Pakistan Property & Real Estate News

Karachi: Hotel industry in hot waters

KARACHI, Jan 28: Hotel industry paints a gloomy business outlook for the current calendar in view of economic and political turmoil, worsening law and order in tribal areas and persistent threat of Indian aggression has knocked down the room occupancy to 30-35 per cent across the country.

Pakistan Hotels Association Chairman Mustansar Zakir said that many hotels had started offering discounts discretely on room charges and for holding of corporate and family functions.

“The hotel owners have also started downsizing of workforce especially the daily wage and contractual employees amid dull business environment,” he told Dawn on Wednesday. “However the hotel managements are trying hard to retain permanent staff,” he added.

In Karachi, he said the room occupancy surged to 90-100 per cent for few days when IDEAS 2008 was held a month back, but the hotel business had been facing low room occupancy since September 2008.

The rising lawlessness, mounting insurgency in Swat and Waziristan and tensions with India after Mumbai incident had created anxiety among the visitors. Besides, he added, the arrival of foreign buyers of local goods has also slowed down since the recession in developed economies particularly in the United States and Europe has depressed demand, he said.

He disclosed that that visiting executives from the US, Europe and Japanese companies, who earlier used to meet in the five star hotels, are now holding meetings with their local counterparts in their bungalows or offices due to security reasons.

Mr Mustansar said that many local and foreign based companies had also restricted holding of promotional campaigns of goods, seminars and business meetings in hotels. “The holding of corporate events has declined by at least 60-70 per cent in the last four months,” he added.

Family functions, which had already been slow after Muharram, has further become dull as many families are now preferring to hold marriage and valima receptions in big halls and lawns owing to security problems and check on car parking in the vicinity of leading hotels, he said.

“The year 2009 may remain highly depressed in terms of hotel business as the government is still not serious in tackling the economic and political issues,” he said.

When asked about discounts being offered on room charges, he said “this is a high time for our survival rather than making profits at these times.” Muzaffar Baweja, the former PHA chairman, also confirmed to Dawn about downsizing of workers followed by holding back hiring of new workers in the last few months.

He was of the view that currently room occupancy ranged between 25-30 per cent in Karachi alone which was definitely not satisfactory. “Normal room occupancy is considered above 60 per cent,” he said, adding that price war among hotels has also started.

He said the hotel industry had been struggling hard to survive since the PPP-led coalition government came to power. “Neither the foreigners nor the cricketers of different countries are serious to visit Pakistan due to security concerns,” he added.

“I see 2009 as the worst period for hotel business in view of political and economic uncertainty coupled with tension in Swat and Waziristan,” he said.

Lahore: Gulberg Main Market traders oppose ‘metered parking’ system

LAHORE: The City District Government Lahore (CDGL) and Gulberg Town administration are set to install the ‘metered parking system’ at Main Market Gulberg and at various other important sites of the city.

The system aims to solve the issues of lack of parking space and over-charging by parking officials. The Punjab government has purchased machinery for the new computerised parking system, but has not yet announced a plan to adjust the system in an already congested Gulberg Town. CDGL teams were conducting surveys across The Mall and Gulberg Town to acquire an accurate estimate of the parking space required.

Congestion: The residents and shopkeepers at Main Market Gulberg believe the parking system, which was previously set up at Liberty Market, cannot be successful at Main Market. They say the market faces a serious space shortage, and using the service lane around the market for parking purposes would still be insufficient. The residents also expressed concerns regarding the government’s alleged consideration of turning the ground behind the market into a multi-storey parking plaza. They said it would deprive the residents of greenery and increase pollution, which is already on the high in Gulberg Town due to congestion and traffic jams.

Muhammad Mushtaq, a bookseller of the market, said the shopkeepers and residents were unhappy with the government’s plan to install a metered parking system at the market. He said the market was already faced with congestion and lack of space, adding that setting up a parking lot would only worsen the congestion.

“We do not want people to park their cars outside our shops. It would create traffic jams and pollution. We accept that parking is one of the major issues at the market, and we are in favour of solving the problem, but not at the cost of increasing congestion and pollution,” he asserted. Incomparable:

Asim Hussain, a cigarette shop owner at the market, said the market was very different in nature if compared with Liberty Market, and hence called for a different solution. He said customers spent hours at Liberty Market, which could also be considered a shopping mall. He said Main Market was not a shopping mall and most customers only stopped for a few minutes. It would be a bad idea to charge the people for such a short span of time, and people would refuse to park their cars and pay the charges just for a few minutes, he said.

District Coordination Officer Sajjad Bhutta said the government had enough machines to install the metered parking system at the market, but it was currently resolving the issue of lack of space to set up the parking lot. It was difficult to set up effective parking lots in congested markets, and the Punjab government does not want to adopt a short-term solution to the problem, he elaborated.

Lahore: Theatres suffer losses in discriminatory closing time enforcement

LAHORE: The Punjab government’s policy towards theatre timings has dealt “a serious blow” to the commercial theatre, resulting in a loss of millions of rupees since the new timings were enforced in November 2008, artists and theatre producers have said.

Bound: The Home Department’s notifications and the Dramatic Performances Act 1876 contain no clause that could force theatres to close at 11pm. The Punjab government, however, has bound the theatres to close at 11pm, while the cinemas remain open until 12:30am. The artists and commercial theatre producers termed it a “discriminatory policy” and said it had deprived many artists from earning their bread. According to the policy, the government changed the timings to stop vulgarity. Producers said, “The government told us that it has reviewed the old timings due to law and order situation.”

On the other hand, they said, cinemas were allowed to run shows until 12:30 am.

A Home Department notification said, “The district coordination officers will be held responsible for monitoring of dramatic performances within their respective districts. They will also monitor vulgar/obscene stage performances. In case of any violation they will report to the Home Department.”

Another notification said the Censor Rehearsal Panel “shall watch, formulate and sign the Full Dress Censor Rehearsal jointly”. According to the notification, only “situational musical items” were allowed in theatres, if approved by the panel and were not obscene, vulgar or provocative.

Review timings: Commercial Producers Association Chairman Chaudhry Zulfiqar said they were against vulgarity, adding the government should ban dances if it was against them. He said, “We demand that the government review the timings. The government should save the theatre from collapse. Punjab is the place where maximum number of dramas is staged across the world. We are against vulgarity, so the government should promote clean theatre,” he said. Afshar Rahi, a daily-wage artist, said, “I have to go back home without work, as the new timings have affected the production work.”

Home Department Secretary Nadeem Hassan Asif said the timings were implemented through an executive order. He said cinema timings were the federal government’s issue. He did not agree with the point that the timings were affecting the theatre producers. He said theatres were closed early across the world.

Lahore: New transport system soon: CM

PUNJAB Chief Minister Mian Shahbaz Sharif has said the provincial government has set up the Lahore Transport Company (LTC) as provision of modern transport services to the masses is his top priority.

The CM was speaking at a meeting at the Chief Minister’s Secretariat to review transport services. Task Force on Transport Chairman Tasneem Noorani and the transport secretary were present in the meeting. The CM said an order for 365 new buses has been placed and the new transport system will soon be launched in the City.

He said the government was fully aware of the problems faced by the people due to the lack of transport services in the City and he focused on this issue immediately after he assumed the office of Khadim-e-Punajb. He said that a special task force was formed for the improvement of transport sector and the LTC was set up in the light of its recommendations. He said an order for 365 new buses had been placed in the first phase and that these buses will arrive within one to two months. He said that consultation with technical experts was of key importance for operating the transport system successfully and services of foreign experts could also be acquired. He said maximum number of experts from private sector should be inducted in the eleven-member Board of Governors of the LTC. He said that the project for provision of modern transport services to masses had already been delayed and efforts should be made on war-footing for early implementation on this project. He also approved the logo of LTC and issued instructions for the provision of funds on an immediate basis.

The CM praised the efforts of task force chairman and the transport secretary for the improvement of transport services. Earlier, the task force chairman and the transport secretary briefed the meeting that a site has been selected for the company and it will be registered within a day or two. They said that 365 buses were being purchased in the first phase and an order will be placed for the purchase of 300 more buses. They said that negotiations were being held with different operators for plying the buses. Other issues were discussed in detail in the meeting.

Meanwhile, the CM at a meeting of Punjab Cooperatives Liquidation Board ordered re-evaluation of all properties of the Punjab Cooperatives Board for Liquidation and directed that services of more than one prominent and well-reputed company be acquired for the purpose.

The meeting reviewed the affairs of the board of a period of last five years. MPA Pir Muhammad Ashraf Rasool, Tahir Sindhu, Task Force Chairman Haroon Khawaja, the chief secretary, Senior Member Board of Revenue, the finance and cooperatives secretary, the liquidation board chairman, the anti-corruption director general, the member legal Chief Minister inspection team and officials were present in the meeting.

He also issued instructions to ensure complete transparency in the affairs of the board and a thorough scrutiny of all properties of the board sold during the recent years. He said that serious irregularities were committed in the past in the sale of properties and other issues of the board and rules and regulations were totally ignored.

The CM said that he had issued instructions to probe into violation of rules and regulations and irregularities in the affairs of the board and to inquire into sale of 20 percent properties during last five years. He said that the committee has probed into the sale of 22 out of a total number of 82 properties and serious irregularities had been detected. He said that not only Board of Directors was kept in the dark but precious properties were sold at throwaway price without bidding. He expressed his surprise over such large scale irregularities, saying “why did Board of Directors and other authorities take notice of this matter”.

He said serious bungling was committed in the payment of claims. He said that contrary to the past, a comprehensive strategy be evolved to ensure transparency in the affairs of the board and instead of 20 percent properties, the sale of all properties of the board should be scrutinised.

He praised the performance of Member Legal CMIT Muhammad Yar Wallana, Punjab Cooperatives Liquidation Board Chairman Nazar Chohan and others who detected serious irregularities in the affairs of the board.

The Punjab Cooperatives Liquidation Board Chairman and Member Legal CMIT gave a detailed briefing on the board affairs. The meeting was informed that six references have been sent to Anti-Corruption Establishment for losses of billions of rupees. The meeting was informed that rules and regulations were violated and precious properties were sold at dirt cheap prices without bidding.

Meanwhile, Balochistan Labour Minister Mohammed Sarwar Musa Khel called on Punjab Chief Minister Mian Shahbaz Sharif at Chief Minister’s Secretariat, here on Monday. Matters of mutual interest as well as development projects in Punjab were discussed in the meeting.

Talking to the guest, the CM said that Pakistan had four federating units and there was a need to promote unity and harmony among them for the development and prosperity of the country besides coping with challenges.

He said the Punjab government would construct a modern college for students of Balochistan and a fully equipped cardiology centre in Balochistan for heart patients which would be a gift for the Balochi brethren and would promote unity and harmony between the two provinces.

He said the Punjab government was taking revolutionary measures for the welfare of the people and raising their standard of living while health, education and other necessities are being made available to the masses at their doorstep. He said that economic and trade activities are being promoted in the province and infrastructure is being developed under a comprehensive strategy to eliminate poverty, backwardness and ignorance from the society.

He said that availability of doctors, paramedical staff and medicines and modern equipment is being ensured at health centres throughout the province so that treatment facilities could be delivered to the people. He said that free dialysis facility was being provided at all district headquarters and some tehsil hospitals while MRI machines were being installed at district headquarter hospitals.

He said that remuneration of young doctors has been increased and the service structure of doctors has been improved. He said the Punjab Educational Endowment Fund had been set up with a sum of Rs 2 billion to enable poor but talented students to continue their study. He said opportunities will also be provided to these students to study in prestigious local educational institutions and abroad from this fund.

Foreigners fly in to buy up 'bargain' Britain

According to Knight Frank London in particular remains a popular destination with people from overseas and the firm says that the proportion of prime London property being bought by well-heeled overseas house hunters increased by 17 per cent during 2008.

The slide in property prices in famous-name London areas such as Belgravia, Canary Wharf, Chelsea, Hampstead, Kensington, Knightsbridge, Fulham and St John's Wood is tempting over buyers from Europe, the Middle East and the US who know that much of London's high-end property now represents a 'bargain'. For example, Knight Frank says prime residential prices in central London fell in October 2008 by 3.9 per cent, the fastest rate of decline on record .

"Up until the summer [of 2008] many vendors were holding to their pre-crunch asking prices," says Liam Bailey, head of residential research at Knight Frank. "After what has taken place in the financial world, an increasing number of vendors have decided to cut prices to achieve a sale. Our index shows this trend clearly - with the rate of month-on-month price drops gathering pace."

Independent prime London property consultant Charles McDowell says that such rapid price drops are making prime London property attractive to many foreign buyers for the first time.

"Well-heeled buyers from Euro and US dollar-dominated countries are arriving in London by the private planeload, as this is currently the best buying opportunity for them in many years," he says.

And who would blame them when, he says, "a superb home that may have sold last year for £10 million is now on the market for £8.5 million". But it's not just falling house prices enticing foreign buyers over. For years Brits have been buying up swathes of Spain, France, Italy and the US on the back of a strong pound - but now the parlous state of sterling means buying in the UK is now up to 30 per cent cheaper for anyone using dollars or euros to buy property in the UK.

"This increased foreign interested is not only at the top of the London market - we are also seeing something of a run on London boltholes around the £1 million mark too," says Charles McDowell.

"For Italians buyers, for example, London now offers an excellent opportunity to escape an unfavourable domestic tax environment, but was until recently not a realistic property option.

"And It will be interesting to see if the capital freed up in London remains here or is moved to the country market."

Karachi: Funds approved for reconstruction of 20 km portion of Super Highway

Karachi: Federal Communications Minister Arbab Alamgir Khan has approved a Rs300 million project for the reconstruction of a 20-kilometre-long portion of the Super Highway. He has directed the National Highway Authority (NHA) to carry out the project on the specifications of M-9 (Karachi-Hyderabad) Motorway.

During a visit to the Karachi-Hyderabad Super Highway, the minister expressed annoyance and dissatisfaction over the performance of the NHA for poor maintenance of the Super Highway and termed the NHA’s performance as “pathetic.”

The minister observed that instead of carrying out ordinary repair of the highway by the NHA authorities, the north-bound 20-kilometre-long patch of the road should be reconstructed on M-9 specifications.

“When the construction of M-9 motorway commences, there would be no need to reconstruct this patch and spend extra money on it if the specified portion is constructed on the specifications of the future motorway,” he said.

Khan directed NHA authorities to float international tenders for the construction of the M-9 Motorway and to prefer an international firm for the construction of the Karachi-Hyderabad motorway.

He was informed that the firm M/s Standard Company, which was awarded the contract for the construction of the M-9 Motorway, not only submitted fake bank surety with the NHA but also managed to get a stay order from the court when action was initiated against it. Khan said the court would hopefully vacate the stay order in the next hearing and directed the NHA to expedite the pre-qualification and tender-awarding procedure.

The M-9 motorway would be 136 kilometres long and it would reduce the duration of travel between Karachi and Hyderabad by one hour. The project is estimated to be completed within two years from its commencement.

Khan also expressed dissatisfaction over the pace of development work on the Phuleli Bridge near Jamshoro and directed NHA officials to expedite work.

Lahore: LDA acts to recover state lands in Gulberg,

THE Lahore Development Authority (LDA) foiled an attempt to grab a precious 57-kanal piece of land earmarked for setting up new Haji camp in the Tajpura area here on Wednesday.

LDA Estate Management Directorate staff demolished the boundary walls and other structures which were being constructed on this land. Besides, the LDA issued warning notices to the squatters to leave this land within 24 hours.

During another operation, the staff of the Town Planning Wing of LDA sealed six properties at K block, Gulberg III, near Firdous Market. These properties were being illegally used for commercial purpose. Guesthouses and offices were constructed in the residences.

As party of its driver against violation of building bye-laws, the LDA demolished toilets and servant quarters that had been constructed in the backyard of houses in the Punjab Government Employees Housing Society, College Road, Township.

Meanwhile, the work on widening and improvement of Sabazar Main Boulevard from Multan Road to Band Road has been stared. The staff of the engineering wing of the LDA launched operation against encroachments on the Main Boulevard, Sabazar, and demolished more than 75 structures.

Armstrong Joins Avison Young as Managing Director, Toronto Leasing Group

Avison Young Inc. announced the appointment of one of Canada's top leasing brokers, Robert Armstrong, as managing director of Avison Young (Canada) Toronto Leasing Group. Effective immediately, Armstrong will represent the company's Toronto office on Avison Young's national tenant representation team, helping to develop and service major corporate real estate clients across Canada. He will be based in Avison Young's downtown Toronto office. Armstrong joins Avison Young from Jones Lang LaSalle, where he was most recently managing director of its Canadian operations, based in Toronto.

Islamabad: New building code for seismic resistance in offing

Islamabad: The new building code approved by the previous cabinet is in the offing and will be effective forthwith throughout the country including AJK to ensure that future structures are seismic resistant.

All the new buildings, including residential, commercial, industrial and particularly high-rise, would have to follow the specification, spelt out in the new building code, Joint Engineering Advisor Ministry of Housing & Works Muzaffar Hussain Munjai told APP here Tuesday.

He said although a code regarding the construction of buildings was also formulated in 1986, it was not enforced practically, adding that soon after the earthquake of October 8, 2005, it became obvious that geologically, Pakistan lies in the high seismic zone and a code for the construction of future structures is imperative.

It was realised that the design and construction of buildings should be appropriate to resist the level of any expected hazard by using knowledge and technology available worldwide, he added.

To a question, he said the input of all the relevant agencies and bodies, both in pubic and private sector, was sought and incorporated while formulating the ‘Building Code of Pakistan: Seismic Provisions-2007.’

He said the Ministry of Housing & Works assigned Nespak the task of detailed seismic hazard evaluation, which in close collaboration with the International Code Council, USA formulated a quake-resistant design for buildings.

Muzaffar Hussain Munjai said as far as the intensity of any expected hazard is concerned, different areas of the country have been categorised into four zones. He said the new code would help realise the objective of making future structures in accordance with the technical specification of each category of the seismic survey.

“Islamabad and Rawalpindi are on the border of the red zone, that is why the residents have been instructed to construct new buildings according to the new code,” he added.

To a question, he said under the new code, people could build high-rise buildings after following the certain criteria, adding that all the executing agencies and provincial governments have been authorised to treat violators sternly and cancel their contracts.

About the high cost of buildings constructed under the new code, he said there might be a significant increase in the construction cost but our priority should be quality of work and the set standard.

He said the Ministry of Housing & Works with the cooperation of provincial governments held seminars to create awareness among society members and engineering and construction sectors about the implementation of the new code.

Rawalpindi: CM approves development of five healthcare facilities

Rawalpindi: Approval of at least five mega projects in health sector for Rawalpindi might resolve a number of problems being faced by residents of the city.

“Punjab Chief Minister Mian Shahbaz Sharif in a meeting with MNAs and MPAs of Rawalpindi Tuesday has approved construction of a campus for Rawalpindi Medical College, a separate Cardiac Institute and a separate Urology Institute along with establishment of a burn centre at Holy Family Hospital and a children ward at District Headquarters Hospital,” said PML-N MNA Muhammad Hanif Abbasi while talking to ‘The News’ Wednesday adding the projects could be termed the biggest initiative of the provincial government in health sector.

MNAs Hanif Abbasi and Haji Pervez along with MPAs Shehryar Riaz, Ziaullah Shah and Sarfraz Afzal attended the meeting. Provincial Health Secretary Dr Anwar Ahmed Khan was also present in the meting.

“The CM has approved construction of a campus for RMC on a piece of land measuring nearly 500 acres along Adyala Road,” said Hanif Abbasi adding construction of a 250 bedded separate Cardiac Institute on a piece of land measuring 44 kanals along Rawal Road has also been approved.

“PC-I of the planned cardiac institute has already been prepared,” said Abbasi adding the establishment of cardiac institute would cost Rs280 crore.

He added that the approved burn unit having capacity of 30 beds would be established at Holy Family Hospital. “However PC-I of the burn unit has not been prepared as yet,” he said.

The Urology Institute would be established in Dhoke Elahi Buksh on a place presently acquired by a veterinary hospital. “The CM has directed to submit PC-I of the urology institute within 10 days,” said Hanif Abbasi adding the approved children ward would be established at District Headquarters Hospital that has been facing problem of shortage of space for decades.

To a query, Hanif Abbasi said the CM has also directed the concerned departments to take necessary steps to hand over a piece of land presently acquired by the Rose Cinema to DHQ Hospital for establishment of children ward there. It is important that the matter of handing over Rose Cinema land to the hospital is pending in the court at present.

The DHQ Hospital chief Dr Khalid Iqbal Malik, when contacted by ‘The News’ Wednesday, said the gynaecology ward of the DHQ Hospital has also been facing acute shortage of space for long and the hospital has no other option but to keep two to three women patients both with antenatal (before giving birth to babies) and postnatal complications on a single bed and chances of infection from one patient to others cannot be ruled out there. He said the hospital that was established in 1981 has no paediatrics, orthopaedic and urology wards. “If the Rose Cinema land is given to us, we will establish an orthopaedic ward, urology ward and extension of existing gynaecology ward there.

Non-conforming use of houses in capital increases

How to play the current Spanish property market

The Spanish property market isn’t particularly conducive to moving right now, but it is to improving. With plenty of tradesmen twiddling their thumbs you can drive a hard bargain, take advantage of the downturn, do some serious renovations and reap the rewards when the market picks up. And what better project to tackle than a 300-year old bakery in the Andalucian village of Medina Sidonia? Beats a loft conversion in Merthyr Tydfil…

Just 100 metres from the delightful main square of Medina Sidonia sits the former bakery now known as ‘Casa Ganado’. With many quirky original features in place, including the ancient bread oven, this property requires Renovation with a capital ‘R’ but the Rewards will undoubtedly deserve the same capitalisation. Covering a generous 400m² of living space over two storeys and with a Moorish-feel interior courtyard plus bright rear patio and scope for roof terrace, this project has ‘boutique hotel’ written all over it for an adventurous investor.

With a population of just 10,000 the elevated town of Medina Sidonia, considered to be one of the oldest in Europe, sits at the heart of Cádiz province and entices visitors from all around with its shabby grandeur. It offers medieval walls, labyrinthine cobbled streets, fragrant blossom-filled plazas with pavement eateries and some incredible views across the patchwork countryside down to the sea. Furthermore the fine-sand near-deserted beaches of the Costa de la Luz, several elite golf courses and Jerez, the birthplace of sherry, are all within 40 minutes’ drive. It is little coincidence that the local bed and breakfast market is expanding nicely and Casa Ganado could get in on the spoils.

However there is no glory without graft. Although structurally sound, it’s been standing for 300 years and has no plans to budge, Casa Ganado is essentially a blank canvas for a stunning renovation. Digital architect plans have been drawn up (at a cost of over 10,000 euros) for four en-suite bedrooms, kitchen and living areas, a suntrap roof terrace, swimming pool on the patio, plus a self-contained apartment with separate access. This set-up would lend itself perfectly to a Riad-style guest house with the owners on-hand upstairs or simply a spacious imposing family home. A pedestrianised street ensures both safety and tranquility.

So whilst the world continues its financial wobble, put the next few months to good use restoring a slice of Andalucian history to its former glory. And, by the time you’re done, the cogs will have started turning on the Spanish property market again and you’ll have a much-appreciated asset on your hands – and who knows, you may even be the proprietor of a new boutique hotel bathed in the endless Spanish sunshine.

How to play the current Spanish property market

The Spanish property market isn’t particularly conducive to moving right now, but it is to improving. With plenty of tradesmen twiddling their thumbs you can drive a hard bargain, take advantage of the downturn, do some serious renovations and reap the rewards when the market picks up. And what better project to tackle than a 300-year old bakery in the Andalucian village of Medina Sidonia? Beats a loft conversion in Merthyr Tydfil…

Just 100 metres from the delightful main square of Medina Sidonia sits the former bakery now known as ‘Casa Ganado’. With many quirky original features in place, including the ancient bread oven, this property requires Renovation with a capital ‘R’ but the Rewards will undoubtedly deserve the same capitalisation. Covering a generous 400m² of living space over two storeys and with a Moorish-feel interior courtyard plus bright rear patio and scope for roof terrace, this project has ‘boutique hotel’ written all over it for an adventurous investor.

With a population of just 10,000 the elevated town of Medina Sidonia, considered to be one of the oldest in Europe, sits at the heart of Cádiz province and entices visitors from all around with its shabby grandeur. It offers medieval walls, labyrinthine cobbled streets, fragrant blossom-filled plazas with pavement eateries and some incredible views across the patchwork countryside down to the sea. Furthermore the fine-sand near-deserted beaches of the Costa de la Luz, several elite golf courses and Jerez, the birthplace of sherry, are all within 40 minutes’ drive. It is little coincidence that the local bed and breakfast market is expanding nicely and Casa Ganado could get in on the spoils.

However there is no glory without graft. Although structurally sound, it’s been standing for 300 years and has no plans to budge, Casa Ganado is essentially a blank canvas for a stunning renovation. Digital architect plans have been drawn up (at a cost of over 10,000 euros) for four en-suite bedrooms, kitchen and living areas, a suntrap roof terrace, swimming pool on the patio, plus a self-contained apartment with separate access. This set-up would lend itself perfectly to a Riad-style guest house with the owners on-hand upstairs or simply a spacious imposing family home. A pedestrianized street ensures both safety and tranquility.

So whilst the world continues its financial wobble, put the next few months to good use restoring a slice of Andalucian history to its former glory. And, by the time you’re done, the cogs will have started turning on the Spanish property market again and you’ll have a much-appreciated asset on your hands – and who knows, you may even be the proprietor of a new boutique hotel bathed in the endless Spanish sunshine.

Lahore: Masjid Chowk construction

LAHORE: Residents of the Defence Housing Authority (DHA) have been faced with regular traffic jams caused by the delay in the Masjid Chowk development project, especially during Ramazan rush hours, Daily Times has learnt.

The DHA authorities had earlier announced the installation of a new traffic signal on the chowk, along with an underground walkway and an expansion of the main road and the mosque. The project, which was supposed to be completed by the end of the summer vacations, has already exceeded its deadline by two weeks, with work still being done.

Rain: DHA spokesman Tajamul Hussain attributed the delay to the recent monsoon showers. He claimed that the contractors had worked according to the given timeframe for the completion of the project, however, the recent heavy rains had caused major disruption in the work, forcing workers to spend a lot of time draining the water that had flooded the site. He said that the bulk of the work had been completed, and that the workers were simply applying the finishing touches to the project. Hussain said that they had already re-opened the two-way road to facilitate the flow of traffic, adding that installation of the traffic signals was the responsibility of the Traffic Engineering and Planning Agency (TEPA), who were committed to install the signal after Eid. He said that the installation of the traffic signal had been the best option as the location had been unsuitable for the construction of an underpass.

Mosque: The spokesman said that the only part of the project that could be called incomplete was the extension to the main mosque, which had slowed down. He said that the mosque was a bigger project than the square itself, as the plans called for a proper complex with significant parking space, which would take extra time.

A resident of H-Sector, Asim Iqbal, told Daily Times that the contractors had been given more than enough time to complete the work, adding that the residents had been facing problems because of after school and work traffic, which also backed up traffic on Main Boulevard, DHA, sector Z, Y and other areas around Ghazi Chowk.

“The massive traffic jams are routine during school timings, as there is traffic coming to and from the Masjid Chowk and the other squares situated along the route gets backed up because of the delay in the development work on the square,” said Iqbal. He added that the two-way road was still unfinished and the authorities had to use dividers to separate the narrow road.

Underpass: Another resident, Malik Khurram, said that it would have been a better idea to build an underpass for cars rather than people. He said that the DHA administration had done the same with Ghazi Chowk, and had built traffic signals despite several residents suggesting that an underpass be constructed to help smooth traffic.

KARACHI: Low-cost housing schemes attract public interest

KARACHI: The low-cost housing schemes by private builders announced in great numbers all over the country have witnessed extraordinary public interest which has led to price hikes in properties in some cities and over subscription of projects in others.

According to real estate insiders, many more housing projects are in the books of both top and small developers of Pakistan and would be launched after Muharram.

These projects have been initiated in Islamabad, Karachi, Hyderabad, Lahore, Multan, Faisalabad and Mardan and have received tremendous responses from the common public.

“Pakistan’s backlog of 8.8 million houses may now be met to at least some extent,” voiced Vice President of FPCCI Sub-committee of Housing and Construction Munir Sultan.

He said this backlog was of homes for lower and middle income groups who found it difficult to build their own shelters for their heads and therefore lived in slums or ‘katchi abadis’.

With the new housing development plans, the annual requirement of 1.5 million homes may be met at least half way through. But Sultan says, even this is not enough.

“The government has not given any incentives in many years and though they have promised the world verbally, nothing has come about in writing or in practice,” he added.

Sultan states the government had banned land allotments for the past seven years and now this ban should be removed so that the value of empty plots also comes down.

He further expressed that the government should encourage satellite towns in suburbs to also deal with the backlog in the country. “The government should also give us incentives as they have provided to foreign developers and builders in the country,” he continued.

“Foreign builders would take the money back to their countries, however, the same incentives if provided to local builders would help them to expand and introduce more projects,” he pointed out.

On the other hand, another known developer requesting to remain anonymous said that since investments in the real estate sector were returning into Pakistan, the government should ensure security for local developers.

Referring to the Dubai based law of escrow accounts, which ensures protection against fraud and embezzlement, the developer said it was essential for a similar rule to be initiated in Pakistan so that developers “do not run away”.

He said day light robbery and fraud cases in Pakistan were a norm and when a lot of black money was being converted into investments in shape of low cost housing projects, then protection of the investors was of the top most priority and the government should sit up and be more attentive now.

The basis of financial crises all over the world was due to the insecure housing loans which led to about 35 per cent downfall in the housing sector in US and 45 per cent in Europe, he added.

Since more investments are expected to come in the next four to five months, and Federal Minister for Housing and Works Rehmatullah Kakar has also announced investments worth $700 billion would be entering the country, the government should pass new laws for this industry as a revival in the real estate sector would also lead towards uplift of the economy, he concluded.

Main Issue Is Whether People Still Want To Buy Property

While 2009 has been dubbed the year of the end-user in Dubai, some experts say the main issue for buyers will be whether they can buy or whether they want to buy. House prices in Dubai have dropped eight per cent between October and December, according to the fourth quarter House Price Index (HPI) 2008 issued by Colliers. The price drop relates to freehold residential properties, including apartments, townhouses and villas. However, despite this drop, the HPI also shows a year-on-year price growth of 59 per cent between quarter four 2007 and quarter four 2008. This means the average price level in Dubai is now similar to what it was back in the second quarter of 2008. Ian Albert, regional manager at Colliers, said the need for low-cost housing for both renting and buying has been apparent for some time.

It's been important for a while. When people were paying 40 to 50 per cent of their salaries on rent it made life hard. They were hoping the payrises would supplement this. But with the global economy and the freeze on salaries and job security, affordable housing has become a [greater] element, Albert said. The impact on the real estate sector was more keenly felt in the fourth quarter, with many banks and lending institutions tightening their lending and reducing loan to value ratios. The index showed that there was a five per cent drop in price for completed properties, including the Burj Dubai. There was a 1.6 per cent drop in price for completed properties, excluding the Burj Dubai development. The end of 2008 also saw the decline of major currencies and made dirham-denominated assets more expensive, thus discouraging international investors. The main issue with Dubai's property market previously was that it had been growing at such a speed due to excessive speculation that it simply wasn't sustainable. However, the issue now is much different. With negative market sentiment and a lack of confidence still coursing through Dubai's property industry, many who do have the money are too nervous to buy and are waiting for further drop in prices. Perhaps the most telling sign is that the volume of transactions dropped 45 per cent in just three months, between quarter three 2008 and quarter four.

Rawalpindi: CM approves development of five healthcare facilities

Rawalpindi: Approval of at least five mega projects in health sector for Rawalpindi might resolve a number of problems being faced by residents of the city.

“Punjab Chief Minister Mian Shahbaz Sharif in a meeting with MNAs and MPAs of Rawalpindi Tuesday has approved construction of a campus for Rawalpindi Medical College, a separate Cardiac Institute and a separate Urology Institute along with establishment of a burn centre at Holy Family Hospital and a children ward at District Headquarters Hospital,” said PML-N MNA Muhammad Hanif Abbasi while talking to ‘The News’ Wednesday adding the projects could be termed the biggest initiative of the provincial government in health sector.

MNAs Hanif Abbasi and Haji Pervez along with MPAs Shehryar Riaz, Ziaullah Shah and Sarfraz Afzal attended the meeting. Provincial Health Secretary Dr Anwar Ahmed Khan was also present in the meting.

“The CM has approved construction of a campus for RMC on a piece of land measuring nearly 500 acres along Adyala Road,” said Hanif Abbasi adding construction of a 250 bedded separate Cardiac Institute on a piece of land measuring 44 kanals along Rawal Road has also been approved.

“PC-I of the planned cardiac institute has already been prepared,” said Abbasi adding the establishment of cardiac institute would cost Rs280 crore.

He added that the approved burn unit having capacity of 30 beds would be established at Holy Family Hospital. “However PC-I of the burn unit has not been prepared as yet,” he said.

The Urology Institute would be established in Dhoke Elahi Buksh on a place presently acquired by a veterinary hospital. “The CM has directed to submit PC-I of the urology institute within 10 days,” said Hanif Abbasi adding the approved children ward would be established at District Headquarters Hospital that has been facing problem of shortage of space for decades.

To a query, Hanif Abbasi said the CM has also directed the concerned departments to take necessary steps to hand over a piece of land presently acquired by the Rose Cinema to DHQ Hospital for establishment of children ward there. It is important that the matter of handing over Rose Cinema land to the hospital is pending in the court at present.

The DHQ Hospital chief Dr Khalid Iqbal Malik, when contacted by ‘The News’ Wednesday, said the gynaecology ward of the DHQ Hospital has also been facing acute shortage of space for long and the hospital has no other option but to keep two to three women patients both with antenatal (before giving birth to babies) and postnatal complications on a single bed and chances of infection from one patient to others cannot be ruled out there.

He said the hospital that was established in 1981 has no paediatrics, orthopaedic and urology wards. “If the Rose Cinema land is given to us, we will establish an orthopaedic ward, urology ward and extension of existing gynaecology ward there.”

Karachi: Two universities likely to be chartered

KARACHI: The Sindh government is expected to grant a charter to two new private universities in the next few months, while the process for regularizing another two universities has been initiated.

“The provincial government has completed the process of granting a charter to two institutions and a draft regarding the matter is in the final stages of approval,” said a Government of Sindh Charter Inspection and Evaluation Committee official. He revealed that the committee had inspected the facilities and infrastructure of the private institutes. “In its inspection, the committee evaluated the administration standards, availability of facilities, academic programs offered, enrolment criteria, examination standards, fee structure, syllabus, faculty criteria and research programs of the universities before deciding to grant them the charter,” he added.

The universities expected to get a charter are the Institute of Business Administration (IBA) and the National Law University. However, two more institutes are being considered for the degree-awarding status, namely the DHA University and the Abdullah Haroon University. With the addition of the two new private universities that are expected to get a charter, the total number of private universities in the province will rise to 29, and if all four of the universities are given a charter, the total number will rise to 31.

The universities that are already chartered include the Institute of Business Management, Iqra University, Hamdard University, Aga Khan University, Institute of Technology, Dadabhoy Institute of Higher Education, Greenwich University, Indus Institute of Higher Education, Newport Institute of Communication, Ziauddin Medical University, Baqai Medical University, SZABIST Karachi, Khadim Ali Shah Bukhari Institue of Technology, Sir Syed University of Engineering and Technology, Isra University Hyderabad, Muhammad Ali Jinnah University, Indus Valley Institute of Arts and Architecture, Jinnah University for Women, Textile Institute of Pakistan, Karachi Institute of Commerce and Technology, Princeton Institute of Management Sciences and Technology and Princeton University, University of East Hyderabad, DHA Suffa University and Nazir Hussain University.

Superior development in glorious Turkey

Nirvana International, specialists in selling homes in Turkey, are proud to announce the marketing of a luxury development of style and sophistication set on a stunning verdant green hillside yet within easy reach of popular Kalkan resort.

“These properties are simply exceptional as is the whole complex”, says Robert Nixon, Director at Nirvana International. “We have front line villas available with private pools and for anyone interested in the sea and sailing it offers a wide choice of islands to sail to and berths at the nearby marina in Kalkan.

Modelled on the traditional vernacular, the homes reflect the unique character of the area with varying roof heights and charming architecture creating an authentic façade. They provide owners with the best of both worlds, a traditional exterior with a 21st century contemporary interior with spectacular and spacious open plan living.”

There is an attractive piazza which will help to bring together the new community with its welcoming bars and restaurants plus pleasant seating in shady corners. There are tempting swimming pools available for all residents plus spa therapies. In addition, and one of the reasons why this is such a special development, is its prime location. Set on a gently sloping hillside with unspoilt views of the shimmering blue sea it offers a restful haven yet is within easy reach of the vibrant resort of Kalkan. In fact, perfect for anyone who loves the sea or sailing around the many nearby islands which offer a wide choice of welcoming sandy coves with glorious pure clear water for swimming or snorkelling.

With free babysitting services and free transport to and from town as well as to the sandy, Patara beach this sounds like Utopia. Add to this the restaurants, bars and shopping facilities on the complex and you will see why this is a very special place.

The area is unspoilt and without a doubt this is a highly prestigious development. Properties can be bought off plan with staged payments to suit individual circumstances and should you choose to, you can re sell with no capital gains liability (after four years ownership). There is full property and rental management services via the internet.

The development company is well respected for its wide range of prestigious developments and leisure facilities including Turkey’s leading Golf and Country Club so when you buy a property at this location you are investing into a company of high standards. As an owner you can also enjoy the privilege of being an international affiliate member of the prestigious Kerner Golf and County Club of Istanbul. You also have access to the on site spa which is fully equipped. A 15 room boutique hotel offers luxurious accommodation facilities for your guests if required and there are open spaces, tennis courts, play areas and communal swimming pool.

Because this is such an exceptional development Nirvana International can also arrange inspection trips which are fully refunded upon purchase. Those visiting will stay at a beautiful hotel on the fabulous marina at Kalkan.

It is therefore a perfect investment opportunity particularly as it is close to the much loved resort of Kalkan. “Second home owning is increasing in Turkey” adds Robert, “and homes such as these, built with style and quality with potential for renting are attracting those with an eye to a good investment”.

Kalkan is largely untouched by mass tourism and has become the destination of choice for those seeking a taste of authentic Turkey. This is a most attractive town with its stone built houses dripping with bougainvillea.

Narrow lanes lead down to the seafront packed with shops and sophisticated bars and restaurants, with some excellent seafood restaurants on the harbour front. The town comes to life at night as people take their seats to dine under the stars in one of the many rooftop restaurants or enjoy a drink in one of the relaxing bars in the harbour. Because of its unique atmosphere many of those holidaying in Kalkan choose to return giving rise to a strong rental market.

Concluded Robert, “This is a high end complex, in a key location, situated close to the country, beach and the popular resort of Kalkan. This gives buyers peace of mind knowing that they are purchasing a well built, cleverly designed development which can offer fabulous holidays year round and also provide rental income. Despite current difficulties in the world economies properties along the coastal areas of Turkey rose in 2008 by around 8% which is a decidedly better return than in the UK”.

There is a choice of single storey and duplex apartments, two storey town houses and two and three storey villas.

Prices From 104,000 euros for a one bedroom apartment From 151,000 euros for a two bedroom apartment From 238,000 euros for a three bedroom villa From 440,000 euros for a four bedroom villa From 615,000 euros for a five bedroom

DIP Unveils Luxury Sunset Mall

Dubai Investment Properties (DIP), the leading real estate developers in UAE, has launched its exclusive multi-million ‘Sunset’ mixed-use development project in Dubai. Speaking to Khaleej Times Ani Vladi, Marketing Manager of Dubai Investment Properties, said: The Sunset mixed-use development is scheduled for completion in the first quarter of 2009, however, the residential quarters might take a few months more. With the launch of Sunset, DIP will set a new parameter in luxury retail experience for customers looking to buy high-end international brands in Dubai,” she said. While launching the project, Francois Faure, Executive Director, DIP observed: “Sunset will be a unique development combining the best in architecture and the latest ‘green’ technology initiatives. With exclusive facilities and services, Sunset will set new standards shopping and will become the preferred venue for customers, who appreciate discretion, exclusive service and an ambience of elegance and class. Covering an area (sqft): 1,000,000, the two-level shopping mall boasts 97 retail units, restaurants, 49 office units and 119 residence units. DIP has engaged Arkiteknik International to develop this project with combination of water, glass and steel. The interior of the Mall will feature the latest innovations in LCD and LED technology, offering visual effects not seen anywhere else in the city.

Lahore: LDA razes encroachments in Gulberg

THE staff of the Lahore Development Authority (LDA) demolished as many as 15 illegally built shops on Sunday.

These had been constructed in the unlawfully dug up basement in the front house line of Khan Arcade, Firdous Market and Gulberg.

According to a press statement, these shops had been constructed in contravention of building regulations of LDA and building plan were not approved from the LDA.

Staff of the Town Planning Wing as well as the LDA Estate Management Directorate jointly carried out the operation against illegal constructions.

Later, the Director Estate Management and Senior Estate Officer LDA also visited Main Market Gulberg and warned the owners of temporary encroachments for voluntarily removing their encroachments; otherwise, LDA’s staff would take action against such infringements.