Resorts worth buying into
Whether your idea of holiday relaxation is hitting the slopes or the hammock, developers are now offering incentives on that perfect home away from home. Andre Cooray explores two hot properties
Whether your idea of holiday relaxation is hitting the slopes or the hammock, developers are now offering incentives on that perfect home away from home. Andre Cooray explores two hot properties
The world continues to turn despite the economic meltdown, and if ‘nothing ventured, nothing gained’ is your mantra, now could be the time to pick out that idyllic holiday home you’ve always dreamed of. Not only are prices relaxing, real-estate developers are upping the ante by offering some seriously attractive investment deals on vacation properties that ‘pay for themselves’.
Take Indonesian-based developer, mc² and the incentives it is offering at its Outrigger Panorama Bali Resort and Spa, due for completion at the end of 2010. Investors taking advantage of its FIFTY50 deal can pay 50 percent of the apartment price upfront (inclusive of fittings and modern appliances) for exactly half the listed cost. Pretty tempting, if you consider that HK$876,689 will buy you a 588 square-foot studio apartment with a 538 square-foot terrace, valued at HK$1.75 million.
“The financial climate now has banks and financial institutions holding back on lending and financing. The developer’s Fifty50 deal alleviates this very concern by offering just 50 percent cash down, and the rest is financed by the rental income and the 6 percent guaranteed return for the first three years. On top of that, buyers will still enjoy their (annual) 28-day free stay at the resort with nothing to pay. Also, the developer promises that all debts will be cleared in 10 years under this package,” explains Richard McCandless, director of mc².
Outrigger Panorama Bali Resort and Spa is located amid almost 4 hectares of rainforest, along the southern coastline of Bali’s fashionable Bukit Peninsula, home to the Four Seasons, Ritz Carlton and Banyan Tree; and it is a mere 30 minutes from the international airport. It is also 15 minutes away from two championship 18-hole golf courses and a short distance from Nusa Dua, a luxury resort hub famous for its shopping and nightlife. The 176 luxury condos all come with generous balconies and private swimming pools. And there’ll be a range of 5-star facilities on offer, including restaurants, bars and even a Tarzan-style adventure playground for the kids.
According to McCandless, owners have the opportunity to earn higher returns depending on the resort’s performance at the end of the initial three years of fixed income, and there are no hidden service, maintenance or insurance charges. Returns are predicted to increase between 10 percent to 12 percent after the fourth and fifth years of operation. In addition, premiums are expected to be as high as 191 percent for investors who jump in early, assuming the market picks up as predicted.
One-bedroom, 838 square-foot apartments with 775 square-foot terraces are now on sale for HK$1.4 million; two-bedroom, 1,230 square-foot apartments with 1,209 square-foot terraces are priced at HK$1.8 million; and 3,583 square-foot duplex penthouses are going for HK$4.9 million – all at half the listed cost, in conjunction with the special FIFTY50 financing deal.
“Imagine owning a luxurious resort property in a prestigious part of Bali, enjoying stunning sea views and breathtaking landscape, for the price of a crocodile Birkin bag embellished with diamonds or a Mercedes-Benz S-Class sedan,” says McCandless. The FIFTY50 offer runs for the first quarter of 2009 and three further price increases will be implemented by the time the project is completed in the fourth quarter of 2010.
If on the other hand, you’re in search of a vacation home on the slopes, the deals being offered by IP Global at Niseko Country Resort, located on the island of Hokkaido in Japan, are worth a look. A 20 percent deposit of around HK$477,000 will currently get you a HK$2.4 million holiday home at the resort which is due for completion at the end of the year. The company will knock 15 percent off the purchase price if you pay upfront.
“Niseko is the only ski resort in Asia that can compete with the likes of Whistler and sits within 4 hours of 54 percent of the world’s population and a large number of the world’s wealthiest. It is an insulated market with a lot of foreign investment and domestic demand, and it is not dependant on the performance of the rest of the Japanese economy. It is a mostly unleveraged market that implies it will not be destabilised by the effects of the credit crunch,” says Tim Murphy, managing director and founder of IP Global.
Prices for the ski chalets, designed by award-winning architect, Toshikuukan Sekkei, range from HK$2.1 million for a 1,076 square-foot, two-bedroom villa to HK$9.3 million for a 3,229 square-foot, four-bed unit. Each chalet has its own double parking space, private storage area and drying room for ski equipment.
Buying property in Japan is relatively straightforward, and potential investors will want to note that the National Bank of Australia and the Commonwealth Bank of Australia will lend up to 50 percent loan-to-value financing for 25 years. IP Global is also offering to provide another 30 percent on top, which means 80 percent of your financing is covered. All homebuyers are offered a 7 percent rental guarantee for the first two years.
Banking on the appeal of the resort, IP Global has pledged to reimburse flight and accommodation costs to potential investors, who put down a deposit after visiting the resort. All interested parties will enjoy low accommodation rates and free transportation to and from the resort.
The high rental yields guaranteed at Niseko Country Resort are based on a 90-day snow season and resort activities that are year-round, such as mountain biking, golfing and rafting. This mountain paradise, voted number two in Forbes Traveler’s 20 snowiest ski resorts in the world, is just five minutes from the ski slopes of Grand Hirafu, and has panoramic views of Mount Yotie. Vacation homes are a lot more affordable here than at similar resorts in the US and Europe, not to mention much more convenient for Hong Kong locals.
Property Listings and Stories via our International Network
|
