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Winter Sun
What’s new and notable in resort developments
| Text : Elizabeth Kerr | Photo : Mulpha Australia and Brocon |
As investment properties, few developments are as popular as resorts. Since the so-called boom started a few years back, the resort property has become one of the most popular investments real estate has to offer. If you find the right location and the right property, rental returns can run anywhere from 2 to 15 percent on average. Hop spots like Bali, Indonesia, Koh Samui, Thailand and largely untouched developing areas in Cambodia and Vietnam remain prime destinations. Asia’s burgeoning middle class and European and North American travellers keen to find something new and/or exotic and unspoilt are fuelling resort development with, seemingly, no end in sight. Not all are created equal, but standards are rising with more and more traditionally fivestar chains getting in on the act.
So what’s new out there? There are the usual thatched roof villas with modern Southeast Asian tropical design and in almost all development buyers can expect infinity pools, luxurious spas, fine dining and top-flight service. Some stand out for their tranquil, hidden locations, others for the guaranteed pampering you’ll find in renowned branded properties (Four Seasons, W). Personal taste is as varied as the resorts themselves, but Bali’s Karma Kandara Resort and Spa, Hayman Private Residences and Hayman Marina Residences in Australia and Song Saa private island in Cambodia are good places to begin looking if you’re in the market for a resort property.
The 20 villas that make up the fifth and final phase of Karma Kandara Resort and Spa are now up for sale. Ranging in size up to | Text : Elizabeth Kerr | Photo : Mulpha Australia and Brocon | special report Winter Sun three bedrooms and starting at US$350,000, Karma Group chairman John Spence states simply that Kandara is, “the most exciting and appealing real estate option in Bali at the current time, offering a superb value investment.” Those are pretty lofty words for an island that is incredibly popular and boasts some of the region’s most elegant properties. But Karma has a fair amount of experience in the field, and they’re guaranteeing 5 percent rental return on investments for a minimum of three years. Kandara’s first four phases have grown at a rate of 30 percent, supporting the belief that Bali is hot and is going to stay that way. “With international tourism increasing in Bali every year — the number of foreign direct arrivals from January and August 2010 increased by 11.27 percent year-on-year with experts forecasting the total number reaching the 2.5 million mark in 2010 — we expect this trend to continue for our Phase V owners,” said Karma Group Managing Director Michael Luible in a statement to the press. The short version of that is that Bali remains a fairly safe bet.
Perched atop a cliff overlooking the Indian Ocean, the Kandara Phase V villas will be outfitted with state-of-the-art home entertainment, energy efficient appliances, and designed to reflect a Mediterranean- Balinese style, “fitted and furnished to Karma’s exacting standards.” Owners are entitled to 28 days each year as well as the full access to Kandara’s signature di Mare restaurant, the Nammos Private Beach Club and naturally the spa. But if that’s doesn’t thrill, there’s always Karma’s existing resorts in Goa, India or near Margaret River in Australia, and Bahamas and Fiji are on the way.
Speaking of Australia. The Great Barrier Reef is one of the seven wonders of the natural world for a reason. Up close or from a distance, there are few views that are quite as spectacular anywhere in the world. With that in mind, Mulpha Australia Limited is offering its first resort property for sale on Hayman Island, just off the coast of Queensland. The 400-hectare island has become known for its resorts, and now Mulpha is looking to boost high-end tourism to the destination. The Hayman Private Residences and Hayman Marina Residences are being developed largely due to visitor demand, and a recent sale of a residence was valued at AU$18 million — one of the highest prices ever for a Queensland property in 2010.
Hayman is rolling out the three- and four-bedroom luxury units slowly. Ranging in size from 5,300 up to 8,000 square feet on elevated oceanfront sites — which themselves average approximately 43,000 square feet — it is expected some of the highest prices ever seen in Australia will be demanded for the ultra-luxury homes. Designed by Amanresorts architect Kerry Hill, Hayman is aiming high. “We are taking Hayman from its current strong position and focusing on how we can deliver an even better experience for our guests in the years to come. Our goal is to protect and enhance the Hayman positioning and enduring reputation for delivering world-class facilities and services,” says Lloyd Donaldson, Head of Hotel Investment for Mulpha Australia and Managing Director of Hayman.
Heading north once more, on another type of island altogether the final six private villas are for sale on Song Saa, Cambodia. Song Saa is a rare private island investment opportunity for the emerging travel destination and lies in the Koh Rong archipelago, itself slated for major eco-development over the next 25 years. Song Saa has a handful (as of October) over-water villas remaining for sale — not that there were many to begin with. “Our private island is discreet and we only have a very small number of villas on offer. There is nowhere else a buyer could get this standard of investment at such a low price,” said Rory Hunter, CEO of Australia-based developer Brocon. The agent handling sales, CB Richard Ellis agrees that Song Saa is a strong investment, pointing to the capital appreciation that will occur exponentially hand-in-hand with tourism numbers as soon as flights from Sihanoukville International Airport begin. Brocon is guaranteeing an 8 percent investment yield for five years, high even within the region.
The 25 villas, ready in 2011, will each have private pools and will be one of over-water, over-beach or rainforest properties, and the resort will span two islands (Koh Ouen and Koh Bong) connected by a footbridge set amid a vibrant natural landscape. To ensure Song Saa maintains its fundamental appeal — its reefs, forests, marine life — Brocon has vowed Song Saa will be both ecologically and socially sustainable, which is also in line with the larger development of Koh Rong. So the only question that remains is which side of the Indian Ocean you’d prefer to be on. Happy hunting.
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