The Chedi is the first of its kind in Europe, offering premium luxury residences designed by world renown architects and designers in the excellently situated Andermatt Swiss Alps.
Managed by international hotel operator GHM General Hotel Management Ltd, Singapore, the hotel will be operated as part of an existing hotel chain trading under the name "THE CHEDI". The Chedi Andermatt, designed by notable international architects Denniston International and has been modeled on traditional alpine chalet architecture, with gabled roofs and wooden paneling. With its many layers and decorative design The Chedi Andermatt is an aesthetic focal point to Andermatt village.
Designed to meet every luxury requirement the hotel will also house a cigar and wine lounge, boutique and a world-class spa and wellness area, which will combine heated indoor/outdoor swimming pools, a fitness centre, treatments rooms and areas to relax and unwind. Other facilities at the hotel include an ice-skating rink (during the winter season), seminar room and car park.
The Chedi Andermatt, which opened in December 2013, consists of a 50 room hotel and a mix of hotel apartments, penthouses and suites. In addition, adjacent to the hotel, The Chedi will have 42 residence apartments and seven lofts. Facilities at the hotel for guests and residents will be extensive, including two restaurants, various lounges and bar areas and an après-ski bar with an outside terrace.
True to the philosophy of sustainability, the Chedi Andermatt complies with the MINERGIE-Standard and buildings are made with materials native to the region. The Chedi Andermatt will set new standards in the Alps.
The existing, picturesque village of Andermatt is being transformed with the population capacity set to almost double. The area is undergoing a huge redevelopment and what was once a somewhat overlooked resort is having its pisted area and amenities extended significantly to make it one of the largest winter sports destinations in Switzerland. Andermatt already has access to around 125 km of piste between 1,444-2,963 metres.
Andermatt is a pretty village with a good snow record and impressive skiing and boarding on the Gemsstock, including some fabulous off-piste runs. Near the station are the sunny slopes of the Natschen which hosts a range of winter activities and provide good facilities for learners and intermediates.
Andermatt is remarkably accessible. Thanks to its central location and its vicinity to the major transit routes (North-South and East-West), Andermatt has excellent connections to the transport network.
Andermatt is easily accessible by road and rail with connection times of around 1.5 hours from Zurich and 2 hours from Milan.
Freehold Ownership with no restrictions
Swiss Federal law prevents foreigners from acquiring residential property in Switzerland without a permit. The December 21, 2007 decision by the Swiss Federal Council granted The Chedi Andermatt an exemption from the terms of the Lex Koller Act and is giving international buyers the rare opportunity to buy residential property in Switzerland with no restrictions.
Arrangements have been made with leading Swiss banks to provide financing to qualified buyers at attractive interest rates. The typical loan to value (LTV) rate is 50-60% of the purchase price, although the actual LTV is determined at the bank’s discretion.
Investing in The Chedi Andermatt
The developer expect units to generate 2% net yield before taxes and expect a yearly capital appreciation of 3% to 5% in the next seven years once the Andermatt Swiss Alps development is completed and has reached its full potential.
Owners of a residence at The Chedi Andematt are liable to pay income tax on the net rental income of the unit. If a residence is not earmarked for participation in the rental programme with the hotel, the basis for evaluating income tax is the so-called notional rental value (estimated at approx. 2.5% of the purchase price). If a residence is participating in the rental programme, the rental income as well as the value of the owner’s personal usage forms the basis for the income tax calculation. The income tax rate, depending on the individual tax situation of the buyer, is approximately 27%. An annual property tax of approximately 0.2% is levied in Andermatt on the value of a residence less liabilities. In addition, an annual charge for second homes of CHF 14 per square metre net-living space will be levied annually, unless the buyer rents out the unit on a permanent basis to The Chedi Andermatt hotel and uses the unit only for a short-term. The capital gain (difference between sales price and purchase price) will be subject to Swiss real estate capital gains tax of approximately 11% to 31% depending on the capital gains amount and the respective holding period.
The acquisition of a residence in The Chedi Andermatt is subject to a land registration duty of 0.2% on the purchase price, up to a maximum of CHF 10,000. Notary fees will amount to a maximum of 0.2% on the transaction price, with CHF 2,000 as a minimum.
Annual running costs
Owners will be responsible for a resort maintenance fee of approximately CHF 130 per square metre and utility charges of approximately CHF 37 per square metre (water, electricity, heating, telephone, TV, internet). The resort maintenance fee shall cover the charges, fees, cost and expenses payable for the maintenance, management, security, insurance, upkeep, renewal, repair and replacement of the common areas comprising also the common utility charges. Furthermore, owners are granted access to all the hotel’s public areas that are also accessible to hotel guests. Individual consumption of food and beverages, goods or services is not covered by the communal charge for costs.
The buyer will be able to participate in the rental programme proposed by The Chedi Andermatt hotel. The unit owner will receive 50% of the actual net rental proceeds of his/her unit minus an administration fee of 12% and a marketing and reservation fee of 4%. Participation in the rental programme is not mandatory.
To make a reservation for a Chedi ResidenceAndermatt, a potential buyer will be asked to complete and sign a reservation form, at which point a reservation fee of 3% of the total purchase price is due. The reservation fee will be refundable within 8 weeks from signing the reservation form, minus a handling fee.
50% of the purchase price minus the reservation fee (first purchase price instalment) is due on registration of the Sale and Purchase Agreement. No interest is payable for this instalment. 50% of the purchase price (second purchase price instalment) is due at the time of the transfer of title.
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