AUGUST 2010 |
www.opp.org.uk
INDUSTRY Bermuda goes fractional By Robert Dale
BERMUDA has passed a series of land laws which should make it easier for fractional operators to do business there. A four-part piece of legislation has
removed land charges on hotel fractionals and condos, taking away the 10% to 18% land charge placed upon hotel properties and lifted restrictions on Bermudians and exempt companies from purchasing fractional units. Bermuda’s Royal Gazette reported that
the island’s politicians found the legislation changes hard to follow, with one calling it “terribly complicated” - but they accepted there would be an advantage for the local economy accruing from the move. Hotel operators had expressed concern
that land charges on purchasing units were putting off investors. Bermuda is home to such upmarket fractional developments as Tucker’s Point Club, The Reefs and Newstead Belmont Hills. The island is already one of the most expensive places on which to build. The legislation is seen to take
Legal changes | Bermuda believes that it has “jumped ahead” of the competition
into account the growing worldwide interest in fractionals and a desire by the Bermudian government to assist its property industry through the struggling economic times. Opposition senate leader Michael
Dunkley said: “We need to do everything we can to entice investment.” “The government should really
be praised for this – it is the most progressive legislation I have seen in a long time,” said David Dodwell, The Reefs owner. The former United Bermuda Party
tourism minister went on: “We’ve now jumped ahead of our competitors with this legislation. The biggest thing is that they have waived land charges for people who elect to put their unit in the hotel inventory. This can reduce the price by $40,000 and in today’s industry that has made us more competitive.” The bills, presented by Bermuda’s
immigration minister David Burch, revolve around amendments to existing immigration law. They involve tourist accommodation, hotel residences, rental use and landholding.
Registry opts for Machrihanish
A Scottish golf resort has joined a luxury fractional exchange scheme. The Registry Collection, which has
more than 175 properties, has taken on some units at The Village in the Machrihanish Dunes golf resort. Four-week fractional use periods covering spring, summer, autumn and winter will be sold with prices from £46,000 to £69,700, depending on the size and location of the cottage. Machrihanish Dunes, on the south-
west coast of the Mull of Kintyre, is next to the Machrihanish Golf Club, which opened more than a century ago. Fractional owners will also have use of the resort’s own David McLay Kidd- designed golf course, which opened last year. “The Registry Collection
programme offers our owners access to the finest vacation resorts around the world, all offering standards of luxury comparable to our own,”
says David Southworth, owner of Southworth Development, which is responsible for developing the resort. “We’re delighted to be able to offer this service to our owners.” Buyers will also able to purchase
single “floating” weeks at £19,975 (high season), £17,975 (mid) or £9,975 (low) season, with qualified purchasers also eligible to buy a package of two nights’ accommodation and golf for £139. Existing owners include former European Ryder Cup team member Ronan Rafferty.
“Southworth Development has
much experience in delivering the finest golf experiences in some of the world’s best locations and we’re fortunate in being able to offer their exceptional golf lifestyle experience to our members,” said Jonathan Back, managing director of The Registry Collection owner RCI. “It is a stunning resort and will be
a popular addition to our collection of the very best vacation destinations.”
There are going to be a wide
variety of different fractional sessions on offer to delegates at the OPPLive conference, due to he held at London’s Excel centre from October 14th to 16th 2010. If you would like to attend the
event and learn more please go to our web site at
www.propertyinvestor.
co.uk/london/ ... and register now.
On the ball | Machrihanish drives on
A golf resort in Canada has launched a fractional off ering, with 1,600 square foot units on off er from $58,900. Predator Ridge in Okanagan, British Columbia, has four-week shares during summer and winter, with golf membership thrown in for that time. An upgrade programme gives buyers the chance to extend both the duration of their ownership and size of property within fi ve years. Each comes with a deck and patio equipped with private hot tub and barbecue, and the promise of a saltwater pool to be built.
Garza Blanca off ering
THE Garza Blanca Preserve development, near Puerto Vallarta in Mexico, has launched a fractional sales programme. The development has two- and three-bedroom penthouses on an 88-acre site which takes in mountain and beachfront properties. In addition to seven 12-storey residential buildings, with two units per fl oor, and four private pool areas, there are more than 80 residences near the beach.
Island developer fi nance
TRANSPACIFIC Mortgage Group is to provide development fi nancing for Hawaii developer Island Fractional Homes new property at Ano Lani, on the north coast of Kauai‘i. One- sixth shares in three-bedroom villas start at $179,000 and the company will also make available fi nance for buyers. Randall Harris, founder of Island, says: “In today’s challenging lending environment, fi nding a responsive mortgage broker who truly understands the Hawaii fractional real estate market is essential.”
Dubai’s new Hideaway
HIDEAWAYS CLUB, a property investment fund with a portfolio of luxury villas and mansions around the world, is setting up a base in Dubai to target Middle East investors. “I’ve had a long relationship with the UAE and have always believed that The Hideaways Club would appeal to the unique demographics here,” said chairman Mike Balfour. The business model of the Hideaways Club is to off er its investors an exclusive membership package in return for the use of their overseas holiday homes.
INDUSTRY Fractional news | 15
NEWS IN BRIEF Predator seeks owners
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