Eurowindow Holding — an integrated real estate business
By Lin Zhiqin
/ The Edge Property |
Eurowindow Holding started out as a manufacturer of highend windows and doors 15 years ago. The company was originally known as European Plastics Window Joint Stock Company (JSC). It changed its name to Eurowindow Holding in 2007, when the company morphed into a sprawling conglomerate with businesses including building materials, construction, real estate development, property brokerage, interior design, banking, insurance and securities.
Being involved in the entire value chain of the real estate business — from building materials to construction, property development, sales and even interior design — “helps us guarantee the quality of our projects,” says Hannes Romauch, general director of Eurowindow Nha Trang Investment and Tourism JSC, a subsidiary of Eurowindow Holding.
Having an integrated business model also means the group is able to have a deeper understanding of the market, and better manage costs as well as risks. “The savings are then passed on to our customers,” Romauch adds.
In 2015, Eurowindow Holding announced that it had invested US$100 million to construct two five-star resorts on a 35ha site in Cam Ranh Bay, a deep-water bay on the southeastern coast of Vietnam. The investment was made via its subsidiary, Eurowindow Nha Trang Investment, and Tourism JSC.
Eurowindow Holding has partnered Switzerland’s Mövenpick Hotels & Resorts to manage Mövenpick Cam Ranh Resort
The two properties, Mövenpick Cam Ranh Resort and the adjacent Radisson Blu Cam Ranh Bay, are slated to open in 2018. Both are located within a five-minute drive of the Cam Ranh International Airport, one of the busiest airports in Vietnam, and a 25-minute drive from Nha Trang City.
Radisson Blu Cam Ranh Bay, the smaller of the two projects, is a 290-key beachfront resort with facilities that include a grand ballroom, multiple meeting rooms for meetings, incentives, conferences and exhibitions, and other business events.
Mövenpick Cam Ranh Resort sits on a 24ha site and was designed by Australian firm PTW Architects, famed for designing the Beijing National Aquatics Centre or the “Water Cube”.
An integrated luxury resort, Mövenpick Cam Ranh Resort contains 121 villas, 250 hotel rooms and 132 condotel apartments. Sizes range from 416 sq m for a one-bedroom villa to 620 sq m for a three-bedroom villa. The condotel units range from 48 sq m to 109 sq m.
Romauch: [Mövenpick Cam Ranh Resort] is a product that hits all the sweet spots that customers are looking for
Amenities within the Mövenpick Cam Ranh Resort include golf courses, tennis courts, a beach club, restaurants, and entertainment and recreational areas. Within the resort is also a Swiss Village. All the villas and condotel apartments are designed to capitalise on the sea views, with residents and hotel guests having direct access to an 800m beachfront.
Eurowindow Holding partnered internationally recognised Mövenpick Hotels & Resorts to manage the Mövenpick Cam Ranh Resort. The Mövenpick brand offers a 10% to 15% premium over other non-branded properties with similar attributes in the area, Romauch reckons.
The group also has a partnership with VP Bank, which will guarantee resort buyers a minimum 9% rental yield per annum. The guarantee will be for the first 10 years for villa owners, and up to five years for condotel apartment owners. Buyers of the villas and the apartments will get to enjoy a maximum stay of 180 days per year in the resort.
Mövenpick Cam Ranh Resort is “a product that hits all the sweet spots — boasting an experienced developer, a prestigious international operator, and returns that are guaranteed by a bank, not just the developer”, says Romauch.
This article appeared in The Edge Property Pullout, Issue 778 (May 8, 2017) of The Edge Singapore.
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