Meet Me At The Ritz, By That, I Mean At Home

Source : The New Paper, September 10, 2007

It's getting Fashionable To call your hotel home

IMAGINE living in a home that is run like a hotel.

You don't have to worry about parking when you reach home - a valet will do it for you.

A round-the-clock concierge is at your beck and call to help run your errands and maids make up your room and do your laundry.

If this sounds more like a hotel than an apartment, well, it's run by the same people who manage a chain of luxury hotels.

The Residences at The Ritz-Carlton will join the ranks of top-of-the-line apartments stamped with five-star hotel credentials in Singapore, like the Four Seasons Park and St Regis Residences.

It is a trend which is seeing a boom in other parts of the world too.

On Monday, the company announced it will be building the luxurious 36-storey tower on Cairnhill Road. It will be the first Ritz-Carlton Residences in Asia.

When it is completed in 2010, it will offer 58 apartments and two penthouse units.

WOOING THE RICH

Mr Joseph Tan, CB Richard Ellis' executive director (residential), said: 'The trend of branded residences is set to grow in Singapore as the city continues to draw more foreign investors.

'These upscale properties will appeal to the well-heeled and well-travelled set.'

Mr Simon Manning, Ritz-Carlton Hotel's regional vice-president (sales and marketing) told The New Paper on Sunday: 'The Ritz will target the wealthy and high net-worth individuals.

'Some of our clients belong to the who's who of the world, including celebrities and royalty. Most already own two or three properties around the world.

'In Singapore, we are expecting 50per cent of the buyers from this city.'

The Ritz's three- and four-bedroom apartments and two-storey penthouses - spanning 2,800 sq ft, 3,100 sq ft and over 5,000 sq ft respectively - will be up for sale next month.














Such branded properties are likely to get more expensive as developers continue to cater to rich buyers, said Mr Tan.

In June, City Developments' St Regis Residences fetched a record of $4,635.50 psf.

At the Ritz-Carlton Residences, each unit is expected to fetch at least $4,000psf, said property experts.

Despite such prices, hotel-residences are in demand, particularly in the US.

Mr Joel Green, president of the US-based Condo Hotel Centre, which specialises in hotel-residence properties, observed that it's not 'unusual these days for a hotel project to have some units sold as condos'.

There are the famous W Dallas Victory Residences managed by Starwood Hotels & Resorts.

And the InterContinental residences in Boston, as well as the Solis Resort Residences and the Grand Bohemian Hotel & Residences in Florida.

By 2009, the Mandarin Oriental Hotel Group will also manage a new 120-room luxury hotel and 90 branded residences in Dallas.

In Toronto, Canada, all eyes are on the 68-storey mixed-use Trump International Hotel & Tower which is now being built.

It has both hotel rooms and residences. The apartments, from the 35th storey up, range from 2,226 sq ft two-bedroom suites to a 7,000 sq ft Grand Skyplex occupying the top three levels.

Here, residents can enjoy five-star concierge service, housekeeping, valet services and more.

The price tag: From US$1.5million ($2.29m).

In Asia, homegrown resort operator Banyan Tree Hotels and Resorts has residences in Phuket, Seychelles, Lijiang and Bintan, with prices that start from US$500,000. Most buyers are from Hong Kong, Europe and China.

Though Banyan Tree has all-suite residences in Bangkok and upcoming residences in Abu Dhabi, Chiang Mai and Bali, there are no plans for one in Singapore.

HERE'S THE CATCH

These properties, though, come with strings attached.

Residents have to pay a hefty monthly maintenance fee. This usually covers staff costs, services and amenities.

At the Ritz-Carlton Residences, home owners are expected to pay between $2,000 and $3,000 a month.

This will get them 24-hour room service and even sommelier service.

And you'll be able to rent out your apartment at the Ritz.

Said Mr Manning: 'The Ritz offers two kinds of home ownership. One is fully-owned and the other is a fractional ownership.

'The residences in Singapore will be fully-owned by the buyers. They may rent out the apartment but on no less than a year's lease.'

Banyan Tree offers owners guaranteed rental returns of 6per cent a year of the purchase price for six years.

Those who own villas may also swap stays with other resort owners in an exchange programme.

HOME RESTRICTIONS

But what you see is what you get.

Home owners can't make changes to the design or layout of their Banyan Tree residences. This is because the units can be leased out as vacation homes when not in use.

On how extensively one can renovate units at the Ritz-Carlton Residences, Mr Manning said: 'The limitations are not known at this point. But if one intends to annex rooms, it may affect the value of the property.'

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RITZ-CARLTON RESIDENCES

At the Ritz-Carlton in the Cayman Islands, two- to seven-room units are priced from US$3.6m and come with 24-hour butler service

S'pore's Ritz-Carlton Residences at Cairnhill will be first in Asia

60 exclusive units to go up for sale next month

Owners expected to pay $2,000 to $3,000 for monthly maintenance, which includes 24-hour room service

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BANYAN TREE HOTELS & RESORTS

S'pore operator has residences in Phuket, Seychelles, Lijiang, Bangkok and Bintan

Prices of units start at US$500,000 ($761,700)

Investors guaranteed rental returns of 6 per cent per annum of purchase price for six years

Located on four exclusive floors of the 61-storey Banyan Tree Bangkok hotel, Banyan Tree's residences are luxurious two-room units.

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ST REGIS RESIDENCES

The residences made waves here in June when it fetched record $4,635.50 psf

Penthouses measure whopping 4,941 to 7,287 sq ft

In two 23-storey towers flanking the St Regis Hotel on Tanglin Road, the residences are touted to offer the best in hospitality. Throwing a party? You'll have your own chef.