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A Piece of Paradise from $360,000!

Wednesday, 01st December 2010

Kiah at Byron Bay

Living in an apartment is a fabulous lifestyle but aren't there times you wished you had a holiday home to escape to for a few weeks of the year? Meet Jeremy De Zylva. He is the new face behind fractional ownership with his launch of Resort Residences Group.

Living in an apartment is a fabulous lifestyle but aren't there times you wished you had a holiday home to escape to for a few weeks of the year?  Meet Jeremy De Zylva.  He is the new face behind fractional ownership with his launch of Resort Residences Group.

Mr De Zylva, a former Mirvac Group and Macquarie Bank development executive, will market and manage luxury co-owned properties in the ‘Resort Residences Collection’ and has spent the past two years researching the phenomenon in America. He said it was a prime time to embrace the fractional ownership concept in Australia, as investors continued to tighten their purse strings in the current economic climate. Mr De Zylva has just secured the first property in the Collection, Resort Residences at Byron Bay, and is in negotiations with several developers and property owners in Australia with a view to growing the portfolio. “Many resort homes and apartments in established holiday destinations have co-ownership potential and we are actively sourcing these properties in destinations such as Noosa Heads, Byron Bay, Port Douglas and Hamilton Island,” said Mr De Zylva. “We also have overseas expansion plans to target properties in Queenstown in New Zealand, Bali and Phuket. “We have adapted the concept to make it as close to single ownership as possible, in-line with what we believe has been successful overseas and which has the best potential in Australia, and will typically be selling six to eight shares in each private residence. “It is a formula that makes sense. Most people who own a holiday home only use it for six to eight weeks a year, yet carry the entire cost of ownership as well as the maintenance hassles. “With our co-ownership model, purchasers are better aligning the acquisition cost of the holiday home with their usage needs.” Mr De Zylva was first introduced to the co-ownership concept in his role at Medallist Developments, a joint venture between Macquarie Bank and Greg Norman, specialising in residential golf resorts and master planned communities. “Over the past two years we have undertaken detailed research in the United States where co-ownership is an established concept and the market is proven,” he said. “We have analysed the business model options including destination clubs, fractionals and private residence clubs in terms of ownership structure, risk profile, exit strategy and marketability." Resort Residences Group’s management team is backed by an advisory board and a team of leading industry consultants in Australia and the United States. The properties will be available in a co-ownership structure in which each co-owner will hold a freehold title held as tenants-in-common. Resort Residences Group will team with Lifestyle Fractions Management Limited to provide this structure under Lifestyle's Australian financial services licence. The first property available in the Resort Residences Collection, Resort Residences at Byron Bay, is situated in the boutique beachfront resort Kiah Beach Houses at Byron Bay. The luxury three bedroom beach house is being offered in six shares, with each co-owner holding freehold title as tenants-in-common and eight weeks of exclusive use per year. S ubject to finalising the co-ownership structure and any necessary regulatory approvals, co-ownership will be issued and priced from $360,000. Expressions of interest are now being taken. Mr De Zylva said annual usage would be allocated to co-owners using a rotating priority system on a twice yearly basis, ensuring equitable access during the peak seasons of the year. Owners would also be able to rent out unused annual week entitlements and exchange weeks with other co-owners through an online exchange system. Owners can also allow family and friends to use the property during their allocated weeks. Mr De Zylva said all ownership costs such as property taxes, insurance, utilities and maintenance would be shared between the owners. “We handle all property management and maintenance, so owners enjoy hassle-free ownership and provide lifestyle concierge services through a combination of head office and preferred external partners,” he said. “These services will be administered on a user-pays philosophy so that fixed annual owner fees are kept as low as possible.” Mr De Zylva said the main target market for co-owned properties in Australia was expected to be the 50 to 60 year old Baby Boomer generation and 40 to 50 year old Gen Xs. “Co-ownership is a rational, alternative way to own and enjoy resort real estate, significantly reducing the capital expense of purchasing a holiday home and eliminating the maintenance hassles,” he said. For further information on Resort Residences Group’s Byron Bay co-ownership opportunity visit www.kiahbyronbay.com.au

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Comment from Stringer E on Monday, 17th July 2017

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