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Independent Portion-Demand
Independent Portion Description
ground portion available on rent @ Rs.16000/m(one year advance+1 month security)seperate entrance.
Basic Facts
Type Non-Furnished Floor 1
Bedrooms 3 Total Area 5 Marla
Bathrooms 2 Kitchens 1
Independent Portion-Demand: Rs. 18,000 Per Month
Location: Gulistan-e-Jauher, Karachi
Independent Portion Description
Drawing Room + Store + back yard. Please email.
Basic Facts
Type Non-Furnished Residence 5
Floor 0 Bedrooms 3
Total Area 400 Sq/Yards Bathrooms 3
Kitchens 1
Facilities:
Water, Sewerage, Gas, Electricity.
For Rent: Single Room, For Men
Cavalry Ground, Lahore
Accomodation Description
A very nice single room in a house is available for rent. It is located in a prime location of Cavalry ground Lahore cantt. It is with attached bath and combined kitchen. Its asking rent is 6000 per month. Kindly contact for confirmed & a fair deal. Shahid 0321-4604594
Rent:
Rs 6,000 Per Month
Real Estate Developers Are Major Rangel Donors
Real Estate Developers Are Major Rangel Donors
In many ways, Vornado Realty Trust, the Kimco Realty Corporation and Apollo Real Estate Advisers represent the real estate vanguard of the new Harlem.
Vornado is building an office tower on 125th Street that some residents fear will accelerate gentrification. Kimco moved to push out longtime local store owners to demolish a building and put a new retail complex in its place. And Apollo is leading a contentious effort to turn the historically rent-stabilized Delano Village apartment complex — which has been renamed Savoy Park — into a more profitable property.
They have something else in common: Executives and people tied to the companies, along with other real estate concerns, have donated hundreds of thousands of dollars to Representative Charles B. Rangel’s fund-raising operation since the 2004 election cycle.
Mr. Rangel is facing scrutiny after revelations this month that he had four rent-stabilized apartments in a luxury building in Harlem; he has since announced that he would give up one of the units, which he had been using as an office. There have also been complaints from some neighbors that he has not done enough to help less powerful tenants avoid eviction from the building.
Mr. Rangel responded in part by stressing his long history in the neighborhood and his affection for it. But even as he extols the old Harlem, he is generating significant campaign contributions from those at the forefront of the new.
Indeed, Mr. Rangel, a prodigious fund-raiser, has collected more money from real estate interests than all but two other members of Congress this election cycle, according to the Center for Responsive Politics, a group that tracks campaign donations. He is fifth in fund-raising from all sectors. In all, he has raised more than $700,000 from real estate interests since the 2004 election cycle, much of it from New York-based companies, according to the group’s analysis.
The tally shows the degree to which Mr. Rangel’s extensive fund-raising operation — which includes a political action committee that he uses to support Democrats around the country — relies on the real estate sector as a base.
Mr. Rangel’s aides say he has no special relationship with the real estate industry. A major tax bill he introduced late last year would have increased the tax rate on many developers, an aide noted. The bill did contain a limited exemption for real estate investment trusts that the industry wanted.
Jon Sheiner, legislative director for Mr. Rangel, said: “There are no special favors. Mr. Rangel insists that his staff listen to the views of all sectors, all constituents. Contributors don’t get treated any better or any worse than the next guy. We don’t check those things.”
The congressman’s donations have poured in from a range of real estate interests since the 2004 election cycle. Mr. Rangel received money from individuals connected to companies whose executives play a leading role in an influential New York lobbying organization, the Rent Stabilization Association, which has sought to erode the laws governing rent controls in the city. Donations came from the Durst Organization ($38,000) and Glenwood Management ($30,425).
Mr. Sheiner said the companies had never lobbied Mr. Rangel about it, because it was not a federal issue.
In recent months, Mr. Rangel, the chairman of the House Ways and Means Committee, came through on an important agenda item for the real estate investment trusts, or REITs, which are publicly owned and operated companies that invest in real estate. A legislative priority for the REITs, the measure, initially approved by Mr. Rangel’s committee, would, among other things, make it easier for the trusts to sell their properties and allow them to develop and manage properties for other businesses, provided they pay corporate taxes that they generally do not pay. The measure was included in the far-reaching package providing assistance for the nation’s housing market that Congress is set to send to President Bush.
The National Association of Real Estate Investment Trusts, the industry’s lobbying arm in Washington, has given nearly $25,000 to Mr. Rangel’s fund-raising operation over the last three election cycles. The group’s president, Steven A. Wechsler, sent a letter on April 8 to Mr. Rangel applauding his leadership on the issue. The group, 13 days later, sent one of his political action committees a check for $2,500.
Beijing's property market expected to keep shining after Olympics
BEIJING (AFP) — Chen Jingnian is a confident young man with a mission -- ride the wave of Beijing's red-hot real estate market and buy a luxury car before he turns 30.
Tempted by the promise of rich rewards, the 26-year-old quit a university course that laid out a path as an IT engineer to instead become a real estate agent.
"The salary of engineers is fixed, but the growth potential in the real estate agent industry is much bigger," he said, adding he planned to buy an Audi A6 worth around 500,000 yuan (73,000 dollars) within three years.
"Many of our investor clients have two or three apartments... and a client I met last month holds more than 10."
And like many analysts and industry observers, Chen is confident the Chinese capital's real estate market will not deflate following next month's Beijing Olympics -- as has been the case with some other Games host cities.
"I will stay in the industry," said Chen, who focuses on selling apartments on the Olympic Green area with Century 21 Real Estate. "Maybe I will open my own company in the future."
Prices in the Chinese capital jumped by 11.4 percent last year, compared with an average rise of 7.6 percent in 70 major cities across the country, according to government figures.
New apartments now hit the market at an average price 3.5 times higher than in 2001, when Beijing won the Olympic bid, according to data collected by real estate agency 5i5j, which has more than 300 outlets in Beijing.
Suites near the Olympic venues and new subway lines, the best known projects covered by a 40-billion-dollar government budget to improve infrastructure and clean the city's environment, are the hottest spots.
"The implications of ongoing infrastructure growth for Beijing's urban development and the property market are substantial," said a report by real estate consultancy Jones Lang LaSalle.
Not only is navigating the city more convenient and less costly, the completion of new lines and stations will also drive new property growth in less developed areas, it said.
However, the fact that one square metre of a new apartment in Beijing costs about the same as China's average annual disposable income had stoked worries a bubble had developed that could burst after the Games.
Sales this year turned sluggish after China raised the downpayment requirement for second homes in 2007, after earlier hiking taxes and interest rates to prevent the market from overheating.
Debate on whether the property market nationwide was about to spiral downwards has been prominent in the Chinese media, particularly after prices in the south led the fall in the second half of last year.
Analysts attributed the current volatility to frenzied speculation during the market's rise, and an increasingly widespread "wait and see" attitude this year that delayed buyers' activities.
But Beijing's massive population and the fact the city is in its initial development phase are fundamentals that will bolster demand and keep post-Games prices stable in the city, analysts said.
"Beijing is a young man in terms of its growth momentum and development stage," said Zhang Yukun, a senior investment consultant at property agency Centaline China.
"The Olympics is just an accelerator for the city, not an engine without which the growth would stop."
Even average consumers feel confident about the potential of the city, which has a population of 16.3 million and is still growing quickly as people from around the country come to live in the nation's bustling capital.
"The demand is strong -- Beijing has so many newcomers every year and many young people I know are still living with their parents and need their own house," said Liu Jing, a 34-year-old export company executive from southern China who has her own apartment in the city.
The Urban Group of Companies Moves into Austin Texas Real Estate Market
The Urban Group of Companies, through its affiliate Urban Acquisitions, LLC, has acquired the commercial office property at 9415 Burnet Road in Austin, the company has announced. The 3-story property consists of approximately 30,000 square foot mixed-use retail and office space, and is located in proximity to Austin’s three major highways.
“The Urban Group of Companies is excited to enter the Austin market,” said Scott Chaplan, Chairman of the Urban Group of Companies. “Austin is one of the great cities in America. Our mission of acquiring and enhancing sustainable mixed-use urban developments comports with Austin’s, and especially the North Burnet/Gateway 2035 Master Plan. We look forward to significantly more activity in this market.”
The Burnet Road property is located near the crossroads of Interstate 35, Highway 183 (Research Boulevard) and Highway 1 (MoPac). This location gives tenants, customers and workers easy access to and from the highly publicized Domain development, and the Austin Central Business District. The property is within the North Burnet Redevelopment Zone, which seeks to attract density, sustainable design and transit-oriented developments such as the Burnet Road property. “We intend to significantly expand our presence here in the coming months,” says Chaplan.
About the Urban Group of Companies
The Urban Group of Companies is a full service real estate development, management, investment banking, finance and consulting group focused on opportunities within the urban core. The Urban Group owns and manages over 1,000 units of affordable housing, mixed-use and office space in over 40 projects in six states, and employs a staff of 104 professionals. Affiliates include Urban Development & Finance, LLC, a triple bottom line real estate development and finance firm; Urban Eco-Housing, a developer of sustainable rental housing, and Urban Housing, a property management firm. For more information, please visit the website, or contact Norris Lozano at norris[.]UrbanDF.com, or Scott Chaplan at scott[.]theurbanholdings.com.
Market Report on Chinese Real Estate Market 2008
Compared to developed countries, China keeps a lower level in urbanization. However, it is undoubted that the real estate industry will be improved because of the process of urbanization. The huge demand caused by the large population is the trend of China economy in recent 10 to 20 years.
The market of China estate industry is comprehensive, which is not only constrained by the government policies but also affected by the fluctuation of the relevant markets, even the global market. In the long run, the US subprime may reduce the demand of the foreign exchanges in China which would influence the production of the export enterprises in China. Further more, it may have influence on the whole capital market in China.
According to the national economy, China has entered into a new period of inflation since the late 2007. It is different from all ever happened inflation. Overheated economy concentrated in such facets: overloaded trade surplus, excessive credit loan and overindulge investment. All above definitely have influence on china real estate industry.
As a whole, the current market concentration of China real estate developing enterprises is on the low side. The total number of estate enterprises is about 50,000, the top 10 of which cover 5-6% of the market. Although Vanke declared that it had been the biggest dwelling developer in the world according to the sales volume in 2007, its market share just exceeded 1% in China. It was not only far away from the top 10s' 80% in Hongkong but also far behind Pulte's 5%. In the long run, the mergers and reorganizations of China real estate industry is the inevitable trend.
The report introduces the China real estate market from aspects as supply, demand and developing environment as well as the operations of the leading enterprises in China. Meanwhile, it analyzes the investment opportunities and risk of the market. It is a high-valued reference to understand the current market of China estate industry and seize the opportunities.
Market Report on Chinese Real Estate Market 2008
Pages:80 Charts:40
English Version(Hard copies): EURO 1200 English Version(PDF): EURO 1280 English Version(Hard copies+ PDF): EURO 1400
Publishing time:May, 2008
Summary
Compared to developed countries, China keeps a lower level in urbanization. However, it is undoubted that the real estate industry will be improved because of the process of urbanization. The huge demand caused by the
large population is the trend of China economy in recent 10 to 20 years.
The market of China estate industry is comprehensive, which is not only constrained by the government policies but also affected by the fluctuation of the relevant markets, even the global market. In the long run, the US subprime may reduce the demand of the foreign exchanges in China which would influence the production of the export enterprises in China. Further more, it may have influence on the whole capital market in China.
According to the national economy, China has entered into a new period of inflation since the late 2007. It is different from all ever happened inflation. Overheated economy concentrated in such facets: overloaded trade surplus, excessive credit loan and overindulge investment. All above definitely have influence on china real estate industry.
As a whole, the current market concentration of China real estate developing enterprises is on the low side. The total number of estate enterprises is about 50,000, the top 10 of which cover 5-6% of the market. Although Vanke declared that it had been the biggest dwelling developer in the world according to the sales volume in 2007, its market share just exceeded 1% in China. It was not only far away from the top 10s' 80% in Hongkong but also far behind Pulte's 5%. In the long run, the mergers and reorganizations of China real estate industry is the inevitable trend.
The report introduces the China real estate market from aspects as supply, demand and developing environment as well as the operations of the leading enterprises in China. Meanwhile, it analyzes the investment opportunities and risk of the market. It is a high-valued reference to understand the current market of China estate industry and seize the opportunities.
Table of Contents
Chapter1 General Situation of Chinese Real Estate Industry
1.1 Related Concepts of Real Estate Industry
1.1.1 Basic Concepts of Real Estate Industry
1.1.2 Division of Real Estate Industry Market
1.1.3 The define of Real Estate Industry Catalogue
1.1.4 Analysis of The Development Cycle of Real Estate Industry
1.2 Summary of Chinese Real Estate Industry
1.2.1 Chinese Real Estate Industry's Position in National Economy
1.2.2 Summary of Chinese Real Estate Industry
1.2.3 Main Features of The Development of Chinese Real Estate Industry
1.2.4 Analysis of The Existing Problems of Chinese Real Estate Industry
Chapter2 Analysis of Chinese Real Estate Industry's Development Environment
2.1 Macro Economic Environment
2.1.1 Macro Economy
2.1.2 Interest Rate
2.1.3 Exchange Rate of Chinese Currency
2.1.4 Domestic and Foreign Capital Markets
2.2 The Policy Environment
2.2.1 Related Policies of Recent Real Estate Industry
2.2.2 The Trend of the Development of Real Estate Industry's Policies
2.3 the Regulation System
2.3.1 Analysis of Chinese Real Estate Industry's Regulation System
2.3.2 Analysis of Existing Regulation System's Advantages and Disadvantages
Chapter3 Analysis of Demands and Supplies of Chinese Real Estate Market
3.1 Analysis of the Land Market
3.1.1 Analysis of Land Exploration
3.1.2 Analysis of Existing Problems of the Land Market
3.2 the Exploration and Construction Situation of the Real Estate
3.2.1 Analysis of the Exploration Situation and the Scale
3.2.2 the Cities and Towns' Housing Construction Conditions
3.2.3 the supply situation of affordable houses
3.3 analysis of the supply structure on the real estate market
3.3.1 regional structure of the supply on the real estate market
3.3.2 realty category structure of the supply on the real estate market
3.4 the developing trends of the supply on the real estate market
3.4.1 main factors affecting the supply on the real estate market
3.4.2 analysis of the developing trends of the supply of real estates
3.5 analysis of the prices on Chinese real estate market
3.5.1 prices and characteristics of real estate sales
3.5.2 nalysis of main cities' real estate prices
3.5.3 analysis of the price tendency of real estates
chapter4 analysis of the demands on Chinese real estate market
4.1 the demands condition on real estate market
4.1.1 analysis of the quantity of demands on real estate market
4.1.2 analysis of demand structure on real estate market
4.1.3 analysis of demand characteristics on real estate market
4.2 analysis of developing trends of demand on real estate market
4.2.1 main factors affecting the demands of real estates
4.2.2 prediction of the future demand of real estates in china
chapter5 analysis of investment and financing of Chinese real estates
5.1 investment scale and structure of real estates
5.1.1 analysis of exploration and investment amounts of real estates
5.1.2 analysis of exploration and investment regions of real estates
5.1.3 realty catalogue structure of exploration and investment of real estates
5.2 analysis of real estate financing
5.2.1 structures of diversified financing channels of real estates
5.2.2 existing main problems of real estate financing
5.2.3 the developing trends of the financing channels of the real estate industry
5.3 the developing conditions of private housing loans
5.3.1 the developing conditions of commercial housing loans
5.3.2 the developing conditions of housing accumulation fund loans
chapter6 analysis of main cities of Chinese real estate market
6.1 Beijing
6.1.1 the exploration and construction conditions of real estates
6.1.2 the sales conditions of the real estate market
6.1.3 the price tendency of the real estate market
6.2 Shanghai
6.2.1 the exploration and construction conditions of real estates
6.2.2 the sales conditions of the real estate market
6.2.3 the price tendency of the real estate market
6.3 Hangzhou
6.3.1 the exploration and construction conditions of real estates
6.3.2 the sales conditions of the real estate market
6.3.3 the price tendency of the real estate market
6.4 Guangzhou
6.4.1 he exploration and construction conditions of real estates
6.4.2 the sales conditions of the real estate market
6.4.3 the price tendency of the real estate market
6.5 Shenzhen
6.5.1 the exploration and construction conditions of real estates
6.5.2 the sales conditions of the real estate market
6.5.3 the price tendency of the real estate market
6.6 Chongqing
6.6.1 the exploration and construction conditions of real estates
6.6.2 the sales conditions of the real estate market
6.6.3 the price tendency of the real estate market
chapter7 analysis of main companies on Chinese real estate market
7.1 Vanke CO.LTD
7.1.1 general situation of the company
7.1.2 analysis of running conditions
7.1.3 analysis of develop strategies
7.2 China Overseas Land &Investment LTD.
7.2.1 general situation of the company
7.2.2 analysis of running conditions
7.2.3 analysis of develop strategies
7.3 Hopson Development Holding LTD
7.3.1 general situation of the company
7.3.2 analysis of running conditions
7.3.3 analysis of develop strategies
7.4 Beijing Capital Development Holding(Group)CO., LTD
7.4.1 general situation of the company
7.4.2 analysis of running conditions
7.4.3 analysis of develop strategies
7.5 Beijing Capital Land CO., LTD
7.5.1 general situation of the company
7.5.2 analysis of running conditions
7.5.3 analysis of develop strategies
7.6 Sunshine 100 Land Group CO., LTD
7.6.1 general situation of the company
7.6.2 analysis of running conditions
7.6.3 analysis of develop strategies
7.7 Gemdale(Group)CO., LTD
7.7.1 general situation of the company
7.7.2 analysis of running conditions
7.7.3 analysis of develop strategies
7.8 Poly CO., LTD
7.8.1 general situation of the company
7.8.2 analysis of running conditions
7.8.3 analysis of develop strategies
chapter8 analysis of investment of Chinese real estate industry
8.1 analysis of investment opportunities
8.1.1 market opportunities
8.1.2 policy opportunities
8.1.3 other opportunities
8.2 investment risk analysis
8.2.1 policy risk
8.2.2 market risk
8.2.3 other risks
8.2.4 suggestions on risk aversion
8.3 development suggestions
Partial charts
Chart mployee amounts of Chinese real estate industry from 2003 to 2007
Chart Macro regulation policies of Chinese real estate industry during recent years
Chart 2003-2007 sales squares of commercial houses classified by regions
Chart 2003-2007 sales squares of commercial houses classified by realty catalogues
Chart 2003-2007 increases of the construction areas, will-be constructed areas and finished constructed areas of real estates
Chart 2003-2007construction conditions of cities and towns houses
Chart 2007 ready house and forward delivery house sales areas
Chart 2003-2007 empty conditions of commercial houses
Chart 2003-2007 main sources of funds and weights of real estate exploration
Chart 2003-2007 foreign direct investment conditions of real estate exploration funds
Chart 2003-2007 sales areas of Chinese commercial houses
Chart 2003-2007 the amount of money of Chinese commercial house sales
Chart the 2003-2007 construction areas, will-be constructed areas and finished constructed areas of real estates
Chart the supply structure of real estate market, 2007
Chart 2003-2007 construction areas, will-be constructed areas and finished constructed areas of residence
Chart 2003-2007 exploration and investment conditions of Chinese real estates
Chart the sources of main funds for real estates from 2003 to 2007
Chart 2004-2008 price indexes of Beijing real estates
Chart 2003-2007 analysis of Vanke's operation conditions
Companies Mentioned
Vanke CO.LTD
China Overseas Land &Investment LTD.
Hopson Development Holding LTD
Beijing Capital Development Holding(Group)CO., LTD
Sunshine 100 Land Group CO., LTD
Gemdale(Group)CO., LTD
Poly CO., LTD
Others
Asante Real Estate Announces Grand Opening of Sunnyvale Office
LOS GATOS, Calif., Jul 25, 2008 (BUSINESS WIRE) -- Asante Real Estate Group, Inc. is pleased to announce the grand opening of a new office located at 298 S. Sunnyvale Ave., Suite 104, Sunnyvale, California. The grand opening will be on Thursday, August 21 at 5:30 p.m. The general public and local real estate agents are cordially invited for refreshments and hors d'oeuvres.
Sunnyvale Mayor Anthony Spitaleri will preside over the ribbon cutting along with Asante Real Estate Group Sunnyvale owner, Abbyneh Zeleke.
Carey Sutton, CEO and Founder of Asante Real Estate, says, "Abbyneh and his team have extensive expertise and knowledge of the Sunnyvale and San Francisco Bay Area housing markets, and they are committed to delivering Asante's Full-Service Real Estate Services at a Fair Price. Abbyneh and his real estate team will be a tremendous asset to real estate buyers and sellers in their community."
Asante Real Estate offers Full-Service Real Estate Services at a Fair Price to real estate buyers and sellers. We list homes and other real estate for only 1% of the total purchase price, in addition to the buyer's agent's commission, and we give buyers who locate their home up to 66% of our commission.
Asante Real Estate Group is a Full-Service Real Estate Company that is massively reducing the high cost of buying and selling homes with Full-Service at a Fair-Price.
Asante Real Estate is headquartered in Los Gatos, California with nine offices in the San Francisco Bay Area. Asante is rapidly expanding. Franchise opportunities are currently available in select Northern California locations.
SOURCE: Asante Real Estate Group, Inc
Japan real estate stocks fall after Zephyr collapse
TOKYO, July 22 (Reuters) - Shares in Japanese real estate developers tumbled on Tuesday after property developer Zephyr Co (8882.T: Quote, Profile, Research, Stock Buzz) folded under $893 million in debt, spooking investors already nervous because of the global credit crunch.
Mid-sized real estate developer Urban suffered the most, with its shares down 22 percent at 131 yen, the lowest intraday level since February 2004. Shares of C's Create (8921.T: Quote, Profile, Research, Stock Buzz) fell 14.6 percent and those of Joint Corp (8874.T: Quote, Profile, Research, Stock Buzz) fell 14.2 percent to 410 yen.
Zephyr was untraded with a glut of selling orders at 14,700 yen, down 12 percent or 2,000 yen from Friday's close of 16,700 yen.
In the largest failure of a listed firm in Japan in nearly five years, Zephyr said on Friday it had filed for court-led rehabilitation. It had difficulty raising funds after the bankruptcy of wholly-owned subsidiary Kondo Sangyo in late May made lenders wary. [ID:nT292958]
A handful of mid-sized Japanese real estate companies have folded in the past few months as banks, reeling from the subprime loan crisis, reined in lending to a sector seen at risk as the world's second-largest economy slows.
Weak consumer spending and a rise in construction material prices further burdened real estate developers.
To cope in this tough business climate, many real estate developers are trying to sell land and buildings to improve their balance sheets. But analysts question if such measures are enough to save the companies.
"Even if they sell excess property, buyers would not pay much and seek a big bargain," said Yutaka Kakizaki, an analyst from Chibagin Asset Management, adding that this meant developers ended up selling property at a loss.
"It will just be a matter of time until we see the next (corporate failure)" Kakizaki said. (Reporting by Mariko Katsumura; editing by Sophie Hardach)
Elika - Manhattan's First Residential Real Estate Buyers Brokerage Opens its Doors
NEW YORK, Jul 22, 2008 (BUSINESS WIRE) -- Elika Associates Real Estate - the first exclusive residential real estate buyers brokerage and leading authority on purchasing New York City condos and co-ops - has announced the opening of a new office at 26 Broadway, Suite 1608, New York, NY.
Founded by a top-producing REALTOR(TM), Elika Associates Real Estate assists local and international buyers of residential properties in the New York City Area. Since the company's inception, Elika Associates has garnered both international recognition for their in-depth knowledge and experience when assisting buyers find a new home or investment property. The company has established itself as the premier buyers brokerage in Manhattan and a definitive leader for buying real estate throughout New York City.
"We are proud to call New York City the home of Elika Associates," commented Gea Elikazarashvilli, Founder of Elika Associates. "The city has such a rich, diverse heritage - both in people and architecture." Our new office on Broadway is so central that we will be able to better service our clients' needs for Manhattan real estate."
Elika Associates' expertise in the local real estate market and the needs of today's home buyers provides buyers with peace of mind throughout the home buying process. Being a designated buyers agency, Elika Associates works exclusively for buyers as a consultant, rather than as a sales agency simply looking to close a deal.
A home purchased through Elika Associates is purchased not sold. With the market research gathered for the customer, they are the ones that make the final decisions. Elika Associates makes sure that they are well informed and have all the tools and expertise they need to make the best choices.
Whether you are a foreign investor or US resident, Elika is able to cater to your specific needs.
Elika Associates is a proud member of REBNY, FIABCI, NAEBA and REALTOR(TM).
About Elika
Elika Associates is Manhattan's premier buyers brokerage. Elika exclusively represents you the buyer and provides exceptional services tailored to each discerning client's unique real estate needs. Elika provides buyers with expert unbiased assistance with all your property inquiries while we find, manage and negotiate the purchase of your next real estate investment.
Capital Trust Finalizes $540 Million Fund
Capital Trust Finalizes $540 Million Fund
NEW YORK, July 16 /PRNewswire-FirstCall/ -- Capital Trust, Inc. (NYSE: CT) today announced the final closing of CT Opportunity Partners I, LP, a private fund with total equity commitments of $540 million. Capital Trust has committed to invest $25 million, with the remaining equity coming from third party investors. The fund will seek to exploit immediate and longer term opportunities emanating from the current financial market dislocation. The fund is managed by CT Investment Management Co., LLC ("CTIMCO"), Capital Trust’s wholly-owned investment management subsidiary.
"This fund represents another important step in the build-out of our investment management practice," said John R. Klopp, CEO of Capital Trust. "Coupled with the high grade fund that we announced in June, we have raised over $1.2 billion of private equity capital in the last six months, positioning CT to take advantage of opportunities at all points in the real estate capital structure."
CT Opportunity Partners I, LP held its first closing in December 2007 and has a three-year investment period. CTIMCO will earn management fees equal to 1.60% of the aggregate committed capital during the investment period and 1.60% per annum of the aggregate invested capital thereafter, plus incentive management fees after investors receive a return of capital and a preferential return.
Forward-Looking Statements
The forward-looking statements contained in this news release are subject to certain risks and uncertainties including, but not limited to, new origination volume, the continued credit performance of the Company’s loan and CMBS investments, the asset/liability mix, the effectiveness of the Company’s hedging strategy and the rate of repayment of the Company’s portfolio assets, as well as other risks indicated from time to time in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
About Capital Trust
Capital Trust, Inc. is a real estate finance and investment management company that specializes in credit sensitive structured financial products. To date, the Company’s investment programs have focused primarily on loans and securities backed by commercial real estate assets, and the Company has executed its business both as a balance sheet investor and as an investment manager. Capital Trust is a real estate investment trust traded on the New York Stock Exchange under the symbol "CT." The Company is headquartered in New York City.
SOURCE Capital Trust, Inc.
Batterymarch overweight in Korea, Thailand and Pakistan
Batterymarch overweight in Korea, Thailand and Pakistan
Investment Outlook Series: Ray Prasad, Batterymarch Financial Management’s lead Asian
Portfolio manager, says Asia’s overall fundamentals are better than those of Europe and the US.
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This is part of an AsianInvestor series on the investment outlook of fund managers with Asian portfolios.Ray Prasad is the Boston-based lead Asia portfolio manager on Batterymarch Financial Management’s emerging markets team, which manages more than $4 billion in emerging Asian equities within both dedicated portfolios and broader mandates. His focus is on the major markets such as China, Korea, India, Hong Kong and Taiwan as well as smaller markets such as Pakistan – essentially all the countries in the MSCI All Country Asia ex-Japan Index. Batterymarch uses a bottom-up and model-driven investment process, which combines quantitative research with the fundamental work of experienced portfolio managers. The fund house manages around $27 billion in equity assets across all of its products. What are the biggest opportunities that you see in the markets you are responsible for in the coming 12 months? How are you preparing to take advantage of those opportunities?Prasad: The biggest opportunities in Asia remain in the domestic consumer space. Urbanisation and industrialisation continue at a fast pace and this is creating millions of new jobs. As a result, purchasing power for goods and services keeps improving. Our models continue to point toward domestic names in Taiwan and Korea and some of the infrastructure and materials-related stocks in China and India. We also selectively like stocks that are exposed to agricultural commodities and banks. We already have exposure to some of these stocks and are looking to increase our weights on pullbacks.How different or similar is your 12-month investment outlook now compared to the start of this year?Our outlook really hasn’t changed. We remain bullish on Asia for the long-term, but cautious in the short run. The recent correction has led to quite attractive valuations for some of the markets and we could see a tradable rally develop. Over the medium-term, Asian countries are grappling with soaring inflation and concerns about slowing global growth, especially in the US. Even with more domestic sources of growth, a lengthy global slowdown could at some point have a significant impact on exports. In addition to that, a reduction in global risk appetite has already caused fund outflows.From a long-term perspective, however, fundamentals in Asia are still extremely attractive, with better earnings growth than in developed markets and reasonable valuations. Balance sheets also look strong at both the company and sovereign levels. For example, debt-to-equity ratio are less than 50% versus 100% or so for developed countries. You won’t find this combination in Europe or the US – growth, value and strong fundamentals. It’s a compelling story for longer-term investors. Have you made any significant changes to your asset allocation in terms of markets or sectors in the past few months?The major change at the market level has been additional exposure to Taiwan at the margin because growth prospects there are improving. In terms of sectors, we have pulled back from some resource-oriented names that are beginning to see EPS downgrades or are getting ahead of their fundamentals. We have also reduced our underweight in the financial sector, specifically banks, which have already priced in most of the negatives that worry investors. What are your favoured markets in Asia?We are currently overweight in Korea, Thailand and Pakistan, which all have stocks that meet our criteria for investment. Stocks in Korea have good growth characteristics and very attractive valuations. The market in Thailand is cheap and earnings growth estimates are improving although with the recent political difficulties we are evaluating our positive stance very closely. As for Pakistan, we actually hold only one stock in that market. The Pakistani market is so small that holding a meaningful position in a single security results in an overweight. That single stock, a fertilizer company, is cheap, stable and liquid, and fertilizer prices are going up. What are the markets you are going to steer clear of in the coming year?Right now our biggest underweights are in Hong Kong, Singapore, India and Malaysia. Of these, the Indian market is becoming more attractive post the severe decline in stock prices. This is one market that we are examining closely, taking into account some of the political risk emanating from a possible general election. Malaysia has political issues that will probably worsen and dampen sentiment going forward. Hong Kong, as a financial and services centre, will be under pressure during a global slowdown. Real estate price increases in Hong Kong seem to be stagnating. Singapore is similar to Hong Kong. It is a fairly open economy that will feel a negative impact if the global slowdown continues. We do not think these markets have fully priced in these concerns as yet.What are your market weightings within an Asia ex-Japan equities portfolio?We have the following markets weights as of June 30, 2008: China: 22.3%Hong Kong: 10.2%India: 8.3%Indonesia: 3.2%Korea: 23.5%Malaysia: 2.8%Pakistan: 1.2%Philippines: 0.9%Singapore: 4.6%Sri Lanka: 0.0%Taiwan: 17.0%Thailand: 3.5%Vietnam: 0.0%Which sectors do you expect to outperform in the coming year?We continue to favour domestic consumption and infrastructure themes. To that end, we like power equipment and oil infrastructure plays. Coal names also appear attractive, as do some of the Chinese banks and Taiwanese telecom companies. These names have steady and visible growth or other stock catalysts which should hold up in a slow growth environment. With their growth profile, they are attractively valued when compared to stocks in other sectors.Which sectors do you expect to underperform?We expect underperformance from some of the diversified financial names such as brokerages, as well as auto and auto component stocks. Export-oriented stocks should also be under pressure as the US and Europe slow down over the next few quarters – these tend to be mostly in the information technology space along with some industrial names.What are the main challenges that you expect to face in the coming 12 months?The main challenges stem from the heightened uncertainty in the market. Increasing volatility quite often forces the market to overshoot both on the downside and the upside, and fundamentals might not be rewarded. We are also wary of regulatory risk given how high inflation control is on political agendas.What are the main risks of investing in Asia at the moment? How are you managing those risks?We see inflation as the biggest risk to the Asian stock markets on an immediate basis. Rising commodity prices can have a huge impact in these markets because food and energy are a major part of consumer spending there. Unlike countries like Russia, which has plenty of natural resources, Asian markets are commodities importers, not exporters. Think of China and India, with their enormous appetite for oil, steel and other commodities. That puts them at a disadvantage. Looking farther out, a protracted US and global economic slowdown is an even greater potential risk. Asian countries are less insulated from the global economy than other emerging markets because of their trading partnerships, especially with the US. That said, we believe at this point that Asian markets are likely to have bottomed and might fluctuate around current levels. The markets are just waiting for the US economy to give direction. We are in a transition period right now so we have to be cautious and selective, which is really our approach in any market environment. We focus on individual company fundamentals, and we are finding very good opportunities throughout Asia. Our process also incorporates multiple risk controls – our portfolios are very diversified, and we don’t take any big bets in terms of stocks, industries or countries. Managing risk is a large part of what we do.
Short Supply to Further Lift Prices of Office Space
Short Supply to Further Lift Prices of Office Space
A shortage in the supply of office space across Dubai will drive up speculative interest in the commercial market, says a new report.
"The practice of investors selling office floors on a piecemeal basis is increasing the speculative intent in the office market," says Colliers International in its Dubai real estate overview of the second quarter of 2008.
Demand for absolute Grade A office space continued to grow as Dubai contractors tried to catch up with the short supply.
"However the delivery delays will actually have the beneficial effect of smoothing out any softening in office market prices and rentals," says the report.
Demand for office space was particularly strong along Dubai's main commercial arteries owing to the robust economic conditions in these areas.
"Limited delivery of new office accommodation has resulted in a continued undersupply precipitating double-digit growth of rental rates year on year, supported by vacancy rates less than two per cent across the market."
Although a significant amount of supply is expected to be released into the market in the next one to two years, the delivery of stock will be uneven rather than measured, according to the report. By 2010, the total office supply is expected to increase to 5.92 million sq m.
Free zone clusters continue to attract blue-chip tenants wishing to base their regional expansion in Dubai, adds the report.
The average asking rent for Class A office space in Dubai is Dh3,230 per sq m and for Class B space it is Dh1,876 per sq m.
The average selling price for Grade A space in Dubai at the end of the quarter was Dh23,680 per sq m while the average selling price of Grade B space was Dh15,080 per sq m.
"Dubai has approximately the same amount of office space under construction as Shanghai with a population of 20 million and Moscow with a population of 10.4 million," says Colliers.
Citigroup's recent Mena equities report says: "Dubai is expanding its office real estate faster than any other larger cities in the world. In fact, Dubai could be on the verge of a looming over-supply owing to irrational build plans from developers in the city."
RESIDENTIAL
High-end residential occupancy rates stood at 98 per cent in Dubai. The asking rent for a high-end two-bedroom residential unit amounted to Dh154,476 per annum while the asking sales price for a two-bedroom high-end apartment was Dh21,000 per sq m, according to Colliers.
Rental yields ranged between 8.5 per cent and 10 per cent during the quarter. The majority of the residential supply in the quarter focused on the high-income segment. Primary tier developers continued to enjoy greater occupancy than second tier developments in select residential areas.
"Residential components within mixed-use master-planned communities tended to have lowered risk as opposed to other residential projects by sub-developers. Residential within master-planned developments spelled more phased out supply of residential units of a more stringent quality standard."
The market demand for the residential sector in the quarter came largely from the middle-income segment in Dubai.
Almost 115,000 new units were expected to be delivered by the end of 2010, says Colliers.
"We expect a stabilisation in the residential market and foresee a shortening in the period of advance rent payment terms from annual to bi-annual, as landlords become increasingly competitive."
Citigroup's report – issued last month – forecasts that residential growth in the Mena region will double in the next 20 years.
It adds: "As Mena markets mature we expect traditionally large family units to subdivide even in the larger indigenous population such as Saudi Arabia and Egypt. In Expat countries such as the UAE and Qatar small young immigrant families are expected to drive the residential growth in the region. Average household size in developed countries ranges from 2 to 3.5 inhabitants per residence and in emerging countries it is 4 to 6.5."
HISPITALITY GROWTH
In the hospitality sector, occupancy levels across the market registered at 84.4 per cent in 2007, rising to 88.7 per cent within the five star hotel segment, says Colliers.
The five-star hotel segment recorded a year-on-year market revenue per available room (RevPAR) growth of 16 per cent with the average RevPAR amounting to Dh1,058. The total number of rooms in 2007 touched 32,617. Guests in the hospitality sector spent 20.5 million nights in Dubai in 2007.
"Expected decreases in market occupancy averages will facilitate the development of mass tourism markets as hoteliers become more competitive."
The report did not see any immediate affect on the hospitality sector from the massive Bawadi hotel development next to Dubailand. The sector will see a shift towards mass tourism with the completion of Dubailand.
The hotel sector in the second quarter saw an increase in the average length of stay in resort hotels to 3.97 days, against a slight decrease in the business hotel average length per stay to 1.29 days.
On the retail front, Colliers says: "Occupancy rates ranged between 98 per cent and 100 per cent in destination shopping malls, with average occupancy levels of over 90 per cent across the market."
More than 70 per cent of the new shopping malls set to enter the Dubai market between 2008 and 2010 is already pre-let. And the report adds: "The retailers remain bullish on Dubai's growth prospects."
Average mall asking rents for line stores were Dh4,418 per sq m per annum. Premium destination malls such as Mall of the Emirates, Ibn Batuta and Burjuman commanded as much as Dh6,620 per sq m.
For new malls that have already been announced anchor tenant rents have commanded an average of Dh497 per sq m per annum. However, the report notes that with forthcoming malls competition could lower average anchor tenant rents to Dh441 per sq m.
"The Mall of the Emirates currently achieves the highest footfall at two million visitors per month followed by City Centre, which recorded 1.5 million visitors per month and Ibn Batuta Mall which recorded just under one million visitors per month."
Dubai is expected to account for 71 per cent of the total UAE gross leasable area (GLA) by 2010 and 24 per cent of the total GLA supply in the GCC region by 2010.
The report warns that small and older malls in the city need to revamp themselves to meet market requirements in order to reduce the impact of sharp vacancy increases and possible pressure on rental rates made likely by market oversupply.
"Short-term market oversupply is expected by end of next year, resulting in a stratification in the market for retail malls in favour of new generation malls."
New and larger malls with strong tenant mixes are expected to maintain current absorption rates owing to strong economic fundamentals, continued brand diversification and the evolution of the shopping resort concept towards greater incorporation of leisure amenities.
"The scale of forthcoming retail supply and increased competition is expected to bring about a softening in rental rates at market level," adds Colliers.
The numbers
98%: was the high-end residential occupancy rates in Dubai, with asking rent for a two-bedroom residential unit amounting to Dh154,476 per annum and asking sales price at Dh21,000 per sq m
115,000: new units were expected to be delivered by the end of 2010 as the market demand for the residential sector came largely from the middle-income segment in the emirate
"The practice of investors selling office floors on a piecemeal basis is increasing the speculative intent in the office market," says Colliers International in its Dubai real estate overview of the second quarter of 2008.
Demand for absolute Grade A office space continued to grow as Dubai contractors tried to catch up with the short supply.
"However the delivery delays will actually have the beneficial effect of smoothing out any softening in office market prices and rentals," says the report.
Demand for office space was particularly strong along Dubai's main commercial arteries owing to the robust economic conditions in these areas.
"Limited delivery of new office accommodation has resulted in a continued undersupply precipitating double-digit growth of rental rates year on year, supported by vacancy rates less than two per cent across the market."
Although a significant amount of supply is expected to be released into the market in the next one to two years, the delivery of stock will be uneven rather than measured, according to the report. By 2010, the total office supply is expected to increase to 5.92 million sq m.
Free zone clusters continue to attract blue-chip tenants wishing to base their regional expansion in Dubai, adds the report.
The average asking rent for Class A office space in Dubai is Dh3,230 per sq m and for Class B space it is Dh1,876 per sq m.
The average selling price for Grade A space in Dubai at the end of the quarter was Dh23,680 per sq m while the average selling price of Grade B space was Dh15,080 per sq m.
"Dubai has approximately the same amount of office space under construction as Shanghai with a population of 20 million and Moscow with a population of 10.4 million," says Colliers.
Citigroup's recent Mena equities report says: "Dubai is expanding its office real estate faster than any other larger cities in the world. In fact, Dubai could be on the verge of a looming over-supply owing to irrational build plans from developers in the city."
RESIDENTIAL
High-end residential occupancy rates stood at 98 per cent in Dubai. The asking rent for a high-end two-bedroom residential unit amounted to Dh154,476 per annum while the asking sales price for a two-bedroom high-end apartment was Dh21,000 per sq m, according to Colliers.
Rental yields ranged between 8.5 per cent and 10 per cent during the quarter. The majority of the residential supply in the quarter focused on the high-income segment. Primary tier developers continued to enjoy greater occupancy than second tier developments in select residential areas.
"Residential components within mixed-use master-planned communities tended to have lowered risk as opposed to other residential projects by sub-developers. Residential within master-planned developments spelled more phased out supply of residential units of a more stringent quality standard."
The market demand for the residential sector in the quarter came largely from the middle-income segment in Dubai.
Almost 115,000 new units were expected to be delivered by the end of 2010, says Colliers.
"We expect a stabilisation in the residential market and foresee a shortening in the period of advance rent payment terms from annual to bi-annual, as landlords become increasingly competitive."
Citigroup's report – issued last month – forecasts that residential growth in the Mena region will double in the next 20 years.
It adds: "As Mena markets mature we expect traditionally large family units to subdivide even in the larger indigenous population such as Saudi Arabia and Egypt. In Expat countries such as the UAE and Qatar small young immigrant families are expected to drive the residential growth in the region. Average household size in developed countries ranges from 2 to 3.5 inhabitants per residence and in emerging countries it is 4 to 6.5."
HISPITALITY GROWTH
In the hospitality sector, occupancy levels across the market registered at 84.4 per cent in 2007, rising to 88.7 per cent within the five star hotel segment, says Colliers.
The five-star hotel segment recorded a year-on-year market revenue per available room (RevPAR) growth of 16 per cent with the average RevPAR amounting to Dh1,058. The total number of rooms in 2007 touched 32,617. Guests in the hospitality sector spent 20.5 million nights in Dubai in 2007.
"Expected decreases in market occupancy averages will facilitate the development of mass tourism markets as hoteliers become more competitive."
The report did not see any immediate affect on the hospitality sector from the massive Bawadi hotel development next to Dubailand. The sector will see a shift towards mass tourism with the completion of Dubailand.
The hotel sector in the second quarter saw an increase in the average length of stay in resort hotels to 3.97 days, against a slight decrease in the business hotel average length per stay to 1.29 days.
On the retail front, Colliers says: "Occupancy rates ranged between 98 per cent and 100 per cent in destination shopping malls, with average occupancy levels of over 90 per cent across the market."
More than 70 per cent of the new shopping malls set to enter the Dubai market between 2008 and 2010 is already pre-let. And the report adds: "The retailers remain bullish on Dubai's growth prospects."
Average mall asking rents for line stores were Dh4,418 per sq m per annum. Premium destination malls such as Mall of the Emirates, Ibn Batuta and Burjuman commanded as much as Dh6,620 per sq m.
For new malls that have already been announced anchor tenant rents have commanded an average of Dh497 per sq m per annum. However, the report notes that with forthcoming malls competition could lower average anchor tenant rents to Dh441 per sq m.
"The Mall of the Emirates currently achieves the highest footfall at two million visitors per month followed by City Centre, which recorded 1.5 million visitors per month and Ibn Batuta Mall which recorded just under one million visitors per month."
Dubai is expected to account for 71 per cent of the total UAE gross leasable area (GLA) by 2010 and 24 per cent of the total GLA supply in the GCC region by 2010.
The report warns that small and older malls in the city need to revamp themselves to meet market requirements in order to reduce the impact of sharp vacancy increases and possible pressure on rental rates made likely by market oversupply.
"Short-term market oversupply is expected by end of next year, resulting in a stratification in the market for retail malls in favour of new generation malls."
New and larger malls with strong tenant mixes are expected to maintain current absorption rates owing to strong economic fundamentals, continued brand diversification and the evolution of the shopping resort concept towards greater incorporation of leisure amenities.
"The scale of forthcoming retail supply and increased competition is expected to bring about a softening in rental rates at market level," adds Colliers.
The numbers
98%: was the high-end residential occupancy rates in Dubai, with asking rent for a two-bedroom residential unit amounting to Dh154,476 per annum and asking sales price at Dh21,000 per sq m
115,000: new units were expected to be delivered by the end of 2010 as the market demand for the residential sector came largely from the middle-income segment in the emirate
Al Fara’a Properties launches AED 1 billion ’Burj Al Fara’a’
Al Fara’a Properties launches AED 1 billion ’Burj Al Fara’a’
Al Fara’a Properties, the flagship subsidiary of the Al Fara’a Construction, Industrial and Property Group, has announced the launch of the AED 1 billion ’Burj Al Fara’a’, a state-of-the-art commercial tower located in the commercial business district of Jumeirah Village, which is spread across 811 hectares. The unveiling of the developer’s latest project is aimed at addressing the strong demand for commercial space within Dubai, which is expected to witness the construction of over 86 million square feet of built space for office use by 2010.Scheduled for completion by December 2011, Al Fara’a Properties has revealed plans to break ground on the 38-storey state-of-the-art commercial tower by December 2008. Set to offer a selection of office spaces, Burj Al Fara’a will provide a highly impressive business address to both local and multinational businesses seeking to establish a strong presence within the commercial business district at Jumeirah Village, which has recently witnessed the completion of 60 per cent of its infrastructure works."The launch of ’Burj Al Fara’a’, which is a testament to our growth and diversifying business, is aimed at leveraging the enormous demand for high-technology commercial spaces in Dubai," said Natasha Gangaramani, Director, Al Fara’a Properties. "We will be working towards the timely delivery of this project, which will be the constructed using the highest industry standards to supply the booming demand and fittingly represent the philosophy of our organisation. Our main focus lies in achieving success in all our endeavours, and we have developed a result-driven strategy based on the rapidly-maturing real estate climate which clearly states the excessive need for commercial spaces to be built in Dubai within the coming years."Recent studies have shown that Dubai ranks second to Moscow in terms of the amount of commercial floor space being constructed, and with the limited stock of quality office space in Dubai, it is not surprising why massive commercial developments are being undertaken in the emirate at present. The lack in supply and relatively cheaper rates compared to other real estate destinations such as London continue to drive the growth of Dubai as the world’s premier business hub. Al Fara’a Properties has recognized the underlying niche within the commercial segment and has plans to further leverage the booming demand for office space in Dubai."The construction of the ’Burj Al Fara’a’ will be undertaken in accordance to a rigid timetable, which will ensure that the project will be delivered within our stipulated delivery schedule. This is part of our continuous commitment to customer satisfaction not only in terms of quality benchmarks but also in our proven credibility. We are also preparing to undertake several project launches under our expansion plan for 2008, which is aimed at bolstering our portfolio and further establishing our position as one of the top developers in the UAE," concluded Nitesh Gangaramani, Director, Al Fara’a Properties.Backed by 28 years of experience within the regional real estate industry under the banner of its umbrella organisation, Al Fara’a Construction, Industrial and Property Group, Al Fara’a Properties has successfully launched a diverse mix of residential projects incorporating French, New York and modern design themes. The developer leverages its extensive experience in the regional construction and contracting industries, and its access to top-quality building materials through its affiliation with various partners who are also part of the Al Fara’a Group. The developer is poised to enter several high profile community developments, including Dubai Maritime City, Al Reem Island and Dubai Waterfront with plans to construct commercial and residential projects in a bid to further expand its portfolio and presence in the region.
Follow the Money: Dubai Edition
Follow the Money: Dubai Edition
If it feels like every week brings news of yet another cash-strapped American company raising money from Abu Dhabi or Dubai or selling itself entirely to one of these emirates, it isn't your imagination. From real estate (the GM building) to finance (Citigroup), cash has been pouring in from the Middle East as of late. But the expressway of money goes in both directions. Today the Times covered many of the banks setting up shop in Dubai. But loads of other prominent New Yorkers are heading East to take advantage of the petro-dollar gravy train. Here's a look at the growing list of prominent restaurateurs, fashion designers, architects, and real estate developers setting up shop in one of the world's fastest-growing—and richest—regions.
FashionYou don't have to manufacture diamond-encrusted burkas to get in on petrobillionaires' wives' ravenous appetite for designer duds. New York-based fashion gurus are opening boutiques in Dubai's constantly multiplying high-end malls (places like the famous Mall of the Emirates, which sports the world's largest indoor ski slope). So far Michael Kors and Betsey Johnson have gotten in on the action, there are two Calvin Klein boutiques in the emirate, an outpost of Saks Fifth Avenue recently opened there, and designer Karl Lagerfeld has signed a deal to design 80 limited-edition homes on Isla Moda, the world's "first dedicated fashion island." A Dubai outpost of Barneys seems likely in light of its 2007 takeover by Dubai-based investment firm Isthimar.
Real Estate & HotelsWith Al-Nakheel, one of Dubai's largest developers, Donald Trump recently broke ground on the 62-story Trump International Hotel & Tower located on Palm Jumeirah. Trump says his interest in Dubai was piqued by buddy Andrew Farkas, whose Island Global Yachting is the exclusive developer and operator of Nakheel's marina and yacht-related properties. Naturally, all those buildings rising need someone to lease and sell them, too: New York retail real estate leaser Robert K. Futterman is now active in Dubai, as is Michael Shvo. And someone has to make all those new skyscrapers and condos look pretty as well. Society decorator Geoffrey Bradfield now has an office in Dubai, and Bruce Fowle's firm is designing the world's longest arch bridge there.
RestaurantsGordon Ramsay paved the way for celebuchefs to enter Dubai with his restaurant Verre in the Hilton Dubai Creek. Now Nobuyuki Matsuhisa is set to open a Nobu at Atlantis, The Palm and Daniel Boulud are said to have a project in the works (possibly in collaboration with Thomas Keller), and even Alison Nelson's cloying Chocolate Bar of the East Village is going to be opening in the emirate.
SchoolsInstitutions of higher learning are getting in on the action, too. NYU has found a financial lifeline in the U.A.E. and is now building a near carbon-copy of itself in Abu Dhabi. "The city-state of Abu Dhabi, having already committed a $50 million 'gift' (effectively a down payment) to the university, has promised to finance the entire Middle East campus and a good deal of NYU New York as well," writes New York.
If it feels like every week brings news of yet another cash-strapped American company raising money from Abu Dhabi or Dubai or selling itself entirely to one of these emirates, it isn't your imagination. From real estate (the GM building) to finance (Citigroup), cash has been pouring in from the Middle East as of late. But the expressway of money goes in both directions. Today the Times covered many of the banks setting up shop in Dubai. But loads of other prominent New Yorkers are heading East to take advantage of the petro-dollar gravy train. Here's a look at the growing list of prominent restaurateurs, fashion designers, architects, and real estate developers setting up shop in one of the world's fastest-growing—and richest—regions.
FashionYou don't have to manufacture diamond-encrusted burkas to get in on petrobillionaires' wives' ravenous appetite for designer duds. New York-based fashion gurus are opening boutiques in Dubai's constantly multiplying high-end malls (places like the famous Mall of the Emirates, which sports the world's largest indoor ski slope). So far Michael Kors and Betsey Johnson have gotten in on the action, there are two Calvin Klein boutiques in the emirate, an outpost of Saks Fifth Avenue recently opened there, and designer Karl Lagerfeld has signed a deal to design 80 limited-edition homes on Isla Moda, the world's "first dedicated fashion island." A Dubai outpost of Barneys seems likely in light of its 2007 takeover by Dubai-based investment firm Isthimar.
Real Estate & HotelsWith Al-Nakheel, one of Dubai's largest developers, Donald Trump recently broke ground on the 62-story Trump International Hotel & Tower located on Palm Jumeirah. Trump says his interest in Dubai was piqued by buddy Andrew Farkas, whose Island Global Yachting is the exclusive developer and operator of Nakheel's marina and yacht-related properties. Naturally, all those buildings rising need someone to lease and sell them, too: New York retail real estate leaser Robert K. Futterman is now active in Dubai, as is Michael Shvo. And someone has to make all those new skyscrapers and condos look pretty as well. Society decorator Geoffrey Bradfield now has an office in Dubai, and Bruce Fowle's firm is designing the world's longest arch bridge there.
RestaurantsGordon Ramsay paved the way for celebuchefs to enter Dubai with his restaurant Verre in the Hilton Dubai Creek. Now Nobuyuki Matsuhisa is set to open a Nobu at Atlantis, The Palm and Daniel Boulud are said to have a project in the works (possibly in collaboration with Thomas Keller), and even Alison Nelson's cloying Chocolate Bar of the East Village is going to be opening in the emirate.
SchoolsInstitutions of higher learning are getting in on the action, too. NYU has found a financial lifeline in the U.A.E. and is now building a near carbon-copy of itself in Abu Dhabi. "The city-state of Abu Dhabi, having already committed a $50 million 'gift' (effectively a down payment) to the university, has promised to finance the entire Middle East campus and a good deal of NYU New York as well," writes New York.
Low-cost housing scheme planned
For the first time in Sindh, plans are under way to launch a ‘low-cost housing scheme’ for the poor. The project is part of the prime minister’s programme. At least 300 acres have been identified by the City District Government Karachi (CDGK) revenue department. Notification about this land will be sent soon to the Sindh board of revenue, the newly-appointed Executive District Officer (EDO) Revenue, Sajjad Hussain Abbasi, told The News.
Abbasi said that 10 acres each have been identified in Keamari, Gadap and Bin Qasim towns. The prime miniter, the EDO revenue said, is keen to provide houses to the poor, and work on this scheme is in process. Various modalities have to be discussed with agencies concerned.
The scheme will also be presented to Sindh Local Government (LG) Minister Agha Siraj Durrani and City Nazim Syed Mustafa Kamal. After approval from the Board of Revenue, the land will be handed over to the CDGK Works and Services EDO who has the task oversee the building of houses in the area.
Abbasi said that the quantity of houses to be built has not been decided yet, but hastily added that these houses will be provided through a ballot scheme. It may be noted that the city government has not been able to provide any housing schemes to the people of Karachi.
Meanwhile, the city nazim had recently announced a scheme in the Lyari Development Authority (LDA). In the past, such schemes were announced by the defunct Karachi Development Authority (KDA), the Karachi Metropolitan Corporation (KMC), and also Taiser Town. When the Lyari Expressway was launched, the people living at the river bank were provided alternate plots in Taiser Town but this was done by the federal government, not the CDGK.
Moreover, Abbasi said, under all these circumstances, encroachment is the leading problem of Karachi, and vacant land belonging to the state has to be protected. A proposal is therefore under study, the EDO Revenue said, to look at ways to retain vacated land and keep it safe from the land mafia. The proposal will be submitted to the nazim for approval.
Dubai-based DAMAC launches commercial realty unit in Qatar
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| Qatar is an integral part of Dubai-based DAMAC real estate's expansion plans |
DAMAC Properties, a leading real estate developer in Dubai, unveiled its first commercial tower in Qatar. Business Square is an urban real estate development, spanning 39,000 sqm and is located in the southern end of Lusail, close to the West Bay area, within the Marina District. The launch of the property follows an announcement made by the Dubai-based developer last month on the opening of their first sales office in Qatar.
Peter Riddoch, CEO, DAMAC Properties, says, "Qatar is the world's second-fastest growing economy in the property sector in 2008 according to reports. The Qatari real estate sector which has evolved substantially over the years is currently experiencing an incredible demand for highly profitable real estate investments. Business Square is a step forward by us to strengthen our presence and showcase our commitment to the Qatari market.
Qatar is an integral part of Dubai-based DAMAC Properties expansion plans and part of the real estate firm's global vision. The value of the real estate project of Dubai-based developer exceeds QR400m.
Dubai real estate developer, Nakheel explores booming global markets
Dubai-based real estate and construction companies are expanding their business interests to regional markets to channel their profits from the boom in the international markets including Saudi Arabia, Oman and China. Nakheel, Dubai's leading master real estate developer is focusing in China in particular as the Chinese market is growing due to upcoming global sporting event.
Chris O'Donnell, CEO, Nakheel, said, "Two areas that we are looking at entering are Eastern Europe and China. We are doing the preliminary investigation work on those two areas. We think they will be the growing economies over the next 10 or 15 years, so now is the time to get a foothold in those places".
Over the past year, Nakheel has accelerated its international expansion, gaining a presence in the UK, US, Australia and Singapore. This broadening on a global scale will help Dubai real estate developers protect their interest in case of recession in the regional construction market.
Launch of Portugal’s ‘Palacio da Quinta’ brings six star living to Europe
Posted by Overseas Property Mall
April 2008 sees the launch of Europe’s first six star service hotel and residential resort – ‘Palacio da Quinta’, situated in the Algarve, Portugal’s most beautiful coastal region.
The truly palatial development will comprise 80 luxurious apartments and penthouses set within 17 acres of lush sub-tropical gardens. Residents’ every wish will be provided for by a central six star service hotel, including private chef and butler, 24 hour concierge, chauffeur service, private jet and yacht charter. The resort will also feature indoor and outdoor swimming pools, 1000sq.m health spa, cinema, gourmet destination restaurants, bars, designer boutiques, tennis academy and offer preferred tee times and discounts on green fees at some of the finest golf courses in Europe.
Tameer Towers - Abu Dhabi Get its 7-Star Hotel
Tameer Towers - Abu Dhabi Get its 7-Star Hotel
The ultimate in luxurious living and prestige has just been signed by Tameer holdings, one of the leading real estate companies in the region. The cascading skyscraper development will contain 4 residential towers, stepped villas and townhouses, a commercial tower, a 7-star-luxury-business hotel, a private marina and a vibrant canal promenade.
Tameer has contracted Gensler to design this project which has been estimated to be worth some AED 100 million. The whole project is expected to reach some AED 13 billion (which is around $3.5 billion).
World Class Apartment is very low Cost
For Booking Please Subscribe your email address with complete details.
dubairealestatenews@gmail.com
Shop-Demand: Rs 1,100,000 Location: Country Towers, Nagan Chowrangi, Karachi
Shop-Demand: Rs 1,100,000
Location: Country Towers, Nagan Chowrangi, Karachi
Residential Plot: Rs 6,500,000
Location: Air Avenue, Lahore
Description
20 Marla plot in Q-block available in 65.00 Lacs only.This is a corner plot located at Air Avenue.Contact Mr Afzal Nisar for further information at +92-300-8849337
Showroom-Demand: Rs 120,000,000
Location: MAIN TARIQ ROAD opposite Dolmen Center, Karachi
Independent Portion-Demand: Rs 35,000 Per Month
Location: Dha, Lahore
Independent Portion Description
A very nice Independent 10 marla house is available for rent. It has 3 bed rooms with attach bath, 2 tv lounge, drawing/dining, kitchen, independent gate and car porch. It is located in a prime location of DHA phase-4. Kindly contact for a very fair and confirm deal.
Shop-Demand: Rs 1,100,000 Location: Country Towers, Nagan Chowrangi, Karachi
Shop-Demand: Rs 1,100,000
Location: Country Towers, Nagan Chowrangi, Karachi
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