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Issue 128 June / July 2015

S$8, RM21.20, IDR64,000, THB200, HK$48, PHP280

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4 | JUNE / JULY 2015

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National nominations now open FOR MORE INFORMATION Visit: asiapropertyawards.com CONTACT: INFO@ASIAPROPERTYAWARDS.COM

JUDGING SUPERVISED BY:

OFFICIAL VENUE:

8 | JUNE / JULY 2015

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SETTING THE BENCHMARK FOR EXCELLENCE IN THE REGION’S PROPERTY SECTOR SINCE 2006 MEDIA PARTNERS:

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JUNE / JULY 2015 | 9

PUBLISHING EDITORIAL Issue 128 JUNE / JULY 2015

TERRY BLACKBURN LIAM ARAN BARNES RICHARD ALLAN AQUINO STEPH JOHNSON AUSANEE DEJTANASOONTORN THESIS AREEPIPATKUL ALVA HORGAN PRAWRAPAT ATTHARATCHATANAN SUNATTA SANGSUWAN SUPHATRA PAKDEEWIROJ BHAWADHOL POOWASUNPETCH PREAW RUNGRUENGRAYUPKUL TANATTHA SAENGMORAKOT NATTANIT SIRISAMPHAN PATRAVADEE SIRAPANTHAKARN

CHIEF EXECUTIVE OFFICER terry@ensign-media.com EDITOR liam@ensign-media.com DEPUTY EDITOR allan@ensign-media.com EDITORIAL ASSISTANT steph@ensign-media.com ART DIRECTOR ausanee@ensign-media.com GRAPHIC DESIGNER thesis@ensign-media.com SALES DIRECTOR alva@ensign-media.com SALES EXECUTIVES prawrapat @ensign-media.com sunatta@ensign-media.com SALES AND MARKETING EXECUTIVE PHUKET, PHANG NGA, SAMUI AND KRABI suphatra@ensign-media.com EVENTS MANAGER bhawadhol@ensign-media.com EVENTS TEAM preaw@ensign-media.com tanattha@ensign-media.com nattanit@ensign-media.com INTERNATIONAL DISTRIBUTION MANAGER patravadee@ensign-media.com ENQUIRIES, COMMENT, LETTERS, EDITORIAL SUBMISSIONS editorial@property-report.com GENERAL info@property-report.com SUBSCRIPTION subscription@property-report.com

Ensign Media Co. Ltd. SINGAPORE : 120 Telok Ayer Street Singapore 068589 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 www.ensign-media.com

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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.

JUNE / JULY 2015 | 11

CONTENTS Issue 128 JUNE / JULY 2015

34 PERIMETER

NEWS

19. Events Unmissable events in Singapore, Jakarta, Manila, Tokyo and Dublin

30. Asia Property Awards News The latest on the most respected and biggest real estate awards in the region

22. Style ?\i\ Xi\ jli\Ôi\ nXpj kf Y\ fashionable outdoors and rough it in style 24. Trends You’ll need these essential add-­ons if you’re travelling with excess baggage to your favourite resorts this summer 26. Gagdgets Say hello to mean machines and futuristic

24

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32. Leading edge: Killing the golden goose Indonesia’s proposed tax laws are plumbing the depths of the property market 34. Leading edge: Remodelling the Beirut paradox Contradictions create the ultimate thrill for fearless property investors in Lebanon’s main port of call

36. Graphic details Ready for primetime: the latest trends in the world’s top housing markets

32

38. Insights: Ghost in the machine Bill Barnett says that’s dark forces get to work once homes are left unoccupied 40. Analysis: Singapore, n_\i\ Y`^ dfe\p Õfnj Even with its cooling property market, luxury expert Alexander Karolik Shlaen thinks Singapore’s real estate future is looking bright

22 38

JUNE / JULY 2015 | 13

FEATURES

59

44. Dawn of a new Manila As integrated, mixed-­use settlements emerge around the Philippines’ national capital region, the race is on to Ôe[ k_\ e\ok gi\d`\i :9; Xe[ residential hotspot 59. SPECIAL: Asia’s Best Resort Residences 2015 After much deliberation and adherence to strict criteria, we present Asia’s 15 best resort residences of the year

98

91. The X factor Wealth-­X co-­founder David Friedman shares his insights on wealth intelligence, growth strategies and chips in on debate on luxury

91

98. Neighbourhood Watch: District 2 Ho Chi Minh City’s fastest-­ growing district plays host to a variety of luxury condos, world-­renowned eateries and alternative hot spots for local scenesters

44

106. An Irish comeback =fccfn`e^ X ÕXk$c`e`e^ \lif Xe[ resurgent real estate growth rates that rival leading global markets, is now the time to buy on the Emerald Isle?

118. Coming up roses in Colombo Sri Lanka’s commercial capital has witness strong economic growth, improving infrastructure and an increase in tourist arrivals, but is its emerging property market ready to welcome the overseas investment elite?

106

118

138

REGULARS 16. Editor’s note 122. Gifa\Zk gifÔc\ 123. Directory 138. Scope

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JUNE / JULY 2015 | 15

EDITOR’S NOTE Issue 128 JUNE / JULY 2015

Few would argue that Asia is home to world’s greatest array of resort residences both in terms of accessibility, affordability and outright elegance.

For more than two decades, Phuket and Bali have led the charge, catering to hordes of holidayers and buyers in search of their own personalised slice of paradise. But resorts on the Pearl of the Andaman and Island of the Gods are increasingly being joined by a series of impressive properties in Asia’s emerging destinations such as Cambodia’s southern coast, Danang in Vietnam and the Malaysian state of Perak.

The rise of these new markets has injected a dose of diversity and variety into this year’s official Asia’s Best Resort Residences hotlist, which can be found in full from page 59.

Elsewhere in this mid-year double issue, Manila’s’ new urban townships are put under the microscope (p.44), opportunities for investment in Sri Lanka’s largest city, Colombo, are explored in detail (p.118) and the reasons for the reinvention of Ireland’s property market are revealed (p.106). David Freidman, the co-founder of Wealth-X, is the subject of this month’s Luxury Interview (p.91) and the best spots to live, eat, drink and play in Ho Chi Minh City’s District 2 are highlighted (p.91), while the News & Views section includes insights into recent developments in Beirut, Indonesia and Singapore.

Liam Aran Barnes Property Report liam@ensign-media.com

16 | JUNE / JULY 2015

JUNE / JULY 2015 | 17

18 | JUNE / JULY 2015

PERIMETER

Ciputra Artpreneur, Jakarta New Cities Summit 2015; 9-11 June

JUNE / JULY 2015 | 19

PERIMETER | &WFOUT

SIAL ASEAN The region’s leading meeting point for B2B food and beverage industry experts happens this year at the Main Hall of the World Trade Center Metro Manila in the Philippines, with more than 300 exhibiting companies and 7,500 visitors from ASEAN and beyond. Co-organised by Comexposium, MAFBEX Events Management and SIAL Group, the 2015 South East Asian Food Marketplace will also feature a number of cultural performances on gala night showcasing the region’s rich heritage and history, to be attended by various ambassadors from Japan, Canada, Mexico and France, among others.

17–19 June; sialasean.com

NEW CITIES SUMMIT 2015

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An estimated 800 urban leaders, thinkers, artists and innovators will meet at the Ciputra Artpreneur in Jakarta, the first-ever Asian host of the renowned New Cities Summit event, organised by the Geneva-based New Cities Foundation. With the theme ‘Seizing the urban moment: Cities at the heart of growth and development’, the fourth global edition of the summit will address the specific challenges and opportunities faced by Asian metropolises by fostering positive urban change through crosssector network building, forums and discussion.

Taking place in Tokyo’s iconic Tsunamachi Mitsui Club and Toranomon Hills, the Urban Land Institute’s (ULI) $VLD 3DFLÀF 6XPPLW ZLOO EH MRLQHG E\ UHDO HVWDWH and land use professionals from around the region, who will discuss the impact of the upcoming 2020 Tokyo Olympics on the property sector, among other issues. Registration fee for non-members is USD2,350 per head, and they also get a one-year ULI Associate membership after the summit as a bonus.

9-11 June; newcitiessummit2015.org

20 | JUNE / JULY 2015

2-4 June; asiapacsummit.uli.org

3RD ASIA PACIFIC TRADING ARCHITECTURE SUMMIT Incisive Media brings together more than 250 senior trading technology and enterprise infrastructure SURIHVVLRQDOV IURP DFURVV $VLD 3DFLÀF DW WKLV DQQXDO VXPPLW WKDW FDWHUV WR WKH UHJLRQҋV ODUJHVW ÀQDQFLDO institutions, vendors, exchanges and consultants. Set to be held at The Fullerton Hotel, Singapore, this year’s event highlights the potential of Bitcoin’s blockchain technology for capital markets, and GLVFXVVHV EXLOGLQJ ÁH[LEOH DQG VFDODEOH LQIUDVWUXFWXUH WKDW HPEUDFHV QHZ WHFKQRORJLHV DQG FKDQJLQJ EXVLQHVV QHHGV 7KH EHVW SDUW" )UHH DGPLVVLRQ IRU TXDOLÀHG HQG XVHUV 24 June; events.waterstechnology.com/aptas

14TH REAL ESTATE INVESTMENT WORLD ASIA Want to learn more about Asia’s next big investment opportunities? Singapore-based business media company Terrapin presents a forward-looking forum, dubbed ‘Asia’s largest real estate industry gathering’, where participants can find out how demographic shifts in the region will impact investment strategies and where the capital flow across Asia will lead. The annual event, attended by top property experts and players from around the world, takes place at Level 3, Sands Expo & Convention Centre in Singapore. A three-day pass is available for SGD5,055 (USD3,760).

17-18 June; terrapinn.com/reiwasia

JUNE / JULY 2015 | 21

PERIMETER | 4UZMF

Time is on your side

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Available in glowing red gold, the stainless steel GlashĂźtte 2ULJLQDO 3DQR0DWLF/XQDU KDV MHZHO EHDULQJV SROLVKHG screws and bevelled edges, to remind you that time is truly gold, and is also impeccably heavy-duty. This item will be available for purchase by Q4 2015.

From EUR9,700–20,200 (USD10,900–12,200); glashuette-original.com

Eyes wide open

Bag it up

Popular luxury accessories makers Luxottica and Michael Kors sunglasses announced their partnership to create an exclusive line of eyewear some time DJR WKH KLJKO\ DQWLFLSDWHG FROODERUDWLRQ ZLOO ÀQDOO\ GHEXW LWV 0LUDQGD &ROOHFWLRQ in Spring 2015. With its distinctive metal and leather design, there’s no doubt that this merging of styles is a match made in eyewear heaven.

7KH UXJJHG ÀQLVK RI WKLV Coach Campus Pack is balanced out by luxurious, pebble leather giving it a streamlined and modern look.

This sporty bag is perfect for biking or hiking trips in the woods. Connectivity while on the road is also important, so this bag has plenty of space for gadgets.

USD245; luxottica.com/en/michael-kors-luxottica

USD350; coach.com

     22 | JUNE  /  JULY  2015

JL. PETITENGET, SEMINYAK KEROBOKAN, DENPASAR, BALI +62 361 4738 106 whotels.bali@whotels.com

JUNE / JULY 2015 | 23

PERIMETER | 5SFOET

Excess baggage <RXÂśOO QHHG WKHVH HVVHQWLDO DGG RQV LI \RXÂśUH WUDYHOOLQJ WR \RXU IDYRXULWH UHVRUW ZLWK D ND\DN H[WUD OXJJDJH RU DQ LQIDQW ,GHDO IRU URXJK URDG WULSV /DQG 5RYHU YHKLFOHV DUH EXLOW WR ODVW IHDWXULQJ RQ DQG RII URDG FDSDELOLWLHV 7KH\ DOVR FRPH ZLWK VW\OLVKO\ GXUDEOH RSWLRQDO DFFHVVRULHV WKDW \RX FDQ SXUFKDVH VHSDUDWHO\ GHSHQGLQJ RQ \RXU WUDYHO QHHGV

Child seat Luggage box For extra baggage, hereâ&#x20AC;&#x2122;s a luggage box that can carry up WR NJ ,WŇ&#x2039;V JUHDW ORRNLQJ WRR ² MXVW ORRN DW WKDW JORVV\ EODFN Ă&#x20AC;QLVK $V LW LV D PRXQWHG DFFHVVRU\ URRI UDLOV DQG FURVV EDUV are required.

â&#x20AC;&#x2DC;Donâ&#x20AC;&#x2122;t you worry childâ&#x20AC;&#x2122;, as the song goesâ&#x20AC;Ś Land Roverâ&#x20AC;&#x2122;s complete range of approved FKLOG VHDW RSWLRQV UDQJLQJ WR Ă&#x20AC;W LQIDQWV WR young children, is easily cleaned â&#x20AC;&#x201C; simply remove the machine washable cover and put in your machine.

MYR4,790 (USD1,342);

MYR2,880 (USD807)

Aqua sports carrier This multi-use sports carrier is not choosy at all: it can carry either one surfboard, sailboard, canoe or kayak, as long as itâ&#x20AC;&#x2122;s under 45 kg.

Just to be on the safe side, the aqua sports carrier also comes with lockable holder for a mast, oars or paddles.

Roof rails and cross bars are required to install this mounted accessory.

MYR3,135 (USD878)

     24 | JUNE  /  JULY  2015

Land Rover is distributed in Malaysia and China by Sime Darby Motors; accessories. landrover.com

A Great Sense of Space

The Original Boutique Duplex Development Alanna Yamu’s contemporary open design complements an efficient use of space, creating a fluid flow from spacious living areas to private infinity pools overlooking Phang Nga Bay. Alanna Yamu is in an unrivalled location along the unspoiled east coast of Phuket; minutes to amenities, offering couples and families a unique blend of seclusion and convenience.

Development completely finished in November 2014 and all duplexes ready to move-in. Only 5 units left, please contact K. Jui at +66 8 1397 7253 for more details.

www.alannayamu.com

JUNE / JULY 2015 | 25

PERIMETER | (BEHFUT

Under the sea

Bold and beautiful

Always wanted your very own underwater camera but couldnâ&#x20AC;&#x2122;t decide on which model to get? Panasonic offers two Lumix-branded travel cameras that can keep up with your GLYLQJ VQRUNHOLQJ EDFNĂ LSV RU KRZHYHU \RX FKRRVH WR IUROLF in the ocean. The Lumix TS6 is dustproof, freezeproof up WR Ă?& ZDWHUSURRI XQWLO PHWUHV DQG KDV EXLOW LQ :L )L GPS and NFC. The Lumix TS30 doesnâ&#x20AC;&#x2122;t have the same hightech connectivity functions but is still dustproof and able to be underwater for up to 8 metres.

Supercharged and intercooled, the 2015 Kawasaki Jet SkiÂŽ ULTRAÂŽ 310LX comes in candy lime green and a subdued ebony. With a 12-month warranty and a 310 horsepower, WKHUHŇ&#x2039;V QR ZD\ WKDW \RX ZRQŇ&#x2039;W HQMR\ ULGLQJ WKLV WRS RI WKH OLQH MHW VNL ZKLFK KDV URRP IRU WZR DGGLWLRQDO SDVVHQJHUV IRU D combined load of 496 lbs. If youâ&#x20AC;&#x2122;re afraid to even scratch it, you can get Kawasakiâ&#x20AC;&#x2122;s optional protection plan, available in 12, 24, 36 or 48-month tenures.

Price TBD; kawasaki.com

From USD179â&#x20AC;&#x201C;299; panasonic.com

Mean machines %HLQJ IDVKLRQDEO\ FRRO RQ WKH EHDFK LV DOZD\V D PXVW /RRN QR IXUWKHU WKDQ WKHVH DZHVRPH RXWGRRU IULHQGO\ JDGJHWV WKDW ZLOO PDNH \RX VWDQG RXW WKLV VXPPHU

No sweat Of course, the great news is that this pair of wireless sports earphones from Beats by DreÂŽ is sweat resistant, so youâ&#x20AC;&#x2122;ll never have to be concerned that it wonâ&#x20AC;&#x2122;t work again after D KHDY\ VHVVLRQ UXQQLQJ RU MRJJLQJ RQ WKH EHDFK 7KH EDG news is that they arenâ&#x20AC;&#x2122;t entirely waterproof; so donâ&#x20AC;&#x2122;t forget to take them off if you decide to go for a quick dip.

USD199.95; beatsbydre.com

     26 | JUNE  /  JULY  2015

JUNE / JULY 2015 | 27

“The Ultimate in Resort Living”

Lifestyle Villa & Residence Ownership Opportunities propertysales@andaraphuket.com

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28 | JUNE / JULY 2015

andara resort & villas 15 moo 6, kamala beach, kathu, phuket 83150 thailand t: +66 (0) 76 338 777, f: +66 (0) 76 338 949 e: reservations@andaraphuket.com www.AndaraPhuket.com

KILLING THE GOLDEN GOOSE IN INDO-­ NESIA BEI-­ RUT’S ULTIMATE THRILL HOUSING MAR-­ KETS FOR PRIME-­ TIME GHOST IN THE MACHINE SEEING A BRIGHT FUTURE IN SINGAPORE?

JUNE / JULY 2015 | 29

PROPERTY AWARDS NEWS BTJBQSPQFSUZBXBSET DPN

LATEST Â BOOST Â FOR Â CAMBODIAâ&#x20AC;&#x2122;S Â Â BOOMING Â PROPERTY Â SECTOR Undoubtedly home to one of Southeast Asiaâ&#x20AC;&#x2122;s most exciting and rapidly evolving property markets, Cambodia is set to receive the regionâ&#x20AC;&#x2122;s real estate industry seal of approval when it becomes the latest country to be included in the coveted, decade-old Asia Property Awards series.

The Cambodia Property Awards 2015, due to be held 25 September, will have 13 award categories â&#x20AC;&#x201C; divided in three main clusters, namely Developer, Development and Design â&#x20AC;&#x201C; to recognise the achievements of the most successful, dynamic and innovative developers and developments across the residential and commercial sectors in Cambodia, as well as introducing the market to a wider regional audience of affluent investors and major industry players.

     30 | JUNE  /  JULY  2015

â&#x20AC;&#x153;Although Cambodia is a comparatively small market, it is quickly emerging and is definitely deserving of the recognition it will receive,â&#x20AC;? said Terry Blackburn, CEO of Ensign Media, event organiser and publisher of Property Report. â&#x20AC;&#x153;Competing here will also give the winners of the big awards the opportunity to compete in South East Asia Property Awards grand finale in Singapore in October.â&#x20AC;?

As is the case with all the Awards, successful entries â&#x20AC;&#x201C; nominated by the public and industry peers â&#x20AC;&#x201C; will be assessed by an independent panel of highlyexperienced judges who shall conduct thorough site inspections of all shortlisted properties before the final decisions are made.

:7 3$571(56+,3 63216256 ,1'21(6,$ (9(17 Acclaimed international practitioner of property, construction, engineering, infrastructure, quantity surveying and cost management consultancy, WT Partnership recently signed on as Silver Sponsor for the Ă&#x20AC;UVW DQQXDO ,QGRQHVLD 3URSHUW\ $ZDUGV WR EH KHOG RQ Thursday, 6 August.

With more than 1,250 staff located in the United Kingdom, Europe, South East Asia, Central America, $XVWUDOLD DQG WKH 3DFLĂ&#x20AC;F :7 3DUWQHUVKLS KDV SURYLGHG Ă&#x20AC;UVW FODVV FRQVXOWDQF\ VHUYLFHV LQ WKH SXEOLF DQG SULYDWH sectors since its establishment more than 60 years ago.

In Indonesia, the practice has been managed since 1999

by Paul Noonan, who was recently elected chairman of the inaugural Indonesia Property Awards central panel of judges. â&#x20AC;&#x153;It is highly appropriate that the Asia Property Awards programme now takes place in Indonesia, which in recent \HDUV KDV H[SHULHQFHG D SURSHUW\ ERRP DQG LV Ă&#x20AC;UPO\ LQ the spotlight of Asia,â&#x20AC;? said Noonan. â&#x20AC;&#x153;I would expect that the event will strengthen and invigorate the focus on Indonesia.â&#x20AC;?

%/220%(5* 79 ,1'21(6,$ 72 352027( ,1'21(6,$ 3523(57< $:$5'6 ,QGRQHVLD¡V Ă&#x20AC;UVW ZRUOG FODVV KRXU EXVLQHVV FKDQQHO Bloomberg TV Indonesia has signed on as media partner in Indonesia, which is set to be the biggest real estate industry event in the archipelago.

Founded in July 2013, Bloomberg TV Indonesia and LWV DIĂ&#x20AC;OLDWHV¡ XQULYDOOHG UHVRXUFHV ZLOO FHUWDLQO\ EURDGHQ WKH FRYHUDJH IRU WKH Ă&#x20AC;UVW HYHU HGLWLRQ RI (QVLJQ 0HGLD¡V Property Awards programme in the country.

The networkâ&#x20AC;&#x2122;s massive reach will help ensure the Awardsâ&#x20AC;&#x2122; impact during its launch year. It is set to broadcast a series of advertisements that can also be seen via its real-time live streaming service on its website, bloombergindonesia.tv, which carries 80 percent of its news content in Bahasa Indonesia and the rest are in English.

The Indonesia Property Awards was formally launched RQ $SULO DW WKH RIĂ&#x20AC;FLDO YHQXH VSRQVRU ,QWHU&RQWHQWDO Jakarta Midplaza.

7+ 7+$,/$1' 3523(57< $:$5'6 2)),&,$//< /$81&+(6 Free, fair and transparent, Thailandâ&#x20AC;&#x2122;s biggest event in the real estate world returns for a tenth historic year in 2015 with a glittering black-tie dinner and awards ceremony.

Formally launched on 21 April at the Centara Grand in Bangkok, the landmark, 10-year anniversary event will be VKRZFDVLQJ WKH Ă&#x20AC;QHVW QHZ GHYHORSPHQWV IURP DOO FRUQHUV RI WKH .LQJGRP RQ :HGQHVGD\ 6HSWHPEHU DW WKH Ă&#x20AC;YH star Plaza Athenee Hotel.

A global leader in premium built-in kitchen and bath JLL Thailand returns to support this yearâ&#x20AC;&#x2122;s event as SURGXFWV 7(.$ KDV FRQĂ&#x20AC;UPHG VXSSRUW IRU WKH $VLD Property Awards 2015 programmes in Malaysia, Vietnam, Gold Sponsor, while Hansgrohe, an award-winning PXOWLQDWLRQDO Ă&#x20AC;UP WKDW VSHFLDOLVHV LQ SUHPLXP EDWK DQG Myanmar, the Philippines and Indonesia. shower products, has also signed on as Gold Sponsor.

With six operational subsidiaries in the Southeast and Moreover, the Awards will receive a further boost from East Asia regions, TEKA has signed on as Silver Sponsor IRU (QVLJQ 0HGLD¡V Ă&#x20AC;YH HYHQWV VD\LQJ WKDW LWV VSRQVRUVKLS the Kingdomâ&#x20AC;&#x2122;s top business associations, including the British Chamber of Commerce, the Irish Thai Chamber of would fortify the companyâ&#x20AC;&#x2122;s commitment to the thriving Commerce and the Swedish Chamber of Commerce. real estate industry in the ASEAN.

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JUNE Â / Â JULY Â 2015 | Â 31 Â Â

LEADING EDGE

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obody could claim that Indonesian president Joko Widodo, widely known as Jokowi, has had an easy ride of it VLQFH WDNLQJ RIÀFH ODVW \HDU Jokowi assumed his position riding a wave of optimism after a highly successful reign as Governor of Jakarta where he earned a reputation as a man of the people unscarred by the corruption that has traditionally tainted Indonesian politicians.

Since then, however, the populist leader has faced a number of

32 | JUNE / JULY 2015

SUHVVLQJ GLIÀFXOWLHV UDQJLQJ IURP Indonesia’s perennial internecine wrangling to recent controversy over the country’s draconian use of capital punishment.

With his popularity among voters seemingly under threat, Jokowi is desperate to press forward with his populist manifesto pledges. And, with a tax revenue target of USD114 billion to be met this year, the country’s booming property sector has been targeted as a potential cash cow.

Controversy is currently raging

in Jakarta over government plans to introduce a revised property tax on what it deems to be luxury real estate. As things currently stand, an additional tax of 20 percent is levied on new landed houses with building areas of more than 350 square metres or apartments with unit areas over 150 square metres. The ruling party wants to change these regulations to apply the tax to all sales of landed houses and apartments with a transaction price of more than IDR2 billion (USD154,709).

In addition, a super luxury tax of 5 percent will be applied to purchases on landed houses over 400 square metres or apartments with unit areas over 350 square metres that are transacted at over IDR2 billion.

It is the change in the criterion for the 20 percent tax, however, that is most vexing developers and buyers.

While many accept the concept of channelling more cash from Indonesia’s booming property sector into state coffers, it is the seemingly DUELWUDU\ UHFODVVLÀFDWLRQ RI ZKDW falls into the luxury bracket that has angered many.

With apartments at the upper end of the scale fetching average prices in excess of IDR30 million (USD2,316) per square metre, developers consider a total transaction price of IDR2billion to be far too low a threshold to be considered as ‘luxury’.

Developers have made representations to the government, urging them to consider a more progressive form of taxation rather than imposing the blanket 20 percent levy across the board. For now, the new regulations have not been applied.

But with Jokowi’s government under pressure to boost tax collection to fund ambitious spending plans on infrastructure, education and health, experts anticipate that it is only a

matter of months before they hit the statute books.

“It is currently looking like this will become fact by late summer,” said Hasan Pamudji, head of research (Indonesia) for analysts Knight Frank. “Developers have been pressing hard for a more progressive alternative and certainly it has been argued that IDR5 billion (USD386,000) would be a much more realistic starting point for this luxury tax than IDR2billion.

“However, the government’s tax raising targets are very ambitious and it sees property — along with other high performing sectors such as oil and gas, electricity and tobacco — as what one might deem ‘fair game’ for taxation.”

As well as raising taxes, the feeling is that Jokowi’s administration will use the revised luxury levy as a tool to cool down the overheating property market in Indonesia, especially Jakarta, where average yearly price rises of up to 17 percent on new condominiums have been witnessed.

Still, analysts believe that the government may be biting off more than it can chew.

“I’ve heard people say that these new measures have the potential to kill the property market,” said Luke Rowe of Jones Lang LaSalle Indonesia. “Although there’s a tendency towards hyperbole when commenting on issues such as these, , GHÀQLWHO\ WKLQN WKHUH ZLOO EH D VLJQLÀFDQW NQRFN RQ HIIHFW ,Q DGGLWLRQ to this 20 percent luxury tax, buyers need to pay VAT and other taxes and fees. So in many cases they will be looking at being taxed up to 40 percent on purchase in the primary market.

“So while rental yields and value for money might still be decent in Indonesia, these taxes are in danger of killing the golden goose. The PDUNHW LV VWLOO ÁHGJLQJ VR WKHUH·V D feeling that the government should be encouraging people to enter the property market rather than discouraging them, which is what these taxes will ultimately do.”

With the new measures seemingly destined to become a reality, analysts are united in the belief that the Indonesian property market is set to enter D GLIÀFXOW F\FOH “There will still be opportunities for investors, but it will not be so easy,” said Pamudji. “With the threshold being set as low as it is, it ZLOO EH GLIÀFXOW IRU LQYHVWRUV WR MXVWLfy the outlay. With speculation generating a large proportion of sales, this will also have a knock on effect for developers and pipeline projects.

They will have to be extra creative DQG VDFULÀFH RQ WKH SURÀW PDUJLQ E\ coming up with a good product with a higher production cost.”

Taxing the rich will always win votes and there are few who would argue against sourcing necessary public funds from Indonesia’s booming property market. However, an arbitrary UHFODVVLÀFDWLRQ ZKHUH WKH ¶OX[XU\· tax is levied on average properties is unlikely to endear Jokowi to the real estate industry and its enterprising investors any time soon.

Marine

JUNE / JULY 2015 | 33

LEADING EDGE

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poradic car bombings, warring neighbours and post-civil war aftershocks are juxtaposed against Beiruit’s topographical beauty, ancient culture and party agenda. The riskaverse are staying clear for now but audacious investors and developers starting to creep in on the city are hoping that the Lebanese capital’s property market may be a case of fortune favouring the bold.

Savills pinpointed the city’s potential in the 2014 Candy GPS Report, earmarking the ancient city as a ‘rising star’ due to its impressive post-war regeneration and relatively cheap real estate.

The city’s remarkable recovery after the civil war of 1975-1990 can mostly be attributed to Solidere, a controversial development company founded in 1994 by WKHQ SULPH PLQLVWHU 5DÀF +DULUL

34 | JUNE / JULY 2015

with the purpose of planning and redeveloping the Beirut Central District (BCD).

Critics claim Solidere has destroyed the rustic charm of the city – as well as lining the pockets of government cronies – but there can be no doubt that the company’s infrastructure development and urban ODQGVFDSLQJ SURMHFWV KDYH ÀUPO\ put Beirut on the map for global investors. Development aside, the company has also injected a dose of culture into the BCD in the form of events like a marathon and an annual jazz festival.

“There are features of the city that are compelling,” said Yolande Barnes, director of Savills World Research, citing aspects such as its ongoing reconstruction, the forecast rise in city GDP and population growth.

“The risks of another civil war,

property destruction and security risks are still present so it is a highrisk strategy to play in a high-risk region but it would diversify returns away from the fully-priced cities of Dubai and Abu Dhabi,” she added.

Part of Beirut’s global appeal is undoubtedly the fusion of East and West, which uniquely characterise the city; dusky Arab glamour and ancient heritage contrast with Mediterranean YLHZV DQG 3DULVLDQ LQÁXHQFHV VWLOO in situ from the French occupation of the 20th century. Moreover, an unrivalled party scene, said to be at the forefront of the Arab world, lends a vigorously cosmopolitan vibe to the city’s streets. In fact, startups are springing up left, right and centre alongside long-established heavyweight multinationals like Diageo and Sarkis.

Where there is demand, supply inevitably follows. Luxury

developments are making particular ULSSOHV ZLWK DIÁXHQW RYHUVHDV investors while well-heeled Lebanese immigrants seek properties worthy of a weekend retreat.

“Upscale construction and small apartments are particularly in demand,” according to Fadi Salloum, founder of Lebanese property portal Ahlein.

He added that demand from prosperous Lebanese immigrants and Arab investors is driving up the prices in the city, “rendering the market prices out of reach for the local residents.”

Nowhere are Beirut’s contradictions better encapsulated than within the USD300 million DAMAC Tower residential development in the heart of Solidere’s regeneration efforts in the BCD. “This project is an innovative collaboration between DAMAC Properties and Versace Home which will deliver an entire Versace lifestyle to discerning residents through a high-end building with bespoke

Versace Home interior design packages throughout,” said Niall McLoughlin, senior vice president of DAMAC Properties. “The project has been topped out and is fast becoming an iconic structure.”

He added that the key to success in Beirut’s luxury market is the delivery of high-end luxury with globally established and trusted brands, which can drive intrinsic value to investors.

A strong investment opportunity it may be but there is no denying the risks Beirut carries for investors and residents alike. Lebanon’s geographical positioning next to FRQÁLFW ULGGHQ 6\ULD GRHV QRW ERGH well for the country’s survival if civil war erupts again. Persistent car bombings blight Beirut and the diverse religious tapestry of the city ZLOO DOZD\V EH D FRQÁLFW SRLQW IRU fundamentalists.

Investors with their interest piqued shouldn’t wait for too long, however.

Real estate prices may well be cheap in an international context, but they

are poised to grow exponentially.

While a lack of reliable real estate pricing indexes in the country PDNHV LW GLIÀFXOW WR JDXJH DYHUDJH costs, Savills estimates that a twobedroom apartment in the city will set investors back anywhere between USD180,000 and USD500,000. The Global Property Guide ranks the city second only to Dubai in the region in terms of housing prices and local media outlets — which are almost unanimously unhappy with the rise — have estimated that some apartments are hitting the USD1 million mark.

Al-Akhbar, a Beirut based online news publication, claimed average prices in the capital have risen to USD1.091 million and angrily FRQGHPQ LW DV D ´FHQWHU IRU WKH ÀOWK\ rich”.

Indeed, Beirut’s property market may be the region’s latest phoenix, but investors, however intrepid, need to separate myth from fact. As Barnes noted: “It is, obviously, a potentially high-risk ‘buy’ and not for the faint hearted.”

JUNE / JULY 2015 | 35

READY FOR PRIME TIME The latest trends in the world’s top-‐performing housing markets 11.9% North America

10.5% Australasia

9.3% Middle East

6.5% Africa

3.0% Asia

0.4% Caribbean

–0.4% Europe

–3.7% Russia/CIS

–3.9% Latin America

36 | JUNE / JULY 2015

While major city markets around the globe continue to outperform emerging second-home destinations such as leisure and ski locations, future trends suggest that globalisation, migration, emerging-world wealth and government scrutiny are key to changes in the world’s prime residential markets. The Asian region, with a 3 percent year-on-year change in house prices, sits in the middle and is now led by overall third-placer Bali, beating former leader Jakarta, which slipped to 12th place due to the luxury market slowdown.

Top Asian Housing Markets Bali – 15.0% Jakarta – 11.2% Bangalore – 10.1% To k y o – 8 . 1 % Seoul – 5.3% Bangkok – 5.1% Mumbai – 2.9%

Future Driver s

Delhi – 1.8% Hong Kong – 1.1% Phuket – 0.7%

Offshore developers

Gov’t stimulus

Tighter regulations

Technology

*Based on Knight Frank’s Prime International Residential Index 2015: The PIRI 100; price changes as of 31 December 2014

New affluent buyers

JUNE / JULY 2015 | 37

ANALYSIS *OTJHIUT

(IPTU JO UIF NBDIJOF )URP 2YHUORRN +RWHO WR WKH KHDUW RI /RQGRQ GDUN IRUFHV JHW WR ZRUN RQFH KRPHV DUH XQRFFXSLHG The mere image of a deranged Jack Nicholson hacking his way though the door with an axe in The Shining is enough to give anyone nightmares, let alone his bloodthirsty grin and infamous line, â&#x20AC;&#x153;Hereâ&#x20AC;&#x2122;s Johnny.â&#x20AC;?

If you are familiar with the Ă&#x20AC;OP DQG WKH 6WHSKHQ .LQJ novel on which it is based, youâ&#x20AC;&#x2122;ll know that the theme of a haunted house in the middle of nowhere is not for the faint of heart. In fact, from chainsaw massacres to exorcisms to the walking dead, the dark genre of sinister thrillers seems to thrive on empty houses.

Londonâ&#x20AC;&#x2122;s thoroughbred real estate market has, of late, taken on a similarly arcane tone. A sustained, supernatural skyrocket of capital appreciation has left a toxic vapour trail in its wake for locals. Enter the overseas speculators who are snapping up any property with a pulse. â&#x20AC;&#x153;Tick, tick, yes, sir, we have a pulseâ&#x20AC;Ś call your solicitor

     38 | JUNE  /  JULY  2015

immediately and letâ&#x20AC;&#x2122;s close this deal.â&#x20AC;?

Nowadays, the British capitalâ&#x20AC;&#x2122;s market is dominated by these international buyers who are only interested in capital play and give little thought to the short-term.

Damn the renter for even bothering to exchange pleasantries with the owner committee; it is passive LQYHVWPHQW DW LWV Ă&#x20AC;QHVW And this is the real QLJKWPDUH IRU ORFDOV ZKR Ă&#x20AC;QG themselves amidst a genuine housing shortage. Prime land is snapped up and sold off in a speculative rage leaving little hope for communities to grow and paving the way for the emergence of ghost towns.

This situation, however, is not totally unique. During the economic rise of the United Statesâ&#x20AC;&#x2122; middle class in the 1960s and 70s, there was an exodus from urban downtown areas to the newly minted suburbia (call in the Stepford Wives). Once bustling city

--------------------------------------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

centre residences fell into decay and morphed into crack houses or worse. The soul of the city was stolen in the middle of the night and discarded under in front of an ignominious shopping mall.

Even resort real estate has its own ghoulish tales of eternally vacant property.

Years ago I read a book titled Whiteout: Lost in Aspen by Ted Conover, who chronicled the shifting tide of the famed ski town that embraced suave outside real estate buyers and cast out the local population to live downstream in a more affordable climate.

Sure, the demands of the property play and houses of the millionaire and billionaire set still required servicing, but at the expense of an arduous commute. There is always seat at the back of the bus for those really wanting to work.

I am in no way poking a stick at London property buyers or demonising them â&#x20AC;&#x201D; the UK press is doing a great job of that already. In this goofy, upsidedown world, who doesnâ&#x20AC;&#x2122;t want to buy in a stabilised marketplace? But The Big Smokeâ&#x20AC;&#x2122;s real estate tagline in 2015 is undoubtedly â&#x20AC;&#x2DC;buy-toleaveâ&#x20AC;&#x2122;.

When done right, the real estate industryâ&#x20AC;&#x2122;s contribution towards a strong social fabric can be inspirational, but when it ignores the surrounding community, thatâ&#x20AC;&#x2122;s when the real trouble starts. A cooling off period and regulation implementation seems inevitable in London, but the question remains: can the appreciation trend continue?

Maybe there is something to be said about that devil you know, versus the one you donâ&#x20AC;&#x2122;t.

Unless his name is Johnny, that is.

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ANALYSIS -VYVSZ &YQFSU

4JOHBQPSF XIFSF CJH NPOFZ GMPXT (YHQ ZLWK LWV FRROLQJ SURSHUW\ PDUNHW WKH 6LQJDSRUHDQ UHDO HVWDWH VHFWRUÂśV IXWXUH DFFRUGLQJ WR $OH[DQGHU .DUROLN 6KODHQ LV EULJKW Those who want to know more about the prospects of property investments in Singapore, the only Asian economy with triple-A ratings from all three major credit-grading agencies, may find the latest research and data quite confusing.

On the one hand, the Singaporean government has enforced strict cooling measures to bring down local property prices in the last few years. Despite these draconian measures, however, price declines were not as sharp as expected by many analysts, or even the government.

Transaction values and volumes have been reduced to a trickle, and many local and international investors, as well as self-stayers, have taken a wait-and-see stance to investing, resulting

     40 | JUNE  /  JULY  2015

in a property freeze and subsequent decline in inbound investment.

According to CBRE Research, there has been a reversal in the investment trend: Singapore was the top Asian outbound investor in real estate in 2014, with USD11.9 billion worth of properties acquired overseas. This corresponds to a wider trend in Asia: Asian outbound real estate investment hit a record of USD40 billion last year, an increase of 23 percent from 2013.

Itâ&#x20AC;&#x2122;s clear that due to the slump and subsiding yields over the past few years in the Lion Stateâ&#x20AC;&#x2122;s residential market, Singaporean investors have started to look for property investments elsewhere, hence becoming the number one source of

-------------------------------------ALEX 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 Aston Martin Interiors, Tonino Lamborghini Casa, Formitalia design lines in Asia. www.PanacheManage.com

outbound capital in the region, beating Mainland China and Hong Kong.

On the other hand, there are brighter prospects in store for Singapore as the country is increasingly seen as a centre for the superrich focused on investing domestically over the next 10 years.

According to Knight Frankâ&#x20AC;&#x2122;s The Wealth Report 2015, Singapore is on track to see the largest increase in ultra-high-net-worth individuals (UHNWI) than any other global city over the next decade. This will catapult Singapore into the top 10 league of countries with the largest concentration of UHNWIs, or those with assets of USD30 million or more, excluding their principal residences.

UHNWI growth is significant for the real estate sector, especially for a first world economy like Singapore, because as their numbers swell, their appetite to acquire high-end properties increases, making a substantial influence on the real estate sector.

At present, a large number of HNWIs from China, India and Indonesia are relocating to Singapore, and this will eventually affect the citystateâ&#x20AC;&#x2122;s high-end residential and commercial markets.

Some of the most important super-rich groups today are arguably the Mainland Chinese, whose business decisions directly and indirectly affect the Southeast Asian region and many parts of the globe.

Case in point is the recent decline in the Chinese yuan, which reflects the outflow

THERE ARE BRIGHTER PROSPECTS IN STORE FOR SINGAPORE AS THE COUNTRY IS INCREASINGLY SEEN AS A CENTRE FOR THE SUPERRICH FOCUSED ON INVESTING DOMESTICALLY OVER THE NEXT 10 YEARS.

Nautilis_HP_Directory_Alva.pdf 1 3/25/2015 11:49:02 AM

of money from the Mainland. The wealthy Chinese are moving large sums overseas, due to concerns over anti-corruption campaigns and the slowing Chinese economy. And a large percentage of this money is finding its way to property markets, including Singapore’s.

I have mentioned the importance of the money outflows from Singapore for the whole Southeast Asia region, including for the neighbouring property markets of Malaysia and Thailand.

Unfortunately these emerging markets have their own domestic issues and are not yet mature enough to capitalise on all the billions of dollars that are coming in from Singaporean outbound investors.

For now, the top investment targets for Singapore, as well as for offshore investors from Hong

Kong and China, remain London, New York and Australia, and increasingly, Paris, Los Angeles and Japan. Another potential investment target in our region is the developing economy of the Philippines. Secondary cities, too, will become investment targets, where hundreds of thousands of residential units are needed to house an estimated 100 million population.

Back in Singapore, it is obvious that in the longer term, the government should start to ease their cooling measures after achieving a more moderate price increase trajectory. When that time comes, I hope that the local property market will shine bright again and the republic will eventually regain its place as one of the major property investment centres in the world.

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P59 ASIA’S 15 BEST RESORT RESIDENCES SPECIAL P44 MANILA’S NEW CITIES WITHIN A CITY

P106 TIME TO BUY AGAIN ON THE EMERALD ISLE?

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P118 COLOMBO AND THE INCOMING INVESTMENT ELITE

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Dawn of a new Manila

44 | JUNE / JULY 2015

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BY RICHARD ALLAN AQUINO

JUNE Â / Â JULY Â 2015 | Â 45 Â Â

T

he rapid growth of the Philippinesâ&#x20AC;&#x2122; economy in the last few years has been an eye-opening rebirth for the country.

No longer branded the â&#x20AC;&#x153;sick man of Asiaâ&#x20AC;? by DQDO\VWV DQG LWV RZQ JRYHUQPHQW RIĂ&#x20AC;FLDOV the archipelago is now considered the best performing growth engine in Southeast Asia.

With the International Monetary Fundâ&#x20AC;&#x2122;s forecast of a 6.7 percent economic growth LQ EXVLQHVV FRQĂ&#x20AC;GHQFH LQ WKH FRXQWU\ is also buoyant. In fact, a recent survey FRQGXFWHG E\ DXGLWLQJ Ă&#x20AC;UP 3XQRQJED\DQ & Araullo, local arm of the Grant Thornton International Business Report, placed the Philippines on top of the 10-member ASEAN (Association of Southeast Asian Nations) â&#x20AC;&#x201C; and third in the world â&#x20AC;&#x201C; in terms of business optimism.

This dramatic turnaround has boosted job FUHDWLRQ DQG JURZWK LQ WKH GRPHVWLF RIĂ&#x20AC;FH sector, especially in the capital region Metro

     46 | JUNE  /  JULY  2015

MCKINLEY HILL VIEW AT NIGHT MEGAWORLD

Manila, where the countryâ&#x20AC;&#x2122;s top business Ă&#x20AC;UPV DQG PDQ\ PXOWLQDWLRQDO FRUSRUDWLRQV DUH headquartered.

'HPDQG IRU *UDGH $ RIĂ&#x20AC;FH EXLOGLQJV KDV surged due to a very strong business process outsourcing (BPO) sector with an average overall vacancy rate at the end of 2014 of just 2.13 percent, according to CBRE Philippines. $QG DV WKH GHPDQG IRU RIĂ&#x20AC;FH VSDFHV LQFUHDVHV many districts around Metro Manila, which recently surpassed Mumbai, India as Asiaâ&#x20AC;&#x2122;s top %32 KXE DFFRUGLQJ WR JOREDO FRQVXOWLQJ Ă&#x20AC;UP Tholons, have welcomed the establishment of new urban townships.

Urban townships, which tend to comprise commercial, residential, retail and recreational spaces, are typically associated with selfcontained settlements, but the designation can vary; certain areas of the United States, for instance, describe these areas as local JRYHUQPHQW XQLWV ZLWK D GHĂ&#x20AC;QHG SRSXODWLRQ

JUNE / JULY 2015 | 47

where economic growth and development is heavily promoted. While this political FODVVLĂ&#x20AC;FDWLRQ LV QRW XVHG LQ WKH 3KLOLSSLQHV ORFDO GHYHORSHUV KDYH FRPH WR GHĂ&#x20AC;QH XUEDQ townships as integrated, sustainable, mixeduse communities, built from the ground up, ZKHUH SHRSOH FDQ Ă&#x20AC;QG ZRUN DQG DOVR EX\ WKHLU own home in the city. â&#x20AC;&#x153;Given the current infrastructure problems of Metro Manila, homeowners are increasingly inclined to purchase property or even a second (or halfway) home within the vicinity of their work,â&#x20AC;? notes Yves Luethi, vice president of KMC MAG Group, a Manila-based international associate of Savills. â&#x20AC;&#x153;Since WKRVH ZKR W\SLFDOO\ Ă&#x20AC;QG WKHPVHOYHV LQ WKLV situation are gainfully employed as expatriates, executives, or young professionals, they are increasingly able to afford high-end residential offerings in the same area.â&#x20AC;?

One example of a self-contained district is Eastwood City, widely regarded as the Metro 0DQLOD¡V Ă&#x20AC;UVW XUEDQ WRZQVKLS /RFDWHG LQ D once remote area in Bagumbayan, Quezon

     48 | JUNE  /  JULY  2015

THE AYALA TRIANGLE GARDENS ACTS AS A BUFFER TO THE VARIOUS TOWNSHIPS THAT SURROUND THE MAKATI CBD AND BONIFACIO GLOBAL CITY PHOTO CREDIT: MICHAEL ANTHONY YGNACIO

City, the 17-hectare township took an estimated 15 years to plan and build, according to its developer, Megaworld Corporation. It currently comprises 12 luxury condominium WRZHUV LQ DGGLWLRQ WR VHYHUDO RIĂ&#x20AC;FH KLJK ULVH towers that host BPO and non-BPO companies. â&#x20AC;&#x153;In Eastwood City, we were able to implement our three key elements of an urban township,â&#x20AC;? says Jericho P. Go, senior vice president at Megaworld. â&#x20AC;&#x153;Firstly, it has a mix RI RIĂ&#x20AC;FHV UHVLGHQWLDO FRQGRPLQLXPV UHWDLO spaces that support those establishments, and learning institutes to make it self-contained; secondly, it is located in a safe area; and lastly, we are the sole developer and operator of the entire property, which is very important for us so we can control common areas, like roads, ODQGVFDSLQJ VHFXULW\ WUDIĂ&#x20AC;F DQG MDQLWRULDO services, under a single management.â&#x20AC;?

The self-proclaimed pioneer of Philippine townships is looking to replicate its Eastwood City success elsewhere in Metro Manila by building several integrated communities inside Bonifacio Global City (BGC), where

JUNE / JULY 2015 | 49

Megaworld is currently the largest landowner.

For its â&#x20AC;&#x2DC;Megaworld at the Fortâ&#x20AC;&#x2122; project, the real estate conglomerate has committed to developing â&#x20AC;&#x2DC;live-work-play-learnâ&#x20AC;&#x2122; hubs that cater to high-end local and international clients. The group is also not shy to showcase its huge land ownership, allocating 50 hectares for McKinley Hill, 35 hectares for McKinley West, 15.4 hectares for Uptown Bonifacio, and 5 hectares for Forbes Town Centre.

However, tough competition could come from other big-name developers. Federal Land does not have the same land power as Megaworld within BGC but it is targeting similar high-end clients for its own urban township project called â&#x20AC;&#x2DC;Veritown Fortâ&#x20AC;&#x2122;, a 10-hectare, New York City-themed development that will also include two Grand +\DWW EUDQGHG WRZHUV RQH KRWHO DQG RIĂ&#x20AC;FH building, and one residential tower.

Located just a few blocks away from BGC,

     50 | JUNE  /  JULY  2015

EASTWOOD CITY, THE FIRST SUCCESSFUL URBAN TOWNSHIP IN METRO MANILA

Century City is also hoping to attract Manilaâ&#x20AC;&#x2122;s EXUJHRQLQJ FURZG RI DIĂ XHQW EX\HUV )HDWXULQJ branded luxury residences such as Trump Tower Manila, upscale retail spaces, a stateRI WKH DUW PHGLFDO IDFLOLW\ DQG *UDGH $ RIĂ&#x20AC;FH spaces at Century Spire and the forthcoming Forbes Media Tower, this â&#x20AC;&#x153;vertical villageâ&#x20AC;?, as developer Century Properties describes it, is another symbol of a modern, integrated community that has the potential to become Metro Manilaâ&#x20AC;&#x2122;s next premier business and leisure hub.

While the close proximity of these townships to one another may be seen as counterintuitive, industry experts believe otherwise. â&#x20AC;&#x153;Proximity is only crucial in the sense that it creates diversity, enhances competition, and provides more offering that reaches out to a larger number of consumers,â&#x20AC;? explains Sigrid =LDOFLWD PDQDJLQJ GLUHFWRU IRU $VLD 3DFLĂ&#x20AC;F UHVHDUFK DW &XVKPDQ :DNHĂ&#x20AC;HOG ´3URSHUW\

JUNE / JULY 2015 | 51

developers have various subsidiaries that target different segments of the market. In addition, WKHUH LV VSLOORYHU RI GHYHORSPHQWV WR EHQHĂ&#x20AC;W the entire area.â&#x20AC;?

Indeed, the anticipated successes of BGC-based urban townships have inspired other developers to break into the thriving RIĂ&#x20AC;FH VHJPHQW WR VXSSRUW WKHLU H[LVWLQJ residential projects there. Last year, Arthaland Corporation announced the groundbreaking RI LWV SUHPLXP RIĂ&#x20AC;FH SURMHFW 7KH $UWKDODQG Tower. Slated for completion in 2017, the tower will complement the companyâ&#x20AC;&#x2122;s acclaimed Arya Residences project, which will welcome its residents next year.

Meanwhile, in Makati City, the countryâ&#x20AC;&#x2122;s SUHPLHU Ă&#x20AC;QDQFLDO DQG EXVLQHVV GLVWULFW $\DOD Land is looking to translate its Ayala Center model onto a nearby redevelopment project called â&#x20AC;&#x2DC;Circuit Makatiâ&#x20AC;&#x2122;, located on a former racetrack site. With a budget of PHP39 billion

     52 | JUNE  /  JULY  2015

RECLAIMED LAND ALONG MANILA BAY PROVIDES OPTIONS FOR FUTURE URBAN EXPANSION

(USD875 million), the developer and its subsidiaries Alveo Land, Ayala Malls and Ayala Land Businesscapes have high hopes for the new entertainment hub: the future success of Circuitâ&#x20AC;&#x2122;s The Stiles Enterprise Plaza, a WZR WRZHU RIĂ&#x20AC;FH FRQGRPLQLXP FRXOG JHQHUDWH IXUWKHU LQWHUHVW LQ $OYHR¡V Ă DJVKLS UHVLGHQWLDO condominium project, Solstice Towers, and vice-versa.

But as the scarcity of land, especially in Makati and BGC, becomes a problem in the future, experts predict that more high-rise urban townships will come to dominate the capitalâ&#x20AC;&#x2122;s skyline, especially after the introduction of the ASEAN Economic Community. â&#x20AC;&#x153;Much of Metro Manila has been redeveloped and the available land suitable for a sprawling mixed-use, residential development is no longer available,â&#x20AC;? notes Phillip G. Anonuevo, local director for markets at JLL Philippines.

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AS A MODERN WONDER OF ECOLOGICAL ARCHITECTURE, BASK MAKES FOR A RESPONSIBLE INVESTMENT AND A FUTURE FULL OF INDULGENT GETAWAYS. The construction team is composed of trusted Australian and Indonesian construction managers. Their strong leadership, expert JYHM[ZTHUZOPW HUK SVJHS RUV^ OV^ LUZ\YL [VW X\HSP[` I\PSK HUK Ă&#x201E;UPZOLZ ;OYV\NO [OLPY collaboration, BASKâ&#x20AC;&#x2122;s villas will stand up to Giliâ&#x20AC;&#x2122;s natural elements for decades to come.

BASK Gili Meno will be managed by a highly experienced hospitality team, sourced from proven multinationals such as Four Seasons, Regent and Conrad hotels.

(U PUUV]H[P]L HUK LÉ&#x2030;JPLU[ YLU[HS WVVSPUN Z`Z[LT \UKLYSPLZ JVTWLSSPUN YL[\YUZ ^OPSL H IVVTPUN YLNPVUHS economy is set to drive capital growth. ([ SH\UJO )(:2 ]PSSH Z[HY[PUN WYPJLZ HYL HYV\UK TVYL HÉ&#x2C6;VYKHISL [OHU JVTWHYHISL ]PSSHZ PU )HSP 6^ULYZ also get privileged access to use the villas for up to 1 month per year. )(:2 .PSP 4LUV PZ J\YYLU[S` VÉ&#x2C6;LYPUN LHYS` IPYK KPZJV\U[Z [V PU]LZ[VYZ VU ZLSLJ[LK ]PSSHZ HUK N\HYHU[LLK 5,; YL[\YUZ VM MVY [OL Ă&#x201E;YZ[ `LHYZ ^P[O VUS` YLTHPUPUN PU [OPZ ZWLJPHS VÉ&#x2C6;LY WSLHZL IL Z\YL [V JVU[HJ[ V\Y BASK sales representative listed.

For more information please contact our BASK representative.

BASK MARKETING Seth Chin Bask Gili Meno tel: (+61) 8 8981 8980 JLSS! email: seth@baskgilimeno.com Dini Priadi [LS! JLSS! email: dini@baskgilimeno.com www.baskgilimeno.com

JUNE Â / Â JULY Â 2015 | Â 53 Â Â

He adds that major developers have the option to embark on industrial areas in Pasig or Quezon City – currently the most searched city in the world, according to property portal Lamudi – to build their townships.

“The developers’ high-rise strategy has allowed them to build and sell projects while maximising land value.”

Antton Nordberg, head of research at KMC MAG Group, agrees: “When I look at the map of where these townships are rising, there is nothing left in old Manila and its cities.

One factor causing this is that it is almost impossible to consolidate land there anymore for these large scale projects.” He suggests that viable alternatives might arise in reclamation areas on Laguna Lake and Manila Bay, or farther in the north.

“My predictions are in favour of Vertis North in Quezon City due to the high labour pool catchment. It will be the main CBD in the north,” he says. “Also on the top of my list is Bay City, which has a lot of factors that can make it thrive: proximity to ports, Makati and

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RESIDENTS OF CENTURY CITY CAN SHOP AND RELAX AT THE UPSCALE CENTURY CITY MALL

BGC; accessibility to south; and the interesting mix of property types, from casinos to several malls,” referring to Pagcor’s Entertainment City, and SM Development Corporation’s Mall of Asia Complex at the reclaimed Bay City.

As the urban townships segment in Philippines grows further, is Makati’s position DV WKH FRXQWU\·V PDLQ ÀQDQFLDO DQG EXVLQHVV centre under threat?

“Makati CBD will remain as the country’s ÀQDQFLDO KXE DV PDMRULW\ RI PXOWLQDWLRQDO corporations and local conglomerates still prefer to be located in the district,” predicts &XVKPDQ :DNHÀHOG·V =LDOFLWD ´7KH GLVWULFW also has good infrastructure, centrally located within Metro Manila, and is highly accessible which allows it to tap a wide source of labour pool – from Quezon City in the north to Muntinlupa City in the south.

“This CBD is currently undergoing redevelopment, which will stimulate property activity in the area and help it maintain its position as the premier business hub of the country.”

JUNE / JULY 2015 | 55

Manila’s next CBD

CIRCUIT MAKATI Who’s behind it: Ayala Land; Alveo Land Live: Solstice Tower One (2018), Solstice Tower Two (2019) Work: The Stiles Enterprise Plaza West Tower (Q3 2019), East Tower (TBA) Play: Circuit Makati is one of Ayala Land’s four major self-­contained development areas in the city. Positioned to become a commercial and entertainment hub, it is situated at the old Sta. Ana Racetrack and is very close to the main Ayala Center CBD, which is also currently undergoing redevelopment. Entertainment offerings include Circuit Theatre and Circuit Lane, adding to the attractiveness of the 22-­hectare community.

Price range: PHP3.8 million (USD85,200) to PHP19.1 million (USD428,200) per condo unit Why it’s the next premier CBD: “Makati is our crown jewel; it is our commitment for Makati to continue to be relevant,” according to Ayala Land president and CEO Bernard Vincent O. Dy. “Upon ]lcc [\m\cfgd\ek# :`iZl`k n`cc _Xm\ (%+ d`cc`fe jhd f] ^ifjj Õffi Xi\X ]fi i\j`[\ek`Xc# i\kX`c# f]ÔZ\j# and much more.”

UPTOWN BONIFACIO Who’s behind it: Megaworld Corporation Live: One Uptown Residence (sold out, 2016), Uptown Ritz Residences (2017), Uptown Parksuites (2018) Work: Alliance Global Tower (2016), Uptown Bonifacio Tower (TBA) Play: Centrally located, the 15.4-­hectare Uptown Bonifacio is part of the bigger Megaworld at the Fort project, which also includes Forbes Town Centre, McKinley Hill and McKinley West. Featuring several upscale lifestyle amenities and spaces, it faces the exclusive Manila Polo Club and the Manila Golf Club, and is adjacent to the most exclusive residential villages in Metro Manila, adding to its prestige.

Price range: PHP3 million (USD67,300) to PHP45 million (USD1.01 million) per condo unit Why it’s the next premier CBD: “It has all the elements of an integrated community, while it also features lifestyle spaces, including malls and retail shops, among others, that cater to the needs of occupants.” says Jericho P. Go, SVP at Megaworld. “All of our developments there make Megaworld the largest landowner in Fort Bonifacio, where we are creating new cities within a city within a city.”

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CENTURY CITY Who’s behind it: Century Properties Live: The Gramercy Residences, Knightsbridge Residences (2014), Milano Residences (2015), Trump Tower Manila (2016) Work: Century Spire (2018), Forbes Media Tower (TBA) Play: Some of well-­known names in fashion, home, real estate, health care, architecture and business, such as Versace Home, Armani/ Casa, Trump, GE Healthcare, Daniel Libeskind and Forbes, are present in this powerhouse city centre, complemented by information k\Z_efcf^p$[i`m\e# ^iX[\$8 f]ÔZ\ towers, and super high-­end retail and lifestyle spaces.

Price range: PHP8 million (USD179,000) to PHP92 million (USD2.06 million) per unit Why it’s the next premier CBD: “Our vision for Century City is to represent the image of Modern Makati, a vertical village that will bring the best of the world in one place, and at the same time showcase the Filipino’s capability of developing a district with world-­ class and global sensibilities,” says Terrie Yu, VP for Corporate Communications at Century Properties.

BAY CITY VERTIS NORTH Who’s behind it: SM Development Corp; Anchorland Group Live: SMDC’s Shell Residences, Shore Residences and Sea Residences; Anchorland’s Solemare Parksuites Phase 2, Monarch Parksuites (2016), and the nearby Admiral Baysuites (2015) Work: SM’s E-­comCenter (sixth tower, 2019); Anchorland’s ALHI Corporate Center (TBA) Play: A master-­planned ecotourism development project, Bay City is envisioned by the government to become Manila’s own Las Vegas and new tourist hub, strategically located only 25 minutes by car from the Ninoy Aquino International Airport. It has residential, hotel, business, commercial, leisure and entertainment spaces, the most famous of which is the SM Mall of Asia Complex.

Why it’s the next premier CBD: “Bay City is already the emerging entertainment and resort CBD in Manila, given that the area’s location is right next to Pagcor’s thriving Entertainment City,” says Alexander D. Pomento, VP, Investor Relations at SM Prime Holdings Inc. “We believe our Zfdgc\o j_flc[ Y\e\Ôk ]ifd k_\ _`^_\i kiX]ÔZ Xe[ Zfdd\iZ`Xc XZk`m`k`\j k_Xk nflc[ dXk\i`Xc`j\ `e Pagcor’s casino city.”

VERITOWN FORT

Who’s behind it: Ayala Land; Alveo Land Live: High Park Tower One (Q3 2019) Tower Two (Q3 2020), Avida Towers Vita (TBA) Work: Vertis Corporate Center Towers One & Two (TBA) Play: Providing a focus for Quezon City, one of the largest metropolitan areas in the Philippines in terms of land area and population, Vertis Efik_ `j jX`[ kf Zi\Xk\ k_\ Z`kpËj Ôijk true central business and lifestyle district, covering 46 hectares of “vertical park living”, as well as _fk\c# i\kX`c# f]ÔZ\# Zfdd\iZ`Xc Xe[ recreational spaces, anchored by TriNoma mall, with direct links to Metro Manila’s mass transit lines.

Price range: PHP4.1 million (USD92,000) to PHP17.4 million (USD390,400) per condo unit Why it’s the next premier CBD: “Vertis North is part of Quezon City’s main CBD, which is a 250-­hectare development that covers the North, South and East Triangles,” says Jay Teodoro, division manager at Ayala Land. “Its total area is about the same size as Bonifacio Global City.

8j fe\ f] k_\ Ôijk [\m\cfgd\ekj to rise within the QC’s own CBD, Vertis North is expected to serve as catalyst for the entire city.”

Who’s behind it: Federal Land Live: Park West (Q4 2015), Central Park West (Q4 2016), Grand Hyatt Manila Residences (Q1 2017), Madison Park West (Q4 2017), Times Square West (2018) Work: >iXe[ ?pXkk ?fk\c `eZcl[\j ^iX[\$8 f]ÔZ\j# )'(, Play: The 10-­hectare township property Veritown Fort mirrors New York City’s Upper East Side lifestyle, known to many to be full of charm, grandeur, glamour and art. Residents, workers and visitors at Veritown Fort can shop at the Big Apple Mall, which also continues the New York theme.

Price range: PHP3.5 million (USD79,000) to PHP60 million (USD1.35 million) per condo unit Why it’s the next premier CBD: “It offers urban conveniences in one unbeatable address, which showcases understated luxury,” Federal Land president Alfred Ty told local media. “And being in a great premier community like Veritown Fort, which is home to the world-­class Grand Hyatt Manila Residences and Grand Hyatt Hotel, further adds to its luxurious experience.”

JUNE / JULY 2015 | 57

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JUNE Â / Â JULY Â 2015 | Â 59 Â Â

Alila Villas Koh Russey

WHERE IS IT? Its islands and beaches may not be as famous as those in neighbouring Thailand, but Cambodia’s paradisiacal enclaves are equally alluring. Particularly pristine are the string of islands near the bustling beach town of Sihanoukville on the country’s south coast. Among these is Koh Russey, an unspoiled haven that is a mere 15-minute speedboat ride to the amenities and transport links of the mainland.

WHAT’S THE STORY? With a projected completion date of 2016, Alila Villas is one of the most exciting developments in Cambodia. Envisaged as a low-density villa community infused with Khmer culture, the project also adheres to strict international sustainability and environmental standards.

THE FACTS Price: USD480k-2.1m Units: 116-620 sqm Total: 185 Completion: 2016

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LOOKS LIKE The development encompasses a range of properties spanning one- to four-bedroom villas. Despite this variety, the entire hotel and villa project has a low building density of only 15 percent to total site, resulting in an abundance of natural and landscaped green spaces, and underlining the ecological credentials of the project. Singaporean architect Chioh-Hui Goh has utilised local materials and traditional craftsmanship throughout his design.

DOWNTIME Facilities include a beachfront swimming pool as well as an ocean-facing spa. There are plentiful entertainment options including two restaurants serving international and Khmer cuisine as well as a variety of bars.

X-FACTOR One-bedroom villas have a vantage point at 27 metres above sea level ensuring amazing vistas of the surrounding scenery.

WHY INVEST? Booming interest in Cambodia means that demand outweighs supply, especially for a unique island development such as this. A 6 percent yield for five years on one-bedroom villas is guaranteed, while the competitive entry prices maximise chances of capital appreciation in the future.

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Andara Resort & Villas WHERE IS IT? Thailand’s biggest island, Phuket, is long established as one of the jewels in the Kingdom’s tourism crown. Famed the world over for its white-sand beaches, fabulous resorts and buzzing nightlife, the destination remains as attractive as ever to those seeking a healthy dose of pure indulgence.

Located near the village of Kamala, Andara Phuket enjoys one of the best situations on the paradise island.

WHAT’S THE STORY? The roots of the project lie in Hong Kong’s happening Lan Kwai Fong district where magnate Allan Zeman built his business empire. After constructing his dream holiday home in Phuket, Zeman saw the potential for the island as a high-end location for a second home. The result was Andara Resort & Villas, which has proved hugely popular with investors since opening in 2008.

LOOKS LIKE Laid out along the start of an elevated stretch of road, known locally as “millionaires’ mile”, the property commands outstanding views of the Andaman Sea and is just a short walk from Kamala’s expansive beach. Its spacious villas and suites are generously appointed with a judicious selection of Thai art and sculpture. Stunning ocean vistas complete an alluring package.

DOWNTIME With the azure waters of the Andaman Sea just a stone’s throw away options for water bound fun are limitless. In addition to sailing, diving, snorkelling and paddle boarding, the resort has plenty of on-site diversions including its Silk restaurant as well as the luxury Andara Spa.

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THE FACTS Price: USD1.6m-9.5m Units: Vary Total: 63 Completion: 2008

X-FACTOR Kamala is a diver’s paradise with excellent dive sites just a short boat ride away.

WHY INVEST? Investors can use their property as a permanent or semi-permanent residence or they can take advantage of a Leaseback arrangement whereby the property is placed in a rental program, allowing owners 60days per year usage of the property.

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Angsana Teluk Bahang THE FACTS Price: USD615.7k-704k Units: 107 sqm (avg) Total: 83 Completion: 2017

WHERE IS IT? The most famous beach enclave on the island of Penang is Batu Ferringhi, but just as appealing are the white sands and cerulean waters at Teluk Bahang – home to this ambitious new development. Penang, of course, is long established as one of Malaysia’s most appealing destinations. Away from the paradise beaches, the island boasts attractions aplenty from the heritage architecture of its capital Georgetown to its famed culinary scene.

WHAT’S THE STORY?

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Due for completion by the end of 2017, this is the first resort development in Malaysia to be managed by the Banyan Tree group, under its Angsana brand. Utilising the talents of local and international design, architecture and landscaping firms, the property is inspired by 1930s Straits architecture as well Penang’s Peranakan heritage.

LOOKS LIKE Naturally, given the property’s prime beachfront location, the Andaman Sea is key to the appeal here. The indoor-outdoor main lobby takes full advantage of the oceanfront location while each of the suites have direct beach access as well as panoramic views of the water. Forested hills, meanwhile, provide a lush backdrop.

The property’s architecture carries traces of Penang’s rich history and luxurious suites are both spacious and generously appointed.

DOWNTIME

Three dining venues and two bars including a specialty restaurant, a sports bar and a beach club cater to the entertainment needs of investors. There are also two infinity pools, a spa and a yoga pavilion.

X-FACTOR The development integrates best practices in green building and adheres to the principles of EarthCheck Sustainable Design Standards – an Australian founded global standard geared towards sustainable tourism.

WHY INVEST? The property offers sale and leaseback opportunities when units are managed by the hotel. Projections show that unit yields have estimated returns of 5-7 percent.

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Aqua Boracay

by YOO WHERE IS IT? The premier tourist destination in the Philippines, Boracay is fabled for its powder-soft white-sand beaches, multiple possibilities for water-sports and pulsating nightlife. Aqua Boracay by YOO is located on the eastern side of the island on unspoiled Bulabog Beach, famous as a kite-surfing destination but attracting a fraction of the traffic of the beaches on the island’s west coast.

WHAT’S THE STORY? Billed as Boracay’s first branded residence, Aqua Boracay

by YOO is the most ambitious project to date by property developer Aqua Boracay, helmed by Italian-born chairman Marco Biggiogero. The development is chiefly characterised by its luxurious amenities and world-class design by YOO, a London-based interior design firm founded by Philippe Starck and property magnate John Hitchcox. Construction on the project is slated to be completed in 2016.

LOOKS LIKE Building on its association with design maestro Philippe Starck, YOO Studio has won world renown for its innovative approach. Boracay’s idyllic setting is the key inspiration for the design of Aqua Boracay by YOO. The property’s diamond-shaped buildings ensure that each apartment enjoys a view of the ocean while natural materials are used exclusively throughout the resort.

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THE FACTS Price: USD225k-4m Units: 80 sqm (avg) Total: 168 Completion: 2016

DOWNTIME A centrepiece swimming pool comprises a lap pool, adult pool and children’s pool while other facilities and amenities include an on-site water sports centre, a restaurant and a private day spa.

X-FACTOR Furnishings are by designer Vito Selma who has a passion for using locally sourced wood to carve amazing pieces with geometric lines.

WHY INVEST? As a way of attracting foreign buyers, Aqua Boracay lets investors purchase units in their own name and buyers will receive an official tax declaration for their purchase. The developer also offers in-house financing of up to 50 percent with various payment schemes that work up to a mortgage period of five years.

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AYANA Residences

Bali

WHERE IS IT? The south of Bali is by far the island’s most visited area – and with good reason. Denpasar, Bali’s capital and main transport hub, is located here, as is the greater Kuta area, which also encompasses the beach havens of Seminyak and Legian. Further south is the resort town of Jimbaran, home to the AYANA Residences. Once a sleepy fishing village, the town is known as the “Beverly Hills of Bali” due to its high-rolling reputation and plush resorts.

WHAT’S THE STORY? Adjacent to the award-winning AYANA Resort and Spa Bali, this project is slated for completion in 2015 and will consist of a select number of luxury apartments and villas as well as an expansive club house with swimming pools, fitness centre, mini-cinema, jogging trails and even pet-grooming facilities. Unique in that it is one of the first residential developments in Bali to be fully integrated with a five-star resort, the project offers the largest living space of any luxury residences in Bali.

LOOKS LIKE For its design AYANA Residences has stuck with the formula that was so successful at AYANA Resort and Spa with architecture by leading firm WATG, landscaping by St Legere and interiors by P49 Design. Architecture draws from Balinese temples and traditional homes with local materials used throughout. The Balinese philosophy of balance, scale and proportion is evident throughout with high ceilings, open living areas and generous floor-to-ceiling windows.

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DOWNTIME The project’s clubhouse – named after the Indian emperor Ashoka – boasts two swimming pools, a state of the art fitness centre, library, 10-seat cinema and pet grooming facilities.

X-FACTOR The sprawling botanical gardens include a bamboo plantation to collect rainwater.

Other features include water fountains and chic pond ornaments created from recycled glass by Japanese artist Seiki Torige.

WHY INVEST? There are no restrictions to the usage rights of owners, foreign ownership structures are available and the developers promise worldclass property management.

THE FACTS Price: USD564k-3.2m Units: 228 sqm (avg) Total: 150 Completion: 2015 (phase 1)

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Bask Gili

Meno

WHERE IS IT? If a Southeast Asian destination could truly be described as “hot” right now it would probably be the Gili Islands. Posited languidly in the blue seas to the north of Lombok, the three Gili islands – Meno, Air and Trawangan – are car-free visions of paradise. Gili Meno is regarded as the most laid back of the three and offers exceptional value for money.

WHAT’S THE STORY? Although not due for completion until 2016, Bask has already picked up several awards. Billing itself as a “new concept in contemporary island living”, the resort/beach club/villa development was spearheaded by George Gorrow, an award-winning creative director who has previously worked with clients such as DJ Steve Aoiki and Black Eyed Peas main-man will.i.am. He has created a contemporary aesthetic that takes inspiration from local fishing villas with their thatched roofs and bamboo frames.

LOOKS LIKE Open plan architecture and use of sustainable materials is a feature of the resort. The interior design combines a neutral palette with streamlined, contemporary fixtures with design features including retractable glass walls and flat garden roofs.

DOWNTIME BASK boasts a restaurant led by five-star chef Dan Moran and a 93-seat beach bar with daybeds and private and communal beach beds. The resort also has a 35-metre-long central infinity pool, lakeside spa, gym and wellness centre as well as glassbottomed paddleboards.

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THE FACTS Price: USD220k-900k Units: 141 sqm (avg) Total:82 Completion: 2016 (phase 1)

X-FACTOR The resort’s most remarkable feature is Nest – an underwater art installation by Jason de Claires designed to attract and foster marine life.

WHY INVEST? Prices on Gili Meno are up to three times cheaper than on neighbouring Gili Trawangan, while 100–year-leases are available for foreigners. The resort is currently offering early bird discounts on selected villas and guaranteed net returns of 7.5 percent for the first two years.

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Beach Republic The Residences WHERE IS IT? Koh Samui has been in the tourism business longer than almost any other Thai island. Familiarity, however, has not dulled the charms of this perennial crowd pleaser.

In fact, the island has matured as a destination and has diversified its product to ensure it stays ahead of the game. Tucked away at the north end of Lamai Beach, Beach Republic The Residences enjoys glorious seclusion yet is just a short hop from the facilities of Lamai town.

WHAT’S THE STORY? You don’t leave Thailand behind, of course, when you pass through the gates of Beach Republic The Residences, but the property has forged its own unique identity since opening in 2008. Styled as an independent estate, the resort has a unique feel and culture of its own, marrying the exoticism of the Orient with a contemporary and hip Mediterranean beach lifestyle.

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THE FACTS Price: USD15k-180k Units: 55-290 sqm Total: 41 Completion: Yes

X-FACTOR The grand Ocean Club is the venue for some of Samui’s best parties. Meanwhile, the resort’s spa has the island’s largest herbal steam room.

WHY INVEST? Owners have the option of using their time or participating in the Beach Republic rental pool and guaranteed returns of about 6 percent for three to five years are offered with certain purchases.

LOOKS LIKE The property’s collection of private pool villas and penthouses are in keeping with the overall vibe of understated Mediterranean sophistication. All of the sleek and airy villas have their own private, chemicalfree, salt water pool while villas also have the advantage of their own private walled garden.

DOWNTIME The centrepiece of the property is its sumptuous Ocean Club, a beachfront oasis with oversized day beds and private cabanas fronting ocean-facing infinity edge pools. The resort’s restaurant has won several awards while other highlights include the Samui branch of Whisgars, a fine whisky and cigar lounge.

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The Haven Lakeside Residences

WHERE IS IT? Overshadowed somewhat by neighbouring Penang, the Malaysian state of Perak, especially its capital Ipoh, has many thing going for it. As well as being the gateway to the stunning uplands of the Cameron Highlands, the city is one of the country’s most diverse and culturally rich. It is also well known as one of Malaysia’s culinary hotspots while its surrounding landscapes are rich in natural beauty.

WHAT’S THE STORY? The Haven Lakeside Residences has become a favourite of investors looking for a green holiday home.

Conceived by developers The Haven Sdn Bhd, the project incorporates a host of energy-saving initiatives such as solar panels and building design that maximises the cooling effect of natural breeze. Healthy “green” living is a constant throughout the development. Other amenities include a 600-metre jogging track around a pristine lake and yoga and meditation decks.

LOOKS LIKE Surrounded by pristine rainforest and misty peaks, the development is blessed with ample scenic splendour.

What’s more, it makes the absolute most of its bucolic location. A calm lake provides an arresting focal point while clean lines and contemporary design typify residences. The development has won great acclaim for its eco-friendly credentials and solar panels airy interiors that capitalise on the natural breeze are prime examples of this green philosophy.

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THE FACTS Price: USD200k-1.4m Units: 90-517 sqm Total: 512 Completion: 2013

DOWNTIME While fitness fanatics may want to hit the running track, other facilities are geared more towards relaxation. These include a five-level, 60-metre sea-horse shaped swimming pool with a poolside bar and restaurant.

X FACTOR Not many resorts can boast of being situated next to virgin rainforest while being only 15-minutes away from the centre of a major city.

WHY INVEST? Malaysia carries a host of benefits ranging from lifestyle advantages to attractive prices and steady growth. As a relatively unheralded destination, Ipoh is especially good value currently. The property itself guarantees buyers a 6 percent annual return for the first three years and 7 percent for a further two years, based on lease agreements.

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Kasara Niseko Village Townhouse WHERE IS IT? Some of the best skiing in the world can be found on the Japanese island of Hokkaido. Of its resorts, Niseko is widely regarded as one of the best for on- and off-piste action with a wide variety of options for entertainment and relaxation complementing its sports facilities.

WHAT’S THE STORY? Situated at the base of Mount Niseko Annupuri, the new townhouses at Kasara Niseko Village are taking luxury in the resort to a new level.

Launched under Malaysian hotel group YTL’s new Kasara brand, the eight townhouses are at the heart of the growing resort village.

Guests at the townhouses will benefit from an all-encompassing Japanese ski experience with instructors and local experts on hand to provide tips and mountain orientation.

LOOKS LIKE As you would expect, Japanese cultural and architectural influences are strong here. The townhouses don’t go all out on the Asian feel, however. Instead they can be described as comfortably Western with a Japanese influence. Each house features contemporary furnishings, a traditional tatami room, shoji screens, lush fur throws and natural materials.

DOWNTIME Niseko is not just a place for the ski crazy. During summer, two championship golf courses provide distraction while guests have access to the gym and the onsen (hot springs) at Hilton Niseko Village and The Greenleaf Niseko Village.

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X-FACTOR Guests staying at the townhouses enjoy bespoke services and priority privileges at the resort including early morning access to hidden powder stashes by local Niseko Village experts.

WHY INVEST? Hokkaido is fast becoming the hottest destination in the lucrative ski market. With planned après ski including ventures by Michelin-starred chefs and luxury retail and entertainment developments as well as new direct flights to Hokkaido from other Asian cities, there has never been a better time to invest.

JUNE / JULY 2015 | 77

The Ocean Villas @ Danang Beach Resort

WHERE IS IT? With its fantastic location on the world-famous East Beach and its modern infrastructure and investor-friendly environment, Danang has Vietnam’s highest standard of living. Throw into the equation two championship golf courses – one of which, Danang Golf Club, is immediately adjacent to The Ocean Villas – and the nearby heritage town of Hoi An and you can see why buyers are flocking to this part of the central coast.

WHAT’S THE STORY? Developed by Vinaliving, the property arm of asset management firm Vinacapital, The Ocean Villas has established itself as one of Vietnam’s premier resort residences. The villa-only development is notable for its selection of well-appointed properties, with each villa boasting its own private pool and garden along with kitchen and laundry facilities, making it ideal for families and big groups. Leisure – especially golf – is a particular strong point with Danang Golf Club recognised as one of Asia’s best layouts.

LOOKS LIKE There are no outlandish design bells and whistles here. The emphasis is on solid, but contemporary, architecture and interiors with a nod to Vietnamese influence in the signature red-pitched roofs of terracotta tiles. Expansive windows and concertina doors further enhance the airy feel of the villas.

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THE FACTS Price: USD400k-2.4m Units: 400 sqm (avg) Total: 114 Completion: 2014

DOWNTIME There’s no shortage of options for relaxation. Golfers will love the Greg Norman-designed course at Danang Golf Club. Onsite leisure options, meanwhile, include a beach club with associated 25-metre ocean front swimming pool, tennis courts and a fine dining restaurant.

X-FACTOR The main draw is undoubtedly the Danang Golf Club. The Greg Norman layout is widely recognised as one of the best in Vietnam, and indeed in all of Asia.

WHY INVEST? Danang is a thriving city with the best infrastructure in Vietnam; a fantastic coastal location with one of the world’s best beaches on the doorstep; championship golf courses and UNESCO-listed Hoi An are among the attractions.

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Samujana

WHERE IS IT? As well as being one of Thailand’s longest established holiday islands, Koh Samui is also among the classiest in the Kingdom. Resisting the temptation to market itself squarely at mass-market tourism, Samui has stepped things up a notch and is home to a liberal sprinkling of unrivalled resorts, spas and destination restaurants. Samujana is located in the epicentre of the action just minutes from the island’s international airport.

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WHAT’S THE STORY? Conceptualised as a fusion of high architectural ideals as well as exemplary personalised service for both villa owners and guests, Samujana has been one of the most eagerly anticipated projects on Koh Samui. Aimed at the highest level of the market, the development’s villas range from three to a whopping eight bedrooms, all of which command spectacular sea views over the Gulf of Thailand.

LOOKS LIKE Samui’s inherent beauty is the star of the show, but the award-winning architecture of Gary Fell of Gfab Architects ensures it is a close run thing. Using the natural topography of the site to full effect, Fell has incorporated natural features such as mature trees and rock formations into either the living areas, the gardens or the pools imbuing each villa with unique individualism.

DOWNTIME With all villas featuring TV lounges, infinity edge private pools and state-of-the-art sound systems, there’s no call to venture very far. Communal facilities, however, include an all weather floodlit tennis court and direct beach access.

X-FACTOR The most luxurious villas feature private Jacuzzis, fully equipped gyms, gas BBQ grills, pool tables, games rooms and yoga or massage salas.

THE FACTS Price: USD1.1m-5m Units: 771-1.8k sqm (plot) Total: 27 Completion: 2015

WHY INVEST? Perfectly poised on a coral cove and just minutes from Koh Samui’s international airport and the hotspots of Chaweng and Choengmon, Samujana is ideally located, offering the benefits of a luxury resort along with the flexibility of home ownership. In terms of rental yield, if an owner agrees to rent the villa out over the key peak periods they could expect to receive an average return of at least 5 percent.

JUNE / JULY 2015 | 81

Soneva Fushi Resort

WHERE IS IT? Strewn like a carelessly emptied bag of pearls across the Indian Ocean, the Maldives are long established as one of the world’s most magical holiday destinations.

The countless tiny islets that constitute the nation house a number of luxuriant resorts and Soneva Fushi – located on one of the bigger islands in the country – is one of the finest.

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WHAT’S THE STORY? One of the best regarded of the high-end resorts in the Maldives, Soneva Fushi is the ultimate in barefoot luxury. The development’s 55 luxury villas or private residences are tucked away amidst dense foliage within touching distance of a pristine, Biosphere UNESCO-protected coral reef.

LOOKS LIKE …Paradise, plain and simple. Villas all have an indoor-outdoor feel, with garden bathrooms and outdoor seating areas. Interiors, meanwhile, are rustic chic with wood and crisp cottons. There is no communal pool on the island, so investors would be wise to splash out on a villa with a private seawater pool.

DOWNTIME Gastronomes and bon vivants will find plenty to love about Soneva Fushi’s selection of bars and restaurants, which specialise in everything from heady cocktails to beachfront banquets. There’s no communal pool, but all villas have beach access while the indulgent Six Senses Spa is regarded as one of the finest in the Maldives.

X-FACTOR If beachfront dining is insufficiently special the resort can organise a private dining nook on the island’s sandbank.

WHY INVEST? With its unique “one island, one resort” hotel infrastructure and easy accessibility from international hubs, the Maldives continues to capture the imagination of investors. With visitor arrivals growing steadily the nation is poised to remain one of the world’s most popular destinations.

JUNE / JULY 2015 | 83

Toscana Valley

WHERE IS IT? Although just a couple of hours from Bangkok by road, Khao Yai is a world removed from Thailand’s oftenmanic capital. Toscana Valley is located just outside the national park, but the rolling surrounds and incorporated leisure facilities make it ideal for fans of the great outdoors.

WHAT’S THE STORY? Khao Yai itself is a colourful riot of notes from around Europe with stone-clad English influenced resorts rubbing shoulders with grand chateaux surrounded by vineyards. The laid-back lifestyle of Tuscany is the chief inspiration for Toscana Valley, with Italian touches including a quaint “Town Square” as well as Italian-themed cafes and dining options. The exclusive development is due for completion in 2016.

LOOKS LIKE Taking inspiration from rural Tuscany, the development strives to create a village feel. Stone, brick, wood and terracotta roofs have been incorporated to follow the Tuscan theme.

DOWNTIME

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THE FACTS Price: USD300k-600k Units: 80 sqm (avg) Total: 48 Completion: 2016 (phase 2)

The centrepiece of the development is its championship golf course, designed by renowned architect Bob McFarland.

Equally notable is the palatial clubhouse, influenced by Villa Cenami Mansi, in the Tuscan city of Lucca. Facilities here include an Italian restaurant and an expansive veranda with panoramic views of the surrounding splendour.

X-FACTOR The development’s “Town Square” replicates the feel of an Italian piazza with outlets including everything from a florist shop to a gourmet grocery store.

WHY INVEST? Journey times to Bangkok are set to be cut even further by the construction of a new motorway, making it simple to combine big city amenities with an accessible country retreat.

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uniQue

THE FACTS Price: USD150k-700k Units: 150 sqm (avg) Total: 40 Completion: 2016

WHERE IS IT? With its lush forested interior and string of pristine beaches, Koh Samui has always been something of a glamour girl. Therefore it comes as little surprise to see the island adding to its Hollywood appeal through a number of new top-end developments. One of these is uniQue, which luxuriates in its location on the island’s popular northeast tip.

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WHAT’S THE STORY Due for completion by the end of 2016, this boutique villa development encompasses 40 spacious (average size: 150 sqm) properties on a prime elevated chunk of land near popular Chaweng Beach. With the soft sands and blue waters just 250 metres away and villas boasting incredible 180-degree views, the project looks set to become one of the most prestigious addresses on the island.

LOOKS LIKE With contemporary design and best-inclass construction quality, the villas at Unique Samui will be the last word in luxury. The project site is at an elevation of between 45 and 75 metres, which means that the ocean views over the shimmering Gulf of Thailand will be a central selling point.

DOWNTIME A large swimming pool, along with attached restaurant and bar, will be the focal point of the development. There will also be an exclusive air-conditioned restaurant as well as a state of the art gym and steam/sauna.

X-FACTOR The Gulf of Thailand is the star of the show due to the expansive 180-degree views from all villas.

WHY INVEST? With easy access to the international airport as well as Koh Samui’s main ferry piers; transport links could not be better. Nearby Chaweng is one of the island’s most developed beaches with plenty of modern conveniences and entertainment options.

JUNE / JULY 2015 | 87

W Retreat & Spa Bali – Seminyak WHERE IS IT? In many ways, Bali is the holiday destination that has it all. Feted for its immense beauty and deep-rooted Hindu/Animist culture, the little island near the geographical heart of the Indonesian archipelago attracts a steady flowing stream of visitors looking to sample its heady ambrosia. The island’s most exclusive beach enclave, Seminyak, is home to Bali’s hippest boutiques, eclectic galleries, restaurants and clubs.

WHAT’S THE STORY? Opened in 2011, the W Retreat & Spa Bali - Seminyak is in keeping with the brand’s cutting-edge contemporary ethos. The resort showcases distinctive architecture and interior design that fuses the natural beauty and cultural heritage of Bali with bold designs and textures. Complementing the property’s design chops are its enviable range of leisure facilities and dining and drinking options that include WooBar, a three-story beach bar and concept restaurants such as Fire, a casual grill venue featuring a dramatic open kitchen.

LOOKS LIKE

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THE FACTS Price: USD1.3m-7m Units: 225-625 sqm Total: 79 Completion: 2011

Renowned firms SCDA Architects and AB Concept and Poole Associates Private Limited were responsible for the architecture and interior design of the property. The resort was built to a “conceal and reveal” concept inspired by the mysticism of Bali with each space allowing guests to mix and mingle or remain unseen as they escape to their own retreats.

DOWNTIME Villas are equipped with state-of-the-art BOSE sound systems along with other amenities. Owners can use all the resort facilities including its swimming pools, gym, spa and library.

X-FACTOR The resort’s most impressive feature is its WET swimming pool, which is inspired by Bali’s famous rice terraces.

WHY INVEST? Bali’s popularity is as strong as ever with international and domestic arrivals increasing by up to 15 percent each year.

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:HDOWK ; FR IRXQGHU 'DYLG )ULHGPDQ VKDUHV KLV LQVLJKWV RQ ZHDOWK LQWHOOLJHQFH JURZWK VWUDWHJLHV DQG FKLSV LQ RQ GHEDWH RQ OX[XU\

BY RICHARD ALLAN AQUINO

N

oted author, speaker on ultra-high-net-worth (UHNW) business development practices, real estate strategies consultant, family man, and advocate of philosophical debates, David Friedman is a highly-experienced top executive who regularly globetrots to attend business meetings with VVIPs or to give his opinions on a wide variety of topics involving the worldâ&#x20AC;&#x2122;s ultra wealthy.

As co-founder and president of Wealth-X, a Singapore-based specialist on wealth intelligence, Friedman, from his base in New York City, heads a 250-member team primarily comprising wealth researchers and analysts ORFDWHG LQ RIĂ&#x20AC;FHV ZRUOGZLGH

&HOHEUDWLQJ LWV Ă&#x20AC;IWK DQQLYHUVDU\ WKLV \HDU :HDOWK ; LV steadily making a name for itself as a global authority and provider of reliable content on the worldâ&#x20AC;&#x2122;s UHNW LQGLYLGXDOV LQFOXGLQJ WKHLU EDFNJURXQG TXDOLĂ&#x20AC;HG SURVpects and businesses. Recently, Wealth-X expanded its data collection methods and reach by joining forces with UHQRZQHG LQWHUQDWLRQDO OHDGHUV VXFK DV 6ZLVV EDVHG Ă&#x20AC;QDQFLDO VHUYLFHV Ă&#x20AC;UP 8%6 DQG UHDO HVWDWH EUDQG 6RWKHE\¡V International Realty.

Friedman recently took some time off from his busy schedule to speak with us from his home at the High Line in Manhattan, where he lives with his wife and two children.

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WE CAN TAKE THAT DATA AND WORK WITH OUR CLIENTS AND PARTNERS TO CREATE REALLY UNIQUE AND INSIGHTFUL CONTENT BECAUSE, YOU KNOW, â&#x20AC;&#x2DC;CONTENT IS THE NEW BLACKâ&#x20AC;&#x2122;.

Tell us a little bit about your experience before Wealth-X. Were you always interested in real estate and economics?

I was a dotcom and technology entrepreneur in the late 1990s in Silicon Valley. Then there was a dotcom crash and our company capsized in the crash. At the time I was also doing some consultancy for a close friend who was working at CB Richard Ellis (CBRE), and that was my Ă&#x20AC;UVW LQWURGXFWLRQ WR FRPPHUFLDO UHDO HVWDWH &%5( had a developerâ&#x20AC;&#x2122;s strategy â&#x20AC;&#x201C; they wanted to create a high-end strategic consulting group to advise their clients not only on the brokerage side and transactions in real estate, but also on where they should be investing around the world. It was this strategy that created the opportunity for me to work for CBRE and the reason I moved to New York City.

I became part of the group that was working with senior executives, and we started to build a consultant group at CBRE that focused on its largest commercial investors, economic development strategies and emerging strategies that related to large capital investments and GHSOR\PHQWV VSHFLĂ&#x20AC;FDOO\ DURXQG EUDQGLQJ DQG positioning to attract high-growth entities like technology companies.

7KHUH DUH DOUHDG\ D QXPEHU RI UHVHDUFK Ă&#x20AC;UPV that deal with the worldâ&#x20AC;&#x2122;s wealth. What then inspired you to form Wealth-X? Most brands are looking for great content. In fact, they are essentially becoming publishers, and to engage their audience they need great content.

This is where we come in.

One of the great things about Wealth-X is that we have proprietary data, and itâ&#x20AC;&#x2122;s data that weâ&#x20AC;&#x2122;ve created and collected ourselves and manually curated using open source intelligence. That data is a foundation for creating fantastic content on the UHNW market. We can take that data and work with our clients and partners to create really unique and insightful content because, you know, â&#x20AC;&#x2DC;content is the new blackâ&#x20AC;&#x2122;.

You recently teamed up with Sothebyâ&#x20AC;&#x2122;s International Realty to produce a global luxury residential report earlier this year. How did this collaboration come about?

We partner with industry leaders in different sectors to develop very insightful and unique content driven by the proprietary nature of our data. Weâ&#x20AC;&#x2122;ve done this with several different partners: our UHNW report with UBS; our report with a leader in the life insurance sector, NFP; we also did a report about the largest wealth transfer in history; and in the residential luxury real estate sector, we partnered with Sothebyâ&#x20AC;&#x2122;s.

Weâ&#x20AC;&#x2122;re excited about the joint report with 6RWKHE\¡V EHFDXVH LW¡V WKH Ă&#x20AC;UVW DQG RQO\ UHSRUW that targets and deals exclusively with the UHNW world and owner-occupied real estate. Most reports on luxury real estate usually expand the gamut in terms of looking at investments, asset classes and all these different things about developments, but our report was really unique; itâ&#x20AC;&#x2122;s the only report that is solely focused on the intersection of UHNW individuals and their owner-occupied luxury real estate. $ NH\ Ă&#x20AC;QGLQJ LQ WKH UHSRUW LV WKDW WKH ZRUOG¡V wealth seems to be shifting to Asia. What are the main factors behind this shift?

Itâ&#x20AC;&#x2122;s interesting because thereâ&#x20AC;&#x2122;s a bit of a paradox going on here. There has indeed been tremendous wealth creation in Asia, but, according to recent press, most of the luxury brands are actually viewing America as the new emerging market in luxury. In fact, many of the largest spenders â&#x20AC;&#x201C; if you will â&#x20AC;&#x201C; in luxury have declined and thereâ&#x20AC;&#x2122;s been a muting of luxury buying in China. This means that many high-end brands are looking elsewhere, like the United States. People would have never thought Chicago would rank ninth in terms of UHNWIs globally, right? So, yes, thereâ&#x20AC;&#x2122;s tremendous growth and we see trends.

For example, I was in Hong Kong and there were stories of young Chinese teenagers spending hundreds of thousands of dollars [on luxury

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INDONESIA IS ON-TRACK TO BECOME A UHNW HAVEN IN THE FUTURE, SAYS WEALTH-X

goods]. You hear these stories and thereâ&#x20AC;&#x2122;s now substantial data to back them up, so thereâ&#x20AC;&#x2122;s a mass growth in Asia.

But in the short-term, luxury real estate companies and luxury brands continue to look to the US. :HUH WKHUH DQ\ RWKHU LQWHUHVWLQJ LQVWLWXWLRQDO Ă&#x20AC;QGLQJV from this collaboration?

We discovered that the top industry for UHNWIs globally LV Ă&#x20AC;QDQFH EDQNLQJ DQG LQYHVWPHQW ZKLFK DFFRXQWV IRU SHUFHQW 5HDO HVWDWH LV WKH VHFRQG PRVW VLJQLĂ&#x20AC;FDQW LQGXVWU\ DW SHUFHQW MXVW DKHDG RI QRQ SURĂ&#x20AC;WV DW percent. Furthermore, women's preference for more tangible assets and, in general, a lower risk tolerance explains why they value real estate more than men. We believe that thereâ&#x20AC;&#x2122;s no reason why it should not be equal in the future, but it could take some time for this to be the case. For example, if female UHNWIs were to increase in number every year at a 10 percent rate, and male UHNWIs were to experience zero growth, it would still take until 2034 before the numbers are equal.

Do you agree with some experts that technology also LQĂ XHQFHV WKH JURZWK RI VRPH OX[XU\ PDUNHWV OLNH LQ Bangalore and Malaysia?

The technology sector is only ever going to increase in the IXWXUH DOWKRXJK LW LV VWLOO PRVW VLJQLĂ&#x20AC;FDQW LQ WKH 86 7KH effects of the technology industry on luxury in developing markets is therefore having a small, but growing impact.

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We will need more companies like Alibaba [a Chinese e-commerce website] to be created before the impact is VLJQLĂ&#x20AC;FDQW 'HVSLWH WKH YRODWLOLW\ RI VRPH PDUNHWV ZK\ GRHV real estate remain a solid investment for any UHNW individual?

Real estate is a hard asset, which makes it relatively more secure than other investments. Itâ&#x20AC;&#x2122;s also an investment that can be enjoyed today. While the value of super yachts and luxury cars will depreciate; there is, arguably, little pleasure to be derived from looking at your holdings as stocks and shares. That's why real estate is a popular investment choice for UHNWIs. $VLGH IURP WKH &KLQHVH ZKLFK HPHUJLQJ $VLDQ nationalities should we watch out for?

There are lots of potential in Southeast Asia to improve rapidly. Indonesia is a growing economic force that will help create many more UHNWIs, and Myanmar presents a large opportunity for fortunes to be created with the economy continuing to open up. Overall in the nearterm, it is still likely that China will drive the growth of 8+1:,V LQ $VLD LQ WKH QH[W Ă&#x20AC;YH \HDUV 6SHDNLQJ RI H[SDQGLQJ LQ $VLD LI \RX ZHUH WR EX\ D OX[XU\ FRQGR KHUH ZKHUH ZRXOG LW EH DQG ZK\" Singapore in my mind seems to be more like San

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RANKED NINTH IN THE GLOBAL UHNW RANKING, CHICAGO HAS NO REASON TO BE BLUE

REAL ESTATE IS A HARD ASSET, WHICH MAKES IT RELATIVELY MORE SECURE THAN OTHER INVESTMENTSâ&#x20AC;Ś THATâ&#x20AC;&#x2122;S WHY ITâ&#x20AC;&#x2122;S A POPULAR CHOICE FOR UHNWIS.

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Francisco, whereas Hong Kong tends to be more like New York. It really depends on a lot of different factors. At this stage in my life â&#x20AC;&#x201C; I now have my own family and kids â&#x20AC;&#x201C; Iâ&#x20AC;&#x2122;d probably opt for Singapore. If I were younger, Iâ&#x20AC;&#x2122;d probably live in Hong Kong where thereâ&#x20AC;&#x2122;s lots of vitality and activity going on.

Being the president of a company that deals with the ZRUOG¡V ZHDOWK ZKDW WR \RX LV ÂśOX[XU\¡" :HOO WKLV LV DQ LQWHUHVWLQJ TXHVWLRQ EHFDXVH WKH GHĂ&#x20AC;QLWLRQ of â&#x20AC;&#x153;luxuryâ&#x20AC;?, Iâ&#x20AC;&#x2122;d say, is one of the biggest debated topics WRGD\ 7KHUH DUH SHRSOH WKDW ZDQW WR GHĂ&#x20AC;QH OX[XU\ DV â&#x20AC;&#x2DC;exclusivityâ&#x20AC;&#x2122; â&#x20AC;&#x201C; so exclusive, in fact, that no one can afford LW 6RPH IRONV GHĂ&#x20AC;QH LW DV ÂśFUDIWVPDQVKLS¡ ,W¡V D ZRUG WKDW I think would open opportunity for a debate, basically, for lots of different ideasâ&#x20AC;Ś but personally, I think about luxury as having two sides: One is you learn more about culture â&#x20AC;&#x201C; the real brands of luxury have tremendous heritage and history; itâ&#x20AC;&#x2122;s part of their corporate legacy.

The other is about craftsmanship, a skill set that someone learns and they pass it on to someone else. Embedded LQ P\ RZQ ELDV DQG SHUVRQDO YLHZ RI WKH GHĂ&#x20AC;QLWLRQ RI luxury, itâ&#x20AC;&#x2122;s the idea of intense craftsmanship and training.

In other words, you canâ&#x20AC;&#x2122;t just step right into it. You have to be an apprentice within a tradition in order to get to a place where youâ&#x20AC;&#x2122;ll be able to do some of the crafts, which would exclude things that are done instantaneously. Thatâ&#x20AC;&#x2122;s P\ RZQ HPHUJLQJ GHĂ&#x20AC;QLWLRQ RI ZKDW ´OX[XU\Âľ LV ,W¡V DQ ongoing debate and is certainly open to interpretation.

JUNE / JULY 2015 | 97

The desirability of District 2

BY LIAM ARAN BARNES

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1

2

3

1. Estella Heights

2. Lexington Residence

3. The Deck

Conveniently situated in the heart of District 2 and just a stoneâ&#x20AC;&#x2122;s throw from An Phu metro station, Estella Heights is one of a number of ambitious luxury condo projects currently rising in the area. The two-storey project â&#x20AC;&#x201C; a joint venture between Singaporean GHYHORSHU .HSSHO /DQG DQG ORFDO Ă&#x20AC;UP Tien Phuoc â&#x20AC;&#x201C; is slated for completion in 2017 and will comprise 496 units, ranging from one to four bedrooms, with prices starting from USD1,900 per square metre. Estella Heights will come equipped with an array of facilities including a sky garden, private entertainment area, multiple sports courts, swimming pools and a state-ofWKH DUW Ă&#x20AC;WQHVV FHQWUH

One of Novaland Groupâ&#x20AC;&#x2122;s latest residential offerings in Vietnamâ&#x20AC;&#x2122;s commercial capital, Lexington Residence is located just off of Mai Chi Tho Boulevard with direct access to Thu Thiem, the cityâ&#x20AC;&#x2122;s new urban and administrative centre. Due for completion later this year, the 1,310unit project will include facilities such as an outdoor swimming pool, garden, Community Room and various dining options, while nearby amenities include Parkson Business Center, Lotte cinema, supermarkets and international schools DW UHVLGHQWV¡ Ă&#x20AC;QJHUWLSV $YHUDJH XQLW prices at Lexington Residence are around the USD100,000 mark.

The Deck has steadily built a reputation for being not only one of District 2â&#x20AC;&#x2122;s top eateries but one of Ho Chi Minh Cityâ&#x20AC;&#x2122;s leading dining spots; it was recently lauded in British newspaper, The Daily Telegraph, as â&#x20AC;&#x153;one of the countryâ&#x20AC;&#x2122;s best Asian Fusion restaurantsâ&#x20AC;?. Located on the banks of the Saigon River and decked out with minimalist wooden furnishings, the menu includes both locally-sourced dishes, like the grilled Phu Quoc king prawns Sichuan sauce, and European-inspired options, such as the foie gras with spinach dumplings and black vinegar dressings. The cocktail and wine lists are also a draw for those looking to leisurely while away the hours in the restaurantâ&#x20AC;&#x2122;s serene setting.

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Once among the poorest areas of Vietnamâ&#x20AC;&#x2122;s largest city, District 2 has evolved into one Ho Chi Minh Cityâ&#x20AC;&#x2122;s most vibrant urban enclaves over the past decade. Known locally as An Phu, the district sits just 20 minutes away from the city centre, and itâ&#x20AC;&#x2122;s this favourable location, as well as its riverside charms and the increasing accommodation options, that has a made District 2 a hit with WKH JURZLQJ PLGGOH FODVV DQG H[SDW UHVLGHQWV ,W FRQWLQXHV WR XQGHUJR VLJQLĂ&#x20AC;FDQW UHJHQHUDWLRQ DQG ZLWK WKH FRPSOHWLRQ RI 7KĐ&#x; 7KLrP 1HZ 8UEDQ $UHD ² VODWHG WR EH WKH QHZ Ă&#x20AC;QDQFLDO FRPPHUFLDO and residential centre of the city â&#x20AC;&#x201C; in 2018, it is expected to be one of Ho Chi Minh Cityâ&#x20AC;&#x2122;s most desirable districts.

4

5

6

4. Saigon Outcast

5. Villa Song Saigon

6. Thanh Da Island

Looking for a taste of the alternative?

Ho Chi Minh City certainly isnâ&#x20AC;&#x2122;t short of diverse drinking holes and hip bars, but with its skateboard ramps, shipping FRQWDLQHUV DQG JUDIĂ&#x20AC;WL FODG H[WHULRUV Saigon Outcast has emerged as one of the coolest haunts for the cityâ&#x20AC;&#x2122;s scenesters since opening in 2012. The space hosts events throughout the week â&#x20AC;&#x201C; BBQs, indie gigs, movie nights and art exhibitions, to name but a few â&#x20AC;&#x201C; and aims to promote its philosophy of honest fun and enjoyment of the arts, inevitably drawing an eclectic crowd of young locals and expats.

Another of the districtâ&#x20AC;&#x2122;s riverside treasures, Villa Song Saigon is a popular boutique hotel set in a French colonial mansion that is tucked away from the main thoroughfares of District 2. As renowned for its restaurants as it is its rooms, the easiest, and most exciting, way to access the hotel is by speedboat; a trip that takes roughly seven minutes from Central Pier in District 1. Guests can also take advantage of the spa and pool. The rooms, no two of which are the same, start from about USD150 per night.

The ultimate urban retreat, Thanh Da Island is a world away from the hectic streets of nearby District 2. Enveloped by the Saigon River, the bucolic refuge LV IUHTXHQWHG E\ F\FOLVWV Ă&#x20AC;VKHUPHQ weekenders and tourists, although it still remains a relatively well-kept secret.

Access to the island is via a bridge in District 1 and once there, visitors will Ă&#x20AC;QG D TXDQW DUUD\ RI ORFDO UHVWDXUDQWV and market stalls peppered among the SDGG\ Ă&#x20AC;HOGV DQG Ă&#x20AC;VKLQJ SRQGV ² WKH perfect change of pace from the rest of the city.

JUNE Â / Â JULY Â 2015 | Â 99 Â Â

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BY ROBERT CARRY

     100 | JUNE  /  JULY  2015

JUNE / JULY 2015 | 101

I

reland’s property market has rarely been out of the headlines over the past 18 months as its highs and lows pushed new boundaries. But it would seem that after a long period of misery, the country’s oncebooming market is now comfortably in recovery mode.

Throughout the country there has been a visible reversal in the price declines experienced a few years ago – when the value of the average home dropped by half and homes were being sold off at distressed property auctions sporting 90 percent discounts.

Moreover, Ireland’s price hikes surpassed the significant growth witnessed in Turkey, Dubai, and the United Kingdom, according to Knight Frank’s December 2014 global property index. The island’s annual growth rate hit 15.5 percent in the 12 months to January 2015 while in the capital, Dublin, prices increased 21.6 percent compared to the previous period.

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JUNE / JULY 2015 | 103

[S]KILLED CONSTRUCTION WORKERS HAVE LEFT THE COUNTRY AND EMIGRATION NUMBERS HIT LEVELS NOT SEEN SINCE THE GREAT FAMINE OF THE 1840S.

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FRIENDLY GRAFTON STREET IS A LANDMARK SHOPPING DISTRICT IN DUBLIN

But while the current pattern of growth seems to echo the pre-crash boom period of 2007-08, there are significant indicators that things will be different this time around.

During the property bubble years that culminated in the 2008 crash, price growth was driven primarily by speculators amidst an environment of easy credit offered

by Irish banks. Nowadays, the wave of investors are mainly first-time buyers and other homeowners looking to upsize, and subsequently, the majority of homes acquired are being used as primary residences as opposed to the speculative investment purchases that characterised previous years.

Changes in Ireland’s banking system have also significantly curbed speculation. In the early to mid-2000s, mortgages were granted with alarming ease, but nowadays, with balance sheets still in recovery mode from the last crash, banks are far more restrictive in their lending practices. The government

JUNE / JULY 2015 | 105

ADELAIDE SQUARE

106 | JUNE / JULY 2015

has also stepped in to shore up the market, introducing strict regulations that lenders are forced to abide by; banks, for example, are now only permitted to grant mortgages up to 80 percent of the total home price.

Although these interventionist measures are designed to protect lenders, they have also stymied the number of first-time buyers entering the market and slowed the rampant growth rates witnesses in 2014.

The scheme, however, is pushing up rents as prospective homeowners are forced to stay in the rental market in order to save significant deposits, triggering an increase in buy-to-let investors drawn by commensurate high rental rates. And while price growth may have slowed, the regulations have done little to alleviate the demand for homes.

Limited supply in the last two years, caused by the financial crash, has also

had a detrimental impact on construction companies and the industry as a whole; with firms going bust, hundreds of thousands of skilled construction workers have left the country and emigration numbers hit levels not seen since the Great Famine of the 1840s.

As a result, prices are expected to keep increasing albeit (in light of government and Central Bank measures) at a slower, steadier rate.

The deliberate suppression of domestic demand, coupled with the struggling euro, has opened the door to overseas buyers with the British leading the charge. Graham Murray, director of residential at Savills, explains: “Over the past year, we have seen good demand from international buyers, primarily from the UK, for family homes at the middle to upper end of the market in well-serviced suburban locations along

JUNE / JULY 2015 | 107

108 | JUNE / JULY 2015

THERE IS, HOWEVER, FAR MORE TO IRELAND THAN ITS CAPITAL, BOTH IN TERMS OF LIVEABILITY AND INVESTMENT POTENTIAL.

the coast and close to Dublin city centre.

Highlighting a trend that could be a prominent feature this year, Murray added: “Many of these buyers are expats living in the UK now looking to take advantage of the value in the market in anticipation for their return home.

In most cases, they are looking for homes in locations near to where they grew up so they can be close to family and friends again.”

And there is still plenty of growth to come. Dublin housing and apartment prices, respectively, remain 37 percent and 44 percent lower than they were at their peak; outside of the capital, residential property prices are still a full 42 percent lower than the highs of 2007.

As expected, Dubliners, residents of the energetic capital with a string of cultural attractions, and a lively nightlife, are leading the charge.

With an array of traditional, smallsized apartments in the city centre to choose from, and the occasional unusually spacious unit –such as a three-bedroom, 205-sqm former twin penthouse in the Adelaide Square area of Dublin 8, with a 60-degree view of the city and the Dublin Mountains, for a reasonable EUR1.2 million (USD1.35 million) – they are spoilt for choice.

There is, however, far more to Ireland than its capital, both in terms of liveability and investment potential. “Prices outside Dublin have been rising at an accelerating rate for the last nine months,” notes John McCartney, director of research at Savills Dublin.

In County Wicklow, located in the Mid-East Region and directly adjacent to Dublin’s southern border, homebuyers can find a three-level, five-bedroom home for EUR1.5 million (USD1.69 million).

Situated in the Ashford area of the ‘Garden of Ireland’ county, the modern, luxurious home dubbed ‘The Danes’ sits on a 19-acre property and overlooks the Irish Sea as well as the rural countryside.

Another notable country property on the market can be found in County Meath; traditionally regarded as Dublin’s commuter belt country. Located near the town of Navan, the Mount John House is an early 18th century Georgian mansion built on 120 acres of parkland, paddocks and mature woodland. The main home, which is 60 kilometres from central Dublin, includes nine bedroomms and various recreational rooms, and two wine cellars, and is being sold for EUR4.15 million (USD4.67 million).

Ireland’s return to a positive price growth cycle, despite being lower than the pre-crash peak, has inevitably reignited the interest of domestic and international investors, and sellers are once again confident that there will be profitable movements for the existing housing supply, in Dublin and the countryside.

Savills’ McCartney believes that “this is set to continue as demand is attracted into the commuter counties by more affordable prices and a greater supply of traditional family housing.”

JUNE / JULY 2015 | 109

Coming up roses in Colombo 110 | JUNE / JULY 2015

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BY STEPH JOHNSON

TEMPLE IN COLOMBO, SRI LANKA

JUNE Â / Â JULY Â 2015 | Â 111 Â Â

P

ost-­war Sri Lanka has created the perfect storm for intrepid property investors with its capital city, Colombo, seen as having the potential to be South Asia’s hub for real estate investment, according to recent reports by JLL and global property portal Lamudi. Still, the threat of market overcrowding looms, and the country’s unpredictable political narrative could also spell trouble.

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BEACH IN THE CENTRE OF COLOMBO.

JUNE / JULY 2015 | 113

“THE SRI LANKAN MARKET HAS BEEN A TARGET FOR THE REGIONAL COUNTRIES SUCH AS INDIA AND CHINA FOR QUITE SOME TIME, BUT THE CIVIL CONFLICT HAD BEEN A BARRIER TO ENTRY TILL 2009.”

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WORLD TRADE CENTER AND BANK OF CEYLON IN COLOMBO, SRI LANKA. COLOMBO IS THE LARGEST CITY AND COMMERCIAL, INDUSTRIAL AND CULTURAL CAPITAL OF SRI LANKA

“Sri Lanka is among the top emerging economies in the world,” says Shiluka Goonewardene, real estate advisory partner at KPMG. “The market for real estate has shown a phenomenal growth since 2009 and shows clear signs as an upcoming real estate investment destination.”

He adds that “ample investment opportunities” have been made available following the country’s dramatic transformation, mainly driven by infrastructure developments and stable economic growth. Recent improvements seen in the tourism, information technology, business process outsourcing, banking, finance and insurance sectors also have a hand in the current healthy demand for real estate.

JUNE / JULY 2015 | 115

ALTAIR, DEVELOPED BY INDOCEAN DEVELOPERS (PRIVATE) LIMITED

In a real estate agent survey undertaken

by Lamudi last year, it was revealed that 65 percent of the respondents reported feeling positive about the sector’s growth prospects in 2015, while over half forecasted growth of more than 8 percent in the property market.

Most of the agents surveyed also acknowledged that infrastructure improvements – including the creation of the Outer Circle Highway, proposals for a metro rail and monorail, and planned expansions of the city’s port and Bandaranaike International Airport – were the primary reason behind Colombo’s increasing investment appeal, thanks in large part to smart investments from the government after the civil war ended in 2009.

With political troubles now seemingly in the past, international visitor numbers have steadily increased in recent years. The obvious appeal of Sri Lanka’s beautiful beaches and Colombo’s emergence as a retail and casino destination has also boosted overseas interest, which has been cemented by the presence of multiple luxury international hoteliers and esteemed brands, including Shangri-La, Marriott and Hyatt.

Although the majority of visitors are from neighbouring India, European, Maldivian and Arab tourists have also had their interests piqued.

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However, as an emerging economy – it surpassed 7 percent in 2013, the strongest in South Asia –, there are still some significantly limiting factors on the Sri Lankan property market. The legacy of 26 years of civil war has left its mark on the country; the government is still the subject of a war crimes investigation and little attempt has been made to reconcile with the Tamil opposition. Lamudi’s survey results state that political changes, as well as restrictions on foreign investment, are two of the most notable threats for a rosy future.

Limitations on foreign investment are also counterintuitive to the government’s ambitious target setting for Foreign Direct Investment; it would like to hit USD2.5 billion this year.

But the pull of Colombo is apparently enough to overcome these factors for now; high-net-worth foreign buyers, in addition to wealthy Sri Lankan immigrants keen to return now war is over, are increasingly making their real estate presence felt in the city.

“The Sri Lankan market has been a target for the regional countries such as India and China for quite some time, but the civil conflict had been a barrier to entry till 2009,” notes Hugh can der Kolff, country manager of Lamudi Sri Lanka. “Currently, Sri Lanka is experiencing increased interest from foreign investors, especially in the real estate sector.”

The rising cost of apartment living in Colombo has forced the locals out to the suburbs in order to make way for these affluent investors. The luxury residential market in central Colombo commands average prices in the region of LKR40,000 (USD300) per square foot. Although this seems reasonable in comparison to its international capital counterparts, JLL have ascertained through an affordability survey that two- or three-bedroom properties are now out of reach for 90 percent of the population.

Due to the restrictions on foreign ownership – Sri Lankan laws prohibit non-citizens to own land and can only buy condominium units on the fourth level and above – luxury condominium projects are inevitably developers’ first choice when it comes to wooing overseas buyers. And woo them they do; most condominium developments sport high occupancy levels, according to a 2012 KPMG report. Their

JUNE / JULY 2015 | 117

appeal is clear: a 3-7 percent rental yield is common across in the board and capital values across the Central Business District have appreciated by more than 40 percent in the last three years, according to JLL. Not only are the potential returns attractive but developers are also creating increasingly luxurious and aspirational developments in a bid to cater to the elite. The most notable of these is the two-tower Altair, comprising some 400 luxury apartments, 40,000 square feet of retail space, and standout sustainable features. Developed by Indocean Developers (private) Limited and designed by renowned architect Moshe Safdie, the 240-metre high skyscraper is due for completion in 2017.

“Altair will set new standards for Colombo, and perhaps even for the region as a whole,” said Safdie, the design guru behind Singapore’s Marina Bay Sands.

118 | JUNE / JULY 2015

FORT, COLOMBO’S CBD

Offering concierge service provided by Quintessentially, Altair’s unique luxury is certain to prove alluring to the affluent clientele the project is hoping to attract.

While it’s clear that Colombo’s star is shining bright on the investor landscape, audacious investors should take note of the impending danger of oversaturation in the property market.

Indeed, 64 percent of real estate agents thought the biggest constraint on the market was the vast and growing supply of new developments, according to the Lamudi report.

KPMG’s Goonewardene, however, advises overzealous property developers to promote the “importance of proper pricing, positioning and branding on newer property developments.”

JUNE / JULY 2015 | 119

Colombo: Property Picks

7TH SENSE

ALTAIR

Spearheaded by John Keels Land, 7th Sense is located on the Gregory’s Road in Colombo 7 and is expected to complete during 2015. These contemporary apartments enjoy all the trappings of luxury you would expect together with over half an acre of rooftop terrace and function room.

Altair, developed by Indocean Developers (Private) Limited, and due for completion 2017 is situated facing the Beira Lake in Colombo 2. These eco-­residences are positioned so as to take advantage of the sun’s movements and be bathed in light for a large portion of the day. Residents can enjoy the four swimming pools, sky garden and extensive retail offering.

AVIC ASTORIA Developed by Avic International and due for completion in early 2016, the Astoria’s four residential towers are located in the heart of the city in Colombo 3. Featuring 608 luxury apartments together with six rooftop [lgc\o\j# k_\ 8jkfi`X `j jli\ kf Y\ X dX^e\k ]fi X]Õl\ek investors.

CLEARPOINT RESIDENCES Marketed as the world’s tallest vertical garden, the Clearpoint Residences are located just outside of Colombo on the boundary of Kotte and Rajagiryia and stand at an impressive 46 storeys. This sustainable luxury development is a joint venture between Milroy Perera Associates and Mäga engineering with completion due at the end of this year.

120 | JUNE / JULY 2015

(022863)

MCI (P) 102/01/2013

KDN PPS 1662/10/2012

2015 Issue 127 May PHP280

S$8, RM21.20, IDR64,000,

THB200, HK$48,

Issue 121 November 2014

S$8, RM20, IDR64,000, THB200, HK$48, PHP280

stars

MCI (P) 102/01/2013

rising Meet the region’s

KDN PPS 1662/10/2012 (022863)

$ 1(: 5 '$:1 )2(6,*1 $6,$1 ' DECADENT DESIGN IN DUBAI

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High hopes in Ho Chi Minh City Phuket’s pulling power

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discriminating of tastes, while the residential units have all the essentials that one needs to call it home.

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Luxuriously furnished function rooms and lounges are designed to satisfy even the most

Air of Sophistication. Air Residences takes it up a notch by providing residents with front desk, handyman and housekeeping services to aid tenants as they go about their daily pursuit of success.

     122 | JUNE  /  JULY  2015

Air of Luxury. Residents can do so much at Air Residences: invite friends and colleagues to any of the tastefully designed pavilions and terraces; host barbecue or pool parties and enjoy dining al fresco amidst lush gardens and open spaces; unwind while lounging on the sun deck; or simply take a dip into the pool to invigorate the senses.

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Project name: AIR RESIDENCES Owner / Developer: SM Development Corporation Product type: High-rise residential condominium Architect: Asya Design Location: Malugay corner Yakal Streets, Barangay San Antonio, Makati City, Philippines Launch date: August 2014 Expected completion date: November 2020 Total land area of development: 8,056 sqm-plus No. of Floors: 59 HLURB TLTS no: ENCRFO-14-08-27 Price Range: PHP2.84 million (USD75,554) to PHP5.892 million (USD156,728) Facilities: Function Terrace, Game Alley, Sports/Yoga Terrace, Seating Alcoves, Leisure and Lap Pool, Sun Deck, Barbeque Terrace, Function Rooms, Exercise lawn, Kids Play Pool, Kids Playground, Outdoor Lounge, Jogging/Walking Trail

DIRECTORY

JUNE / JULY 2015 | 123

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

Retail

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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 EnterpriseKinokuniya 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) SyarikatSyidah 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).

Philippines: Abacus (2 Branches) Ace Hardware (9 Branches) Bibliarch Inc (2 Branches) Booksale ForeWords Inc (2 Branches) Fully Booked Metrobook Inc (3 Branches) National Book store (139 Branches Powerbookstore (5 Branches) Sketch Books, Inc (8 Branches) Sokkin Inc (2 Branches) Visual Mix.Wilcon Libis WilconQuirino Ave Wilcon Building’s Depot (6 Branches) Wilcon Builder’s Supply – Quezon Avenue.

Cambodia: Monument Books (Phnom Penh) Phnom Penh Airport Siam Reap Airport.

Hong Kong: cosmos books ltd wanchai swindon book co ltd -­ lock nobletime aberdeen marina club hits media centre basheer design books (hk) ltd -­ causeway bay beachside bookshop joint excel trading sunny crest ltd the eslite culture variety hawker:cham kee mandarin oriental hong kong ifc development (hotel) ltd., fusion(024hv) -­ happy valley taste(296nhc) -­ new hopewell cantre fusion(165pv) -­ parkview p'n(274gr) -­ garden road fusion(261dbs) -­ discovery bay superstore taste(250spi) -­ stanley plaza superstore int'l(264cbp) -­ cyberport p'n(85tht) -­ tin hau temple p'n(663mosh) -­ ma on shan hotel express(hku2282) -­ hk u ii int'l(145fsc) -­ fook sing court taste(480epc) -­ east point city int'l(635cbc) -­ caribbean coast p'n(460) p'n(macau)-­fc116

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Hotels & Serviced Apartments

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Indonesia: Ascott Jakarta The Ritz Carlton,Kempinski Hotel Hotel Niko Shangrila Jakarta Four Season Jakarta Jw Marriot Grand Hyatt Jakarta Intercnental Mid,Kristal Sultan Hotel,Mulia Senayan The Ritz Carlton Pp Grand Mahakam The Darmawangsa Alila Hotel Grand Sahid Jakarta Park Lane Jakarta Menara Peninsula Borobudur Int’l Hotel Crown Plaza Hotel Le Meridien Hotel Mandarin Oriental Menteng Exe Apt Malaysia: Berjaya Times Square Equatorial Kuala Lumpur Grand Millennium Hilton Kuala Lumpur Hilton Petaling Jaya Hotel Istana Hotel Maya Kuala Lumpur Le Meridien Kuala Lumpur Mandarin Oriental Kuala Lumpur Mutiara Kuala Lumpur Nikko Kuala Lumpur Novotel Kuala Lumpur City Centre Renaissance Kuala Lumpur Shangri-­La Hotel Kuala Lumpur Sheraton Imperial Kuala Lumpur The Ascott Kuala Lumpur The Ritz Carlton Kuala Lumpur The Westin Kuala Lumpur Traders Hotel Singapore: CAPELLA SINGAPORE.CAPRI BY FRASER, HOTEL RESIDENCES Crowne Plaza Changi Airport Fairmont Singapore Four Seasons Hotel Singapore Grand Copthorne Waterfront Hotel Grand Hyatt Singapore Hilton Singapore Hotel Intercontinental Singapore Le Grove Service Apartments Naumi Hotel Orchard Park Suites (Service Apartment) Orchard Scotts Residence Park Royal Serviced Residences Shangri-­La Apartments & Residences Sheraton Towers Singapore Hotel The Fullerton Hotel Singapore The Sail @ Marina Bay.The Sail @ Marina Bay Treetops Executive Residences Thailand: Bangkok Lebua Hotel Dusit Thani Hotel Marriott Hotel Four Point by Sheraton Hotel The westin grande Asoke Hotel DoubleTree by Hilton Hotel Intercontinental Hotel Landmark Hotel Sukhumvit MaDuZi Hotel Novotel Ploenchit Hotel Dream Hotel Bangkok Gulliver’s Tavern Hotel S15 Sukhumvit Hotel S31 Sukhumvit Hotel Novotel Hotel Siam Square ANANTARA HOTELS, RESORTS & SPAS Soneva Resorts, Residences Novotel Hotel HuaHin Yaiya Resort HuaHin Sheraton Hotel HuaHin Dusit Thani Hotel HuaHin Hilton Hotel Huahin The Cliff Pattaya JW Marriot Hotel Pattaya Dusit Thani D2 Pattaya Hard Rock Hotel Pattaya Amari Hotel (North Pattaya) Sandalay (North Pattaya) D Beach (North Pattaya) Thai Resort Garden Pattaya Holiday Inn (North Pattaya) Mandalay Beachvillas Koh Samui Samui Cliff View Resort & Spa Koh Samui Banyan Tree Koh Samui Serene Hill (Spa Samui Serene & Resort) Koh Samui Kirikayan Hotel Koh Samui Fairhouse Villa Samui Ibis hotel Koh Samui Sala Samui Hotel Sala Samui Hotel Karma Resort Koh Samui Noraburi Koh Samui Boontaburi Koh Samui Anantara Koh Samui Narai Kiri Koh Samui Centara Koh Samui Samui Resotel Ban Hin Sai resort and Spa Koh Samui.Renaissance Koh Samui Beach Republic Koh Samui Seaview Paradise Koh Samui Pavilion Resort Koh Samui Nikki Beach Koh Samui Radisson Plaza Resort Phuket Panwa Beach Hotel Cape Panwa Hotel & Spa Phuket Phuket Panwa Beach Resort Serenity Hotel Vijitt Resort Phuket Boat Lagoon Phuket Royal Phuket Marina The Height Phuket Kata Garden Hotel Phuket Mom Tri’s Villa Royale Phuket Impiana Hotel Kata Beach Resort & Spa Phuket Centara Phuket Hilton Arcadia Phuket Resort & Spa Hotel Renaissance Phuket Resort Hotel Sala Resort Hotel JW Marriott Resort & Spa Phuket Hotel Anantara Hotel.Maikhao Dream Hotel Phuket Layan Gardens Hotel Phuket Pavilion Resort Hotel Dusit Laguna Hotel Phuket Beachfront Phuket DoubleTree Resort Phuket Twin Palms Hotel Phuket Novotel Coralia hotel Phuket Le Meridien Phuket Beach Resorts.Sea Pearl Villa Phuket Bel Air Panwa hotel Anantara Hotel Phuket Phuket Pavilion Resort Dusit Laguna Phuket Ayara Hilltops Phuket.

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Indonesia: JW Executive Lounge El John Lounge D Green Lounge Garuda Executive Lounge Indosat Executive Lounge Sunda Kelapa Executive Lounge Batavia Lounge.Pura Indah Lounge Premiere Lounge Emerald Sky Lounge (Garuda First & Business Lounge) Mutiara Lounge Garuda Executive Lounge Teluk Banten Lounge Malaysia: Emirates Lounge Plaza Premium Lounges Oman Airways Malaysian Airlines Thai Airways Thailand: Singapore Airlines Lounge Birtish Airways/Qantas Lounge Air France Lounge Eva Air Lounge Louis Tavern CIP Lounge (Concourse F) Thai Airways.Bangkok Airways Biman Aangiadesh Lounge Druk Air (Royal Phutan) Korean Air Lounge Gulf Air Lounge King Power Lounge Biman Aangiadesh Lounge.

124 | JUNE / JULY 2015

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Singapore: Ascott International British High Commission CAPELLA SINGAPORE.CAPRI BY FRASER. HOTEL RESIDENCES 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 Park Royal Serviced Residences Plaza Premium Lounge Porsche Centre Singapore Premier Club & Rainforest By SATS Lounge 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

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Issue 127 May 2015

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“ASIA’S LEADING LUXURY REAL ESTATE, ARCHITECTURE AND DESIGN MAGAZINE”

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DECADENT DESIGN IN DUBAI

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CALL FOR ENTRIES We are now accepting submissions for the 2015 competition Go to www.adt-awards.com

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MODULAR CONSTRUCTION FOR RESIDENTIAL AND COMMERCIAL BUILDINGS CONFERENCE 2015 3-4 June 2015 , Sofitel Sukhumvit Bangkok Trueventus 4th Annual Modular Construction for Residential and Commercial Buildings Conference 2015 returns with a bang after runing successful modular events in Bangkok, Kuala Lumpur and Abu Dhabi. Come grab you seats and hear key note speakers addressing areas such as manufacturing modular prefabricated off site products in the most cost effective way, optimising modular construction techniques in delivering a sophisticated and complex facility types, designing new & innovative custom-made prefab products. There is no doubt that with proper execution and design, modular and prefab buildings will have excellent track in creating successful residential and commercial buildings.

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“HIGHLIGHTS AND SHADOWS” BY APRIL AQUINO SCHOOL OF DESIGN & ARTS, DE LA SALLE-COLLEGE OF SAINT BENILDE, MANILA (2015)

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