This article is from the Australian Property Journal archive
SOME 45% of buyers are willing to pay a premium for a branded residence in Australasia, higher than the average seen elsewhere around the world.
The figure, taken from a survey of more than 900 clients for Knight Frank’s Branded Residences report for 2022, comes in above the 39% international figure and the 43% for Asia.
Typically, the price premiums for a branded residence vary between 25% and 35% comparable to non-branded product, but can vary from as much as 132% in some cities in Asia.
The key motivation for purchasing a branded residence is service provision and amenities.
Australia’s first and only fully integrated hotel-branded residence in Australia, Crown Residences at One Barangaroo in Sydney, is currently 90% occupied across its sold residences.
Erin van Tuil, partner at Knight Frank Australia said the residents at Crown Residences take advantage of the 24-hour operations, personalised nature of service and ability to leverage other amenities at Crown Sydney to entertain themselves, their friends and their families.
Crown Resorts development manager, Jennifer Tracy said every level of Crown Residences is designed to be completely different, meaning no two of the 76 private residences are the same.
“There’s no repetition anywhere. From the column placement and the layout to the shape and interior design. Every decision that was made in its creation, was completely unique to that individual floorplate.”
Crown Residences also has 364 hotel keys. It boasts a concierge service, an in-house sommelier and 14 bars and restaurants – including award-winning Michelin-star chef, Clare Smyth’s restaurant, Oncore, which opened just prior to Christmas. An average of 50 restaurant reservations are made each week for residents for the 13 bars and restaurants at Crown Sydney.
Also among the perks was a bespoke Christmas menu of 12 or 15 courses created for residences, an experience will be extended to other holidays such as Lunar New Year and Easter.
Set to open later this year is The OWO Residences by Raffles in London – formerly the Old War Office building, Winston Churchill’s headquarters during World War II and inspiration for Ian Fleming’s James Bond series. The historic building has been reborn as 85 private residences and a five-year Raffles hotel with 120 keys, nine restaurants and bars, pool, spa and a 16-seat cinema.
Set in the heart of Whitehall, opposite the Horse Guards building and a stone’s throw away from St James Park, Downing Street and Buckingham Palace, every room has been preserved as part of the transformation.
“Just two minutes away from the private residencies sits Churchill’s office, which is exactly as it was the day he left office,” says OWO head of residential sales, Charlie Walsh. The rooms also feature vaulted six-and-a-half metre high ceilings.
“People want the ability to have the amazing feeling and experience of being in a hotel but knowing also that their apartment is their room,” Walsh said.
Also in London, Six Senses is opening its first hotel in city later in 2023 with 110 hotel keys and 139 private residences in a 1925-constructed building with a heritage façade.
In New York, Mandarin Oriental Hotel Group is opening 69-residence complex this year on Fifth Avenue with five-star hotel services, VIP dining experience curated by Michelin-star chef Daniel Boulud, fill service spa and fitness centre, and rooftop pool with bar and lounge service in the 1926-built Dorothy Gray building formerly home to Gucci.
Meanwhile, The Towers of Waldorf Astoria in Midtown is being prepared for an opening next year. The 90-year old art deco building has hosted a who’s who of celebrities, including Frank Sinatra and Marilyn Monroe, music legends, US Presidents, world leaders and royalty, and will soon become home to 375 private residences with 375 hotel keys.
