APRIL 2010 | www.opp.org.uk
GOLF
Golf resorts take a clubbing
Golf courses attached to residential or resort property have been the worst causalities of the golf industry’s recession, according to new research. Almost 80% of courses forming part
of a mixed-use residential community or tourist resort in Europe, the Middle East or Africa, said the recession had had a negative impact on operations, according to a survey by KPMG. By comparison, only 60% of stand-alone courses, which account for 55% of the market, had been negatively affected by the downturn. “New developments, including
some high-profile projects in the Middle East, were put on hold as finance evaporated, real estate sales collapsed, golfers stayed at home rather than travelling abroad and courses struggled to renew memberships and maintain green fee revenue,” said the international auditor’s Golf Benchmark Survey. The combination of decline in
CYPRUS
Aristo reveals luxury marketing strategy
Cypriot developer Aristo has begun a new marketing strategy separating its existing stock from its new luxury projects. The company has launched its latest
development, Panorama Residences in Pissouri, in an attempt to attract buyers from the high-end of the market, a move that mirrors the actions of other developers in the country. Aristo is also awaiting government
approval on a scheme it says will be the biggest the island has ever seen.
Called Venus Rock, it is intended to be a €1 billion project covering around 10 million sqm of land. The two developments are to
be marketed separately from the company’s other products, which are aimed at mid to low-end buyers and now referred to as ‘Aristo Classic’. The company has no plans to launch any more ‘Classic’ projects this year. “We felt we needed to rebrand and
categorise our developments to identify specific marketing strategies for each
New strategy | Aristo’s Panorama Resi- dences will be targeted at luxury buyers
type of property,” said group marketing manager Panayiotis Michaelides. “They have different clientele and we need to use different marketing channels.”
Filling the holes | Palheiro has replaced UK buyers with a diverse range of clients
both the golf and property markets has hit resorts doubly hard, said Michael Longshow, chief executive of consultancy International Golf & Resort Management (IGRM).
Diversifying business
“Resorts that are totally reliant on golf have been hit badly but there are also lots of golf courses that are very reliant on real estate sales,” he said. “In somewhere like Spain, no one wants to buy real estate or play golf at the moment. A reliance on the British market has also hurt people particularly badly.” Resorts that offer a more diverse
range of facilities and have marketed themselves to a wider variety of buyer groups have weathered the recession better, he said. “Resorts need to market themselves proactively as a destination, not just a place for golf.” Palheiro Estate golf and holiday
resort in Madeira has managed to maintain sales levels by replacing its British buyers with customers from countries including Germany, Switzerland, the Czech Republic, Ukraine, South Africa and Venezuela, according to development manager Roger Still (pictured). “Had we relied on traditional markets we would have really suffered,” he said.
stephen.h@opp.org.uk | 13
NEWS IN BRIEF
VFI sets sights on USA
Italian developer and agent VFI Overseas Property is hoping to target buyers in the US as part of its international office expansion. The Calabria-based company plans to open a New York office through an alliance with a top-ten US real estate firm and is looking for other partners. “Even through the crisis we’ve been opening more offices – in Stockholm in Sweden and in Kiev in the Ukraine – and we now have eight in total,” said VFI’s general manager, Andrew Anderson. “Our buyers aren’t coming from one particular country anymore. Russians are one of the strongest markets in Southern Italy at the moment but we’ve got buyers from all over the world.” He declined to name the US partner but said they made $33 million worth of sales a day.
Ski resort sells out in six weeks
Savills’ ski property partner, Alpine Homes International, has sold out a 14-unit Austrian ski resort within six weeks of its launch. The speed of the sales was a near record for the Switzerland-based company and represent volumes not seen since early 2007. Buyers were arranging to visit the resort and sign contracts within days of the resort’s launch, said Alpine Homes’ sales manager for Austria, Gemma Burns. “Not one of them mentioned the Euro/Sterling exchange rate which is a refreshing change on last year.” Recent legislation allows buyers to reduce their VAT bill on the purchase of new build property, allowing savings of between 10% and 15%, in return for agreeing to let their property when not using it themselves.
DCI rolls out ‘shares for assets’
Mediterranean resort developer Dolphin Capital Investors is offering its shareholders 50% off the price of its luxury holiday homes in return for shares. The company, which builds across south- east Europe and owns Cypriot developer Aristo, first trialled its ‘shares for assets’ programme last May. The developer says the scheme will allow it to buy back shares at a significant discount because its properties are currently worth much less than the equivalent shares. Last year, €4.2 million worth of property were exchanged for €23.4 million of shares.
MGM STEPS UP
French ski developer MGM has increased
construction work in the Alpine town of Annecy to keep up with buyer demand. The company hopes to complete an extra new development in the town in the in the Haute-Savoie region by July this year after selling all but five of the 99 apartments it is building near Lake Annecy.
NO DIVIDEND FOR EMAAR
Dubai-based property developer Emaar intends not
to pay its shareholders a dividend for 2009 and will transfer last year’s profit to its reserves. The company recently announced that its $150m residential towers project, 29 Burj Boulevard, will be delayed by two years and is now scheduled for completion in February 2012.
DUBAI PEARL TARGETS SP
UAE-based developer Pearl Dubai has partnered with
Singapore Sotheby’s International Realty to market its 20 million sqft development to Asian buyers. The two companies will hold roadshow events in Asian hub cities to sell residences in the Dubai Pearl project, located next to the Palm Jumeirah, to the continent’s high net worth individuals.
INDUSTRY
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