ISSUE TWO 2010

____Global Capital Flows____Green Mind____The Best Places on Earth to Eat ____Is the Only Way Up?____360°____Going Going Gone____Next Stop Morocco____Inner Beauty____Exquisite Properties

Although every effort has been made to ensure that the information contained in this publication is accurate there is no guarantee that the information does not contain any errors and there is no acceptance of any liability to the readers for any losses caused or suffered as a result of any such errors. The information contained within this publication should not be taken as investment advice and there can be no acceptance of any liability to the readers for any losses caused or suffered as a result of any information contained within this publication. All rights reserved. No part of the publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means without prior written permission unless expressly permitted or required by law.

Any enquiries concerning reproduction of the information contained within this publication should be sent to enquiries@inonthenet.com

Property Misdescriptions Act 1991: It is recommended that if readers are interested in a property or development advertised, written about or referred to within this publication they contact the person specified in the relevant article or advertisement. The contact will be able to answer specific questions about that property or development or, alternatively, will be able to put you in contact with someone that can. The contact will also be able to confirm whether the relevant property or development is under offer at the time of speaking.

Please note that, in particular, all descriptions, dimensions, references to the condition of, permissions for the use and occupation of and other details relating to the properties or developments referred to in this publication are provisional at the time of publication. Any readers interested in any of the properties or developments referred to in this publication should not consider these details to be a statement of fact and should satisfy themselves as to the suitability of that property or development by inspecting it directly. Accordingly, there is no acceptance of any liability to readers for losses caused or suffered as a result of any reliance on any information or descriptions contained within this publication.

The IN_TeamEDITOR Sarah Anderson

EDITORIAL TEAM Julian Jakobi Jonathan Seal

DESIGN AND ART DIRECTION Smith & Milton

PRINTED BY A&R Associates

WEBSITE www.INonthenet.com

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IN_MAGAZINE

WELCOME IN_TO A WELL PRIMED WORLD

EDITORIAL ADVISORY TEAM

Julian Jakobi Julian Jakobi has spent over 30 years in the sports marketing business, successfully managing the careers of many iconic figures, such as Bjorn Borg, Nick Faldo, and Formula 1 world

champions Ayrton Senna, Jacques Villeneuve and Alain Prost amongst others. Julian’s role is to manage and guide the careers of these highly talented individuals, developing their careers and offering advice on every aspect of a professional sports career, from contractual negotiations to PR management and specialist financial planning.

Jonathan Seal Jonathan Seal has unrivalled experience of the international property market, having spent a number of years as a director of some of the most internationally renowned and recognised resi-

dential property companies in the world. Jonathan is now in charge of global super prime residential at the world’s largest real estate advisory firm, CB Richard Ellis, a world-wide team that has the experience and scope to offer advice on every step of the development process.

Wherever it is in the world that you may be sitting and reading this magazine you will, in some way, have been touched by the global economic downturn over the last two years.

As we go to print at the start of the second decade of the second millennium, we are beginning to see clear signs of economic recovery in many regions, and although this recovery is slow, it is real.

Regardless of economic cycles, one thing of which you can always be sure is that in all markets – whether it’s residential property or any other – true quality will always shine through.

I hope you enjoy the latest edition of IN_.

Sarah AndersonEDITOR

Welcome to ...your window into the very best the world has to offer.

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IN_MAGAZINE

IN_ side

IN_vestment

GLOBAL CAPITAL FLOWS BY NICK JOPLING

Analysts around the globe are increasingly being pushed to identify the best opportunities to come out of the downturn. And with such a seismic shift in asset valuations, opportunities are definitely out there for the careful investor.

IN_ primeur

GOING, GOING, GONEBY JAMIE RITCHIE

Is wine a good investment or should we just drink it?

IN_sight

360ºBY DR. DAVID FISCHER

What is architecture if not fluid, evolving with the times, reflecting the changing needs and trends of communities?

IN_the know

THE BEST PLACES ON EARTH TO EATTHE S.PELLEGRINO WORLD’S 50 BEST RESTAURANTS

The world’s 50 best restaurants as voted for by 806 chefs, restaurateurs, food writers, and restaurant critics.

Around the world in 56 pages

IN_finance

IS THE ONLY WAY UP? BY HUGH GREENHALGH

The signs are looking good – the world’s economy seems to be finding its feet once again.

Or so we hope.

IN_sight

NEXT STOP MOROCCO?

BY GABI WOOLGAR

Morocco ticks all the boxes for the investor – is now the

time to take the plunge?

IN_teriors

INNER BEAUTYDESIGNER DESTINATIONS

Leading British interior designer, Helen Green, has established a reputation

for creating elegant, modern classic interiors for international private clients, prestigious developments, five-star hotels

and spas both in the UK and abroad.

IN_transit

A PORSCHE FOR THE FAMILY

ADVERTORIAL

The new Porsche Panamera challenges convention, blending extreme comfort and practicality

with the raw performance and innate connection with the road you anticipate from a

Porsche sports car.

EXQUISITE PROPERTIES

BY JONATHAN SEAL

Jonathan Seal introduces a selection of properties from around the world.

IN_vogue

GREEN MINDBY GABI WOOLGAR

Nurturing nature is the name of the game for successful luxury eco-resorts –

a blueprint for success which could allow us all to holiday without costing the earth.

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IN_ vestment

BY NICK JOPLING 7

50%House prices fell from peak to trough by as much as 50 per cent in parts of the US.

75%The FTSE 100, Nasdaq and Hang Seng have climbed by an average of more than 75 per cent since March 2009.

IN_ vestment

Which is why residential property investment has all the hallmarks of a genuine opportunity. After all, unlike other property classes, everybody needs a roof over their head whether they are owners or renters. In the United States, multi-family housing (private rented residential property that is attractive to institutional investors) was the only property sector to retain a steady (albeit reduced) volume of capital market activity by institutions through the downturn. Aided by the cheaper debt markets provided by the federal national mortgage association (Fannie Mae)

IN_MAGAZINE

FOLLOWING IN THE FOOTSTEPS OF MAJOR INSTITUTIONAL PROPERTY INVESTORS DOESN’T SEEM AN OVERLY SENSIBLE COURSE OF ACTION THESE DAYS. THE CREDIT CRUNCH HAS LED MANY TO QUESTION THE PERCEIVED WISDOM OF BIG NAME PENSION FUNDS, SOVEREIGN WEALTH AND PRIVATE EQUITY FIRMS, AND WITH GOOD REASON. HOWEVER, LESSONS HAVE BEEN LEARNT AND THE AVERAGE PRIVATE INVESTOR COULD DO WORSE THAN FOLLOW THEIR LEAD – YOU CAN REST ASSURED THAT SERIOUS INSTITUTIONS CAN ILL AFFORD TO GET IT WRONG AGAIN.

and federal home loan mortgage corporation (Freddie Mac), this has not gone unnoticed by investors elsewhere. They are attracted to its stable income flows and low correlation with the performance of equities and other property types. Given that the economic downturn unravelled on the back of weakness in the residential sector, it may seem an odd place to seek new fortunes. However, the sector is well-placed to perform well over the next business cycle.

CHANGING FORTUNESThe wave of property market downturns has missed few locations in its wake, with values tumbling across the globe. This is certainly the case for residential property, where house prices fell from peak to trough by as much as 50 per cent in parts of the US with double digit falls elsewhere.

Although it is not quite true that ‘what goes down must come up’ with respect to property markets, there has been a palpable shift over the past nine months with respect to global economic fortunes. Increasingly, the news stories of doom and gloom are being replaced by evidence of business activity beginning to return.

This new-found optimism is permeating markets the world over, with the FTSE 100, Nasdaq and Hang Seng climbing by an average of more than 75 per cent since early March 2009. Investors have clearly decided that the worst is behind us and now is the time to place bets on opportunities that are coming out of the global repricing of shares.

This renewed activity means that analysts around the globe are increasingly being pushed to identify the best opportunities to emerge from the downturn. And with such a seismic shift in asset valuations, opportunities are definitely out there for the careful investor.

Institutional residential investment is not a new phenomenon. But in the UK there is a paltry volume of residential investment held by institutions compared with other Northern European and US markets. This is an anomaly which investors in the UK are actively trying to put right.

The UK Government has been working with the property industry to create an attractive proposition for institutional investment to develop capacity in the private rented sector. This could become a great example of the way residential investment is now an international opportunity for serious market players.

OUTSIDE THE UNITED STATES, MOST NORTHERN EUROPEAN COUNTRIES HAVE A ROBUST PROFESSIONAL RESIDENTIAL INVESTMENT SECTOR, WHERE MUCH OF THAT WHICH IS NOT HELD IN PUBLIC HANDS IS OWNED BY EUROPEAN AND US FUNDS.

Middle Eastern funds have generally been confident about European markets and are drawn to the major centres such as Berlin, Paris, Madrid and London.

PEAK TO TROUGH RESIDENTIAL VALUES

% CHANGE DATES

US - 31.4% Q1 2006 – Q1 2009

UK -19% Q3 2007 – Q1 2009

Sweden -7% Q3 2008 – Q1 2009

France -11% Q1/2 2008 – Q2 2009

Germany -20% March 2007 – April 2009

Netherlands -11% Q3 2008 – Q1 2009

Spain -9% Q1 2008 – Q2 2009

Source: Economist

OPPORTUNITIES ABOUNDElsewhere, the size of the United States institutional residential investment market simply dwarfs all others, currently estimated to be worth roughly $500 billion. Its scale and relative liquidity also help to make it a particularly attractive opportunity. US analysts have noted a significant influx of new capital from the Middle East and China, and interest from Canadian and Western European funds. It is certainly not a feeding frenzy, but a strong endorsement that the sector is now recognised for its diversification potential in a balanced property investment portfolio.

Outside the United States, most Northern European countries have a robust professional residential investment sector, where much of that which is not held in public hands is owned by European and US funds. The Chinese have been reluctant to consider these markets – which may have more to do with language barriers and a lack of familiarity with European markets than any meaningful investment considerations – but residential property remains a strong opportunity for a number of Europeans seeking fresh pools of money. Middle Eastern funds have generally been far more confident about European markets, although they are naturally drawn to the major centres such as Berlin, Paris, Madrid and London.

ALL DRESSED UP, BUT NOTHING TO BUYThere is no shortage of institutions the world over looking to invest in good quality, well let residential property of scale, not least because residential values correlate more closely to wages than most other asset classes. This correlation is important as wages growth is linked to pensions: the largest liability for many institutions. It is not inconceivable that the lack of suitable stock may be the catalyst to some countries developing purpose built pro-perties to meet both their investment needs and tenant demand.

Established European markets should tap some of this demand. There are good opportunities to acquire stock, in Scandinavia, Germany, the Netherlands and Spain. To take advantage, sellers in these markets must recognise that the purse strings may no longer be held in their own backyard, but perhaps a little further afield.

As for individuals seeking their own property fortunes, they could do worse than to follow the lead of the major institutions. Residential may not be the darling of the property investment community that it was a few years ago, but fresh opportunities are emerging in the new business cycle.

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IN_MAGAZINE

IN_ transit

When it was first announced in 2007, the four-seater Panamera seemed a distant promise with only a concept sketch to hint at its potential. It is now on sale and, as you would expect with a new Porsche, it challenges convention and has sparked debate. One thing however is clear, it is the four seater you would expect Porsche to build.

Porsche Panamera

MODEL ENGINE PERFORMANCEPanamera S* 4.8-litre V8 engine Top speed: 177mph, 0–62 mph in 5.6 seconds 400 hp at 6,500 rpm Panamera 4S 4.8-litre V8 engine Top speed: 175mph, 0–62 mph in 5.0 seconds 400 hp at 6,500 rpm Panamera Turbo 4.8-litre twin-turbo V8 engine Top speed: 188mph, 0–62 mph in 4.2 seconds 500 hp at 6,000 rpm *Manual gearbox.

The Panamera is unique. It has been designed by a Porsche team that did not consider convention; their mission was to build the best car they could. Consequently, the Panamera is highly individual with a unique appeal to a wide range of drivers. It is a package that blends luxurious comfort for four, useable power and a flexible loading space without the compromise of height. The low centre of gravity and lightweight design combine with raw performance to offer drivers an exhilarating driving experience.

Built at Porsche’s Leipzig factory, birthplace to both Cayenne and Carrera GT, it has similarities with both. Like Cayenne, the introduction of Panamera is a move into a completely new area of the automotive market for Porsche and is a similarly unique proposition. The similarities with the Carrera GT are more visually obvious, with many styling cues taken from what was a showcase for Porsche design and engineering. Externally these are particularly evident at the front of the car, in the muscular wheel arches, low tapering bonnet, air intakes and rear-

view mirrors. Internally the sloping centre console is a direct translation, flowing from front to rear where it integrates with the rear seat to create two clearly defined seating spaces in the back.

This clearly defined space for each passenger is a key part of the Panamera concept. With all Porsche models, designers strive to make the driver feel part of the car but in the Panamera this is taken a step further. Its unique space concept means that all four passengers feel like they are in the driving seat – it’s just that only one driver has a steering wheel. The Panamera’s space concept also extends to the flexible luggage space which can adapt to the needs of almost any journey. The boot itself can hold up to 445 litres but the tailgate and folding rear seats make an almost level cargo floor, increasing the load space to 1,263 litres – the key benefits of a high performance estate but without the height and weight.

Each Panamera is powered by a front-mounted V8 engine with Direct Fuel Injection (DFI) technology. The Panamera S and 4S share the same 4.8-litre

engine which delivers 400 hp at 6,500 rpm with a maximum torque of 500 Nm. In the Panamera Turbo, the 4.8-litre twin-turbo delivers 500 hp at 6,000 rpm and produces a maximum torque of 700 Nm. The Panamera S harnesses this power via a 6-speed manual transmission as standard, while the 4S and Turbo have the Porsche Doppelkupplung (PDK) dualclutch transmission as standard. Each Panamera variant offers stunning, sports car performance.

Key to the appeal of the Panamera is its intel-ligent, lightweight design. Weighing in at 1,770kg, the Panamera S is lighter than many two-seater sports cars and this low weight translates into traditional Porsche virtues – performance, handling and braking.

The new Porsche Panamera challenges con- vention. It blends extreme comfort and practicality with the raw performance and innate connection with the road you anticipate from a Porsche sports car. It is undoubtedly the four seater you expected Porsche to build.

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IN_MAGAZINE

IN_ vogue

There’s a new breed of developer who is responding to their clients’ increasing awareness that, yes, they still want a high standard of accommodation and lifestyle in their chosen luxury hideaway, but not at the expense of the surrounding environment.

Mistakes made in Thailand, and particularly on the mainland at resorts like Pattaya, have afforded developers in upcoming markets in Asia the opportunity to take a hard look at alternatives to high-impact developments.

And, interestingly, by reverting to traditional building techniques, the environment is cherished, addressing in turn the more modern-day concerns for reducing emissions and lessening carbon footprints.

A NEW BREED OF ENVIRONMENTALLY FRIENDLY BUILDINGStricter controls are creating a new breed of environment-ally friendly buildings. Developers with the future of the community at their heart, intent on not degrading their surroundings and in some cases actually improving the situation by adding to infrastructure and implementing re-planting schemes, are taking control.

David Simister, Chairman of CB Richard Ellis Thailand says: “There is an increase in the general awareness of green issues, particularly among buyers. They’ve realised that there’s no need to spend their US$3 million on an ostentatious steel box when an intimate, traditionally constructed villa, using renewable materials like bamboo, is much more in keeping with the times and still gives them the style and privacy they want.”

Previously inaccessible islands on the Thai-Cambodia border are currently top of the list for eco-development, with exciting possibilities for imaginative ways of creating a resort with soul as well as cents. Set in Koh Kood, Thailand’s fourth-largest island, and next to Koh Chang’s Marine Natural Park, the Soneva Kiri project opened in 2009. Despite being Thailand’s fourth-largest island, Koh Kood remains virtually unvisited.

“There are some spectacular rock formations, lush tropical rainforests and secluded beaches,” says Simister, who visited it recently. “It’s here that Six Senses Resorts and Spa Group has chosen to establish one of its most environmentally sensitive developments to date.”

Six Senses, a hotel group, has one of the longest ecologically-friendly track records, with previous develop-ments such as the Six Senses Hideaway in Nha Trang, its Destination Spa in Naka Yai Island in Phuket, and Soneva Fushi and Soneva Gili in Maldives. The company’s founder, Sonu Shivdasani, and wife Eva have masterminded this drive towards responsible resort development, with their own eco-driven philosophy at the heart of the company’s business model. “I set a goal that by 2010 we would be zero emissions at our key resorts. We can not wait for governments to tell us how to do it – we as entrepreneurs need to take the initiative,” says Sonu Shivdasani, CEO and Chairman, Six Senses Resorts and Spas.

“Soneva Kiri now goes far beyond even Six Senses Destination Spa in Naka Yai in its efforts to minimise its carbon footprint,” observes Simister.

It features an experimental, ecologically sustainable villa, constructed entirely of materials sourced on the island, yet still offers visitors their own spa pool, wine cellar and the chance to swim in pure rain water – so it has all the right environmental plaudits, combining style with a minimum carbon footprint.

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IN_MAGAZINE

There are even some near fantasy elements to the development, such as a children’s den built entirely from bamboo and shaped as a gigantic manta ray suspended high above the forest with magnificent views over the bay – a lightness of touch rarely seen in eco-resorts of the past.

A WINNING STRATEGYIt’s the delivery of a complete getaway lifestyle com-bined with a non-compromising standard of natural luxury, served with a twist of green, that makes the Six Senses strategy such a winner.

There is a catch, however, to this kind of commercial idealism – returning to environmentally sustainable sources as a primary building material is not necessarily a cheap option. Each resort must be created to fit the individual needs of each new location rather than conforming to a “one size fits all” more economic approach. The type of pioneering design used is bespoke rather than mass produced, all adding to the bottom line. However, the long- term returns for an investor interested in buying into this green revolution are manifold – not least in terms of saving the planet.

According to Simister, the financial rewards could be substantial too, if the model provided by a Thai green resort is anything to go by. “Looking back at 2009, a year when people have been carefully re-appraising their buy decisions, it appears that Koh

Kood is possibly the hottest-selling Thai villa project priced over US$3 million per villa, outperforming conventional villas in the same price sector,” he says.

For adventurous investors looking to buy a slice of undiscovered bliss, Cambodia is fast becoming the country of choice. It has an extremely young population, keen to have their slice of the prosperity, and is only now starting to emerge as a serious white sand tourism destination. Previous tourism focused almost exclusively on Angkor Wat, a World Heritage site.

One of Cambodia’s most beautiful islands is Koh Rong, situated 13 miles off the coast of Sihanoukville. Today the island is home to a fishing community of 1,500 living in four villages. There are 28 beaches, and a sublime six kilometre crescent-shaped sweep of crystal-white sand, with scarcely a footprint to be found, carbon or otherwise.

There are obstacles of course, not least limited capital for development. Despite this, its biggest and best resource – its gentle, spiritual people and beautiful lands – are just beginning to realise their potential, and the opportunity to match Thailand’s more established resorts is surely a possibility.

Koh Rong is already attracting considerable interest from environmentally sensitive developers, keen to institute a new kind of resort that works in harmony with its surroundings. An environmental impact study is underway with a team of international

consultants – Scott Wilson Engineers, MAP Architects and CB Richard Ellis as property consultant. The island is to become “Asia’s first environmentally planned island”. Provisions will be made to sustain the existing working lives of the local inhabitants with additional income to supplement their traditional fishing and new jobs within the resort industry.

“We are very conscious of our responsibilities as a lead consultant to create a sustainable and ethical approach to the development of one of Southeast Asia’s most beautiful locations”, says Simister.

UNSPOILT PERFECTIONFar-sighted decisions, such as mandatory low densities and use of sustainable and replenishable building materials, will be on the cards too, en-couraging the long-term survival of Koh Rong’s pristine splendour – which, after all, is its râison d’être as a unique offering to purchasers looking for un-spoilt perfection for their villa’s location.

Gulleys on either side of the roads will channel rainwater which would otherwise go to waste. The study team have advised that a bamboo plantation should be grown, which would be self-replenishing, cut down on transportation costs and reduce the use of felled hardwoods; all reducing carbon emissions and footprints.

Nestled in the lee of Koh Rong, the endearingly named Sweetheart Islands (Song Saa) – so named

IN_ vogue

Song Saa

Koh Rong

by locals because the collection of tiny isles appear to be cuddling up to each other – are also high on the list for sensitive development.

An Australian developer, Brocon Group, appointed CB Richard Ellis to launch a ground-breaking environmentally sensitive luxury resort comprising 20 villas, of which 14 over-water and jungle villas are available for private ownership, which is due for completion in the first half of 2011.

“Song Saa will really be at the top end of the market for luxury resorts in Cambodia and will offer the unique experience of an exclusive private island hideaway. Imagine Thailand 40 years ago and you get an idea of the potential of Cambodia’s islands,” says Song Saa’s founder, Rory Hunter.

Brocon has taken innovative steps to preserve the islands’ unique natural bounty and has also established Cambodia’s first fully policed and privately funded marine protected area around the islands’ reefs, safeguarding the coral’s rich eco-system, home to some of the largest remaining populations of seahorses in the world. “We employ a full-time marine biologist to monitor the health of the reefs,” says Hunter, “which is great for the environ-ment and the islands’ indigenous community, but also has the added attraction of having an expert on hand to take guests out for diving excursions.”

Song Saa is the first project in Cambodia to be internationally launched, with 85 per cent of units sold

within the first six weeks. “We believe the success of Song Saa’s eco-development model will be replicated on a larger scale in future develop- ments along Cambodia’s coastline and in Koh Rong,” says Simister.

A MARRIAGE BETWEEN COMMERCIAL AND ENVIRONMENTALIt is this marriage between an environmentally beneficial concept and a commercially sound project that perhaps defines successful eco-tourism. The luxury market may want their rainwater spa but they don’t want to have to collect the water them- selves – it’s conscience tourism without any huge personal effort.

There are several areas where forward-thinking developers and resorts are taking a green lead, in particular power consumption. This is an area where technology can harness natural resources, making the most of the sun-soaked climate. Solar panels heat water, cutting out the need for polluting fossil fuels.

Nurturing nature is the name of the game for successful luxury eco-resorts – a blueprint for suc-cess which could allow us all to holiday without costing the earth.

Bangkok toSilhanoukville

1 hour Vietnam

Hong Kong to Silhanoukville

2.5 hours

Singapore toSilhanoukville

1.5 hours

Song SaaIslandResort

Cambodia

Malaysia

Thailand

Laos

China

Song g gngggg SaSnnnndndIs

Resortt

ggslann

The children’s den at Koh Kood: The structure and roof are made of bamboo and the interior is made from local river red gum wood

The children’s den at Koh Kood: With its manta ray inspired dome, perched in an elevated position, the building appears to launch itself into the bay

Koh Rong Island: 30 miles from the coast of Cambodia

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IN_ the know

THES.PELLEGRINO WORLD’S

50 BEST RESTAURANTS LISTIS DECIDED PURELY ON THE VOTES OF A LARGE PANEL

OF WELL-RESPECTED INTERNATIONAL JUDGES.

This comprises 806 chefs, restaurateurs, food writersand restaurant critics, a third of whom did not vote in the previous year.

The 2009 awards included a further 50 restaur-ants, enlarging the list to 100 in total. The year alsosees the emergence of a Regional Winners award, highlighting the best around the globe. For the fourthyear in a row Ferran Adrià’s El Bulli has topped theworldwide poll of 806 chefs, critics and other industry experts, whilst Heston Blumenthal’s The Fat Duck retains second place. Below these perennial favour-ites, however, it’s all change in the eighth annual listingof the S.Pellegrino World’s 50 Best Restaurants.

Copenhagen’s Noma restaurant, with its youthfulhead chef Rene Redzepi, ranks third, making an exciting addition to the world’s greatest chefs trinity.Noma, which rises seven places, also takes this year’s Chef’s Choice Award. After all of the votes had been counted and the top 50 restaurants established, thehead chefs of these extraordinary establishments were asked to nominate the restaurant which theyconsidered to be the best in the world. It is the ultimatehonour Redzepi’s peers can bestow.

Last year’s Chef’s Choice, Mugaritz, retains its highest-ever position at number four, whilst another Spanish restaurant, El Celler de Can Roca, rises a staggering 21 places to fifth, making it 2009’s highestclimber. With the eponymous restaurant Arzak in the eighth position, Spain can claim more restaurants at the very top echelons of the list than any other country.

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Thomas Keller’s New York restaurant Per Se strikes sixth position and, with The French Laundry also well placed on the list this year, Keller is the only restaurateur with two restaurants in the top 50. Perhaps it’s his eagle eye trained on the live video streamed from the kitchen on the east coast to the kitchen in the west that enables such un-paralleled excellence to be maintained.

Family business, Bras, headed by chef Michel Bras is the highest-placed French restaurant at seven. France’s culinary heritage and mastery con-tinue to draw in a wealth of admirers from across the globe as it ties with the USA to score the highest number of restaurants on the list, each has eight establishments in the top 50.

A young star, who refused to let a life-threaten-ing illness stall his progress, continues to rise through the ranks. Grant Achatz of Alinea, who was the highest new entry in 2007, rose 15 places in 2008 and this year rises a further 11 places to join the top 10.

The highest new entry swoops in from Italy

settling at position 13. At Osteria Francescana, chef Massimo Bottura introduces Italy’s old guard to Spain’s new wave by taking traditional Italian flav-ours and boldly toying with them. Meanwhile, last year’s highest new entry Vendôme, with Joachim Wissler at its helm, keeps the momentum going by rising a very respectable nine places to 25th position.

In 2009 more new talent has made its mark on the list than in previous years. Such rising stars and new entries include Steirereck of Austria (30), New York’s Momofuku Ssam Bar (31), Mirazur in the South of France (35), Iggy’s in Singapore (45) and Quay in Australia (46).

The growing influence of Japanese chefs on the global restaurant scene has also been recognised by the voters in the Nespresso World’s 50 Best Restaurants Academy. Les Créations de Narisawa in Tokyo is a new entry at 20.

Restaurant Mathias Dahlgren, which opened less than two years ago, has won a clutch of awards for its interior design. However, the “natural cuisine” served by this renowned Swedish chef resonates

No 1El BulliCala Montjoi, Ap. 30 17480, Roses, Girona.Tel +34 972 150 457www.elbulli.com

No 1El Bulli Roses, Spain

No 32Oaxen Skargardskrog. Stockholm, Sweden

No 6Per Se New York, USA

No 2The Fat DuckHigh Street, Bray, Berkshire. SL6 2AQTel +44 1628 580 333www.fatduck.co.uk

No 3NomaStrandgade 93, 1401 Copenhagen K.Tel: +45 3296 3297 www.noma.dk

No 4MugaritzOtzazulueta baserria, Aldura aldea 20zk, Errenteria 20100, Gipuzkoa. Near San Sebastian.Tel +34 943 522 455www.mugaritz.com

No 5El Celler de Can RocaCan Sunyer, 48 17007, Girona.Tel +34 972 222 157www.cellercanroca.com

IN_ the know

IN_MAGAZINE

just as powerfully with critics and fellow chefs the world over. Already it has gathered enough admirers to find itself awarded a position on the S.Pellegrino World’s 50 Best Restaurants list (50th).

The final new entry, charting at 40, are the rock star chefs from Paris, Le Chateaubriand. Undoubtedly the coolest of chefs in France, Inaki Aizpitarte and his team were accurately tipped for the top last year when they were awarded Breakthrough Restaurant of the Year.

The restaurant tipped to break through into the top 50 in 2010 is Marcus Wareing at the Berkeley. The newly “released” Marcus Wareing has im-pressed the world with his skill as a restaurateur as well as a chef. He so narrowly missed charting in the top 50 that Restaurant magazine is confident that of all the new restaurants ranking 51–100,

No 37Le Quartier Français Franschhoek, South Africa

No 24 D.O.M. Sao Paulo, Brazil www.worlds50best.com

}The top 50 Ferran Adrià has topped the international poll for

the 4th year in a row whilst Heston Blumenthal’s The

Fat Duck retains 2nd place.

1 El Bulli. Roses, Spain 2 The Fat Duck. Bray, UK 3 Noma. Copenhagen, Denmark 4 Mugaritz. San Sebastian, Spain 5 El Celler de Can Roca. Girona, Spain 6 Per Se. New York, USA 7 Bras. Laguiole, France 8 Arzak. San Sebastian, Spain 9 Pierre Gagnaire. Paris, France 10 Alinea. Chicago, USA 11 L’Astrance. Paris, France 12 The French Laundry. Yountville, USA 13 Osteria Francescana. Modena, Italy 14 St John. London, UK 15 Le Bernardin. New York, USA 16 Hotel de Ville. Crissier, Switzerland 17 Tetsuya’s. Sydney, Australia 18 L’Atelier de Joël Robuchon. Paris, France 19 Jean Georges. New York, USA 20 Les Créations de Narisawa. Tokyo, Japan 21 Chez Dominique. Helsinki, Finland 22 Ristorante Cracco. Milan, Italy 23 Die Schwarzwaldstube. Baiersbronn, Germany 24 D.O.M. Sao Paulo, Brazil 25 Vendome. Bergisch Gladbach, Germany 26 Hof van Cleve. Kruishoutem, Belgium 27 Masa. New York, USA 28 Gambero Rosso. San Vincenzo, Italy 29 Oud Sluis. Sluis, Netherlands 30 Steirereck. Wien, Austria 31 Momofuku Ssam Bar. New York, USA 32 Oaxen Skargardskrog. Stockholm, Sweden 33 Martin Berasategui. Lasarte-Oria, Spain 34 Nobu. London, UK 35 Mirazur. Menton, France 36 Hakassan. London, UK 37 Le Quartier Français. Franschhoek, South Africa 38 La Colombe. Cape Town, South Africa 39 Asador Etxebarri. AXPE, Spain 40 Le Chateaubriand. Paris, France 41 Daniel. New York, USA 42 Combal Zero. Tivoli, Italy 43 Le Louis XV. Monte Carlo, France 44 Tantris. München, Germany 45 Iggy’s. Singapore 46 Quay. Sydney, Australia 47 Les Ambassadeurs. Paris, France 48 Dal Pescatore. Caneto, Italy 49 Le Calandre. Rubano, Italy 50 Mathias Dahlgren. Stockholm, Sweden

his is the one guaranteed to break through on to the list next year.

One of only two new restaurants to chart in 2008, the “primitive cooking” of former fire fighter Victor Arguinzoniz sees Asador Etxebarri in Spain continuing to impress chefs and critics alike. In complete contrast to the high-tech, gadget-loving maestros that dominate the top of the chart, this self-taught chef has elevated cooking over an open flame to new heights.

A restaurant’s ranking on the S.Pellegrino World’s 50 Best Restaurants list is decided purely on the votes of a large panel of well-respected inter-national judges, collectively called the Nespresso World’s 50 Best Restaurants Academy.

Announced a week prior to the event, the Lifetime Achievement award went to Joël Robuchon.

The final new entry, charting at 40, are the rock star chefs from Paris, Le Chateaubriand. Undoubtedly, the coolest of chefs in France.

19

Best Restaurant in

EUROPE

EL BULLI Apartado 30, 17480 Roses en Cala Montjol, Spain Tel: +34 972 150 457 (after 3pm during the season)www.elbulli.com

Ferran Adrià’s generous willingness to share his knowledge means his influence now spans the globe. Many of those who have worked with him have taken his techniques and ideas back to their part of the world. Maybe this is what drives Adrià to surpass himself each year, in the knowledge that the people who have worked for him are one day capable of topping this list themselves.

Ferran Adrià continues to tear up the fine-dining rule book, presenting customers with food that often defies description, and maybe even defies the laws of physics, too.

Although the competition was closer than ever before, the Academy has yet again voted El Bulli as Europe’s and the World’s Best Restaurant.

Best Restaurant in

ASIA

LES CRÉATIONS DE NARISAWA2-6-15 Minami Aoyama, Minato Tokyo, JapanTel: +81 (3) 5785 0799

www.narisawa-yoshihiro.com

Chef Narisawa and Les Créations de Narisawa have been the best-kept secret of Tokyo’s elite gourmands, until now.

When he was just 19 years old he packed his bags for Europe on a mission to learn, and he managed to learn from two of our Lifetime Achieve-ment winners, Paul Bocuse and Joël Robuchon.

Yoshihiro Narisawa has an unorthodox approach to French cuisine. At Les Créations de Narisawa he is pushing new boundaries by cook- ing with organic soil, charcoal and water.

With signature dishes such as foie gras with strawberry and lobster flavoured with tomato and vanilla, followed by a rich chocolate fondant and rose sorbet, it’s not hard to see why the Academy has propelled this restaurant so high on the list of the World’s 50 Best Restaurants.

Best Restaurant in

NORTH AMERICA

PER SE 10 Columbus Circle (at 60th Street), 4th Floor, New York, NY 10019, USATel: +1 212 823 9335www.perseny.com

In Per Se, Thomas Keller and Jonathan Benno have successfully created an urban interpretation of The French Laundry for New York.

Salmon cornet and signature oysters and pearls open the meal at both. Daily menus offer nine petite courses of perfectly wrought modern US cuisine.

Snake River Farm beef with crispy bone marrow or spring lamb with butter poached morels deliver an experience that has earnt Per Se the recognition of the academy and the title of Best Restaurant in North America.

A B C

Continental Restaurant Awards: The best regional establishments the Academy members have eaten in around the world during the last 18 months

A

B

C

DEF

IN_ the know

IN_MAGAZINE

www.worlds50best.com

Best Restaurant in

SOUTH AMERICA

D.O.M. Rua Barao de Capanema, 549 Jardins, Sao Paulo 01411-01, BrazilTel: +55 (0)11 3088 0761www.domrestaurante.com.br

Atala was a DJ, but thankfully for us, and Sao Paulo, he has left the decks behind to become Brazil’s biggest culinary star by incorporating everyday and obscure ingredients from the heart of the bountiful Amazon region.

Truffles and foie gras play supporting roles in D.O.M. to cambuca fruit, manioc root and tucupi juice.

Atala fuses his classical French training with native produce with amazing results, and having opened a second restaurant, Dalva e Dito, in January, he’s a rising star that Sao Paulo can cherish.

Best Restaurant in

AUSTRALASIA

TETSUYA’S529 Kent Street, Sydney, NSW 2000, AustraliaTel: +61 2 9267 2900

www.tetsuyas.com

Tetsuya moved to Sydney aged just 22, and under Tony Bilson he learnt the skills in just 18 months that enabled him to open his own restaurant.

Today Tetsuya’s specialty is fish and his menu has an abundance of Pacific Ocean gems in its 13-course degustation menu.

Signature dishes include a confit of petuna ocean trout with konbu, daikon and fennel.

Tetsuya’s is the best restaurant in Australia, a worthy title in a country with such a burgeoning restaurant scene.

Best Restaurant in

THE MIDDLE EAST AND AFRICA

LE QUARTIER FRANÇAIS 16 Hugenot Road, Franschhoek, 7690, Western Cape, South AfricaTel: +27 21 876 2151www.lequartier.co.za

Le Quartier Français is a heavenly rural retreat, and Margot Jansen runs a restaurant there to match – the Tasting Room.

Margot uses seasonal local ingredients, so visitors can expect to see wildebeest, franschhoek trout or ganzvlei vastrap Cheddar on the menu.

According to Eat Out South Africa, there’s a delightful sense of humour at play in this sen- sory journey using seasonal local produce and luxury ingredients such as foie gras, flavours are adventurous.

D E F

76 Restaurant Dieter Muller. Bergisch Gladbach, Germany

77 Geranium. Copenhagen, Denmark

78 Caprice. Hong Kong, China

79 Jardines. Cape Town, South Africa

80 Amador. Langen, Germany

81 Biko. Mexico City, Mexico

82 L’Atelier de Joel Robuchon Vegas. Las Vegas, USA

83 Fasano. Sao Paulo, Brazil

84 Mosaic. Bali

85 Obauer. Werfen, Austria

86 Alain Ducasse au Plaza Athenee. Paris, France

87 L’Ambroisie. Paris, France

88 Maison Boulud. Beijing, China

89 De Librije. Zwolle, Netherlands

90 Babbo. New York, USA

91 Maze. London, UK

92 Zuma. London, UK

93 Manresa. Los Gatos, USA

94 Pier. Sydney, Australia

95 De Karmeliet. Bruges, Belgium

96 Aubergine. Cape Town, South Africa

97 Bo Innovation. Hong Kong, China

98 Rust en Vrede. Stellenbosch, South Africa

99 Del Posto. New York, USA

100 Pierre Gagnaire. Dubai, UAE

51 to 100 Best restaurants in the world }

51 Zuma. Hong Kong, China

52 Marcus Wareing at the Berkeley. London, UK

53 Spondi. Athens, Greece

54 L’Arpege. Paris, France

55 L’Atelier de Joël Robuchon. Hong Kong, China

56 Hibiscus. London, UK

57 Aqua. Wolfsburg, Germany

58 Le Gavroche. London, UK

59 Chez Panisse. Berkeley, USA

60 Les Amis. Singapore

61 El Poblet. Denia, Spain

62 Maison Pic. Valence, France

63 Cafe Pushkin. Moscow, Russia

64 Le Meurice. Paris, France

65 Bukhara. New Delhi, India

66 Varvari. Moscow, Russia

67 Schauenstein. Fürstenau, Switzerland

68 RyuGin. Tokyo, Japan

69 La Maison Troisgros. Roanne, France

70 Wasabi. Mumbai, India

71 The River Café. London, UK

72 Enoteca Pinchiorri. Florence, Italy

73 Le Cinq. Paris, France

74 Allegro. Prague, Czech Republic

75 Quintessence. Tokyo, Japan

21

IS THE ONLY WAY UP?By Hugo Greenhalgh

IN_ finance

IN_MAGAZINE

HUGO GREENHALGH IS EDITOR OF SPECIAL REPORTS, MAGAZINES AND WEBSITES, AT THE FINANCIAL TIMES

Warnings abound of a W-shaped recession that would send markets back down once again, before a sustained recovery later in 2010. Economists – although somewhat discredited after failing to accurately predict the events of the last 24 months – argue that the banks are still undercapitalised and susceptible to another market shock.

The point? The future is uncertain and every high net worth individual should look at the most efficient means of protecting their portfolios from any market movement.

CURRENCY MOVEMENTS This is why investing with one eye on currency fluc-tuations is important. As one currency goes up, another goes down, and if your portfolio – as is likely – straddles more than one time zone, it will not just be the hours that tick by the further you move away from home.

“You could be hugely affected by currency move-ments,” explains Adam Bobroff, director of foreign exchange at Foremost Currency Group. “Look at what has happened recently with sterling against the euro: there has been a 10 per cent movement. For a high net worth individual’s portfolio – which might run into many millions – a 10 per cent shift is a huge impact.”

Figures from RBC Wealth Management back up Bobroff’s point. Looking at the impact of being invested in different markets in various different currencies, the discrepancies are both obvious and shocking. According to their statistics, in the two years since the credit crunch began at the end of September 2007 until the end of September last year, if you had been a Japanese yen-based investor in the Russian Micex stock market you would have lost 56 per cent. Brazilian real-based investors in Russia would have fared almost as badly, seeing their investments slump by 45.7 per cent.

Conversely – and there is some good news if you play the currency markets well – UK sterling-based investors in Brazil would have seen their investments rise by 35.2 per cent. And remember – this is even before the impact of movements in the stock markets is taken into account, which shows that not considering which currency you’re invested in can have a major impact on your portfolio.

PORTFOLIO PROTECTIONSo what can you do if your portfolio is exposed not just to the movements in the price of equities and bonds, but is also at the mercy of the currency markets? Simple, explains David Kerns, dealing manager at Moneycorp, the foreign exchange

The signs are looking good. The equity markets are rising, commodity prices are increasing and generally the world’s economy seems to be finding its feet once again. Or so we hope.

“ Look at what has happened recently with sterling against the euro: there has been a 10 per cent movement. For a high net worth individual’s portfolio – which might run into many millions – a 10 per cent shift is a huge impact.”

ADAM BOBROFF DIRECTOR OF FOREIGN EXCHANGE, FOREMOST CURRENCY GROUP.

+35.2%UK sterling-based investors in Brazil would have seen their investments rise by 35.2 per cent.

-56%If you had been a Japanese yen-based investor in the Russian Micex stock market you would have lost 56 per cent.

-45.7%Brazilian real-based investors in Russia would have fared almost as badly, seeing their investments slump by 45.7 per cent.

THE UPS AND DOWNS OF INVESTING IN THE GLOBAL ECONOMY. Between September 2007 and September 2009:

specialist, you take out what’s called a “forward contract” to “hedge” – or protect, in this instance – against currency risk.

First, he says, as with everything, you need to plan ahead. “Currency markets are in constant fluc-tuation and if you leave a payment to the last minute, you will have to accept the rate at the time of transfer – whatever that might be,” he explains. “If six months ago you knew you had to make a payment in euros around this time, but had done nothing to secure your exchange rate, the payment could now cost 20 per cent more.” To avoid situations like this, Kerns continues, “you can use a ‘forward contract’, which allows you to lock into exchange rates for up to two years ahead”.

What this means in practice is that you can fix the price of a particular currency at a particular time in the future. “Forward contracts can be used to lock into favourable exchange rates, or simply to protect you against adverse currency movements – something that is important in today’s volatile currency markets.

“Some people prefer not to commit their entire requirement to a forward contract, as they would then not benefit from better exchange rates if they did become available in the future. However, with

future prices notoriously difficult to predict, the opportunity to guarantee your rate can be hugely beneficial.”

Put simply, it is a form of protection against fluc-tuations in the currency markets. While you may be losing on the upside – if the currency moves past the point at which you’ve agreed to set the price – more importantly you’ve protected yourself from the downside of any major falls.

For example, explains Foremost’s Bobroff, “when the pound is looking as vulnerable as it has been, then you can fix a point on the way up, so when the pound trickles down again, you’ve hedged against it to protect yourself”.

Yet while currency fluctuations can certainly prove detrimental to your portfolio, they can, of course, provide opportunities for canny investors. A word of warning, though: it is a commonly held view even among the most experienced traders in the City of London that the Forex markets – as they’re known – are among the most difficult to predict. Certainly there have been many tales of glory, but for every George Soros, who reportedly made a billion dollars by betting on sterling falling out of the European Exchange Rate Mechanism in the dark days of Black Wednesday, there are many more untold stories of traders racking up loss after loss.

But the warning aside, many experts point to the rise in the commodity markets as a major trend that will affect currencies in the next 12–18 months. “The commodity currencies [for example, the New Zealand dollar, the South African rand and the Australian dollar] have been a huge driver of the market over the last three months,” explains Bobroff.

Moneycorp’s Kerns agrees. “The Australian and New Zealand dollars both continue to gain ground against sterling as investors seek any obvious interest-rate-yield advantage.”

Avoid the dollar, though, is the general consensus. “The US dollar is in a lose–lose sit- uation at the moment,” adds Bobroff. “Many people parked their funds there recently as they saw it as a safe haven, but now as risk comes back into the market, the dollar will weaken as money starts to pour out. It’s the whipping boy of the currency market this year.”

For high net worth individuals, though, the lesson is clear: ignore currency fluctuations at your peril. Always hedge your assets and – for the more sophis-ticated investors – remember that with additional risk can come the chance of an extra return.

23

B R E M O N T M B I IThe Bremont MBII was designed and built with

the aim of becoming the definitive aviation

chronometer in the market place. Tested and

designed in conjunction with the iconic British

aviation company ‘Martin-Baker’, who are

responsible for supplying 70% of the world’s

air-forces with fighter ejection seat technology,

the watch had to withstand the same rigorous

testing as the seats themselves.These tests

include shock, vibration, temperature extremes,

and sea- fog tests amongst others.

Bremont’s unique rubberised anti-vibration

mount absorbs extreme shocks and the Faraday

cage protects the movement against magnetic

forces. This is the only watch ever to have been

subjected to a live ejection testing program.

www.bremont.com

MBII

IN_MAGAZINE

IN_ sight

27

IN_MAGAZINE

RESHAPING ARCHITECTUREThe concept of a building changing shape is completely revolutionary and has fascinated millions all over the globe. Residents, if they own the entire floor, will be able to control the speed and direction

of the rotation by voice command. They can have breakfast watching the sunrise, lunch viewing the open sea, and dinner overlooking the lights of the city – all from the same place inside their

unit. Multi-tenanted floors will be commanded by the architect, the mayor or whoever has the password to the computer program that will give the building a different shape at every glance.

According to the Florentine architect Dr. David Fisher, these buildings will be designed by all of us, at any given moment. They will be shaped according to our needs, our present

concepts of design and, quite importantly, our moods – as an expression of freedom, beginning for the first time in history to control the shape of our homes and cities.

“Today’s life is dynamic, so the space we are living in should be dynamic, adjustable to our needs which change continuously, to our concept of design and to our mood.

Buildings will from now on be part of nature. They will change direction and shape from spring to summer, from sunrise to sunset, and will adjust themselves to the weather,” Fisher states. His vision of the future of architecture is: “Designed by Life,

Shaped by Time.”The Dynamic Tower is the first skyscraper to be entirely assembled in a

factory from pre-fabricated parts. The factory-made construction process offers many advantages as with any modern industrial product: conserving

energy, reducing construction time and cutting costs. Each individual unit is completely finished at the factory and exported to the assembly site, ready

for quick and efficient installation.

POWERED BY THE SUNEach module of each unit will be fully equipped with all necessary

plumbing and electric systems plus all finishes from floor to ceiling, customized according to the owners’ specifications, including

bathrooms, kitchens, lighting and even furniture. The pre-fabricated module units are then simply hooked together mechanically and

hoisted up the concrete core. Due to their pre-fabrication, these buildings of the future will also be easy to maintain and repair,

making them more durable than any traditional structure.

IN_ sight

Dr. David Fisher’s revolutionary Dynamic Tower is the first skyscraper to be assembled entirely in a factory.

ASSEMBLING PROCESS ADVANTAGES

30% 10%

FASTER BUILDING PROCESS

COST SAVING

REVOLUTIONARY CONSTRUCTION

85%15%

PLANT PREASSEMBLY

SITE INSTALLATION

Dr. David Fisher, the architect and creator of the Dynamic Tower, began his career in Florence, Italy. He graduated with honours in Architecture from the University of Florence and later be-came a lecturer of Architecture and Structural Engineering at the same university. After his involvement in restoring ancient monuments and designing public buildings in Florence, for the last three decades he has been passionately creating architecture to exist in harmony with nature, as well as redefining the technical and technological extremes of buildings, in major cities around the world.

The Dynamic Tower also takes the concept of “green” buildings to the next level, generating electricity for itself, making it the first skyscraper designed to be entirely powered by wind and sun.

With wind turbines fitted horizontally between each rotating floor, an 80-storey building will have up to 79 wind turbine systems, making it a true green power plant. While traditional vertical wind turbines have environmental and social effects, including the need for roads to build and maintain them, plus their noise and obstruction of views, the Dynamic Tower’s wind turbines are practically invisible and extremely quiet due to their special shape and the carbon fibre material of which they are composed.

Photovoltaic ink is to be placed on each roof of each rotating floor to produce solar energy. With approximately 20 per cent of each roof exposed to the sun and light, a building with 80 roofs equals the roofing space of 10 similar sized buildings.

In addition, natural and recyclable materials including stone, marble, glass and wood are intended for the interior finishing. Further improving the energy efficiency of the Dynamic Tower, insulated glass and structural insulating panels are employed. During construction, energy use is reduced due to the pre-fabrication of the buildings in a factory, versus traditional construct-ion methods. This results in a cleaner construction site with limited noise, dust, fumes and waste.

2008 WORLD ARCHITECT OF THE YEARThe rotating tower has been eliciting enthusiasm all over the world – TIME Magazine selected the Dynamic Tower as one of the Best Inventions of 2008, and Dr. David Fisher received the 2008 World Architect of the Year award by the Developers and Builders Alliance.

His revolutionary idea is not only going to change the skyline of major capital cities but also our lifestyle and our idea of real estate as we know it. Here we are not talking about a normal piece of property but an entirely new commodity. This spectacular and breathtaking building with its bold and elegant design will provoke in all of us the desire to possess something that goes beyond whatever we have imagined. The magnificent skyscraper will not only be a successful partnership of luxurious residences and hi-tech offices that will meet the demands and aspirations of people with the most exquisite tastes and sense of creativity, but its exclusivity will satiate the global appetite for luxury and uniqueness. This building with its ever-changing views and shape will satisfy, and quite probably exceed, our ever-changing desires – the Dynamic Tower is a dynamic living space for the dynamic elite.

THE ROTATING TOWER HAS BEEN ELICITINGENTHUSIASM ALL OVER THE WORLD – TIME MAGAZINE SELECTED THE DYNAMIC TOWER AS ONE OF THE BESTINVENTIONS OF 2008

“DESIGNED BY LIFE, SHAPED BY TIME”DR. DAVID FISHER

The first building in motion which adds a new dimension to architecture: Time – the rotation speed can be set between 60 minutes and 24 hours for one complete revolution.

29

IN_MAGAZINE

IN_ primeur

Is wine a good investment or should we just drink it?

JAMIE RITCHIE MULLS IT

OVER WITH A SMALL GLASS

OF MOUTON ROTHSCHILD

Nowadays, everyone likes to talk about wine as an alternative investment (our office gets at least five enquiries from journalists per week), but this bypasses the fact that wine can enhance so many things in life – great meals with friends, an evening on one’s own, the enjoyment of learning about and visiting different wine regions being just a few. However, most of all, it is the enjoyment of sharing wines with friends that is driving increased demand and continuing the long-term upward trend in prices, which results in “Investing in Wine” being the hot topic it is today.

My own interest in wine started when, at age 18, I realised that if I drank a bottle of wine everyday (which was highly likely) and lived until I was 70 (not that ambitious), I would consume 19,000 bottles of wine, so I may as well enjoy them.

DEMAND IS STILL GROWING ON A WORLDWIDE BASIS Despite the natural softening of prices the wine market experienced following the financial meltdown from October to December 2008, the sale and price of fine wine has bounced back remarkably strongly and, from the most recent sales in September 2009, the upward momentum is continuing. There continues to be enormous growth in new buyers coming into the wine market, particularly from a younger demographic group (the average age of our auction buyer has gone from 60 to 40 years old) and this is not just from newer wine drinking areas such as Asia or Russia, but throughout Europe and the United States.

While it is fair to say that demand is still growing on a worldwide basis, since January 2009 it is Asian buyers who are now driving demand, having picked up the baton dropped by North American buyers, who had been running with it ever since the mid-1990s.

In 1994, when New York deregulated the sale of wine and allowed wine auctions to take place, they created a secondary market for wine in the United States, which previously did not exist and enabled collectors to consider wine as an investment rather than just a drink, thereby fuelling unprecedented demand from US buyers over the following 15 years.

SO WHERE IS THE MARKET STRONGEST?In 2009 Asian buyers purchased 57 per cent of the wine sold at Sotheby’s worldwide, and have purchased more than 80 per cent of the most valuable lots. If you think this is impressive, in Sotheby’s first year of holding wine auctions in Hong Kong, it is highly likely that we will sell more wine there this year than in either London or New York – it will come as no surprise that I am writing this on a Cathay Pacific flight from New York to Hong Kong! As for regional details, as you would expect mainland China is leading the way, but not without strong support from Hong Kong, Taiwan, Singapore and Japan.

So, where is the strength of the market? Bordeaux, as so often, leads the way for the following reasons: it is easy to understand, as there are only two variables to match up – brand and vintage (e.g. Château Mouton Rothschild 1982); there is sufficient supply (average production is around 10,000 to 30,000 cases); and it has a great track record of improving as it ages.

Demand is strongest for the best known of the first growths, with Château Lafite Rothschild leading the way, followed by Château Mouton Rothschild – the prices of both these wines are back to trading at pre-October 2008 levels, while wines like Château Pétrus are also rebounding strongly. Other top Bordeaux, such as Château Haut Brion and the super-seconds can look relatively good value in comparison.

As for what the future holds, I believe the simple laws of supply and demand tell you all you need to know:

the supply of wine increases by one vintage (young and not yet drinkable) each year

each year supplies of older wines decrease as bottles are consumed (assuming counterfeiters are not a significant factor in creating “new” old wine)

if wine continues to appeal to both a younger and wider geographic group, there will be a continued increase in demand

supply of great wine is (relatively) fixed – the vineyards of these top properties are fully planted and they cannot make more wine

over the long term, demand increases, supply remains static at best, prices will inevitably increase

If you like drinking wine (and the Asian buyers do), then I would recommend looking out for good value opportunities in the marketplace whenever you see them – a few examples are 1995, 1996, 1998 and 2001 Bordeaux. If you happen to have to sell them down the road, it may not be all bad.

Jamie Ritchie has been working for Sotheby’s since 1990, starting out as an expert in London and relocating to New York in 1995. He manages Sotheby’s retail and auction wine businesses in both North America and Asia, where he set up Sotheby’s Wine Sales in New York (1994) and Hong Kong (2009).

Throughout his years with Sotheby’s, his expertise and knowledge of wine played an integral role in the success of many extraordinary sales, and he continues to act as auctioneer for Sotheby’s wine auctions, as well as leading tastings and charity auctions around the United States.

57%

Asian buyers have purchased 57% of the wine Sotheby’s have sold worldwide.

80%

Asian buyers have purchased more than 80% of the most valuable lots.

31

WHERE DOES THE SUN SHINE FOR MOST OF THE YEAR, WHERE YOU CAN SHED YOUR CLOTHES IN FAVOUR OF SWIMWEAR IN LESS THAN FOUR HOURS, FROM PRETTY MUCH ANYWHERE IN EUROPE?AND WHERE CAN YOU LOUNGE SIPPING YOUR MINT TEA, WITH A VIEW OF THE SAHARA’S SANDS, OR THE MOUNTAINS OF THE MOST ANCIENT CONTINENT ON EARTH, SOAKED IN THE SCENTS OF THE SOUK, FROM THE COMFORT OF YOUR BRAND NEW VILLA?

IN_MAGAZINE

IN_ sight

NEXTSTOP MOROCCO!

Morocco ticks all the boxes for the investor with an eye on getting a bang for their buck – and now is the time to take the plunge. The momentum is clearly there. In early 2009, King Mohammed VI’s far-sighted plans to boost his country’s economy with the Vision 2010 Tourism Strategy resulted in Morocco being crowned the 2009 African Tourism Destination of the Year at a glittering ceremony in London. His aim to attract 10 million tourists to the country by 2010 has resulted in a gold rush for property developers, keen to cash in on the need to accommodate all those new visitors, cashed up and ready to raid the souks. However, like all things blessed with momentum, there’s an optimum time to jump on the bandwagon before it disappears over the horizon forever – and that time for Morocco is now.

33

AN EMERGING AND VIBRANT MARKETAll this is very good news indeed for the would- be investor, jaded by the more traditional hotspots around the Med, and previously perhaps wary of in-vesting in a country that may have been perceived as adventurous at best. A stronger infrastructure, with new highways, improved telecommunications, banking and provisions for health care and educat-ion, the infrastructure is approaching completion thanks to the king’s vision. All these measures are designed to complement the raft of new high- end residential developments springing up on particularly attractive – and here size is everything – generously proportioned plots.

Some new players have emerged in this vibrant market, including Prestigia, Alliances, Palmeraie Development and Inveravante as star performers. These groups have real estate projects planned in the main cities of Morocco (Marrakesh, Casablanca, Rabat, Tangiers and Fes) and some of them have recently tasked international estate agency CB Richard Ellis to advise on their high-end and deluxe property developments.

NEXTSTOP MOROCCO!

You’ll find golf courses overlooking the sea, spas, gallerias and villas with Marrakesh, Casablanca and Tangiers on your doorstep.

Karim Beqqali, Casablanca-based managing director of CB Richard Ellis Morocco, has watched the story of Prestigia’s rise to prominence unfold in recent times. “Their huge advantage is that they know their market inside out, and are able to snap up large, prestigious plots at really competitive prices. The Prestigia brand is cash-rich thanks to a stock market flotation and is eager to enter the high end of the market with properties starting from 250,000 euros.

”Beautifully designed, on spacious plots in excellent locations, Prestigia and Palmeraie Deve-lopment residences are selling well locally – so well that more than 500 villas were snapped up in 10 days during the launching of their recent projects in Casablanca.”

He continues: “Alliances Golf Resorts also have great locations at the right price, their strong competitive advantage being that they are able to buy land in fantastic spots at some very good conditions for the investors.”

Shrewdly focusing on high-end real estate that ticks all the boxes for potential foreign investors –

IN_MAGAZINE

yes, here you’ll find golf courses overlooking the sea, spas, gallerias and villas with Marrakesh, Casablanca and Tangiers on their doorstep – an Alliances home in any of their Golf Resorts is set to become a must-have addition to the canny invest-or’s portfolio. The story being sold is that it is possible to live exotically, but without sacrificing standards of luxury, decadence, space and quality of materials – and for a country that is big on folklore the difference is that this story is definitely true.

An architectural style inspired by Morocco’s rich cultural past is also a draw, making a deluxe Moroccan villa infinitely more refreshing visually than a Costa monolith or Aegean whitewashed block.

The fortunate accident of Morocco’s position also works in its favour meaning that the foreign market is drawn here for some very simple reasons. The location makes it easy and cheap to get to from European cities, ideal for a sunshine break. There is sea, sun and a certain ambiance, as well as good night life and it’s safe too, safer than many of the traditional venues in Europe. There’s also a ski station an hour from Marrakesh for those who like variety in their destinations.

Jonathan Seal, CB Richard Ellis’s executive director of residential property in London, is also excited about the possibilities ahead for the bur-geoning Moroccan market. “The key to success if you are looking to invest in Morocco is to choose a developer who really knows the market,” he says.

“Alliances is one such developer, creating properties to an international standard, with a local’s considered experience on where best to invest in the country, far beyond a tourist’s view of where to build.

“Prestigia is another example. They have a solid reputation for delivering premium products, at a competitive price in often one-off locations. It’s hard for them to be beaten on that score.”

Seal also recommends investors do research of their own, taking time to find out which locations have a particularly strong local take-up.

“It will pay dividends to the investor to discover where locals themselves fight to buy property be-cause there is a distinct shortage of housing, even with the King’s $10 billion investment driving the country forward. Buying an apartment in, say, the capital Rabat or Casablanca, and renting it out will deliver excellent yield and strong capital gains over the years.”

NOW IS A GOOD TIME TO CONSIDER Beqqali agrees that despite the massive steps taken in raising standards in the last few years, Morocco still remains remarkably undersupplied for quality housing. “There is still a large deficit of housing for locals, with a huge demand for the right kind of resi-dence,” he says. “Developers are still struggling to fulfil demand for the 30 million plus who live here, and there still remains a shortage of over a million units.”

The recent entry into the market of these new players, however, is bound to continue to generate waves of interest both locally and internationally.

They appeal to a buyer’s desire to build or move into the villa of their dreams, being at one with an exotic countryside, and, in Marrakesh’s case, living with the imposing Atlas Mountains as a backdrop.

“They have multifunctional resorts currently under construction, a mixture of developments from city centre apartments to individually designed villas in Marrakesh. They are all highly appealing to those looking for something a little different from the norm,” says Beqqali.

“This is absolutely the right moment for such developments in Morocco,” he continues, citing the example of Casablanca itself, which has seen investors doubling their money over three years.

Morocco has all the right moves for investors keen to see the maximum returns for their shrewd decision to invest in the country most likely to win hearts – and minds. There’s something for every-body and – beyond the golf course, the infinity pool, or the hamman – there’s a future in this country which will continue to deliver well beyond the King’s 2010 deadline.

Jihane

Marrakech Golf City Villa Temoin Tanjah Beach and Golf Resort

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A Pe rs o na l Express i o n

www.annoushka.com 020 7881 5828

available at

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Leading British interior designer, Helen Green, has established a reputation for creating elegant, modern classic interiors for international private clients, prestigious developments, five-star hotels and spas both in the UK and abroad. Established in 2002, her company encompasses interior design, interior architecture and bespoke British-made furniture and accessories.

Helen Green’s company is one that was born out of passion, style and vision – striving to create inter-iors combining ultimate comfort and practicality with sophistication. Situated in the heart of Chelsea, London (in the former iconic landmark, the Austral-ian Pub), Green, director of Helen Green Design, and her team of talented designers employ contemporary classic style to create exquisite interiors for a diverse and ever-changing range of projects. Green says, “You start by listening and understanding your client’s vision. From here, using various design schemes, you can guide them to find the best possible interpretation of their ultimate interior”.

From magnificent country estates to cutting-edge city apartments, super-yachts to exquisite hotel suites in the Caribbean, each project injects luxury and sophistication into any property, whilst reflecting effortless elegance.

Uniquely, Green’s Interior Architecture Department enables her to offer a full interior architecture service to those clients who require it. She has recently completed work alongside a developer on a crescent of nine large Lutyens-style townhouses in Belgravia, a luxurious ski chalet in Val d’Isere and private residences in London, Sussex and Gloucestershire.

Following the successful design of luxury suites at the Coral Reef Club and Sandpiper Hotel, Barbados, Green was commissioned to design the new spa at the Coral Reef Club based on their brief to capture classical Caribbean design with a modern, streamlined look. The spa includes a luxuriously appointed indoor relaxation room, four private, individual treatment rooms with private gardens, a couples’ outdoor treatment pavilion, a

spa garden with cloistered relaxation, a hydro-pool with shaded cabanas for post-treatment relaxation and a thermal suite.

In response to the challenging economic market, Green launched a new concept, HG Living, six months ago. This has proven to be the perfect panacea for the struggling investment market. With a buoyant rental market, investors are having to work harder to attract higher rates, as are those looking to sell, so quality fittings and the overall “look” are becoming increasingly critical. HG Living packages are tailor- ed to maximise the saleability and rentability of pro-perties, whilst retaining a designer look. Specialists in providing these all-inclusive packages, HG Living offers exceptional value and speed of installation. With a turnover in excess of £700,000 for the 10 HG Living projects completed thus far, it is clear the market has taken favourably to the concept.

“The presentation of a rental property is the key to achieving the highest possible rental return for the investor, equally those trying to sell,” says Green. “HG Living provides a fast, sophisticated and professional service. The market was yearning for a high-end solution to this issue and I am thrilled that six months after its inception, the concept has proven a complete success and the business has grown beyond expectation.”

So what is at the heart of her success? “The design process is not about imposing a rigid style,” says Green, “it is a journey. Junctions and possible routes are discussed and ultimately we arrive at the destination together”.

Helen Green Design Ltd, 29 Milner Street, London SW3 2QD Tel: +44 207 352 3344 Email: mail@helengreendesign.comWeb: www.helengreendesign.com

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71. CORAL REEF SPA BARBADOS2. REGENCY TOWNHOUSE DINING ROOM3. THE SANDPIPER BARBADOS BATHROOM4. REGENT’S PARK MASTER BEDROOM5. CORAL REEF SPA BARBADOS MANICURE

PEDICURE ROOM6. GEORGIAN TOWNHOUSE 7. HELEN GREEN DESIGN LTD,

29 MILNER STREET, LONDON 8. THE BERKELEY KNIGHTSBRIDGE SITTING ROOM

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JONATHAN SEAL, EXECUTIVE DIRECTOR OF CB RICHARD ELLIS, INTRODUCES A SELECTION OF THE HOTTEST RESIDENTIAL PROPERTIES FROM AROUND THE WORLD.

The global financial crisis has swept through all sectors of the economy. This turbulence compels the potential property investor to seek out trusted, established businesses that have a world-wide team of exceptional people: experts who are accessed locally, who have the maturity, experience and passion to offer rational property advice and understand that today’s sophisticated customers and their families are seeking a complete service that goes beyond the normal standards found in the property business.

There are few companies with the experience, scale and knowledge to understand the global prime residential marketplace and deliver except-ional service to high net worth individuals.

CB Richard Ellis is one. We have created a sophisticated, global property advice service with our own experts on the ground in every major market in the world – from the Pacific Rim to Europe. Many of these are regarded as leading local authorities. And we have the expertise to handle every step of any prime property transaction, however large or complex, wherever our clients are in the world.

Over the next few pages we will demonstrate our breadth of truly inspirational properties in some of the best locations around the world.

Contact us and we will delight you with our refreshing, personable, and professional approach to advisory services from our worldwide team of local property experts.

I look forward to your call. In the meantime, we hope you enjoy the selection we have made for you.

Jonathan Seal runs CB Richard Ellis’s Global Residential Business and he is responsible for heading up a global network that provides comprehensive services across every step of the development process. Formerly MD of Hamptons Residential Development and International, he has more than 25 years’ experience working in resident-ial property across Central London, Europe and the Far East and is now widely recognised as one of the UK property industry’s leading figures.

JONATHAN SEALCB RICHARD ELLISGLOBAL RESIDENTIAL

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EXQUISITE PROPERTIES

DEVELOPMENT NAME Song Saa Island Resort

ARCHITECT Melita Hunter

INTERIOR DESIGNER Melita Hunter

NUMBER OF UNITS 14 (five available)

COMPLETION DATE Q2 2011

PROPERTY FOR SALE Resort villas on a private island

WEBSITE www.songsaa.com

KOH OUEN AND KOH BONG, CAMBODIASONG SAA ISLAND RESORT

THE SONG SAA ISLAND RESORT IS LOCATED ON KOH OUEN AND KOH BONG – TWO SMALL ADJACENT ISLANDS IN THE KOH RONG ARCHIPELAGO, A 30-MINUTE BOAT RIDE FROM SIHANOUKVILLE.This top-end luxury resort in Cambodia offers exclusive one and two-bedroom over-water and jungle villas (109 to 297 sq m) to investors seeking their own piece of unspoilt paradise. Resort facilities include a five-star over-water restaurant and lounge bar, swimming pool, spa and wellness centre, yoga and meditation centre and a beachside water sports centre. The resort is expected to be completed in Q2 2011. This is a surprisingly affordable investment opportunity on a true luxury private island.

For further information please contact

Prakaipeth Meechoosarn+66 76 239 967 or +66 81 538 6879songsaa@cbre.co.th

ASIA PACIFIC

EXQUISITE PROPERTIES

THAILAND CONRAD KOH SAMUI RESIDENCES

CONRAD KOH SAMUI RESIDENCES IS A LUXURY RESORT DEVELOPMENT SITUATED ON A PRISTINE BEACHFRONT SITE ON THE SOUTHWEST COAST OF KOH SAMUI, COMPRISING A 65-KEY HOTEL AND 32 RESIDENTIAL POOL VILLAS.

The residential villas range from two to three bedrooms (387 to 828 sq m), each featuring its own private pool with panoramic views of the sea and the Five Islands. Villa owners will have access to a range of Conrad Resort facilities including restaurants, spa, gym and pool, library and kids’ club. Owners of the two-bedroom villas also have a choice of entering into a rental programme, which offers one of the best value propositions compared to other branded residences, with a seven per cent guaranteed yield for the first five years. The development is expected to be completed in Q4 2010.

For further information please contact

Prakaipeth Meechoosarn+66 77 430 737samui@cbre.co.th

DEVELOPMENT NAME Conrad Koh Samui Residences

ARCHITECT Eco-Id

INTERIOR DESIGNER Wilson Associates

NUMBER OF UNITS 32

COMPLETION DATE Q4 2010

PROPERTY FOR SALE Resort villas

CLIENT / DEVELOPER Hillcrest Development (Samui) Co Ltd.

WEBSITE www.cbre.co.th

THAILAND MILLENNIUM RESIDENCE

The condominium units range from one to three bedrooms (66 to 193.5 sq m), as well as luxury penthouses. There are only a maximum of four units per floor, with every unit offering stunning views of the Bangkok skyline. Common facilities include a 50-metre pool and a two-storey club-house with gym, sauna, steam room and tennis court, all set in a land-scaped environment. Each typical unit features world-class specification, including high ceilings, solid timber flooring, luxury bathrooms and wardrobes.

MILLENNIUM RESIDENCE IS LOCATED ON APPROXIMATELY 4.7 ACRES OF LAND IN THE HEART OF BANGKOK, WITH EASY ACCESS TO THE ASOKE BTS AND SUKHUMVIT MRT STATIONS, AND THREE ACCESS ROUTES. THE DEVELOPMENT COMPRISES FOUR HIGH-RISE TOWERS.

DEVELOPMENT NAME Millennium Residence

ADDRESS Sukhumvit Road, Bangkok

ARCHITECT Inter Akitek (Design Consultant: Atkins Ltd.)

INTERIOR DESIGNER Design Consultant: Axis ID Pte Ltd.

NUMBER OF UNITS 604

COMPLETION DATE November 2009

PROPERTY FOR SALE Condominium

WEBSITE www.cbre.co.th/en/Bangkok-Condo-Millennium-Residence.asp

For further information please contact

Suchapa Watanangura+66 2 654 1111 ext 437millenniumresidence@cbre.co.th

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The magnificent ambience orchestrates a sense of grandeur, and sprawling tree-conservation grounds set the stage for a residence of worldly elegance that is only minutes away from Orchard Road. Created by award-winning architect WOHA and landscape architect ICN Design International, Goodwood Residence is an exclusive condominium comprising 210 luxury apartments designed to command the widest views of Goodwood Hill. Winner of the prestigious BCA Green Mark Platinum Award, Goodwood Residence is duly recognised for creating an eco-friendly environment while complementing the lush greenery and rich heritage of the distinguished Goodwood Hill neighbourhood.

For further information please contact

Joseph Tan+65 9663 6252 joseph.tan@cbre.com.sg

SINGAPORE GOODWOOD RESIDENCE

GRANDIOSE TREES STAND SENTINEL, FRAMING THE TRANQUIL TREE-LINED BOULEVARD AS YOU ARRIVE HOME.

DEVELOPMENT NAME Goodwood Residence

ARCHITECT WOHA Architects Pte Ltd.

INTERIOR DESIGNER WOHA Architects Pte Ltd.

NUMBER OF UNITS 210

COMPLETION DATE December 2013

WEBSITE www.goodwoodresidence.com.sg

DEVELOPMENT NAME St. Andrew’s Place

PROPERTY FOR SALE Houses (five-bedroom)

CLIENT / DEVELOPER Sino Land Company Limited

HONG KONG ST. ANDREW’S PLACE

THE LEGENDARY NEIGHBOURHOOD. THE LEGENDARY ADDRESS.

St. Andrew’s Place, with magnificent views of the Hong Kong Golf Club, the Hong Kong Jockey Club and the Beaus River Country Club, is the epitome of exquisite residence in Hong Kong. It offers both an exclusive lifestyle and beautiful surroundings, like those found in the legendary addresses at Deep Water Bay and Shek O.

The houses mostly range in size between 4,848 sq ft and 5,895 sq ft, though some go up to 7,510 sq ft, each offering vast living space with ceilings that soar up to 19 ft high. There are also generous, lush gardens and lavishly appointed bathrooms and kitchens.

For further information please contact

Rebecca Shum +852 2820 2980rebecca.shum@cbre.com.hk

EXQUISITE PROPERTIES

The Mulberry Lane development is situated on a site area of 2.45 hectares. It comprises five residential blocks, a four-storey podium car park and basement car parking. Mulberry Lane offers unit types ranging from one to three bedrooms, special duplexes with double volume spaces and penthouse with access to private roof-top landscaped decks. It is designed for efficient use of natural lighting and breezes and provides more than 50 recreational facilities to complete your dream lifestyle, including a 50m lap swimming pool, gardens, putting green, badminton court, children’s playground and a lakeside BBQ cabana.

For further information please contact

Nguyen Hoang LongMobile: +84 977 21 5555Hotline: +84 123 883 6886 long.nguyen@cbre.com

DEVELOPMENT NAME CapitaLand – Hoang Thanh Co Ltd.

ARCHITECT RSP Architects Planners & Engineers (Vietnam) Co Ltd.

INTERIOR DESIGNER Index Design Pte Ltd.

NUMBER OF UNITS 1,478

COMPLETION DATE 2014

WEBSITE www.mulberrylane.com.vn

VIETNAM MULBERRY LANE

LOCATED IN HA DONG DISTRICT, HANOI, MULBERRY LANE ENJOYS EASY ACCESS TO THE CITY CENTRE VIA NGUYEN TRAI AND LE VAN LUONG EXTENSION, AND IS CONVENIENT FOR NOI BAI AIRPORT.

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DEVELOPMENT NAME Onslow

ADDRESS 1 Onslow Avenue, Elizabeth Bay NSW, 2011

ARCHITECT PTW

INTERIOR DESIGNER Freedman Rembel Interiors

NUMBER OF UNITS Nine

COMPLETION DATE November 2009

WEBSITE www.oneonslow.com.au

AUSTRALIAONSLOW

THIS IS A ONE-OFF OPPORTUNITY TO RESIDE IN UNPARALLELED ELEGANCE AND LUXURY AT THE HEART OF SYDNEY’S MOST EXCLUSIVE LOCALE.

A unique residence of grand proportions and occupying a prime position adjacent to Elizabeth Bay House, Onslow commands sweeping views of the Harbour to the Heads. Just as significant is the building’s intimate connection with the McElhone Reserve – the superbly maintained emerald green park right on its doorstep.

The interiors by the internationally acclaimed Freedman Rembel reflect the timeless sophistication found in the apartments of 19th century Paris or post-war New York. The highest quality finishes have been chosen to create environments of understated elegance.

For further information please contact

Tim Rees+61 2 8969 8510 tim.rees@cbre.com.au

EXQUISITE PROPERTIES

AUSTRALIA NORTH RESIDENCES

NORTH IS INSPIRED BY THE SHEER DRAMA OF LIVING NEAR THE HARBOUR’S EDGE, REFLECTING THE BEST OF A HEROIC AGE OF ARCHITECTURE.

North is exemplified by iconic structures such as the Sydney Harbour Bridge, the North Sydney Olympic Pool and Luna Park. Internationally acclaimed Australian architects, PTW, have transformed a grand building into a modern masterpiece. Its striking glass envelope offers breathtaking vistas and luxury appointments rarely found in today’s new homes. It’s an experience that celebrates the essence of place. In a city of bold and spectacular outlooks, North ensures its exclusive penthouses, residences and apartments are without equal.

For further information please contact

Tim Rees+61 2 8969 8510 tim.rees@cbre.com.au

DEVELOPMENT NAME North Residences

ADDRESS 118 Alfred Street, Milsons Point NSW, 2061

ARCHITECT PTW Architects

INTERIOR DESIGNER Archer & Wright

NUMBER OF UNITS 76

COMPLETION DATE July 2009

CLIENT / DEVELOPER Australand & Rebel Property Group

WEBSITE www.northresidences.com.au

AUSTRALIA 6 ST. GEORGE’S CRESCENT

The sprawling ground-floor residence is the spirit of generosity with its sundrenched lap pool, pool house and boatshed. High above, the soaring penthouse with its private roof garden takes in panoramic views from the Harbour to the City. Both possess private lift lobbies.

Chic poliform kitchens are lavishly furnished with a fine collection of European appliances with outdoor spaces also equipped with quality integrated barbecues. The light filled bathrooms are the epitome of elegance, wrapped toe-to-toe in luxurious folds of honed marble, limestone or vitrified tile. The bathrooms feature striking freestanding bathtubs, cavernous showers and beautiful marble vanities. All apartments include ample storage, double car garaging, zoned air-conditioning, video intercom and excellent security.

For further information please contact

David Milton+61 2 8969 8500 david.milton@cbre.com.au

SYDNEY’S MOST BEAUTIFUL HARBOURFRONT RESIDENCES, COMPRISING A UNIQUE COLLECTION OF JUST SEVEN PROPERTIES, EACH WITH ASTOUNDING NORTH-EAST FACING HARBOUR VISTAS.

DEVELOPMENT NAME 6 St. George’s Crescent

ARCHITECT Squillace NicholasArchitects

INTERIOR DESIGNER Squillace Nicholas Architects

NUMBER OF UNITS Seven

CLIENT / DEVELOPER Iris Capital Property Development

WEBSITE www.6stgeorgescrescent.com.au

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UK TOPEKA

TOPEKA IS VERY HIGH SPECIFICATION AND THE ONLY NEW ARTS AND CRAFTS-STYLE RESIDENCE BEING BUILT IN ST GEORGE’S HILL.

The house extends over 14,100 sq ft and sits in more than an acre of elevated landscaped grounds with views across Surrey and Berkshire.

For further information please contact

Rory Cramer +44 20 7182 2063rory.cramer@cbre.com

DEVELOPMENT NAME Topeka

ARCHITECT Dave Farrell and STH

INTERIOR DESIGNER Tiger Interiors

NUMBER OF UNITS One

COMPLETION DATE December 2009

PROPERTY FOR SALE Super prime single residence

UK HOLLOW LANE HOUSE

HOLLOW LANE HOUSE IS SITUATED IN AN ELEVATED POSITION IN 2.7 ACRES ON THE RENOWNED WENTWORTH ESTATE. A 13,100 SQ FT HIGH-SPECIFICATION RESIDENCE, IT HAS JUST BEEN AWARDED “BEST SINGLE RESIDENCE” IN THE UK DAILY MAIL PROPERTY AWARDS.

Hollow Lane House is located in a wonderful position on the exclusive Wentworth Estate. Renowned throughout the sporting world for its superb golfing facilities, the Wentworth Estate extends to approximately 750 acres lying within the green belt. It has three internationally renowned 18-hole golf courses including the championship West Course.

Ypres Rose Developments Ltd. (YRD) is a renowned property developer, specialising in luxurious homes for the most discerning customers. Hollow Lane House incorporates the finest detail, including a Pedini designed and built kitchen featuring appliances by Gaggenau, Wolf and a Sub Zero refrigerator, as well as a heated indoor swimming pool and spa with sauna and steam room.

For further information please contact

Rory Cramer +44 20 7182 2063rory.cramer@cbre.com

DEVELOPMENT NAME Hollow Lane House

ARCHITECT Dave Farrell and STH

INTERIOR DESIGNER Tiger Interiors and Callister Russell

NUMBER OF UNITS One

COMPLETION DATE July 2009

PROPERTY FOR SALE Super prime single residence

EUROPE

EXQUISITE PROPERTIES

UK CHELSEA APARTMENTS

CHELSEA APARTMENTS IS LOCATED ON THE CORNER OF FULHAM ROAD AND HORTENSIA ROAD IN CHELSEA. THE DEVELOPMENT IS A SHORT WALK FROM THE MANY SHOPS AND RESTAURANTS OF BOTH THE FULHAM ROAD AND THE KING’S ROAD.

Chelsea Apartments development will consist of 24 new-build private apartments and one penthouse. It will benefit from underground car parking and concierge and is designed by the award-winning architects Dixon Jones.

Launch is due in spring 2010 with completion in December 2010.

For further information please contact

Jonathan Seal +44 20 7182 2264jonathan.seal@cbre.com

DEVELOPMENT NAME Chelsea Apartments

ARCHITECT Dixon Jones

INTERIOR DESIGNER Dixon Jones

NUMBER OF UNITS 25

COMPLETION DATE December 2010

CLIENT / DEVELOPER Manhattan Loft Corporation and The Trevor Osborne Group

AUSTRIA FONTANA

FONTANA RESORT, GOLF AND SPORTS CLUB, WAS FOUNDED IN 1996. FONTANA IS AUSTRIA’S MOST ELEGANT LEISURE RESORT AND IS SITUATED JUST A FEW DRIVING MINUTES AWAY FROM VIENNA’S CENTRE.

DEVELOPMENT NAME Fontana

ARCHITECT James Acton

NUMBER OF UNITS 17 apartments

COMPLETION DATE October 2010

RESORT Fontana

CLIENT / DEVELOPER Fontana Immobilien GesmbH

WEBSITE www.fontana.at

One hundred apartments and 120 villas are already sold. One more apartmenthouse is currently under construction and will be finished in autumn this year. An additional 50 lots will come to the market in the near future. Fontana is an exclusive, unique resort with exquisite apartments and houses.

For further information please contact

Margit Petri +43 1 533 40 80 14 or +43 664 500 58 84margit.petri@cbre.com

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EXQUISITE PROPERTIES

Eden Resort has been carefully conceived to bring a range of amenities and comforts designed to make the holiday a truly memorable experience. Traditionally styled, with large terraces, and set amidst ample green spaces, with views over the lush, landscaped gardens and pools, the houses and apartments have been designed to take full advantage of the magnificent Algarve light, and to offer calm, tranquility and security, with the emphasis on relaxed outdoor living. The extensive range of facilities includes: five outdoor swimming pools; one indoor swimming pool with sauna and Turkish bath; spa; kid’s club; strolling and reading

areas; snack-bar; playing field; club house; gourmet restaurant; bar with panoramic terrace; mini–market; beach club; bike rental; private condominium with 24-hour security system; shuttle service (beach, golf); concierge service.

For further information please contact

José Maria Magalhães,+ 351 226 167 240 Mobile +351 912 230 688jose.magalhaes@cbre.com

DEVELOPMENT NAME Eden Resort

ADDRESS Albufeira, Algarve

NUMBER OF UNITS 198

COMPLETION DATE 2010

PROPERTY FOR SALE 134 apartments, 60 townhouses, four villas

WEBSITE www.edenresort.com

PORTUGAL EDEN RESORT

EDEN RESORT IS A SUPERB DEVELOPMENT OF LUXURY VILLAS AND APARTMENTS IN ALBUFEIRA, ALGARVE.

EXQUISITE PROPERTIES

Clients can choose from Royal Golf villas – luxury linked villas available in various designs – and beautifully decorated Margarida apartments. Two- and three-bedroom units are available with owners enjoying superb levels of privacy, unrivalled golf views over the Royal Golf Course and close proximity to diverse facilities. Innovation lies at the core of these homes with references to classical design also visible – elegant overflow pools lined with mosaic tiling, stone-clad walls, exposed beams and modern glass, stainless steel staircases and underground parking are just some of their features.

Vale do Lobo is the longest established resort in the Algarve. With more than 45 years’ experience and a reputation for excellence it is today the premier luxury resort in the Algarve. It is famous for 2km of blue flag awarded beach, two prestigious golf courses – the Royal and the Ocean – the largest

tennis academy in Portugal, 15 restaurants of diverse cuisine, a state-of-the-art Wellness Centre and unrivalled leisure facilities and events. Round-the-clock security vigilance via CCTV and patrols and a 24-hour medical centre offer peace of mind.

In addition to the Royal Golf Development, Vale do Lobo offers numerous real estate options. Sea-front and golf-front plots, bespoke villa designs, beautifully built homes ready to move into and several other new developments are also available.

For further information please contact

José Maria Magalhães+ 351 226 167 240 Mobile + 351 912 230 688jose.magalhaes@cbre.com

DEVELOPMENT NAME Vale do Lobo Resort Turistico de Luxo, S.A.

ADDRESS Vale do Lobo Resort Turistico de Luxo, S.A. Algarve, Portugal 8135-864 Vale do Lobo

COMPLETION DATE 2009

PROPERTY FOR SALE 21 units remaining

PORTUGAL VALE DO LOBO RESORT TURISTICO DE LUXO, S.A.

THE NEWLY BUILT ROYAL GOLF DEVELOPMENT LOCATED WITHIN THE ALGARVE’S PRESTIGIOUS VALE DO LOBO RESORT OFFERS HIGHLY INNOVATIVE DESIGNS, SPECTACULAR GOLF VIEWS AND EXTENSIVE YEAR-ROUND SERVICES AND FACILITIES, CATERING TO GOLFERS AND FAMILIES ALIKE.

The Edelweiss Ahsel Residences Development consists of 130 elite residences, including 41 villas, 56 townhouses and 33 two-level apartments with individual land plots and a community centre. The compound occupies a total area of 12 hectares (ha), of which 4.5 ha are extensively covered by greenery. The compound residents are surrounded by a high level of comfort and sophisticated services provided by the management company, which is well known for its five-star-level service at the Inter Continental Almaty – The Ankara in Kazakhstan Hotel. The services provided to compound residents include:

community centre (bar, restaurant, fitness centre, swimming pool, spa-centre, kindergarten), telecommunication services, power and water supply, heating, maintenance of all engineering systems, 24-hour security, territory cleaning, waste collection, garden management, reception services, food delivery, laundry, dry-cleaning and medical services. The concept of the Edelweiss Ahsel Residences is based on the most modern architectural designs and state-of-the-art technologies.

For further information please contact

Marina Khrisanova+7 701 768 5773almaty@cbre.kz

KAZAKHSTAN, ALMATY EDELWEISS AHSEL RESIDENCES

EDELWEISS AHSEL RESIDENCES IS A UNIQUE RESIDENTIAL COMPLEX LOCATED IN THE FOOTHILLS OF THE TIEN SHAN MOUNTAIN RANGE, OFFERING AN INCREDIBLE OPPORTUNITY TO ENJOY MAGNIFICENT MOUNTAIN AIR AND STUNNING VIEWS.

DEVELOPMENT NAME Edelweiss Ahsel Residences, Almaty, Kazakhstan

CLIENT / DEVELOPER Ahsel Group

ADDRESS Almaty, Kazakhstan, Gorny Gigant

NUMBER OF UNITS 130

COMPLETION DATE 2009

PROPERTY FOR SALE 11 apartments, 42 houses/villas

WEBSITE www.cbre.kz

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DEVELOPMENT NAME Portico Barbados

ARCHITECT Roldano Belori

INTERIOR DESIGNER Lynne Pemberton Designs

NUMBER OF UNITS 10

COMPLETION DATE December 2009

PROPERTY FOR SALE Apartments

CLIENT / DEVELOPER Chris Salt / Aberconia Ltd.

BARBADOSPORTICO BARBADOS

PROSPECT ST JAMES WORLD’S BEST APARTMENT 2009 PORTICO … WHERE EXCELLENCE IS NOT AN ACHIEVEMENT BUT A WAY OF LIFE!

Situated on a 15 ft bluff overlooking the Caribbean Sea at Prospect Bay in St. James, Portico stands as a true representation of sophistication and state-of-the-art living that is distinct from any other residential development on the island’s west coast.

Portico features 10 luxurious 3,500 sq ft units, each with three exceptional bedrooms with en-suite bathrooms and spacious walk-in closets. Penthouse apartments include an additional 1,500 sq ft private

roof terrace with pool, while garden apartments feature an additional 1,500 sq ft of private gardens and sun terrace.

Winner of multiple five-star International Property Awards in 2008 and 2009 including Best International Apartment 2009, Portico is distinguished by its outstanding finishes, revolutionary design and modern take on island living.

For further information please contact

Jonathan Seal +44 20 7182 2264jonathan.seal@cbre.com

AMERICAS

ANTIGUAVILLA NICOBAR GALLEY BAY

The villa has five bedrooms, sleeping nine and extends over 7,500 sq ft. The villa is available on a turn key basis with the most luxurious furnishings sourced throughout Europe by an international interior designer.

Nicobar sits on a plot of three-quarters of an acre and has planning permission for a further two-bedroom guest cottage with plunge pool.

The large terrace, jacuzzi and large infinity pool are located beyond, allowing the most amazing views of the Caribbean Sea. All bedrooms are en-suite with walk-in rain showers and have their own verandas and views over the Caribbean. The kitchen is by Dada and has a wine cellar carved out of the rock with exposed rock walls. The villa is fully air conditioned and also has ceiling fans in each room. The property is fully fenced with electric gates offering complete privacy and has a 34 kva stand-by generator.

For further information please contact

Jonathan Seal +44 20 7182 2264jonathan.seal@cbre.com

VILLA NICOBAR IS AN ULTRA LUXURIOUS VILLA LOCATED IN THE EXCLUSIVE GALLEY BAY IN ANTIGUA AND HAS STUNNING VIEWS OF THE CARIBBEAN.

DEVELOPMENT NAME Villa Nicobar Galley Bay

PROPERTY FOR SALE House

CLIENT / DEVELOPER Iris Capital Property Development

CB RICHARD ELLIS WORLDWIDE. FOR INFORMATION ON ANY OF THESE EXQUISITE PROPERTIES PLEASE CONTACT:

AMERICASARGENTINALuis Martinez de VirgilioBuenos Aires Paraguay 346, 14th Floor, Buenos Aires, 1057, Argentinat +54 114315 8845e lmartinez@cbre.com.ar

BRAZILWalter CardosoSão Paulo Rua Alexandre Dumas, 1711, 10o. Andar, Birmann 11 Building 04717-004 São Paulot +55 11 5185 4688e wcardoso@cbre.com.br

CANADATony Quattrin Vancouver Terasen Centre, Suite 600, 1111 West Georgia St, Vancouver BC, V6E 4M3t +604 662 5154e tony.quattrin@cbre.com

CHILEFernando RuizSantiago Roger De Flor No. 2871, Office 103, Esquina Avenida El Bosque Norte, Las Condes, Santiago t +56 25 62 2672e fernando.ruiz@cbre.com

LATIN AMERICA & THE CARIBBEANJorge Hurtado Miami 777 Brickell Avenue, 9th Floor, Miami, FL 33121t +1 305 533 7109e jorge.hurtado@cbre.com

MEXICOJosé NacifMexico City Montes Urales 470, 2nd Fl, Lomas de Chapultepec, Mexico City, DF 11000 t +52 55 5284 0000 e jose.nacif@cbre.com.mx

PANAMAMariela BarriaPlaza Credicorp Bank, Office 502, 50th Street, No. 120, Ciudad de Panamá t +507 210 1674e mbarria@cbre.com.pa

PERURaúl ContrerasLima Avenida Aramburu 965, Suite 401, San Isidro, Lima, 27t +511 222 7914e raul.contreras@cbre.com.pe

USAColleen Pentland Boston 111 Huntington Ave, 12th Fl, Boston, MA 02199t +1 617 488 7241e colleen.pentland@cbre.com

Laurie Lustig-Bower Los Angeles 1840 Century Park East, Suite 700, Los Angeles, CA 90067t +1 310 550 2556e laurie.lustig-bower@cbre.com

Kent KerrMiami 1111 Brickell Avenue, Suite 2125, Miami, FL 33131t +1 305 533 7110e kent.kerr@cbre.com

William HubertySan Francisco 101 California St, 44th Floor, San Francisco, CA 94111t +1 415 772 0487e william.huberty@cbre.com

Joel Coren Washington DC The Victor Building, 750 9th St, NW Suite 900, Washington DC 20001-4156t +1 202 585 5773e joel.coren@cbre.com

ASIA PACIFICAUSTRALIADavid Milton Sydney Suite 1403, Level 14, 100 Pacific Highway, Neutral Bay, NSW 2089 Sydneyt +61 2896 98500 e david.milton@cbre.com.au

CHINAAnton EilersBeijing Units 1203-1205, 12th Floor, Tower A, Beijing Fortune Plaza, No. 7 Dong San Huan Zhong Road, Chaoyang District, Beijing, 100020t +86 10 85880828 e anton.eilers@cbre.com.cn

Jane AlexanderShanghai Suite 3201, Shanghai K. Wah Centre, 1010 Huaihai Zhong Road, Shanghai, 200031t +86 21 24011200e jane.alexander@cbre.com.cn

HONG KONGRebecca ShumHong Kong 34/F Central Plaza, 18 Harbour Road, Wan Chai, Hong Kong SARt +852 282 02980 e rebecca.shum@cbre.com.hk

INDIAManish KashyapNew Delhi PTI Building, Ground Floor 4, Parliament Street New Delhi 110 001t +91 11 4239 0200e manish.kashyap@cbre.com

INDONESIASteven TjenJakarta Menara BCA 45/F, Suite 4502, Jalan M. H. Thamrin No.1, Jakarta 10310t +62 21 523 7337 e steven.tjen@cbre.co.id

PHILIPPINESRick SantosManila Suite 1003-1005, 10f, Ayala Tower One Exchange and Plaza, Ayala Avenue, Makati City, Metro Manila 1226t +63 275 22573 e rick.santos@cbre.com

SINGAPOREPauline GohSingapore 6 Battery Road, 32-01 Singapore 049909t +65 6224 8181e pauline.goh@cbre.com.sg

THAILANDDavid SimisterBangkok 46th Floor, CRC Tower, All Seasons Place, 87/2 Wireless Road, Lumpini, Pathwan, Bangkok 10330t +66 265 41111e david.simister@cbre.co.th

VIETNAMMarc TownsendHo Chi Minh Unit 1301, Me Linh Point Tower, 2 Ngo Duc Ke Street, Ho Chi Minh City, S.R., District 1t +848 382 46125 e marc.townsend@cbre.com

EMEAAUSTRIAMargit PetriVienna Tegetthoffstrasse 7, 1010 Viennat +43 1 533 40 80e margit.petri@cbre.com

BAHRAINSteve MayesManama Ground Floor Block 2, Manama Centre, Government Avenue, PO Box 11370, Manamat +973 3666 2940 e steve.mayes@cbre.com

BELGIUMTherecia LandellBrussels Avenue Lloyd George 7, Brussels, 1000t +322 643 3376e therecia.landell@cbre.com

DENMARKMikael GludCopenhagen Trondhjems Plads 3, DK-2100, Copenhagent +45 7022 9601e mikael.glud@cbre.com

FRANCEGuy NeplazParis145-151 rue de Courcelles, BP 80450, 75824 Paris, Cedex 17t +33 1 53 64 30 01 e guy.neplaz@cbre.fr

Renaud Capelle Paris 145-151 rue de Courcelles, BP 80450, 75824 Paris, Cedax 17t +33 1 53 64 36 09e renaud.capelle@cbre.fr

GERMANY Jacob VolckertsFrankfurt Bockenheimer Landstrasse 24, Frankfurt am Main, 60323t +49 40 80 80 20 57e jacob.volckerts@cbre.com

KAZAKHSTAN Roger HollandPremier Alatau Business Center, 3rd floor, Dostyk 105, Almaty, 050051t +7 727 258 1760e roger.holland@cbre.kz

MOROCCOKarim BeqqaliCasablanca 97, Boulevard Al Massira, Al Khadra 1er Etage, 20100 Casablancat + 212 522 77 89 80e karim.beqqali@cbre.com

POLANDMikolaj MartynuskaWarsaw Rondo 1, 12th Floor, Rondo ONZ 1 Warsaw, 00-124t +48 2254 48029 e mikolaj.martynuska@cbre.com

PORTUGALJosé Maria MagalhãesPorto Rua José Gomes Ferreira, 1174150-442 Portot +351 22 616 72 40e jose.magalhaes@cbre.com

ROMANIAIonut BordeiBucharest Europe House, 51-53 Lascar Catargiu Blvd, Bucharest, Sector 1t +40 7229 31366e ionut.bordei@cbre.com

RUSSIAJana KuzinaMoscow Millennium House, Trubnaya Street, 12, 107045t +7 495 258 3990e jana.kuzina@cbre.com

SERBIA AND MONTENEGROVladimir PopovicBelgradeCB Richard Ellis d.o.o, Airport City Belgrade, 88b Omladinskih Brigade, 11070 Belgradet +381 11 222 3407e vladimir.popovic@cbre.co.rs

SLOVAKIAJoerg Kreindl BratislavaPark One Nam. 1. maja 18 t +421 2 3255 3302e joerg.kreindl@cbre.com

SPAINNicolás Llari de Sangenís MadridEdificio Torre Picasso, planta 27, Plaza Pablo Ruiz Picasso, 28020, Madridt +34 91 514 3848e nicolas.llari@cbre.com

SWEDENMagnus UngmarkStockholm Mäster Samuelsgatan 42, 12th floor, Stockholm, SE-111 57t +46 8 4101 8700e magnus.ungmark@cbre.com

SWITZERLANDNicole WeberGeneva 33 rue des Bains, Geneva, CH-1205t +41 22 322 80 67e weber@cbre.ch

UAEMorna Macdonald Dubai Emaar Square, Building 6, 8th Floor, Dubait +971 4 437 7200e morna.macdonald@cbre.com

UKJonathan SealLondonKingsley House, 1a Wimpole Street, London W1G 0REt +44 207 182 2264e jonathan.seal@cbre.com

Nick JoplingLondonKingsley House, 1a Wimpole Street, London W1G 0REt +44 207 182 2076e nick.jopling@cbre.com

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