The Hideaways Club is checking out top apartments in Singapore for a new timeshare portfolio known as The Hideaways Club — City Collection, said a report by Today newspaper.
Last week, founder Mike Balfour was in Singapore, viewing luxury properties and seemingly eyeing a few choice units. Mr. Balfour said he is searching for high-end properties offering great value for money, instead of just branding. Thus, he will probably not choose units from the Orchard Residences or Ritz-Carlton Residences.
“If these homes have a brand-name to it, they usually command a premium. And we would like to maintain our profit margins,” he said.
About 25 to 30 percent of the City Collections will be situated in Asia, he said, adding that he plans to make Asia a major source of revenue.
“Other major cities we are looking at are Kuala Lumpur and Hanoi,” he added.
Mr. Balfour hopes to repeat the success of his first fund, known as The Hideaways Club Classic Collection, which was launched in 2007. The Classic Collection comprises 50 villas in holiday destinations worldwide, with each villa measuring 2,700 sq ft and costing an average of US$1.6 million.
For The City Collection, members will invest a lump sum of US$195,000 and pay annual maintenance, taxes and concierge fees of US$18,500. Members get approximately 12 to 23 nights of holiday stay a year in one of the apartments of the fund. Otherwise, this would cost members between US$1.2 million and US$3 million each year, he said. Aside from savings, investors gain five to six percent of capital appreciation from the luxury apartment portfolio every year.
Mr. Balfour said he is aiming for 120 city apartments in the next three years for The City Collection. With sizes ranging from 1,500 to 3,000 sq ft, apartments are usually two-bedroom and two-bathroom units in the city centre in key cities worldwide.