top of page
  • Writer: Ziggurat Realestatecorp
    Ziggurat Realestatecorp
  • Mar 3
  • 3 min read

Inside Bentley tower’s $6m apartments with high-rise parking in Miami


These $6m apartments could help, writes  It is one of life’s great first world problems. You buy a luxury apartment in a high-rise building but then have to lug your Whole Foods shopping from the communal car park to your door.


ree

It was a conundrum bosses at Bentley, the carmaker, were keen to solve in its first branded residential tower, which opens in 2028 in Miami. The Dezervator lift — named after Bentley’s partner, Dezer Development — is designed to be the “ultimate in seamless privacy” allowing residents to travel directly up to their apartments inside their cars.


ree

Each apartment will have its own huge garage next to it. Residences on the east side of the building have an 144 square metre area that can hold up to four vehicles, while those on the west side have 106 square metres, where they can park three cars.


The 216 residences will be spread over the 62 floors, while each balcony will have its own private heated swimming pool and summer kitchen — with sweeping views of the ocean.


Prices for the apartments start at $5.8 million. The building will also have a private residents’ only restaurant led by Todd English, a four times winner of the James Beard culinary awards, who will curate the dining experiences.


There will also be a cinema, a whisky bar and a beauty salon complete with hair styling, manicure, pedicure, and make-up facilities. Four-legged residents will be able to indulge at the pet spa that is “designed in partnership with Bentley Motors” and features washing and drying services.


Ben Saltmer, the product and lifestyle design manager for Bentley, said: “We have applied the same attention to detail that goes into our cars into this very building. “Each space is different, but with distinctive Bentley design cues styled harmoniously throughout — right down to a functional area like Bentley pet spa concept.


“Despite practicality being paramount, the area should have an elevated experience. We achieve this through exquisite materiality and subtle Bentley design signatures, an ethos we’ve followed throughout the design of the building.


“For instance, in the pet spa we’ve used the Bentley diamond motif when giving the surfaces a non-slip quality. This diamond signature extends graphically to the shelving above the main bath area that houses towels, shampoos, and pet-friendly fragrances.”


Saltmer said that pets visiting the spa will be “guided up the steps, washed in the bath, guided up to the grey marble surface for drying, then guided down the steps once dry”, adding: “This is a practical space but also a luxurious sanctuary for pet and owner.”


The building’s cinema has been designed to mimic the concept of a Bentley car interior. Saltmer said: “A cosseting sofa wraps around the back of the rear three walls, embracing residents in the space.”


There is also a “state of the art” games room equipped with VR headsets and golf simulators.


“The whisky bar design is inspired by the iconic matrix grille of Bentley’s cars,” Saltmer added. As it will be suspended from the ceiling, the bar will appear to be floating.


ree

Car manufacturers moving into bricks and mortar has become a trend recently. Porsche has already opened a property in Miami while Aston Martin is preparing to do the same. Mercedes-Benz and JDS Development Group are celebrating the sales launch of the second tower at Mercedes-Benz Places in Miami.


It is the brand’s first real estate project in the US and one of the largest under construction in Florida. It launched Tower 1 last year and sold all 100 apartments in just four days.  


Source: The Times

 
 
 
  • Writer: Ziggurat Realestatecorp
    Ziggurat Realestatecorp
  • Jan 9, 2024
  • 4 min read

We've heard of revenge spending and dining in 2022 and 2023 and how personal consumption expenditures helped sustain Philippine economic growth the past two years. Filipinos also did a lot of revenge travel in the past 24 months, resulting in a substantial increase in domestic tourists, local visitor receipts, average daily rates and hotel occupancies across the Philippines.


But what appears to be becoming mainstream now is revenge investing. And massive property investments are not just trickling in from the affluent market but also from the young and millennial workforce. In fact, some developers are actively targeting this young segment given their rising purchasing power and the potential of their disposable incomes to further surge in the years to come.


What’s also quite surprising is that these young buyers of residential units are acquiring properties not just for end-use but also as investments, banking on the properties’ live-work-play-shop features, proximity to public infrastructure, and the units’ attractiveness as possible sources of passive income once turned over.


Understanding Demand for Luxury Units


While the millennial buyers help fuel the demand for affordable to lower mid-income residential units and have become a key segment to target for some developers, we cannot deny the fact that the demand for the upscale to luxury units remains strong, with take-up mainly coming from the affluent market.


Colliers has seen the upscale and luxury segments’ resilience even at the height of the pandemic in 2020 and 2021. Now that the property market is rebounding, especially the residential market, developers are lining up their luxury projects to tap demand from an affluent and discerning segment.


Over the past few years, local developers have aggressively partnered with foreign firms and we see more pronounced joint ventures (JV) with foreign property firms moving forward.


Take-up  for upscale to luxury projects remains strong with demand focused on major business districts such as Fort Bonifacio, Makati CBD and Ortigas Center. Colliers believes that the luxury and ultra luxury segments will likely remain resilient amid the rising interest and mortgage rates. We attribute it to investors mainly banking on the capital appreciation potential of these upscale and luxury residential projects.


Room for Price Acceleration


Colliers sees the rising interest rates as among the headwinds in the residential market, especially their potential impact on mortgage rates.


Despite higher interest rates, Colliers has seen a stable demand for upscale to ultra luxury condominium projects in Metro Manila. Over the past few years, we have also recorded a healthy level of price increases for these residential projects. 


Colliers Philippines believes that the increase in prices will only result in investors and end-users looking for greater amenities as well as innovative facilities.


Due to Metro Manila traffic, there will be greater demand for connectivity to master planned communities and topnotch concierge services.  With more luxury and ultra luxury projects being launched in Metro Manila, Colliers Philippines sees the rise of more discerning buyers. Hence, developers need to further innovate and differentiate in a highly competitive luxury residential segment.


Based on regional prices, it appears that there is still room for further expansion of Metro Manila prices on a per square meter basis. What we can conclude based on this regional comparison is that the Philippines is barely scratching the surface. The price per square meter of Metro Manila’s most expensive condominium units is much cheaper compared to the most expensive ones in more affluent cities such as Hong Kong, Tokyo, and even Bangkok.


Sustained Growth to Fuel Property


Overall, we are optimistic with the Philippines’ strong macroeconomic fundamentals. The Philippine economy continues to expand despite soaring commodity prices and global geopolitical headwinds. The country remains one of the fastest-growing economies in Asia, primarily backed by resilient personal consumption and private investments.


Sustained recovery is likely to benefit major economic sectors including property development. The luxury and ultra luxury condominium segments showed resilience during the pandemic. Hence, it won’t be startling to see these developments proliferating in the near to medium term as the Philippines recovers from the pandemic.


The luxury and ultra luxury projects are also likely to benefit from the reopening of Philippine tourism and the return of foreign employees. Affluent investors are likely to continue buying luxury units as they upgrade, bank on potential price appreciation, and look for a viable hedge against inflation.


Cashing in on Property's Viability as an Investment Option


Revenge property investing is likely to persist, especially for the Philippines where investors do not have several options to choose from. Colliers sees young buyers and the affluent investors continuously looking for residential units that have strong rental prospects and potential for price appreciation.


Colliers Philippines believes that developers should highlight their projects’ attractiveness for lease or potential for capital value growth, whether targeting local buyers or foreign investors.


With tempered launches and availability of substantial number of ready for occupancy (RFO) units in Metro Manila, we expect aggressive marketing initiatives from property firms over the next 12 months. Developers should also curate promotions and offerings based on their target markets, whether overseas Filipino workers (OFW), young local investors, or the experienced and fluent buyers.


 
 
 
  • Writer: Ziggurat Realestatecorp
    Ziggurat Realestatecorp
  • Mar 30, 2023
  • 1 min read

Manila rose eight places to 89th, alongside Hong Kong, in the latest 100-city Prime International Residential Index (PIRI 100) published in The Wealth Report 2023 by real estate consultancy Knight Frank.


The Philippine capital’s prices of luxury residences dropped by 1.6% last year. This was the third lowest in the East and Southeast Asian region. It was smaller than 0.4% average price uptick in the Asia-Pacific region as well as the global increase of 5.2% in 2022.

ree



 
 
 

© Copyright 2018 by Ziggurat Real Estate Corp. All Rights Reserved.

  • Facebook Social Icon
  • Instagram
  • Twitter Social Icon
  • flipboard_mrsw
  • RSS
bottom of page