Featured Topic: Property

Vladislav Doronin

Vladislav Doronin

High-end real estate developer Vladislav Doronin has been appointed the new CEO of the Aman Group, the holding company of Amanresorts, a world-class collection of luxury resort destinations. Global business leader and brand-building expert Johan Eliasch will take over as Chairman of the Group. Both positions were vacated simultaneously when Adrian Zecha, the company’s founder, decided to leave his positions as CEO and Chairman.

Vladislav Doronin, known as Vladimir Doronin in the West, is a well-known global real estate developer and the lead investor in the Aman Group. He is the Chairman and Founder of Capital Group, which Doronin launched 21 years-ago in Russia. Over the years since its inception Capital Group has become one of the largest real estate development companies in Russia.

Eliasch is the CEO and Chairman of the international sporting goods group known as Head N.V., and the former Special Representative of the Prime Minister of the United Kingdom. He also serves as Chairman of several firms, including Equity Partners, Cool Earth, and London Films.

Doronin commented on his expectations for the future of the Aman Group and his role as CEO:

“The Aman Group’s philosophy is to immerse guests in a unique and personal experience.  We intend to preserve the spirit of Aman while growing the brand through future strategic development opportunities including exotic locations for which the brand is well-known as well as into major metropolitan destinations. As lead investor and CEO, I am dedicated to ensuring that the organization has the necessary resources to sustain and enhance its position as an industry pioneer. The future holds great promise for this iconic brand.”

Looking into various parts of Asia, one might not want to seek out a new home there just right now.  Property prices are going through the roof, excuse the pun, and wealthy Thailand is taking advantage.  According to an article in the Bangkok Post, a property developer from Thailand, Pace Development, just recently “launched sales of its luxury Bangkok project MahaNakhon to Hong Kong buyers.”  Records over a mere three days show of “sales worth 350 million baht.”

On the flip side, for those who have something to sell, now is the time.  According to executive director for investment and project marketing of property consultant CB Richard Ellis, Rebecca Shum, now is “the best time to sell property to Hong Kong buyers as prices there were very high.”  The prices for property in Hong Kong are really high these days.  Indeed, they have gone up around 20 percent in the last year and just haven’t come down at all.  Hong Kong and Chinese investors are seeking out properties in other parts.

Hong Kong Prices Peak

Indeed, Hong Kong prices are these days five times more than for the same size in Bangkok.  New units are approximately 1.2m baht per sq m.  Hong Kong and mainland China investors these days therefore seem to prefer “buying property as an investment as the interest rate for deposits was only 2%, which is unattractive to those who refuse to carry cash.”

Bangkok Boom

The truth is, as Shum has noted, “Bangkok is still a top-two destination for lifestyle in the eyes of investors in Hong Kong. Their interest in luxury Thai property is driven by a lift in optimism about the overall political and economic environment in Thailand.”  In addition, the new government has promised to put policies in practice that with “stimulate economic growth immediately.’  This will result in the progression of “major infrastructure projects,” as well as “provide long-term support to economic expansion and be reflected in asset price appreciation, particularly for luxury properties.”