Find Your Oasis
The Maldives’s azure waters, verdant jungles and white sand beaches are calling. So is the allure of a castaway, back-to-nature resort lifestyle by owning a slice of island paradise with Soneva Villa Ownership. Join us for a sparkling glimpse into the oasis and the group’s portfolio of private residences.
By: Kevin Dwyer
One of the world’s first barefoot luxury brands, Soneva was a pioneer in villa ownership and eco-responsibility in the Maldives. The acronym SLOW LIFE (Sustainable-Local-Organic-Wellness Learning-Inspired-Fun-Experiences) reveals the Soneva philosophy. The goal behind its resorts and private residences is to “illuminate lives whilst treading lightly on the earth.” SLOW LIFE eco-responsibility is reflected on every level of the property, from organic farming, locally sourced seafood, sustainable building materials, employing local craftsmen, on-site water treatment and purification, recycling and environmental preservation efforts.
Soneva’s visionary founders, Sonu Shivdasani and Eva Malmström Shivdasani always wanted to develop a resort that would satisfy their desires for a dream destination for those who liked to travel in style, and they both had an overwhelming desire to protect the environment. A descendant of Indian parents, Sonu was born and studied largely in England, with some periods of his education in Nigeria and Switzerland. He is an alumnus of Eton College and a graduate of Oxford University, where he earned an MA in English Literature. During his time at Oxford, Sonu met his Swedish-born wife, Eva. During the 70s and 80s Eva was a top fashion model appearing on the covers of more than 100 high-end magazines world-wide, as well as having a successful clothing company: L’EVA in Paris. They fell in love with the beauty of the Maldives and its nature when they visited the island nation while on their honeymoon.
“Soneva Fushi was the first castaway resort in the Maldives, pioneering a trend for back-to-nature luxury holidays.”
The couple leased an island in 1990. After considerable effort and some good luck—their first resort, Soneva Fushi opened in 1995—a pioneer luxury and environmentally friendly resort in the country which redefined tourism in the Maldives and soon became known as the premier beach destination for discerning global jet setters.
“It took a good four years to raise the funding and construct the resort and in 1995 we opened Soneva Fushi. Our focus on low volume, high quality and high-end clientele was a conscious decision. What attracted us to the Maldives was its natural beauty and we knew that to preserve it, one needed to limit the number of people coming. I strongly believe that combining luxury and sustainability is the right business model and that when done right, it is the most successful business model. However, I had no idea that our intensely personal vision of a locally crafted villa and environmentally responsible lifestyle would form the basis of a successful collection of world-class resorts. But that’s exactly what happened. Soneva Fushi was the first castaway resort in the Maldives, pioneering a trend for back-to-nature luxury holidays. What we also did not realize was that our decision helped transform the Maldives from a three-star high volume destination into the luxury destination it is today,” says Sonu, Founder and CEO (Guardian of the Culture) of Soneva.
“We’ve seen a growth in property prices of a little over 40% in the past 5-6 years”
Today, Soneva Villa Ownership represents the ultimate expression of the signature experiences and style for which Soneva has become world-renowned; understated design and luxuriously spacious accommodation, uncompromising quality and service, and environmental sensitivity. Private Residences are currently available at Soneva Fushi and Soneva Jani in the Maldives. The private villas and retreats in the Soneva Villa Ownership portfolio are sold on a renewable leasehold and are fully maintained by the resort to ensure owners’ peace of mind.
The Robinson Crusoe-style Private Residences at Soneva Fushi are located on the quiet private island of Kunfunadhoo within the unspoiled Baa Atoll, far from the usual tourist trail and part of a protected UNESCO Biosphere Reserve. Available villas range from a spacious one-bedroom pool villa suite, to a stunning nine-bedroom mansion. Each villa is set within its own extensive rainforest garden, just steps away from the soft sandy beach and crystal-clear waters.
At Soneva Jani, one of the world’s lowest density resorts, there are two types of Private Residences to choose from: the iconic overwater villas, ranging from one to four bedrooms, or the vast three- or four-bedroom beachfront Island Reserves. All Private Residences are designed to meet each owner’s specific requirements, whilst remaining true to the Soneva values of SLOW LIFE. Each villa is fully serviced, including your personal ‘Mr./Ms. Friday’ butler service (a fantastical reference to Robinson Crusoe), complimentary transfers to and from the resorts and full access to all the island’s facilities.
Soneva Villa Ownership is particularly appealing to those who return to the Maldives regularly for a variety of reasons. Each of the private villas achieve a strong cash yield when rented out while their owners are away from the resort. On average, owners use their villas for about 30 days a year and usually get a 3-4% cash yield after their expenses (0.5% to the long-term improvement fund in the villa and 1.5% to cover the annual operating expenses) if they stay at the resort outside of peak season.
Capital prices, especially in the Maldives, have been appreciating by around 8 to 10% per annum. As an example, rates at Soneva Fushi over the last 20 or so years have been compounding at somewhere between 7 to 10%. This would imply that over time the underlying capital price would appreciate at a similar level. Soneva Fushi has just had its first resale of a villa. That said, based on recent transactions, a property that was sold in 2011/2012 for US$ 7 million, today would fetch a little above US$ 10 million. So, there is a growth in property prices of a little over 40% in 5-6 years.
Owners also benefit from the use of their villa during their holidays, which can add up to a significant amount of savings over several years. As part of a villa transaction, Soneva offers many savings to owners including: 20% savings on F&B and motorised water sports; 20% savings on all flight transfers (round trip) to/from Malé, and personal Mr./Ms. Friday butler service. There’s also a 2% commission on gross sale price for recommending a residential prospect, payable on the successful signing of definitive sale and purchase agreements. Maintenance of the property is guaranteed at the highest level and each villa is fully maintained by the resort estate management team.
Looking ahead, the Soneva Group is expanding in the Maldives, adding two more resorts to its portfolio. It is also planning to open a Soneva in Japan where it will be a resort with a spa and residences similar to Soneva Fushi and Soneva Jani. It’s also opening Soneva Soul; a resort with a wellness concept and emphasis on the medical aspect of its guests’ health. The new Soneva Fushi Water Retreats are almost finished and will be ready to open this month. These will be the first water villas at Soneva Fushi and are being launched as
part of Soneva’s 25-year anniversary celebrations. G
To learn more about Soneva Villa Ownership, contact:
Roz Colthart
Area Director, Soneva Villa Ownership
Soneva Jani
Medhufaru Island, Noonu Atoll,
Republic of Maldives
T: +960 660 0304 | M: +960 730 2018
Whats App: +44 7413 065 899