JUNE 2011 |
www.opp.org.uk
OPP AWARDS AWARDS for Excellence 2010 | 49
Best Developer Morocco: Property Logic Property Logic’s Jardin de Fleur development in Morocco impressed the judges at last year’s OPP awards because of its high quality freehold properties in an emerging destination. According to the company’s awards entry: “Le Jardin de Fleur comprises 11 resorts totalling 1380 properties in Mediterrania Saïdia, Morocco. Each of the resorts is designed to meet the needs of a specifi c market in terms of price and style. Whilst all Le Jardin de Fleur resorts maintain high specifi cations, a selection of entry-level units (Radisson Suites at €93,000) are balanced by resorts that suit the more affl uent investor (the Franklyn “Grandes” Villas at €741,723).” It is a good investment, Property
Logic argues, because it includes integrated property management. “Not only are all property requirements taken care of but rental potential is also maximised via the operator’s marketing, distribution and reservation networks. The operators have been selected to give access to a variety of national and worldwide markets. An independent study commissioned through Deloitte Paris suggests that 5% rental returns on Le Jardin de Fleur properties should be attained with only a 50% occupancy rate, rising as the destination becomes more
established. These competitive returns are expected to cover investors’ principle and interest mortgage payments.” The company continues: “Le Jardin de Fleur properties offer higher returns in comparison to similar international resort developments. For example an apartment on the Best Western Premier resort gives a 40% lower entry point per square metre than an equivalent property in an established resort such as the Cannes Grand Parc, France. In addition, Le Jardin de Fleur has the added benefi t of full furnishings, 24-hour lifestyle assistance and fi rst-class leisure and business facilities. Le Jardin de Fleur resorts include a tennis club, aquapark, putting greens and spas.” Developer fi nancing is another area
the judges looked at when making their decision, and Property Logic’s partner network includes mortgage and fi nance suppliers who can assist with purchases. In some cases, Property Logic has guaranteed a 50% mortgage package to ease the completion process. “Property Logic maintains a policy of regular and clear communications with clients who may require additional support and information during the purchase period. This high level of service continues throughout all phases of development as well as after completion.” The developer also maintains a
fl exible approach to payment terms, “working with real estate agents and clients to meet the requirements of
today’s buyers. This includes low entry deposits (from €9,000) and monthly payment plans (from under €1,950).” To market its developments, Property
Logic uses campaigns tailored and translated for international markets, in English, French, Dutch and Russian, and agents also working within Morocco, Brazil, Canada, Algeria and Iran. There is ample support for agents –
with separate websites for information and lead generation, which are available to agents in a specifi cally branded form that redirects enquiries back to their own system. Strategic online campaigns are also created that can be used by agents on their own databases. “Property Logic provides strong real estate agent support with good commission rates of up to 7.5% dependent on sales volume and the exclusivity of the property,” says the fi rm. “A client follow-up service is also provided which means that if a sale is secured from an agent’s lead, a commission of 3.5% is given. This service has been particularly attractive to smaller agencies who fi nd it more diffi cult to give the required client attention pre and post sale.” According to its entry, the developer has also taken steps towards sustainability. “Property Logic is a member of the US Green Building Council, working within LEED guidelines for architectural and developmental design strategies. This union is internationally recognised as the future for green building, providing
Property Logic develops residential resort projects in Morocco and Brazil. The Property Logic team is widely experienced and has created several award- winning concepts its resorts. Developments include Le Jardin de Fleur, Morocco and Ilha de Cajaíba, Brazil.
sound advice for environmentally aware construction as well as encouraging sustainability in the surrounding environs including employment for the existing community and new generations.” This combination of factors has served the company well. “Le Jardin de Fleur has maintained contact with its 700+ clients and continues to sell the remaining available properties. It has contracted reputable and proactive hotel operators for all of its resorts and continues to expand its partner network to ensure that the new destination of Mediterrania Saïdia is a success. In 2010, following a political reform in Morocco, Property Logic Senior Management again met with key representatives for Mediterrania Saïdia, including the newly instated Tourism Minister, to discuss the future initiatives for the area and to confi rm support for Le Jardin de Fleur resorts.
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