Pakistan Property & Real Estate News

Model Town allows more storeys on top of old buildings

LAHORE: The Model Town Society (MTS) has permitted construction of multi-storey buildings in commercial areas in violation of the by-laws, while the residents are concerned about safety risks in construction of multiple storeys on old buildings that have suffered through several earthquakes.

Previously, the society’s administration was known for taking stern action against shopkeepers who tried to construct more storeys on their shops. There was no concept of violation of the by-laws as violators faced the risk of cancellation of their lease.

The construction of commercial buildings in C and H block markets of the society commenced in 1975 and the society formulated stern punishments for those constructing any structure on top of the ground floor. Shop owners previously had to seek permission from the society’s administration before altering the architecture of their shops. However, shop owners have recently started constructing multiple storeys on top of their single-storey shops in violation of the by-laws.

Residents: MTS residents said this could have dire consequences given the magnitude of commercial activity in the society. They said besides the chances of an accident or building collapse, multi-storey commercial centres would jeopardise the society’s greenery and beauty with increased levels of traffic and congestion.

Officials: MTS President Colonel ® Tahir Kardar said the society’s administration would allow construction of multiple storeys in order to earn more revenue for the society. He said the society’s population had increased drastically over the past few decades and more shops were required to meet the society’s needs.

He said the society would not allow construction of multiple storeys on old buildings and it would cancel the lease of those violating the by-laws. He said the society would only allow construction of new multiple-storey buildings.

However, Model Town Residents Association (MTRA) President Amir Azam told Daily Times that some of the society’s administrators had already allowed shop owners to construct multiple storeys on their shops.

Azam said the society was designed in such a manner that it could only cater to the basic needs of a limited number of people. He said the construction of more buildings would increase the business activity in the area, which he said would result in more frequent traffic jams, parking issues, and increased congestion.

Citing safety risks, he said the society’s administration would be held responsible in case of a building collapse due to the construction of multiple storeys on top of old buildings. He said the residents had raised the issue at various forums but the administration refused to take notice, adding that it was only concerned with profits.

CDA earns Rs335m from auction of 27 plots

Islamabad: The Capital Development Authority (CDA) on Wednesday earned as much as Rs335 million from the sale of 27 residential plots located mostly in developed sectors in an open auction held at the Community Centre, Aabpara. The auction started at 10:00 a.m. and continued till 4:00 p.m.

As many as 22 plots out of 27 were located in ‘G’ series sectors while four were in sector D-12 and one in Sector F-11/3. There was only one plot measuring 500 sq yards, No. 40 in Sector F-11/3, which fetched the highest bid of Rs62,600 per sq yard, a total of Rs31.3 million.

There were nine plots measuring 471 sq yards, all located in sector G-10/3 offered at the auction. The highest bid for this category of plots remained Rs38,600 per sq yard (Rs18.18 million) while the lowest bid for the same category remained Rs35,500 per sq yard (Rs16.7 million).

Another six plots measuring 311.11 sq yard were up were grabs in sector G-10/2 and in this category the highest bid remained Rs32,000 per sq yard (around Rs9.95 million) while the lowest bid for this size of plot was Rs27,000 per sq yard (around Rs8.4 million).

In sector D-12, which is still in the last phase of development, four plots, each measuring 355.55 sq yard were offered for open auction. The highest bid received for these plots was Rs26,000 per sq yard ((around Rs9.24 million) and the lowest remained Rs16,300 per sq yard (around Rs5.8 million).

The similar size plot located in sector G-10/3 fetched a bid as high as Rs35,000 per sq yard (around Rs12.45 million).

In sector G-10/2 there were six plots each measuring 233.33 sq yard offered for auction by the CDA. The highest bid for this size of plot was recorded as Rs37,500 (around Rs8.75 million) while the lowest bid for this category of plots remained Rs28,400 per sq yard (around Rs6.62 million).

CDA Member (Finance) Saeedur Rehman, when contacted, told ‘The News’ that the authority has set a target of earning around Rs1.5 billion from this open auction of residential and commercial plots.

“I believe that the trend we have seen today is slightly on the lower side if we may compare it with the last auction. Besides, we were unable to auction all the plots that were offered on the first day. However, we hope to achieve the target that we have set by Thursday evening when the auction of commercial plots will be completed,” the Member (Finance) of the Authority told ‘The News’.

The authority is going to offer more commercial plots as well as orchard/fruit & vegetable farms and some to install CNG station in the federal capital. The auction was supervised by a committee headed by Member (Finance) Saeedur Rehman and comprising Member (Estate) Brigadier ® Asad Munir, Member (Planning & Design) Syed Tanvir Bukhari, Director (Estate Management-I), Director (Estate Management-II), Director (One-Window Operations), the Deputy Financial Adviser-II and the Director (Public Relations) Muhammad Asim Khichi.

8,000 acres of amenity plots have been occupied

Karachi: Eminent architect and town planner Arif Hasan made the startling disclosure on Tuesday that 8,000 acres of amenity plots, including a large number of parks, have been occupied in the metropolis between 1986-87 and 2006-07.

Delivering a lecture on “Karachi - The Evolution of the City” at the University of Karachi (KU), under the aegis of the KU General History Department, Hasan said that 50.5 per cent of city’s population lives below the poverty line, adding that the poor were being pushed out of the city increasingly “and eight people are being forced to live in one room”.

He said 75 per cent of the residents of Karachi work in the informal sector, the unemployment rate in the city has reached to the tune of 17.56 per cent, and hawkers in Saddar alone pay Rs12 million as “Bhatta” (protection money or extortion) every month.

No other city has changed like Karachi, Hasan said, adding that Karachi became a high-density, multi-ethnic and multi-class city after the creation of Pakistan in 1947 when it absorbed the influx of immigrants from India and paved the way for the flowering of a nascent culture. “There was a time when writers and painters existed in Muhajir Colony along with working class people,” he mentioned. “Karachi’s old city has one of the most beautiful colonial architecture.”

The evolution of Karachi goes back to the 18th Century. “The importance of the city is essentially due to its harbour which has attracted people for centuries,” he said. Before the modern Karachi Port was established, there was another port called Kharak Bandar in Hub in the vicinity of Karachi but in 1729, it got silted up after heavy rains. Then came a “fortified settlement” on 35 acres in Karachi in Kharadar and Mithadar. “The history of Karachi, however, goes back to ancient times because there is a temple of Mahadev in Clifton that has been mentioned in Mahabharta,” he said. “Then we have Ram Bagh (now Aram Bagh) and it is said it was named so because Ram and Sita spent a night there”.

Hasan said Karachi has at least 14 names and within the city there are lots of pre-British shrines indicating that there were settlements here even before the arrival of colonialists. He pointed that Britain occupied Karachi essentially to stop the Russians from having access to warm waters and the city became the centre of military activity after its annexation. He said after the occupation there was development of port and railways. In 1868, Karachi became the largest exporter of wheat and cotton in India. In 1901-11 the major Punjab-Sindh irrigation schemes were completed and in 1914-22 Karachi became the headquarters for British intervention in Central Asia while in 1924 it had the first airport in India, he added.

Much of the earlier buildings, such as old fort of Manora, are pre-British and old quarters still exist as “Thanas”. The first major intervention in the city was made in 1921 when its expansion took place and Parsi Colony and Frere Road were developed. In 1947, a tramway was linked to all parts of the city. In 1947, Karachi’s population was merely 450,000 but it shot up to 1,137,000 in 1951.

In 1952 the government invited a Swedish firm to build a capital in Karachi and it planned a university as it exists today. However, there was student agitation in 1953 that “toppled three governments”. The student agitation of 1953 had a very great impact on planning. In 1958, after General Ayub Khan staged a coup, the services of a Greek planner were hired for Karachi’s re-settlement plan and two satellite colonies namely New Karachi and Korangi were established, he said.

As a result of the establishment of satellite colonies, Saddar became a transit point for transportation and its degradation started. Thereafter Karachi Master Plan 1975-85 came into being and it was “a superb plan and dealt with every thing” but was put on hold in 1977 due to political upheaval. “Had that plan been implemented, we would have been living in a quite different city,” he remarked.

In 2000 came another Karachi Development Plan whose preparation cost a hefty Rs470 million. The plan was prepared at a time when Karachi’s civic needs were being taken care of by the informal sector and the plan was never approved officially.

Hasan said that unfortunately, the politics of Pakistan, especially that of Karachi, were built on the premise that the city have a strategic location. “Only people’s resistance can bring about a change,” he remarked.

He said that the Karachi Circular Railway (KCR) was going to help but it would cater to the needs of only two per cent of the population and should be converted into a bus-way. He disclosed that 78 per cent of KCR track has been occupied by formal sector, including buildings such as the “Awami Markaz.”

How the Sindh govt can persuade DHA

Karachi: When Home Minister Zulfikar Mirza teasingly offered the services of Sindh Minister for Works and Services Manzoor Wassan to the Defence Housing Authority (DHA) in the effort to complete the seemingly unending reconstruction of their road networks, he may have unknowingly had a painfully valid idea.

A disconcerted MPA, Imran Leghari, speaking on a point of order on Thursday, complained that the DHA was faltering and inordinately delaying the reconstruction of a number of roads within its jurisdiction, causing immense inconvenience to many residents (story on page 14). He complained that the CDGK could not do anything since the area was not under its jurisdiction and nor could the Sindh government. He insisted, however, that the Sindh government should press the DHA to complete the roads on time given that the body was not listening to the pleas of the citizens. Needless to say, the affected residents are now furious.

Well, Mr Mirza’s seemingly jocular idea of appointing an extremely “able” Manzoor Wassan Saheb to get the job done may not be that bad an idea. After all, if it’s convincing that the DHA administration needs, then you may have your solution right there.

Back in 1990, Wassan Saheb, then the mercurial Transport Minister in Benazir Bhutto’s first government, was frustrated with his transport secretary Zubair Kidwai. Mr Kidwai, in his staunch earnestness, a rare if not extinct trait in our praetorian bureaucracy, refused to oblige a fuming Transport Minister.

Mr Wassan proceeded to do what all red-blooded wielders of power in Pakistan would do: got his guards to point their automatic weapons at the non-compliant secretary in the Sindh secretariat.

It is another matter that Mr Wassan’s technique did not work on an undaunted Kidwai, who would later become Sindh chief sectretary. It is unlikely that the method will fail twice, right? After all, how many people can refuse something with automatic weapons in their face.

If it is the reported promise that Mr Wassan, at present the seemingly reformed (for now) Minister for Works and Services, has made with the Pakistan People’s Party (PPP) to behave, then the same task of persuading the DHA can be given to the current Food Minister.

No, he won’t need to bribe the DHA using our often scarce stocks of essentials — however good an idea as that may sound — but he can use his experience of aggression to twist the arms concerned. This time he won’t even have to break rules like he did back in 1994 when his guards went on a rampage on the premises of the Sindh Assembly. Wielding guns, by the looks of it, is a regular occurrence and an accepted form of communication in between the more affluent residents of the DHA and lesser locals.

The people of Defence would be eternally grateful to either Minister.

REALITY NOTE: As the Sindh assembly session was prorogued for the last time in the current government’s first year, there were many congratulations over the completion of the designated number of days required for the constitutional minimum (70 days). While that may be technically true, since the assembly was in session for 72 days, let it not be lost on us that the assembly physically met for only 49 days – the rest being holidays or weekends.

Let it also not be overlooked that question and answer sessions have not been held for all the Sindh government’s departments – including important ones such as Land Utilisation and Finance. But let us leave this potentially touchy discussion for another day.

RCB seeks Rs 737 million from centre for full water supply

RAWALPINDI: Rawalpindi Cantonment Board (RCB) has requested the federal government for a financial injection of Rs 737 million to pay Capital Development Authority (CDA) its due share in construction and maintenance of Sangjani filtration plant at Khanpur Dam.

Sources in the RCB told Daily Times on Monday that the CDA had reduced water supply to the cantonment areas from 9 million gallons per day (MGD) to 7 MGD, as the RCB had failed to clear an outstanding amount of Rs 635 million. Shortage of funds is the sole reason for non-payment of dues to the CDA. The RCB’s water supply related outstanding payments to the CDA have also reached Rs 102 million.

The sources said that due to reduction in water supply, the civic body was facing difficulties in meeting the daily water requirement of cantonment areas. At present, the RCB is receiving 7 MGDs from Khanpur Dam and 5 MGDs from 53 tube-wells against the requirement of 19 MGDs.

The ongoing financial crunch coupled with absence of a regular funding from the federal government has also impacted on the ongoing development projects.

Moreover, the Punjab government has not been paying the RCB its Rs 137 million share in octroi despite passage of eight months.

The sources said that a financial injection from the federal government would help the RCB clear its dues for resumption of full water supply, as demand for water would increase during the summer season that was just round the corner.

The sources said that the dam had enough stock of water due to the winter rains and enhancing water quota of the RCB would not impact on the rights of other shareholders. “No water shortage would occur in next six months in cantonment areas if CDA agrees to enhance the RCB’s water share,” they said.

The areas receiving water from the dam are Westridge 1, 2, 3, Aliabad, Allabad, Misrial Road, Peshawar Road (lanes number 1-7), Tench Bhata, Allama Iqbal Colony, Kamalabad, Dhoke Syedan Chowk, Kalma Chowk, Lalazar, Tulsa Road and some adjoining areas.

There are few tube-wells in these thickly populated areas, which are not sufficient to meet their increasing water need.

The sources said that power load shedding had also hampered the smooth supply of water to many areas and in this regard the RCB was planning to install generators to keep the tube-wells moving but there were no funds. The tube-wells are to be installed in Chamanabad, Allama Iqbal Colony, Westridge, Allabad and Shelley Valley.

Gulberg Town administration installing 17,000 street lights

LAHORE: The Gulberg Town administration has started a campaign to light up the whole town by installing street lights on some 17,000 selected points on different roads and streets.

The campaign, started a few days ago, is part of the ongoing plan to beautify the provincial capital. Under this beautification plan, the town administrations have been assigned the tasks of removing encroachments, developing roads and streets, specifying places for garbage disposal, maintaining small parks and green belts, and installing lights at different places in the city.

Visibility and security: The installation of street lights and the illumination of the entire city is aimed at ensuring improved visibility to commuters and residents at night. The street lights will also help control crime and enable families to walk in the streets at night without fear of being accosted by robbers, and to make parks and other public places attractive for people, especially children.

Electricians: The Gulberg Town administration has hired manpower for the 15 union councils of the town for the installation of these lights. One electrician and one helper each have been hired for the union councils, making the total number of men hired 30. These electricians have been given proper uniforms, and would be available round the clock to fix any defected streetlight.

The administration will install modern sodium bulbs on all major roads in Gulberg Town to ensure visibility during fog, while it will install normal tube lights in the streets. The town administration has given the union councils the task of installing the street lights. The installation work has already been started, and the employees of the union councils have been told to finish the campaign within a month.

Gulberg Town Municipal Officer (TMO) Ali Abbas Bokhari told Daily Times that the town was the first to start the campaign of installing street lights in an organised manner. He said the town administration would ensure that maintenance work on the lights continued in the future. He said the employees of the town administration were carrying out the installation of street lights simultaneously with their other jobs. Bokhari said the town administration had earlier conducted a detailed survey of the town and had identified 17,000 points to set up the lights.

Encroachments removed from Sector I-10 greenbelt

Islamabad: The anti-encroachment operation near Pirwadhai crossing and I J Principal Road continued on Thursday.

Makeshift hotels and stalls which were set up in the greenbelt of Sector I-10

and along I J Principal Road causing hindrance in the smooth flow of traffic were removed.

Islamabad Transport Authority Secretary Bashir Ahmed and Magistrate Muhammad Liaquat Abbasi with the help of CDA officials and police removed the encroachments.

The encroachers were asked to refrain from setting up encroachments in the greenbelt or along roadside failing which strict action would be taken against them.

Bashir Ahmed told ‘The News’ that the anti-encroachment operation would also be launched in Faizabad, Khana Pul and Jhangi Syedan soon for smooth traffic flow.

Encroachments removed from Sector I-10 greenbelt

Islamabad: The anti-encroachment operation near Pirwadhai crossing and I J Principal Road continued on Thursday.

Makeshift hotels and stalls which were set up in the greenbelt of Sector I-10

and along I J Principal Road causing hindrance in the smooth flow of traffic were removed.

Islamabad Transport Authority Secretary Bashir Ahmed and Magistrate Muhammad Liaquat Abbasi with the help of CDA officials and police removed the encroachments.

The encroachers were asked to refrain from setting up encroachments in the greenbelt or along roadside failing which strict action would be taken against them.

Bashir Ahmed told ‘The News’ that the anti-encroachment operation would also be launched in Faizabad, Khana Pul and Jhangi Syedan soon for smooth traffic flow.

NHA directed to accelerate work on housing project

Islamabad: Minister for Communications Dr. Arbab Alamgir Khan on Tuesday directed National Highway Authority (NHA) to accelerate the pace of work on NHA housing project so that its benefits could instantly be transferred to the employees.

He issued these instructions during a presentation in the Ministry where NHA Chairman Altaf Ahmed Ch. gave the minister a detailed briefing about various aspects of the project. The minister was informed that Rs1.7 billion housing project was launched in 2004 and was meant to be completed in 2006. The project, however, got delayed owing to various land acquisition related issues. The minister was told that land acquisition process had been duly completed and efforts were being made for an early development of the project.

Speaking on the occasion, the minister said that the housing project was meant for the betterment of NHA employees and therefore its early completion was necessary. He said that a lot of precious time had already been wasted and no one could afford to delay the project further. He asked the concerned officials to complete the process of land transfer on emergency basis and directed the contractor to take all the necessary steps in this regard.

NHA directed to accelerate work on housing project

Islamabad: Minister for Communications Dr. Arbab Alamgir Khan on Tuesday directed National Highway Authority (NHA) to accelerate the pace of work on NHA housing project so that its benefits could instantly be transferred to the employees.

He issued these instructions during a presentation in the Ministry where NHA Chairman Altaf Ahmed Ch. gave the minister a detailed briefing about various aspects of the project. The minister was informed that Rs1.7 billion housing project was launched in 2004 and was meant to be completed in 2006. The project, however, got delayed owing to various land acquisition related issues. The minister was told that land acquisition process had been duly completed and efforts were being made for an early development of the project.

Speaking on the occasion, the minister said that the housing project was meant for the betterment of NHA employees and therefore its early completion was necessary. He said that a lot of precious time had already been wasted and no one could afford to delay the project further. He asked the concerned officials to complete the process of land transfer on emergency basis and directed the contractor to take all the necessary steps in this regard.

CDA to install 12 speed checks

ISLAMABAD: Capital Development Authority (CDA) in consultation with Islamabad Traffic Police (ITP) will soon install 12 electronic devices on various roads of the city to show motorists speed of their vehicles.

According to the sources, the installation of Rs 70 million electronic speed devices under Driver Feedback System would discourage rash driving and reduce road accidents in the city. One of such devices has already been installed on 7th Avenue on experimental basis.

Deyaar Will Cut Unit Prices As Part Of 2009 Strategy

Deyaar Development yesterday said it will reduce unit prices for customers as well as offer cash back and transfer options on projects as part of its business strategy for 2009. The key motivation behind the strategy is to avoid the risk of defaults on payments as far as possible, although chief executive Markus Giebel recognised that defaults will happen. In these difficult times, you cannot help everybody. There will be a default rate in Dubai," Giebel told reporters. We believe the toxicity of our assets right now is above 50 per cent. The toxic level of an asset class equals the expected default rate of a client. At Deyaar, we have to do our utmost to get the default rate as low as possible," Giebel said. Prices of both sold and unsold units at four developments - Oxford, Fairview, Bristol Residence and Bristol Office - will be reduced by between 25 and 30 per cent on average. The reduction in prices will be supported by more flexible payment plans including lower instalment payments and adjustments to the payment schedule.

Customers are also being offered the chance to transfer their ownership in Deyaar Park and Mirar Residences to other projects whose development will be fast-tracked. As part of project consolidation, Deyaar is offering upto 50 per cent consolidation, and upto 10 per cent cash back on the amount paid, in a bid to reduce customer exposure. In the case of Deyaar Enclave, 100 per cent cash back is being offered, though Deyaar insists that the project has not been cancelled. Deyaar Park and Mirar are project consolidation. Enclave is a little bit different, it is also consolidation but we give 100 per cent of the money back," explained Giebel. "It's not cancelled, because we aim to build it when the market comes back.The real estate sector in Dubai has already begun to feel the impact of a necessary price correction in the market, after reaching hysterical levels last year. In response, several developers have indicated the need to readjust business plans and move towards a more customer focussed approach. Deyaar will soon announce the details of a large scale fund which will pool together assets of customers who have defaulted on payments. The properties will not be resold so as not to destabilise prices, according to Giebel.

THE City District Government Lahore to establish milk shops

LAHORE: THE City District Government Lahore (CDGL) announced establishing 100 model shops in every town where it would ensure supply of quality milk on a uniform rate.

The plan to introduce a uniform rate of milk across the provincial metropolis was made by former Chief Minister Mian Shahbaz Sharif. The CDGL Food Department was working hard to implement the plan. However, after the Supreme Court of Pakistan (SCP) sent Mian Shahbaz Sharif home, the plan to introduce a uniform rate of milk across the city shrunk to establishing a few shops in every town.

According to a handout issued here on Monday, the DCO has directed all the TMOs and officials of Livestock Department to establish these points across the city. A committee comprising six senior officials was also constituted to monitor establishment of these shops in the city as well as to arrange banners regarding the issue. It said the committee would submit a detailed report to the DCO within three days.

Employees In Tight Corner After Bribery Incident.

Two employees of real estate developer Nakheel stood trial on Sunday in the Criminal Court of First Instance for allegedly accepting bribes in return for carrying out their duties. The next hearing has been scheduled for March 29. A 28-year-old Egyptian salesman and a 32-year-old Emirati sales general manager at Nakheel are accused of overcharging a company for the purchase of a piece of land and taking a two per cent commission on a deal worth millions. The alleged bribery came to light thanks to an American sales consultant who pretended to go along with the two accused during the deal. The American sales consultant told the interrogators that the Egyptian defendant had told him in May 2008 that there was a plot of land for sale on the seafront of Palm Jebel Ali. According to his statement, the Egyptian said his superior, the Emirati who is also on trial, was willing to sell the land to whoever was willing to pay an extra two per cent of the original price in cash.

Soon afterwards the American informed the control section manager about the plan and he was told to go through with the duo in the deal. As soon as a purchaser stepped forward to buy the land the deal was struck. Ten per cent of the total land price estimated at Dh265 million was paid by cheque to Nakheel. As soon as a receipt of payment was given to the purchasing company the two per cent commission worth more than Dh5,134,000 was collected in cash by the American who pretended to accept the bigger slice of Dh2,050,000. The rest was allegedly split between the duo standing trial. Thereafter, the American witness reported the whole incident to the officials at Nakheel. When the police quizzed the Egyptian defendant he said he could return part of the money he kept with him in the UAE but not what he sent to his home country. The police seized the whole amount of money collected by the Emirati at his aunt’s house in Al Mimzar.

Vila Jardins do Oceano – Buy now pay nothing until completion

The award-winning development of Vila Jardins do Oceano, just 40 two and three bedroom villas in an idyllic beachfront location, has been quick to sell due to a clever combination of high quality and low pricing. With just a handful of homes remaining, the developer has acknowledged prevailing economic conditions and offered some enticing incentives for buyers. For risk-free capital growth, look no further.

Andy Welland, Managing Director of GEM Estates, comments, “Vila Jardins do Oceano is one of the only resorts on the entire Cape Verdean archipelago where you can pick up a two bedroom villa within 60 metres of the beach for less than 300,000 euros. Compared with neighbouring Santiago-based projects, price per square metre here is around 10% less. Looking across to other islands at developments where even a single brick is yet to be laid, Vila Jardins do Oceano comes in at 33 to 50% less expensive. Reassuringly no corners have been cut in order to arrive at these prices. In fact, market-leading construction techniques make the villas the most comfortable homes in Cape Verde. Combine this with a thriving rental market and steady capital appreciation and it all adds up to a sound investment.”

With construction in full swing, the resort is scheduled to complete in August 2009 and become available for paying guests. The development is backed by the Exchange Bond therefore buyers will be able to secure one of the last remaining units with a small 3,000 euro deposit and then have nothing further to pay until the completion date – but of course locking themselves in at today’s below market value price. The developer is also offering 5,000 euro cash-back when owners furnish their homes from a choice of packages and a free Toshiba branded air-conditioning upgrade. But it doesn’t stop there.

Thanks to the participation of a respected Cape Verdean hotel chain, Vila Jardins do Oceano is able to guarantee an uncapped rental income of 3% per annum for the first two years from completion. Beyond this point yields are expected to be high by virtue of the fact that Santiago is already served by direct flights to Europe, including Paris and Lisbon, and the nation’s first finished golf course, the Nick Faldo Estrela Santiago, is set for a 2010 opening thus attracting the lucrative golfing market. The Island’s hotels already run at a healthy 70% occupancy but with tourist arrivals soaring year-on-year, demands on short-term rental accommodation are high – great news for owners at Vila Jardins do Oceano. Lastly, mortgage arrangement and legal fees associated with the purchase will be paid for, regardless of your choice of solicitor.

Tucked around a sheltered private cove, which will receive a layer of white sand to cover the existing volcanic, Vila Jardin do Oceano’s two and three bedroom villas face south and thanks to their staggered arrangement on a gentle slope, each has unhindered sea views. On private plots of between 385 and 500m² with a fresh water swimming pool apiece, the villas (130m² for two bedrooms and 180m² for three) are tastefully decorated and equipped with all appliances whilst on-site amenities are comprehensive for what is essentially a boutique resort. Two tennis courts, a bar, restaurant and the showpiece, an iconic infinity swimming pool – Cape Verde’s first. The resort is a three minute stroll from Cidade Velha, planned UNESCO world heritage site and vintage colonial port.

Vila Jardins do Oceano observes the strictest planning controls with build density remaining below 20% and just a single storey – excepting sunny roof terraces. The resort’s construction adopts the ICF (Insulated Concrete Forms) technique developed in Hawaii which creates an energy-efficient home offering even temperature distribution, fire resistance, sound resistance and hugely reduced electricity bills. Extra thick walls have a cooling effect and air-conditioning use is literally slashed in half. Vila Jardins do Oceano also has an unlimited water supply via an ecologically sound dual desalinization plant.

Vila Jardins do Oceano is priced from 299,999 euros for a two bedroom villa within 60 metres of the beach. Pay just 3,000 euros now with nothing more until completion in August 2009 where an uncapped 3% rental guarantee kicks in for two years. Personal use is permitted for a generous 12 weeks per year. Up to 75% mortgages are available through a Portuguese bank subject to status.

Dominican Republic for 167% guaranteed return on investment

Land offers the safe familiarity of an old friend in times of economic downturn. It’s a tangible asset and one which can never be taken away. As supply diminishes and demand does the opposite, land values almost always rise and at a much faster pace than property. So why not opt for a headache-free $45,000 USD investment into a plot of land in the Dominican Republic? And enjoy the added protection of a guaranteed buy-back in two years at 167% of asking price.

The lush paradise of the Dominican Republic basks in 26ºC all-year round and provides a colourful tapestry of cultures and landscapes which keeps even the most adventurous traveller returning for more. The eastern coastline boasts pristine white beaches, the longest coral reef on the island and more than a dozen golf courses designed by a who’s who of golf from Dye to Faldo, Gancedo to Nicklaus. This is the setting for Punta Cana, touted as the Dominican Republic’s most significant tourist resort, and known as the ‘coconut coast’ for its 30 miles of swaying palms - palms which offer their name to the area’s newest first-rate residential development.

Swaying Palms offers a wealth of living and leisure options from tennis courts and an oversized 850m² swimming pool to restaurants and supervised children’s play. But its real investment appeal lies in the plots. Fully serviced with utilities, the 500m² plots have permission for a 200m² footprint enabling a two-storey villa of up to 400m². Priced at just $90 USD/m² these are way below market value, up to 30%, with other plots in Punta Cana fetching around $300 USD/m². The land is freehold with full title deed and all you have to decide is whether to build or take advantage of a guaranteed buy-back.

Managing Director of GEM Estates, Andy Welland, comments, “As the well-known phrase goes ‘land is purchased by the acre but sold by the square foot’ and the disparity between entry prices and exit prices can be quite significant. Due to the sought-after location of Punta Cana and his below market value starting price, the developer at Swaying Palms can comfortably guarantee a buy-back at $75,150 USD in two years giving a fabulous return of 167%. What’s more, investors can choose whether to pay in either four quarterly or 12 monthly instalments after putting down the initial 20% deposit, all of them interest-free. This kind of safe secure investment doesn’t come up too often.”

Plot owners at Swaying Palms will have full access to all the facilities within this gated five-star community including the private beach. They can also take membership of the Owners Benefits Club which, amongst others, secures access to five of the top golf courses in the area and discounts 15% off food and drink at the beach club. Swaying Palms also has an on-site rental and administration office, wi-fi and satellite television.

Swaying Palms is less than 20 minutes’ drive from Punta Cana’s International Airport serving London, Birmingham, Glasgow and Manchester with direct flights of around eight hours in length.

Work on Corridor-III in Gulshan-e-Iqbal begins

KARACHI: Gulshan-e-Iqbal Town has started the construction of the elevated U-turn part of the Signal Free Corridor-III that falls in the town’s limits and was allocated as a part of the mega project from Safari Park on the main University Road till the end of Safoora Goth.

In this regard, a bridge would be built near Samama Shopping Mall, at a cost of Rs 250 million, another bridge on the Abul Hassan Ispahani Road at a cost of Rs 130 million, said Gulshan-e-Iqbal Town Nazim Muhammad Wasay Jalil while visiting the site on Sunday.

Talking to Daily Times, Jalil revealed that the reconstruction of the Siraj-ud-Daula Road has also been started at a cost of Rs 30 million in Gulshan-e-Iqbal Town Union Council No 10. The reconstruction is being carried out under the sponsorship of National Assembly member from constituency NA-252, Rasheed Godial. The project would also cover the establishment of a Green Belt, pavements, parking lots and the installation of streetlights.

Jalil, while talking to Daily Times, during his visit of Siraj-ud-Daula Road on Friday, stated that the town has also started the carpeting of around 125,000 square feet of roads in various streets of UC No 7 and 10. He went on to say that Gulshan-e-Iqbal Town has completed almost 70 percent of development work, while a PC-I has also been prepared for the improvement of Gulistan-e-Jauhar.

Sources privy to the development projects that are in the offing have told Daily Times that Prime Minister of Pakistan Yousuf Raza Gilani has approved Rs 2.2 billion for the development of Gulistan-e-Jauhar. In this regard, a delegation of Haq Parast MNAs had also called on the PM last week seeking funds for Gulistan-e-Jauhar.

Meanwhile, the Landhi Town acting nazim has taken stern action over reports regarding the dumping of garbage on streets in certain union councils. On Sunday, he made a surprise visit to various UCs and issued directives to UC nazims concerned to ensure cleanliness and sanitation at any cost. He urged the people of the area to dispose garbage properly.

Jamshed Town Nazim Javed Ahmed has inaugurated Ghausia Family Park in PECHS UC No 6. The Ghausia Family Park and playground stretches over 42,684 square feet and has been established at a cost of Rs 3.3 million.

Ahmed said that despite there being no Haq Parast UC Nazims in UC No 6 and 7, Jamshed Town has spent Rs 4 million on several development works.

Excellent weather and rich history ensure steady sales in Malta

Malta is an island 60 miles South of Sicily. This is a country steeped in history and very much loved by the British. It has been a stepping stone and sea base for the powers that shaped the history of the Mediterranean, the Phoenicians, Carthaginians, Arabs, the Knights of St John, the French and then, from 1800, the British. It is the role that the island played during World War Two that has made Malta a country admired and respected by the British people for generations.

There is still a lot of the English lifestyle still visible on the island; red post boxes, driving on the left and the fact that most Maltese speak English. Malta was chosen by Queen Elizabath II as a home between 1949 and 1951. At the time she was Princess Elizabeth and wanted to be near her new husband who was stationed with the Royal Navy on the island. They lived a happy and trouble free time at a house owned by Lord Louis Mountbatten in the village of Gwardamangia.

Such is the British link to this amazing island and the respect of the bravery of the Maltese people during World War II that King George VI awarded the George Cross to Malta in 1942. A replica of the George Cross still features on their national flag.

“Modern day Malta is a country with a wonderful climate, a fascinating history, a low crime rate, excellent health care, lovely beaches, attractive residency and tax conditions and a stable property market” says James Vassallo, senior manager for Sales and Marketing at Tigne Point. “It is these factors that have helped create the island’s strong lifestyle appeal to foreign property buyers and also some of the reasons that have helped us achieve the above average sales figures at Tigne Point, a major development of high end, superior apartments situated on the headland overlooking the world heritage capital Valletta, the nearby Manoel Island and the magnificent natural harbour in between.

“Tigne Point is part of an impressive 44 hectare regeneration programme; historical sites that have lain fallow for decades are being renovated and opened to the public and new ‘brown-field’ developments are being created alongside them to provide an interesting fusion of old and new”.

Some 238 of the 260 homes launched to date have already been sold, with many of them bought by foreign buyers. In the last phase alone, 39 of the 59 units launched in July have already been snapped up - that’s an average of more than one a week – not bad going in these uncertain days.”

With an international airport less than 30 minutes away, buyers of these homes know that they always have easy access to most European capital cities and many other major international airports. Such is the confidence of the growth of Malta as a popular Mediterranean destination that in recent weeks there have been announcements from Easy Jet, Ryanair, SAS and others of new flights to the island.

The homes at Tigne Point have been built to the highest standards and offer convenient urban waterfront living with the emphasis on large open spaces, superior health and leisure facilities and expansive terraces offering spectacular views; either of the beautiful city of Valletta, the azure Mediterranean or the car free landscaped gardens and walkways that meander throughout the gated residential estate. Source: [Easier News]

Excellent weather and rich history ensure steady sales in Malta

Malta is an island 60 miles South of Sicily. This is a country steeped in history and very much loved by the British. It has been a stepping stone and sea base for the powers that shaped the history of the Mediterranean, the Phoenicians, Carthaginians, Arabs, the Knights of St John, the French and then, from 1800, the British. It is the role that the island played during World War Two that has made Malta a country admired and respected by the British people for generations.

There is still a lot of the English lifestyle still visible on the island; red post boxes, driving on the left and the fact that most Maltese speak English. Malta was chosen by Queen Elizabath II as a home between 1949 and 1951. At the time she was Princess Elizabeth and wanted to be near her new husband who was stationed with the Royal Navy on the island. They lived a happy and trouble free time at a house owned by Lord Louis Mountbatten in the village of Gwardamangia.

Such is the British link to this amazing island and the respect of the bravery of the Maltese people during World War II that King George VI awarded the George Cross to Malta in 1942. A replica of the George Cross still features on their national flag.

“Modern day Malta is a country with a wonderful climate, a fascinating history, a low crime rate, excellent health care, lovely beaches, attractive residency and tax conditions and a stable property market” says James Vassallo, senior manager for Sales and Marketing at Tigne Point. “It is these factors that have helped create the island’s strong lifestyle appeal to foreign property buyers and also some of the reasons that have helped us achieve the above average sales figures at Tigne Point, a major development of high end, superior apartments situated on the headland overlooking the world heritage capital Valletta, the nearby Manoel Island and the magnificent natural harbour in between.

“Tigne Point is part of an impressive 44 hectare regeneration programme; historical sites that have lain fallow for decades are being renovated and opened to the public and new ‘brown-field’ developments are being created alongside them to provide an interesting fusion of old and new”.

Some 238 of the 260 homes launched to date have already been sold, with many of them bought by foreign buyers. In the last phase alone, 39 of the 59 units launched in July have already been snapped up - that’s an average of more than one a week – not bad going in these uncertain days.”

With an international airport less than 30 minutes away, buyers of these homes know that they always have easy access to most European capital cities and many other major international airports. Such is the confidence of the growth of Malta as a popular Mediterranean destination that in recent weeks there have been announcements from Easy Jet, Ryanair, SAS and others of new flights to the island.

The homes at Tigne Point have been built to the highest standards and offer convenient urban waterfront living with the emphasis on large open spaces, superior health and leisure facilities and expansive terraces offering spectacular views; either of the beautiful city of Valletta, the azure Mediterranean or the car free landscaped gardens and walkways that meander throughout the gated residential estate.

Source: [Easier News]

Islamabad: Transfer of 584 acres of naval land to Gwadar Port

ISLAMABAD (March 08 2009): The Ports and Shipping (P&S) Ministry has sought guidance from the Law Minister regarding the transfer of 584 acres of naval lands at East Bay to Gwadar Port Authority (GPA) to establish Free Industrial Zones. The Ministry in a letter addressed to Law Minister on Friday informed him that Secretary, Ports and Shipping held a meeting with all stakeholders on February 25, 2009.

Wherein the government of Balochistan said that 9000 acres of land having sea access of 278 acres, is available to be handed over to the Ministry of Defence to shift its infrastructure to safeguard the coastal belt of Gwadar.

The P&S Ministry is seeking legal guidance from the Law Minister over the shifting of naval land after Balochistan government told that the land was available for Defence Ministry that could be used for Pak navy. The P&S Ministry had earlier moved a summary to the Prime Minster over the transfer of land to GPA that was rejected. Now the Ministry wants to move a summary again to the Prime Minister after consultation with Law Minister.

Sources said that the P&S Ministry in its letter has opined, By not transferring the Free Zone land to the Port of Singapore Authority (PSA) in accordance with the terms of the agreement, we have already defaulted and it would be well in its right to seek legal remedy through the court under Clause 7.10.2 of the Concession Agreement.

In case of this eventually, it is apprehended that the Port operations would be suspended after having financial and legal implications that would also discourage foreign investment, badly needed by our country. In the letter, the P&S Ministry has proposed that if the Ministry desires transfer of Defense land to GPA, on gratis basis, then PMs approval may be obtained for the transfer of the said land in favour of Ministry on gratis basis, for further handing over to GPA.

The port was formally inaugurated on March 20, 2007 and is presently handling wheat and urea ships successfully. The operation of the port has been assigned to the PSA, the operators of international repute, for a period of 40 years under a concession Agreement signed between GPA and the PSA on February 6, 2007. The scope of the concession Agreement includes cargo/terminal operations at the existing facilities and development of additional berths on 4.2Km space, which is available for this purpose.

Expansion of the container terminal facilities, marine services ie piloting, tugging and traffic management, Free Zone development and operation over 923 hectares of and cargo operations. Free Zone is key to Gwadar port meeting one of its primary objectives of transhipment. There could be no Free Zone without transhipment. The purpose of the free zone is to augment and supplement port activities and to value-add the cargo, thereby attracting more shipment into the port which is the real source of revenue for any port.

Clause no 5 deals with the terms of the Free Zone development and operations. Clause 5.1.1 provides that, the free Zone Area shall be located immediate west and adjacent to the planned container terminal measuring approximately 923 hectares, which GPA will acquire in terms of Article 5.3.3 of this Agreement, with a clear title vested therein and with full authority to lease the same to Free Zone Company for the establishment of free Zone.

As per clause no 5.1.2, the Free Zone Area will be part of the port, which will be under the jurisdiction of GPA. GPA shall determine the policies regarding development of free zone Area in consultation with the free zone company or sub-lessee shall be taken by GPA except to the extent provided for herein.

Moreover, the concession Agreement also provides that the Free Zone Area will be custom free and grants 20 years tax holiday to businesses that may be established in the Zone area. Under clause 5.3.3 of the concession Agreement it is mutually agreed by both the parties that; GPA shall acquire the land for the Free Zone Area on or before the following dates.

Realising the importance of the Free Zone Area, the then President and the Prime Minister directed on February 2, 2007 that 584 acres of land in the possession of Pakistan Navy at East Bay, Gwadar should be handed over to GPA, for the said purpose as soon as possible. After protracted correspondence, Ministry of Defence has informed that said land was transferred by the Government of Balochistan to Pakistan Navy in 1960 on ownership basis.

Further, in terms of Defence land Rules, 1944 the land in question cannot be transferred, free of cost to GPA, as this is an autonomous body. The land in the ownership of Pakistan Navy/coastguards as on the signing date is approximately 261 hectares: the date of commercial operations. Remaining approximately 662 hectares: December 31, 2007, provided that GPA shall be allowed a grace period for the acquisition of this land until June 30, 2008.

Developer Sees Property Market Rebound

Memon Investments, a Dubai-based property developer, forecasts that the UAE’s stricken real estate market will start to recover within the next eight to 12 months. The key factor in Memon’s projection is the federal government’s $20 billion bond programme, which Memon Investments Managing Director Ahmed Shaikhani called “a tremendous development” that will make funds available to cash-strapped real estate firms now burdened by debt. It should also provide a more upbeat atmosphere to the sombre tone the economy, particularly the construction sector, has taken,” he said on Sunday. “By helping to ease up the tight liquidity in the Dubai market, the construction industry should pick up, as delayed or cancelled developments are breathed with new life, and plans for new projects start to materialise. Another factor in Memon’s forecast is that construction costs per square foot in the UAE have declined by an average of 30 per cent since the onset of the current economic crisis. Lower construction costs should make the prices for completed projects more affordable and eventually help stimulate demand, Shaikhani said. Industry experts point to the massive drop in the prices of steel, and other materials including aluminium, wood, glass and diesel. The declining cost of labour and supervision due to recent redundancies and terminations has also contributed to the dip in construction expenditures, he said.

Emaar Properties, the UAE’s largest real-estate developer, is slashing purchase prices on a Dubai residential project by 25 per cent after cutting its building costs. Emaar has cut costs at its Standpoint residential project in the downtown Burj Dubai area and will pass those savings on to customers, Bloomberg reported Emaar as saying on Sunday. The price reduction will be based on the original purchase prices and will be available to customers who have paid all their installments on time or who can clear all their debt within 30 days from March 5, the report said. Memon said it expects to meet its completion targets for its own projects, starting with the Dh75 million Champions Tower I, due for delivery by the end of this year. Memon values its overall residential and commercial property portfolio, which includes the Frankfurt Sports Tower I and the Cambridge Business Centre, at around Dh1.34 billion. Dubai has been hit by the financial crisis, and is now experiencing correction, with prices getting adjusted as per the laws of demand and supply,” Shaikhani said. He added, however, that “the fundamental framework of Dubai is still very much intact; hence, there is great potential for the market to bounce back sooner.

Hyderabad: Illegal land allotment to be cancelled

HYDERABAD: Sindh Minister for Revenue and Relief Saifullah Dharejo has said thousands of acres of government land allotted to influential persons by the previous government would be cancelled and action would be taken against Revenue officers who had facilitated this illegal transaction.

He said this while talking to media persons at the Tapedari Training College, Hyderabad, on Thursday. He warned revenue officers to avoid malpractices, failing which strict action would be taken against them.

To a question, the minister said 26,000 acres of government land was provided to the Alternate Energy Board in district Thatta for the establishment of their projects but after the passage of many years, the land had not been utilised.

However, he made it clear that the government had now decided to take all the allotted land back from the government institutions or other organisations in case they failed to utilise it. Saifullah said inquiries against the illegal allotment and grabbers of government land had been initiated at various places. The DDO (Revenue) and Mukhtiarkar Thana Bula Khan have been suspended for their alleged involvement in illegal transaction of the government land, he said.

He said since the economy of Sindh was based on agriculture, the Revenue department played an important role in its socio-economic development. He said in view of the importance of the Revenue department, the provincial government had planned to modernise it for maintaining the record of the rights and recovery of the Revenue taxes.

He said it was the PPP government that had not only provided training to 270 Tapedars purely on merit but had also reopened and revamped the Tapedari Training College, Hyderabad, after its closure more than 10 years ago.

He said the government had approved a PC-I at a cost of Rs 60 million to upgrade the Tapedari College by introducing computer system for the survey of land. Referring to the common complaints about corruption in the department, the minister said the devolution system of the government introduced by the previous regime had strengthened the roots of corruption.

He also criticised the demarcation of revenue limits, carving out of new districts and bifurcation of different Revenue units and said this had been made by the previous government to serve its political interests. He said the PPP had decided to review all such decisions and undo the same with the consultation of coalition partners.

Lahore: Land grabbers active in Johar Town

Lahore: AS the Lahore Development Authority (LDA) ‘halted’ its drive against encroachments in its scheme areas, the persons involved in land grabbing restarted their activities in several areas, especially Johar Town.

Former Chief Minister Punjab Mian Shahbaz Sharif has given a full mandate to the LDA to carry out operations against encroachers in its scheme areas but after Mian Shahbaz Sharif was sent home by the Supreme Court of Pakistan, the authority stopped its operation. Resultantly, land grabbers restarted their ‘activities’ in various city areas, especially Johar Town. Residents of Johar Town E-Block on Tuesday also staged a protest demonstration in the area against land grabbing and said LDA vacated several plots in E-Block of Johar Town during its drive but for the past two days those plots were again encroached. Rana Ikram, a local resident, said the LDA authorities were also informed regarding the issue but no action had been initiated so far. He claimed that ‘unknown’ people had constructed temporary houses and huts on several plots in the area.

On the other hand, LDA officials said the crackdown against land grabbers was not stopped and on Tuesday the staff of the Estate Management Directorate, Quaid-i-Azam Town of LDA, retrieved a precious three-kanal piece of land. They said the said plot was situated close to the graveyard in Block-9, Township area.

Lahore: Hayat Regency Plaza construction allowed

LAHORE: The Lahore High Court (LHC) has allowed construction of Hayat Regency Plaza near Allama Iqbal Airport against bank surety of Rs 45 million and issued notices to the respondents. The court allowed conditional construction on a petition of Chief Operating Officer, Hayat Regency Plaza, Moeed-ur-Rehman. Petitioner took the plea that the plaza was being constructed by Pace Circle Project after fulfilling all the legal criteria.

At least 10,000 labourers were busy in the construction strictly according to the approved map, petitioner said. Despite having approved construction of four basements of the plaza, petitioner said, the administration stopped the construction and imposed a fine of Rs 40 million.

Islamabad: CDA head orders repair of parks, roads

ISLAMABAD: Capital Development Authority (CDA) Chairman Tariq Mehmood Khan on Monday directed the departments concerned to rehabilitate all parks and roads and initiate work on various projects of landscaping and tree plantation in Islamabad.

He issued these directives while chairing a meeting on environment held at the CDA headquarters. CDA Member Environment Mazhar Hussain, Director General Dr Sheikh Suleman and the directors of parks, zoo and wildlife management, environment (East and West) and the Public Relations senior director were also present on the occasion.

Khan directed the Parks Directorate to make all-out efforts to ensure cleanliness and maintenance of all the city parks. “Faulty Marry-go-rounds, slides and other related accessories installed at the parks to provide entertainment facilities to children should be replaced with the new ones,” he said.

The chairman directed the directorate to submit him report on conditions of the parks on a daily basis. He said recently upgraded Bara Dari at F-9 Fatima Jinnah Park was pulling a good number of visitors.

Khan also directed the relevant officials to arrange musical programme on the premises of recreational picnic spots. He also called for replacement of pollen allergy causing trees with fruit trees. “It is our prime duty to plant maximum saplings, as trees are lungs of the Earth,” he said.

He requested the citizens to cooperate with the authority in development of a green and environment-friendly city. He asked the directorate to establish more public parks in the city. He said two more public toilets would be constructed at Saidpur Model Village.

He directed the Environment Directorate to initiate attractive landscaping and plant maximum seedlings on the sites of mega projects after their completion.

Source: [Daily Times]