JULY 2009
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www.opp.org.uk International Property Reporter
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Stephen Harris & 0044 (0)208 439 9572 8
stephen.h@opp.org.uk
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13
DUBAI
NEWS IN BRIEF
Developers try out new financing plans
INDUSTRINDUSTR
Dubai state developer merger
Dubai’s government-owned developer
Nakheel has merged with the property
Developers in Dubai are attempting
arm of the state’s commodity market
to find new ways of securing investor provider. The integration with one of the
YY
payments as construction on several
emirate’s largest developers with Dubai
high-profile projects stalls due to
Multi Commodities Centre (DMCC) is the
latest move by Dubai’s property
cashflow problems.
companies to cut costs. “DMCC’s
DAMAC chairman Hussain Sajwani
property-related operations have been
(pictured) last month released a statement
integrated with Nakheel to better
saying developers must do more to help accommodate current market
buyers obtain mortgages. “The first and
conditions and optimise resources and
PEOPLEPEOPLE
most basic step for a developer is to work
expertise,” a company spokesman told
the National. DMCC provides facilities
on strengthening his profile with banks.
and infrastructure for commodities
Get projects on the list of approved
including gold, diamonds and energy
projects for financing,” he said.
and is owned by the same state
“Following on this, the success will Pro-active
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Damac’s chairman said developers must to do more to help buyers company as Nakheel, Dubai World. Its
be for the developers who can strike
main property project is the mixed-use
innovative and preferential agreements Dubai regulatory authority RERA said it contracts director Giles Beswick. “It would
Jumeirah Lake Towers, which Nakheel
was involved in constructing.
with the banks, to building an in-house was considering cancelling 27 projects. be naïve and belligerent of developers to
team of experienced advisors who just let developers default. It’s better to sit
Restored finance helps
DESTINADESTINA
can seek and consult the customer Creative planning down and try to work something out.
Vietnam recovery
instantaneously and seek the right bank Select Property has introduced a number “We’re also allowing buyers to change Delayed developments in Vietnam are
for the consumer.” of measures to help ensure buyers do not their terms of investment. It’s better to
restarting thanks to an improvement in
The comments come after a run of default on payments, as well as continuing have some funds in than none and you
the country’s credit market. Investors
TIONTION
including the UK-listed Vietnam Property
bad news for Dubai’s developers, with to offer a range of payment plans. “In the also win the trust of the purchaser. We
Fund (VPF) have reported an “astonish-
numerous projects being put on hold, last six months we’ve done more creative now contact buyers in advance of their
ing” revival in bank lending. “A number
including the Tiger Woods-branded things such as creating committees to payment date to give them reassurance
of credit lines have reopened, result-
golf and property development and review payments so investors can put and information. It also demonstrates ing in a visible upturn in construction
the 1km-tall Nakheel Tower. In May, the forward their cases in advance,” said that you’re in control of your finances.”
activity,” VPF said in an announcement
to shareholders. “Dust-covered projects,
inactive over the past 12 months, are
TUNISIA
going full-speed ahead, and companies
BUSINESSBUSINESS
are acting to secure material while com-
Las Vegas-style resort joins exchange programme
modity prices seem low.” Deputy Prime
Minister Nguyen Sinh Hung credited the
increase in lending to the government’s
The developer of a 60,000-unit
loan subsidy programme, started earlier
this year to stimulate the economy.
Las Vegas-style project in Tunisia
has announced its affiliation with
Thai developer aims for top
The Registry Collection exchange
Thailand looks set to get a new leader
programme. in property construction as residential
The BW Group has designed the
developer Sansiri announced revenue
International Riviera resort to recreate
targets of Bt17bn for 2009. Rival com-
DEDE
pany Land & Houses (L&H) is currently
a number of destinations, including St. VELVEL
the country’s largest developer but, with
Tropez, Marbella, Miami and Monaco.
their yearly revenue expected to remain
OPEROPER
It will feature a casino complex, spa,
at Bt14.4bn, Sansiri is poised to overtake
marinas and several international the firm for the first time, according to
hotel brands. The five-star residential
Property-Report.com. “The first quarter
resort will comprise whole and shared-
of 2009 was the second best quarter
ever for us. After the first three months
ownership properties, including 50
of this year, we were already at Bt12.5
luxury water villas to be sold as high-
billion,” said company president Srettha
end fractional. The first build phase is
Taveesin. “This year we will overtake
set to be completed by 2011. Star attraction
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BW Group will recreate the playgrounds of the world’s wealthy Land & Houses as the number one
MM
developer in Thailand.”
ARKEARKE
Interest ‘still high’ and exclusivity that The Registry Group and The International Riviera to
Mexican resort looks to Europe
BW Group chairman, Bobby Wahi, said Collection programme provides is our luxury exchange programme. In
A $2.5bn development in Mexico is
TINGTING
that despite the global financial crisis, precisely what our owners are looking terms of its concept and the variety it
hoping to broaden its agent network to
the multi-billion dollar project has for,” he added. offers, this development will certainly
Europe, including the UK and Russia. The
attracted a high level of interest from Gregg Anderson, global managing be one of the most unique and exciting 561-acre Grand Coral Riviera Maya is
international banks, investor funds and director of The Registry Collection said: fractional property developments in
offering guaranteed financing backed by
other developers. “The level of service “We are delighted to welcome the BW the world when it is completed.”
two major Spanish banks.
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