More than a thousand new ski resort properties are to be built the French Alps in a bid to keep pace with growing demand. The record number of new developments will be state of the art in terms of sustainability and fuel economy, according to the developer, MGM Group.
Richard Deans of MGM’s UK sales office in London’s Regent Street says that, for the company, this will be the biggest ever number of new developments to get underway in a single year. "Several factors have combined to achieve this. Planning applications which have taken some time to reach the approval stage now have the go-ahead and, with market growth across the French Alps gaining momentum, we decided to draw a higher than usual number of sites from our land bank so that we can start creating new apartments for occupation in less than two years from now", he explained.
All of the new developments will be residences de tourisme with the properties available being sold on a leaseback basis. This enables purchasers to receive a guaranteed annual rental income during the first 11 years of their ownership while also enjoying several weeks of personal use of their property each year.
Plans for the 11 new residences have been welcomed by the MGM Group’s specialist hotel management company, La Compagnie de Gestion Hoteliere (CGH), which was established five years ago to provide a letting and management service for owners. CGH, which quickly gained recognition as one of the leading companies engaged in mountain tourism, offers accommodation packages which have attracted business from more than 115 European tour operators and others in North America, Russia and the Middle East seeking accommodation for their clients.
Some of the new residences will be built in resorts and villages where MGM already has a strong track record of successful development. They include Tignes, Samoens, Cohennoz, Les Carroz and St Martin de Belleville. Others, which are new locations for the company, include Combloux, Chatel and Valmorel.
In all cases, the developments will be at the forefront in terms of sustainability and fuel economy, said MGM which has signed up to the principles of Haute Qualité Environmental, the international construction industry’s high environmental quality standard which aims to integrate the principles of sustainable development defined at the 1992 Earth Summit. The company also is a founder member of Sustain Worldwide, set up earlier this year to promote sustainable development in the international property industry.