Serviced apartments in the Alps go on sale

The sales process has begun for apartments in two uniquely-shaped residential towers being built in the 1,600-metre-high Katschberg region in the Austrian Alps. The towers - named Edel and Weiss - are one of the first 'serviced living' schemes being developed by the Falkensteiner Michaeler Tourist Group as part of its residence and vacation clubs strategy. The investment volume for the towers is EUR 18 mln.

Italian architect Matteo Thun told a press briefing at end-June that his eye-catching design for the towers is inspired by pine cones. 'The two towers with their unique design are visible from many miles away and yet still blend in perfectly with the natural contours,' he said. The towers are made of steel and are covered by a vertical rhombus construction of Alpine wood.

Noting that more and more people dream of being 'at home during their holidays', FMTG said that the 14-floor Edel and 10-floor Weiss towers will be connected to the company's 130-room Hotel Cristallo by a pergola corridor above ground. This will enable the residents of the apartments to make use of all the comforts and services offered by the family hotel and its 2,000 m² spa and wellness 'water world'.

Vienna-based FMTG said the region between Carinthia and Salzburg offers an all-year-round appeal. 'Katschberg is at the heart of an area of outstanding natural beauty with countless opportunities for walking, mountain-biking, riding, etc. As you are right beside the ski area, there's really nothing to stop you enjoying an unforgettable snow-time adventure.'

The towers comprise a total of 62 apartments, varying in size from 40 m2, 75 m2, 100 m² to 180 m² penthouses. The basic cost for the apartments that are due for completion in May 2008, has been set at EUR 4,500 per square metre, significantly lower than rates of up to EUR 8,500 per square metre charged for similar schemes around Europe. The sales process is being handled by FMTG's real estate sales subsidiary REDS.

The serviced apartment concept has been common in the US for some time and is gradually making in-roads among high net worth individuals in Europe - and just as importantly, among hotels seeking to have their spa and sports facilities used during the entire year.

FMTG said it intends to invest increasingly in its residence and vacation clubs concept. The Edel Weiss scheme is part of the company's EUR 350 mln programme of 12 hospitality projects in Austria, Italy, Central and Eastern Europe and Central Southern Europe. Some schemes are being carried out in co-operation with investment partners and.

The largest development is the Punta Scala holiday resort in Croatia. Developed on a 30-hectare site on a peninsula on the Dalmatia coast, the scheme features a 210-room 5-star luxury hotel, a 250-room 4-star family hotel, and over 230 serviced apartments and villas. The total investment volume of the two-phase scheme is EUR 220 mln.