Source : The Business Times, September 4, 2007
Prices for the 58-unit development in Cairnhill have not been fixed yet By ARTHUR SIM
HAYDEN Properties has clinched the rights to build the first Ritz-Carlton Residences in Asia, after pursuing the luxury brand for months.
The Hayden development will be completely managed by Ritz-Carlton.
Hayden director Ong Chih Ching said that negotiations between the two parties stretched over nine months, with over 600 e-mails sent.
Speaking at a press conference to announce the partnership yesterday, she added in good humour that the negotiations had been 'hard work'.
There are currently 16 Ritz-Carlton Residences in the world and Ms Ong said that to be branded one, stringent requirements have to be met, including limiting the number of units an individual can buy.
Prices for the 58-unit development in Cairnhill have not been fixed yet but Ms Ong said it will be priced 'at the top end of the market'.
Ritz-Carlton's regional vice-president (sales and marketing) Asia-Pacific, Simon Manning, said that unlike some other branded residences here, the Hayden development will be completely managed by Ritz-Carlton.
This will involve training and managing the staff who will provide housekeeping, 24-hour concierge, sommeliers and doormen services. It will not, however, have an equity stake in the development.
A relatively new player in the real estate industry here, boutique developer Hayden has already scored a couple of firsts in the market.
Not only has it secured the Ritz-Carlton brand for its Cairnhill property (formerly Horizon View), it earlier announced that it would be the first to provide living room-carparking for its 56-unit Scotts Road condo development, formerly the Hotel Asia.
Launch dates for both developments have not been fixed.
Hayden is a 50/50 joint venture between Singapore-based KOP Capital and Emirates Investment Group-linked Emirates Tarian Capital (ETC).
Hayden director Kunalan Sivapuniam, who is also managing director at ETC, said it was looking for more development opportunities in the region.
Middle-East investors have been increasingly making their presence felt in Singapore recently and Mr Sivapuniam puts this down to a need to 'diversify'.
He also said there is a lot of liquidity in the Middle-East and exposure to the US sub-prime market and the credit crisis is minimal.
'Post 11 September 2001 (9/11), a lot of Middle-East investments were made away from the US,' he explained.
Emirates Investment Group's real estate portfolio is worth over US$500 million and includes Palazzo Versace Gold Coast in Australia
Fancy Ritz-Carlton luxury living at home? That will be possible come 2010 when the Ritz-Carlton Residences is ready. Hayden Properties —a joint venture set up last year between KOP Capital and Emirates Tarian — will build the 36-storey, 58-unit condominium, while the Ritz-Carlton Company will manage the development. Sale prices will be available before the launch in late October.
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