Saudi, Ayala P6.7-B development to be completed in 2010
BusinessMirror
June 6, 2008 INTERNATIONAL hotel and resort real estate investment company Kingdom Hotel Investment Inc. (KHI) is nearing the completion of excavation in its planned high-end project in Makati City with Ayala Land Inc.
“We’ve been looking at Manila for the past years and we’re excited we’re nearing that goal,” Jeff Tisdall, a vice president of the Dubai-headquartered KHI, said.
Tisdall said the project, called Fairmont Makati Hotel and Raffles Suites and Residences, is part of a $1.3-billion investment KHI allotted for new developments here in the Philippines.
According to the firm’s 2007 annual report, KHI’s initial investment for the Raffles Manila project is at $153 million (approximately P6.7 billion) and is scheduled to be finished by the second half of 2010.
The hotel and high-end residential project will rise at the corner of Makati and Arnaiz avenues, beside the Landmark department store and formerly known as Park Square 2 area.
According to the press material during the Manila launch, the hotel will be a 30-story tower with 30 residential suites and an exclusive access road for residents and guests. The annual report of the Dubai Stock Exchange-listed firm said, however, the development will have 330 rooms and 226 apartments.
According to London-based investment company, Seven Continent Investment Group, the exclusive prerelease prices of these suites start at $225,000 (P9.9 million).
Tisdall added that once they get their license to sell, “we can speak about the other components of the project.”
Manila was selected by the company from its observation that there’s a limited supply in the country’s luxury room market.
The firm said the Philippine market mirrors a rising trend to buy high-end luxury residences with future supply well-spaced out.
In addition, travel and tourism is expected to grow by 6 percent per year through 2017.
There is limited competition provided by six hotels, the company said adding that its direct competitor is already 13 years old, although KHI didn’t name this competitor.
A year after going public in 2006, KHI announced the Raffles Manila project in March, last year as an apartment-type hotel with 226 units.
In December, 2007 the company said it bought 80 percent of the economic interest in KHI-ALI Manila Inc. for the purpose of developing a Raffles hotel and a Fairmont hotel, as well as constructing and selling a condominium residence in the country.
Chaired by Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud of the Kingdom of Saudi Arabia, KHI also owns the Four Seasons chain of luxury hotels. In 2007, it maintains 21 hotels 14 countries in its portfolio with a cumulative room count of 5,000 rooms.
7CI Announces the Exclusive Unveiling of Raffles Residences and Raffles Estates at Kensington Palace
June 2, 2008
LONDON, June 2 /PRNewswire/ -- 7CI (Seven Continent Investment), the global investment specialist, is exclusively unveiling Raffles Residences and Raffles Estates, which includes Praslin Island, Seychelles; China Beach, Da Nang, Vietnam; and Makati City, Manila, Philippines on 5 June at 6.30pm at Kensington Palace. This exclusive launch will include limited pre-release prices from US$285,000 with prices set to rise post pre-launch.
The Raffles Da Nang will be the first and most exclusive of the new resorts on the famous China Beach in Da Nang in what is largely thought to be the next exotic playground for global jetsetters. Situated on 504 metres of unspoilt beachfront, it is only nine kilometres south of the international airport, adjacent to the Marble Mountain and surrounded by UNESCO World Heritage sites. It will feature 153 one to three bedroom residences ranging in size and include various dining venues, meeting rooms, a business centre, a swimming pool, a spa and other recreational facilities. The exclusive pre-release prices start from US$285,000.
The Raffles Seychelles Estate Homes and Resort is located on the northeast tip of Praslin Island, the second largest island in the Seychelles. The location boasts 500 meters of direct beachfront land and is close to the Seychelles natural treasures and a UNESCO World Heritage Site, The Vallee de Mai. A total of 23 estate homes are available for sale comprising three, four and five bedrooms. The exclusive pre-release prices start from US$3,100,000.
Raffles Manila will be situated in the central business district on Makati Avenue, Makati City, which is southwest of Manila and the financial centre of the Philippines. This has earned the city the nickname 'the Wall Street of the Philippines'. The development will comprise a 30-suite Raffles hotel. The exclusive pre-release prices start from US$225,000.
Alistair Powell, Chief Executive of 7CI says: "The launch of these new Raffles projects represents an unsurpassed opportunity to invest in a market where the entry barriers are high due to a scarcity of prime real estate available for sale.
"Furthermore, this project highlights 7CI's strategy to build balanced portfolios for clients with investments that deliver sustainable returns each month, not relying on the gamble of capital growth at exit to make the investment case worthwhile."
RAFFLES RESIDENCES Manila, Philippines
FACT SHEET
OVERVIEW
Raffles Manila will be in Makati, Manila’s rapidly growing central business district.
Makati, also home to the influential Makati Business Club and the Philippine Stock Exchange, is often called the Wall Street of the Philippines. In the most stunning tower ever to be built in this highly cosmopolitan city, the Raffles Residences will occupy the top 20 floors of the Raffles Hotel, offering sensational views of Manila Bay or Laguna Bay. True to its reputation as the entertainment hub of metro Manila, Raffles promises to deliver urban paradise with elegant restaurants and the “Long Bar” made famous by the Raffles in Singapore.
LOCATION
Although its population is slightly less than half a million, the daytime population of Makati City is estimated to be one million during a typical working weekday because of the large number of people who go to the city to work, shop, and do business. This is where many of the country's tallest skyscrapers are located. The Makati skyline is one of the most impressive sights in Metro Manila. The city also has many of the country's five star hotels. Makati is noted for its highly cosmopolitan culture, also being a major cultural and entertainment hub in Metro Manila. Many expatriates live and work in the city. Makati is also home to many first-class shopping malls, which are located at Ayala Center and Rockwell Center.
FACTS
Product Quantity: 220 residences, in modern Makati entertainment district
Product Type: Private residences with freehold ownership opportunities
Offering Details:
80 -- 1 Bedrooms with 71- 82 (M2) approximately USD $225k-$300k
91 -- 2 Bedrooms with 124 - 164 (M2) approximately from USD$390k - $610k
45 -- 3 Bedrooms with 209 - 251 (M2) approximately USD $660k - $1,1M
4 –- 4 Bedroom penthouses 383 - 402 (M2) approximately USD$1,6M+
Decor: Furniture package options available at an additional cost
Target Completion: Fall 2010
Resort Amenities: Two restaurants including a Mediterranean restaurant and a Japanese restaurant, The Long Bar, private owners lounge, direct access to all facilities of the Fairmont Hotel including the Willow Stream Spa.
ARQUITECTONICA ARCHITECTURAL DESIGN
With 11 international regional offices from New York to Madrid and Manila, Arquitectonica has developed designs exhibited in major museums and institutions around the world. Their work includes projects on several continents, from mixed-use developments, universities, resorts and casinos, hotels, luxury condominium towers, retail centers and office buildings have won numerous American Institute of Architects awards. Website: www.arquitectonica.com
BENT SEVERIN INTERIOR DESIGN
Over the past 40 years Bent Severin International has designed more than 350 hotels with 150,000 hotel rooms, 1,000 restaurants, 1,000 ball rooms and meeting rooms.
Their design philosophy is to design for the market and customer satisfaction rather than for promotional gratification or accolades. Most recently, Bent Severin International has launched a line of furniture and accessories. Website: www.bentseverindesign.com
THE RAFFLES BRAND
Raffles is a collection of luxury hotels and resorts worldwide, each distinguished by its luxury, elegance and residential charm. Each hotel is a landmark in its respective city, positioned at the top of its local market and rated among the very best in the world.
Raffles pursuit of service excellence has earned for its hotels and resorts a legion of international accolades, including Condé Nast World’s Best Places to Stay and Travel and Leisure’s World’s Best Awards. Its flagship Raffles Hotel in Singapore was rated best hotel in Asia by readers of Ultratravel Magazine by the Daily Telegraph, and Best Luxury Hotel in Asia by Travel Trade Gazette Asia, while Raffles Beijing Hotel was named Best New City Hotel by Andrew Harper’s Hideaway Report. Raffles Dubai, the latest addition to its portfolio, is recognised among the world’s best new hotels by Condé Nast Traveller’s Hot List. Raffles Hotels & Resorts is consistently ranked among the world’s top 10 hotel brands in the annual Condé Nast Traveler Business Travel Awards.
Raffles Hotels & Resorts is owned by Fairmont Raffles Hotels International, a leading global hotel company with over 88 hotels worldwide under the Raffles, Fairmont and Swissôtel brands. The company also owns Fairmont and Raffles branded Residences, Estates and luxury private residence club properties. For more information, please visit www.raffles.com.
ABOUT KINGDOM HOTEL INVESTMENTS
KHI, headquartered in Dubai (UAE), is the leading publicly listed hospitality real estate investment company focused on high growth emerging markets such as the Middle East, Asia, Africa and Europe.
The company has ownership interests in 34 properties in 21 countries including 23 operating hotels and resorts and 11 hotels and resorts currently under construction or in the initial stages of development.
KHI is also an accomplished developer of branded residential projects, creating world class residences and private home ownership opportunities. The company is investing US$1.3 billion in its projects, many of which will include branded residences.
KHI is listed on the Dubai International Financial Exchange and London Stock Exchange.
For More Information on How to Secure your Raffles Homes,
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