An in-house hospitality brand 8over8 will provide management. Instead of selling property the offering is based on what the developer is terming HRU’s ( hotel rights of use).
In Singapore project showcases are taking place at the moment as part of a sales strategy in the regional market.
Two purchase options are available with the first being a guaranteed return of 5% for the first 3 years and then 3% for another 7 years. Or a variable scenario with 5% for the first 3 years and then full revenue from the HRU’s for another 7 years.
An opt out is on offer each year in exchange for hotel nights.
Leading Hong Kong and Phuket design house Original Vision have provided planning.
The company says it plans to expand to the Gold Coast, Koh Samui and Langkawi in the future.
The hybrid hotel right usage model will be interesting on take up as it not property investment, and more slanted towards a vacation or alternative ownership mode.
Source: http://www.thephuketinsider.com/hotels/castlewood-launches-200-unit-condo-hotel-laguna-area.php
