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| Collectible villas, but who's buying? | |
| Anoothi Vishal / New Delhi November 29, 2008, 0:08 IST | |
Uninterrupted views of the ocean, a prize-winning architect, five-star facilities, and a “collectible” tag. The Four Seasons private residences in the Seychelles are up for sale. But are there any buyers? asks Anoothi Vishal
Hamptons International, the real estate agent responsible for marketing and sales of the property, a subsidiary of Emaar Properties, has just opened sales for the Indian market. Only 10 villas remain, says James Davies in an email interview:
WHY ARE THE VILLAS SPECIAL?
The freehold residences sit above a secluded bay. Each villa has a spectacular view of the Indian Ocean. They have been designed by award-winning architect Chong Yew Kuan, to “wrap” around the dramatic jungle landscape with living spaces over different levels, spacious terraces overlooking the ocean, extensive outdoor areas, verandas and decks framing enormous infinity pools. Bedroom suites are remote from the living area to offer privacy. Each home is equipped with Bose home entertainment systems, flat-screen TVs and contemporary kitchens with premium appliances and clever lighting design. To relax, sunken baths, steam showers and outdoor showers are provided.
A dedicated 24-hour concierge team will assist with spa or dinner reservations or arrange a helicopter, snorkelling, diving trips, sailing and deep-sea fishing excursions. A private dinner party in the villa or even a dinner for two on a beach can be arranged by chefs. Our aim is to provide owners the ultimate luxury gateway and we’re happy to offer this exclusive opportunity to our Indian customers.
BUT GIVEN THE RECESSION, WILL INDIANS OR OTHERSBE INVESTING?
The global real estate market is currently very challenging, with transaction levels at a record low and prices in many areas falling. However, a tough market enables the best opportunities. There are hundreds of almost identical five-star hotel resorts around the world and many will start to struggle, but a one-off project like Four Seasons Private Residences is in a different league. Location is a mantra amongst savvy property investors, and Petite Anse with its Robinson Crusoe setting is as good as it gets. With just 10 villas remaining, it’s the only chance to own a freehold home on the finest development site in the Seychelles.
BY HOW MUCH HAVE PRICES FALLEN
It is very much site- and country-specific, with areas of over-supply suffering the most, whilst other locations are still seeing prices hold firm. Whether it be a property at $150,000 or $15 million, underneath all the marketing hype, intrinsic value for money is essential.
WOULD YOU SAY IT IS A GOOD TIME TO BUY
The general resort market is tough, but for buyers with cash it’s a great time to negotiate.
IF AN INDIAN WAS INTERESTED, WHAT WOULD IT COST?
The Four Seasons Private Residences Seychelles are freehold homes priced from $7 million, fully interior designed and sitting on private plots of over an acre.
WHEN INDIANS BUY HOLIDAY HOMES ABROAD, WHAT ARE THE PREFERRED DESTINATIONS AND OTHER PREFERENCES?
In terms of destinations, the most popular ones for Indians are the US, Malaysia, Singapore, Thailand, and then we have seen a recent trend towards Indians buying homes in European cities, most notably London. Seychelles and Mauritius are rising in popularity as much for tax benefits as for their natural beauty. Kitchens, for example, are a very important entertaining space for wealthy Europeans, with the owners often cooking themselves. Many high net worth Indians may never see the kitchen but have staff providing meals. n
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