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JULY 2009
|
www.opp.org.uk Interview

Jonathan Willis/Hot Property Alert
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65
than many other UK property titles.
“It is inevitable that advertising-reliant
INDUSTR
media will suffer as fewer development
companies and promoters remain in
operation and tighten their budgets,”
suggests Willis. “Since our model
Y
does not rely on advertising, it hasn’t
affected us.”
It seems that 2009 has been
Asked whether online will eventually
the year of the joint venture,
particularly in the Middle East...
replace the need for print publications,
Willis adds: “Inevitably. Not because
A JV between Malaysian firms IJM
hard copy media will ever go out of Construction Bhd and LFE Engineer-
fashion, but because of the advent
ing Bhd has helped it win a RM303mil
PEOPLE
of new technologies. New media is
contract from Tamouh Investments
LLC to help build a hotel at Al Reem Is-
becoming more interactive and more
land in Abu Dhabi – due for completion
immediate. Print media can take up
on 28th Feb 2010. Abu Dhabi Invest-
to 10 days to finalise and deliver, by ment House (ADIH) partnered with
which time some opportunities are
Aldar Properties on the Al Remila part
long-gone. New media delivers instant
of phase two of Al Raha Beach in April
while, more recently, developer Sorouh
communication, requiring instant
and Tameer Holding Investment
action, and greater discounts can be
signed an agreement to dissolve two
offered through speed of sale. Further, real-estate joint ventures on Shams Abu
DESTINA
hard copy media is static, whereas
Dhabi and Al Reem Island. Meanwhile,
online media can now incorporate
another JV between Malaysian UEM
Land Bhd’s and the UAE developer
video imagery and clickable links,
Damac Properties - for the RM396m
bringing reportage to life. This is, after
sale of 43.5 acres in Puteri Harbour,
TION
all, the YouTube generation.” Nusajaya - has lapsed. UEM Land is now
“currently in talks with new developers
Think smarter
to take over its place”, said managing
director and chief executive officer Wan
But even Jonathan’s online platform
Abdullah Wan Ibrahim. Developers from
needs to adapt. “We too are having
Australia and Singapore have expressed
to think smarter, and we’ve moved an interest in buying parcels of land in
into building our own developments
Puteri Harbour, the waterfront develop-
(two spa hotels in Thailand) and
ment in Nusajaya, according to reports.
BUSINESS
A JV between Leighton Holdings,
entrepreneurship - by offering our
Australia’s largest construction com-
investor base alternative opportunities.”
pany, and the Tourism Development
Drilling down into how ‘alternative’ & Investment Co (TDIC) in Abu Dhabi
this opportunities are, Willis explains
has been abandoned – with Leighton
that its often ‘innovative new
blaming it on falling property prices in
the emirate. The 50/50 venture, created
businesses, inventions, innovations
in December 2007, was expected to
and unique concepts’. “This has
generate revenue of at least US$1.5bn
proven to be highly appealing,” he within five years. In a statement, TDIC’s
says. “Investors currently wary of
Chief Executive, Lee Tabler, said: “It
property still have to take care of
became more commercially viable for
DE
TDIC to retain the flexibility to work
their future financial security, and
with different contractors.” Amara
VEL
to work harder and think smarter, by developments, and developers, from they’re seeking options to hedge and
Holdings Inc, a Shariah-compliant
OPER
offering low-deposits, developer loans, Dubai to the Far East, St Petersburg, spread risk.” investment company headquartered in
easy-stage payments, etc. The most Moscow, the States, France, Italy, Concluding with some predictions
Dubai, last month signed a Sino-foreign
adaptable and creative are holding up Bulgaria, Montenegro, Croatia, Egypt, for the year ahead, Willis hopes that
equity joint venture agreement with a
subsidiary of New China Trust Co. Ltd.
best, if not flourishing.” etc. I try to meet with them all, and we confidence and liquidity will return
Under the terms of the JV, New China
In such a precarious market, with do a lot of background checks. I walk to the market. “The signs are good.
Trust’s subsidiary Shanghai Ding Hai
agents and buyers unsure which the land, take video and still imagery, Before Christmas, no one was doing Investment Management Co. Ltd will
developers will complete or even do background checks, and dine with anything, with their heads in the sand
work with Amara to identify Shariah-
survive, how can Willis and his team the main protagonists. Also, having hoping that this situation would go
compliant investment opportunities in
M
China. With land transactions slowing
be so confident about the deals they been in the industry for a good while away. Come new year we all realised ARKE
dramatically in parts of India, there is a
recommend? “We’re extremely picky, now, there’s a great deal of information- it was something we had to live with
growing trend for developers to form
and only work with trusted and well- sharing that takes place between and an environment in which it was joint ventures with landowners on low
TING
vetted individuals,” says Willis. “No- respected promoters, allowing fewer still possible to operate. The situation
or no cash deals, with the two partner-
one can pay to appear in our media sharks to slip through the net.” is slowly improving and the future
ing to promote the project and share
income. An interesting result of this
so, effectively, our promotions are Combining trusted editorial with looks rosy - providing you are able to
practice is that land values are based on
recommendations. referral business, Jonathan seems to diversify into a variety of investment
the final selling price of the developed
“I fly all over the world checking out have a more robust publishing model classes.” area.
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