RHT Wealth Holdings and Chestertons launch RHT Chestertons in Singapore with an eye on expanding Asian presence
RHT Wealth Holdings and Chestertons are pleased to announce the launch of RHT Chestertons in Singapore.
Chestertons, one of the most established and respected real estate agencies worldwide, has signed an agreement with RHT Wealth Holdings, a leading professional services company offering multidisciplinary business solutions including, advisory and risk management, data risk management, governance and regulatory advisory and compliance in Singapore.
Founded in 1805, Chestertons is one of the foremost real estate firms in London with decades of real estate experience in the United Kingdom, Europe, the Middle East, and North Africa. It operates over 100 office locations extending across 19 countries worldwide.
This new alliance further extends the British company’s existing international real estate business and paves the way into new markets in Singapore and Southeast Asia, while expanding the RHT Group’s already diverse core services. With RHT Chestertons’ specialized real estate advisory services, clients will benefit from the best combined real estate and wealth management and planning solutions meeting their requirements.
RHT Chestertons will be a member of the RHT Group of Companies which comprise professional service companies specialising in business consultancy, finance, knowledge solutions, media and wealth management services.
Core Strengths and Focus on Regional Real Estate Opportunities for Investors
RHT Chestertons is a property consultancy firm providing a wide range of real estate services including acquisitions, disposals, leasing and sales and valuation across commercial, industrial, retail and residential asset classes. The team will be led by property veteran, Ricky Sims, who has over 20 years’ experience in property consultancy and management.
Commenting on the launch of RHT Chestertons, Ricky Sim, Non-Executive Chairman of RHT Chestertons, said, “Clients trust us to provide relevant solutions for their property needs. As investor appetite for property returns to the market, we believe there are attractive investment opportunities in Singapore which fit our strategy of focusing on niche segments within the market.
Meanwhile, our ties with Chestertons offer us exposure to the international real estate markets as well. Combined with our in-depth local knowledge and track record, we are able to leverage our established portfolio of local and international prime properties to offer investors a consistent flow of real estate opportunities.”
The company aims to serve a diverse range of clients comprising property owners, investors, institutions, and corporate occupiers both locally and globally. Two real estate markets, Indonesia and Vietnam, have caught the attention of regional and global investors. RHT Chestertons will look to capitalise on this growing appeal and is actively exploring opportunities to setup offices in Indonesia and Vietnam.
"By combining our resources and expertise, we will be able to access real estate opportunities globally with RHT Chestertons acting as the gateway to Asia Pacific and Chestertons offering her vast network in Europe, Middle East, and North Africa," says Salah Mussa, Chairman of Chestertons.
Integrated Wealth Offerings
RHT Chestertons is strategically positioned to offer RHT Wealth Group’s clients opportunities to generate superior returns from their real estate investments. With real estate advisory services, clients will have an additional element to their wealth planning and management solutions.
Commenting on the development, Patrick Lai, Chief Operating Officer of RHT Wealth Holdings, said, “Real estate is still the high net worth individual’s go-to safe haven. Having a real estate consultancy arm is part of our approach to create and deliver real value for our clients. Our model, leveraging on the crowdfunding and private equity space, will create a suite of integrated wealth offerings for our clients.”
Chestertons and Iliad to form Chestertons Mauritius, expanding international network
- Iliad Solutions Immobilieres is a Real Estate Agency based in Calebasses, specialising in real estate investments and property management.
- Chestertons is a British company formed in 1805 with 120+ office locations in 20 countries worldwide
(Calebasses, Mauritius) Investment-property specialist, Iliad Solutions Immobilieres, has signed an agreement with London-based international real estate agency, Chestertons, to form Chestertons Mauritius thereby further expanding Chestertons’ strong international network.
Chestertons was founded in 1805 and is one of the most respected real estate brands in the world, with over 120 offices in 20 nations covering the UK, Australia, Austria, the Caribbean, France, Malta, the Middle East, and the east-coast of the United States.
Founded in 2011 and specializing in real estate investments and property management, Iliad operates from two office locations in the country and provides turnkey property services to its residential and commercial properties, for both individual ownerships and co-ownerships.
“Foreign investments into the islands are on the rise,” said Salah Mussa, Chairman of Chestertons, “and having a reliable local partner to leverage our broad international reach will ensure that our clients will find the best options to achieve their goals and maximize their returns.”
“With a vibrant growing economy, one of the lowest taxation rates in the world at 15% 1, a thriving financial services sector, multiple regulations in place to enable and attract foreign investments, and an idyllic environment for permanent or leisure residence, we expect to see an abundance of activity in the Mauritian property market within the next 10 years – as much as a 40% growth in that same period.” added Mussa.
Iliad Executive Director, Yves Robert Lamusse, will be continuing in the same role in the newly-formed Chestertons Mauritius and oversee expansion into the country.
Mr. Lamusse has been in a senior executive role for over 35 years and brings with him a wealth of experience from the real estate, textile, and consultancy industries. He is supported by a team of over twenty highly-skilled property professionals, with accrued experience of over 50 years in the Mauritian property market.
“Iliad has been successful in achieving its stated goals since its establishment in 2011. Driven by our clients’ expectations, we have crafted profitable turnkey solutions for all the properties we manage and have built long-lasting relationships in the process,” said Mr. Lamusse. “This new venture is an affirmation of that success and a continuation of our journey into new zeniths.”
“Part of the expansion is to leverage Chestertons’ international network to bring more foreign investors into the market. An economy based on tourism and financial services, low taxation rate, no Capital Gains Tax, and the option to claim a Mauritian passport should be very appealing.” he added.
A study in 2016 has shown that over 70% of all foreign property investments made in the country during the past 10 years came from French, South African and British nationals. These are countries Chestertons already operates in, as well as its stronghold in the Middle East (particularly Dubai, UAE), where one particular study in 2014 revealed that around $13Bn worth of global commercial property investments came from.
“Middle East investors typically look for clearly-defined tax environments, stable and diversified economies, and the ability to claim new passports as part of their investment decision making. All of which are present in Mauritius.” said Chestertons Director for International Neville Page. “On top of that, the country’s minimum investment of US$500,000 fits nicely within the average Middle East investor’s budget of $717,000”
ALPINE HOMES PARTNERS WITH CHESTERTONS
Alpine Homes, one of the world’s leading international ski property agencies, has announced that it has ended a decade-long relationship with Savills to form a new partnership with Chestertons.
Set up in 2005 by entrepreneur Larry Levene, Alpine Homes has operated as an exclusive associate of Savills for the past ten years and became one of its most successful international partners, extending its coverage beyond Switzerland into Austria, France and Italy.
However, the company has ambitious plans to expand its operations into new alpine areas and extend its reach to reach new global audiences, and felt that this would best be achieved by partnering with Chestertons, a company with one of the largest network of branches in London and a strong presence in key international markets.
Alpine Homes’ Chairman Larry Levene commented “Alpine Homes is an entrepreneurial business which has always been proud to do things differently and see opportunities that others can’t. Our new association with Chestertons is an excellent opportunity to combine our contacts, coverage, knowledge and expertise to benefit our clients and give them access to the best alpine properties in the world and the largest pool of potential buyers.”
Neville Page, Head of Chestertons International Department, adds, “Unlike many international agents selling similar properties, Alpine Homes has the distinct advantage of being physically based in the areas in which it is selling and has used this to their advantage to build an incredible database of developers, investors and buyers. We are very excited to add Alpine Homes to Chestertons’ selection of associates and are planning some exciting activities in the coming months.”
Coinciding with the new partnership with Chestertons, which launches on 1st May, Alpine Homes has also announced that it has undergone a re-brand, positioning Alpine Homes more as a luxury sports brand tailored for lifestyles in search of the outdoor pursuits. The brand is modern, purposeful and confidently precise. The re-brand has been undertaken by London-based brand design consultancy Wiedemann Lampe.
Chestertons Signs Franchise Agreement with PAC in South Korea
- Chestertons has signed a franchise agreement to partner with PAC, a South Korean real estate giant
- PAC operates 11 offices in prominent locations like Seoul, Busan, and Gyeongbuk among others
- PAC currently employs 160 employees ranging from valuation specialists, estate agents, and property managers
- The agreement opens new markets, particularly in East Asia, for the more than 200-year old British company
- The new company will be called Chestertons Korea
Chestertons, one of the world’s most-established and respected real estate agencies worldwide, has signed a franchise agreement with PAC, a real estate appraisal company focused on the commercial and professional services sectors in South Korea.
Originally established over 200 years ago in 1805, Chestertons is one of the foremost real estate firms in London with over 30 local offices and an international network that incorporates over 100 offices extending across 19 countries and five continents.
The acquisition adds value to the British company’s existing international real estate business and opens new markets, particularly in Korea and its neighboring East Asian markets.
This is a big step in forging a major network for Chestertons across Asia,” said Salah Mussa, Chairman of Chestertons. “PAC has built a reputation of professionalism and gained the respect of the industry while working with institutional investors, developers, public and private institutions, and financial firms in Korea.”
“Through this partnership, we look forward to leveraging the expertise and reach of PAC to bring all of our clients the best opportunities in East Asia. Our combined experience in the international market and PAC’s local commercial expertise will, undoubtedly, provide us with a competitive edge in this new market,” he added.
Jong-Woong Shin, the current Chairman of PAC, will take up the same role in the newly-christened Chestertons Korea and will head up further expansion in the country.
Mr. Shin started his professional career over (30?) years ago and is a certified FRICS, CRE Appraiser, with a doctorate in Business Administration from Incheon University. His credentials include being the former Chairman of the Seoul Real Estate Forum, Chairman of the National Appraisal Association, and President of the Royal Institution of Chartered Surveyors – Korea.
South Korea has gained a significant reputation among savvy investors, particularly in the commercial sector where relatively high investment yields, undervalued prime office buildings, and low volatility have been commonplace in the past 5 years. Estimates say that foreign investors made up about half of commercial property transactions in 2016 – a $12 Billion industry that has continued to grow this financial year.
“Korea seemingly offers some of the highest yields in the region, particularly in comparison to other favored East-Asian economies such as Hong Kong, Tokyo, Singapore, and China,” said Chestertons Director of International, Neville Page. “The market is also bolstered by a comprehensive ownership system that appeals to both private and institutional investors alike.”
“This agreement gives Chestertons, and our clients, a foothold in this burgeoning market at a time when investors are clearly turning their eye towards the region. Just in the capital of Seoul alone, reports have stated that year-to-year transactions have jumped nearly 150%, buoyed by money from all sorts of institutional and private investors. This new and exciting chapter for Chestertons is great news for all of our stakeholders,” said Nick Witty, Managing Director of Chestertons MENA.
Chestertons, whose one of its main hubs is based in Dubai in the UAE, is poised to tap into one of the world’s most affluent regions to the benefit of this partnership, as Arab investors have poured in millions of dollars in prime real estate locations in cities like London, New York, Paris, and Lisbon.
“Our international teams will work together with Chestertons Korea to take full advantage of this new market. This allows us to provide even more higher levels of service to our valued clients and offer them alternatives to traditional investment destinations worldwide. With more resources than ever before, we can support our clients in fulfilling their objectives, maximising their returns, and adding value to their asset base,” Witty added.
London was the most attractive market for Chestertons MENA investors in 2015 when the firm facilitated investments of AED265 million in the UK capital’s real estate market, representing more than 70% of total sales of nearly AED 379 million.
Investors from Kuwait topped the GCC list, accounting for 21% of total London sales through Chestertons, followed by Saudi Arabia (17%), Qatar (10%), UAE (10%), and Bahrain (7%).
Chestertons acquires Downtown International
Chestertons to take over Downtown International, opening new markets for regional investors with a focus on diversifying portfolios and capitalising on highly lucrative London investment market
Chestertons MENA, a leading property agency with its regional hub in Dubai, has finalised its acquisition of Downtown International, the multinational real estate agency and broker for residential and commercial properties in major cities across the globe.
The acquisition adds value to Chestertons existing international real estate offering meeting increased demand for London property in particular.
“Downtown International has forged a market-leading reputation for international real estate brokerage having developed an impressive network of 150,000 property investors. Its clients include prominent industry player such as The Berkeley Group, Ronson Capital Partners, Taylor Wimpey Central London, Barratt London and Regal London. The firm has also represented developers of branded residential developments such as; Banyan Tree, JW Marriott, Mandarin Oriental & Ritz-Carlton,” said Salah Mussa, chairman of Chestertons MENA.
“Through this acquisition, we look forward to leveraging the expertise and reach of Downtown International, to bring all of our clients the best opportunities in the most sought-after areas. Our combined experience and our commercial expertise in identifying and developing new opportunities, will clearly provide us with a competitive edge,” he added.
Martin Ashkuri, former CEO of Downtown International, will become the new Managing Director of International Residential Developments (IRD) for Chestertons MENA and will head up sales worldwide.
Ashkuri brings more than 20 years’ experience to the role having built an extensive network and knowledge of international and domestic property sales having previously worked for Dubai Lifestyle City, a subsidiary of ETA Ascon Star Group; Cirrus Real Estate; First Gulf Banks’s Freehold Property Division; and MiNC Property Enterprises.
This acquisition provides both Chestertons and Downtown international with access to high-value, high-yield markets at a time of heightened demand. This new and exciting chapter for Chestertons is great news for all of our stakeholders,” said Nick Witty, Managing Director of Chestertons MENA.
“Our team will grow significantly, allowing us to provide even higher levels of service to our valued clients. This comes at a time when London presents significant opportunities in several development types. With more resources than ever before, we can support our clients in fulfilling their objectives, maximising their returns and adding value to their asset base,” added Witty.
London was the most attractive market for Chestertons’ MENA investors in 2015, when the firm facilitated investments of AED265 million in the UK capital’s real estate market, representing more than 70% of total sales of nearly AED 379 million.
Investors from Kuwait topped the GCC list, accounting for 21% of total London sales through Chestertons, followed by Saudi Arabia (17%), Qatar (10%), UAE (10%) and Bahrain (7%). The balance of other buyers was comprised of nationals from the UK, Switzerland and Iran.
According to multiple sources, the London market has posted robust performance Year-to-Date, with solid demand and a marginal rebound in prices. While these results are driven by the launch of several prestigious projects in high-value areas, several regeneration schemes have also launched across the city.
On Tottenham Court Road, for example, 500 homes are due to be developed and 5,000 additional jobs created, powered by extensive upgrades to the underground station and the arrival of Crossrail from 2018. Meanwhile, in Croyden, investments of up to £5.25 billion are predicted to generate 7,500 new jobs and create capacity for an extra 7,300 new homes.
A further £1bn will be invested to reposition Croydon as a premier shopping destination in South London, creating retail, commercial and public space and thousands of jobs, providing further potential for investors.
“Our team will grow significantly, allowing us to provide even higher levels of service to our valued clients. This comes at a time when London, in particular, presents significant opportunities in a number of development types. With more resources than ever before, we can support our clients in fulfilling their objectives, maximising their returns and adding value to their asset base,” added Witty.
Chestertons (London), Gilmar Real Estate (Spain) and TOWN Residential (New York)further expands global network through alliance
In continuation of an unprecedented global network, Gilmar Group Investment & Consulting, Spain's foremost real estate company dedicated to intermediation in the purchase and sale of properties has joined forces with TOWN Residential, New York's leading luxury real estate services firm, and Chestertons, the London and international residential property specialist. In addition to one of the biggest networks of branches in London, we have a strong international presence with offices around the globe covering Europe and reaching as far as Canada, the Caribbean , Singapore and the Middle East.
With an emphasis on professionalism, the specialization of the commercial network, and the promotion of international relationships, ‘Gilmar Real Estate' aligns seamlessly with Chestertons and TOWN Residential's core values. These firms have emerged as trusted leaders within their respective real estate communities, a feat that will only be bolstered by the new alliance.
Established in 1983, Gilmar has since consolidated the largest real estate network operating in Madrid, Costa del Sol (Marbella Golden Mile, Marbella Puerto Banús, and Estepona), Seville and the coast of Cadiz. The company also sells country estates throughout Spain.
Operating out of 25 offices and headquartered in Madrid, the firm focuses on seven lines of business which include sales, rentals, new construction, and investment; and employs a fleet of specialized departments yielding commercial, legal, tax, and technical advice, as well as market research and after-sales service.
A testament to its strategic customer-oriented ethos, Gilmar has consistently received the Madrid Excellence award since February 2009. This quality seal recognizes the firm's dedicated and ongoing commitment to excellence in the real estate community.
Jesús Gil Marín, CEO of Gilmar, commented, "We are incredibly excited to forge our relationship with TOWN Residential and mark the beginning of a successful international collaboration. The New York City marketplace is brimming with opportunity for our clients and customers to purchase, rent, and invest in, and we look forward to welcoming TOWN's clients to the luxury marketplaces of Spain as well.”
“As a modern company, we are always adapting and growing,” added Manuel Marrón Fuertes, CEO of Gilmar alongside Jesús Gil Marín. “The global world we live in necessitates partnerships like these, and we are confident that our clients will benefit from the extensive international network that our two companies are forging.”
This alliance further extends TOWN Residential’s dynamic network which includes Fortune International Group and Chestertons. Altogether, the firms create a powerful network of more than 3,100 industry-leading associates and 165 offices in New York City, Madrid, Seville, Costa del Sol, Miami, and London as well as São Paulo, Brazil; Buenos Aries, Argentina; Punta del Este, Uruguay; Mexico City, Mexico; and Dubai – locales consistently ranking among the most popular destinations for today’s affluent luxury home buyers.
Fortune International Group is one of the foremost real estate firms in Miami with a reach that extends to Europe and Latin America. The firm’s unique position in the South Florida marketplace is a result of a pristine track record of successful development projects and exclusive on-site sales and marketing representation – powered by their local brokerage company, Fortune International Realty. Fortune has 12 offices with 1,000 associated Realtors completing over $3.5 billion in sales per year.
Chestertons Reception at KSA
November 30th, 2015
The event was held on the evening of the 30th November 2015 in the gardens at the British Embassy in Riyadh and consisted of two presentations by Chestertons, on the property investment opportunities in London and Europe, followed by canapes, refreshments and networking.
The Event was a joint Chestertons/United Kingdom Trade & Investment (UKTI) event and was hosted at the Embassy by the Her Britannic Majestey's Ambassador, Simon Collis CMG, Mr Salah Mussa, the Chairman of Chestertons and Skeikh Najeeb Alissa, the Chairman of NHC.
The greeting line included the Ambassador, Mr Salah Mussa, Sheikh Najeeb Alissa, Robert Bartlett, CEO of Chestertons, Slim Bouker, Khalid Abdul Ghaffar, Mark Morris Jones and Ahmed Ababtain.
The official portion of the evening on 30th November 2015 started with mark Morris Jones introducing The Ambassador, who delivered a welcome speech, followed by a response from Robert Bartlett, CEO of Chestertons who gave a short precis of Chestertons and their increasing presence in the region in general, and the Kingdom of Saudi Arabia in particular.
Robert then introduced Sam Warren from the Chestertons International Residential (IRD) Team whose presentation was titled "The London View" and was on overview on the motivations and rationale in considering an investment into residential property in London. A copy of his power point presentation is attached, and whilst it is a fine piece of work and sets out the argument very well, it is specific to the market in the middle of 2015.
Following Sam was Brennon Nicholas who is Head of International Sales (IS) based in Dubai, and who has an extensive remit regarding properties in Continental Europe, with a focus on the residential markets.
Given the number of markets involved, the presentation was more generic than the London presentation which dealt with a particular, specialist segment of a single city market. Brennon addressed the variations available in Europe from Portugal through Spain, France, Germany and Austria to Cyprus.
Ahmed Ababtain closed the formal portion of the event by addressing the audience in Arabic and introducing the "Home Team" which included personnel from Chestertons offices in Saudi Arabia, the UAE and London, which involved the IRD and IS agency teams, as well as the regional professional valuation, consultancy and advisory teams.
Chestertons expands in Saudi Arabia through Joint Venture
London, January 12th, 2015
Chestertons, the residential property agency, has entered into a joint venture agreement with Saudi-based MEDAD Valuation International to further expand its operations across Saudi Arabia.
The deal gives Chestertons offices in three major cities across the Kingdom, valuable brand presence and a stronger residential sales pipeline for London and its other global offices.
The new JV, Chestertons Saudi Arabia Property Limited, will commence operations during the second quarter of 2015, and will be opening offices in Riyadh, Jeddah and Al Khobar simultaneously. Partner MEDAD Valuation International is part of the leading Najeeb Abdullatif Alissa Holding Company (NHC), one of the fastest growing conglomerates in Saudi Arabia with operations across the Kingdom.
The deal is a major step forward for Chestertons as Saudi Arabia is one of their largest markets, by volume and value, for residential investment into London. The company has been operating in the Kingdom for a number of years but the partnership will enable them to better serve the clients they have there, give them a higher profile and enable them to operate more widely and publicly. They can now also service clients in the eastern provinces with the new office in Al Khobar.
Robert Bartlett, Group CEO of Chestertons, said: “We are pleased to be working with such a strong partner in the region and the opening of three offices in Saudi Arabia helps us to build on the growing amount of business we have in the region. Saudis are beginning to invest in residential property in other global destinations with the support of the Chestertons network, and this joint venture will help develop this further." “This represents a significant new investment for us and will become a key corner stone in developing our broader MENA strategy and in supporting our market leading operations within Dubai and Abu Dhabi. I expect to see further significant developments of our MENA business throughout 2015.”
Through the new partnership Chestertons will also provide valuation and consultancy services, feasibility studies, development consultancy and market research to its local clients.
“We are entering Saudi Arabia at the right time and we will combine our regional and international strengths with our partner’s local expertise to serve our valued customers in Saudi Arabia. We are also seeing a lot of interest for valuations from local investors with regard to Saudi based properties”.
Simon Gray, Managing Director, Chestertons MENA