FEBR

UARY 2010
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www.opp.org.uk
Feature arDechivveloper fe wwocusw.opp • F.orracg.uk/issuestional finance.asp |
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55
developers are looking at fractions We are seeing a lot of
and some are in the process of interest from prospective
converting whole ownership projects.” developers but apart from
INDUSTR
Despite Pestana and Morgan Seasons, we don’t see
Forbes’ success, it’s largely been a anybody else who is really
tough year for Portugal. “We’re still doing a lot of sales. Whilst
getting a number of enquiries but this reflects the current
Y
conversions have been very quiet in climate, I do believe fractions
the last year,” says Nikki Dale, sales and are here to stay.
marketing manager for Oceanico. The Darren Ettridge,
company cut prices on its Prestige Interval International
Residence Club properties for a limited
time last autumn, making it one of the
few developers in Portugal to offer
PEOPLE
discounts during the recession. “There
are a lot of people out there still not in
a position to part with their money.”
In Spain, heavy discounting and
an abundance of distressed property
has made whole ownership more
affordable – and fractional less
appealing. “Fractional sales have been
an absolute fiasco for us,” says Javier Stepping up sales
|
Seasons Holidays has found success upgrading its timeshare buyers to fractional at Forest Hills in Spain
DESTINA
Ballester, director general of Spanish
developer Taylor Woodrow. “We Jerry Cobb, chief executive of be comparable and equitable,” he said. an incentivised sales team. There has
received very few enquires both in our consultancy FOC, which was working “If the premium involved is too much to be real commitment to the idea.”
sales offices and in our telesales office with Taylor Woodrow, told OPP that the client won’t bother with it. It will In today’s market, tens rather
TION
for fractional, maybe one enquiry fractional had proved difficult to sell be spoiled by making the comparison than hundreds of deals are a sign of
for fractional for every one hundred in Spain. “We were very hopeful about with whole ownership. Developers strength for many companies. “We
traditional sales.” Spain but fractional property has to also need to back up the product with were not going to see hundreds of
BUSINESS
Choose to sell a development
that ticks all the boxes
Developers used to set their projects apart with design,
location and amenities with the basics like planning, bank
DE
guarantees and commissions taken for granted. Now the VEL
opposite is the case, with agents assuming that developers
have researched the best product for the right buyer and
OPER
looking for the best due diligence, commission structures,
marketing support, mortgage finance and purchase options
and, crucially, guarantees of completion.

Flamingo Lakes Golf & Country Club Resort, located in
Mexico’s Yucatan region, ticks all of the boxes for an agent
looking for product that will appeal to lifestyle and investment
buyers. This British-owned developer also provides secure
M
ARKE
commissions and the reassurance that construction has
already started.
TING
To represent Flamingo Lakes contact us today
t : ++44 (0)208 439 9496
e: flamingolakes@rgmuk.com
www.flamingolakes.com
FEB10_OPP_MAG.indd 55 28/01/2010 15:22
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