Today is International Women’s Day, and there is no time more appropriate for women (and men) to de-stress, unwind and pamper themselves by visiting a high-end spa, a real estate trend that is gaining traction in Pakistan’s metropolitan cities.
If you are considering in investing in a spa, factor in the following:
1. The cost of setting up a spa ranges between five and 15 million rupees; the expected return on investment (ROI) ranges between 20 to 30% over a period of two to three years.
2. The resale value of an established spa is estimated to increase by eight to 12% within the next three years; rentals are expected to increase by 35 to 40%.
3. Spas are usually established within commercial areas. However, large houses built on plots exceeding 1,000 square yards have also been repurposed to serve as spas. Rentals for these houses are usually five to seven percent higher compared to conventional retail spaces.
4. Areas where you can find high-end, spas include:
Karachi: Clifton, DHA and PECHS.
Lahore: Block Y, Main Boulevard and M.M. Alam Road.
Islamabad: F-10 Markaz and Sector F-7.
5. The prices of property in these areas (per yard) are as follows:
Karachi – Purchase price range: Rs 40,000-95,000; rentals: Rs300-650.
Lahore – Purchase price range: Rs 35,000-80,000; rentals: Rs 280-500.
Islamabad – Purchase price ranges: Rs 38,000-75,000; rentals: Rs 250-550.
6. In terms of design, ensure a well-planned layout; separate the reception from the service areas by using temporary panels or screens if you are on a budget, or textured walls if cost is not an issue. Popular design features include pebbled floors and fountains. Remember, plush interiors, comfortable seating and a soothing ambience increase customer footfall, as well as the resale value of the property by nearly five to seven percent.
– Zoya Gul Hasan
Information provided by Karachi Estates.
First published in the Real Estate Section of The DAWN National Weekend Advertiser on March 8, 2015.