As life gradually stabilized after two years of the Covid-19 pandemic, people started to travel more, and that is believed to be a factor in the recovery of the global resort real estate market.
In the resort product segment, there is a special type of property that is branded, non-commercial housing, fully equipped with 5-star amenities, often classified as interested by giants.
Philip White, CEO of Sotheby's International Realty, has seen this trend growing around the world. He believes that after the Covid-19 pandemic, many people will prefer resorts that provide private consultation and have enough space for families.
“When buying into this branded luxury project house, it takes the elemental rights, along with the quality of management, privacy, security and knowing that your account investment is well managed, even when the peak tourist season is over,” said Philip White.
Jeff Woolson, CEO of Golf & Resort Group of real estate company CBRE defines private residences with resort-style amenities as "second homes". Master planed, such projects may include golf courses or marinas and, like resorts, are often found in locations near beaches or scenic areas.
Thanks to the pandemic, such products are once again heating up, but the appeal to consultants has changed over the years, according to Jeff Woolson. Before 2008, the owner of one of these homes was almost trendy. Buyers are willing to pay large sums of money, even spending money for services, maintenance of facilities, etc.
“When it comes to global finance, such assets don't get much attention. A lot of people have sold their second apartment. Drives, some of which cannot be sold because there is so little interest,” said Jeff Woolson.
After about a record, demand dwindled as Covid-19 emerged. The developers of this project feared another failure to do so, but the reality proved otherwise.
Recent major transactions conducted by CBRE include the sale of the $185 million Kukui'ula project, a 404-hectare master-planned resort clothing in Hawaii with a golf course, two clubs, a spa, and a golf course. fitness center and multiple restaurants, as well as a farm with its own upland facility and lake.
Old Bahama Bay, a boutique residential resort in the Bahamas with a private airport, a marina that can hold 63 ships, a golf course and various "pre-built" residences, near here has been contracted. agree with each other. for $35 million.
"We've never seen anything like the boom that's happened since the market peak in 2006. Right now, things are crazy, not just in terms of price, but sales speed," says Woolson. .
One might expect many residential-style resorts on the popular resort island of Bali, but Dominique Gallmann, founder of Exotiq Property, doesn't think so.
“While the residential-only resort model has been successfully adopted across Phuket, Bali has failed to attract large developers with the financial backing needed to launch projects,” he explains. such judgment. Another software due to the difficulty in finding reasonable large land plots in beautiful locations like Seminyak or Canggu. People will have to move farther to find areas that are large enough.”
Vietnam, market potential to develop branded resorts
It's a different story in Vietnam, major international companies such as Hongkong Land, CapitaLand and Keppel Land of Singapore are joining local developers, such as Vingroup, Novaland, Masterise and BIM Land, to develop develop lavish, comfortable residential projects as part of an overall booming real estate market.
Troy Griffiths, Deputy Managing Director of Savills Vietnam said: “Today, most A and B apartment projects have resort-style amenities. We manage about 100 Grade A and B buildings, many of which we manage are C buildings or for commercial purposes. All have great amenities. That's just the nature of modern competition: You have to stand out to attract buyers.”
Heritage West Lake, a luxury, utility-rich apartment complex being developed by Singapore's CapitaLand, is an example of a new lifestyle in Vietnam. From the project's location in Tay Ho, Hanoi, all apartments have views of West Lake and the city managed by The Ascott Limited. Besides, the project also has many different utilities, similar to the leading projects in the area.
By Cafeland