Source : Sunday Times – 8 Nov 2009
Luxury homes in Hokkaido and high-rise San Francisco apartments beckon to the well-heeled in Singapore
When it comes to overseas property launches, the choices used to be mostly beachfront developments or city projects.
But now, investors in Singapore may be spoilt for choice as more launches come to town, among them an unusual posh development in Japan.
The latter is one of two upmarket projects launched last Friday.
It is a 149-unit branded residential development called Capella Niseko Resort and Residences and is situated close to the popular ski destination at the Annupuri-Niseko Mountain in Hokkaido. The project also includes a 67-room hotel.
Aside from the Capella brand – the hotel and residences will be managed by Capella Hotels and Resorts – the freehold project boasts renowned Japanese architect Tadao Ando.
Clearly targeted at those who love snow and skiing, the project has 94 apartments, 36 houses and 19 villas, all of which are fully furnished and come with room service. The prices range from US$1 million (S$1.4 million) to US$5.5 million.
The project was developed by Hong Kong-based Annupuri Land. Couple Harry Pang and Mae Loh, who founded the company, have been skiing in the Annupuri-Niseko mountain region for years. They love the place so much that they decided to have a project there.
They then roped in friend Ernest Tsang, who is managing director of Annupuri Land, and other partners, including a few wealthy Asian dynasties such as the Shaw family in Hong Kong and the Khattar and Kwee families in Singapore.
The total investment cost of the project, including the land, is US$220 million. A branded residence typically commands a premium of 10 to 30 per cent, with the upmarket ones like Capella factoring in a premium on the higher end of the scale. A key selling point of the project, said Mr Pang, is the area’s natural attributes. ‘You can lie in the powder snow for an hour and won’t get wet.’
The Capella project was first launched in Hong Kong early last year, and has sold 20 units at a 10 per cent discount. Subsequent launches were derailed by the global crisis until now.
The other project launched in Singapore last Friday is Millennium Towers in San Francisco, by US developer Millennium Partners.
The 60-storey luxury development, completed in April this year, is the fourth-tallest structure on the San Francisco skyline.
Managing director Richard Baumert said there was a lot of interest from Asia in the past four to six weeks alone.
‘The timing is right for Asia, as the world economy improves and financial markets stabilise,’ he said.
The project was first launched in November 2007 and had ‘an amazing response up until mid-September 2008′, he said.
Prices start at US$600,000 for a 662 sq ft one-bedder to US$10 million for a penthouse, or from around US$800 psf to US$1,600 psf. So far, 30 per cent of the 419 units have been sold.
Late last month, Central London developer Native Land held a preview in Singapore of its prime development Neo Bankside. This is located near the Tate Modern Gallery on the South Bank of the River Thames.
And earlier, a luxurious freehold Bvlgari-branded residential villa project in Bali was launched here.
Jones Lang LaSalle’s head of residential, Ms Jacqueline Wong, said investors can look forward to more interesting developments next year.
These include another branded residence yooPhuket, in Phuket, which could be launched early next year.
Investors may not be used to investing overseas but this could be a good time, said Ms Wong, who is marketing the Capella project.
‘The world property market has not recovered completely, so the potential is still there,’ she said.
Good time to launch
‘The timing is right for Asia, as the world economy improves and financial markets stabilise.’ – Managing director of Millennium Partners Richard G. Baumert, on the launch of its 60-storey luxury development in San Francisco
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