JULY 2009
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39
However, combination schemes are jet. Shares are available in 1/12th, 1/6th, for private luxury residences (many of
beginning to emerge. “For most resort or 1/4th interests, with prices starting which are built and occupied). In Miami,
INDUSTR
developers it would be easy to create under $700,000. buyers are being of_f ered fractional deals
a client or business benef_i t in simply combining luxury high-rise homes and
adding a boat to a property package Mega-yacht marinas mega-yachts at the “The Residences”
except by making a boat available Billionaires who lost half their fortune Island Gardens Miami, with slips for
Y
as part of a resort facility,” says Steve still need their billionaire lifestyles to yachts up to 300ft in the harbour.
Last, CEO of Owner Groups, which is be accommodated, and demand more The Dominican Republic has
working on the Norman Foster designed added value for their money these days. doubled the number of full service
YachtPlus marina project. “The ongoing As increasing af_f_l uence has expanded marinas in the last few years, with the
ownership characteristics (usage factors, the yachting community, the super- Cap Cana Harbour and Marina able to
depreciation, maintenance, etc) are wealthy need bigger yachts to set accommodate yachts up to 500ft. In
What is the profi le of your typical
very dif_f erent between real estate and themselves apart – which means more addition to established marina resorts
marina buyer?
PEOPLE
boats; but there could be some useful mega-yacht marinas. like Casa de Campo, a playground for
The yachting lifestyle and those
synergies between a fractional marina “The Middle East is home to more the rich and famous with berths for 350
aspiring to it tends to drive sales.
property company and a fractional mega yachts than any other region yachts between 50-250ft, new luxury
Around 20% of our buyers are
yacht company. That would involve a in the world,” said Michael Horrigan, resorts like the Puerto Colon Port &
yachtees and the rest aspire to
separate and parallel structure rather CEO, Middle East and Europe, for Island Marina also promise protection against
be yachtees or enjoy the marine
than it being integrated in a single Global Yachting – which is developing hurricanes – a major consideration for
environment and lifestyle. Buyers
fractional package.” the Palm Jumeirah Mega Yacht Marina buyers in recent years, particularly in the
don’t just want a condo but added
Mexican developer E3Escapes claims with Nakheel. “Even amidst the current Caribbean, Florida and Miami.
value as well. At Royal Phuket
to have launched the world’s f_i rst economic climate, demand remains While these super-yachts often have
Marina our buyers have 8,000sqm
DESTINA
full time staf_f , and even top chefs in
The creation of millionaires in countries like China and Brazil
of retail space, 5 restaurants, a
some cases, marina resort facilities must
is outperforming Europe by ten times. There are millions of
1,000sqm gym, tennis, spa and
deliver for the discerning mega-rich and
other entrepreneurs emerging. In terms of buyers, we’ve been
concierge services. Ours is a cash
aspirational alike – including spas, retail TION
dealing with French, African, Dutch, English, Serbian, Russian
buyer, with condo’s at $500,000
parks, restaurants, sporting facilities,
and Spanish.
to luxury villas at the $4m mark,
and even theme parks (with Yas Island
and are less impacted by the credit
Ross Taylor, New Era Overseas in Abu Dhabi, for example, featuring
crunch. In terms of nationality, 30%
a Warner Bros theme park and Ferrari
of our buyers are regional expats
ever ‘three-dimensional ultra-luxury’ extremely high for these sized yachts”. World). The post-crunch legacy will be
(Hong Kong, Singapore, Malaysia,
fractional home ownership product in The Palm marina will boast 75 berths a pre-occupation with value and ‘the
Philippines), and the rest are from
Cabo San Lucas. This comprises Villa that can accommodate yachts up to experience’, as people at all levels of
Europe, US and Canada with some
Las Palmas, a 13,000 sqft mansion 165m in length. wealth only commit to the best their
BUSINESS
Russian buyers. Demand from Rus-
overlooking the Sea of Cortez and Bringing the bling of Dubai to money can buy.
sians was much stronger 8 months
Cabo San Lucas marina; Spartacus at Thailand, the 115-berth Jumeirah Hoping for calmer waters in 2010, the
ago but we expect them to return
Sea, a 60ft Hatteras luxury yacht; and a Marina Phuket will be able to overseas property industry should heed
next year when things settle down.
“6-star” concierge service with a ‘guest accommodate super-yachts over activity in marina resorts for an
There is general caution, but qual-
experience manager’. There is also the 200ft, while the $150m Royal Marina indication of whether the market is set
ity will always sell.
option of an aircraft hangar for owners Phuket resort will have berths for 350 fair for the next year - or heading for
Gulu Lalvani, Royal Phuket Marina
who wish to visit the resort by private yachts - including individual moorings more troubled waters.
Share of sales
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Miami developer Artech targeted Russian agents
through Moscow exhibitions and OPP to promote properties with
DE
renewable usage shares on its 4-bed yacht, Artech 1
VEL
OPER
M
ARKE
TING
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