INDUSTRY
10 | INDUSTRY Developer news
NEWS IN BRIEF Nakheel’s new debt deals
www.opp.org.uk | JUNE 2010 Harlequin event reassures By STEPHEN HARRIS
DEBT-laden developer Nakheel has revealed agreements with over half its trade creditors after receiving another government bailout this week. The state-owned fi rm behind the Palm Jumeirah project paid off a $980 million Islamic bond with money from the emirate’s Financial Support Fund – which was created last year to help government companies manage their debts. Nakheel told Dubai news agency, WAM, that it was ready to pay 40% of the AED6 billion ($1.6 billion) owed to its suppliers and contractors.
Cyprus greets Qatari Diar
DEVELOPERS have welcomed Qatari Diar’s decision to invest millions of dollars in a mixed-use project in Cyprus. The $150 million government joint venture with Qatar’s property investment fund is the latest scheme to cash in on the growing Middle East tourism market – following moves by several Cypriot developers targeting buyers from the region. “This investment is good news,” said Simos Similides, sales director of Pafi lia. “Cyprus is becoming a hub for fi nancial, services and property investment, providing a bridge between Europe and the Middle East.”
Brazil’s biggest developer
A TAKEOVER deal created Brazil’s biggest developer last month, as the country’s house-builders continue to benefi t from the low-income housing boom. PDG Realty agreed to buy rival fi rm Agre in a sale valued at BRL2.43 billion ($1.4 billion).“The association will result in a combined land bank that is complementary on a geographical basis, “ says the company.
Protester fi ghts libel case THE leader of a property owners’ group in Cyprus has vowed to defend himself against legal action taken by a developer. Leptos Estates has fi led a libel claim against Denis O’Hare of the Cyprus Property Action Group in response to a page of the association’s website. The company says the site made false claims about the issuing of title deeds on Leptos projects and that it is acting to protect its reputation and existing customers.
Rakeen is building Georgia’s largest shopping centre at its Uptown Tbilisi project
OVER 2,500 people fl ocked to a pre- launch event for Harlequin Property last weekend with the agents involved saying that their clients were “pleased” with the developer’s progress. The two-day show at Wembley
Stadium, hosted by brand ambassador Andy Townsend, gave existing and potential investors a preview of Harlequin’s Buccament Bay resort in the Caribbean. “The idea behind the launch was to
show everyone what we have achieved at Buccament Bay and to demonstrate to the travel industry that Harlequin Hotels and Resorts will be a force to be reckoned with in the industry,” Harlequin’s chairman, Dave Ames, told OPP in a statement. “It was also intended to give
visitors an opportunity to ask me any questions they had about the resort and Harlequin’s other developments in the Caribbean and thank them for their patience, allowing us to complete a resort to the highest standards.”
Agents said Harlequin’s event helped to reassure potential British buyers
Although it has experienced delays, Buccament Bay is set to open in November 2010 and will be Harlequin’s fi rst completed resort. “It is hoped that the progress of the development will give assurance that Harlequin is a serious developer that builds what it sells off-plan,” said Ames. Agents attending the event said
their clients were pleased with what they saw. Greg Walters, managing director of Roc Investments, brought a coach-
load of 35 investors to the event from Birmingham. “One client who had already bought with Harlequin has now decided to purchase more than one extra unit,” he said. Louise Hoade, director of Principal International, said: “One couple who had been considering buying for some time were very positive. They felt reassured about the progress that has taken place and some of the partnerships.” It wasn’t a sales day, it was more about giving information, she added.
UAE fi rm plans to boost Georgia
A MIDDLE Eastern developer is hoping to make Georgia the next big emerging destination for foreign property investors and residential tourists. Rakeen, owned by Ras Al Khaimah Investment Authority in the UAE, is planning two tourist projects on the Black Sea coast and a third in the city of Vardzia. “The biggest number of tourists
in Georgia come from Azerbaijan and Romania, but we hope to at tract investors from the Middle East and Western Europe,” said Rakeen marketing consultant Otar Pkhakadze. The fi rm has already begun work
on a mixed-use project in Georgia’s capital, Uptown Tbilisi, which will include a 30-storey residential tower
and the region’s largest shopping centre, scheduled to open in Q2 2011. It also building the country’s fi rst international-standard golf resort in partnership with Swiss company Harradine Golf. Georgia’s relative cheapness and potential for economic growth will help attract international buyers, said Pkhakadze. “Since 2003 the country the country
has seen very interesting economic growth and in time will have European living standards, he says. The labour force is also very cheap for development, adds Pkhakadze. But the country faces a challenge
to overcome the negative image created by armed conflict with Russia in 2008.
Pkhakadze admitted there was
a portion of risk in the investment but said the counterpart to this was the higher potential yields than developed countries offered.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60