savills international development...
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Savills International Development ConsultancyProviding a bespoke fully-integrated service from site identification through to product delivery
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Contents
01 Savills
Savills Background & Business 02
Our Services 03
02 International Development Consultancy
Group Structure 04
The Development Services Process 04
03 Development Services
Development Consultancy 06
Development & Resort Management 07
Development Investment Consultancy 07
Savills International Development Consultancy services play a vital role in the development process
Oleg Korol Managing Director Metropol Development
04 The Development Process
Development Process 08
06 Development Management
Development Management 12
07 Development Valuations
Development Valuations 16
08 Marketing & Sales Consultancy
Global Marketing & Sales advice 18
09 Development Funding
Development Funding 19
10 The Core Team
The Core Team 20-21
11 Professional Partners
Professional Partners 22
12 Savills Global
Savills Global Presence 24-25
05 Feasibility Studies
Feasibility Studies 10
13 Selection of Hotel & Resort Case Studies
Case Studies 26-29
14 Selection of Major Urban Case Studies
Case Studies 31
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01 Savills
Savills Background & Business
Savills is one of the world’s leading property advisers, comprising outstanding individuals, who have real expertise and passion for what they do.
This powerful combination also allows us to deliver continued growth. Founded in 1851, Savills has a rich heritage. It is listed on the London Stock Exchange and has over 600 offices and associates worldwide, employing over 27,000 staff.
Savills has been ranked the best Business Superbrand in the real estate sector by the Centre for Brand Analysis for the past 4 years and the Savills name is synonymous with luxury property.
No matter how large or small the project we provide the same quality of service, which is intended to exceed your aspirations of quality and delivery.
Our objective in providing development, advice, whether it be on an integrated resort or an urban regeneration project, is to help you create a world-class destination that will be achievable and financially successful. Our approach is to provide uncompromising attention to detail and robust development management, taking on responsibility and driving the project to meet your aims. To achieve this, every project is managed by an experienced director who will remain with the project from inception to completion and will be available for any follow-ups.
All of our team members are passionate about creating residential developments, hotels and resorts that meet international criteria and can be successfully marketed.
The hallmark of Savills service is our proven track record of integrating the knowledge of the market-facing sales teams with the expertise of the technically minded development consultancy and development management teams to achieve the best commercial outcomes.
Our values encompass:
> Robust leadership and management
> Constant clear communication
> Pioneering with experience
Our ServicesFrom site identification through to product delivery, Savills International Development Consultancy provides a bespoke and fully-integrated service. The whole process is driven by innovative, top quality research tailored to your individual needs.
We also have departments that deal with specialised areas such as new homes development, leisure and hotels, institutional property, offices, retail and planning, as well as residential development and investment.
Opposite >
La Reserva Golf Course, Sotogrande, Spain
Savills role: Valuation, Development Consultancy, Sales Agency.
Savills experience and relationships in the hospitality sector enables us to consult and secure leading branded operators
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02 International Residential, Hotel & Resort Consultancy
Adding Value & Reducing Development Risk
The Savills International Development Consultancy team led from the company’s London headquaters has unrivalled experience with large-scale residential, hotel, marina, golf, mixed-use and integrated resort master-planned communities.
Understanding the Buyer
We have an unrivalled understanding of global property demand dynamics. Our knowledge of target buyer markets, in terms of nationality, product and design preferences, purchase motivations and budget, means we can advise on all aspects of the development process, whilst taking into account how the product will be brought to the market and the developer’s optimum exit strategy. This will contribute to ensuring successful sales levels and consequently higher investment returns.
Building a Lifestyle
Taking into account end-users’ preferences, we can advise on the type, mix and location of the residential component of the development, as well as its relation to adjoining land-uses, and how it should be orientated according to aspect and topography from a demand perspective.
Through a comprehensive feasibility exercise, we can also advise on the optimum hotel type, brand, number of keys and size for the site, incorporating it with the other scheme components to maximise value.
Corresponding to residents’ and guests’ needs, we provide consulting services throughout the development process, on
supporting amenities, facilities and services, whilst also considering environmental social infrastructure requirements such as schools, commercial premises, hospitals, community centres or sports facilities.
In larger residential communities, this would also include environmental as well as social infrastructure, for example renewable energy initiatives, locally sourced labour and materials, and local environmental conservation.
The development concept and community density is reflected not only in the ‘placemaking’ design of the physical space, but also in the market positioning and perception of the operating brand. Savills experience in the hospitality sector enables us to consult and secure leading branded operators on commercial terms.
Maximising Returns
All of these factors must be considered in order to maximise the efficiency and value return from the project. The more desirable the on-site lifestyle is perceived to be, the higher the value of the residential real estate, hotel daily rates and length of stay and subsequently the return on investment.
Therefore, our advice is focused on drawing in buyers and guests to invest in well-planned, intelligently designed and socially responsible communities, thereby ensuring the long-term commercial viability of the entire development.
Opposite >
Sveti Marko Island, Montenegro
Savills Role: Development Management.
“Working with Savills is always a positive experience for us. Not only do they work on some of the most interesting resort developments across the globe, but the calibre of their staff guarantees that any project, from inception through to delivery, is in truly expert hands. Their wealth of experience minimises risks to a developer and the value of their consultancy services substantially outweighs the upfront cost. In short they are a winning team to have on your side, especially in such challenging and competitive markets.”
Chris Graham Managing Director Graham Associates
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03 Development Services
Development Consultancy
The International Development Consultancy team work hand-in-hand with other Savills teams across the globe and have a combined unrivalled experience at every stage in the development process
Our services are structured to assist clients across the following areas:
Market Research
> Knowledge of global residential and tourism demand characteristics
> In-depth local market research, specific to the project concept and positioning
> Analysis including demand and supply dynamics (product, pricing, buyer markets, buying motivation) and a review of the local market development context (economic and tourism profile) with impact assessment for project and recommendations on the development mix and programme.
> Review and analysis of existing and pipeline hotel stock, occupancy levels, rentals, daily rates and recent sales.
Project Feasibility Analysis
> Site assessment and analysis, including advice on land assembly and acquisition
> Creation of project concept and marketing strategy
> Development options viability (unit mix, size, target market, phasing, absorption and pricing)
> Development appraisals (DCF, IRR and NPV analysis)
Formal Valuations
> Informal and formal Red Book valuations (with professional indemnity insurance cover) for:
- Loan security
- Accounting
- Dispute resolution
Hotels Feasibility/ Strategic Advice
> Tailored asset and portfolio advice covering development services, sensitivity analyses and bespoke operational and restricting review
> Market and property reports for development proposals, viability studies, market analysis and planning support
> Development business plan, deal structuring, consultancy on joint venture and exit strategies
> Preparation of project investment briefs
> Approach to potential equity investors and lenders
> Project debt advisory (structuring, arranging, refinancing of existing loans)
> Development equity fundraising (institutional, private and sovereign wealth)
> Co-ordination of project team, acting as client representative
> Concept value engineering and value management
> Sustainable development solutions
> Budgeting and control
> Quality monitoring and progress reports to client
> Value and risk management
> Secure planning approval and managing of PR process
> Co-ordination and management of Strategic Environmental Assessments and Environmental Impact Assesments
> Management of Marketing and Sales process
The whole process is driven by innovative, top quality research tailored to your individual needs
Development Management
Development Investment Consultancy
Resort Management> Coordinate all aspects of resort
security, facility management, property management
> Coordinate all destination marketing
Hotels/Facility/ Resort Consultancy
> Sourcing of hotel operators
> Negotiations with hotel operators
> Letter of intent and Management Contract negotiation assistance
> Advice on resort and facilities management
> Commissioning and handover
> Performance audit of existing hotels and resorts
Preparation of Project Design Briefs
> Preparation of Project Vision and full Project Brief
> Tendering and assembly of core project and design team (master architect, cost consultant, construction manager, engineers)
> Identification and alignment of project parameters with target markets
> Inform the efficiency and profitability of the scheme design through master planning, land use, product mix, product sizing, pricing, phasing and delivery recommendations
> Ensure a socially responsible and environmentally conscious development ethos
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04 The Development Process
The Development Process & Savills Services
Site Identification Strategic Land
Research Appraisals/Modelling
Development Management
Commercial Investment Residential Investment
Environmental Assessment
Urban Design/Master Planning Sustainability & Energy
Options/Joint Ventures Land Sales/Acquisitions
Place Making Valuations
Marketing & Sales Consultancy
Property Funds Property Management
Project Management
Hotel Operator Search
JV/Funding
Planning Consultancy
Commercial Leasing New Homes Sales
Development Consultancy
Sourcing
Delivery
Planning Permission
Vision &Viability
So
urci
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So
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Pro
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Valu
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nhan
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nhancement
Design &Planning
Sales &Leasing
“Savills Development always deliver and their advice and consultancy has proved to be invaluable at each stage of the project. From well-researched and considered market advice to expert design consultancy and the fulfilment of last minute requests for reports, they always deliver on time and on point. The team are extremely professional yet hugely enjoyable to work with.”
Nikki Gibbard Helical Bar
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Chedi Hotel, Muscat, Oman.
Services ServicesStages
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The first step when assessing a site and beginning the consultancy service is to produce a comprehensive feasibility report, covering:
Site review
Conducting a detailed review of the surrounding area, including a comprehensive review of the locality and adjacent land uses. This will also include research into the style, standards, sizes, specifications, prices, rates and occupancy levels of the existing and forecast residential and hotel stock.
Market review
The next element is the analysis of the national and regional market conditions and recent local market transactions. This stage is crucial in establishing the current demand profile for new build schemes, focusing on pricing thresholds and understanding market performance and competition (existing and pipeline). With the combination of our international research teams and our local office’s knowledge of key schemes and transactional evidence, we are able to bring a truly global approach to our market review, thereby reducing risk and adding value. Comparable research is also done into other sites with similar characteristics in different countries, many of which Savills have been involved in, to apply lessons learnt from the ‘best in class’ globally.
As part of the development process we test the appropriateness of the proposed commercial uses to accompany the residential uses ie. a traditional hotel operation versus a serviced apartment scheme, as well as the types of retail/ leisure uses that should accompany such a development. A detailed tourist and operator analysis would accompany this process to ensure value is maximised from the outset. We would look to identify the likely demand, and from which class of operators they originate.
Target market analysis
Once we have established the range of values that are achievable and the pricing dynamics in the area, we are able to analyse the socio-economic profile of the target purchasers for the scheme, including:
> International purchaser profile
> It is important to establish from the outset where external investment is coming from and what type and specification of product these purchasers desire
> The specific pricing thresholds of residential sales for particular nationalities identified
> Preferred sizes, specification and amenities
> Preparation of 10 year hotel accounts to include market penetration, occupancy and average room rate.
> Review of proposed hotel operator and brand awareness analysis
Using the results of the analysis, we work closely with masterplanners and architects. This provides a set of clear guidelines for the optimal unit sizing, mix, specification and pricing of the residential element of the scheme, in turn informing the product development.
We are able to bring a truly global approach to our market review, thereby reducing risk and adding value
Financial viability analysis
Finally, but crucially, we prepare an expert appraisal (either indicative or RICS formal valuation) of the value of the project and the site. This will generate a Gross Development Value – being the aggregate of the sales and capitalised income/sales of the commercial elements of the scheme, as well as a residual valuation to determine the land value of the site assuming the ‘recommended’ scheme.
We work closely with any appointed quantity surveyors, architects, engineers and construction managers.
Development strategy
On the basis of the consultancy report, it is important to work daily with all of the retained project team to produce a development strategy plan including programme timing, recommendations for additional expert advice and analysis of the likely funding requirements.
Alternatively, if you do not yet have a design team appointed, we can work with you to write the project and design briefs and manage the project team tender on your behalf, to ensure the appointment of not only best in class but also those most suited to your particular project.
05 Feasibility Studies
Opposite >
Sotogrande Resort, Spain
Savills Role: Development Consultancy, Valuations, Sales.
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A development manager role is effectively as a surrogate client providing an interface between the client and the project manager, acting within the confines of client instructions.
Savills has unparalleled experience of undertaking development management roles on resort schemes and believes that this service will successfully drive the project, particularly through the critical early stages of decision making and ensuring financial viability.
This role encompasses all phases and aspects of the development cycle from identifying a development opportunity, site selection, technical and financial modelling/appraisals, through to planning, project team selection, design and construction, as well as leasing, sales and marketing.
Our focus on every project is value enhancement, risk mitigation and delivery of the highest-quality development product.
Accordingly, the development management role that Savills provides encompasses technical consultancy services (such as due diligence, technical appraisals, feasibility studies and development monitoring) to all other internal-development-related disciplines and the myriad of external advisors who are an integral part of the development process.
The strength of Savills development management derives from the depth and breadth of advice we are able to offer our clients as a complete packaged service. We achieve this by bringing extensive development-related skills, knowledge and expertise to each and every project.
06 Development Management
“Thanks to our collaboration with Savills, a balanced concept and resort design was developed for the Sveti Marko Island resort in Montenegro. Their advice helped us avoid many of the common mistakes which developers can make in the volume of construction, unit designs, and overall integration of the various use classes. Due to their professional approach, management of the development and leadership of the project team, we gained a truly international perspective, minimised the development risk, and saved millions of Euros of project cost.”
Oleg Korol Managing Director Metropol Development
Opposite >
Sveti Marko Island Montenegro
Savills Role: Development Management.
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Image >
Sotogrande Resort, Spain
Savills Role: Development Consultancy, Valuations, Sales Agency.
Savills is the only one of the major real estate firms to have a dedicated resort advisory capability
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07 Development Valuations
Savills International Consultancy provides formal valuations and consultancy reports for properties across the globe on behalf of a wide range of clients and purposes.
Our team of qualified RICS Registered Valuers works directly with a network of over 500 Savills offices and Associate offices around the world to provide the most up to date valuation advice in almost any market globally. The team can provide formal and informal valuation advice for a diverse range of purposes, including:
> Loan Security – Valuations in support of the provision of debt finance or mortgage facilities, usually provided for banks and other lending institutions.
> Expert Witness/Matrimonial – Formal valuation advice, as third party independent valuers, in matrimonial proceedings or other disputes relating to a shared asset value.
> Development Valuations – These can be either formal (Red Book)
valuations or informal development appraisals, aimed at calculating the Gross Development Value as well as a residual land valuation of the development in question.
> Regulated Purpose Valuations - For inclusion in financial statements and for accounts purposes, where valuations may be relied upon by third parties.
Formal valuations, in line with RICS Valuation Professional Standards and Internal Valuation Standards, can be undertaken in relation to residential properties such as villas, apartments, farmhouses and chalets as well as larger-scale mixed-use developments, golf courses, hotels & resorts.
Opposite >
One Hyde Park, Mandarin Oriental Residences, London
Savills Role: Marketing & Sales.
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Mounting and developing quality lead generation through data bases, PR, advertising, the web, exhibitions, signage and any sources that we see suitable.
Sales absorption rates depend on the supply of quality leads generated by the marketing. ‘Lead-to-sale’ conversion rates tend to vary from 2% and 5% and the gestation period from 2 – 6 months according to the location, type and price of the property being sold. Likewise the cost-per-lead and cost-per-sale.
The methods include:
> Identification of the optimal route to the market
> Marketing strategy focussing on target markets, timing marketing materials and PR
> Marketing budget control and estimation
> Website design advice and web marketing strategy
> Brand building
> Road show advice and exposition design
Following on from the generation of leads we endeavour to obtain the best sales values that the market presents.
Our methods include:
> Use of a PLT (Price, Location and Time) matrix pricing approach which incorporates financial models to calculate income and phasing for larger scale developments
> Brochure design and advice to ensure bespoke proposals to the correct market
> Creation of sales models and contracts
> Designing and running of sales offices
> Selecting expert personnel to run and act as salespeople in the on-site office
> Coordination of Global PR strategy and delivery
08 Marketing Strategy, Sales Advice & Expertise
page 7
Digital publishing for savills
Converting or producing new digital versions of our portfolio of publications will allow a greater reach for our market coverage.
� Savills publications can be converted and adjusted for viewing on all the major tablet devices on the market
� Targeting thousands of potential new prospective buyers
� Content can be analysed using the built in analytics software allowing us to adopt a content strategy
� Brand integrity will be maintained and possibly enhanced as we embrace new technology
� Competitors may be forced to follow our lead
Savills Funding & Development team matches capital with opportunity in the residential investment and development sectors.
Our knowledge and exposure to the global equity and debt markets, coupled with our access to the residential development supply pipeline enables us to provide bespoke expertise to developers, sovereign wealth funds, banks, pension funds, opportunistic funds, and propcos seeking innovative debt and equity solutions.
Closely integrated with our Residential Development Services and International Investment teams, we provide three business streams that facilitate the delivery of residential development:
1. Capital raising – Provision of debt or equity brokerage and arrangement of new joint ventures on a project or platform basis.
2. Forward commitment – Securing forward purchaseor forward funding for developments, or blocks within larger developments.
3. Advisory – Our knowledge and expertise within the sector enables us to provide advice to developers seeking to deliver the most appropriate product and development strategy.
These business streams often incorporate the Private Rented Sector solutions, given the current financial and political support for the sector. The Funding and Development team have been influential in advising public bodies on the sector and have advised on over £1.5bn of PRS transactions in the UK alone in the past 18 months.
09 Development Funding
Below >
Porto Montenegro, Montenegro Savills Role: Development Consultancy, Marketing & Sales.
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Sean Monie
Director Development & Project Management dl: +44 (0) 207 409 8984 e: [email protected]
Tim Stoyle
Director Head of Hotel Valuation & Consultancy dl: +44 (0) 20 7409 8842 e: [email protected]
Chris Marriott
CEO South East Asia dl: +65 6415 3888 e: [email protected]
Robert McKellar
CEO Savills Asia Pacific dl: +82-2-2124-4201 e: [email protected]
Nathalia Wilson
Director South East Asia dl: +65 6415 3589 e: [email protected]
Marc Magazine
Managing Director Hospitality Savills USA dl: +301 908 2357 e: [email protected]
Daniel von Barloewen
Associate Director Head of International Development Consultancy dl: +44 (0) 20 7016 3812 e: [email protected]
Core Global Contacts
Europe, Middle East & Africa
Asia Pacific
USA & Mexico
10 The Core Global Team
Charles Weston-Baker
Director Head of International Residential Agency dl: +44 (0) 20 7016 3741 e: [email protected]
Tom Baker
Managing Director Hospitality Savills USA dl: +1 571 282 2801 e: [email protected]
Ben Hopkins
Director - Development & Project Management Savills South East Asia dl: +65 6415 3657 e: [email protected]
Javier Kutz Clever
Managing Director Head of Savills Mexico dl: +52 (55) 5282 0926 e: [email protected]
Riyan Itani
Associate Director International Development Consultancy dl: +44 (0) 20 7016 3759 e: [email protected]
Olga Turner
Surveyor International Development Consultancy dl: +44 (0) 20 7016 3797 e: [email protected]
Borja Sierra
Director CEO, Savills Europe dl: +44 (0) 20 7409 9937 e: [email protected]
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As a result of the quality and scale of the projects on which we are involved, we frequently work alongside a number of other global firms, all leaders in their fields. A non-exhaustive list of such firms includes:
> Arup
> Halcrow
> Bovis Lend Lease
> Mace
> Davis Langdon
> Gleeds
> Harper Downie
> Gardiner & Theobald
> EC Harris
> HVS Global Hospitality Services
> PKF International
> Hotel Partners Africa
> Woods Bagot
> WAT&G
> EDSA
> Foster + Partners
> ReardonSmith Architect
> PRP Architects
> RMJM
> HOK
> Hirsch Bedner & Associates (HBA)
> Interior Design Consultants
> Space Syntax
A non-exhaustive list of the global Hotel Operators with whom we have long-standing relationships includes:
> Aman Resorts
> Hyatt Hotels Corporation
> Fairmont Raffles Hotels International Hotels & Resorts
> Jumeirah Group
> Mandarin Oriental Hotel Group
> Banyan Tree Holdings
> Six Senses Hotels Resorts Spas
> Hilton
> Starwood Hotels and Resorts
> Marriott International
> Taj Hotels Resorts and Palaces
> InterContinental Hotels and Resorts
> Carlson Rezidor Hotel Group
> Accor
> Kempinski Hotels
> Meliá Hotels International
> Mövenpick Hotels and Resorts
> Four Seasons Hotels
> Radisson Hotels
11 Professional Partners
Opposite >
Sanya Resort, Hainan Island, China.
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UK105 OFFICES &
ASSOCIATES
EUROPE57 OFFICES &ASSOCIATES
ASIA PACIFIC120 OFFICES &
ASSOCIATES
US50 OFFICES &ASSOCIATES
MIDDLE EAST & AFRICA270 OFFICES &ASSOCIATES
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Over 600 offices and associates worldwide
Through our extensive network we can support clients globally. A recognised brand providing multi-discipline quality assurances. We take the time to understand clients’ needs to ensure they receive the same consistent high standards wherever they are in the world.
UK
England
Ireland
Jersey
Northern
Ireland
Scotland
Wales
Asia Pacific
Australia
China
Hong Kong
India
Indonesia
Japan
Macau
Malaysia
Myanmar
New Zealand
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe
Austria
Belgium
Croatia
Finland
France
Germany
Gibraltar
Greece
Italy
Luxembourg
Monaco
Montenegro
Netherlands
Norway
Poland
Portugal
Russia
Spain
Serbia
Sweden
Switzerland
Middle East & Africa
Bahrain
Kenya
Mauritius
Mozambique
Namibia
Oman
Qatar
Seychelles
South Africa
Zambia
Zimbabwe
Americas
Mexico
Panama
US
Caribbean
Antigua & Barbuda
Barbados
Grenada
St Kitts & Nevis
St Lucia
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1. Sotogrande Resort, Spain
Service provided: Development consultancy, marketing consultancy and residential agency services.
2. Ski Resort Development, Hokkaido, Japan
Service provided: Market feasibility studies, development advisory, design concept planning and marketing of the project to international investors.
3. Bagan Thiripyitsaya Sanctuary Resort, Old Bagan, Myanmar
Service provided: Valuation of the 9.7 hectares of land including site of the existing resort and future development land for investment purposes.
13 Selection of Hotel & Resort Case Studies
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4. Porto Montenegro, Montenegro
Service provided: Project Vision, Development, Design and Marketing & Sales Consultancy, Sales Agency.
5. Mix-Use Development Project, Perth, Australia
Service provided: Hotel advisors, hotel management and development advisory with a potential continuation as asset manager for the hotel on behalf of the investors.
6. La Manga Club, Spain
Service provided: Provided development consultancy and sales and marketing advice on the well-established resort.
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7. Eden Island, Seychelles
Service provided: Consultancy, Sales Agency.
8. The World of ResidenSea
Service provided: Development Consultancy and global Sales Agency.
9. Alila Uluwatu Resort, Bali, Indonesia
Service provided: Marketing Consultancy, Sales Agency.
13 Selection of Hotel & Resort Case Studies
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10. Aphrodite Hills Golf Resort, Paphos, Cyprus
Service provided: Residential Consultancy, Sales & Marketing.
11. Fairmont Heliopolis, Cairo, Egypt
Service provided: Feasibility Study and Development Consultancy services.
12. Lotte Hanoi Hotel Project, Hanoi, Vietnam
Service provided: Market feasibility study, concept planning and marketing the projects to investors.
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13. Quinta do Lago Resort, Portugal
Service provided: Full range of development services including development consultancy, management and sales and marketing.
14. Mix-Use Development, Nanjing, Jiangsu, China
Service provided: Market feasibility study, development advisory, operator selection, retail leasing and potentially marketing the projects to investors.
15. Sveti Marko Island, Montenegro
Service provided: Development Management, Development Consultancy, Marketing and Sales Consultancy, Exclusive global sales.
13 Selection of Hotel & Resort Case Studies
14 Selection of Major Urban Case Studies
17. Marine Facade, St Petersburg, Moscow, Russia
Service provided: Research and Development Consultancy on 64 Ha reclaimed land site off Vasiliyevsky Island, St Petersburg, proposing an urban mixed-use scheme of 1.5m sq m GBA.
16. Greenwich Peninsula, London, UK
Service provided: Development and sales consultancy on high density urban mixed use regeneration scheme including 10,500 new homes. Provided ongoing advice on the development composition, phasing, end values and marketing / exit strategies.
18. Hellinikon Project, Athens, Greece
Service provided: Research and Development Consultancy on project of 6.2million sq m site, totalling over 3.2million sq m GBA, providing over 14,000 residential units, 6 hotels, mega-casino, office, retail, marina, hospital and educational use classes.
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Image >
Burj Khalifa Armani Hotel & Residences, Dubai.
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