Just as in fashion, residential real estate developers must take into account that buyers are always aspiring to the next best thing. With so many projects entering the global ultraprime market, wealthy buyers and investors expect residences that are constantly updated with the latest facilities. Exclusive branded spas, exercise zones, lounges and pools are all seen as standard in top developments now.
“Developers are constantly trying to outdo each other, especially in the condo market,” said Harvey Daniels, vice president at Sotheby’s International Realty in Miami. “Buyers are now looking for unique and spectacular amenities. These need to work with their lifestyles and can include the likes of helipads, art rooms or megayacht marinas.”
Examples of the upscaling of amenities for what Harvey calls A-Class buyers can be seen in Oceana Bal Harbor, Miami, where properties start at $3 million and purchasers also get part ownership of two Jeff Koons sculptures bought by the developer, Eduardo Costantini, three years ago for $14 million. Eduardo, an art collector, says that 10 further pieces will be added to the owners’ collection in time, adding that residential developers need to create a “unique identity” for buyers.
“Today’s affluent homeowners are well travelled, cultured and appreciate fine art,” he said. Unique experiences are also being put into practice at the Zaha Hadid-designed One Thousand Museum, Miami, in which properties cost $4.3-12.25 million. The luxury apartments come with high-level security that includes a bank-style vault where each owner will have his or her own safe deposit box. Harvey said this is “definitely a one-off,” as is the custom scenting of different areas of One Thousand Museum, using fragrances designed exclusively by 12.29, an “olfactive branding” company.
Like hotels, like homes
In many cities, residential blocks are becoming increasingly like the luxury hotels they often form partnerships with. Those able to pay from $16.95 million to live in 432 Park Avenue, in Manhattan, for example, have hotel-style, high-end spa and leisure facilities as well as a resident-only billiards room, library, children’s playroom, wine cellar and fully-serviced conference facility and offices. Homeowners at Ten Trinity Square, a Four Seasons-affiliated development in London, get not only one of the finest riverside locations in the city but an open door to its private members’ club. This has meeting and screening rooms, a cigar room and Château Latour wine cellar, the first outside
Bordeaux, France.
The 41-unit project is being created in the restored early-20th-century building by the Reignwood Group, a Beijing-based investor and developer, and properties start at 5 million pounds, or $7.7 million. “It is vital that developers understand the lifestyle and values of their target market,” said Kalina Boyadjiew, vice president for sales and marketing at the Reignwood Group.
Across the River Thames, One Tower Bridge, a large-scale development by Berkeley Homes, offers not just a prime location but one of the finest specifications in town. Paying from £1.27 million for a one-bedroom apartment also gets you access to Harrods Estates concierge services, a private “podium garden,” and a state-of-the-art leisure suite with virtual golf. There is a workout studio and private spa that includes a 20-m, or 65-ft, pool tiled in white-gold Bisazza mosaics. Even the 4,500 sq m, or 48,400 sq ft, underground garage has an interior designed by Conran & Partners, clad on the inside in marble.
If you want to gaze fondly at your Ferrari all day, you may want to consider the Singapore development Hamilton Scotts, also from the Reignwood Group and priced from nine million Singaporean dollars, or $6.7 million. Prized vehicles are elevated to a glass-fronted “sky garage” adjacent to apartments that can be up to 328 feet above ground. With everything on the doorstep, owners need never leave home, not even to walk their dogs. “Pets feature very highly in luxury demands,” said Michelle van Vuuren, managing director for residential development at Sotheby’s International Realty,London. “That means dog walking, grooming, day care and even pooch panic rooms.”
This trend is particularly evident in New York Silver Towers and MiMa, both rental-only buildings, are already offering a full range of pet pampering, boarding, exercise and even therapy services. Many upscale developments have private transport options for owners that usually include shuttle buses or luxury car services. Outdoing them is the Ritz-Carlton Residences in Miami with a private yacht, for owner’s use.
The high life
But the Trump Residences in Las Vegas outshines them all. This is not only because the building is clad in 24-carat gold glass but also because of the availability of a private helicopter service. With prices starting at $250,000 for an entry-level apartment, the high life isn’t completely out of reach, either.
But for real privacy, head for Yellowstone Club, Montana. Claiming to be the world’s only private members’ ski and golf resort, it gives residents access to over 2,200 acres of private ski terrain, an 18-hole championship golf course and high-level security to keep out the rest of the world. Properties include custom homes and condo units, with homesites measuring from just over two acres, priced from $1.67 million and ranch properties in excess of 160 acres from $17.5 million.
Alpine pistes may not be private, but you can belong to one of the first exclusive
residence clubs introduced last year in Austria. Kitzbühel Retreat, in the resort of Kitzbühel, offers luxury properties from 43 square metres priced from $12,000, or $13,180. Purchase includes use of club leisure facilities, including a restaurant, cinema and a Mercedes-Benz motor pool service. Networking is assured with private events and access to 250 members’ clubs in 40 different countries.
Like its contemporaries in London and the United States, the Hong Kong developer Swire is moving toward more ambitious projects for the local market. Its current plans include Arezzo, a 48-storey development with double-level clubhouse decorated with original art and including a banquet room, children’s play areas and an entertainment room, as well as an outdoor landscaped pool complex. Units measure from 84 sq metre and sell at around $4.3 million.
This may take local luxury to a new level, but how long before Hong Kong buyers also start demanding private skating rinks and panic rooms for dogs?
NYTNS