Perks of Living In A Branded Residence
Features and facilities that well-heeled homebuyers look out for in a branded residence include concierge service 24/7.
A new generation of branded residence homes is extending its offerings beyond luxury amenities to appeal to a rise in discerning buyers.
It is well known that a strong brand can help drive demand and pricing power. In the recent years, the concept has been gaining a momentum in the luxury residential market with investors increasingly looking for a combination of unbeatable services, amenities and security that can be found in branded residences. According to the recent Branded Residences Report by Knight Frank, there are now over 400 branded residences all over the world, the majority of which are hotel-branded units. Tim Skevington, Managing Director of Richmont’s, an affiliate of Christie’s International Real Estate notes that investment in branded properties is especially popular with buyers who are looking to invest in markets that are less familiar to them, seeking security in investment that comes with a trusted brand. “A lot of our buyers of branded properties are foreign lifestyle buyers looking for a well-managed home-from-home they can lock-up and leave for long periods, where they can enjoy five-star hotel services when they are in residence,” says Skevington.
TARGETING THE RIGHT CONSUMER
Besides the advantages of guaranteed high standards of management and world-class facilities that come as a base standard, branded properties anchor on the exclusivity of their designs that put branded properties, even if they are purchased as second homes, into a class of their own for their owners. A well-curated branded residence does not simply reflect the aesthetic of its brand but unveils a vision of a tailored home that can resonate with a buyer’s lifestyle. More and more often, as developers are pushing to raise the bar and the competition is becoming more fierce, branded properties are becoming more focused on projecting desirable and exclusive lifestyles that are unlike the offerings of a competitor brand but that can entice prospective buyers with their exclusivity. From collectable artworks to custom sculptures, to installations by the world’s leading artists, to scents commissioned and created by perfume purveyors, branded properties’ spaces strive to reflect the prestige and quality expected by their occupants.
Developers of branded properties are also partnering up with the world’s leading architects and interior designers that can bring visibility and prestige to their projects. To heighten the appeal, some branded properties hire several high profile designers to work on different aspects of developments at a time. The Armani Residences in Miami, for example, boast the exteriors by architect César Pelli and interiors by Giorgio Armani.
ONE OF A KIND
As branded developments are looking to expand their client base, they are starting to plan bespoke offerings that 56 anchor on creating memories and emotional linkages with their clientele. Some brands are looking into holistic branding as wellness and eco-luxury focused destinations, while others are focusing on multi-generational living for family-oriented buyers. The emphasis on experiences rather than facilities is driving the approach taken by some of the world’ leading brands.
Ritz-Carlton Residences in Miami Beach by Lionheart Capital, for example, offers a waterfront social room with bar, catering kitchen, private theatre, art and music rooms. Mandarin Oriental has announced its management of Hanover Bond, a new luxury Mayfair hotel with 80 branded residences, expected to open in 2021, where buyers will benefit from the full five-star hotel experience, including in-residence dining. Meanwhile, Accor’s Orient Express’ upcoming residences will focus on extensive entertainment offerings themed around the “art of travel”.
Besides the security of investment that comes with a branded property, the safety of a property is always a major concern in the minds of property owners, especially if a property is purchased as a second home and left unattended for periods of time. Buyers are often ready to pay a premium knowing that their property is in safe hands and maintained in their absence because guaranteed 24/7 security all come as part of the base services. This assuredly gives some peace of mind for buyers who are unfamiliar with the country’s markets and way of life.
Qatar, Panama, Kazakhstan stand strong as emerging destinations for branded properties – these countries already have a handful of such developments and their positive economic growth suggests room for more. As branded residences are becoming ever increasing in their popularity, the perks of a property that is maintained and kept by designated staff are not lost to property owners. These prestigious “trophy homes” offer priceless opportunities for luxurious, hassle-free living conditions that allow their owners a completely hands-off approach to property maintenance, whether they are living at the residences all year round or visiting them every once in a while. Read about this branded home in Dubai.