Amit & Roy were recently invited to the special VIP launch of Bisha Hotel & Residences, the latest in an increasingly popular line of premium Hotel & Residence developments that we have been seeing propping up around the city. There are not too many sales centers and developments that make you stop and say “WOW” but Bisha did just that. Swank with a Capital S.

Part of what makes these “Hotel & Residence” buildings so popular is the extensive amenities that come with it. At Bisha you get Valet Parking (was particularly excited about this…), as well as some nice perks such as a Concierge that will act like a concierge at a hotel. Need theater tickets? they’ll take care of it for you! In addition, they have 24 hour cafe’s and bars, restaurants, a full rooftop patio with a pool that goes right to the edge (infinity pool), and some great perks such as a high-end salon, pet walking, grocery delivery etc.

Image: Rooftop patio with infinity pool and cabana’s

Some of the most sought after and premium addresses in Toronto are Hotel & Residence buildings including The Pantages (210 Victoria Street), Soho Metropolitan (36 Blue Jays Way), 550 Wellington and One King West (1 King St. West). Part of what makes Hotel & Residence developments so attractive are the extensive amenities and luxury feel of these buildings that attracts the Young Professional crowd of Toronto. More recently, we have seen new Hotel & Residence developments find their way into our City with Thompson Residences offering hotel-like amenities for a premium price (621 King West) and the re-development of the King Edward Hotel (37 King Street East).

OTHER COMPARABLE NEW DEVELOPMENTS

As always, when considering purchasing any new development it is important to analyze the “comparables” to determine whether or not you are getting good value for money. While for many other developments, we analyze the nearest buildings by location, with Bisha not all of the comparables are necessarily in the neighbourhood – but instead we are looking at the other Hotel & Residences with similar amenities. It is VERY difficult to find similar projects to Bisha as it is a very premium development, and I considered comparing it to the TRUMP & SHANGRI LA developments which are selling over $1,000 per square foot, however, I instead decided to look at the Thompson Residences and King Edward.

COMPARABLE RESALE PROPERTIES

One practice I always try is to compare the new developments to what is already on the market. Again, finding a development that is similar to Bisha has been difficult, however, I am going to look at the other Hotel & Residences in the City. We don’t have much in the city that currently sells as high as Bisha is asking, making it very difficult to predict how much money an investor can make on this project. While I have no doubt that VIP buyers WILL make money on Bisha, without any accurate comparables to judge and project appreciation rates, it makes it difficult to calculate how much could potentially be made.

One of the exciting prospects that was discussed at the event was the intention of taking the BISHA brand International. They mentioned that they expect to have a Bisha Condo in major cities worldwide – mentioning Miami by name. If this is the case it makes this project even more appealing, as purchasers will be buying into the brand at the entry level prices that will only go one way if the brand takes off internationally. Given the attention to detail and high quality of what I saw, I see no reason why not.

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Want more details on BISHA Hotel & Residences? Check out the BISHA page at TalkCondo.