when you lack the ability to include those elements, you’ve got to take a hard look at your model.” As an example of a successful residents-only devel-
opment with ample wellness amenities (40,000sq ſt/3,700sq m), Johnston points to American Leisure’s Te Edge in Williamsburg, Brooklyn. At the time of writing in December, the 565-unit development had over 100 units closed and 100 more in contract, and since occupancy began in August had averaged a deal a day. “We’re pretty confident it’s not overbuilt, the units are selling and the devel- oper is extremely happy,” says Johnston. And it’s not only in the US that real estate developers are seeing the
value of investing in wellness lifestyle. Johnston says American Leisure is talking to a number of developers abroad, particularly in the Mid- dle East. Examples of similar projects already popping up elsewhere in the world include the Soul development currently under construction on Australia’s Gold Coast which is selling well (despite being down the road from existing residential property the Q1 Resort and Spa) and Antel Spa Residences in Makati City, in the Philippines.
Hotel and away Also tapping into this appetite for ‘wellness lifestyle’ with some success are several large hotel and spa operators, including Hyatt, Fairmont, Ritz-Carlton and Four Seasons, which are increasingly adding private residences to many of their urban and resort settings. Four Seasons has 21 properties across the world with full-ownership
SPA BUSINESS 1 2011 ©Cybertrek 2011
Six Senses Private Residences division has performed remarkably well. Its Saigon River site just soft-launched locally
private residences – and more offering fractional ownership – and says 75 per cent of all future prop- erties will have a residential component. Smaller spa resorts in various global markets are
also seeing the potential of adding some residential real estate to their core offer. In the US, destination spas Miraval in Arizona, Canyon Ranch in Arizona and Massachusetts, and Red Mountain in Utah have
had success selling on-site private residences, while in Asia Banyan Tree and Six Senses (both resort companies with very strong spa and wellness offerings) have burgeoning private residences arms. Despite launching three years ago, just before the economy
imploded, Six Senses Private Residences division has performed remarkably well, with three developments currently being marketed
– two in Tailand (Soneva Kiri and Six Senses Yao Noi) and one in Vietnam (Six Senses Con Dao, opened in December) – and a fourth, Six Senses Saigon River, which has been soſt-launched locally. According to Adam Taugwalder, who heads up the division, all the properties are meeting sales expectations – looking at the two Tai resorts, 15 of Soneva Kiri’s 20 units and five of Yao Noi’s 15 units are already sold, despite 2009 being one of the Tai market’s toughest years ever thanks to the combination of political troubles and the global downturn. In Vietnam, meanwhile, eight of Con Dao’s 15 units had been sold before the resort even opened. Te key to this success, believes Taugwalder, has been not betray- ing the company’s roots as a resort operator and keeping numbers
Read Spa Business online
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