06 | INDUSTRY NEWS IN BRIEF
SA ban on foreign owners SOUTH AFRICAN President Jacob Zuma is understood to be considering a ban on the foreign ownership of land. “Land reform will now be based on the `deracialisation` of the rural economy,” Zuma recently told a political rally in the northern town of Polokwane. “In order to have more land available for reform and restitution, the government is looking at three forms of land holding,” he said. These appear to be state land, which can only be leasehold, limited freehold on private land and land leases for foreigners … though ownership of these overseas leases will ultimately revert to South Africans, he said.
Market looking attractive
THE overseas property market is looking increasingly attractive, despite uncertainty over the future direction of house prices, according to research from the Worldwide Property Group. Its latest confi dence survey found that 77% of respondents felt now was a good time to make a foreign property acquisition. WPG said: “This represents the fi rst time since the survey began in August 2009 that overseas property has received a higher confi dence rating than housing in the UK. 69% indicated that they are currently considering an overseas purchase, with the United States still fi rmly in the number one spot.”
Improving US market THE US market is “improving” despite average home prices across the states suff ering a 2% fall in February, according to the Altos Research index. Altos Research announced this month that “prices are slowly improving and housing inventory is up 3.75% nationwide as the market moves into a much-anticipated spring selling season. The inventory of homes for sale declined sharply over through the holiday season.” Prices were down signifi cantly in San Francisco and Washington in February despite a rise in the number of properties put up for sale. “Sellers are bringing properties to market ahead of an expected up-tick in buyer activity,” says Altos.
NEWS By Geoff Hadwick
HARLEQUIN HOTELS and Resorts chairman Dave Ames has moved quickly to address “rumours regarding the payment of client loans and potential cash fl ow issues within Harlequin.” Speaking exclusively to OPP, Ames
said “I want to confi rm exactly what is happening, to explain why and to put a stop to all the speculation.” The issue is that Ames needs to raise
fi nance for the provision of investor completion mortgages for Phase 1 of the group’s Buccament Bay development. “My main goal at the moment is
to secure the funds that will enable purchasers to complete on their units in Phase 1 at Buccament Bay,” he says. “I’ve dealt with several institutions
recently that have all come back and told me I need to reduce the companies’ monthly liabilities, namely payments being made on purchasers’ loans.” Some accounts have got to the point
where Harlequin’s repayments are covering the interest on the deposit as well as repaying capital, and Ames
Harlequin | responded quickly to clarify matters regarding payments to investors
has been advised to take corrective action on these deals. Ames told OPP that a “small handful, only a few hundred investors - whom I regard as a fundamental part of our business - are involved. The majority of our business comes through SIPPs now, and these deals are not affected.” “The remainder are only a small
percentage of purchases on which we are paying capital. Most of them are interest-only, which was what we had always intended.” Harlequin is also “exploring a
number of other possibilities to reduce the amount of money that is being spent on repayment of purchaser loans and interest on cash payments.” Harlequin’s property sales team is
calling individual purchasers with a view to discussing other options. “I have no intention to break any agreement
that we have in place,” says Ames. “However, as with any relationship,
there has to be fl exibility on both sides. Purchasers and agents we have already spoken to understand and accept the need to make such changes.”
Tokyo market won’t be disturbed
JAPAN’s real estate sector experts are not worried by the country’s worst ever earthquake, despite the J-REIT real estate index falling almost 7%. J-P Toppino, the president and
chief investment officer at Secured Capital Japan, has said that there was no significant structural damage in Tokyo, which is the main target of investment. He said: “It was a huge earthquake.
All the buildings were shaking from the ground, but it’s very diffi cult to even fi nd any broken glass.” Of the 6.99% fall in the J-REIT
property index, Topping said: “That is not surprising. But I imagine that longer term, it will be the insurance industry that suffers when they have to start paying the claims. “Is the market going to be the
same as the Thursday before the earthquake? No. But let’s wait
MALAYSIA PRICE TO GROW
THE average price of newly developed residential properties in Malaysia is expected to grow by 13% year-on-year in 2011 according to a new survey published by Real Estate & Housing Developers’ Association Malaysia (Rehda). Rehda president Datuk Seri Michael Yam says raw materials prices had increased signifi cantly.
Solid | buildings in key investor areas HONG KONG ON A HIGH
HONG KONG home prices have hit a 13-year high according to the Centa-City Leading Index, an independent monitoring service run by the city’s biggest property agency. Average values were up by 1.7% in early March to their highest since October 1997, Centaline Property Agency revealed this week.
and see. I really don’t think we’re suddenly going to see vacancies up three percent because of this.”
www.opp.org.uk | APRIL 2011 Harlequin quashes rumours
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