| RAK: Real estate moving forward Despite difficult conditions in the real estate market following the global economic downturn during 2009 and 2010, Ras Al Khaimah (RAK) has held up relatively well, and a number of developments are being pushed ahead. Work on Al Marjan Island - a cluster of five man-made islands near the Al Hamra area outside RAK City - is progressing well, and in January 2012 it was reported that the flagship $1. However, infrastructural challenges have been cited as a reason for what some see as smaller-than-expected returns. While RAK isn't unique in this regard within the UAE, connectivity problems throughout the market are likely to be resolved at a slow pace because of high number of buildings marked for completion and handover. However, these new revenue streams, in addition to the handover of 3000 apartments, villas and offices by the year-end 2012, means that RAK Properties should return to growth in the short-to-medium term. The occupancy level for the project as a complete stood at 84% by February 2012, according to AHREDC. Several other key tourism infrastructure projects will come on-line in 2012, including Bab Al Bahr, scheduled to open its doors in the first quarter of 2013 on Al Marjan Island. 2m tourists to visit the emirate by the end of 2012, up from 800,000 in 2011. Each of these developers is on track to oversee the completion of major projects in 2012-13. The Mina Al Arab villas project, for example, started in 2005 by RAK Properties, is now in its final stages. A handful of major players continue to dominate the sector: Al Hamra Real Estate Development Company (AHREDC), Rakeen Development and RAK Properties, that are all partly owned by the government and less than a decade old. With RAK set to gain an advantage from swelling numbers of tourists, largely due to increased government promotion of the sector, such developments will cater to the uptick in demand. The islands will offer a broad mix of developments, from commercial to residential, including apartments for rent. Although the company posted net profits of $29. RAK Properties - the emirate's biggest property developer - has also seen large-scale developments edge closer to completion, including Mina Al Arab, a $3. |
Sunday, 10 June 2012
RAK: Real estate moving forward
Saturday, 9 June 2012
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Real estate footprint on the rise in South India
| Real estate footprint on the rise in South India The three cities of Hyderabad, Bangalore and Chennai together account for nearly 45 per cent of country's office stock and southern cities represent 56 per cent of the country's mall supply between 2012 and 2016 and for residential estate, on average, these cities record nearly one-third of the country's new launches in the past five quarters. Also, with a total stock of nearly 140 million sft in the major cities here, the vacancy rate by the end-2012 was expected to be 16 per cent, considerably lower than the pan-India vacancy rate of over 20 per cent. In terms of transparency levels across 20 major cities during last year, Andhra Pradesh, Tamil Nadu and Karnataka featured in the top ten ranks for five parameters that included availability of market information, reforms in Urban Local Bodies, progressive business environment, inclusive and sustainable development and protection of Property Rights. According to Jones Lang Lasalle, residential markets here remained resilient in the past few quarters relative to the significant decline recorded in the sales volume of Mumbai and NCR. The region does not lag behind others even for residential estate and the launches in southern cities during past few quarters were at par with the western region. For the retail real estate, Jones Lang Lasalle initiative documented that with 59 malls in pipeline, Hyderabad, Bangalore and Chennai represent 56 per cent of the country's mall supply in coming years. Towards this, the report cites new milestones as commercial advantage of Bangalore, infrastructural progress of Hyderabad, industrial and residential highlights of Chennai or the emergence of upcoming cities such as Kochi, Coimbatore, Visakhapatnam and Mysore. On the office real estate front, the Jones Lang Lasalle report noted that it is primarily driven by the IT/ITES sector as it offers large office spaces at affordable rents providing lower operational costs to occupiers. 4,000 per sft or below continue to dominate the residential market here, the report said. |
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Boulevard of developers' dreams shackled by red tape
| Boulevard of developers' dreams shackled by red tape
A TREE-LINED boulevard with trams from the city to Parramatta. Mr Johnson said the completion of the M4 East was crucial to reviving Parramatta Road but development of the apartments was needed before then. With 100,000 new apartments, by 2036, Parramatta Road would become the best place to live, attracting young people and creative industries such as businesses similar to Look Print in Leichhardt, whose 70 employees live and work close by. The taskforce plan calls for Parramatta Road to have a much higher density, with six storeys on each side. The developer Iwan Sunito, the chief executive of Crown International Holdings Group, says every council has ''different ideas'' so it would be a lot easier to deal with one authority. Infrastructure NSW is due to make its recommendations to the government in September about the M4 East and other projects. Mr Hazzard concurred. ''If the very fast train happens, the most probably route would end up with the Sydney stop at Parramatta,'' he said. He said the completion of the M4 was perhaps 10 years away. Look Print's David Lynch supports the plan. Although yet to be put formally to its owners, up to 10,000 apartments could be built at Flemington Markets. That's the latest ambitious plan for Parramatta Road, and the developer lobby believes it's all achievable - within 25 years - if a new urban regional authority is established to manage it. Mr Hazzard hinted that a brand new authority could be established. While he had yet to see the taskforce's plan, Parramatta Road left ''a lot to be desired and the potential is enormous''. They include about 300 apartments at Summer Hill; more than 1800 in two developments at Auburn and 1300 at Five Dock. On the metro, Mr Johnson conceded it ''wasn't going to happen instantly'' but suggested it could come about the same time as the very fast train. ''If people live in a city they do expect to have a bit of density and a bit of vitality and bustle,'' Mr Johnson said. These are all very young, vital, imaginative and creative people who certainly spend an enormous amount of money in the area. He said taskforce members had up to 20 sites - some three to four hectares - caught up in council red tape. |
British Chancellor Urges Rapid Action on Spanish Banking Crisis
| British Chancellor Urges Rapid Action on Spanish Banking Crisis I hope the Spanish have a good sense of humour, because Britain in its current state has a cheek giving anyone advice on economic management, but that hasn't stopped finance minister George Osborne from doling out the advice regarding Spain. " In reference to the Eurozone bailout fund, he added: "We need to be certain the mechanisms already put in place can be activated. "So that, for example, Spanish depositors have confidence that they're able to leave their money in the Spanish banks, so that, for example, there are common funds to re-capitalise banks, so . Osborne also said that the EU should have a banking union. "The banks have been one of the weak links in all of this. " The Chancellor added that Britain would need "safeguards" to protect its financial sector, in the event of a Eurozone banking union. However, Cameron vetoed the decision because it left out safeguards, and Osborne also said Britain won't be part of a banking union, and will also need safeguards if one is to be formed. "Britain will require, if there is a full blown banking union, certain safeguards. "I think you would need to sort out immediately the situation in the Spanish banking system and resolve the uncertainty there, basically put money into the Spanish banking system to recapitalize it without worsening the Spanish sovereign debt situation," Osborne told BBC Radio 4. "Part of running a single currency . At the present time Spain is at the heart of the Eurozone crisis as another Spanish bank's have to be recapitalised has once again plunged the peace-meal solutions being applied as dangerously inadequate to deal with a problem of this magnitude. "Spain need to restructure their banking system, they need resources to do that. "There is no way Britain is going to be part of that banking union. We just want to suggest the solution but not be a part of it apparently. British Chancellor Urges Rapid Action on Spanish Banking Crisis |