Developer bets on Asian buyers to make a beeline for Andermatt resort property in the Swiss Alps as travel restrictions ease

The developer is launching Silva in the village of Andermatt, comprising six flats with two or three bedrooms, with prices starting from US$1.8 million

Silva is part of a larger Andermatt project that will eventually feature 500 flats in 42 buildings, six hotels with four or five stars, and 28 chalets

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The village of Andermatt in the Urseren Valley in the Swiss Alps in winter. Photo Shutterstock

Published: 8:30am, 20 Oct 2021Updated: 9:00am, 20 Oct 2021

A Swiss developer is launching a luxury residential project in the Alps exclusively for Asian investors ahead of the winter ski season, as travel restrictions ease around the world with increasing vaccination rates against the Covid-19 pandemic.

Andermatt Swiss Alps is tapping buyers from the region for Silva in the village of Andermatt, comprising six flats with two or three bedrooms. The flats range in size from 95 square metres (1,022 sq ft) to 132 square metres, with prices starting from US$1.8 million.

Silva, scheduled for completion in the fourth quarter of 2023, is part of a larger Andermatt project that will eventually feature about 500 flats in 42 buildings, six hotels with four or five stars, and 28 chalets. It is the sole large-scale development in Switzerland that has been cleared for foreign ownership, after the developer secured an exemption from a federal law that required overseas investors to have permits to own Swiss property.

“We’ve seen an increase in interest from real estate investors in Hong Kong and Asia as a whole,” said Andermatt Swiss Alps’ Asia regional director Maureen Yeo. The company added that inquiries from the region had doubled since last year.

A backcountry skier skiing down from a high alpine summit with a large backpack and solar panel. Photo: Shutterstock.

The developer has already sold or reserved more than 96 per cent of all its launched properties, with 5 per cent of buyers coming from Asia. Koya, comprising 34 mezzanine-style flats, sold out within two weeks of its launch in March.

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