MCI (P) 102/01/2013
Issue 105 July 2013
S$8, RM20, IDR70,000, THB200, HK$60, PHP350
wPENTHOUSE FOR A PERFECTIONIST
Big Apple Investments
New properties in New York
Luxury Singapore
Latest launches at the high-end
Chi Energy
Global hospitality designer Tony Chi
The Balinese Touch
The island’s interior design trends
Preserving Heritage
Yangon’s historical buildings
Celebrity Address
A London home with a musical memoir JULY 2013
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KDN PPS 1662/10/2012 (022863)
Luxury real estate, architecture and design
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Co-Sponsors:
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Recognising the ever increasing quality of residential properties in Southeast Asia
This year, Ensign Media has added another prestigious event 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.philippinespropertyawards.com www.southeastasiapropertyaward.com Or contact jay@ensign-media.com
Official Supplier:
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PUBLISHING EDITORIAL Issue 105 JULY 2013
TERRY BLACKBURN JULES KAY SOFIE LISBY LIAM ARAN BARNES REBECCA FOSTER CHARLOTTE ROBINSON AUSANEE DEJTANASOONTORN THESIS AREEPIPATKUL BANDHITA KAMOLNARUMETH JIRAWADEE SANGRAYAB SUPHATRA PAKDEEWIROJ CHRISTINE MAY ABEJO NICHOLAS LIM 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 EDITORIAL ASSISSTANT charlotte@ensign-media.com ART DIRECTOR ausanee@ensign-media.com SENIOR GRAPHIC DESIGNER Thesis@ensign-media.com GRAPHIC DESIGNER Bandhita@ensign-media.com BANGKOK, PATTAYA, HUA HIN ACCOUNT MANAGER jirawadee@ensign-media.com ACCOUNT EXECUTIVE PHUKET, PHANG NGA, KRABI AND SAMUI suphatra@ensign-media.com ACCOUNT EXECUTIVE INTERNATIONAL MARKETS christine@ensign-media.com MARKETING DIRECTOR nicholas@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 14 | JULY 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
Going global As wealth continues to flow within and beyond Asia, developers in destinations a long way from the Asia Pacific are increasingly marketing their luxury projects to investors across the region. New projects coming online in cities like London, New York and Sydney are now regularly showcased direct to investors based in Singapore, Hong Kong and Bangkok, and global marketing firms are increasingly targeting the regional media in their campaigns, to attract buyers from the East to invest in the West. At the very top end of the market, of course, wealthy investors with a portfolio of luxury properties have long been spreading risk by making purchases in a diverse range of locations, or even extending their reach through REITS and commercial property funds. The difference in today’s increasingly global real estate landscape, however, is that less experienced property buyers are also dipping into the world of international investment, hedging their bets on properties that offer perceived value based on favourable currency exchange rates and the potential for high returns. Global financial doubts have in some respects turned property investment into a roulette table. The wheel keeps spinning and the numbers are replaced by countries as they prove lucky for those who place their bets wisely. As with any form of gambling, however, it’s the players that do their homework and hone there skills that always come out on top. In a global market where investments can easily be made without even visiting the properties in question, thorough due diligence is more important than ever. Reputable international agents and proven developers are always a good starting point, of course, but even with an established name behind a project, only fools rush in without first hand knowledge of what exactly it is they are buying (or betting on). Even in today’s ultra-connected market, you can’t improve on the experience of the senses when it comes to a property purchase. You need to know the location, walk through the doors and touch the walls (even if it’s just a show unit), assess the quality of the fixtures and fittings, understand what it would be like to live there. Only then can you really assess the value of the opportunity before you. After all, when you’re rolling the dice, it’s always reassuring to feel the weight of them in your hand before you throw.
Jules Kay Property Report jules@ensign-media.com
Cover Photo:
Glass walled bathroom at the Blue Penthouse in Shanghai by Dariel Studio. Photo: Derryck Menere 16 | JULY 2013
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EDITORIAL
For this issue I travelled to Yangon where I attended the Yangon Urban Development Conference 2013. One of the last speakers on the first day was Daw Moe Moe Lwin, the director of Yangon Heritage Trust, an NGO with a mission to protect and promote Yangon’s architectural heritage. She called for comprehensive and coherent urban planning policies and a concerted effort to save the city’s beautiful century-old buildings. Earlier in the week I had also had the privilege of visiting some of these buildings, which are little known or off limits to the average visitor. Walking along the still-in-use halls of the New Law Courts building, or tentatively climbing the stairs of the Pegu Club, half fearing, half anticipating them to give way – was like entering a time capsule where nothing had changed for half a century. Had it not been for the dilapidation of these buildings, I could have been fooled into thinking I had travelled back in time. You can read more about Yangon’s many historic buildings and the challenges of protecting them inside the magazine. Renovation is also broadly the theme in this month’s Design Focus. Interior designer Thomas Dariel has created a spacious creative living space in an old building in Shanghai’s Jing An temple area, using French design expertise and drawing inspiration from Oriental design traditions. We also look inside a refurbished property in London for the At Home feature this month, one with a fascinating former life as a celebrated recording studio. So read on and delve into the past, the present and the future of property.
Sofie Lisby Property Report sofie@ensign-media.com
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CONTENTS Issue 105 JULY 2013
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26 Leading Edge: Business as usual in Malaysia After figuratively being stuck in election mode for three years, Malaysia finally concluded its general elections on 5 May, and the property industry let out a long- held sigh of relief. 28 Leading Edge: Houses of the rising sun Japan's real estate market looks set to finally embark on a steady road to recovery, especially at the high-end. 30 Special Feature: Start spreading the news New York City has been the first, and often last, port of call for immigrants, pioneers and fortune hunters in search of opportunity and prosperity across the Atlantic.
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38 In Brief: Property market news Updated on property market moves, the latest launches and investment trends from the Asia Pacific region and beyond. 46 Hi Life: Luxury news A showcase of high end products and accessories aimed at the discerning consumer. 48 Hi Life: Luxury interview Legendary hospitality designer Tony Chi talks to Property Report about Gurgaon, New Delhi's upscale satellite city. 52 Hi Life: Home tech This month's upscale accessories
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will ensure your furry friends remain loyal and loving forever 54 Hi Life: Home style The rebellious style of the 1960s never seems to go out of fashion, particularly when it comes to home dĂŠcor. 56 Hi Life: Villa rental Jivana Estate offers private beachfront villas on Natai Beach, in Thailand's Phang Nga province. 58 Neighbourhood Watch: Looking west The biggest lake in Vietnam's capital is probably the only genuinely peaceful quarter remaining within touching distance of the actual hearts of this frenetic city.
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CONTENTS Issue 105 JULY 2013 60 In Depth: New Singapore launches New luxury apartment launches in the Lion State are set to draw domestic and international buyers at the top end of the market. 67 Design Focus: The Blue Penthouse Crafting a functional yet attractive and unique home for a family is a tall order for any interior designer, but Thomas Dariel, the founder and creative mind behind Dariel Studio, a multi-award winning interior design company headquartered in Shanghai, took on the challenge.
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84 Special Report: Preserving Yangon's architectural heritage Yangon boasts Southeast Asia's largest collection of colonial period buildings, dotted with religious structures and historical landmarks, many of which have been left to gradually deteriorate over the past 50-60 years. 90 In Depth: From minimalism to maximalism For nearly a decade, Bali's interior design scene has been dominated by 'modern minimalism', a genre that many designers describe as soulless, with no sense of place.
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96 At Home: Celebrity address London's rich heritage means international buyers occasionally have the chance not only to invest in a unique residence, but also one with a fascinating history. 104 Analysis: Investment insights Buyer advice Design Legal Luxury expert
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114 Project profiles Ayana Residences, Bali, Indonesia Treasure on Balmoral, Singapore Baan Yanu Residences, Phuket, Thailand Kata Rocks, Phuket, Thailand Vista del Mar, Phuket, Thailand
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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.
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PICK UP YOUR COPY AT THE FOLLOWING LOCATIONS AROUND THE REGION:
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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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Hong Kong: Conrad Hong Kong Four Seasons Hotel Peninsula Hote Le Meridien Cyberport Cosmopolitan Hotel The Mira Hong Kong InterContinental Hong Kong,Island Shangri-La Hong Kong,Kowloon Shangri-La The LanghamHong Kong Harbour Grand Kowloon Harbour Plaza North Point Kowloon Hotel Royal Pacific Hotels & Tower 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 Indonesia: Ascott Jakarta The Ritz Carlton,Kempinski Hotel Hotel Niko Hotel Niko 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 Sari Pan Pacific Borobudur Int’l Hotel Crown Plaza Hotel Le Meridien Hotel Mandarin Oriental Menteng Exe Apt 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: Ascott Singapore Raffles Place 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 Pan Pacific Singapore 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: Dream Hotel Bangkok Gulliver’s Tavern Hotel Intercontinental Landmark MaDuZi Hotel Marriott International Inc. Novotel Ploenchit S15 Sukhumvit Hotel S31 Sukhumvit Hotel Dusit Thani Mandarin Oriental Hotel Metropolitan Peninsula Shangri-La Sukhothai Four Point by Sheraton Sukhumvit 15 The westin grande sukhumvit The Cliff Marriot Pattaya Dusit D2 Hard Rock Amari (North Pattaya) Amari (Lobby) (Noth Pattaya) Sandalay (Noth Pattaya) D Beach (Noth Pattaya) Thai Resort Garden Holiday Inn (North Pattaya) Novotel Yaiya Resort Sharaton Dusit Thani Intercontinental Cape Nidhra Hotel TreeTop by Hilton
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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 Esplanade Lounge (Raffles) ’Emerald Sky Lounge (Garuda First & Business Lounge) ’Mutiara Lounge Garuda Executive Lounge Teluk Banten Lounge Malaysia: Cathay Pacific Lounge,Emirates Lounge Plaza Premium Lounges Oman Airways Malaysian Airlines Thai Airways Singapore: Singapore Airlines-Paragon Service Ctr. Plaza Premium Lounge Emirates Lounge Korean Air Lounges Cathay Pacific Lounge Jet Quay Terminal SATS Premier Club T1 Thai Airways Intl T1 Thailand: Singapore Airlines Lounge Cathay Pacific Lounge Birtish Airways/Qantas Lounge Air France Lounge Eva Air Lounge Louis Tavern CIP Lounge (Concourse F) China Airlines Office Thai Airways Bangkok Airways Biman Aangiadesh Lounge Druk Air (Royal Phutan) Korean Air Lounge Gulf Air Lounge King Power Lounge EK Inflight deliveries
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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) Butterfield’s Club 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 Pacific Club Royal HK Golf Club Shek O Golf Club Singapore: Ascott International Ascott Singapore Raffles Place British High Commission CAPELLA SINGAPORE CAPRI BY FRASER HOTEL RESIDENCES Cathay Pacific Airway Citigold Centre (13 Branches) Coffee Club Pte Ltd Crowne Plaza Changi Airport Dennis Wee Group Fairmont Singapore Four Seasons Hotel Singapore Frasers Centrepoint Limited Grand Copthorne Waterfront Hotel Grand Hyatt Singapore Hilton Singapore Hotel Hollandse Club Intercontinental Singapore Jet Quay Terminal Keppel Club Knight Frank Korean Air Le Grove Service Apartments Malaysia Airlines Marina @ Keppel Bay Naumi Hotel ONE°15 Marina Club Naumi Hotel Orchard Park Suites (Service Apartment) Orchard Scotts Residence P & N Holdings Pte Ltd Pan Pacific Singapore Park Royal Serviced Residences Plaza Premium Lounge Porsche Centre Singapore Premier Club & Rainforest By SATS Lounge Raffles Country Club(4 branches) RCI Asia Pacific Pte Ltd Republic Of Singapore Yacht Club Rolls Royce Motor Cars Singapore Running Stream International Pte Ltd SATS Premier Club T2 Savills Residential Sentosa Golf Club Shangri-La Apartments & Residences Sheraton Towers Singapore Hotel Singapore Cricket Club Singapore Institute Of Surveyors And Valuers Singapore Island Country Club (Bukit Location) Singapore Polo Club Swiss Club T3 SATS Premier Club Thai Airways The American Club Singapore The British Club The Dempsey Brasserie Pte Ltd The dog and bone pub The Executives Club The Fullerton Hotel Singapore The Legends Fort Canning Park The Penny Black The Pines Country Club The Sail @ Marina Bay The Skyview Lounge (Terminal 1) The Tanglin Club The Tower Club Singapore Treetops Executive Residences Thailand: Plus Property HH Thai Property Hot Property Hua Hin Thai Property Studio Banyan Hun Hin Central Premiere & Platinum Lounge (14 Branches) Assumption University B-Resto,Bangkok International school Benz showroom(Vipawadee and Praram3) Piyarom Sports Club Sport City 2002 Summit Windmill Golf Club Thai Institute of Directors Association Thana City Golf & Sports Club The Regent’s School Bangkok@Rama9 Inthanin Coffee (18 Branches) Coffee world (15 branches) Inthanin Coffee Coffee Alley in The Garden Coffee Bean by Dao The American School of Bangkok (Sukhumvit Campus) Anglo Singapore International School Spring@ Sea Resort & Spa The Heritage Baan Silom I-Taste café Kanebo Cosmetics Inc. Pacific City Club BDO Advisory Limited Boutique Asset Management Ltd. Bumrungrad Hospital BNH Hospital Samitivej Hospital Sukhumvit Mini Bar, new Srifa 33 Restaurant Piri Piri Shama Sukhumvit TRSC International LASIK Center Thai-Singapore Limcharoen Hughes and Glanville (Bangkok) Vistas Property Beach Property Jomtien Property Northern Thai&Realty Ocean Tower Premier Homes Paragon Property Colliers Century 21 Bangkok Hospital Bangkok Hospital True Coffee Life Healthy Life Style Cuisine Engels Volker KVIK Asara Villa and Suite Heights Holding Thai Living The Baguette
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1662/10/201 13 MCI (P) 102/01/20
KDN PPS
2013 102 March Issue THB200, HK$60, PHP350
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MARCH
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LEADING EDGE
GWOEII / SHUTTERSTOCK.COM
Malaysia
Business as usual in Malaysia After figuratively being stuck in election mode for three years, Malaysia finally concluded its general elections on May 5, and the property industry let out a longheld sigh of relief. | by Khairie Hisyam Aliman
THE COLLECTIVE SIGH OF RELIEF DUE TO POLITICAL CERTAINTY WAS ALMOST AUDIBLE.
Ever since then-Malaysian premier Tun Abdullah Ahmad Badawi stepped down in favour of his deputy, Datuk Seri Najib Tun Razak in April 2010, the country has been collectively holding its breath waiting for the 13th general elections (GE13) amid increasingly strong winds of possible regime change. Speculated dates for Parliament dissolution came and went, but eventually it happened on April 3 this year, ending three years of wait-andsee for the nation, its businesses, and the property industry. Strong potential for political changes on a seismic scale meant the property industry has grown cautious over the past three years. That caution arose because local sentiments would likely affect domestic buyers. International interest, 26 | JULY 2013
however, seems to have continued unabated. "Local politics are an insignificant factor in terms of foreign demand as long as the country rating remains strong," said Brian Koh, executive director of consulting and research at DTZ, which is part of UGL Services, a division of UGL Limited. "For example, demand from Singapore at Iskandar Malaysia was relatively unaffected despite the election fever over the last 12 months." For international investors, the national suspense over the election results would not have been as palpable as it was for Malaysians, especially given the myriad considerations underlying each investment move into any foreign country. "The wait for the elections had little impact on [foreign buyers'] interest [in Malaysia]," confirmed Dato' Khor Chap Jen, Executive Vice President of S P Setia Group Berhad. "I think it was more the developers adopting a 'wait-and-see' attitude for their launches." Well past midnight on polling day, the Malaysian Election Commission announced the return to power of Najib's Barisan Nasional coalition. For the property industry, it signalled the welcome news of policy continuity and stability. "Malaysia has long been known for its business-friendly policies," says Tan Sri Dato' Sri Leong Hoy Kum, group managing director and group CEO of Mah Sing Group Berhad. "We expect that to be maintained over the long term." If the market reaction after the results were announced was anything to go by, the collective sigh of relief due to political certainty was almost audible. On May 6,
the Malaysian Ringgit saw its biggest rally since June 2010, alongside a record rise in stocks, its best since November 2008. Notably, local property and construction stocks led the market post-election, with several prominent developers expected to see share upsides of 21 percent upwards given positive drivers in the market. Increased foreign interest in the Malaysian stock market post-election in tandem with underinvested local funds resuming investment activities are set to benefit the property sector, now upgraded to "overweight" by analysts after two years of "neutral" rating. Additionally, a Reuters poll reported that 15 economists agreed Malaysia's central bank is likely to leave interest rates unchanged. "[These] are all good indicators of stability," said Dr Daniele Gambero, CEO and co-founder of strategic marketing consultancy firm REI Group of Companies. "[For foreign property buyers], it is only a matter of being attractive and in this moment, Malaysia is pretty stable and thus attractive." Now that the industry is moving again, prospects look promising for the market. "There will be a pick-up in [luxury property] segment but [only] after Q2," added Dr Gambero, noting that many foreign investors will wait to see how effectively the government starts moving. "Then the foreigners will come. There is a huge mass of cash available in the world market." However, the spotlight is now on the freshly re-minted government to see how it tackles worrying issues raised since before the election, which would impact on investment considerations. "We expect and will see more new launches and overseas road shows to attract new foreign investors," said Koh. "However, election issues such as security and corruption are factors that can indirectly affect demand if these are not addressed." Regardless, the prevalailing sentiment, the property market appears to be about getting on with business now that GE13 is over. "Hopefully there will be less politicking and more focus on driving up the investments and the economy of the country," says Khor of S P Setia. "Areas like CBD Kuala Lumpur, Penang Island and Iskandar Region of Johor are expected to regain momentum and attract interest from the international property investors."
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LEADING EDGE Japan
Houses of the rising sun Recently touted as “the one [market] to watch” in an Asia-Pacific report published by Jones Lang LaSalle, Japan’s real estate looks set to finally embark on a steady road to recovery, especially at the high-end. | by Liam Aran Barnes
WE HEAR THAT FOREIGN INVESTORS ARE CHOOSING JAPAN DUE TO ABENOMICS.
28 | JULY 2013
According to Jones Lang LaSalle, total investment in Japan's property market hit US$10.6 billion in Q1 2013, a 32 percent yearon-year increase, while a plethora of residential offerings are slated to enter the Tokyo market over the next few quarters. The government's latest monetary easing measures and Knight Frank's announcement that prime prices in the capital experienced an annual 17.9 percent decline in the first four months of the year are also expected to encourage both domestic and foreign investors. "Now is a good time to invest in property here as the Japanese government and the Bank of Japan have set a clear inflation target of two percent, and there is a rising expectation among investors," Hirokazu Mukai, president of real estate consultancy firm Minato Asset Management told the local press recently. "I believe the revision of the consumption tax, that is expected sometime next year, will increase property prices." With this the new tax law on the horizon, a number of developers are pushing to go to sale before its implementation, and are subsequently targeting the growing numbers of foreign buyers. Although overseas investment in Tokyo's residential market slumped somewhat in the wake of 2011 Tōhoku earthquake and tsunami, investors have been gradually lured back by the trifecta of economic growth, cut prices and restrictive cooling measures in other major Asian markets. "We hear that foreign investors are choosing Japan due to 'Abenomics', the weaker yen and because the property prices in places such as Taiwan, Hong Kong and Singapore are
bubbling," Yukiko Takano, manager of International Services at high-end property brokerage company Japan Sotheby's International Realty said. "They also believe that Japanese land and properties have been undervalued for a long time. It's about time for these prices to be adjusted back to the actual value." While centrally-located areas such as Roppongi, Azabu and Shibuya have garnered some interest, the foreign demand is focused almost entirely on Tokyo, he added. A further benefit for those looking to purchase property in Japan is the lack of restrictions and the simplicity involved in foreign ownership, compared with other countries in the region, although the acquisition of mortgages remains difficult for foreigners. "In the first four months of 2013, we have seen an influx of foreign investors not only from Taiwan, Singapore and Hong Kong, but also the U.S. The number of inquiries in the first three months alone has already surpassed the total number from 2012," Takano said. "They are mostly interested in high-rise condominiums in central locations, as they are looking for homes as an investment." Takano also highlighted a number of Tokyo-based Sotheby's properties, including ARK Hills Sengokuyama Residence and Moto-Azabu Hills development. Residents started to move in to the 243-unit ARK Hills development, designed by renowned architect Cesar Pelli, last month, and only three apartments, ranging in price from JPY350 million (US$3.44 million) JPY820 million (US$8.07 million), remain on the market. Completed in 2002, the 180 unit Moto-Azabu Hills has also become a popular option for overseas investors looking to purchase property in the Japanese capital for its choice location near embassies and schools in the heart of the affluent Minato Ward neighbourhood. "These developments are located in very cosmopolitan areas of the city and are occupied by a significant number of expatriates," Takano said. "The popularity is primarily due to the fact that there is a dearth of developments in Tokyo offering similar facilities."
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Benvenuti a casa. Come into our stores to discover the technological innovation of the Brio sofa, from the new Soft Motion collection by Natuzzi
Euro Creations Gallery at Thonglor Tel: 0-2712-9555 Natuzzi at Siam Paragon Tel: 0-2610-9692-4 Natuzzi at Phuket Tel: 0-7661-2562-3 www.eurocreations.co.th JULY 2013
| 29
SPECIAL FEATURE New York
30 | JULY 2013
Start spreading the news
Since its inception more than 300 years ago, New York City has been the first, and often last, port of call for immigrants, pioneers and fortune hunters in search of opportunity and prosperity across the Atlantic. | by Liam Aran Barnes
F
rom the initial verdigris glimpse of the Statue of Liberty to the unique Volksgeist of its residents, New York City remains for many the epitome of the American Dream, which Pulitzer Prize winning author and historian James Truslow Adams once defined as a “life [that] should be better and richer and fuller for everyone”. As the city has energetically evolved over the decades, fascination with, and migration to New York City has never really ceased, although nowadays arrivals are more likely to be greeted by a JFK terminal building than the hazy glow of Ellis Island. It is perhaps the most multicultural and cosmopolitan of the world’s global cities, with an estimated 37 percent of the 8.24 millionstrong population born overseas, according to the New York City Department of City Planning, of which a large proportion are Asian nationals. In fact, a new wave of affluent Asians are now eyeing the Big Apple and not only as a potential place to live, but more significantly as a prosperous real estate investment destination. Spearheaded by the bourgeoning number of Chinese high net worth individuals (HNWIs), Asian buyers are purchasing property throughout New York City’s increasingly attractive luxury residential market. Chinese and Hong Kong nationals alone, who are now the country’s second largest international purchasing group, accounted for 11 percent of the total US$82.5 billion invested by foreigners nationwide through March 2011 to March 2012, a recent National Association of Realtors report shows. “US real estate is viewed as good value on the world stage, and the weakness of the dollar gives Asian buyers a currency advantage,” Paul Tostevin, associate at Savills World Research says. “In common with their buying habits elsewhere in the world, Asian buyers, particularly the Chinese, favour new property and many of these buyers are ‘testing the water’ at the lower tiers of the prime markets. Some are also active at the very top tiers of the US prime markets, making some recent high profile trophy property purchases.”
JULY 2013
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SPECIAL FEATURE New York
A VIEW OF ONE57 FROM CENTRAL PARK ZOO
EVERYBODY HAS THEIR OWN AMERICAN DREAM.
32 | JULY 2013
King of the hill In addition to capitalising on the relative strength of Asian currencies against the dollar, the easing of certain financial regulations and opportunity to provide children studying in the city with accommodation also appeals to investors. “In view of transaction costs and maintenance fees, it’s more worthwhile to purchase a property, rather than just leasing,” Elsa Tan, associate director of International Project Marketing at Knight Frank Shanghai says. “Whereas in the past most U.S. banks required foreign investors to provide an American credit history to get a mortgage, some have recently started to accept investors’ local bank credit, allowing more buyers to invest in US property.” Asian buyers have, in fact, been responsible for a number of landmark transactions in New York City over the last couple of years. One of the most notable cases being the acquisition, in 2012, of a reported 15 units at Extell Development’s One57, a high-end Manhattan-based project, by a group of wealthy Chinese investors. The US$1.5 billion development is the latest in a series of exclusive luxury residential developments around the globe, including properties such as One Hyde Park in London, where a veil of secrecy has shrouded buyers’ details, although it did recently emerge that a Chinese mother splashed US$6.5 million on an apartment at One57 for her two year old daughter. Indeed, there are a number of subtle nods to Asian buyers at One57, including the construction of some of the most prestigious apartments between 80th and 88th floors, appealing to the Chinese belief that eight is the luckiest number. Apartment 88 is reportedly under contract to a Chinese national for an estimated US$50 million. As is the case with the Candy brothers’ One Hyde Park project, few of the buyers are expected to actually reside in the purchased units, choosing instead to treat them simply as a profitable pied-à-terre. Ironically enough, Extell president Gary Barnett reportedly turned down Nick Candy’s attempts to buy an apartment due to his intention to ‘flip it’ prior to completion.
Brand new start Barnett’s billionaire hideaway, however, isn’t the only luxury residential development in New York City that will be somewhat void of permanent residents. Trump SoHo, a condotel project completed in 2010, may not be occupied for more than 120 days each year, due to residential zoning laws, and evidence suggests this may have dampened demand from local buyers. The 391-unit development, to date, has recorded about 85 sales, while 42 units are currently on the market, ranging between US$995,000 to US$8.74 million, according to property data website StreetEasy.com. In an attempt to court new buyers, developers The Sapir Organization and Bayrock Group LLC recently hired brokers to auction off the vacant units, in addition to heightening its sales push in key Asian markets. “In the last few years, the Trump name has started to gain awareness among the Asian community, especially those from China. Trump SoHo condominiums are an especially attractive lifestyle investment for investors and visitors because of the project’s prestige, exquisite design, ideal location and world-class service and amenities,” director of operations and finance at The Sapir Organization Gavriel Kahane says. “These are high standards of living that Asian HNWIs are accustomed to, and will expect when they live in Trump SoHo.” Kahane adds that New York’s longstanding deep cultural and economic ties with Asia have also encouraged the region’s HNWIs to seek out property in the city. “New York has the largest Asian population in US, in addition to the largest population of overseas Chinese outside of Asia. There is no other place in North America where Chinese business men and women will feel more comfortable and welcome,” he says. “The neighbourhoods are varied, yet each features cohesiveness as unique as its inhabitants. In addition to its diversity and charm, New York is a major financial centre, has a solid economic base, and is home to many excellent education institutions.”
LIVING SPACE AT TRUMP SOHO
SPEARHEADED BY THE BOURGEONING NUMBER OF CHINESE HIGH NET WORTH INDIVIDUALS, ASIAN BUYERS ARE PURCHASING PROPERTY THROUGHOUT NEW YORK CITY'S INCREASINGLY ATTRACTIVE LUXURY RESIDENTIAL MARKET.
JULY 2013
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SPECIAL FEATURE New York
TRUMP SOHO EXTERIOR
NEW YORK'S LONGSTANDING DEEP CULTURAL AND ECONOMIC TIES WITH ASIA HAVE ALSO ENCOURAGED THE REGION'S HNWIS TO SEEK OUT PROPERTY IN THE CITY.
34 | JULY 2013
Make it anywhere It is not only Asian investors who are turning to New York. Developers from around the region, most notably China, are now following buyers abroad. One reputed China-based developer Xinyuan Real Estate purchased a 8,547 sqm plot in Brooklyn’s Williamsburg last September, which is set to be its first US development. The NYSE-listed firm expects to begin construction of a 216-unit residential condominium development in H1 2013. “The location is very popular with US domestic purchasers, and New York is a top destination for purchasers from China,” Xinyuan CEO Yong Zhang says. “The Williamsburg project will offer a quality residential condominium development to more than 200 New York families, as well as allow us to capture a large demand from China for quality residential products in the United States.” Despite such optimism, a number of industry analysts believe that Asian buyers’ newfound appetite for western brands and foreign developed properties may initially stymie the progress of such developers. Preferences aside, however, the rapidly increasing number of Asian HNWIs, coupled with the ageless appeal of New York City looks set to lure buyers from the far east for the foreseeable future. As Knight Frank Shanghai’s Elsa Tian aptly puts it: “Everybody has their own American Dream, especially Asia’s wealthy.”
JULY 2013
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SPECIAL FEATURE AWARDS NEWS
Sponsors and suppliers join regional property awards Ensign Media is delighted to announce that a number of official sponsors and suppliers recently signed on to support the various awards ceremonies, which are set to take place in Manila, Bangkok and Singapore.
Property Awards:
Kingdom Property to sponsor SEAPAs and TPAs Kingdom Property is set to return as an official sponsor of the Thailand Property Awards for a second consecutive year, after a successful collaboration in 2012, and has also signed on to support the South East Asia Property Awards. Headed by Thai real estate expert and former Raimon Land CEO Nigel Cornick, Kingdom has made significant headway in the country's key markets in recent years and is currently developing its first condominium project Southpoint in Pattaya, slated for completion in 2015. "I am delighted to continue to support the Thailand Property Awards and the more recently established South East Asia Property Awards in Singapore not only as they are well managed and handled with integrity but because it offers us an opportunity to promote our projects and Pattaya as a great family destination," Cornick said.
Terry Blackburn, CEO of event organiser and Property Report publisher Ensign Media also expressed his pleasure at Kingdom's participation. "We're very proud to welcome such an established Thai developer to partner us once again this year," Terry Blackburn, CEO of Ensign Media said. "We feel Kingdom's commitment to both the Thailand Property Awards and South East Asia Property Awards reflects the growth and professionalism of region's real estate markets."
Thailand Property Awards:
Hughes Krupica to sponsor TPAs
Leading Thai law firm Hughes Krupica recently signed on to sponsor one of the region's most celebrated real estate events, the Thailand Property Awards, set take place on September 19, 2013. Hughes Krupica, which formed in February, emerged from a group of lawyers well versed and experienced in specialist practice areas include real estate, hospitality, leisure and dispute resolution. The firm was created with the purpose of improving the delivery of legal services to clients across Southeast Asia and the Asia region. "I have been involved in supporting the Property Awards for many years including as a judge in Thailand and for the South East Asia Property Awards, and I look forward to Hughes Krupica providing sponsor support for 2013," senior partner Desmond Hughes said. "I have represented a number of the key developers who will be present at the awards and I believe that support for the industry manifests from a rounded approach to involvement, networking, promotion of the positives of real estate in Thailand, and co-operation between industry players amidst healthy competition." The Thailand Property Awards, first held in 2006, is now in its eighth year and aims to promote, reward and showcase the best in Thailand's real estate industry. "We are delighted to welcome Hughes Krupica as a key co-sponsor at this year's Thailand Property Awards," Terry Blackburn said. "The confidence of leading legal firms such as Hughes Krupica in the awards is a clear sign that Ensign continues to succeed in its goal of delivering fair, credible and stringently judged awards for the Kingdom's real estate industry."
36 | JULY 2013
Philippines Property Awards:
William Coscolluela
William Coscolluela, a member of the Philippines Property Awards judges panel, established architecture firm W V Coscolluela & Associates in 1957, one of Philippines' oldest architecture firms. The company has since rapidly gained success in a variety of fields including industrial, commercial, and education. The firm has been involved with prominent projects both in the Philippines and in other regions of Southeast Asia. Some notable projects include: Aura, The Civic Center, Rue, Adriatico, The Nautilus, Casatel Misibis, Beverly Place Condominiums and The Fort Residences. "I feel greatly honoured to be invited as a member of the panel and I thank the property awards organisers for this," he said. "For me, it is a simple way of updating myself with the industry's activities, as well as an opportunity for me to give back for the many years of fulfillment." Coscolluela does not only see this an opportunity to update himself but a chance to appraise new techniques and raise the overall standard across the board in his industry. As the CEO of a sucessful company he is in a position in terms of experience with existing methods to make these judgements. "I believe the awards offer industry players a level playing field to achieve and raise the standards as well. The closer inspection of the various entrants provide a level of heightened awareness about quality, and this leads to improved industry standards that cater to the international arena as well," Coscolluela said. "The intermingling of participants allows for the inherent exchange of views, ideas, opinions, which are all meant to drive a more vibrant and interesting property industry."
Thailand Property Awards:
Limcharoen signs on as TPA sponsor Full service international law firm Limcharoen recently signed on as a co-sponsor of one of the region's most celebrated real estate events, the Thailand Property Awards, which will take place on September 19. As specialists in investment markets, the firm provides business and financial advice throughout Asia and across the globe. Limcharoen comprises of Thai, Vietnamese, British, American, Indonesian and German nationals, who are well versed in a variety of jurisdictions. The firm can accommodate transactions in a variety of languages. "The Thailand Property Awards is a unique opportunity for Thailand to showcase the best of the best of Thailand's real estate and to reveal to the world the formidable standard of luxury real estate and ancillary professional services which Thailand has to offer," managing partner Christian Glanville said. "The gala dinner is a unique and wonderful opportunity for the key players in Thailand's real estate industry to get together, share ideas and celebrate the best achievements of their peers." "Limcharoen has witnessed the standards of the shortlisted entries improve year on year as each year's winners become a benchmark to be surpassed by other developers in subsequent years," he added. ÂŤThe Thailand Property Awards not only recognise achievements in Thailand's real estate industry, but set the standards as well." Terry Blackburn, CEO of event organiser and Property Report publisher Ensign Media, also expressed his delight at Limcharoen's participation. "Limcharoen is one the country's top law firms and its participation in the Thailand Property Awards is a testament to the quality of the awards," he said. "Working with such an established firm means the awards will be able to thrive as we celebrate the best in Thai real estate." The prestigious Thailand Property Awards return for the eighth year to celebrate the industry's most competitive residential real estate, construction, and interior design sectors, as well as the professional services on offer in the Kingdom. The ceremony will take place at Centara Grand & Bangkok Convention Centre at CentralWorld. JULY 2013
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in brief
Thailand Having been involved in the Phuket property market for the past 25 years, this is the most significant change we've seen in the market since 1997. - David Simister, chairman of CBRE Thailand about the increase in demand from Thai buyers on Phuket.
Vietnam
THE NAM HAI
Resort properties up for grabs Vietnam Sotheby's International Realty is currently offering a selection of high quality, internationally managed estates across the Central Coast Vietnam at historical low prices to investors in Hong Kong. Examples of properties include the Hyatt Regency Danang Resort and Spa, Vietnam's first branded residences, priced from US$200,000 for a one-bedroom residence. Also showcased are The Montgomerie Links Residences which are located in the vicinity of Vietnams' first golf course designed by Scottish golfer, Colin Montgomerie. Villas are approximately US$500,000. The Nam Hai is another property offered by Vietnam Sotheby's International Realty Designed by an award winning team of designers,
Australia
New trends down under ADELAIDE, AUSTRALIA
it is situated on 31 hectares of oceanfront which runs along Non Nuoc Beach of Vietnam's Central Coast. Villas start from US$2 million. Property developers in Australia are increasingly looking to Asia to generate sales, according to Alexander Ouwens, director of Harcourts Ouwens Casserly, an Adelaide based real estate services provider. He said data from Google Analytics shows that Chinese interest in Australian real estate website has increased more than 60 percent on last year. "This is based around the strength of the Significant Investment Visa scheme and we've noticed an increase in the number of Chinese purchasers at inspections and those actually purchasing properties," Ouwens told Property Showrooms. He also said that Chinese home buyers look for different things when purchasing a home as compared to local buyers. Feng shui, having the right number in the address as well as the orientation of the home are all important factors when Chinese buyers look for a home, he said.
Malaysia
India
The Meridin@Medini preview The Meridin@Medini, Mah Sing Group's highly anticipated Iskandar development, attracted more than 1,500 visitors at a preview, where Towers A and C were open for pre-selection of units. All three towers are set for an official launch in mid-June. The 657-unit development has choices of one to four bedroom apartments with the option of a balcony extension. Prices start between RM387,000 (USD$129,539) to RM975,000 (US$326,359). The three-hectare 38 | JULY 2013
development will feature a 12-acre green lung, and will also include concierge services, a fully equipped facilities deck, multi-tiered security features, and a wellness residential enclave. It is a 10-minute drive from the TuasSingapore Second Link and 25 minutes from the Senai International Airport. Mah Sing Group executive director Lim Kiu Hock said, "There is something for everyone here, with prices at a fraction of a mass market condominium in Singapore." Mah Sing has
received over 90 domestic and global awards for company performance, corporate governance, product design, concept, innovation and quality.
Price increase since Q2, 2009
66%
average increase in property valuations in Mumbai
--------------------------------------
70%
average increase in property valuations in Thane
--------------------------------------
74%
average increase in property valuations in Navi Mubai Source: Jones Lang LaSalle, India
Wir
Kuchen www.teka.com
TEKA THAILAND
TEKA (THAILAND) CO., LTD. 364/8 Sri Ayutthaya Rd., Phayathai, Ratchathevee, Bangkok 10400, Thailand, Tel: +66 26424888
TEKA VIETNAM
TEKA VIETNAM Unit 803, Floor 8, Dai Minh Convention Tower 77, Hoang Van Thai, District 7, HCMC, Vietnam, Tel: +08 54160646
TEKA SINGAPORE
TEKA SINGAPORE PTE. LTD. 83 Clemenceau Avenue, #01-33/34, UE Square, Singapore 239920, Singapore, Tel: +65 67342415 TEKA INDONESIA PT. TEKA P&T INTERNATIONAL Kantor Taman A9 unit A3, JL. Mega Kuningan Raya, Jakarta 12950, Indonesia, Tel: +62 215762272
TEKA MALAYSIA
¨ TEKA KUCHENTECHNIK (MALAYSIA) SDN BHD No. 10, jalan Kartunis U1/47, Temasya Industrial Park, Off Jalan Glenmarie, Shah Alam Salangor, 40150, Malaysia, Tel: +60 376201600 JULY 2013
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in brief
Hong Kong With the new ordinance and various other policies coming into effect, we believe there will be a drop in activity in both the primary and secondary residential markets in the coming few months. Knight Frank in their May report for the Hong Kong market
Singapore
The Siena unveiled Far East SO/HO has unveiled a new project, Siena. Located on Farrer Road in Singapore, the 54-unit development aims to offer living, leisure, working and connectivity all on one address. Siena will be offered on a 99-year leasehold and will have five storeys of 29,509 sq ft living space. It is within eight minutes walking distance to Botanic Gardens MRT station near the District 10 enclave within 'the green belt' - which boasts Bukit Timah Nature Reserves, Parks and Reservoirs. The location means easy access to a range of clubs such as the British Club, the Swiss Club, the Singapore Island Country Club, the Bukit Timah Saddle Club and the Raffles Town Club. Reputable local schools in the neighbourhood include Raffles Girls' Primary School, Methodist Girls' School, Nanyang Girls' High School, and Hwa Chong Junior College. In 2015 Bukit Timah will be
SIENA IS LOCATED NEAR THE BOTANIC GARDENS
served by Downtown MRT line, connecting residents to the Central Business District and Marina Bay area.
Australia
Guaranteed returns Savills International Singapore is guaranteeing five percent rental yield for 24 months on a property the agency is showcasing in Singapore this month. Top Ryde City Living is a residential development by Crown International Holdings Group, an Australian property developer. Located on top of one of the largest shopping centres in Sydney, the residences overlooks
the CBD and is in close proximity to the Council Library and Bus Interchange. The shopping centre also features a fitness centre, dining and entertainment areas and fashion outlets and a bowling centre is underway. A residential Mezzanine Clubhouse includes a lobby, music room, function room and resident library.
Malaysia
talks given by high caliber speakers from the industry. The director of Maxx Media, Elson Kho said, "The Expo strives to educate the public by presenting a variety of property investment opportunities available in the market, as well as to educate keen property investors and homebuyers with the latest information on industry movement." The top sellers at the event were D'Summit Residences by IOI Properties, Johor; Grand Merdeka Mall by Grand Merdeka Development Sdn Bhd, Kota Kinabalu; Taman Rimba by Wah Mei Group, Kota Kinabalu; and Bandar Sri Iskandar by Esteem Pyramid, Perak.
PIHex 2013
BUYERS AT THE PIHEX
An estimated RM90 million (USD$30 million) worth of property was sold at the 2013 Property Investment and Home Exposition (PIHex). More than 10,000 visitors attended the event, which aimed to introduce investors and homebuyers to property developers. There was an exhibition gallery and several property investment 40 | JULY 2013
Asia Pacific
Increase in capital values q-o-q in Q1, 2013
2.2%
across the region
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8.7%
Jakarta
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6%
Kuala Lumpur
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2.4%
Beijing
-------------------------------------
-1.1%
Hong Kong
-------------------------------------
-0.6%
Singapore
Source: Jones Lang LaSalle
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JULY 2013
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in brief
Hong Kong, Singapore, China We expect high-end capital values in Hong Kong to fall by five to 10 percent over the remainder of the year, and to decline by up to five percent in Singapore. In mainland China, prices in Beijing are likely to continue to rise steadily throughout 2013, on the back of stronger rental growth, whilst we expect Shanghai prices to rise only marginally over the rest of the year. - Jane Murray, head of research, Asia Pacific, Jones Lang LaSalle
Thailand
MAGNOLIAS RATCHADAMRI BOULEVARD
Selling success Magnolias Ratchadamri Boulevard sold 19 twobedroom units over three days at a recent showcase in Hong Kong. Thanawan Chaiwatana, managing director of Magnolia Finest Corporation Limited said, "We are so pleased by the reaction of Hong Kong investors to our beautiful property in the middle of Bangkok. With a raft of cooling measures coming into effect in the Hong Kong market, it's with no surprise that Hong Kong investors are looking overseas for higher yielding opportunities, and we are sure demand will continue to grow, and that Bangkok will remain a popular destination for investors." Buyers have a choice between one and two bedroom residences, penthouses, and duplex penthouses. Prices start at approximately US$327,243. The mixed-use development will include five star hotel Waldorf Astoria Bangkok, and a shopping mall. Amenities will include pool, private club for
owners, a concierge service, and library. Located in one Bangkok's central business districts on Rachadamari Road, the developments are ten minutes walk from Erawan Shrine.
AMARI PECATU BALI
Hong Kong
Luxury indicators April 2013
HK$22,919
price per sq ft in The Peak --------------------------------------
HK$21,534
price per sq ft in Mid-Levels
--------------------------------------
HK$19,148
price per sq ft in Pokfulam
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HK$20,328
Indonesia
ONYX to launch first Amari resort in Indonesia Thailand based ONYX Hospitality Group has been appointed to launch Amari Pecatu Bali, a 435-room property on the Indonesian island of Bali. Located on the southern peninsula, Pecatu has a reputation as a 'surfer's paradise' with limestone cliffs and secluded beaches. The units are currently for sale, and buyers have a choice between deluxe rooms, junior suites or 42 | JULY 2013
villas ranging from 54 to 400 sqm in size. The design concept for Amari Pecatu is a collaboration between Bangkok based Open Air Studio and Broadway Malyan, both of which have a wealth of experience designing notable hotels and resorts around the globe. Amenities in the resort will include a selection of dining options, including two destination restaurants, a
lounge and bar, sea view swimming pool, Breeze Spa, gymnasium, as well as a retail area within the central reception area. ONYX president and CEO, Peter Henley said, "We are very excited to be involved in this large-scale venture within the Pecatu Indah Resort project. This will be the first Amari property in Indonesia, and as such, a significant milestone for us. We look forward to the exciting times ahead as
price per sq ft in Jardine's Lookout and Happy Valley
--------------------------------------
HK$25,080 00
price per sq ft in Island South Source: Knight Frank
we work closely with our partners to support the on-going development of Pecatu as a vibrant tourism destination in Bali." The property is scheduled for completion in 2015.
JULY 2013
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in brief
Malaysia We're bullish on the development in Iskandar Malaysia. The infrastructure and facilities are well planned. As we see more demand for industrial properties in Johor, it will generate good growth for residential [...] properties. - Lim Soon Huat, managing director, PPB Group Bhd, partner in Puteri Harbour.
Philippines
Rockwell rocks on
MAKATI CBD PHOTO CREDIT: JOYFULL / SHUTTERSTOCK.COM
Rockwell has announced the third tower of The Proscenium, a multi-tower complex, after the healthy take-up rate of the first two towers launched late last year. The third tower, The Lincoln, rises 47 floors and features a range of unit sizes. Buyers can chose between studios (31 and 32 sqm), 1-bedroom units (54 to 65 sqm) and two- bedroom units at the corners (90 to 119 sqm). five-star private amenities include reflecting pools, private lawns, a game room, a gym with state of the art facilities. Located in Makati, the development has easy access to Ayala Avenue, JP Rizal, Buendia Avenue, Makati Avenue and EDSA. Adding 3.6 hectares to the already 15.5 hectares of the Rockwell Center, the Proscenium, aims to combine 'life, work and play' with a 'cultural component'.
London
Putney Plaza showcase Knight Frank recently showcased Putney Plaza, located in the centre of South London to investors in Hong Kong. The 148-unit luxury development offers the choice of one-, two-, or three-bedroom apartments, Sky Gardens and Penthouses. The apartments range in size from 484 sq ft one-bedroom units to threebedrooms of 1,615 sq ft. Created by Art Estates, the plaza features apartments designed by Louise Bradley. A survey by Knight Frank revealed that South West London is one of its strongest rental markets at 3.6
tenant applications to every available property. The development has over half an acre of private landscaped gardens, which will be filled with mature trees and shrubbery set in planters. Amenities include gym, restaurant and a coffee and patisserie shop. Just minutes away from the nearest underground station, there are easy links to Knightsbridge and central London. There is a concierge service and secure underground parking. Prices start at GBP339,000 (US$519,551).
Malaysia
Setia Sky Residence completes Divina Tower SETIA SKY RESIDENCE OVERLOOKS THE PETRONAS TOWERS.
SP Setia has completed the first of four towers in its Setia Sky Residence development. The Boheme Tower comprises 205 units in that will eventually count 938 freehold units with views over the Petronas Towers. The six acre freehold project is located at Jalan Raja Muda Aziz just off Kuala Lumpur's CBD and will comprise four 44 | JULY 2013
40-storey towers. Celeste, which is the third tower has been 80 percent sold out, according to SP Setia. A another tower is called Alia and the company will launch the last tower, Divina in the second quarter. Facilities at the Sky Deck and the Sky Lounge, on level five and level 33A respectively, include 50 metre lap pool, wading pool, barbecue terrace, music room, dance room, aerobics room, and a cigar lounge. Prices range from RM700 to RM1,000 (US$233333) per sq ft.
Indonesia
Demand in Jakarta strong in Q1, 2013
3.3%
increase in rents q-o-q
--------------------------------------
90%
occupancy rates in highend projects such as Shangri-La Residences, Kempinski Residence Services Apartment and The Residence at The Ritz-Carlton
--------------------------------------
87%
occupancy in overall luxury apartment sector Source: Knight Frank
JULY 2013
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Exquisite Accoutrements
HI LIFE
Luxury News
From elegant timepieces to personalised gadgets, personal style is all about the accessories.
NABUCCO CUORE CALDO TWELVE TIMEPIECE BY RAYMOND WEIL With a 46 mm diameter, this timepiece subtly blends steel, titanium and carbon fibre. The black dial is illuminated with flourishes of bright gold, and the number 12 is replaced with the word “twelve”, written in rose gold, all surrounded by an 18 carat rose gold tachymeter bezel. This dazzling piece is part of a limited edition collection of 76 units, which represents the foundation year of the Raymond Weil brand. Sold alongside matching cufflinks and luxury writing instruments, a percentage of the revenue generated from the sale of each Nabucco Twelve will contribute to the improvement of cancer treatment for children.
‘SEE’ FRAGRANCE BY CHLOÉ ‘See’ is the latest fragrance by world renowned design house, Chloé. Created by celebrated perfumer Michel Almairac, the fragrance aims to awaken the senses with its fresh, floral scent. The flavours of bergamot, apple blossom, jasmine, sandalwood and vanilla create a playful scent that is light enough for both daytime and evening wear. A silver ring outlines the playful pink letters of the Chloé signature on the perfume’s multi-faceted bottle. This new fragrance may be the perfect birthday treat for that special someone this summer.
IPHONE 5 MOBILE TIMEPIECE BY BISSOL For tech heads and style junkies that feel accessorising an outfit is not enough, Bissol have now released the world’s first mobile timepiece for iPhone 5. Bissol’s unique concept revolutionises the idea of what we consider a timepiece to be. The stylish design blends the best techniques of traditional watch making craftsmanship with modern technology, truly advancing the way we look at time. Bissol has created a new horological category, the Calibre 788 and the case of each timepiece is made from anodized aluminium with painted sapphire crystal. The movement is characterised by Swiss made quartz moon phase, gold plating and five jewels. 46 | JULY 2013
TANGARA NECKLACE BY SWAROVSKI
TAO CUFF LINKS IN GREY BY SWAROVSKI
This multicoloured bib necklace is the signature piece from Swarovski’s Tropical Paradise Spring/ Summer collection, and will inject extra sparkle and excitement into any evening outfit this season. The flamboyant collection was inspired by the bright colours and energy of Brazilian and Mexican culture, and is intended to create a fine fusion between sophistication and brightly coloured optimism. The necklace is a fine example of Swarovski’s expert craftsmanship, and the centrepiece is embellished with crystal Pointiage and metallic epoxy. For readers who can’t get enough of the fuchsia and blue lagoon sparkle, this necklace works best when co-ordinated with Swarovski’s Tangara clip earrings and Tangara ring and cuff set.
These unique Swarovski cufflinks add a classic, elegant flourish to any gentleman’s evening attire. Featuring an original mosaic pattern, the subtle geometric design of the cufflinks makes a sophisticated style statement, and the black diamond crystals create a striking contrast with the jet hematite crystals. For the wearer who wishes to introduce a stronger statement through their accessories, the Tao cufflinks are also available in blue. This splendid accessory may be the perfect luxury splurge this season, and would also serve well as a special gift or dazzling keepsake.
PRIMITIVE CLUTCH BY EMILIO PUCCI This eye-catching black and white monochrome bag is from Pucci’s Spring Summer collection, and features eyelet stitching on the flap and an intricate weaving leather strap, which is removable. Although black and white are not two colours often associated with summer, Pucci is among a whole host of highend designers to rock the classic trend this season. Made with a crocodile and calf leather trim and alcantara lining, the Primitive clutch has been inspired by Pucci’s classic line of travel luggage. The bag is also available in white only for the fashionista who wants to add a clean, softer touch to their outfit.
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HI LIFE
City Rental Luxury Interview
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EXPLORING THE CHI ENERGY
Legendary hospitality designer Tony Chi was in Gurgaon, New Delhi’s upscale satellite city recently to unveil his plans for the Grand Hyatt Residencies there, which is being developed by Ireo, India’s first and largest private equity fund dedicated to the real estate sector. | by namrata kohli
"I design to arouse people's consciousness," says celebrity interior designer Tony Chi. And if you didn't know he was an interior designer; you would perhaps mistake him for a philosopher, one that has lifted a leaf or two from the book of life to share every time he airs his views. Chi's repertoire includes projects like the opulent Park Hyatt in Shanghai and the stylish Andaz 5th Avenue in New York City, and more recently the landmark Rosewood in Hong Kong. He has also designed for the Ritz-Carlton in Singapore, the Mandarin Oriental in Guangzhou, the InterContinental in Geneva and the Park Hyatt in Moscow. Awarded prestigious accolades, including the Hall of Fame award, Global Excellence award and International Interior Design Association's "Best of Interior Design" award, Chi has also worked on a number of private residences, which he describes as "exclusive" and "spectacular" homes in places like Beverly Hills, Hong Kong, the Middle East and the Fiji Islands. The Grand Hyatt Residences are located in Gurgaon's Golf Course Extension Road area and the first branded project in India to bring together the vision and expertise of world-leading names like Tony Chi and also Foster + Partners. The 30-plus storey residential towers will feature dedicated lifts to the two apartments on each floor, and all 265 units will overlook a 50-acre golf course. The apartments have been designed with areas between 4,600 and 10,000 sqft in four plus bedroom formats and penthouse options. Residents will also be able to walk to the nearby seven-star Grand Hyatt hotel, an office complex and a new open-to-sky market that's part of a 29-acre integrated retail complex. JULY 2013
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HI LIFE
City Rental Luxury Interview
What are the key characteristics of Tony Chi homes and hotels, or as you say, spaces? Today everyone is so busy with their own lives that the consciousness seems to be diminishing from this world. I design to arouse people's consciousness. I place a fireplace in my study so it creates the necessary spark for stimulating my mental being; equally I like the idea of a brilliant picture as a backdrop to create the stage for possibility. Designing is a collaborative effort where you create something that leaves enough room for people to participate. Another element that runs across each of my designed spaces is that of formality. Nowadays people are becoming more and more casual in how they deal with each other — how they sit, eat, speak, but I like formality. I think formality plus manners leads to elegance in life. I like to create understated elegance that can touch your consciousness. It all follows from my concept of invisible design. What exactly is invisible design? Invisible Design refers to the sensation you get when you first walk into a space, the undetectable subtleties, how it engages all of one's senses, not just focusing on how something looks, but how it actually feels. It's about seeing with your heart. Some of my clients say that even though they cannot pick up anything specific that they may have liked in my designed space; they definitely like it as a whole. This is a huge compliment. My spaces are holistic. Design to me, is about the body and I allow the soul to grow. I partner with my client to see how he reacts to creating the soul. Buying a home as a showcase is not the best thing. Very often people do not remember what you said, how you said it, but they usually register how you made them feel. I try to make them feel good and positive. How does designing for Asia differ from designing in the West? Asians and Westerners live and lead their lives differently. There are differences in climate, the pace of life, culture, and values. Asians love to invite people round and to entertain. They love to eat, and I have been invited to many Asian homes. They often say “come to my house and meet my family”, but a westerner will seldom do that. I design Asian homes with 50 | JULY 2013
entertainment areas and large dining spaces that come as part of the natural setting, so that people do not have to put up a stage. Asians live with or close to their families and extended families, so their homes are bigger. Then there are climatic differences too, which bring one close to nature. India and much of Asia is subtropic so people are more engaged with nature as opposed to Westerners (barring Californians) who are cocooned in concrete jungles, with a limited outdoor environment. Asians hear the wind, smell the rain, and are far more sensuous or conscious to senses while Westerners are excellent collectors of items such as antiques, art and cutting-edge technology. Even the kind of materials we use are sometimes different. Westerners love the hip looking materials like stainless steel, glass etc, whereas with Asians we try to capture materials that focus on the warmth of the heart. What specific features will make this Grand Hyatt Residences stand above other branded residential designs? First of all, I claim no expertise for designing an Indian home. India is an old country with a rich history. Conceptualising a project for a new cultural setting is an immersive experience. India, being a land of deep heritage with a multitude of cultures steeped in rich traditions, offers a highly stimulating environment to work in. I am looking forward to creating a modern Indian home with ‘heritage luxury’ in mind. For the residents of Grand Hyatt branded residences, it will be all about living with a sense of pride. You have worked with so many different corporate brands. How do you maintain a sense of originality? Every brand has its strength and it is for designer to capture the essence of that brand. Hyatt is always about people. Hyatt properties are in mainstream metros, so I provide an urban setting for people to come and celebrate, do business, and in that environment, sparks are created and chemistry begins. I like to allow my spaces to come and embrace people and so I create non-confrontational interiors. When I started designing Park Hyatt Shanghai, for example, I wanted to create only one thing and that was silence. Anyone who has been to this property will agree that it quiet and more serene when compared to the extremely noisy city around it.
One of the most successful innovations to come out of the Black Forest. And a cuckoo clock.
The difference is Gaggenau. In the Black Forest, some things never change. Others have been evolving since 1683. Ever since our company was founded as a hammer and nail works, innovation has become a tradition for us. Such as the ovens 400 series, shown here with oven, Combi-steam oven and warming drawer – uniting cutting-edge technology with superior design. Finally, our appliances have been constantly evolving. What stays the same: they just keep looking better and better. For more information and a list of partners, please contact us at +66(0) 2769 7900 or visit www.gaggenau.com. Alternatively, visit our experience center at BSH Home Appliances Ltd. Bangkapi, Huay Kwang, Bangkok 10310 Thailand. Opening hours: Mon - Fri (8.30am-5.30pm)
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HI LIFE
Home Tech
Paws for thought
Pets are very much part of the family in many homes around the world so why not treat them to the same luxuries as you would expect for yourself? These upscale accessories will ensure your furry friends remain loyal and loving forever.
WOVEN LEATHER DOG BED mungoandmaud.com The Mungo & Maud dog bed is crafted from fine Italian leather. It will enhance any home, and ensure your dog has the most comfortable sleep. Designed to last, this dog bed is made to order and available in three colours – chocolate, tan and white. The base cushion cover is removable and machine washable.
ITCH SCRATCH PAD
ORGANIC DOG BISCUITS
squarecathabitat.com
mungoandmaud.com
For a scratching post that is as unusual as it is stylish, look no further than the Itch Scratch Pad. This wall mounted scratching pad comes with removable inserts, which allow you to vacuum, clean or replace them. Catnip can be placed behind or rubbed into the insets to further entice scratching. The material used for the scratching pad has been made so it won’t snag your cat’s claws.
Treat your dog with these gourmet biscuits. Available in three different flavours: pumpkin, carrot or granola, the biscuits are made from the finest organic ingredients and baked using Mungo & Maud’s own recipe. They even come in a stylish hessian drawstring bag.
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MILAN LEAD mungoandmaud.com This lead, appropriately named after one of the world’s biggest fashion capitals, will style up even the most mundane walk. The lead has a calf leather trim, silver thread accents and nickel-plated hardware. Available in malachite as pictured (green, grey, salmon, chocolate) or cobalt (grey, navy, cobalt, hazel).
LOTUS CAT TOWER
FELT CAT POD
therefinedfeline.com
dwanda.com
This wooden cat tower will please even the most discerning interior designer. The zen-like design perfectly blends symmetry, functionality and minimalism. Made from ply with oak veneer, the tower has been stained to resist scratches. It comes with a replaceable brown berber carpet attached with velcro, and a sisal pad for scratching. It includes cushions with washable faux suede covers above and inside the hideaway-cubby.
Each of these unique beds is hand crafted in Germany by artist Dornroeschen Filzunikate from felted wool. Machine washable at 30-degrees, the soft beds are available in a variety of unique designs and stand out colours.
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HI LIFE
Home Style
Sixties style The rebellious style of the 1960s never seems to go out of fashion, particularly when it comes to home décor. The 60s saw an entire wave of new furniture styles that were largely influenced by modernisation, rapid industrialisation and space travel. The legendary work and bright colours of renowned pop artists like Andy Warhol crossed over into interior design as striking artistic wall decorations, and even sculptures made their way to the living room. The 1960s was also the champion decade of multi-purpose furniture that is now becoming increasingly popular in city apartments with limited space, where furniture needs to be functional whilst making a striking and modern design statement. This month, Property Report has picked out several key pieces that reflect the eclectic, colourful style of the 60s from some of the world’s top furniture designers.
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1. CH468 ARMCHAIR, CARL HANSEN 2. NINA CONSOLE, THOMAS PHEASANT AT BAKER FURNITURE 3. “O” FLOOR LAMP, ROBERT KUO AT MCGUIRE FURNITURE 4. MOSAIC MIRROR, THOMAS PHEASANT AT BAKER FURNITURE 5. RED SCULPTURE, OVO 6. PRINCE ARMCHAIR IN MUSTARD, MINOTTI
VOTED
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HI LIFE
City rental Villa Rental
Beachside bliss off Phuket Private beachfront villas are something of a rarity on Phuket, but for discerning guests in search of the ultimate beachside escape, a luxury estate located just 30 minutesy drive from Phuket International Airport on stunning Natai Beach in Phang Nga province offers the pinnacle of oceanfront exclusivity. | by Tina hsiao
The contemporary properties on the expansive Jivana Estate boast unrivalled facilities with expansive lawned beachfront gardens and huge private swimming pools offering uninterrupted sea views right from their cool blue waters. Occupying sizeable plots of private land, the villas that make up this unique luxury development combine spacious, stylish interiors with generous, private outdoor relaxation areas, making them the ideal choice for families or groups of friends looking for an enchanting blend of comfort, peace and tropical beauty. 56 | JULY 2013
Featuring just three opulent private villas — Ananda, Jia and Shanti — the Jivana Estate offers its guests a consummate luxury beachfront escape with each property spread through a series of well appointed pavilions on its own impressive expanse of oceanfront land, boasting 60 to 90 metres of absolute beach frontage. A choice of six or seven bedrooms, along with sophisticated facilities such as fully fitted western kitchens, indulgent bathtubs and 25 metre private pools, as well as outdoor dining and relaxation salas overlooking the beach, means families and groups have an abundance of choices for sublime holiday diversion. The sheer size of the villas and their palm clad gardens creates a liberating sense of freedom, while smart designs also mean private moments can easily be enjoyed, even when sharing with a larger group. The onsite staff teams include a private chef to ensure every whim is catered to and every request met with graceful Thai hospitality.
Thanks to their generous size and superlative facilities, the villas on the Jivana Estate are also the perfect choice for a memorable wedding, celebration or corporate retreat. Multiple bedroom configurations, prodigious dining spaces and extensive open and covered outdoor areas allow for niche events and gatherings, with additional staff available to help plan, organise and ensure a smooth and enjoyable occasion. For information and reservations: villarentals@ensign-media.com
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INDEPTH
Neighbourhood Watch
Hanoi’s not-sowild west The biggest lake in Vietnam’s capital is probably the only genuinely peaceful quarter remaining within touching distance of the actual heart of this frenetic city. | by william barnes West Lake, or Ho Tay as it's known locally, was once a section of the Red River until a natural shift left it a 1,200 acre ox-bow lake centuries ago. Even a couple of decades back it was still a semi-rural retreat replete with orchards for the philosophical or – so rumour had it - for the sensual elite.Now anyone thinking of living in Hanoi would be wise to consider living near its 10 mile shoreline and avoid the risk of being engulfed in the capital's incessant lava flow of motorbikes when stepping outside for a stroll at dusk. The quieter streets might also make living in one of the traditionally-shaped tall-but-narrow houses seem more viable, although quite a number of condominiums are now positioned to take full advantage of the reflective waterside views. Until the slowdown gripped the Vietnamese property market, it was starting to look as if the West Lake area would become very expensive indeed. Fortunately,the areas has managed to maintain its charm.
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Ciputra Hanoi International City The attempt by the eponymous Indonesian billionaire to create one of the self-contained satellite cities so beloved of Asian developers hoping to beguile buyers with the benefits of scale made Ciputra the biggest foreign investor in Vietnam a few years ago. The 'city' of seven towers and more than two thousand villas offers something still rather novel in Hanoi: gated security and communal access to swimming pools and parks. There is a good international standard golf course. It is also on the right side of town for the airport but, consequently, some way from the centre. The ambitious development ran smack into the national financial crisis three years ago caused by helter-skelter economic growth and popular speculative optimism. Vaunted plans for a mega mall are on hold, but in the meantime property there is relatively cheap; roomy villas lease for as low as US$1,000 a month. An important point for foreign buyers who can only sell to qualified buyers is that the well tested Ciputra secondary market here makes pricing property fairly straightforward. United Nations International School of Hanoi Situated on the western side of the lake this is a key reason why many foreign families, and even a few Vietnamese, live in the Ho Tay area. This highly reputable school with well over one-thousand pupils and 60 nationalities is non-profit, but of course rather expensive. Yet it is a truly international school – unlike so many pseudo-international schools in developing Asia – with less than a fifth of pupils being Vietnamese. The school has been open for a quarter of a century which makes it almost venerable in today's rapidly changing Vietnam. It has, among other things, a good record teaching pupils their 'home' language if at all possible, so that they are not overly disconnected from their own cultures. There are other schools around the city but only a very small number have even close to the quality of professional oversight and eagleeyed parental involvement. The embankment and peninsula lakeside zone Dropping down off the embankment (from Xuan Dieu and Nghi Tam roads) reveals numerous lanes running along the treelined water where narrow but surprisingly habitable townhouses offer superb close-tothe-water views. Three or four storey narrow houses are still the design of choice, although modest condominium developments can also be found. The peninsula itself – around which curves the 'bow' of the lake – has a pleasant and slightly raffish air. Several previously unfussy but good restaurants are becoming positively bistro-like to reflect the obvious wealth of the neighbourhood. Townhouses vary considerably in size and layout here, and also in price. One 25-year expat says sitting looking at the West Lake at sunset on the roof of her leased three-story building "makes up for all the wrinkles of living in Vietnam". The Kitchen café, Xuan Dieu Street. An increasing number of decent places to eat can be found around West Lake in a
city that pivots on the rituals of eating. The Kitchen is an unpretentious but surprisingly sophisticated cafe with a fiercely loyal clientele. In Bangkok, Singapore or Hong Kong, an artificial "French" vibe is often pasted over hum drum fare. But in Hanoi, even the humblest eating house manages a continental style with panache, as is the case here. Not, it has to be added, that The Kitchen is cheap. One German resident claims to have eaten breakfast here on every working day of his several years in Hanoi, but don't expect a bone-shaking crowd on weekend nights. The nearby Sheraton and Intercontinental hotels – both with bars and cafes on the water – might be more suitable for business meetings. The Nhat Long furniture shop, Xuan Dieu Street This outlet sells extremely high quality hard wood furniture and is recommended by several local residents. Visitors to the shop will notice immediately that, in fact, the furniture seems a tad too good for everyday use. There is a reason for this: many foreign buyers purchase with the intention of taking it back home so want something special (that will also justify the shipping costs or use up their 'free' container space). The Nhat Long also serves as a proxy for the many good home furnishing and art shops in the area. The general quality and design skill is remarkable. Hopefully Hanoi will keep this up in the decades ahead. Truc Bac Lake The reason some people choose not to live in the West Lake area is the commute down the busy embankment road to the centre of town. Ciputra City's advertising claims 15 minutes, but this is hugely optimistic outside the dead of night. This expanse of water is a little closer to town and was once actually a corner of the West Lake until a levee divided them in the 17th Century. When John McCain's plane was shot down nearly half a century ago, he parachuted into Truc Bac Lake – and was attacked by angry locals. It doesn't have the same timeless and peaceful quality as the lanes around the main lake, but it is packed with cafes and bars (almost 40) and is a relatively short hop to the centre, which is just about walkable if you are energetic. There are several low-to-medium rise condo developments in the area with unspectacular amenities but good views— perhaps better suited to couples seeking value for money. The Corner Café, Truc Bac Street. This ordinary cafe is exactly what one wants to exist on the street corner overlooked both lakes (and just down from the Sofitel Hotel). Hanoi beer is served on comfortable bamboo chairs on the broad pavement. Food, however, might be better obtained at one of the many nearby eating places that run around the lake or inside the nearby lanes. If you require a hugely enthusiastic explanation of what you are seeking and why you are here then stroll for five minutes west to 54 Traditions Gallery where the ebullient American vet Mark Rapoport will be delighted to explain his philosophy of life and his joy being in Vietnam in his shop come rolling museum on 30 Hang Bun Street. JULY 2013
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Indepth
Singapore Luxury
S
ixty nauticailippines."
Luxury surviving in Singapore The much reported slowdown in the Singapore property market has not damaged the city state’s reputation as one of the world’s most attractive luxury investment destinations and Savvy international buyers are still drawn to high-end projects in prime locations | by PETE WONG
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Singapore has more millionaires per capita than any other country in the world"
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t's a humid evening and we are sipping wine onboard a luxury yacht at Sentosa Cove. A middle-aged Chinese gentleman we met at the party was trying to interest us in another gig he plans to throw on his yacht the next day - it's a cross dressing party. He pokes me in the chest and winks, "I guarantee you will have fun." The party's far from over in Singapore despite reports that recent government cooling measures have taken a toll on luxury home markets. A recent report by Colliers International says, "market sentiments remained upbeat despite initial chills brought on by the successive rounds of market cooling measures." The report adds that "the continued climb in private home prices suggests that market fundamentals have not been overly compromised by the cooling measures such that they are still able to generate sufficient sales momentum to thrust prices forward." This view was backed by Urban Redevelopment Authority's (URA) preliminary estimates, which showed that the all-residential property price index remained stubbornly on the up-trend. The URA should know, it is essentially Singapore's town planner.
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Indepth
Singapore Luxury
With a population of five million, Singapore has more millionaires per capita than any other country in the world. On top of that, the world's mega-rich are shifting their wealth to Asia, particularly Singapore, because of its relatively low tax regime, crime-free streets, sound banking system and probusiness policies. A recent CNN report even went further to suggest that Singapore could overtake Switzerland as a tax haven by 2020 and this prediction would probably come true if the US and Europe continue to be mired in economic uncertainties. The report also says that an increasing number of Chinese, Indians and Indonesians are helping to shift wealth to low-tax Asian centres like Singapore and Hong Kong. Singapore has long been the beneficiary of the flow of wealth into Asia. Facebook co-founder Eduardo Saverin, often cited as an example of a wealthy individual who chose Singapore over the US, was just the tip of the proverbial iceberg. Many more like him, especially individuals from mainland China and Russia who prefer to stay out of the limelight, have shifted their wealth to Singapore where they believe there is better protection for their assets.
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When you have so many wealthy individuals in a small island state like Singapore, it can only mean an increasing demand for luxury lifestyle and therefore luxury homes and this fact is not lost on perceptive developers. However, not all developers are hitting the right notes in selling luxury homes. Keppel Land's award-winning waterfront project, Reflections at Keppel Bay, still has 200 unsold units even after completion in 2012. Early investors also face difficulties getting tenants at S$4 (US$3.2) to S$5 (US$5.2) per sq ft, which translates to a paltry 2.4 per cent rental yield. The developer's more recent project named Corals at Keppel Bay, initially expected to launch in May, could possibly be held back. Located along Telok Blangah Road and facing Sentosa island, the 99-year leasehold condominium was expected to market at an estimated S$2,100 (US$1,600) per sq ft, or a starting price of S$1.5 million (US$1.2 million) onwards. Latter reports said that they managed to sell 70 out of their 366 units at the pre-launch, but it is unclear who the buyers are. Many Singaporeans are of the opinion that properties are still too expensive and that the government could do more to rein in prices. For the uber-rich, however, high prices means exclusivity, and this remains a strong draw for international buyers.
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Indepth
Singapore Luxury
A number of luxury developments in Singapore have been attracting wealthy investors from around the world this year. Below are some of the properties to watch in the Lion State. W Residences Sentosa Cove Sentosa Cove is generally known as the playground of the rich, where landed homes go for S$2,543 (US$2,000) per sq ft with a typical 8,650 sq ft bungalow selling for S$22 million (US$17.5 million) Hailed as the 'world's most desirable address' and the only development in Singapore where foreigners are allowed to own landed properties, Sentosa Cove is, in fact, mostly reclaimed land. Situated on the eastern end of Sentosa, a tiny island off Singapore, the first residential project here was completed in 2006 and to date, more than 2,500 luxury homes have been built with many of them offering sea views. The 117-hectare development includes the exclusive One 15 Marina and yacht club, a golf course and several restaurants. Most of the developments at Sentosa Cove have been launched, but investors can still pick up units. W Residences is one of the projects on Sentosa with a wow factor. Developed by CDL, the leasehold project has 228 units, ranging from 1,270 sq ft to 6,297 sq ft penthouses and was launched at between S$2,500 to S$3,000 (from US$2,000) per sq ft in 2010, you can find units going for around $2,800 (US$2,200) per sq ft today.
Ferra at Leonie Hill In early May, developer Far East Organization launched its much anticipated luxury project called Ferra. The freehold 22-storey building with 104 units is located in the leafy Leonie Hill suburb just 10 minutes’ walk to Orchard shopping district. Leonie Hill is a mature prime residential area and new luxury developments here are few and far between. The condominium is designed by renowned Italian designer Paolo Pininfarina, best known for his styling work for Ferrari. The architecture and facade of the residential building reflects the elegant silhouettes found in his cars. Purchasers can either choose from a selection of pre-designed layouts or they can customise their units to suit their individual tastes. Kitchens and bathrooms come with high-end fittings and touches by Gaggenau, Antonio Lupi, and other well-known brands. Out of 30 units released, eight had been sold at the time of going to press. Asking prices start from USS$2.3 million or around S$3,160 per sq ft with unit sizes ranging from 732 to 893 sq ft. There are also two 2,013 sq ft penthouses available but those have not been released yet. Ferra has a 103-year leasehold tenure and is expected to be completed by 2017.
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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 JULY 2013
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Indepth
Singapore Luxury
Waterscape at Cavenagh For buyers who love water and prefer the feel of resort-living in a prime central area, Waterscape at Cavenagh is an appealing option, a niche development by developer Hiap Hoe. The low-rise development comprises four blocks of seven-storey and two blocks of sixstorey residential units with a basement car park, a swimming pool and outdoor water features that include cascading water curtains and a hydrotherapy pool and shower with hydro massage. There are 200 units ranging from onebedroom 581 sq ft to three-bedroom 2,809 sq ft penthouses spread across a wide landscaped area, ensuring low-density and privacy. Located along Cavenagh Road and beside Istana Singapore, buyers can consider the President as their next-door neighbour. Launched since 2010, the estimated selling price starts from S$2,000 per sq ft (US$1,595) and choice units are still available.
The Scotts Tower For modern investors looking for a home where they can also work and be at the heart of Orchard shopping district within minutes, The Scotts Tower fits the bill. Launched last year, the luxury condominium project by developer Far East Organization is located along Scotts Road and just five minutes’ walk to Newton MRT station. Hailed as the first SOHO residential concept in the Orchard area, the futuristic-looking building offers breathtaking 360-degree views of the city from the 25th storey Sky Terrace. There are also private decks for parties, also with a view. The 31-storey building has 231 units and recreational facilities on levels two and 25. Units are priced from S$2.5million (US$1.98 million) onwards with sizes starting from 624 sq ft, or an average of S$3,500 (US$2,700) per sq ft. At the time of going to press, 125 units have been sold. The building is designed by awardwinning Dutch architect, Ben van Berkel of UNStudio. Tenure of land is 103-year leasehold and estimated completion date is 2015.
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DESIGN FOCUS
Blue Penthouse
The Blue Penthouse | by sofie lisby | Photos by Derryck Menere
C
rafting a functional yet attractive and unique home for a family is a tall order for any interior designer, but Thomas Dariel, the founder and creative mind behind Dariel Studio, a multi-award winning interior design company headquartered in Shanghai, took on the challenge. Located in the the city's historic Jing An temple area, the Blue Penthouse has been completely refurbished and renovated to drastically transform the existing space into a sophisticated urban residence. Using customised ceramics and wallpaper, Bisazza mosaic, Imondi wooden floors and furniture from Fritz Hansen, Cassina, Philippe Hurel, Kartell and Natuzzi, among others, Dariel has created a light, functional but supremely stylish living space to suit the needs and aesthetics of a modern, metropolitan family. JULY 2013
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DESIGN FOCUS Blue Penthouse
Born and educated as a designer in Paris, Thomas Dariel’s work has always been influenced by French aesthetic traditions. As in many of his projects — which span a range of sectors that includes living spaces, creative offices, concept stores and highend hospitality developments — The Blue Penthouse was created through a process of confronting heritage, incorporating cutting-edge innovation and blending French design with Eastern cultural influences. The rooms are large and airy, complemented by artistic detailing such as cabinets inspired by old suitcases, patterned and textured wallpaper and Frenchinspired wall panelling. Throughout the penthouse, glass and mirror effects create a spacious, transparent feel while still allowing residents privacy and seclusion.
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How did you approach this project? I wanted to break away from the original basic volumes and open things up. In the living room, a huge void has been created that gives a very architectural, contemporary feeling while maximising daylight exposure through the large bay windows. The former balcony has also been integrated into the indoor part to increase the sensation of volume and enable more space for leisure. Looking up, a suspended cube has been designed into an office, where the owner can work while still overlooking the living room. The original meaning of the word penthouse from the latin apprendere – to be suspended – is why we chose to call it the cube, because you can be suspended and at the same time overlook what goes on below.
WE TRIED TO MAKE THE SPACE AS PERSONAL AS POSSIBLE.
What about the staircase? I wanted to modify the way the spaces related to one another. To match this requirement, I designed and relocated the staircase to be in the centre of the apartment. It's a masterpiece in itself for the way it looks, but also because it opens up the entire home and connects all the rooms. It is the core of the space structure, the heart of the design. To add emphasis, we placed the staircase over a black and white marble pattern, a very graphic and contemporary stage that contrasts with the classic ornamented wooden panels all around. Staircase, flooring and walls have all been conceived as circular shapes to generate a smooth flow and bring harmony. Which is your favourite room? The dining room sets the standard for the apartment. We put in elegant wooden panels in a warm blue-grey tone to cover the entire room and we played with very graphic shapes on the ceiling and walls to balance the classical setting with contemporary lines. In the centre of the room, the peculiar geometric B&B dining table, circled by comfortable and rather traditional-looking chairs by Philippe Hurel, follows the same idea. Behind the customised bar counter where the family gathers for breakfast, again a functional yet stylish element, we put in a glass-panelled wine cellar that reflects the living room while allowing a look at the owner's wine collection. Inside the cellar, the organic-shaped shelves were inspired by boats and by the appearance of the hull's wooden skeleton.
You played around with various types of glass-mirror reflections, please tell us a bit more about that... While the first floor meets the public functions of the apartment, the second floor accommodates more private and intimate ones. In the master bedroom, we created a fully integrated space with the bathroom actually located within the room. A conventional master bath tub, isolated from the living area by plain walls, would have obstructed natural light and decreased the surface. Instead we designed a vitrine-like bathroom, glassed in on two sides. We wanted to preserve the transparency and the open feeling of the space, so the glass partitions are still tinted on the bedroom side. This means you can still enjoy a plain view of the entire master bedroom, watch TV, or enjoy the views over the city from the comfort of the bathtub. Meanwhile, people in the bedroom can only guess what is happening in the bathroom. We also played with the glass-mirror-reflection elements in the dressing room where each door has been designed with two layers, one of glass with engraved lines and below that one of the mirror, reflecting the glass pattern. Tell us about the decor in the Blue Penthouse... We put in a tremendous amount of detail. The ceilings, walls, storage spaces and some of the furniture have all been customised to suit the owners' needs and push our design agenda. For example, the cabinets, wardrobes and chest drawers were all made by hand, inspired by old luggage. Just like steamer trunks, they are finished with leather and linen and appeal to the strong travelling spirit of the owners. We tried to make the space as personal as possible. Even the air conditioning grills are made of stainless steel and have been engraved with French words, because the owner wants to learn French. Strong concept and vision, attention to the smallest details, furniture and lighting by the best designers, quality equipment and high technology, all are elements that makes this penthouse a paradise to live in.
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DESIGN FOCUS Blue Penthouse
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THE CUSTOMISED DRESSING ROOM WITH CUSTOMISED MIRROR AND REFLECTION EFFECT.
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DESIGN FOCUS Blue Penthouse
THE STAIRCASE MAKES FOR A SMOOTH TRANSITION BETWEEN FLOORS.
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THE STAIRCASE IS PLACED OVER A BLACK AND WHITE MARBLE PATTERN WHICH CONTRASTS WITH THE CLASSIC MOULDING ON
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DESIGN FOCUS Blue Penthouse
ABOVE: THE DINING ROOM SETS THE STANDARD FOR THE ENTIRE APARTMENT. RIGHT: THE CUSTOMISED BAR COUNTER WHERE THE FAMILY GATHERS FOR BREAKFAST.
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DESIGN FOCUS Blue Penthouse
ABOVE: IN THE STUDY THE AIR CONDITION GRILLS ARE MADE OF ELEGANT STAINLESS STEEL PLATES WITH ENGRAVED LETTERS FORMING QUOTES THAT MATCH THE CLIENT’S DESIRE TO LEARN FRENCH. RIGHT: THE WARDROBES WERE MADE BY HAND WITH A FINISHING OF LEATHER AND LINEN INSPIRED BY OLD SUITCASES.
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ABOVE: THE CORRIDOR IS DECORATED WITH WALL PAINTINGS AND RE-DESIGNED FRENCH MOULDING. LEFT: SUSPENDED OVER THE LIVING ROOM, THE CUBE IS A WORK ROOM THAT ALSO ALLOWS RESIDENTS TO SEE WHAT HAPPENS DOWNSTAIRS.
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DESIGN FOCUS Blue Penthouse
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ABOVE: THE MAIN BEDROOM BOASTS A CLEAN, MODERN DESIGN. LEFT: HAND-MADE LEATHER HANDLES ON THE CABINETS.
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DESIGN FOCUS Blue Penthouse
ALTHOUGH SITUATED IN THE MAIN BEDROOM AND SHIELDED BY GLASS, THE VITRINE-LIKE BATHROOM RETAINS PRIVACY WITH TINTED GLASS PARTITIONS.
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SPECIAL REPORT Myanmar Heritage
Preserving Yangon Yangon boasts Southeast Asia’s largest collection of colonial period buildings, dotted with religious structures and historical landmarks, many of which have been left to gradually deteriorate over the past 50 to 60 years. With millions of dollars pouring into the city from overseas investors eager to gain a foothold in the REopened country, there is a pressing need to upgrade and improve the city’s infrastructure and the many heritage buildings risk being torn down to make way for better roads and commercial real estate. | by Sofie Lisby | Photos by Tim Webster
ABOVE: SULE PAGODA. LEFT: CURRENCY BUILDING. 84 | JULY 2013
A
t the recently held Yangon Urban Development Conference 2013 (YUDC), delegates from across the globe listened intently as speakers from the public and private sectors in Myanmar, as well as city planning and infrastructure experts from Singapore, Indonesia and Kazakhstan, outlined the country's many favourable characteristics. Myanmar'a geographical location bordering Thailand, Laos, Bangladesh and China, as well as almost 2,000 kilometres of coastline along the Bay of Bengal and the Andaman Sea, give the country a strategic advantage in terms of trade with the rest of Southeast Asia, China and India. Vast, relatively untapped natural resources spell big fortunes for the companies that can exploit them, and the labour force is young and cheap. Myanmar has the potential to become a middle income nation by 2030, according to U Win Aung, president of The Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI). Central to the YUDC was a great sense of moving forward, with people talking about a “junction” and “a country on the verge of great development”. With so much interest and potential, officials in Yangon can be forgiven for having their eyes firmly set on the future, but all it takes is a short walk along the streets of downtown Yangon to be reminded of the city’s rich past. Churches, mosques and pagodas share the urban landscape with imposing colonial art deco buildings, many of which date back to the late 19th and early 20th century. The most dense concentration of British colonial era architecture can be seen along the city’s Merchant, Pansodan and Strand Roads, but the colonial heritage is omnipresent throughout the city centre and even in the suburbs. Many of the historic buildings are still in use, such as the Port Authority and the Custom House, both on Strand Road, and those that are in use have generally undergone some sort of upkeep over the years. Some look as if they have been newly painted, while others have had the doors and window frames changed. Perhaps one of the most famous and best preserved colonial era buildings is the Strand Hotel, located on Strand Road between the Custom House and the British embassy. Built in typical Victorian fashion by the Sarkie Brothers at the turn of the 20th century, the hotel, although having changed hands several times over the years
GOVERNOR’S RESIDENCE
and undergone a major restoration, is an excellent example of a wellpreserved colonial era building. The Governor’s Residence, a 1920s teak tree mansion turned five star hotel The Savoy, also a colonial style upscale property, and the Monsoon Restaurant and Bar off Strand Road are also examples of modern, often tourist-driven uses of colonial era buildings. Other magnificent structures in Yangon have been left to deteriorate to the point where they have been declared dangerous, sometimes paving the way for corrupt companies to demolish them and construct new buildings. One such example is the Gandhi Hall in downtown Yangon. As well as serving as a space for Yangon’s Hindu community, the building has in the past been an assembly point for political bodies including the National League for Democracy. Scheduled for demolition, there are rumours that the Indian government may or may not be involved in determining the future of the place. A multilingual reference library has also been proposed . Another derelict building of historic importance is the Pegu Club in the embassy district. During its heyday, the Club was the most well-known gentlemen’s club in Asia and the place where Rudyard Kipling found inspiration for his famous poem, Mandalay. From the 1880s the club served as the informal headquarters of the British administration, but nowadays little of the grandeur remains and the name Pegu is perhaps most commonly associated with the club’s signature drink. The teak columns only just manage to stay erect and the grounds outside are overgrown with weeds. Windows are shattered and the floors littered with
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SPECIAL REPORT Myanmar Heritage
dust and excrement from the dogs that now occupy the halls. Although Gandhi Hall and the Pegu Club both play important roles in Myanmar’s past, they have been excluded from a heritage list compiled by the Yangon City Development Committee (YDDC), which features 189 mostly religious and institutional buildings which may not be demolished or altered without permission. The list was compiled using a set of basic criteria: the structure has to be built before the Second World War and it has to have historical or architectural importance. The Yangon Heritage Trust (YHT), an advocating group consisting of historians, architects and business people, would like to see the list expanded. According to Daw Moe Moe Lwin, the director of the YHT, the list should include more privately owned buildings and there should be better enforcement to ensure that the buildings are indeed protected. In February, the YHT met with President U Thein Sein to present its vision for the future of Yangon in which they painted a picture of a competitive, highly liveable and culturally diverse city with modern buildings and infrastructure as well as a rich architectural heritage. One of the biggest challenges in preserving Yangon’s architectural heritage is economic by nature. Real estate prices in downtown Yangon have soared over the past couple of years on the back of high demand, limited supply and the implementation at the end of last year of the highly anticipated Foreign Investment Law, which is likely to further increase demand going forward. The British-imposed grid road system centres around Sule Pagoda,
which means that a lot of the old colonial buildings are located in some of the priciest and most centrally located land in the city – making the case for demolition a tempting one. Some buildings will take millions of dollars to renovate, such as the Ministers’ Building, formerly known as The Secretariat. Built at the turn of the last century as the official seat of the British administration, the building is also where indepedence icon Aung San (Daw Suu Kyi’s father) was assassinated in 1947. The complex spans six acres of land off Theinbyu Road, but much like the Pegu Club, it has been allowed to sit idle for decades. The ornate red brick detailing is some of the best kept from the period yet the weathered bricks have darkened due to negligence and weeds cover the ground. By some estimates it would cost up to US$100 million to renovate The Secretariat. There have been talks to turn the complex into a museum, but the cost of renovation and upkeep would require significant revenue generation, which would perhaps be better achievable with a commercial enterprise, such as a hotel. However, some say that a building with such a sensitive and significant history cannot and should not be turned into a commercial venture. Another challenge is a lack of knowledge about how to preserve and renovate the old buildings. Anawmar Group, an organisation of artists and art collectors who allegedly have won the the rights to restore The Secretariat, and YHT have brought in foreign experts to conduct a detailed technical study. PEGU CLUB
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SECRETARIAT
The issue is further complicated by the lack of laws and regulations. Many title deeds were confiscated by the army after the 1962 coup and to this day have not been handed back. As a result, ownership and, by implication, responsibility, is difficult to identify and locate, leaving many of the derelict buildings in limbo. Squatters are common and would be forced out irrespective of whether the building would be renovated or torn down. A high prevalence of absentee landlords has also led to poor maintenance and supervision. Government ministries and committees in Myanmar are often criticised for their incoherent development plans and red tape procedures. There is will, some say, but a fragmented effort characterised by different interests. Yangon currently has no building codes, so many of the new construction taking place is of poor quality. The country’s geographic location in the monsoon region of Asia makes it prone to natural disasters such as cyclones and flooding, which can cause significant damage, as seen during cyclone Nargis in 2008. UN Habitat has set up Myanmar’s first Urban Research and Development Institute with the Ministry of Construction to help develop a set of building codes to improve the quality of the built environment. During colonial times Yangon was often referred to as “the garden of the east”. During the conference, parallels were drawn to Penang’s Georgetown, famous for its many heritage sites and delegates heard how the city has the potential to become the most liveable in Southeast Asia. For that to happen, Yangon needs to act now, before it’s too late or historic sites such as Gandhi Hall and the Pegu Club will be gone forever.
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Bali Interiors
PEOPLE WANT A SENSE OF AUTHENTICITY AND SPACE.
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From minimalism to maximalism For nearly a decade, Bali’s interior design scene has been dominated by ‘modern minimalism’, a genre that many designers describe as soulless, with no sense of place.| by Rachel Lovelock
B
ali has always been richly decorated with the artistic expression of its local craftsmen. Everywhere you look, you will see elaborately-carved doorways and stonework, statues and wood sculptures, fabulous paintings, textiles, jewellery, and exquisitely-constructed offerings to the gods. Yet in the property sector, minimalism was overworked, excessively imitated, badly executed and generally misunderstood. Now, at last, Bali's interior design trends are stampeding into sensualism and eclecticism, revelling in romance, and celebrating Indonesia's rich heritage. "I'm a maximalist," claims Bali-based interior designer Lesley Campbell, "it's all about layers, I'm well over the concept of 'less is more'. People are bored with minimalism, it doesn't relate to Bali, it could be anywhere in the world."
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Designer Zohra Boukhari agrees, and when you see her opulent, shabby-chic and antique-baroque style you understand why. She's a Moroccan-born designer who grew up in Belgium and moved to Bali 18 years ago. Her style is inspired by the three different cultures that have shaped her life, and completed with her passion for hand-picking objets d'art. "I take the best parts of my own two cultures, add the many influences of Indonesia, and merge them together at the right level. It's important to know when to stop." The treasures Boukhari has collected during her personal travels through Java represent not just the Javanese, but also the strong influences of Dutch colonialism, the World War II Japanese occupation, and the Arabic traders and settlers. Again, she says, it is about the mixture, as everyone brings a piece of their own ethnicity and tradition to a place. Zohra's talent for sumptuous interior design has been employed in numerous hotels and private villas on Bali, and is also in pure and full evidence in the two restaurants, Balique and The Bistro, which she owns with her husband, as well as the enchanting Villa Balquisse, Henna Spa and The Shaba in Jimbaran. She has been collecting curios for as long as she can remember. "When people see the curios on display and they remember them from their childhood, there's an ingredient of surprise and delight – that old 1960's radio or record player that you threw out and replaced with fancy new technology, things from your mother's kitchen or your grandmother's parlour, it's all about memories." 92 | JULY 2013
ABOVE: VILLA BARRISAN LIVING ROOM BY ZOHRA BOUKHARI. RIGHT: VILLA AZZALEA MASTER BEDROOM BY ZOHRA BOUKHARI
Her love of gorgeous fabrics also comes from her mother, who always loved to dress up for parties and weddings. "I'm particularly attracted to Indian fabrics, saris, prints and bright colours such as orange, red and purple, I don't like white walls and black accents. I acknowledge that black and white is very elegant but colour is much more exciting and much more of a challenge." Asked how Bali influences her work, Zohra replies, "It's the way in which the Balinese will create something so beautifully and with so much patience. The colours, the elegance and the poise of the people, their refined grace and their attention to detail, everyone finds their own value and pride in their work; this is what Bali brings to me." Attention to detail is the element that drives the creative force of Australian Bali-resident Justine Watson. She makes no claim to be an interior designer but has successfully conceptualised and created a holiday villa that is worthy of a chapter in a coffee table book. Watson visited Java, where she purchased and transported a traditional wooden joglo house back to Bali, and then built and furnished her own contemporary-styled villa around it, complete with multiple injections of Western perfection. Villa Jasmine has a trapezium-shaped roof to accommodate the fourpillared core of the joglo, while all of the antique timber from the original house has also been utilised and this can be seen throughout the property in the form of doors and shutters showcasing the elaborate carvings that have become an enduring signature of Javanese history. This is not an unusual concept for villas in Bali,
VILLA JASMINE INTERIORS BY JUSTINE WATSON
but not everyone blends the old and the new quite as successfully and pleasingly as Justine has. Her deliciously comfortable, custom-designed furniture also utilises recycled teakwood, while decorative features include sections of random wall tiles sourced from a modern factory that reproduces old Java-style tiles. Filigree-carved window panels are fitted with invisible fly screen, and bathroom mirrors swivel open to the garden to ensure that the user can always find the best light. Scottish-born Lesley Campbell and Australian David Haughton are a Bali-based design team with 25 years of experience between them. Last year they joined together to form 'HC2', which concentrates on high-end residential homes, villas and luxury resorts. "As the world homogenises through globalisation, people want a sense of authenticity and space. The challenge is to combine Bali with style and take it forward to make it relevant to the 21st century," says Lesley. "Anything is possible in Bali because of the high standards of craftsmanship. If you can dream it, people can build it." Lesley and David source furnishings and art pieces from true artisans, while working hand-in-hand with architects, landscape designers and lighting designers. "Most of our furniture is custom made and then we dress it up using antiques. For our soft furnishings, we often choose traditional ikat and batik fabrics, or we get our fabric designers to create modern versions, which are never repeated and are therefore unique to our clients." The results can be extraordinary – a timeless eclectic JULY 2013
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Bali Interiors
style that looks collected, and is something that can be added to. "It should never feel instant. Every single piece has been chosen for a reason, with a story behind it. Every house or villa is different, and every location is different; the home talks to you and dictates the mode, while one of the most important things in Bali is to produce a seamless transition between the indoor and the outdoor spaces." Lesley admits that house renovations are harder to work on because "the energy is already there, it's not a blank canvas." "The primary focus is now on comfort and luxury", adds Haughton, "We are redefining Bali style, yet still embracing what made Bali beautiful in the first place. Things are changing, antique furniture can now be juxtaposed with modern art, it's all about being a little bit surprising, taking old materials and accomplishing things in a new way. The devil is in the detail. Clients who allow us to explore new ideas are the greatest inspiration that we can have, if we don't have that we're blinkered, we need the freedom of creativity in order to express new ideas." H2C's signature attention to detail sometimes extends to door handles and cabinet latches etched with their clients' monograms. "It's the difference between couture and buying off the rack." David sums up with reference to 'wabi-sabi' – the Japanese philosophy of keeping the integrity of the materials within their own elements, of finding beauty in imperfection, and profundity in nature. Happily, this is not only a new design trend in Bali, but a way of life. www.zohra.bz www.hc2.co www.villajasminebali.com
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CHAMPUAN VILLA, INTERIORS BY HC2 LESLEY CAMPBELL & DAVID HAUGHTON
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INDEPTH At Home
Rock the house London’s rich heritage means international buyers occasionally have the chance not only to invest in a unique residence, but also one with a fascinating history. Lansdowne House is one such property and comes with a musical backstory that perhaps even outshines the distinctive designs and astonishing interiors on offer in one of its refurbished apartments. | by jules kay
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THE HITS RECORDED AT LANSDOWNE HOUSE ARE LIKE THE ULTIMATE POP PICKERS PLAYLIST.
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INDEPTH At Home
Lansdowne House Hit-list Acker Bilk — White cliffs of Dover, Stranger on the Shore Dave Clark Five — Do you love me, Glad all over, Bits and pieces Craig Douglas — A teenager in love Gene Pitney — 24 hours from Tulsa Peter Sarsted — Where do you go to my lovely? Procul Harem — Hamburg Donavan — Mellow Yellow Rod Stewart — An old raincoat won't ever let you down Uriah Heep — Demons and wizards Sex Pistols — Anarchy in the UK
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ot many people can say Rod Stewart has performed in their kitchen, but Audrey Lovelock can. Her London home, Lansdowne House, was converted into a recording studio back in 1948 — one that would eventually be the source of more than 300 platinum selling records. One of the first commercial successes for the studio was with Lonnie Donegan's Cumberland Gap recorded in February 1957 and engineered by Joe Meek. It reached number one in the UK charts, and also had a significant impact on the development of popular music. The list of artists and hits that were later recorded at Lansdowne House reads like the ultimate pop pickers playlist. The early days saw acts like Acker Bilk, Dave Clark Five and Adam Faith lay down tracks for chart topping tunes, while some contemporary classics launched from the Holland Park studio included Gene Pitney's "24 hours from Tulsa", Donavon's "Mellow Yellow" and even Sex Pistols' "Anarchy in the UK". "The main recording studio was where the kitchen and dining room is now and the mixing room was the principle bedroom," she explains. "They also had sound booths, which were located on the gallery overlooking the kitchen area." Lansdowne House was originally built in 1904 by a South African philanthropist and diamond millionaire to support six struggling artists, and the property therefore started life as a painter's rather than a musician's studio. The property came complete with a squash court, smoker's room, thermal bath, changing rooms, coal shutes and courtyard. In 2006, Audrey embarked on a two year refurbishment of the house, redesigning the entire building to create a luxury apartment of just short of 5,000 sq ft, spread through four different floors. The end result was an appealing upscale home that's ideal for entertaining, with added features
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INDEPTH At Home
such as a private cinema room, gym, steam room and wine cellar. "It was very important to me to retain and restore all the original features – these included parquet flooring, terrazzo flooring, large stone arts and craft fireplace, a second ornate fireplace, an ornate cast iron newel post," explains Audrey. " We uncovered and restored all the stone window surrounds, and all the windows which include the huge sash windows to the second reception, the teak and copper panelling in the garden room, the smaller lantern, and added the large lantern which was no longer in place, and the ornate cornice in the reception room. Under bedroom two there are the original tiles for the steam bath, and we retained the step levels in this room to show its original shape but had to cover the tiled floor as they were damaged. I have also hung photos of some of the hundreds of famous artists that recorded here." Even as a contemporary apartment Lansdowne House oozes character with exceptionally high ceilings in all main living areas and generous heights elsewhere. All the bedrooms are spacious with king size beds and with fitted wardrobes and TVs, the master suite offering an impressive 55 sqm. Underfloor heating is installed throughout for the cold London winters and the finishes are of the highest quality, with marble used in the main entrance, kitchen, gallery and dining area, the latter also featuring a huge Verre Eglomise leaved mirror in moon gold, white gold and palladium. "The property is flooded with light, and has huge proportions with high ceilings everywhere," says Audrey. "Its easy to forget you're in central London – this really gives a very relaxed living environment. The large windows and lantern give great views of the sky, trees and flower filled gardens, which again adds to this relaxed environment. At the same time it is very secure and private with your own entrance and parking." Beyond the luxurious living space, all the bathrooms are individually designed and finished with stone and different floorings with top fittings from the likes of Antonio Luipi,
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Catalano and Dornbracht. A bespoke fitted kitchen is equipped with Gaggenau and Wolfe appliances and the reception room has bespoke cabinetry with rose wood panelling and a wet bar. The conservatory also has a wet bar and original teak panelling, while the cinema room cabinetry is finished with walnut and the walls have sound proofed silk panels and an elevated platform to the rear seating. In terms of location, Holland Park is in many ways the perfect neighbourhood for a unique, personalised property such as this apartment at Lansdowne House. Although part of central London and therefore within easy reach of the capital's main attractions and services, the area is known for being quiet when compared to the likes of Mayfair or Knightsbridge, with parks nearby, along with some of London's best restaurants. "It [Holland Park] is not cluttered and has a relaxed feel about it with lovely architecture," adds Audrey. "It is very popular with all sorts of famous and successful people, from actors to heads of industry, who clearly feel safe and enjoy the vibe." Having created this unique home from a building steeped in the history of popular music, Audrey Lovelock is ready to take on new projects. Her children have grown up and the apartment now seems to large for her and her partner to share, so they have put it on the market for GBP11.95m (US$18 million). "There are a number of people I think [the apartment] would appeal to," says Audrey. "Those looking for a fantastic entertaining space, and with huge high walls it would also appeal to someone with an interest in art. Also, people that like their privacy and lots of space with the luxury of a private gym and steam area. It is modern, but using expensive natural materials, it should appeal to someone who demands and appreciates quality and luxury, and of course wants something totally unique – it is a one off." The apartment at Lansdowne House is available through Aylesford International as joint agents with Van Han. aylesford.com or vanhan.co.uk 102 | JULY 2013
For just the two of you ‌
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ANALYSIS Insights
JAKARTA'S ECONOMY REMAINS CRANKED UP 24/7.
All night long in Jakarta Indonesia and its capital city have emerged as one of the world’s shining economies of late and with a 24-hour business culture driving the country forward, there’s a determination to capitalise on the success.
It’s 4 am at Jakarta’s Soekarno Hatta International Airport and the red digital numbers simply add to my own personal version of dazed and confused. Any hope of badly needed caffeine have vanished in a mirage experience gone stupidly wrong. The death march to the gate turned out to be like an episode from the Walking Dead, a beacon of hope was on the horizon. Yes, the Starbucks sign was lit and my pace quickened from a crawl to a flat out run for the latte, but as in all mirages, my entry to the inner sanctum of java was barred by a rolled down metal gate and an ignominious “closed” sign. I did manage in a fit of punch drunk madness to kick the door, in what my own imaginary life was a Van Damme roundhouse. In reality, I actually missed the roller blind and fell over. Man down. While laying face down on the cool bricks of the airport terminal I was able to relive the past few hours of my 104 | JULY 2013
journey. It started with a 2:40 am wake up call, and the sheer panic of one missing sock, which I thankfully later found on the final room check, stuffed into the mini bar. Feeling a bit posh the night before I had upgraded my usual Blue Bird taxi booking into a Silver Bird to ease the savage early morning mind fog. Riding through the dark streets of Jakarta I silently passed countless multiple versions of the same mini-mart: 7Eleven, Lawson Station, Indomaret and even an all night Starbucks. Bright white lights magnified the customers lining up, and out front these new age social centres had tables full of groups of people in deep animated conversation. These days, Jakarta’s economy remains cranked up 24/7, with the bright lights reflecting a whole new air of confidence — the promise and the buzz. I had been in town to attend the Indonesian Hospitality and Tourism Investment
Conference. My own professional experience has mirrored the emerging dragon’s trend with Bali, Jakarta and other markets taking up such vast chunks out of our time that it would build Pink Floyd’s Wall in a few scant weeks. Admittedly on the first day of the event, the Jakarta Post ran at headline which caused me to do a double take: “Economic growth loses steam”. The story spoke about declining GDP and consumer spending and the real deal killer inflation. As the song goes, EI-EI-0. The tune aptly spells out the warning flags for the country’s economy with the oil subsidy issue continuing to be the elephant in the box. No single item on the national agenda has such a sensitive hair-trigger that runs the gamut of the nation’s population from top to bottom. Next, throw in the uncertainly over the election and Indonesia’s political direction post-SBY (Susilo Banbang Yudhoyono the current president), who has pulled off something of a Bill Clinton like “walk on water” drive for what is now South East Asia’s largest economy. As in life, there are too many questions, and I didn’t even make it to the prevailing crisis over inadequate infrastructure. And yet Indonesia, like Malaysia, Thailand, the Philippines are hungry tigers, increasingly becoming high big stake players in the global economy. Sometimes it takes a journey off Wall Street or those gyrating bourses in London, Tokyo or Sydney to see where the real action is. Despite risk, it’s these countries that hold huge upside and remain Asia’s shining stars. Yes, Jakarta’s the kind of place that stays up all night long, and whether you are running on adrenaline or caffeine, a mini-mart is never far away. -------------------------------------------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
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ANALYSIS
Buyer Advice
IT'S A SHAME WHEN CLIENTS RULE OUT EXCEPTIONAL INVESTMENT OPPORTUNITIES.
Balancing caution with opportunity Due diligence and thorough research remains essential when investing in Southeast Asian markets, but an unfamiliar legal structure should not necessarily deter buyers from an appealing and profitable investment opportunity.
Dare I say it, but it’s almost like the good old days in the property world with lots of clients requesting call backs and a reasonably steady volume of transactions taking place. Confidence in Southeast Asia is at an all time high as the region really does represent the only sensible choice now for the global real estate investor. Although savvy investors are still quick to reserve units with refundable deposits when something fabulous catches their eye, they are incredibly careful these days, studying every element of the sale and purchase agreement, making great effort to really understand in-depth the legal structure and the laws of a particular country, and conducting very 106 | JULY 2013
exhaustive research before pushing the button — all are hallmarks of the modern buyer. This careful, considered approach is totally sensible and, quite frankly, the “gung ho” investors of yesteryear who would buy a whole floor of apartments on a nod and a handshake were a little over confident. Once you have worked hard, paid your taxes and gathered together a decent lump of cash, the last thing you want to do is fritter it away on something flimsy. So thorough due diligence, using an independent lawyer and picking through those agreements with a fine tooth-comb are all definitely good things to be doing and we salute all those who take responsibility for their own research
instead of relying on the developer or agent for all their assurances. Every time you cross a border as an international investor you are stepping into new legal territory. Although you must “always be careful” in this respect, I feel it remains a big shame when clients rule out exceptional investment opportunities because they have issues with the particular ownership tenure within the country they are looking to invest in. I have seen people walk away from excellent developments because they refuse point blank to buy leasehold, for example, even though the project in question might match their investment profile and criteria perfectly. I personally believe that if you find something you love, it fits your budget and also has excellent investment potential, then to rule it out because the ownership is leasehold rather than freehold is a great pity. More often than not, in the most popular Southeast Asian countries for property investment, leasehold ownership comes with significantly lower transaction costs and is a much more solid ownership option for foreigners (often very preferable to setting up local companies in order to purchase property). It is also a very future proof option. When everything stacks up, and provided the project has been set up properly and you have had the agreements thoroughly reviewed, if you love something then why not go for it? You can’t compare the laws in Southeast Asia to the laws you may be used to back home. This is new and very, very exciting territory and the investor who is flexible to different legal systems will be rewarded. -----------------------------------------------CLAIRE BROWN formed Claire Brown Realty in 2004 having worked for various developers across Southeast Asia. Her roles included sales and marketing, project management, construction planning and consultancy. As well as running the business, Claire is also developing her own project in Bali, a luxury villa and spa retreat in the beautiful and somewhat undiscovered province of Tabanan. She enjoys travel, food and wine, interior design and shopping – in no particular order. www.clairebrownrealty.com
SOUTH EAST ASIA PROPERTY AWARDS 2013 Shangri-La Hotel, Singapore | Wednesday 9 October 2013 SEAPA is the region's... only dedicated property awards, recognising the best quality real estate in countries from all across Southeast Asia. With the nomination period ended, Ensign Media would like to invite you to the South East Asia Property Awards, celebrating the achievements of the region's best real estate agents, property developers, interior designers and architects.
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ANALYSIS
WHY DO WE STILL HAVE THE CHOICE WHEN... HUMAN CIVILISATION IS FACING THE MOST CRITICAL CRISIS IN ITS HISTORY
Design
Why is going green still optional? The UN Environmental Programme reports that buildings are responsible for more than 40 percent of global energy used, and as much as one third of global greenhouse gas emissions, both in developed and developing countries. This is just one part of the overall damage for which the construction industry is responsible. The list is very long. However, the design and construction industry is trying to deal with the problem; as architects and planners working in different parts of the world we come across many green design guidelines. Each country or region is striving to have its own green building design code to suit its climate and environment. Some examples include the US LEED (Leadership in Energy and Environmental Design), LEED Canada, the Australian Green Star, the British BREEAM (Building Research Establishment Environmental Assessment Method), Japan’s CASBEE (Comprehensive Assessment System for Building Environmental Efficiency), and Thailand’s new TREEs (Thai Rating of Energy & Environmental Sustainability). With all these codes being developed, institutes being set up, and certificates obtained, there seems to be a sense of urgency to redeem the damage that the design and construction industry has caused and is still causing to the environment. 108 | JULY 2013
However, on the ground and at the trenches, the story is different. Most of these codes are not mandatory, they are not integrated into building codes and they certainly are not integrated into the education curriculum of architecture and engineering schools. As far as designers, builders, developers and owners are concerned the codes are optional. Obtaining a gold or a platinum certificate is becoming a marketing and promotional tool. At universities and schools of architecture, it’s an additional certificate you can obtain if you wish. Why do we still have the choice when, according to all the research to date, human civilisation is facing the most critical crisis in its history? When I first arrived in Asia some 25 years ago, Bangkok rivers and canals were polluted, the air was un-breathable, and garbage disposal unregulated. But one thing in all this chaos was highly organised; households would segregate garbage, setting aside paper/newspapers, glass bottles and plastic before disposing of general garbage. A saleng, a cart on
a motorcycle would come door to door daily to buy plastic, paper and glass by weight and then sell it to recycling shops that would go through more segregation, compression and delivery to factory for recycling. The entire affair was highly efficient and everyone gained. On the other hand, hotels, apartments and houses along the Chao Phraya river were disposing of their waste water in the river; the carbon dioxide from car exhausts was chocking the city and canals smelled so bad it was hard to walk by them. Someone told me, people only cared about garbage segregation because of the monetary gain. True to a point, but I have another theory. People understood the process, how it can benefit the environment and benefit them as well. The ever growing number of codes, grading systems and regulations regarding environmental protection are confusing, and the fact that caring for the environment is becoming a specialist skill that requires a consultant to understand and undertake is erroneous. Indigenous people worked with an absolute care for their environment, they used what they needed, developed housing forms that were adequate to their lifestyle and their climate. So why is it that, with all the advance technologies we have today, we fail at the most basic tasks in dealing with environmental protection? I believe the solution rests at the cell level, the household; if seven billion people each contribute to save water, re-use, recycle, save energy and not pollute, we won’t need to invest so much money in reversing and repairing the damage. To start the process by educating people from very young age up to their graduation, we need two types of classroom — one indoor and one outdoor; we need to live the ecological cycle to understand it. If we break down the complicated equations we created about caring for the environment into smaller problems that every individual understands and can process, we can develop simple technologies that are affordable and -----------------------------------------------DR CHAFIA FERHAT
is the founder and creative design director of Fenn Designers. She has worked on projects in Asia, the Middle East, North Africa and Europe. Before founding Fenn Designers she was the managing director of RMJM Thailand, part of RMJM Group.
accessible.
Centara Grand & Bangkok Convention Centre at CentralWorld September 19, 2013
Don’t miss out! Thailand Property Awards celebrate the best of the best in the country's real estate industry.
Thailand Property Awards attract over 600 CEOs, presidents, managing directors, and senior management from Thailand's leading real estate developers, architects, construction firms and agents One of the most prestigious acknowledgements of a company’s achievements A benchmark for high quality standards in the property industry The perfect way to boost sales of your property Attract the attention of your target audience The perfect platform to network with industry peers
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ANALYSIS Legal
Solving property disputes across Southeast Asia Following the recent appointment of Victor Smith as Senior Arbitration Specialist at Hughes Krupica, he answers some questions on the options consumers have when negotiating property contracts around the region, with a focus on dispute resolution provisions.
I am about to deposit monies into escrow with a third party company in Hong Kong, relating to a real estate investment I am making in Bali with an agent in conjunction with an off-the-plan purchase. The contracts that have been sent to my lawyers in Bali all state that ‘Indonesian law will apply’. However, this will only be relevant after I have paid all of my monies and have the ‘Hak Sewa’ (leasehold title) registered to me. A friend of mine told me that all the contracts outside of Indonesia, relating to staged payments; the escrow and details relating to the agreement to construct can be governed by ‘Arbitration’. Is this true? Should I change the documents? Who should I discuss this with? Your local counsel in Indonesia should work in conjunction with your international advisers on the matter of the method of resolving disputes in your principal contracts. A dispute resolution specialist would be best placed to provide you with advice on the best venue, the method of ensuring your arbitration agreement is valid and binding; the number of arbitrators, the governing law and other details which only qualified and experienced arbitration specialists ought to counsel upon. Experience of an arbitrator is not determined by a short-term arbitration course or affiliation with an arbitration organisation, but by the depth of experience your adviser may hold and be able to demonstrate to 110 | JULY 2013
you. It is possible to change the nondomestic agreements to be arbitration based agreements. But you should also note there is an opportunity to change some domestic agreements in Indonesia so that a dispute would be governed by arbitration. The relevant body of law is Law No.30 of 1999 concerning Arbitration and Dispute Resolution which sets out the requirements for an arbitration agreement under Indonesian law. This should be harmonised with the provisions you have in your agreements entered into ‘outside’ of Indonesia. We generally recommend that you choose the escrow account to be in your local jurisdiction – Hong Kong. I entered into a contract in Thailand which was drafted by a law firm I had used on due diligence for my property investment. They had cut and paste an ‘arbitration clause’ into my contract, but at the time didn’t advise me on what it meant should I have an issue or enter into a dispute. Unfortunately, I now have a problem, because the developer that I entered into the agreement with hasn’t registered the condominium as a condominium building under the Condominium Act; hasn’t completed the units satisfactorily and hasn’t completed the Common Areas with the facilities promised in the sales literature. I insisted that my lawyers inserted a refund and buy back provision; late delivery
penalty in my agreement and I made them change the venue of the arbitration from Bangkok to Singapore, where I live. Can I now use the arbitration clause to obtain my monies back? You should have obtained specialist advice on your arbitration clause at the time, especially if your investment was of a high value to you. However, based on your current circumstances, the most practical method of dealing with the problem is to have the clause and contract analysed for validity and enforceability. The manner under which notices are served, and proceedings are instigated should be discussed with an arbitration specialist, who also has experience as an arbitrator, and has sat on arbitration panels. It may be that you will obtain more satisfactory commercial remedies in an arbitration proceeding than you might in a domestic court, but then you must understand the expense relating to potential enforcement of an arbitration judgment, domestically in Thailand. It is also important to obtain clear estimates of timing on the arbitration, but then also enforcement proceedings. In the time during which the defendant is defending itself against you, you should also seek advice on the assets of the defendant and bear in mind that if you obtain a favourable judgment, that this may not assist with actually obtaining monies if the defendant has encumbered the assets; disposed of its assets; become insolvent, or the principals have absconded. You should therefore seek strategic advice on these possibilities, again from your arbitration specialist.
-------------------------------------------VICTOR SMITH is Senior Arbitration Specialist with Hughes Krupica, an international legal services firm specialising in real estate, hospitality, leisure and dispute resolution legal services, with its head office in Thailand, and working in consultancies, across Asia. www.hugheskrupica.com
The New Height of the Philippines' Real Estate Industry With the overwhelming success of the Thailand Property Awards and the South East Asia Property Awards, Ensign Media is pleased to present the inaugural Philippines Property Awards 2013.
Gala Dinner and presentation th on Thursday August 15 2013 The Philippines Property Awards will set the benchmark for the country's high end real estate and provide a platform to promote and reward the best in the industry. Join us for an evening of networking and celebrating the passion and vision of real estate agents, property developers, interior designers and architects who continue to push the envelope in terms of luxury living.
Book your seat now! Visit www.philippinespropertyawards.com for more details Seats are limited. Book Now! For more information and reservations Email : jay@ensign-media.com www.philippinespropertyawards.com
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ANALYSIS
Luxury Expert
THE WORLD BANK AND THE IFC ALSO LISTED SINGAPORE AS THE BEST COUNTRY ON EARTH.
Singapore hits high Interesting ratings were published recently from various sources and are worth looking into to see what we can learn from this intriguing data. Management consulting firm Grant Thornton recently released a ranking of countries by how well they encourage “dynamic growth” for businesses. A variety of factors went into the model, including the availability of private credit, the regulatory environment, and support for research and development. Out of the best 10 countries for growing a business, Singapore rated number one as the world’s best financing environment, with light regulation, low corporate taxes, access to fast growing Asian markets and readily available private credit. Other countries included Finland, Sweden and Israel, each with almost the same rating level at number two, three and four respectively. Austria came 5th, Australia 6th, Switzerland 7th, Korea and Germany 8th and 9th, and the USA just scraped into 10th place. Another recently published report on doing business, conducted by The World Bank and the IFC also listed Singapore as the best country on earth. 112 | JULY 2013
Hong Kong came second, Malaysia in 12th place and Thailand in 18th out of 185 countries rated, not bad at all in terms of regional performance. Unfortunately, other regional countries are still lagging behind, including Indonesia in 128th and the Philippines in 138th place. Meanwhile, Wealth Insight reported that the following top ten global cities as home to the largest number of multimillionaires (those with assets worth more than US$30 million). These were: London (4,224), Tokyo (3,525), Singapore (3,154), New York (2,929), Hong Kong (2,560), Frankfurt (1,868), Mexico City (1,850), Paris (1,500), Osaka (1,450) and Beijing (1,318). And finally, a slightly more lighthearted but insightful rating by the Economist Intelligence Unit known as The Where-to-be-born index, 2013 put Switzerland at the top, followed by Australia, Norway, Sweden, Denmark, Singapore, NZ, Netherlands, Canada and HK in 10th. Back in 1988, the US was
top, followed by France, West Germany, Italy, Canada, Japan, HK, UK, Sweden and Netherlands. Singapore shared 36th place with East Germany out of 48 rated countries, bellow China’s 32nd. The phenomenal performance of Singapore in recent ratings teaches us a lot about what is driving the demand for the country’s brand. The bigger Singapore becomes as a business and banking centre, the more corporations, multinationals, business owners and bankers will be moving in. This means more business to be done, more employees to be hired, which in turn will create higher salaries, reflected in a growing demand for property. This is also good news for Singapore’s neighbours, as the spillover of money and demand for property is already evident, driving up the value of properties in Malaysia, Thailand and Indonesia. -------------------------------------------ALEXANDER KAROLIK-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
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HI LIFE
FACT BOX
Project Profile
Project name: AYANA Residences Developer: PT. Nusa Jaya Prima Product Type: Luxury residential villas and condominiums Location: Jalan Karang Mas Sejahtera, Jimbaran, Bali, 80364, Indonesia Launch Date: April 2012 Expected completion date: 2014
Ayana Residences Bali, Indonesia Bali's first integrated residential estate, Ayana Residences, enjoyed unprecedented demand from buyers, even before the first showroom was opened. More than half of the first phase of the development has already been sold out, which suggests strong investor confidence in the developer, management team and the quality of the build. Investors are also attracted by the location, size and design of the units, as well as the privileged access they receive to the facilities at the nearby Ayana Resort and Spa, plus unlimited usage as a purely residential lifestyle investment with no restrictions on how often or when they can occupy their unit. Marketed as Bali's number one residential address for luxury apartments, this is the first gated community integrated within a 5-star resort. The 115 luxury apartments and villas occupy the largest oceanfront land bank remaining in South Bali, which is part of a 77-hectare property spread along a 1.3 km stretch of coastline just 10kms from the airport. With the first showroom completed in May 2013 and the first phase of the development to be completed in late-2014, the low-density design – by the same architect, landscape architect and interior designer as AYANA Resort and Spa – offers the largest living spaces of any luxury project in Bali. The units include three bedroom penthouse suites with sweeping ocean views, private rooftop swimming pools and entertainment areas, as well as two bedroom suites and one bedroom suites. In addition to the top floor penthouses, buyers can also opt for ground floor penthouses with private swimming pools.
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Tenure: Fully compliant strata title, suitable for Indonesian citizens. For foreigners, investment options include 70-year lease. Total Land Area of Developments: 6.5 hectares Number of units/villas: 115 Unit sizes/built-up area range: 1-bedroom: from 105 - 131m2 2-bedroom: from 221 - 352m2 Penthouses: from 592 - 698m2 Price Range: From US$ 508,950 Architect: WATG, California, USA Interior design: P49 Deesign, Thailand Landscape architect: St. Legere Design International Ltd, Hong Kong Property management: TBA Facilities: Privileged access to the 5-star facilities of Ayana Resort and Spa, residents Club House with two swimming pools (one lap pool and one recreation pool), library, children’s playground, fitness centre, steam and sauna, 10-seat cinema, yoga area, juice bar and lounge, BBQ area, pet centre, jogging trails, and botanical gardens. Monthly maintenance fees: IRP40,000 (US$4) per sqm per month Contact details: Jalan Karang Mas Sejahtera, Jimbaran, Bali, 80364, Indonesia T +62.361.702120 M +62 821 476 40888 F +62.361.705076 E. info@ayanaresidences.com
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Treasure on Balmoral, Singapore
FACT BOX
Project Profile
Project name: Treasure on Balmoral Developer: Hiap Hoe Superbowl JV Pte Ltd (a member of Hiap Hoe Group) Product Type: Residential Apartments Architect: Architects 61 Pte Ltd
Set in one of Singapore's upscale residential neighbourhoods, an area that also boasts a number of private clubs, reputable educational establishments, Treasure on Balmoral offers luxury private living in the heart of the city. Located just a short drive from the downtown shopping and entertainment choices along Orchard Road and Marina Bay, the development will offer residents an oasis of green with planted terraces and lush tropical foliage interspersed with attractive water features to create an exclusive and serene urban living environment. Facilities such as a fully equipped gym and outdoor fitness alcove, aqua gym, steam room, hydra-therapy pool and meditation terrace promote a healthy lifestyle. The development also provides well for social gatherings with a poolside entertainment deck, barbecue pavillion and private function space in the clubhouse, a multifunctional room with its own kitchenette. The elevated location guarantees constant cross breezes that pass through the apartments and versatile interior designs create generous, open spaces that offer a combination of indoor and outdoor living. The well appointed rooms slide open onto wide balconies and penthouse owners will also enjoy access to a private, rooftop pool terrace for a cosseted swim or exclusive party. Top quality fixtures and fittings create a lasting sense of elegance in the design. The spacious, well appointed master suites boast indulgent bath tubs that enhance the luxury appeal of these sophisticated, comfortable and convenient properties. 116 | JULY 2013
Interior Designer: Index Design Pte Ltd Location: Balmoral Road, Singapore Date of TOP: 01 November 2013 Expected Legal Completion : July 31, 2016 Facilities: Clubhouse with multi-purpose function room and gym, basement car park, landscape pool, entertainment deck, aqua gym, lap pool (35m), hydro-massage pool, meditation deck, children’s playground, barbecue pavilion. MonthlyMaintenance Fee: S$70.00 (US$55) per share value Contact details: Savills Residential Pte Ltd Mel Peck: +65 97676611 mel_peck@hotmail.com Propnex International Pte Ltd Jimmie: +65 91477736 jimmielong.pnproject@gmail.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.
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Baan Yamu Residences Phuket, Thailand Baan Yamu Residences offers a mix of penthouses, condominiums and luxury villas in a low density, exclusive residential community designed by Martin Palleros of Tierra Design, the same architect that created the stylish, awardwinning Twinpalms Phuket Resort. The residences blend in with Phuket's tropical environment and maximise sea views and privacy for all owners. They also offer a generous amount of living space in a contemporary style that's simple and elegant, with the use of natural local materials and ceramics. Large sliding doors open onto expansive terraces and allow plenty of natural light and a synergistic flow between the indoor and outdoor areas. The residences also overlook attractive landscaped water gardens and have appealing views of the ocean. Set on Phuket's east coast, the properties are secluded, but within a short drive of marinas, golf courses, shopping centres, schools and international standard hospitals. 118 | JULY 2013
FACT BOX
Project Profile
Project name: Baan Yamu Residences Developer: Phuket Prime Property Ltd Product Type: Resort Residences Location: Cape Yamu, Phuket Architect: Martin Palleros Interior Design: Tierra Design Expected completion date: Complete Total number of sub-divisions: 58 units Price Range: From THB14 - 31 million (US$468,000 - US$1 million) Facilities: Swimming pool, club house, restaurant, 24-hour security, fitness centre Monthly maintenance fees: Average THB13,000 (US$435) per month Contact details: 171 Moo 7, Paklok Thalang, Phuket 83110, Thailand Tel: +66 76 310 507 info@baanyamu.com www.baanyamu.com
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Kata Rocks Phuket, Thailand Situated on the favoured west coast of Phuket, award-winning Kata Rocks is a spectacular collection of 34 luxurious oceanfront Sky Villas. Every Sky Villa enjoys exceptional views of the Andaman Sea from a private infinity pools. With sleek louvres and tinted glass panels wrapped around a clean, modern 'Ocean Loft' design, the villas range in size, from one to four bedrooms. They have been built to the highest standards, with impeccable attention to detail and are available for sale as well as for rent. The development is set on a headland between two of Phuket's most beautiful beaches and provides the space and seclusion of a private residence with the benefits of a luxury resort. Facilities include a spectacular oceanfront restaurant and bar, a world class spa and fitness room, lounge/library and function room. Kata Rocks embraces the latest modern technology, blending this effortlessly into a tropical island environment. Smart home technology allows owners to change the lighting, close the blinds, alter the air conditioning, order room service, book spa treatments, activities and enter the central entertainment server with its thousands of films and albums.
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FACT BOX
Project Profile
Project name: Kata Rocks Developer: Richard Pope Product Type: Residential resort Architect: Original Vision (Adrian McCarroll) Location: Kata Beach, Phuket, Thailand Expected completion date: October 2013 Total land area of developments: 6 Rai (9,600 sqm) Total number of sub-divisions: 34 Sky Villas Average size of sub-division: 134 – 460 sqm Title: Leasehold (with option to renew) Price Range: From US$1.2 – 2.5 Million Facilities: Oceanfront restaurant and bar, spa and wellness centre, fitness room, library/lounge, function room. Monthly maintenance fees: THB60 (US$2) per sqm Contact details: Kata Rocks, Suksan Place, 214 Patak Road, Karon, Phuket 83100, Thailand + 66 (0) 805 333 330 info@katarocks.com www.katarocks.com
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Financing available – construction now underway – completion of first units from November onwards…
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Vista del Mar Phuket, Thailand The Vista del Mar development is located on Phuket's less developed northwest coast in an exclusive setting that combines ocean views with easy access to the beach. The high quality villas are situated on the hill overlooking Naithon beach — next to the Sirinath National Park — an area fast becoming known as the "Golden Mile" and an upscale competitor for the "Millionaire's Mile" in Kamala. Each plot sits between 30 – 70 metres above sea level. The beach is approximately 700 metres from the development and is the only new sea view villa project to be launched in what remains an an attractive and unspoilt stretch of coast. The interiors feature mirrors and concealed lighting to enhance the villa layout and create a sense of stylish contemporary luxury with impressive attention to detail. Each floor tile was carefully chosen, cut and placed; the doors and ceilings were specially designed and the authentic decorative items were specially sourced in Northern Thailand. Quality brands, such as Grohe, Villeroy & Boch were chosen for the sanitary ware, along with Siemens and Sony for electrical appliances. Owners will also benefit from all the advantages of resort living, including an on site reception/office, 24/7 Security, guest parking, children's playground, concierge services as well as full villa services with estate and rental management. 122 | JULY 2013
FACT BOX
Project Profile
Project name: Vista del Mar Phuket Developer: United Developers Corporation Co., Ltd Product Type: Sea View Villas Interior Design: Smart luxury inspired by Frank Lloyd Wright Location: Naithon beach, Phuket Launch date: July 2011 Expected completion date: End of 2014 Total number of sub-divisions: 20 villas Average size of sub-division: 500 sqm Price Range: From THB19,500,000 (US$660,000) Facilities: Full management and rental services, concierge service, security (24/7). children’s playground and Vista del Mar Beach Club with a restaurant and bar right on Naithon beach. Monthly maintenance fees: From US$400 Expected rental return per annum: 7% or 5% guaranteed return for 5 years Contact details: Tel: + 66 84 84 076 24, E-mail: sales@vistadelmarphuket.com www.vistadelmarphuket.com
DIRECTORY
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Lamp & Lights
Madeto-order by own factory & Import Products
theNEW LOOKBOOK
of
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SPRING SUMMER FASHION ARCHITECTURE TRAVEL, CULTURE & LEISURE GLOBAL DESIGN *Available in all leading bookstores
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Your Best Choice Car Rental • • • •
All our vehicles are maintained to the highest standards. Honest, reliable, friendly business. The longest reputation in car rental in Phuket (since 1974). No hidden extra costs - what you see is what you pay (tax, insurance all included in rental rates). • Full comprehensive insurance included (with excess of 5,000 baht).
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APREC NITA
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BEIJING OVERSEAS NITA
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Scope
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Imagine a stylish development of ultimate prominence and impact designed to far exceed the ultimate aspirations of today’s sophisticated, fashion conscious individuals, people who demand the finer things in life. Coming March 2013
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