Branded Residences Asia Hit Record Market Value Us266 Bil More Fashion And Lifestyle Brands Entering

In Asia, the market value of branded residential projects has reached an all-time high of US$26.6 billion ($35.5 billion), according to data from C9 Hotelworks, a leading Asia-based hospitality consultancy. This marks a significant increase from the previous year, with over 68,000 luxury units now available for buyers.Vietnam currently leads the region with 17,680 branded residential units across 59 properties, making it the top destination for branded residences in Asia. The average price of a branded residential unit in Vietnam is approximately US$350 per square foot (psf), followed by Thailand with 16,271 units across 65 properties, with most units priced at US$510 psf. The Philippines comes in third with 13,276 units across 46 properties, priced at about US$400 psf.Despite these figures, branded residences in Singapore command the highest prices in the region, at US$2,140 psf, followed by Japan with an average price of US$1,935 psf for branded residences.Read also: Gilded Age luxury living reimagined at The Towers of the Waldorf Astoria, New YorkAdvertisement“There are also newer markets where branded residences have seen rapid growth in recent years, such as South Korea with 3,026 units across 16 properties, and Malaysia with 6,014 branded residential units across 24 projects,” says Bill Barnett, managing director of C9 Hotelworks.Infographic: C9 HotelworksIn today’s post-Covid-19 era, urban-locale branded residences make up 56% of the existing supply in Asia, with luxury urban projects dominating the sector in terms of market value. For instance, urban branded residences in South Korea are priced at US$2,670 psf, which is over half the cost of resort projects typically selling for US$1,040 psf in the country. Similarly, urban branded residences in Thailand command approximately US$770 psf, compared to US$430 psf in resort locations.Asia’s branded residential market currently comprises about 12,330 units across 80 developments affiliated with luxury hotel brands, making up 31% of the market supply. “The data shows that having a reputable brand attached to a property can help it command a premium pricing of 30% to 35% on top of the market rate in the country. It also boosts the developer’s market share in the region,” says Barnett.In recent years, the appeal of top hospitality brands and other luxury lifestyle brands has driven hotel groups and premium brands to demand higher licensing fees, he adds, with a 6% to 10% share in the sale of each branded residential unit becoming the norm.Read also: Investors step up demand for branded residences in Southeast AsiaAdvertisementLast August, Thai developer Ananda Development and German automaker Porsche, via its lifestyle brand Porsche Design, unveiled the ultra-luxury Porsche Design Tower Bangkok in Thonglor. The 22-unit tower, set for completion in 2028, is Asia’s first Porsche residential tower, following the Porsche Design Tower Miami, which was launched a decade ago. It features duplexes and quadplexes, with prices ranging from US$15 million to US$40 million.From left: Saowarin Chanprakaisi, vice-president of business development, The Ascott; Teo Junrong, vice-president of business development, The Ascott; David Johnson, CEO of Delivering Asia; Gianfranco Bianchi, general manager, Asia Pacific, at The One Atelier; Jason Thelen, senior director of sales and marketing at Sudara Residences; Ananth Ramchandran, head of advisory and strategic transactions, hotels and hospitality (Asia), CBRE; Lee Nai Jia, head of real estate intelligence, digital and software solutions, PropertyGuru Group; and Bill Barnett, managing director of C9 Hotelworks. (Picture: C9 Hotelworks)Gianfranco Bianchi, general manager of Asia Pacific at The One Atelier, an international design consultancy specialising in branded residences for lifestyle brands, says that more luxury lifestyle brands have explored partnerships to license their branding in real estate developments across the Asia Pacific region read also: Gilded Age luxury living reimagined at The Towers of the Waldorf Astoria, New York One Atelier has partnered with several high-profile brands to create branded residences, including the 28-unit Fendi Casa Residences in Miami, the 259-unit 888 Brickell by Dolce & Gabbana in Miami, the 90-unit Büyükyalı Residences in Istanbul, Turkey, and the Karl Lagerfeld Villas, a collection of five ultra-luxury villas in Marbella, Spain.While hospitality-affiliated branded residences offer top-notch hospitality services, fashion or design-branded residences provide a rare trophy home that embodies the namesake design and luxury aesthetic that have made such brand names synonymous with luxury lifestyles today, says Bianchi.Ananth Ramchandran, head of advisory and strategic transactions in hotels and hospitality (Asia) at CBRE, says property cooling measures have led many high-net-worth Singapore-based buyers to look for branded residences in nearby markets.“We have seen a significant drop in Singapore developers’ interest in high-end, ultra-luxury branded residential projects here. Cooling measures have had a dampening effect on foreign buyer demand, so developers are now less inclined to venture into this segment,” he says.888 Brickell is a branded residence in Miami which boasts a design by fashion house Dolce & Gabbana.Singapore-based high-net-worth buyers are now increasingly turning to branded residences in destinations like Phuket and Bangkok in Thailand, Bali in Indonesia, and emerging markets in Vietnam. Notably, these destinations can be reached with just a two-hour flight from Singapore, or a little over an hour from Jakarta in the case of Bali. “The relatively short travel time and availability of regularly scheduled direct flights make it much more appealing to Singapore-based buyers,” he adds. Last month, flight carriers such as SIA, Scoot, AirAsia and Jetstar completed around 150 flights per week between Singapore and Phuket.Read also: KSK Land launches second tower of KL luxury project 8 ConlayAdvertisementJason Thelen, senior director of sales and marketing at Sudara Residences, a Thai-based developer, says: “Singapore has quickly become our top regional market for buyers looking for second homes, making up over 45% of regional purchases.”Hospitality operators such as The Ascott are also getting in on the growth potential of branded residences in Asia, says Saowarin Chanprakaisi, vice-president of business development at The Ascott. “We believe that we bring a distinct emotional resonance to our brands such as Ascott, The Crest Collection and Oakwood Premier, which have reputational strengths in the market.”“Branded residential operators must develop and maintain trust in the brand to assure buyers that it can deliver the level of service that will eventually translate into long-term value for the asset,” she says, adding that Ascott is currently looking to expand its market share in the region by partnering with developers interested in entering the branded residential market. 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According to C9 Hotelworks, the market value of branded residential projects in Asia has reached an all-time high of US$26.6 billion ($35.5 billion), with over 68,000 luxury units now available for buyers. Leading the region is Vietnam with 17,680 branded residential units across 59 properties, followed by Thailand with 16,271 units across 65 properties, and the Philippines with 13,276 units across 46 properties. In terms of average prices, branded residences in Vietnam lead the way at approximately US$350 per square foot (psf), followed by Thailand at US$510 psf and the Philippines at US$400 psf.However, it is Singapore that boasts the highest prices in the region at US$2,140 psf, followed closely by Japan with an average price of US$1,935 psf for branded residences.Read also: Gilded Age luxury living reimagined at The Towers of the Waldorf Astoria, New YorkBut C9 Hotelworks’ Managing Director, Bill Barnett points out that the branded residential market is seeing particularly rapid growth in South Korea, with 3,026 units across 16 properties, as well as Malaysia, with 6,014 units across 24 projects. In the post-Covid-19 era, urban-locale branded residences make up 56% of the existing supply in Asia, with luxury urban projects dominating the sector also in terms of market value. In South Korea, for instance, urban branded residences are priced at US$2,670 psf, which is over half the cost of resort projects typically selling for US$1,040 psf in the country. Similarly, urban branded residences in Thailand command approximately US$770 psf, compared to US$430 psf in resort locations, he adds.C9 Hotelworks also reported on Asia’s branded residential market, which currently comprises about 12,330 units across 80 developments affiliated with luxury hotel brands, making up 31% of the market supply. “The data shows that having a reputable brand attached to a property can help it command a premium pricing of 30% to 35% on top of the market rate in the country. It also boosts the developer’s market share in the region,” says Barnett.In recent years, top hospitality and lifestyle brands have been exploring partnerships to license their branding in real estate developments across the Asia