THE South-east Asia hotel residences market has surged to US$16 billion as of October 2015, according to the Hotel Residences Market Trends report released by C9 Hotelworks.
At current, there are over 28,000 hotel branded units split between nearly 120 projects for sale across the region.
While the region domesticated its real estate sector after the global financial crisis, the latest progression has attracted an increasingly high volume of top-tier developers putting up large-scale projects.
In terms of destinations, Thailand is the leading market in hotel residences, accounting for 37 per cent of total projects, followed by Indonesia with 22 per cent, Vietnam at 18 per cent, Malaysia and Philippines both with nine per cent, three per cent for Singapore and two per cent for Cambodia.
Market-wide average sales price per square metre for hotel residences in South-east Asia (excluding Singapore) is US$4,870 in urban areas and US$2,981 in resort destinations.
The most prevalent unit configurations are one-, two- and three-bedroom units for properties situated in urban areas while resort locations are dominated by villa-type hotel residences.
The report also revealed that based on the pipeline, Louvre Hotels Group is the market leader with a total of 23 projects in Thailand and Indonesia, while Banyan Tree (11 projects), which has diversified its real estate components with Angsana and Cassia alongside its core brand, has the broadest geographic spread covering Thailand, Malaysia, Indonesia and Vietnam.
Among the top international hotel groups, projects from Starwood (eight projects), Shangri-La (four projects) and Ritz-Carlton (three) are mainly sited in urban areas. In contrast, others are concentrated in resort locations. Other notable chains represented in the offerings are IHG, Accor, Hyatt, Fairmont Raffles, Minor and Rosewood.
