June 2005

Oman

With economic diversification in mind, the Sultanate of Oman has for the first time opened its doors to foreign real estate investors.

New laws allow the purchase freehold properties in designated tourist areas. Owners, their spouses and children under 25 will have the unreserved right of residency in the country and inheritance will be dictated by the personal will of the owner and not be subject to local Islamic practice.

Prices for the 104 apartments and villas at Muscat Golf & Country Club range from UK£127,000. Hamptons International is the sole marketing and managing agent.

At a glance:

• Cost – UK£127,000 to UK£500,000;
• Description – apartments, penthouses and three to five bedroom villas;
• Location – golf course setting with unobstructed mountain views, Muscat;
• Contact – Hamptons International www.hamptons.co.uk

St. Lucia

A new ‘boutique’ development has just been launched on the Caribbean island of St. Lucia.

Overlooking the sea and Martinique beyond, nineteen huge apartments of 2,000 to 3,000 square feet – the size of a large three bedroom house in the UK – each with a private pool. Cap Maison will run as a 5-star boutique hotel of 40 rooms.

Fifty per cent of rental income from letting goes to apartment owners. Prices start from around US$800,000 and the first five buyers will receive an upmarket package of furnishings free of charge.

The project is scheduled to open in time for the World Cup Cricket in the winter of 2006-07.

At a glance:

• Cost – US$800,000 and up;
• Description – two and three bedroom apartments as part of a luxury boutique hotel complex;
• Location – low cliff setting a few steps from the sea near Rodney Bay Marina and the St. Lucia Golf & Country Club;
• Contact – Cap Maison www.capmaison.com

UK

A development of five-star serviced apartments on London’s Southbank offers something different for those who wish to rent a property where a personal food shopping service can be provided by Harvey Nichols Foodmarket and Harrods Food Hall.

Plaza on the River Club and Residence caters to business and leisure travellers who wish to stay for a day or a year.

The project is billed as an ideal destination for heads of business and senior business people that are either on short business trips or relocating to London for a long term contract and something different for those who do not wish to buy a property but who do wish to have 24-hour five-star service.

Guests can store clothes and other personal possessions at the residence in preparation of a return visit, even when they are not paying for a suite.

The 66 studio, one, two and three bedroom (extending to four) suites cost from UK£200 a night. The units have uninterrupted views of London’s greatest landmarks including the Houses of Parliament and the London Eye.

At a glance:

• Cost – UK£200 a night or long term rates;
• Description – stylish luxury hotel suites;
• Location – central London alongside the Thames;
• Contact – Plaza on the River and Residence www.plazaontheriver.co.uk

Thailand

Located a short walk from the beach are 31 villas with sea views in Patong at the heart of Phuket. Following the tragic loss of life in December, a massive and swift effort was undertaken to revive the area as one of Thailand’s economic mainstays.

Very little evidence of damage remains and holiday bookings are once again up. L’Orchideée offers the choice of five different styles, ranging in size from tow to six bedrooms.

They combine classic Thai design with a solid modern structure, and European standards and amenities.

Prices starting at Thai Baht 19m include the land plot, house, land transfer tax, full kitchen and bathrooms with imported appliances, business and corporate tax (covered by the developer), plus all built-in furniture and decorations.

At a glance:

• Cost – THB19m (US$476,500) to THB55m (US$1.4m);
• Description – two story villas;
• Location – Patong, Phuket;
• Contact – Knight Frank www.knightfrank.com