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What’s in a Name?
Branded residences are taking the upper end of the luxury property market by storm, with the recent unveiling of The Residences & Apartments at Mandarin Oriental, Macau and Residences at Peninsula Shanghai
| Text : Rebecca Lo | Photo : courtesy Mandarin Oriental, Four Seasons and Peninsula Shanghai |
On a recent weekend to Macau, it was obvious the city’s skyline included yet another glittering skyscraper. But instead of an office tower like in Hong Kong, the hottest address in town is The Residences & Apartments at Mandarin Oriental, Macau. Courtesy of New York-based architect Kohn Pedersen Fox Associates (KPF) and Hong Kong’s Wong & Tung International, the mixed-use building offers 360-degree panoramic views of Nam Van Lake, Taipa and beloved UNESCO World Heritage sites. It is situated directly on top of Mandarin Oriental Macau, and has easy access to many of the Hong Kong-based Mandarin Oriental Hotel Group’s (MOHG) facilities such as its world-renowned The Spa at Mandarin Oriental. Part of the One Central complex, a joint venture between Hongkong Land and Shun Tak Holdings, The Residences are MOHG’s first branded property in Asia, and its fourteenth in the world.
Although Asians are renowned for their propensity to jump onto the brand bandwagon, branded luxury residences here are just starting to become more in demand. Hongkong and Shanghai Hotel Group (HSHG), owner and operator of Peninsula Hong Kong and Peninsula hotels across the globe, is perhaps the pioneer for branded residences in the territory. Established in 1989, de Ricou Serviced Apartments in Repulse Bay offers 68 two-bedroom duplex suites starting at 2,000 square feet, boasting broad vistas of the South China Sea and Repulse Bay beach. Yet instead of capitalising on the cache associated with the Peninsula brand name, HSHG chose to call its residences another name altogether.
Nevertheless, HSHG is changing with the times. Late in 2009, it opened Peninsula Shanghai to host celebrities and dignitaries visiting Expo 2010. After the fuss surrounding the fair is over, it will begin to seriously concentrate on fine-tuning its branded apartments within the same site. Located on perhaps the most enviable parcel of land in the historic section of The Bund, it is a massive complex that includes the 235-room Peninsula Shanghai, the Peninsula Arcade — Shanghai’s premier address for shopping and home to Chanel’s second flagship boutique after Paris, and the prestigious heritage development 33, Waitanyuan. Adjacent to The Peninsula, 33, Waitanyuan dates to 1852 and includes the former British Consulate. Recently dubbed State Guest House, it is currently accommodating top-level dignitaries in town to check out Expo 2010. Along with enjoying the superbly landscaped gardens, these officials get first dibs on seeing how old merges with new, as the Church and Priest’s House on the site is now dotted with one-of-a-kind retail and food and beverage outlets.
Sir Michael Kadoorie, chairman of HSHG, was honoured last October at the annual Hotel Investment Conference Asia Pacific (HICAP). During his acceptance speech, he gave the audience at the packed InterContinental Hong Kong ballroom insights into his latest hospitality venture. “HSHG had always wanted to return to Shanghai, the city where we first began [with the Astor House],” said Kadoorie. “But we must have ownership and we must be on The Bund.” 1-33 Zhongshan Road was the only place even remotely suitable for Kadoorie’s plans. In 1996, he established Shanghai New Huang Pu Group Co. to focus on developing properties in Shanghai. As the former building on 1-33 Zhongshan Road was a derelict beyond repair, Kadoorie commissioned an entirely new building purpose-built to fulfil his vision of the perfect homecoming. Within the same porte cochere as the hotel will be the residences. Thirty-nine two and three bedroom units starting at 1,600 square feet will be available later this year. Understandably, Peninsula Shanghai is HSHG’s biggest, most ambitious project to date.
Relative new kid on the block, Four Seasons is more than making up ground by steadily increasing its Asian portfolio, simultaneously taking over the management of existing luxury properties while developing new ones. Four Seasons Place is a 60-storey, 519 unit tower in the same complex as Four Seasons Hong Kong, and was the Toronto-headquartered hotelier’s first foray into branded properties in 2005. “When I go away for extended periods of time, I want a place that doesn’t feel like a hotel,” said Oscar Llinas of Bilkey Llinas, the interior designer responsible for Four Seasons Place. “Serviced apartments are ideal for people who don’t have the time to make a new home. They want a clean house, but don’t want to see anyone cleaning it.” Today, its branded properties include the Residences at Four Seasons Chiang Mai. Its five four-bedroom, 7,500 square foot villas give Four Seasons fans the option of purchasing truly unique homes away from home.
One of the reasons why branded hotel properties exist primarily outside of Hong Kong is simple: space. Or lack of it. No matter how many slabs of Carrera marble or Bohemian crystal chandeliers decorate the property, the effect doesn’t work without space and volume to show them off. The same square foot in Central will cost a fraction in Macau, Shanghai or Chiang Mai — and you can also get all the affiliated services associated with a five-star hotel due to each city’s steady labour supply. For many people, luxury residences associated with a hotel are holiday retreats. They want to have a home they can call their own, but they also want to be pampered with the same level of facilities and amenities from the best resorts in the world. Branded luxury residences offer both. Indeed, some would argue that branded luxury residences offer it all. Maybe on your next trip to Macau, Lady Luck will be in your favour. You may well ferry home with a MOHG-branded property deed in your back pocket.
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