should Â be Â posing Â in Â order Â to Â provide Â you Â with Â the Â correct Â scope Â of Â advice, Â which Â goes Â beyond Â â&#x20AC;&#x2DC;straightforwardâ&#x20AC;&#x2122; Â real Â estate Â based Â advice. Â I Â am Â looking Â to Â buy Â into Â a Â new Â hotel Â and Â residential Â tower Â in Â Makati, Â Philippines. Â The Â brand Â of Â the Â project Â is Â well Â respected Â and Â successful Â but Â what Â are Â the Â key Â issues Â I Â should Â look Â out Â for, Â just Â to Â be Â safe? Key Â issues Â for Â you Â to Â consider Â are: Â (a) Â what Â ZRXOG KDSSHQ WR VSHFLĘ&#x2C6;F FRPPHUFLDO promises Â if Â the Â brand Â were Â to Â pull Â out Â from Â managing Â or Â branding Â the Â property? Â (b) Â are Â there Â any Â safeguards Â about Â the Â â&#x20AC;&#x2DC;star Â ratingâ&#x20AC;&#x2122; Â and Â â&#x20AC;&#x2DC;brand Â standardsâ&#x20AC;&#x2122; Â of Â the Â SURSHUW\ VSHFLĘ&#x2C6;F HQRXJK IRU \RX WR EH sure Â the Â service Â levels Â and Â quality Â of Â brand Â delivering Â operational Â management Â now Â will Â only Â sell Â or Â assign Â such Â rights Â to Â a Â brand Â of Â at Â least Â very Â similar Â quality Â of Â brand Â standards? Â (c) Â what Â are Â your Â risks Â if Â post-Âlaunch Â of Â the Â property, Â the Â operator Â needs Â to Â remain Â under-Âoccupied Â in Â order Â to Â prevent Â its Â average Â room Â rate Â from Â falling Â too Â low Â â&#x20AC;&#x201C; Â will Â this Â mean Â amenities Â and Â service Â will Â suffer, Â will Â it Â mean Â that Â your Â return Â is Â affected? Â (d) Â at Â what Â point Â will Â or Â could Â you Â be Â asked Â as Â an Â â&#x20AC;&#x2DC;ownerâ&#x20AC;&#x2122; Â for Â a Â cash-Â call Â in Â which Â you Â have Â to Â re-Âinvest Â capital Â into Â a Â renovation Â of Â the Â property Â â&#x20AC;&#x201C; Â that Â is Â your Â own Â unit, Â but Â also Â a Â percentage Â of Â the Â entire Â property? Â Such Â a Â renovation Â could Â be Â a Â large Â cost Â â&#x20AC;&#x201C; Â and Â how Â much Â of Â that Â cost Â is Â the Â asset Â owner Â who Â signed Â the Â agreement Â with Â the Â branded Â operator Â prepared Â to Â take? Â These Â numbers Â should Â be Â analysed Â carefully Â so Â you Â are Â aware Â at Â least Â of Â the Â real Â returns Â on Â your Â investment Â after Â expenses Â over Â an Â extended Â period Â of Â time. Â

--------------------------------------DESMOND HUGHES Hughes Krupica is an international legal services firm, specializing in Real Estate; Hospitality and Leisure legal services, with its head office in Thailand, and working in consultancies, across Asia. www.hugheskrupica.com

EXCEEDING THE STANDARDS OF QUALITY MEETING THE DEMANDS FOR VALUE

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R E F I T – R E PA I R – C O N V E R S I O N S – AG E N C Y www.yachtsolutions.com

info@yachtsolutions.com

+66 81 8944 582 APRIL 2013 | 113

ANALYSIS 'JOBODF

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1SPQFSUZ JO ZPVS QPSUGPMJP The second article on the benefits and considerations of accumulating a portfolio of physical property to create a personal retirement plan.

Recently, Â we Â have Â noticed Â a Â s harp Â increase Â in Â the Â number Â o f Â d istribution Â companies Â and Â marketing Â t eams Â selling Â commercial Â property Â f unds Â in Â v arious Â different Â guises. Â T he Â marketing Â literature Â is Â h eavily Â suggestive Â of Â stellar Â ongoing Â r eturns, Â limited Â or Â no Â downside Â r isk, Â a nd Â n o Â correlation Â to Â the Â ups Â a nd Â d owns Â o f Â t he Â worldâ&#x20AC;&#x2122;s Â business Â and Â economic Â c ycles. Â Some Â of Â these Â vehicles Â c ould Â b e Â worth Â considering Â if Â the Â u nderlying Â asset Â is Â generating Â income Â f rom Â a Â sector Â where Â the Â supply Â a nd Â d emand Â curve Â is Â likely Â to Â remain Â p ositive. Â They Â could Â perhaps Â provide Â u seful Â diversification Â to Â a Â portfolio Â o f Â traditional Â assets Â in Â relatively Â l ow Â amounts Â and Â percentages, Â b ut Â t he Â o ft Â Â Â Â Â Â 114 | APRIL Â 2013

used Â s aying, Â â&#x20AC;&#x153; if Â it Â looks Â too Â good Â to Â be Â true Â t hen Â i t Â p robably Â isâ&#x20AC;? Â should Â always Â be Â b orne Â in Â mind. Countless Â c ommercial Â property Â funds Â w ent Â i nto Â â&#x20AC;&#x2DC;lock Â upâ&#x20AC;&#x2122; Â or Â liquidation Â f ollowing Â the Â 2008 Â collapse Â o f Â L ehman Â Brothers Â and Â some Â o f Â t hose Â f unds Â were Â launched Â by Â t he Â w orldâ&#x20AC;&#x2122;s Â biggest Â banks. Â Its Â in-Âhouse Â p rivate Â banking Â arms Â sold Â them Â d irectly Â t o Â their Â data Â base Â of Â bank Â a ccount Â h olders Â and Â investors Â who Â p urchased Â the Â funds Â thought Â that Â they Â w ere Â t oo Â b ig Â to Â fail Â and Â would Â be Â protected Â even Â they Â did... Â W RONG! If Â a Â f und Â o wns Â physical Â property Â and Â t hen Â u ses Â t hat Â property Â to Â generate Â income Â f rom Â l eases, Â lets, Â rents, Â or Â commercial Â f actory Â production, Â then Â

the Â value Â of Â the Â property Â goes Â a Â long Â way Â to Â determining Â the Â end Â return Â to Â investors. Â Whilst Â a Â fund Â is Â generating Â high Â single Â digit Â returns Â everyone Â is Â happy Â to Â remain Â invested, Â perhaps Â thinking Â it Â is Â going Â to Â last Â forever, Â but Â to Â be Â able Â to Â offer Â such Â returns Â the Â managers Â have Â to Â be Â pretty Â much Â fully Â invested Â all Â the Â time, Â which Â leaves Â little Â room Â for Â an Â exit Â strategy Â as Â all Â the Â c ash Â is Â tied Â up Â in Â physical Â assets. If Â returns Â start Â to Â fall, Â more Â people Â want Â to Â sell Â their Â holdings Â but Â the Â managers Â may Â not Â have Â enough Â cash Â to Â pay Â the Â redemption Â requests Â and Â canâ&#x20AC;&#x2122;t Â sell Â the Â properties Â quickly Â enough, Â if Â at Â all. Â The Â fund Â can Â then Â go Â into Â a Â â&#x20AC;&#x2DC;lock Â upâ&#x20AC;&#x2122; Â phase Â and Â no Â one Â gets Â anything Â until Â they Â can Â find Â a Â buyer, Â s ometimes Â not Â in Â time Â to Â prevent Â a Â forced Â liquidation Â and Â a Â subsequent Â payout Â of Â 10 Â cents Â on Â the Â dollar Â with Â a Â nice Â letter Â of Â apology. Â Property Â valuations Â in Â the Â USA Â and Â the Â Middle Â East Â were Â hit Â particularly Â hard Â following Â the Â crisis Â and Â some Â five Â years Â later Â there Â is Â a Â vast Â amount Â of Â bricks Â and Â mortar Â that Â is Â worth Â a Â fraction Â of Â what Â it Â once Â was. Â Of Â course Â it Â is Â true Â that Â prices Â were Â at Â unfeasibly Â high Â levels Â then, Â having Â been Â fuelled Â by Â the Â irresponsible Â and Â reckless Â lending Â practices Â of Â the Â very Â same Â banks Â that Â were Â selling Â the Â very Â same Â funds Â that Â owned Â those Â very Â same Â properties... Â And Â still Â are. Â Sublime Â irony Â â&#x20AC;&#x201D; Â you Â c ouldnâ&#x20AC;&#x2122;t Â write Â i t. Â Â

-----------------------------------------------JERRY DINGLEY

of Property Portfolio Services and business partner Tim Whiteley have a combined 50 years of experience advising expatriates & international investors both onshore UK and in the Asia Pacific region. Specialist areas include Offshore Trusts, UK Pension transfers (QROPS) and creating tax efficient retirement and investment solutions for individuals around the world. info@ifainternationalgroup.com

*Important Â Note Â -Â Â This Â article Â contains Â general Â information Â only Â and Â is Â not Â intended Â to Â be Â taken Â as Â specific Â financial Â advisory, Â investment, Â or Â tax Â advice.

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MARCH 2013 | 115

ANALYSIS -VYVSZ FYQFSU

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.BLJOH GPSUVOFT GSPN TVQFS C CSBOET The translation of auto interiors into home furnishing designs represents a new trend in lifestyle products that offers a combination of innovative style and major brand appeal.

I Â am Â often Â asked Â what Â lifestyle Â furnishings Â products Â really Â are. Â Isnâ&#x20AC;&#x2122;t Â it Â just Â furniture? Â The Â answer Â is Â yes, Â it Â LV IXUQLWXUH Çż EXW IXUQLWXUH GHĘ&#x2C6;QHG E\ FOLHQWVČ&#x192; VSHFLĘ&#x2C6;F WDVWH DQG FKRLFH RI GHWDLO The Â concept Â is Â also Â coordinated Â with Â other Â desires, Â whether Â its Â a Â tailor Â made Â humidor Â for Â cigars, Â a Â watch Â box Â for Â a Â spouse, Â a Â custom Â made Â golf Â bag Â or Â even Â a Â leather Â stitched Â Tonino Â Lamborghini Â Segway Â to Â match Â a Â clientâ&#x20AC;&#x2122;s Â home Â interiors. Â That Â is Â the Â lifestyle Â element Â â&#x20AC;&#x201D; Â to Â create Â a Â personalised Â world Â of Â beautiful Â things Â that Â please Â the Â senses Â and Â also Â serve Â your Â needs. The Â extension Â of Â brands Â that Â epitomise Â the Â most Â exciting Â automobiles Â around Â the Â world Â is Â one Â approach Â to Â lifestyle Â furnishings Â that Â has Â become Â a Â popular Â choice Â for Â real Â luxury Â consumers. Â Luxury Â Â Â Â Â Â 116 | APRIL Â 2013

furnishings Â company Â Formitaliaâ&#x20AC;&#x2122;s Â desirable Â and Â exciting Â Tonino Â /DPERUJKLQL OLQH ZDV WKH Ę&#x2C6;UVW RI WKH FDU related Â brands Â to Â emerge, Â then Â the Â same Â GHVLJQ Ę&#x2C6;UP FROODERUDWHG ZLWK $VWRQ Martin, Â which Â ignites Â the Â passions Â of Â aesthetes Â the Â world Â over. Â A Â new Â addition Â to Â the Â style Â scene Â is Â the Â cool Â and Â classy Â Mercedes Â Benz Â Style. Â Collaborating Â with Â the Â auto Â giant, Â Formitalia Â has Â created Â a Â collection Â of Â seats, Â tables, Â beds Â that Â exhibit Â the Â legendary Â elegance Â of Â the Â line Â and Â characterise Â the Â styling Â of Â the Â German Â manufacturerâ&#x20AC;&#x2122;s Â classic Â cars. Â The Â seat Â backs, Â for Â instance, Â reference Â the Â seat Â shells Â of Â current Â research Â vehicles, Â curved Â lines Â delineate Â the Â different Â planes Â and Â sections Â of Â various Â pieces Â in Â a Â way Â that Â recalls Â the Â Mercedes Â F Â 125 Â

series, Â and Â the Â bifurcated Â front Â side Â of Â the Â headboard Â resembles Â the Â air Â intake Â of Â sports Â cars. Â But Â why Â would Â Daimler, Â the Â owner Â of Â this Â powerful, Â super-Âselling Â brand Â choose Â to Â expand Â into Â home Â furnishings Â when Â it Â already Â dominates Â the Â market? Â The Â answer Â is Â that Â they Â are Â looking Â to Â extend Â the Â brand Â even Â further, Â and Â the Â way Â to Â go Â is Â into Â lifestyle Â products. Other Â applications Â will Â follow. Â Mercedes Â Benz Â already Â apply Â their Â designs Â to Â helicopters, Â partnering Â ZLWK (XURFRSWHUV RQ GHVLJQHU Ę&#x2030;\LQJ machines. Â Tonino Â Lamborghini Â and Â Aston Â Martin Â are Â looking Â into Â property Â collaborations. Â The Â potential Â outcome Â of Â such Â cooperation Â is Â obvious. Â Luxury Â brand Â partnerships Â and Â interior Â designs Â not Â only Â add Â considerable Â kudos Â to Â a Â project, Â they Â also Â guarantee Â the Â kind Â of Â quality, Â expertise Â and Â tradition Â that Â savvy Â investors Â consider Â to Â be Â well Â worth Â an Â additional Â cost. Â Buyers Â are Â also Â drawn Â by Â the Â personalised Â services Â and Â facilities Â offered Â by Â a Â brand, Â as Â well Â as Â their Â passion Â for Â the Â brand Â and Â the Â quality Â it Â stands Â for. Of Â course, Â translating Â a Â luxury Â auto Â brand Â into Â interiors Â and Â lifestyle Â is Â not Â that Â easy. Â Each Â piece Â of Â furniture Â must Â offer Â a Â dynamic Â yet Â timelessly Â elegant Â design Â with Â outstanding Â comfort, Â and Â the Â automotive Â identity Â of Â the Â styling Â must Â remain Â visible Â and Â emotionally Â present Â throughout Â the Â furniture Â collection. Â When Â such Â a Â balance Â is Â achieved, Â the Â exclusive Â aesthetics Â of Â the Â worldâ&#x20AC;&#x2122;s Â most Â recognisable Â brands Â can Â be Â extended Â beyond Â the Â world Â of Â cars Â into Â the Â home, Â LQVSLULQJ D QHZ GHĘ&#x2C6;QLWLRQ RI EUDQGHG luxury. Â Â -------------------------------------------ALEX SHLAEN is an economist and holds an Executive MBA from Kellogg School of Management and HKUST. He is the founder of Panache Management Pte Ltd which represents the Mercedes Benz Style, Aston Martin Interiors, Tonino Lamborghini Casa, Formitalia design lines in Asia. He is also a serial real estate investor. www.PanacheManage.com

What matters to you, matters to us Corporate and personal tax advice International tax planning Expatriate services Transfer pricing Commercial law services

www.bdo-‐thaitax.com BDO Advisory Limited, a limited liability company incorporated in Thailand, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms. BDO Advisory Limited is promoted by the Thailand Board of Investment to provide advice and assistance on tax and legal matters and has been designated as the exclusive accountancy partner of Oxford Business Group (OBG) to provide specialist analysis for The Report Thailand 2012. BDO has been engaged by the Thailand Property Awards since 2006 to supervise the entire judging process. We believe our involvement enhances the integrity of the judging process and contributes to making the awards a truly credible and worthy prize.

APRIL 2013 | 117

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Â Â Â Â Â 120 | APRIL Â 2013

FACT BOX

1SPKFDU QSPGJMF

Project name: The Bloomington Kemang Village Residences, Kemang Village Developer: PT Lippo Karawaci, Tbk Product Type: Type: 11-in-1 integratedluxury resort development Location: Kemang, South Jakarta, Indonesia Architect: DP Architects Interior design: Hirsch Bedner Associates Launch date: 6 October 2012 Expected completion date: 2015 Average size of sub-division: 200-450 sqm Price Range: IDR3-8 billion (US$309,342 - 824,912) Monthly maintenance fees: IDR18,000 (US$1.80) per month, per sqm Expected rental return per annum: 10-14% per annum Contact details: Kemang Village, JI Pangeran Antasari no.36, Jakarta Selatan 12720, Indonesia Tel: +62 21 7255999 Fax: +62 21 7266999 kemangvillage@lippokarawaci.co.id www.kemangvillage.com

KOH SAMUI

THAILAND

UNPARALLELED SEA VIEWS

A MODEL OF GRACIOUS LIVING

“ 4 type of villa’s available from 19.9 M – 51 MBHT ”

New phase apartments & penthouses 2 & 3 bedroom, start from 7.5 Million bht. “ PHASE 3 APARTMENT LAST UNIT ” NEW PHASE OF Q APARTMENTS SOON TO BE RELEASED FOR OFF PLAN PRE-SALES! Completed units for resale available directly true owner (apartments & villa) – from 15 – 24 M THB CONTACT: info@realestatecdp.com – CHRISTOPHE (+66) 081 924 9574

Financing available – construction now underway – completion of first units from November onwards…

pure & serene REALESTATECDP.COM

APRIL 2013 | 121

HI LIFE

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FACT BOX

1SPKFDU QSPGJMF

Project name: The Residences at W Singapore – Sentosa Cove Developer: Cityview Place Holdings Pte Ltd Product Type: Apartments Location: Ocean View, Sentosa Cove, Singapore Architect: Axis Architects Planners Pte Ltd Interior design: Axis ID Pte Ltd Expected completion date: April 2011 Total number of sub-divisions: 228 units in seven six-storey blocks Average size of sub divisions: 114-6,297 sq ft Price Range: Facilities: x Monthly maintenance fees: Contact details: