ABSOLUTELY G-FABULOUS Gary Fell’s latest creation in Asia
Buyer Straits
Modern Danish
Penang’s foreign appeal
Unique furniture designs
Idling Engines
Rewarding Creativity
Slow recovery in Vietnam
Blank Canvas
A home on Phuket
Fenn Young Designers Awards
Real Estate Reflections
Interview with Nigel Cornick
FEBRUARY 2013 | 1
MCI (P) 102/01/2013
Issue 101 FEBRUARY 2013
S$8, RM20, IDR70,000, THB200, HK$60, PHP350
KDN PPS 1662/10/2012 (022863)
The leading magazine for luxury real estate
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5PHFUIFS JO FMFDUSJD ESFBNT Environmental awareness, combined with rising utility bills, means energy efficiency in the home is becoming as important for residents living in Asia as it is for homeowners in other parts of the world. | by JULES KAY
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     32 | FEBRUARY  2013
CHONGQING BEIBEI BANYAN TREE RESIDENCES
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HI LIFE -VYVSZ /FXT
TURBINE Â CUFFLINKS Â Â dunhill.com
Alfred  Dunhill’s  sophistication  and  elegance  is  perfectly  represented  LQ WKH 7XUELQH FXIʉLQNV ,QVSLUHG by  the  turbines  of  a  Supermarine  6SLWĘˆUH HQJLQH WKH\ ZHUH GHVLJQHG exclusively  for  the  British  designer  whose  interests  and  products  FRYHU D YDVW UDQJH RI ĘˆHOGV DQG offer  a  polished  brand  full  of  style,  simplicity  and  elegance. Â
RARE Â JEWELS graffdiamonds.com
UK  based  jeweller,  Graff  Diamonds  is  no  stranger  to  WKH ĘˆQH GLDPRQG PDUNHW Established  in  1960  in  /RQGRQ E\ /DXUHQFH *UDII the  jeweller  is  said  to  have  handled  more  diamonds  of  notable  rarity  and  beauty  than  any  other  jeweller  in  the  world.  Even  by  the Â ĘˆUPČƒV RZQ VWDQGDUGV WKH PP 0DVWHU*UDII Double  Tourbillon  GMT  is  impressive.  The  exceptional  timepiece  boasts  over  300  diamonds  and  12  emeralds.  The  iconic  white  or  rose  gold  facetted  case  displays  two  self-Âwinding  tourbillons,  one  acting  as  a  small  second  hand  and  a  GMT  indicator,  and  the  other  indicating  the  hours  and  minutes,  allowing  frequent  travellers  to  keep  track  of  time  while  enjoying  Graff’s  superior  diamond  setting  expertise.  This  exceptional  piece  showcases  *UDIIČƒV ʉDLU LQ MHZHOOHU\ VHWWLQJ DQG WKH ĘˆQHVW 6ZLVV ZDWFKPDNLQJ UHʉHFWLQJ the  exceptional  quality  and  luxury  synonymous  of  the  house  of  Graff.       40 | FEBRUARY  2013
A Â CUT Â ABOVE wolfgangpuck.com
&ULWLFDOO\ DFFODLPHG FHOHEULW\ FKHI :ROIJDQJ 3XFNČƒV ĘˆUVW IRUD\ LQWR $VLD Çż &87 Çż LV IDVW EHFRPLQJ WKH EHQFKPDUN IRU ĘˆQH GLQLQJ LQ 6LQJDSRUH 7KH SRSXODU $PHULFDQ VWHDNKRXVH prides  itself  on  being  a  classic  with  a  contemporary  twist  and  offers  a  number  of  aesthetically  and  gustatory  pleasing  dishes  for  the  true  steak  connoisseur.  The  venue,  located  in  Marina  Bay  Sands,  features  an  exclusive  menu,  including  Snake  River  Farms  American  Kobe,  U.S.D.A  Illinois  corn  fed  and  300-Âday  grain  fed  Australian  Angus  from  Rangers  Valley.  However,  CUT  is  not  only  geared  to  the  palettes  of  red  meat  lovers,  its  signature  entrees  such  as  its  pan-Âroasted  0DLQH OREVWHU ZLWK EODFN WUXIʉH VDED\RQ PDNH LW DQ LQFOXVLYH \HW H[FOXVLYH FXOLQDU\ H[SHUL HQFH 7KH VHDWHG UHVWDXUDQW DOVR RIIHUV FRYHUV LQ D SULYDWH URRP DQG LV KRPH WR H[SHUW mixologists.  CUT’s  elegant  surroundings  are  thanks  to  internationally  celebrated  designer  Tony  Chi,  who  has  designed  many  of  the  CUT  restaurants  worldwide.  Chef  Wolfgang  Puck  has  been  the  recipient  of  many  an  accolade  over  the  years  and  is  the  only  chef  to  have  won  the  James  Beard  Foundation’s  Outstanding  Chef  of  the  Year  award  twice.
HI LIFE )PNF 5FDI
THE ART OF PERSONAL FITNESS Bulky, cumbersome and ugly are among the connotations associated with gym equipment, but Italian fitness equipment producer Technogym shows how design and functionality can be perfectly combined. By incorporating web-enabled platforms, the Personal range offers the ultimate in style, elegance and functionality – showing you just how to get your sweat on in style.
5(&/,1( 3(5621$/ If you are looking for a cardiovascular workout from the comfort of your sofa, then the Recline Personal is about as close as you’re going to get. With a breathable, comfortable seat that is carefully positioned to offer the ultimate workout, this machine offers a fully-functional platform, from which you can access the internet, connect your iPad or iPod and even watch television. It’s no eyesore either, thanks to sleek lines, aluminium and glass finishes that help create an elegant piece of workout equipment that will look great in the office, home or home-gym.
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If you’re in search of a unique piece of fitness equipment the Gold Limited Edition version of Personal Heritage offers the ultimate in luxury with its gold leaf technique inspired by ancient Florentine craftsmanship. This apparatus may only be one square metre in size, but its design, elegance and appearance will encourage owners to make it a centrepiece. More than a pretty face, the machine incorporates Technogym’s internationally patented “Fullgravity” technology, offering a variety of resistance levels from 0 to 20 and encouraging workout programmes. 44 | FEBRUARY 2013
.,1(6,6 3(5621$/ /($7+(5 The ultimate in stylish home workout equipment, boasting the full functionality and technology that the Kinesis personal line offers, but with a high-end leather finish that gives this web-enabled fitness equipment classic appeal. The perfect fit to a traditional home — unobtrusive yet at the same time an attractive personalised accessory.
INDEPTH %BOJTI 'VSOJUVSF
Danish Modern The timeless craftsmanship of skilled architects and the imagination of enterprising individuals are the main actors in the global success story of Danish furniture design, and although their creators are gone, icons like The Egg and the Wishbone Chair continue to sell in places like London, New York, Shanghai and Tokyo. | by  SOFIE LISBY
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FOR ITS 60TH ANNIVERSARY IN 2010, HANS J. WEGNER’S WISHBONE CHAIR WAS RELEASED IN 12 NEW COLOURS. COURTESY OF CARL HANSEN & SØN
FEBRUARY 2013 | 55
INDEPTH %BOJTI 'VSOJUVSF
FRITZ HANSEN’S MILAN SHOWROOM. THE ‘KOGLEN’ LAMP IN THE TOP RIGHT CORNER WAS DESIGNED BY DANISH ARCHITECT POUL HENNINGSEN IN 1958 (Photo courtesy of Fritz Hansen).
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SERIES 7 CHAIR AND THE EGG. COURTESY OF FRTIZ HANSEN
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HANS J. WEGNER WITH A MINIATURE MODEL OF THE WINGCHAIR. COURTESY OF CARL HANSEN & SØN
Timeline 1869: Rudolaph Rasmussen (1838-1904) sets up his workshop on Nørrebrogade in Copenhagen. 1872: Cabinet maker Fritz Hansen (1847-1902) opens his workshop on the fashionable Kongens Nytorv in Copenhagen. 1908: Cabinet maker Carl Hansen (??-1962) opens his workshop in Odense on Funen. 1934: Fritz Hansen, now in the hands of son Christian E. Hansen (1874-1954) and grandsons Poul Frtiz Hansen (1902-1987) and Søren Christian Hansen (1905-1977), start working with Kaare Klint (1888-1954) and Arne Jacobsen (1902-1971). 1949: Architect Hans J. Wegner (1914-2007) designs the :LVKERQH &KDLU VSHFLÀFDOO\ IRU &DUO +DQVHQ 1958: Arne Jacobsen designs two of his most famous works, The Egg and The Swan, for the Royal Hotel (today the Radisson SAS Royal Hotel) in Copenhagen. 1979: Fritz Hansen is acquired by Skandinavisk Holding, ending 107 years of family ownership. 1982: Fritz Hansen takes over the production of a selection of architect Paul Kjærholm’s (1929-1980) designs. 2002: Knud Erik Hansen (1950 –), the grandson of Carl Hansen, becomes managing director of Carl Hansen & Søn. 2011: Carl Hansen & Søn acquires the historic Rud. Rasmussen from Jørgen Rud. Rasmussen, the fourth generation from Rudolph Rasmussen. The collection includes designs from Kaare Klint and Mogens Koch (1898-1993).
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THE WING CHAIR & THE WISHBONE CHAIR. COURTESY OF CARL HANSEN & SØN.12
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Idling engines AS VIETNAM’S ECONOMY STAGNATES AFTER YEARS OF STEADY GROWTH, THE RULING COMMUNIST PARTY NEEDS TO ADDRESS ITS TROUBLED BANKING SECTOR TO HELP SPARK INVESTOR CONFIDENCE IN A SLUMPING PROPERTY MARKET. | by MIKE IVES
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he skylines of Vietnam’s largest cities are dotted with construction cranes and bamboo scaffolds, just as they were in the boom years surrounding the country’s 2007 accession to the World Trade Organization. The main difference today is that economic growth has slowed from more than seven to less than five percent, and many cranes are lying idle. Vietnam was once seen as ASEAN’s next “tiger� economy, but many real estate projects have stalled amid a prolonged economic downturn. Concerns are swelling over widespread corruption and inefficient stateowned companies that have squandered public funds and provoked credit downgrades from international ratings agencies. The government has yet to take significant steps to clarify its murky regulations around foreign property ownership. In 2012, Vietnam significantly reduced its double-digit inflation and brought interest rates down to 14 percent from a high of about 23 percent. But its ruling Communist Party was dogged by political infighting, while banking scandals further spooked foreign investors and domestic buyers. Analysts say the Vietnamese property market isn’t likely to recover in the short term, and certainly not until the government makes a substantive effort to address the toxic debts weighing down its state-run banks. “Property values in Vietnam are still overpriced,� said Stephen Wyatt, Vietnam managing director at Knight Frank. “There’s no reason why 2013 will see much improvement in the property market ... because we have a number of non-performing loans in the banking sector, and general confidence in Vietnam is pretty low.�
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Suburban stirrings Among the reasons many developers and agents cite for Vietnam’s property market standstill is the fact that the government does not allow banks to repossess or auction stalled real estate projects. The result is a supply glut in the residential, hotel and office sectors. But the market has strong medium and long-term prospects, including a rising middle class, a young population and a rising rate of urbanisation. Yet despite the current economic gloom, some are pointing to potential bright spots. For example, Vietnam’s luxury villa market is not nearly as oversupplied as its apartment market, said David Henry, managing director for real estate at the Vietnamese fund manager VinaCapital. This spring the company plans to add 29 additional units to The Garland, its 55-unit villa development in an outer district of Ho Chi Minh City. Henry said many Vietnamese buyers are partial to suburban-style landed properties rather than urban high rises. “I don’t think the Vietnamese consumer thinks the market has reached bottom,” he added. “But we’re starting to see some evidence of sales.” Toward mixed use Vietnam is urbanising at a rate of 3.4 percent per year, according to the World Bank, and in 2009 the country earned the bank’s designation of “middle income country.” Against that background, developers say Hanoi and Ho Chi Minh City may eventually welcome more mixed-use complexes on urban fringes that combine retail, residential and office units. A prime example is Indochina Plaza, by the developer Indochina Capital, that juxtaposes condominium and office towers with a mall featuring Levis, Armani and other international brands. The complex lies near a fast-developing western area of the city and will eventually connect to downtown through a nascent subway line. “It’s by far the best-quality residential in that part of town and may appeal to Asian families who want to live above retail facilities,” said Marc Townsend, managing director at CB Richard Ellis in Vietnam. 78 | FEBRUARY 2013
TOP: THE GARLAND BOTTOM: INDOCHINA PLAZA
Townsend also said potential options for downtown development in Vietnamese cities include townhouses that meet upper-end luxury standards, or studio-sized apartments designed specifically for expatriate executives. However, he added, no investors are expecting to make the kind of profits they did during Vietnam’s 2007 boom.
TOP: LAGUNA LANG BOTTOM: THE COSTA
Beach retreats Another potential bright spot in Vietnam’s property market is the central coast, which stretches from Hue to Hoi An and includes the central city of Danang. In recent years, a trickle of foreign buyers have purchased 50-year leases at the area’s beachfront properties. Danang’s refurbished airport opened in late 2011 and so far offers regular service to Seoul, Singapore and Kuala Lumpur. The city’s five-star hotel occupancy rates remain below 60 percent, according to CB Richard Ellis, but developers and local businesses are promoting the central coast as Asia’s next international resort destination. A 2009 law states that foreigners who live in Vietnam and meet certain conditions may lease properties for 50 years, but the Hanoi-based developer Indochina Capital has created a legal
structure allowing non-resident foreigners to lease units for 50 years at its three luxury resort projects on the central coast. Singapore-based Banyan Tree Group is also offering luxury units through an offshore sales structure at Laguna Lang Co, a new resort and villa project further north along the coast. “Laguna Lang Co is poised to become the leading worldclass holiday and premium second home destination in Southeast Asia,” Adeline Wee, the development’s director of property sales, said in a statement. TD Joint Stock Company’s The Costa Nha Trang Residences will be the first 5-star luxurious apartment complex in Nha Trang City. Managed by InterContinental Hotels Group, the Crowne Plaza, the five-star facilities and services are an additional benefit to residents and the building is designed by world-class architect Tan Hock Beng. However, Vietnam’s laws around foreign property ownership remain unclear, and developers say domestic buyers -particularly Hanoians -- therefore comprise the vast majority of villa and condominium buyers along the central coast. The exception is the Nam Hai, Indochina Capital’s signature resort project, which opened in 2006 and is now reselling villas for up US$2 million. According to Timo Schmidt, operations manager at Vietnam Sotheby’s International Realty, the majority of the resort’s 40 villas are owned by international clients, many of them from Europe.
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Waiting game Michael Sieburg, Vietnam manager at the Singapore-based consultancy Solidiance, said although Vietnam’s economy is slumping, he has observed some positive signs of change. Mobile phone exports are rising, he noted, and although new foreign investment commitments were down this year, the amount of capital flowing into the country remained fairly stable. Some Asian and Middle Eastern firms have recently made large investments that signal confidence in the country’s long-term prospects, he added, but in order for Vietnam’s property market to improve, the government needs to build on its recent macroeconomic gains. “If inflation shoots right back up, that could have bad implications for the market,” he added. However, it is unclear exactly what would drive Vietnamese consumers to invest in real estate on a large scale. More than 60 percent of the population is under 30, and while many young couples increasingly have disposable cash, analysts say they appear to be hoarding it until they see definitive signs that the residential market has bottomed out. Stephen Wyatt, of the property agent Knight Frank, said he regularly receives inquiries from international investors who are interested in Vietnam’s property market, but he added, “There is so much supply that even if the market slightly picks up, we’re looking at another one to two years of take-up before there’s any real demand.”
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ANALYSIS *OTJHIUT
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%VEF XIFSF T NZ DBS Residential offerings abound in Asia, but parking spaces seem few and far between. At the top of the parking chain you can slip your Ferrari in a lift that ascends straight into your apartment, but for less wealthy homeowners, the choices are limited. I  have  a  dirty  little  secret.  It’s  dark,  ugly  and  without  a  doubt  serves  little  in  the  way  RI VHUYLFH WR WKH VRFLHW\ ZH OLYH LQ /LIHČƒV human  tragedy  is  never  far  from  us  these  days,  which  often  tempts  me  to  escapism  in  the  form  of  mindless  comedy.  Despite  my  well  known  affection  for  the  Brothers  Coen,  Martin  Scorsese  and  Paul  Thomas  Anderson,  I  still  turn  up  for  each  and  every  Adam  Sandler  movie.  I  call  on  Will  Ferrell,  Ben  Stiller  or  even  Steve  Carrell  anytime  my  mood  turns  grey,  and  you  can  expect  no  apologies  for  this.  Which  brings  me  rather  smoothly  to  the  title  of  the  piece,  which  was  stolen  from  WKH KLODULRXVO\ IXQQ\ ʉLFN ZKLFK UDQNV high  up  next  to  “Weekend  at  Bernie’sâ€?  on  my  list  of   things  to  see  before  you  die.  Unfortunately,  the  sequel  “Weekend  At  %HUQLHČƒV ȇ VKRXOG EH DYRLGHG DW DOO FRVW Çż place  it  in  the  same  bin  as  the  Paris  Hilton  &' \RX JRW ĘˆYH \HDUV DJR IRU &KULVWPDV and  incinerate  them  both  immediately.  The  point  is  that  one  of  the  unsung       100 | FEBRUARY  2013
victims  of  Asia’s  exploding  property  boom  and  development  supersised  dengue  fever  is  the  magical  vacant  parking  place.  Forget  Joni  Mitchell  and  those  rose  coloured  glasses  of  1970.  They  did  pave  paradise  ǿ EXW LQ PDQ\ FDVHV IRUJRW WR SXW XS WKH parking  lot.  Rising  condo  towers  around  every  FRUQHU DQG WKH QHZ DIʉXHQW PLGGOH class  who  all  want  a  brand  new  shiny  automobile  are  wreaking  havoc  on  the  region’s  infrastructure.  Cars  line  the  streets,  alleys  and  highways  as  far  as  the  H\H FDQ VHH 6R ZKHUH WR SDUN" Hobbit  house  condominiums  only  provide  the  bare  essential  facilities,  often  LQ VTXDUH ER[HV WKH VL]H RI P\ ĘˆOLQJ FDELQHW ([WUD SDUNLQJ IRU JXHVWV" 1R ZD\ 'HYHORSHUV DUH VXFNLQJ XS WKH SURĘˆW from  holding  back  on  vehicle  spaces  to  branch  out  into  lifestyle  offerings  like  retail  shopping  experiences,  amusement  areas  and  hotels.  The  East’s  new  age  of  consumerism Â
is  bringing  about  more  mega  mall  complexes  and  also  going  local  into  strip  type  community  offerings  where  you  can  eat,  drink,  work  and  sleep  (ideally  not  in  that  order).  Getting  between  the  grinds,  however,  is  still  a  monumental  task  that  is  best  termed  “carmageddonâ€?.  Roll  over  road  rage  and  going  postal,  bring  on  parking  rage.  Assaults  with  GHDGO\ ZHDSRQV ĘˆVW ĘˆJKWV EURNHQ KRPHV and  all  manner  of  insanity  lurk  in  the  mind  whenever  you  simply  want  to  park  your  car.  The  Asian  workhorse  economies  are  pumping  out  the  cash  full-Âtime,  but  VHHPLQJO\ PRVW JRYHUQPHQW RIĘˆFLDOV didn’t  get  the  memo.  Zoning,  building  FRQWUROV LQIUDVWUXFWXUH" %ULQJ RQ &RPHG\ Central  to  tackle  these  as  it’s  like  playing  from  behind  against  Manchester  United  10-Ânil  in  extra  time,  with  only  nine  on  your  side.  So  I  think  I  can  answer  the  comedic  question  at  hand  with  some  authority.  :KHUHČƒV P\ FDU GXGH" ,WČƒV GULYLQJ DURXQG aimlessly  for  hours  just  looking  for  somewhere  to  park.   -------------------------------------------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
HI LIFE
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Project name: ZScape X2 Product type: Resort-style Condominium Developer: Tri Property Co., Ltd. Location: Next to the Boat Avenue Shopping Street on Phuket’s west coast, close to luxury leisure facilities and just a five-minute walk from Bangtao Beach. Phuket International Airport is a 20 minute drive away. Architect: Preen Studio Interior Design: Tri Property. Launch date: December 15, 2012 (pre-sales) Expected completion date: Q4,2014 Total number of sub-divisions: 191 units (7 floors, including a parking level) Average size of sub-division: Room Types Size (sqm) No. of Units 1 Bedroom 31.86 – 36.87 103 1 Bedroom 26.55 – 31.09 76 2 Bedroom 41.05 – 41.1 12 Price Range: From 1.49 million baht (US$48,964). Monthly maintenance fees (Approximate): 1,000 baht Expected rental return per annum: 160,000 – 450,000 THB Contact details: Sales Gallery, Baandon-Cherngtalay Road, Cherngtalay, Thalang, Phuket 83110. Tel: +66 84 444 0707-9 sales@z-phuket.com www.z-phuket.com
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