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FEBRUARY 2010
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www.opp.org.uk DEVELOPMENT NEWS
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Stephen Harris & 0044 (0)208 439 9572 8 stephen.h@opp.org.uk
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13
MONTENEGRO
NEWS IN BRIEF
Montenegro approves €350M resort
INDUSTR
Morocco affordable housing
The Moroccan government is hoping
Colliers International has announced
to resurrect the country’s affordable
housing sector by reinstating tax breaks
the final spatial plan approval of a €350
Y
for private developers. Construction of
million resort in Montenegro.
affordable homes plunged from 129,000
The project is one of only two large
units in 2008 to 35,000 in 2009 after tax
high-end developments to receive incentives were revoked, according to
local government permission in the last
regional news agency Magharebia. In
12 months, said Andreas Marambos
August 2009, the housing and town
plan minister warned that the country’s
(pictured), managing director of Colliers
social housing, which accounts for 70%
International Montenegro.
of the market, would enter a state of
PEOPLE
“A lot of other projects were talked
crisis if nothing was done to reverse the
about but no permits were issued,” he situation. Under measures being debated
told OPP. “In theory it’s very easy to get Drive-to
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The resort hopes to sell 40% to the short-haul Eastern European market
in Parliament as part of the 2010 Finance
approval in Montenegro, but in practice
Bill, developers would be granted
exemptions from income and corporate
it’s very difficult due to the limited positioned itself as a top-end market so “There is a definite market for short-
taxes and other fees.
resources and lack of local authority the project hasn’t really been affected haul tourism. Although Croatia is also
infrastructure.” by the financial crisis.” very close, Montenegro offers nightlife
Developer issues 400 deeds
Royal Montenegro Grand Resort, that is more like Mallorca or Cyprus, Cypriot company Lanitis Development
which awaited planning approval for Buyer markets which Croatia doesn’t have.”
has announced the issue of over 400
title deeds for its Aphrodite Hills Resort,
DESTINA
almost two years, will include 120 villas, As with most developments in Colliers plans to market the resort
despite the country’s well-publicised
lodges and condos, a five-star hotel and Montenegro, the Royal resort expects to through its own international network,
backlog in the Land Registry. The
conference centre, casino and marina. sell mainly to Russian buyers attracted as well as working with other agents.
company hopes to transfer the deeds
“The resort is in a strong financial to Montenegro’s visa system and “We expect a lot of interest from
to the purchasers as early as February
TION
position and isn’t dependent on the luxury image. “But we hope to sell 40% Scandinavia and even Italy, where this year and has already begun work on
sale of residential units to proceed,” of properties to buyers from Eastern Montenegro is seen as an alternative
issuing the next 400 deeds. “We have,
said Marambos. “Montenegro has Europe,” said Marambos. destination for those with money.
from the outset, worked in accordance
with planning permits and always
maintain close cooperation with all
relevant authorities and this is a real
USA
result for us,” said Aphrodite Hills’ real
estate manager, Loucas Kitrou. “What’s
Miami price drop
more, for our owners, these title deeds BUSINESS
will increase the commercial value of
their individual properties.”
triggers foreign
Dubai Palm faces more delays
‘buying frenzy’
Fairmont’s Palm Jumeirah hotel and
resort in Dubai has become the latest
Sky high
|
Developers saw sales go up 133% in H2 2009 after lenders slashed prices
project to announce delays in the
Miami developers saw a surge in condo
emirate. Company president Thomas
Storey told Arabian Business that the
sales in the second half of 2009 after purchased an average of 6.5 new condo cost of the finished product.
hotel chain’s developer partner was
lenders slashed property prices by 30%. units per day from developers in 2009,” “The new prices triggered a buying
having trouble securing funding. The
Buyers purchased 1,655 new condos said Peter Zalewski of Condo Vultures. frenzy by foreign nationals with
development follows other schemes on
DE
in Greater Downtown Miami in the latter “The buying activity really picked up strong currencies and private equity the Palm such as the Trump Tower and VEL
part of the year, up by 133% from 711 velocity in the second half of the year groups that finally began to purchase,
the Kempinski Residences in announcing
OPER
sales in the first six months, according once retail condo prices were slashed completing a dozen condo bulk deals
construction delays. “The question is
going to become ultimately will the Palm
to research from Florida-based by lenders from $300 per square foot in the Brickell Avenue Area, Downtown
ever get developed out now the way it
consultancy Condo Vultures. down to $200 per square foot, which is Miami, and the Biscayne Boulevard
was originally envisioned,” said Storey. “I
“Buyers, primarily with cash, in many cases below the replacement Corridor in 2009.”
think it is a question mark now.”
MALAYSIA-SINGAPORE JV BRAZIL OFFERS 23% ROI RESORT SEEDS PLANTED
M
Malaysian company Sunway Developments has A developer in Brazil is promising a 23% net A fertiliser company turned property developer ARKE
formed a joint venture agreement with Singapore- return within four months on bulk investment in intends to build an 800-unit hotel and resort in Florida
based developer Hoi Hup Realty to build a residential its affordable housing project. The Bosque Verde for domestic and overseas buyers. Plans for Mosaic
TING
project in Singapore. The development will generate development in Natal is predicting rental demand Fertilizer’s golf development in Southwest Polk
an estimated MYR1.03 billion ($300 million) and will from the 25,000 Brazilians in the region who have County were approved by the planning commission
be funded through bank finance and internal funds. signed up to the government’s housing scheme. last month.
FEB10_OPP_MAG.indd 13 28/01/2010 15:19
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