Tibor Hollo - Parkview Developers

Transcription

That’s why we are | Para qué somos
Each country keeps a true real estate pearl, due to the investing
opportunity that it means to investors from other countries who,
in many cases,do not know the opportunities they can find
beyond their borders. Cada país guarda una verdadera perla
inmobiliaria por la posibilidad de inversión que implica para
inversores de otros países que no están enterados de la
oportunidad que les espera fuera de sus fronteras.
Raíces was born as an answer to a need by the real estate
industry, which up to now was only kept dormant: to put
together the real estate investor with the real estate markets
abroad, and present the blooming real estate projects of the
most important cities in Europe, Asia and America to the
world.
I’ve been fortunate thanks to my profession as Company
Consultant specialized in Family Owned Companies, to travel
worldwide, and it is surprising how each country has true
architectonic jewels to show the world. Each country keeps
with itself real estate wonders and investment opportunities
that are not communicated across their own borders.
As in all markets, there are ups and downs, the famous
"bubbles", favorable and unfavorable economies, hiccups,
progress and booming cycles. The real estate market of each
country goes through all at one point or another. That is why
Raíces was born, to show the different real estate markets,
educate the investors and show the opportunities outside the
reality of their own country. We bring the possibility of
investing in other markets, when real estate properties both
residential and commercial are going through an adequate
moment to be taken into consideration to invest.
Raíces is distributed in the economies with factual and
continuous growth during the last years and to those that
have invested in real estate abroad such as India, Dubai,
Shanghai and Tokyo. We reach Asia/Pacific, with an
important distribution that includes the most important real
estate groups.
As for Europe, their over valued currency compared to the
dollar, is a market we can’t miss. Europe continues to show
interest in investing in America. Raíces arrives to most
European countries, focusing the distribution of its 100.000
issues in the most important cities. The distribution is
centered between entrepreneurs who develop elite category
projects in their corresponding countries, real estate offices,
financial institutions, international investment groups,
consulting companies, premiere banks, and key executives.
We work daily to make of Raices the best executive real estate
and business opportunity guide. We do it through our news
reports, insights and opinions of the real estate world. The
promotion of the real estate consequently results in the
promotion of a destination, thus bringing a tourist point of
view than can become a future resident (90% of those
investing in real estate abroad, have been there as tourists
before at least once).
Then, while we work to put in contact our advertisers with
our readers –investors, we contribute to the promotion of the
real estate industry, the international business opportunities,
the exposure of destinations, the opinion of those involved
and our passion for the real estate world.
We are proud of the quality of our advertisers and the quality
of our distribution, which is both focused, effective and the
true added value. More than advertising, our business is to be
an effective vehicle communicating the international
business opportunities.
Thank you for being part of the Raíces’ family...
Raíces nace como respuesta a una necesidad que hasta ahora se
mantuvo solo latente: Vincular al inversor de bienes raíces con los
mercados inmobiliarios fuera de sus fronteras, y a su vez permitir a
los proyectos inmobiliarios que salgan a la luz de las más
importantes ciudades de Europa, Asia y América.
Tuve la suerte gracias a mi profesión de Consultor de Empresas,
especializado en Empresas Familiares, de conocer casi todo el
Mundo, y es sorprendente como cada uno de los distintos países
poseen verdaderas joyas arquitectónicas por mostrar al mundo,
pero que el mundo esta aún esperando por conocerlas.
Cada país guarda consigo una verdadera perla inmobiliaria no sólo
por su belleza sino por la oportunidad de inversión que implica
para inversores de otros países que muchas veces no están
enterados de la oportunidad que les espera fuera de sus fronteras.
Como en todos los mercados existen subas, bajas, las famosas
“burbujas”, ciclos económicos favorables y desfavorables. El
mercado inmobiliario de cada país no escapa a ello. Por esto
último es que Raíces nace. Para mostrar los distintos mercados de
bienes raíces para que el inversor no se encierre solo en la realidad
de su propio país, sino que también llegue a su cartera de
inversiones la posibilidad de invertir en mercados cuyas
propiedades inmobiliarias están pasando por un momento
adecuado de ser tenido en cuenta para invertir.
Raíces también se distribuye en las Economías que más ha crecido
en valor adquisitivo en el mundo en los últimos años y la que más
ha invertido en bienes raíces fuera de sus fronteras: India,
Dubai,Shangai, Tokio. Allí llegamos con una distribución
importante que incluye los grupos inmobiliarios más importantes.
Raíces también llega a Europa, que por ser economías crecientes y
con una moneda sobrevaluada con respecto al dólar es también
un mercado al cual no podiamos estar ausentes a la altura de
hacer conocer proyectos en América. Raíces llega a estos países,
focalizando la distribución de sus 100,000 ejemplares en las
ciudades más importantes, la distribución se focaliza entre grupos
empresarios desarrolladores de proyectos de categoría elite en los
respectivos países, también a oficinas de real estate, instituciones
financieras, consultoras de inversiones internacionales, bancos
premiere, agencias de turismo.
Con Raíces sentimos que trabajamos día a día para ser referentes
de las oportunidades que presenta el mercado de real estate
mundial, lo hacemos a través de nuestras columnas periodísticas
con informes y panoramas del mundo del real estate y también a
que conozcan dichos lugares desde lo turístico para que en el
corto plazo sean inversores de propiedades en esos países (el 90%
de quienes invierten en propiedades en el extranjero, han
conocido antes ese país desde lo turístico alguna vez).
Y también trabajamos para conectar a nuestros anunciantes con
nuestros lectores-inversores para que seamos un verdadero medio
para generar negocios internacionales en el mundo tan
apasionante como el negocio del real estate.
Seguimos creciendo en la calidad de nuestros anunciantes y en la
calidad de nuestra distribución, tan focalizada como efectiva.
Entendemos que nuestro negocio no es la publicidad, sino ser un
medio de comunicación efectivo de oportunidades de negocios
internacionales.
A ustedes gracias por ser parte de la familia de Raíces...
FABIO OSTROVIECKI
CEO & FOUNDER
FABIO OSTROVIECKI
CEO & FOUNDER
|4
Staff
Summary | Sumario
CEO AND FOUNDER
Fabio Ostroviecki
INTERNATIONAL EXECUTIVE
Jack Haime
CONTRIBUTING EDITORS Ruben Castaño,
Carlos Sepulveda, Mario Vargas, Mike Nickolson
Jean Franco Suviere / Luisa Delio /
Chris Hernandez / Carlos Sanchez / Viviana Comuna
CONTRIBUTING WRITERS
ART DIRECTION Carolina
09 Special Section: New York I /
Sección Especial: Nueva York I
New York's Industry Leaders / Líderes de la Industria
en Nueva York
16 Special Section: New York II /
Sección Especial: Nueva York II
Market Report: Fourth Quarter 2008 /
Reporte del Mercado: Cuarto Trimestre 2008
Peinado | Grafica21
Chris Smith /
Bill Kimpar / Mauricio Rodriguez Ursua /
Rodrigo Achaval
22 Report I / Informe I
CONTRIBUTING PHOTOGRAPHERS
TRANSLATION
Overseas Property Overview
26
FC Translation
DISTRIBUTED IN POINTS OF OWN ROUTE OF
Dubai
Abu Dhabi
Moscow
India
Shanghai
Hong Kong
Tokyo
Milan
London
Switzerland
Barcelona
Madrid
Valencia
Germany
Israel
New York
Miami
Chicago
Beverly Hills
Las Vegas
Panamá
Grand Cayman
Sao Paulo
Buenos Aires
Caracas
Raíces Group, Inc. Office Spain
C. Badajoz, 24, 08005, Barcelona
Phone/fax: 34-956635060
europe@raicesgroup.net
suscription@raicesgroup.net
Business and Strategy I / Estrategia y Negocio I
Falcon Real Estate Investment Company, LP.
30 Report II / Informe II
Inter-American Development Bank recognizes Panama as
"Solid" against the crisis / El Banco Interamericano de
Desarrollo reconoce a Panamá "Sólida" ante la crisis
34
Business and Strategy II / Estrategia y Negocio II
Saddle up for clients and calm
38 Panorama / Panorama
An oasis where to continue investing /
Un oasis donde seguir invirtiendo
44
Insights & Leadership I / Liderazgo y Opinión I
Mallol & Mallol
50 Report III / Informe III
2008: The Real Estate transparency index /
2008: El índice de transparencia del Real Estate
56
Insights & Leadership II / Liderazgo y Opinión II
A Conversation with Tibor Hollo
60
Business and Strategy III / Estrategia y Negocio III
Commissioned artwork doesn't just make a home
64 An Outstanding Proyect / Proyecto Destacado
Waterfront
09
22
38
64
Raíces Group, Inc. Office USA
1348 Washington Ave., suite 203
33139,Miami Beach, Florida
Phone: (305) 6106265 / Fax: (305) 9474883
america@raicesgroup.net / jhaime@raicesmagazine.com
Raíces The Best Way to Show the Real Estate Business to
the World is a registered trademark of Raíces Group, Inc.
and the entire contents of Raíces is copyright Raíces
Group, Inc.
All column names are the property of Raíces Group, Inc.
Raíces is not responsible for the signed articles.
Neither of the content or the offers of the advertising
announcements.
www.raicesgroup.net
Printed in Spain
Special Section: New York I |
| Sección Especial: Nueva York I
New York's
Industry Leaders
Líderes de la Industria en
Nueva York
OUR BRIEF INTERVIEWS TO FIVE OF
THE MOST IMPORTANT REAL
ESTATE DEVELOPERS OF
MANHATTAN, THEIR INSIGHTS
AN OPINIONS / NUESTRAS
ENTREVISTAS A CINCO DE LOS
DESARROLLADORES MAS
IMPORTANTES DE MANHATAN,
SUS COMENTARIOS Y OPINIONES
|9
505 Park Avenue, 17th Floor
New York, NY 10022
P: 212 686 2400 F: 212 686 5650
IS THIS A GOOD TIME TO BUY? WHY?
Yes. This is a good time to buy, especially in New York.
More product is available. Available product is better than
ever. Buyers have more time to shop. Today’s buyers can
find exactly what they want.
ARE THERE ANY UNEXPLORED NEIGHBORHOODS
IN NEW YORK THAT YOU THINK WILL EXPERIENCE
A RESIDENTIAL BOOM?
The Plaza District – the area between 42nd Street and
59th Street, from Third Avenue to Seventh Avenue. This
area is supply-starved, as opposed to supply-threatened,
which is common in many other Manhattan locations.
Supply-threatened locations have a lot of similar product
that comes to market at the same time. Prices become
competitive without regard to product. Chelsea and other
downtown areas are an example of this kind of
commoditization of product. But The Plaza District has
very few good development opportunities. So supply of
new residential product is low while demand remains
consistently high. Most development sites in The Plaza
District are conversion opportunities, like The Plaza
Hotel. Sites for new, ground-up residential product are
extremely rare. My company Stillman Development
International, along with Antonio Development, is just
finishing construction on The Centurion on West 56th
Street between Fifth and Sixth Avenues. Our site was the
first good site to become available in The Plaza District in
25 years. The Centurion is averaging over $3,000 per
square foot because it is high-quality new product that is
rare in an area that demands it. The Plaza District is a
boom area. It already is the most expensive area in
Manhattan in terms of commercial real estate. And it will
never be able to answer to the demand for excellent
residential product – particularly new construction.
WHAT WAS YOUR BIGGEST DEAL OF THIS PAST
YEAR?
A dramatic 3-bedroom duplex residence with dining
room, double-height living room, two terraces, and open
city views in The Centurion on 56th Street just west of
Fifth Avenue. It’s in contract at $9,900,000; that’s $4,288
per square foot.
WHAT ARE YOUR THOUGHTS IN REGARDS TO THE
DOLLAR COMPARED TO THE EURO AND THE
POUND?
The U.S., Europe and the U.K. are all in a recession. But I
have reason to think that the recession in Europe and the
U.K. will last longer. The European Union will drop
interest rates further. The U.S. is safer, and Manhattan is
the safest real estate investment in the U.S.
YOUR DIRECT ADVICE TO FOREIGN BUYERS AND
INVESTORS?
Come here. Buy now. Your money is safer here than
anyplace else in the world.
But flock to quality product, especially in challenged
economic times. Buy in locations of Manhattan where
supply of new quality product is limited, but where
demand will continue, and even grow. “Quality product”
is designed and built to enhance our quality of life. It has
timeless architectural appeal. It is constructed correctly.
Like a great automobile, quality real estate is
painstakingly planned, engineered, and built to respond.
Roy Stillman
President
STILLMAN DEVELOPMENT INTERNATIONAL
| 10
530 Fifth Avenue, Suite 1800
New York, NY 10036
P: 212 808 4000 F: 212 8084114
Right now is a good time to buy apartments in NYC for a
few reasons. Interest rates are low, there is good inventory
in the market to find specifically the type of apartment
you are looking for, and sellers that need to sell will sell.
You are purchasing in a down market in the capital of the
world at prices that haven’t been offered in years and the
long term appreciation of value in New York will return
faster than in most other cities.
HAVE THERE BEEN ANY MANY FOREIGN
INVESTMENTS IN YOUR DEVELOPMENTS?
There have been many foreign buyers in our
developments. Foreign purchasers along with domestic
purchasers are very familiar with the Moinian brand name,
and se the value and quality we bring in design and
services in our residential developments. Our 3
condominium developments The Downtown Club,
Atelier, and W New York Downtown Hotel and Residences
have all been well received among foreigners. Additionally,
we have great relationships with bankers that can offer
great financing opportunities to foreign buyers.
A RESIDENTIAL BOOM?
The last remaining area in Manhattan that can be
considered still unexplored is the Hudson Yards/Far West
Side. The Bloomberg administration spent many years
focusing on changing the landscape of this area to create
a more residential and commercial neighborhood. The
extension of the #7 subway line to 11th avenue, the
creation of the Hudson River Park and the sales of the
Hudson rail yards are a few examples of the work being
done by the city to achieve this goal. Many developers
have been assembling buildings for years to create a large
luxury development in this area and The Moinian Group
just completed The Atelier at 635 West 42nd Street which
is a 46 story luxury condominium with 478 apartments.
WHAT PROJECTS ARE YOU CURRENTLY
DEVELOPING?
We are currently developing the W New York Downtown
Hotel and Residences on 123 Washington Street. It is a 58
story luxury hotel and condominium building designed
by world renowned architects Gwathmey Seigel and
interiors done by the award winning design firm Graft.
The hotel will have 217 guest rooms, a signature W
restaurant and lounge, and conference and meeting
rooms. In addition to the use of all the hotel services, a W
resident also has private residential amenities which
include a gym, a media lounge, screening room, café, spa
treatment rooms, and a private roof deck on the 58th
floor. Both the hotel and residences will be ready for
occupancy on 2009.
INVESTORS?
Now is a good time to buy. Take advantage of the current
situation and you buying power now, because you don’t
know how much time you will have to take advantage of
buying power in NYC. Even during the residential boom
in the US and especially in NYC, the city was considered
relatively cheap to other major cities around the word
including London, Tokyo and Moscow. If NYC was
considered a good purchase then, there is no reason why
it isn’t now. As discussed above, with NYC being the
capital of the world the long term appreciation of buying
in NYC is sound investment.
Joseph Moinian
President and CEO
THE MOINIAN GROUP
| 11
770 Lexington Avenue
New York, NY 10065
P: 212 508 7373 F: 212 508 7488
WHAT DO YOU FORESEE FOR SALES IN THE
COMING YEAR?
Nobody really can predict what is going to happen in the
New York City real estate market, but if history is an
indicator, then one can say that the market will certainly
regain any losses that may be experienced; it is just a
matter of how long. Each time the real estate market
value went down in NYC, the market regained all of
those losses and grew in value significantly within several
years after reaching the bottom of the economic
downturn.
IS THIS A GOOD TIME TO BUY?
On one level, the current economic period is one of the
most opportunistic times that we will see in our life time.
Opportunity and tragedy are often linked together; it
depends on one’s perspective. If you are the one having
financial problems, then it is tragic. On the other hand, if
you are the one not having financial problems and your
are the one seeking to benefit from these problems then it
is opportunistic. The problem is that while new wealth will
be created from the opportunities that exist; there will be
an associated loss that occurs.
HAVE THERE BEEN MANY FOREIGN INVESTMENTS
IN YOUR DEVELOPMENT?
The last remaining area in Sheffield57 has attracted a lot
of interest from foreign buyers spanning the globe.
Foreign investments make up 19% of our current
demographic. What’s interesting is that a significant
number of these buyers are not unlike our domestic
buyer, in that they’ve selected Sheffield57 as one of
multiple homes for their own use as their New York pied
a terre. Others have purchased for their adult children
being schooled at one of the top notch Universities or
studying music or dance at nearby world famous Juilliard
School or the prestigious School of American Ballet. Of
course with such a convenient midtown location at the
nexus of culture, shopping and transportation,
Sheffield57 appeals to a broad spectrum of potential
renters in the event the investor chooses to take
advantage of an income during the course of their
ownership.
INVESTORS?
In times of world economic instability America becomes
the recipient of International Investment. This is
primarily because the American investment market is, for
the most part, stable, transparent and relatively liquid. In
addition, although the United States dollar has recently
gained value against other foreign currencies such as the
Euro, the value of the Euro is still strong from a historic
basis, thus creating value for the holders of Euros. In
addition, with real estate values most likely declining, the
Euro denominated buyers has that advantage as well. As
an example, almost 29% of all condominium apartment
sales in NYC last year have been to foreign purchasers.
Kent M. Swig
President
SWIG EQUITIES, LLC
| 12
230 Central Park South
New York, NY 10019
P: 212 541 9840 F: 212 664 0909
WHAT DO YOU FORESEE FOR SALES IN THE
COMING YEAR?
We see a very slow winter but in the spring with 6
months of pent up demand and with prices down 1020% and with mortage rates below 5%, the lowest in 40
years, real buyers in need of a home will return to the
market place.
When price have dropped 20% and interest rates are
down 30+%, the net net cost per month to own an
apartment will be down by 1/3 so the price is right! From
a demographic point of view, NYC is the capital of the
world so buying on the island of Manahattan is a good
long term proposition.
WHAT WAS YOUR MOST SUCCESSFUL PROJECT THIS
PAST YEAR?
"THE 505" (505 west 47th st). Relatively affordable new
condos in the "hells kitchen" part of NYC just a short walk
from Times Square and Broadway. In 2008 we sold 100 of
108 apartments in one of the most difficult environments
in recent memory. Why? The right contemporary finishes
at the right price (averaged $1150/sf) in the right area
("Hells Kitchen" a gentrifing neighborhood now dubbed
the new Chelsea).
WHAT PROJECTS ARE YOU CURRENTLY DEVELOPING?
We are working on a possible new hotel on 31st & 5th
ave and a possible another affordable housing project in
"hell's kitchen" 1 block from "THE 505".
In "THE 505" about 1/3 have been from foreigners, a few
are speculators but most are buyers who bought to "own"
so they can enjoy the great proximity to Broadway, Times
Square and all that midtown has to offer. With world
financial calamity we anticipate foreign demand will be
much lower in '09 vs '08. We are back to a "real" real
estate market with more working local buyers.
IN WHAT DIRECTION ARE PRICES HEADED?
Prices are headed lower, but with new supply constrained
in the forseeable future in NYC due to a nearly complete
lack of available commercial financing and still demand
for Manhattan real estate from all parts of the country
(and the world), we expect not as much a price correction
as was experienced in other major American cities last year
(Miami, Chicago, Los Angelos, San Diego, Las Vegas, etc.).
WHAT IS YOUR DREAM PROJECT?
It WAS developing highend luxury apts with direct views
of central park, the true center of NYC and for that
matter the center of the world, apartments that always
sell. NOW with luxury real estate in a recession, our
dream project IS building "affordable apartments" and/or
"not-for-profit" buildings (we build to suit). We are
working on a few of these projects now. These are dream
projects in these difficult times.
INVESTORS?
In the history of real estate there are few cities where real estate
prices go up consistantly overtime. The only examples are usually
the world capitals of that era (often walled cities wth limited
supply). Examples over 1000's of years are Jerusalem (the old
city), Rome, Istanbul, London, NYC, etc.). NYC in this time
period (our li is the capital of the world in so many ways and is
an island with limited supply. So take advantage of the drift
down in prices 2009 will afford and buy for the long hall.
Ian Reisner
Managing Partner
PARKVIEW DEVELOPERS LLC
| 13
587 Fifth Avenue 4th Floor
New York, NY 10017
P: 212-2776477
WHAT DO YOU FORESEE FOR SALES IN THE COMING YEAR?
I have already seen offers and volume in the sales office
increase as the markets stabilize, and financing becomes
more readily available. I see this trend continuing, on the
part of speculative and second home buyers who are
looking for an opportune time, but especially on the part of
people buying primary residences, who cannot really play
the market for too long.
It’s a great time to buy right now. Currently, we are in a
“Buyer’s Market,” where buyers can negotiate and receive a
great deal. A surplus of inventory in the Manhattan market
is forcing developments to compete with one another on
not just an amenities basis but a numbers basis. Back to
basics, supply and demand, competition drives down
consumer prices and improves the quality of the product.
We specifically tailored our developments to all types of
buyers and we have seen a big interest from foreign buyers
at The Setai, New York. At The Setai, New York we have
many foreign buyers that have purchased for personal
investments, but we are happy to report that the majority of
our foreign home owners are end users in the product.
A RESIDENTIAL BOOM?
When we started the process with the Setai, New York, we
were seeking an area that we knew will boom into a
destination area. This area was the Financial District; where
you will fine the best quality schools, unique streetscapes
and architecture, and luxurious new housing stocking up.
With the Setai, New York’s SHO Shaun Hergatt restaurant,
Setai Club and Spa opening soon; we are sure this will set a
new standard to the neighborhood with our elite members,
homeowners and influential friends.
HOW HAVE SALES GROWN IN THE PAST YEAR?
The progress in construction goes hand in hand with the
sales campaign. The more we build the more they buy.
Well, unless you have substandard finish, which is not
the case at The Setai, New York. Our product is superior
than other developments in the area and a stranger off
the street would tell you the same. It goes back to dream
vs. delivery, if a client trusts you they will come back time
and time again. Build it and they will come! As long as
you keep delivering sales will come.
WHAT WAS YOUR BIGGEST DEAL OF THIS PAST YEAR?
At The Setai, New York, we sold out top-floor penthouse for
$7.82 million making it the most expensive single-unit in
Downtown, Manhattan. This deal was announced on the
day of the Wall Street market crashing. We were amazed
and extremely pleased with the great response on sale from
buyers around the world. Our buyer was looking for a highend residential building situated in one of the City’s hottest
neighborhoods that offered him everything imaginable.
WHAT WAS YOUR MOST SUCCESSFUL PROJECT THIS
PAST YEAR?
587 Fifth Avenue, one of my commercial developments
right on the retail capital of the world, Fifth Avenue. My
team was successful in securing Quiksilver as a retail
tenant into our development. Our new retail tenant has
made an impact on the retail avenue and has brought a
new style into the Fifth Avenue circle.
Asher Zamir
CEO and President
ZAMIR EQUITIES
| 14
Special Section: New York II |
| Sección Especial: Nueva York II
Market Report:
Fourth Quarter 2008
Reporte del Mercado:
Cuarto Trimestre 2008
> While up slightly from a year ago, the average price for a Manhattan apartment fell 2% to $1,449,621 from
the third quarter of 2008. This decrease is attributable to fewer closings at 15 Central Park West and
The Plaza, which have greatly inflated the average price over the past year. If we remove these buildings, the
average price would be up 2% from the third quarter, and the second highest figure on record.
> The average co-op sales price of $1,103,952 was up 3% from 2007’s fourth quarter, as a gain of 25% in fourbedroom and larger prices offset decreases in every other size category.
> Fewer closings at 15 Central Park West and The Plaza brought the average condo price down 7% from the
fourth quarter of 2007, to $1,713,124. If these buildings were excluded from the data, however, the average
price would be 21% higher than a year ago, and the highest level on record.
MANHATTAN > Average And Median Sale Price > All Apartments
| 16
Average Price Per Square Foot
> New Developments
Average Price Per Square Foot
> Lofts
> New developments, which made up 42% of all closings during the fourth quarter, sold for an average price
of $1,253 per square foot. This was down 14% over the past year, due to fewer closings at 15 Central Park
West and The Plaza. If we excluded these buildings, this figure would be up 1% from a year ago. The average
price per square foot for loft apartments rose to $1,181 from $1,170 during the fourth quarter of 2007.
> Apartments sold during the fourth quarter spent 16 more days on the market than a year ago, a 19%
increase. Sellers received just under 95% of their asking price, down from almost 98% in the fourth quarter of
2007.
Time on the Market
Asking Vs. Selling Pricice
Excludes new developments and units listed over nine months.
Excludes new developments.
| 17
EASTSIDE > Average Sale Pricice
> With the exception of studios, all other sizes of apartments on the Eastside posted higher average prices
over the past year. These gains were led by one-bedrooms, whose average price rose 11% during this time to
$796,068. While there was a sharp increase in the median price for apartments on Fifth Avenue, this is
primarily due to an abnormally low figure during the fourth quarter of 2007.
> The large number of closings at 15 Central Park West during the fourth quarter of 2007 dramatically inflated
Westside prices a year ago, especially for larger apartments. If we remove 15 CPW, the average price would
have been up 8% for two- and 28% for three-bedroom and larger apartments from 2007’s fourth quarter.
While the median price fell 39% in the area from Columbus Avenue to east of West End Avenue, 87th to 110th
Street, this was due to closings last year at the Ariel East, a new development. On a per square foot basis, the
median price fell just 2% from the same time last year.
WESTSIDE > Average Sale Pricice
©2009 by Halstead Property, LLC. All Rights Reserved. This information may not be copied, commercially used or distributed without Halstead
Property’s prior consent. While information is believed true, no guaranty is made of accuracy.
| 18
Report I |
| Informe I
Overseas
Property
Overview
FIRST DAYS OF 2009 BROUGHT “MULTIDIRECTIONAL” FORECASTS
REGARDING SOME OF THE WORLD PROPERTY MARKETS
2009 will be an “ideal” time to buy Australian property.
Loan Market Group executive director John Kolenda
says low interest rates and plunged property prices
(combined with government program aimed on helping
first home buyers) speak well for purchasing the
Australian property. The expert reminds that since
September, 2008 the Reserve Bank has cut its interest
rate by 3% and it reached a seven-year-low level of
4.25%. In October
Australian Government doubled the first home owners
grant to 14,000 Australian dollars (7.2 thousand euro).
The Australian Housing Industry Association (HIA),
forecasts a property market recovery in the second half
of 2009.
British economists polled by The Financial Times can
not boast of such optimism. Every six in ten economists
believe that it will be better to avoid buying property in
2009, and prices will continue to decline till 2010. The
overriding opinion among the polls is that house prices
in the UK remain too high compared with citizen
incomes and local banking credit conditions. Opinions
differ. Very few people in the beginning of 2008 could
assume that premium-class housing of London,
Manhattan or Dubai will decrease in price. Quite the
contrary – many experts agreed that exactly premiumclass properties will manage to resist global financial
and economic crisis. However the end of 2008 brought
news of an opposite sense.
| 22
The average price of a 3-4 bedroom villa in Dubai
luxurious area Jumeirah Islands has decreased from
10,5 million to 6 million dirham ($2,9 million and
$1,6 million respectfully) in September-November,
2008. The overall level of Manhattan property price
reduction may work out 20-25 percents. It should be
noted that the average property prices in Manhattan
have remained on a 1.5-million-dollar-level during
2008. And at last, the average price of an apartment or
a house in the most prestigious areas of UK capital fell
by 17.2% in 2008.
By the end of 2008 the crisis reached Singaporean and
South African property markets. The prices for
residential property in Singapore fell by 5.7% in the
fourth quarter of 2008. This is the steepest decline in 10
years, according to the Urban Redevelopment Authority.
The situation on the national property markets will
change for the better not earlier than in the second
quarter of 2009, says Ong Choon Fah, regional head of
research at DTZ a property consulting firm in Singapore.
Johannesburg-based Absa analysts think that South
African residential property prices could decrease by
2.5% this year. Adjusted for inflation, prices will
probably plunge by 8% in 2009. Housing prices in the
Republic of South Africa have increased by 3.8% during
2008. This is the slowest pace in 12 years. Analysts claim
that the reason behind such a pessimistic situation is
high interest rates.
In a situation of a global price reduction wealthy Indian
property investors have put a bold face on and started
buying overseas real estate on a large-scale. Indian
buyers are attracted by the UK, US and Dubai property
markets, said Rajesh Goenka, chairman of Axiom
Estates, the London based provider of property services
in India. Besides that, Indian investors pay attention to
Singapore, Thailand, Mauritius and Malaysia where
property prices reduced by 40%.
PROPERTY TREND
ELITE PROPERTIES LOOSE THEIR GROUND
Very few people in the beginning of 2008 could assume
that premium-class housing of London, Manhattan or
Dubai will decrease in price. Quite the contrary: many
experts agreed that exactly premium-class properties will
manage to resist global financial and economic crisis.
However the end of 2008 brought news of an opposite
sense.
Thus, the average price of a 3-4 bedroom villa in Dubai
luxurious area Jumeirah Islands has decreased from 10,5
million to 6 million dirham ($2,9 million and $1,6
million respectively) in September-November, 2008.
Housing prices for more expensive properties in the
same area, where largest national developer Nakheel
operates, fell approximately by one third.
Besides that, residential property prices in Jumeirah Park
- another elite area of Dubai - fell by 40%. According to
local experts the reasons behind such a sharp decline
are:
> Oversupply on Dubai property market;
> Reduction of demand due to mortgage credits
low availability;
> Lack of monetary reserves in Dubai’s banks.
The prices for elite housing in Manhattan, New York’s
luxurious area, failed to resist the world economic crisis.
Average property prices in Manhattan have remained on
a 1.5-million-dollar-level during 2008. However,
according to Dottie Herman, chief executive of
Prudential Douglas Elliman, cost of existing elite
apartments fell by 4 % in the fourth quarter. Average
prices of units that are under construction fell by
approximately 20% since August, 2008. In concordance
with Herman’s forecasts the overall level of Manhattan’s
property price reduction may work out 20-25 percents in
Q1, 2009.
Cost of premium-class housing in the most prestigious
areas of British capital declined in 2008 by the most in
more than three decades, reports the London-based
Knight Frank. The average price of an apartment or a
house in the Mayfair, St John’s Wood, Regent’s Park,
Kensington, Notting Hill, Chelsea, Knightsbridge,
Belgravia and South Bank neighborhoods of London fell
by 17.2% in 2008. It should be noted that the Knight
Frank index mostly covers homes priced not less than a
million pounds. Experts relate the decline of demand for
central London prime-class properties to the global
financial crisis which could cost the City 60,000 jobs in
banking, finance and insurance by the end of 2010.
However, rephrasing a famous proverb, “the elite
property is never empty”. It was successfully proofed by
a group of London squatters, who, after being evicted
from a 6-million-pound house in Mayfair
neighborhood, have immediately moved to a 22-million
mansion right across the street. It should be noted that
the Central London County Court demanded more
evidence from the homeowners and has adjourned the
eviction case till the end of January. Until then a group
of three squatters known as “Da! Collective” may enjoy
their life in the mansion.
It must be said that the premium-class housing prices
are not in a global decline. For instance, regardless to a
square meter in a prestigious neighborhood of Belgian
Antwerp (3,000 euro) some lofts, located in the old port
districts (Eilandje neighborhood), are being sold for
4635 euro per a square meter. Main attractions of this
place are: close vicinity to the historical center of
Antwerp (ten-minute-long walk) and a marvelous view
on a bay.
| 23
Business and Strategy I |
| Estrategia y Negocio I
FA L C O N R E A L E S TAT E I N V E S T M E N T C O M PA N Y
A N N O U N C E S / P R E S E N TA S U F O N D O
"The Americas Real Estate
Opportunity Fund"
Falcon Real Estate Investment Company, LP a nineteenyear old establishment renowned for its expertise in US
Commercial Real Estate advisory and management
services, has just announced their latest venture – Falcon
The Americas Real Estate Opportunity Fund. The Fund is
registered in Luxembourg, the largest fund center outside
of the United States, and structured as an umbrella vehicle
with four main Sub-Funds in Argentina, Brazil, Colombia
and the United States.
With the first phase scheduled to close in January 2009,
the Americas Fund will focus on a five year projected net
IRR of 20% p.a. to investors. The Americas Real Estate
Opportunity Fund creates an excellent opportunity for
savvy investors seeking an alternative to the volatile stock
and bond markets of the world. The fund will invest in
some of the world’s most promising markets; and will be
diversified by geography, currency and type of commercial
properties. Investors will have the option to choose
which of the four countries they would like to invest in,
or they may work under the guidance of the many years
of real estate experience that Falcon has to offer.
Combining their proven bottom-up style track record in
commercial real estate investments, where Falcon
generated an alpha of 100% on average for its clients, with
their talent for identifying profitable markets, the
company conducted strategic research to carefully choose
which countries would be included in the Americas Fund.
In the United States, The Americas Fund will focus on
acquiring distressed properties in the commercial real
estate market across the country. Howard Hallengren,
Chairman of Falcon, said “In view of the collapse of the
mortgage market and the serious economic recession in
the United States, we believe that during 2009 there will
be some excellent investment opportunities for investors
who have strong cash positions.” Additionally, each Latin
American Market was chosen because of the particularly
attractive attributes of each country. Colombia has a
La empresa Falcon Real Estate Investment Company, LP.
con diecinueve años de experiencia y un reconocimiento
en los Estados Unidos por su especialización en
asesoramiento y servicios de dirección acaba de
anunciar su ultimo lanzamiento, Falcon The Americas
Real Estate Opportunity Fund. Este fondo se encuentra
registrado en Luxemburgo, principal destino de fondos
de capitales después de los Estados Unidos, y cuenta
con una estructura que se subdivide en cuatro grandes
sub-fondos localizados en Argentina, Brasil, Colombia y
Estados Unidos.
La primera fase tiene previsto cerrar en el mes de Enero
de 2009. El Americas Fund se enfocara en un proyecto
de cinco años de plazo con un retorno previsto de 20%
para sus inversionistas. Esta empresa genera unas
excelentes oportunidades para todos aquellos
inversionistas que buscan una alternativa en el versátil
mercado financiero y mercados de bonos en todo el
mundo. Este fondo invertirá en los mercados con mayor
crecimiento y se diversificara por geografía, divisas y
tipo de propiedades comerciales. Cada inversionista
podrá elegir en cual de los cuatro países desea invertir, o
trabajar con el asesoramiento de los profesionales que
trabajan en Falcón.
La empresa Falcon, por medio de su instinto y
conocimiento de los mejores mercados financieros y su
incomparable estilo en el estudio de inversiones
comerciales inmobiliarias, ha realizado un estudio
estratégico de los países que serán incluidos en el
Americas Fund. En los Estados Unidos, este fondo se
enfocara en adquirir propiedades comerciales
insolventes en todo el país.
Howard Hallengren, Presidente de Falcon, comenta,
“Viendo el colapso del mercado hipotecario y la recesión
económica tan grande por la que atraviesa los Estados
Unidos, nosotros consideramos que a lo largo del 2009
| 26
strong and growing economy, with a commercial real
estate market that has been significantly underdeveloped.
In addition, it has a very efficient mortgage market, while
its banking system has been relatively unaffected by the
current global financial crisis. While Argentina does face
some political problems, the growth of its economy in
recent years has not been dependent upon bank credit,
and the commercial real estate market is unaffected by the
credit crisis given that the country’s mortgage market has
been inactive since 2001. Equally positive, the commercial
real estate market in Argentina is entirely priced in US
dollars, so there is no currency exposure from a US dollar
perspective. Brazil is one of the four so-called BRIC
countries – Brazil, Russia, India and China - supposedly
the four fastest growing emerging economies in the world.
Despite the global recession forecast for 2009, Brazil is still
expected to show growth of between 3 and 4% next year.
At the same time, the Brazilian currency has retreated
during the current crisis to levels last seen over five years
ago, providing much more attractive opportunities for
investors coming in from abroad. Hallengren concluded,
“We think our fund creates an interesting opportunity:
four markets with somewhat different attributes but all
with quite extraordinary opportunities.”
Falcon is certainly aware of the problems in today’s
marketplace, but the company has confidence in the
long-term outlook for the real estate markets in each of
the countries that were selected for the Fund. Amaury de
Parcevaux, Vice President and Marketing Director of
Falcon explains, “Investors should weigh each
opportunity on a risk-adjusted return basis. When any
diversified portfolio, allocates a certain percentage to the
Colombian, Argentinean, Brazilian or US commercial real
estate markets, which are only minimally correlated with
the global stock and bonds markets, it is reducing the
risk, or volatility of the overall portfolio. On the return
side of the equation, we hope to achieve 20% net return
p.a. over the next 5 years for our clients, so when you
combine the risk and the return, you have a pretty
compelling product.” Amaury adds “Our choice of local
partners who understand each of their markets combined
with Falcon’s proven commercial real estate track record
has compelled many of those held responsible for
successful large-scale investments – be it Pension Funds in
Colombia, Family Offices in France, Insurance
Companies in the US, or Brokerage firms in Japan, to
seriously consider the Falcon Americas Real Estate
Opportunity Fund and have recognized its unique
positioning in a volatile market.”
habrá unas excelentes oportunidades para los
inversionistas que cuenten con fluidez de dinero”.
Además, cada mercado en América Latina ha sido
elegido por los atributos y atractivos que cada uno
tiene. Colombia tiene una economía estable y creciente,
y con un mercado inmobiliario comercial poco
aprovechado. Cuenta también con un mercado de
hipotecas muy eficiente y su sistema bancario no se ha
visto afectado por la actual crisis financiera. En
Argentina, algunos conflictos gubernamentales están
presentes. Su crecimiento económico en los últimos
años no ha estado basado en los prestamos bancarios, y
su mercado inmobiliario comercial aun no se ha visto
afectado debido a la inactividad desde el 2001 de su
mercado hipotecario. Otro aspecto positivo, el mercado
inmobiliario en Argentina se maneja con el dólar
Americano. Brasil es considerado junto a Rusia, China e
India, como los cuatro países con mayor crecimiento
económico en el mundo. A pesar de la recesión
mundial, dentro de las previsiones de Brasil para el
2009, tiene previsto crecer de un 3 a 4%, lo cual
supone un gran atractivo para los inversionistas.
Hallegren, finaliza diciendo, “Creemos que nuestro
fondo crea una oportunidad muy interesante: cuatro
mercados con cualidades distintas con grandes
oportunidades.”
Falcon es consciente de los problemas que están
ocurriendo en el mercado actualmente pero considera
que los cuatro mercados elegidos son los mas estables a
largo plazo. Amaury de Parcevauz, Vicepresidente y
Director de Marketing de Falcon explica, “los
inversionistas deben valorar cada inversión y su retorno.
Tenemos previsto un retorno del 20% neto en un plazo
de cinco años para nuestros clientes.” Por otro lado,
también añade, “ Falcon se ha caracterizado por trabajar
con los exportes en cada mercado. Su experiencia en
cada país y nuestro conocimiento del mercado
inmobiliario comercial, confirman grandes éxitos en las
grandes inversiones que se han llevado a nivel mundial.
En Colombia se trata de Planes de Pensiones, Oficinas
Familiares en Francia, Compañías Aseguradoras en
Estados Unidos o firmas de inversiones en Japón, todo
ello ha llevado a que Falcon Americas Real Estate
Opportunity Fund tenga un reconocimiento y
posicionamiento privilegiado en este mercado tan
imprevisible.”
| 27
Falcon Real Estate Investment Company, LP is a specialized, professional organization that provides a full range
of advisory services for international investors in commercial real estate markets in Latin America, China and
the United States. Acting in a fiduciary capacity, Falcon’s experienced staff assists clients in acquiring new
properties, managing existing properties or portfolios of properties, and arranging appropriate mortgage
financing. Falcon has offices in leading US markets including: Chicago, Dallas, Miami, Washington, D.C, San
Diego, and New York; an asset management office in Beijing; and affiliate offices in Bogotá, Buenos Aires and
São Paulo.
Falcon Real Estate Investment Company, LP es una una organización profesional y especializada en ofrecer asesoria a
inversionistas internacionales del mercado inmobiliario comercial en America Latina, China y Estados Unidos. La
experiencia de su equipo de trabajo se destaca en el asesoramiento de la adquisición de nuevas propiedades, el
manejo de propiedades existentes y todos los tramites legales relacionados a las hipotecas. Falcon cuenta con oficinas
en los principales mercados de Estados Unidos como, Chicago, Dallas, Miami, Washington D.C, San Diego y Nueva
York. Cuenta con oficinas afiliadas en Bogota, Buenos Aires y San Paulo.
For more information, visit / Para mayor
información, visite
www.falconamericasfund.com
570 Lexington Avenue, 32nd Floor
New York, NY 10022
P: 212-2715445
Howard Hallengren,
Chairman
| 28
Report II |
| Informe II
Inter-American Development Bank recognizes
Panama as "Solid" against the crisis
El Banco Interamericano de Desarrollo reconoce a
Panama "Solida" ante la crisis
| 30
In these moments in which the world is in a world crisis, the real estate investor will be a demanding
judge of the macroeconomic situation of the country in which he or she will invest. Panama is an
excellent option for investment due to the fact that it is solid and it is renowned by such a prestigious
world entity. / En estos momentos del mundo en que se da una crisis Mundial, el inversor en real
estate será un verdadero juez exigente de la situación macroeconómica del país a donde invertirá.
Panamá es una excelente opción de inversión dada la solidez que ya es reconocida por tan prestigiosa
entidad bancaria mundial.
Panama is better positioned in the present
international financial crisis, because it depends less
from the United States of America and its exporting
activity is not directed to only one country, Marcelo
Antinori admitted, representative of the InterAmerican Development Bank (IDB).
Panamá está mejor posicionada en la actual crisis
financiera internacional, porque depende menos del
envío de remesas desde Estados Unidos de América, su
actividad exportadora no está dirigida a un solo país,
reconoció Marcelo Antinori, representante del Banco
Interamericano de Desarrollo (BID).
Panama has a solid finance, thanks to a careful
economic activity in the last years.
Panamá tiene una solidez financiera, gracias a una
actividad económica muy prudente en los últimos años.
If it is compared to the situation in other countries in
America, Panama is well positioned to face and win
territory and to continue growing in these moments
of “world storm” which some economists estimate for
5 years.
Si se compara la situación de otros países de América,
Panamá está bien posesionado para enfrentar y ganarle
terreno y seguir en crecimiento en estas épocas de
"tempestad mundial" que algunos economistas estiman
en 5 años.
The successful strategy developed in the
administration of the Panama Canal and the great
investment projects developed in Panama are the two
main reasons for the IDB trustful in this country.
La exitosa estrategia desarrollada en la administración
del Canal y los grandes proyectos de inversiones que se
desarrollan en Panamá, hace que el BID tenga confianza
en Panamá.
Panama is blessed not only for the geographical
position in the world, but also because it knew how to
exploit the great comparative and competitive
advantage against the rest of the world. Panama will
know how to generate the best fruits off the Canal,
the "highway of the world", and Raíces wants to make
a special emphasis on the improvement of the Canal,
which will double the transit and thus, Panama’s
income.
Panamá esta bendecido no solo por la posición
geográfica mundial, sino por haber sabido explotar la
gran ventaja comparativa y competitiva que le da a nivel
mundial por saber generar los mejores frutos a la
"autopista del mundo" como lo es el Canal de Panamá.
Raíces quiere hacer especial énfasis en el inicio de las
obras de ampliación del Canal, lo que le duplicará el
tránsito y así también los ingresos a Panamá.
To receive this vote of trust on Panama by the IDB,
such an important entity in the World, is a clear
signal of strength addressed to attract the foreign
investor who must analyze today’s situation and
compare it to the countries optimal for investment.
Que una entidad bancaria de las más reconocidas del
mundo, como lo es el Banco Interamericano de
Desarrollo de este voto de confianza a Panamá es una
fuerte señal de fortalecimiento para captar al inversor
extranjero que hoy debe analizar la situación sólida del
país donde invierte.
| 31
“Diorette” Collection,
yellow gold, white gold, diamonds, amethyst, citrine and lacquer
J OA I L L E R I E
Business and Strategy II |
| Estrategia y Negocio II
SADDLE UP FOR
CLIENTS AND CALM
BEING ON A HORSE IS A WAY TO REV UP SALES
AND COOL DOWN AFTER A TOUGH DAY
BY BILL BRIGGS
Amid an action-packed life that has mirrored a Hollywood
epic – moments peppered with bullets, Beatles and
blockbuster deals – it’s no wonder Suzanne Perkins often
retreats to her quiet refuge.
Since childhood, she has gone to the same place to exhale
and unwind. That place is the back of a horse. She owns
five. The only time Perkins isn’t mulling about work is
when she’s riding a dirt trail in southern California.
“I make it the one thing I do where I completely let go,”
she says. “It’s such a tremendous release.” It’s also crucial
to her business prowess. In 2007, Perkins sold $275
million in real estate, the highest volume in the country
among individual agents. Most of her properties in Santa
Barbara and Montecito are in the $6 million to $110
million range. Those prices come with a dose of pressure.
Each morning, when she rises before dawn, she
immediately checks and answers email. At sunrise, while
she jogs the hills near her home, she constantly muses
about her transactions. Her single escape from that world
is precious time in the saddle.
“You have to find something where you can let this job
go,” says Perkins. “It is so consuming.”
Suzanne Perkins
While real estate is her profession, horses are in her blood.
Perkins was born in Lexington, Ky., often called “the horse
| 34
The 2008 Real Estate Top Two Hundred Professionals ranking,
ranked Suzanne 1st nationwide in sales volume with $275,042,750. Congratulations!
capital of the world.” Her father – an Army Lt. Colonel –
rode and showed horses, while her grandfather was a
trainer and breeder. When the family later moved to rural
Louisiana for her dad’s next military assignment, a preteen Perkins mowed lawns, babysat and delivered
newspapers to save for her first horse. It cost her $50. She
also paid for all the tack and boarding expenses – feeding,
cleaning and grooming the animal herself.
Even then, she was resourceful and independent, traits she
attributed to her frequent relocations as an army brat.
“You learn to rely on yourself,” Perkins says.
Those qualities would help her navigate the two biggest
moves of her youth – first, to Stuttgart, Germany where
her father was stationed in the late 1950s. When she
wasn’t attending her high school classes on the
compound, Perkins worked as a clerk in the men’s
department at the Post Exchange. Then, at age 18, she said
goodbye to her parents and to her twin sister, Gay Ann,
and boarded a trans-Atlantic transport ship bound for
America. It was the cheapest way she could find to get
back to the States. Ultimately, she was headed to Whittier
College in California.
“I broke away,” she says. “I think every part of my life –
how I’ve walked, what road I’ve gone down – has led me
to an area where I’ve become stronger.”
Once again, Perkins wouldn’t stay rooted for long. In
1960, she took a job at Disneyland welcoming crowds at
the park’s main gate. In 1966, she opened the Sunday
paper and spotted an ad posted by Pan American World
Airways. The company needed flight attendants. Out of
more than 1,000 applicants, Perkins won the last open job
with a Seattle-based crew.
“I think it was due to my military background. I was
always very comfortable taking charge and keeping it on a
friendly basis,” she says. “I was comfortable with people.”
Even the most famous people. On one overseas flight in
1968, she tended to the four members of the Beatles. She
remembers the superstar musicians as being “pretty up
and very excited.”
Two years into her high-altitude career, Perkins’ military
pedigree struck again. She heard about a special Pan Am
program that flew U.S. soldiers out of Vietnam for rest and
recreation and later returned them to the war zone. The
airline needed volunteer flight attendants. The missions
were dangerous; Perkins didn’t hesitate.
The 707s would collect soldiers in Saigon, Da Nang or
Cam Ranh Bay and fly them to vacation spots in Australia,
Hong Kong or Hawaii. They sometimes faced gunfire from
North Vietnamese forces. Perkins and the other flight crew
members all carried Geneva Convention cards in case they
were shot down and captured. On board, she played card
games with the soldiers to pass the time. The mood was
happy. On the way back to Vietnam, she talked quietly
with them. The mood was far more somber.
“It had a profound effect upon me,” says Perkins. “It was
very important to me that we were there. We were trying
to stay up (in spirit during the return trips) but not be too
up so that it was disrespectful to where they were going –
and what we knew they were going back into. There was a
real tightrope that you walked.”
She continued making those rest-and-recreation flights
through the end of the war in 1973. But her perilous Pan
Am flight plans didn’t end there. Perkins served aboard the
747s that evacuated Americans from Saigon in 1973 – and
from Tehran, Iran and Beirut, Lebanon when those cities
soon flared with anti-U.S. violence. She was in charge of 17
other employees and the 360 passengers on each flight.
The skies were not always friendly.
“I’ve been hijacked. I’ve had a bomb onboard. I’ve had an
in-flight fire. I’ve had somebody who was so deranged,
they tried to crash the plane by opening the doors before
takeoff,” she said.
Those treacherous moments reveal why today Perkins
remains calm in the midst of complex, high-dollar
transactions. She’s faced so much worse before.
And, she’s always had her horses to help her decompress.
While still at Pan Am, she relocated from Seattle to the
sleepy town of Santa Ynez, Calif. near Santa Barbara.
During her college days, she had come to see herself as a
California girl. “I needed a place where I could just let
down. When I came home from a trip, I rode.”
She got to know the ritzy, coastal area – sometimes called
“the American Riviera” – in person and on horseback. In
1991, Perkins decided to start selling real estate there. Her
business blossomed. The price tags on her listings
ballooned. Her easy manner with people became her
trademark.
In 2006, Perkins sold $82 million in properties – 40th best
in the nation. In 2007, she jumped to No. 1 after
representing the sellers in the largest, non-commercial
transaction in California history – the El Cojo and Jalama
ranches, which were listed at a combined $155 million.
At the height of her success last year, she pumped more
than $100,000 into a Web site upgrade and made extra
investments into her international marketing.
“I think I’ve always sold,” Perkins says. “Whether I’ve been
selling Disney or selling Pan Am. If you really believe in
something, then you’re selling it.”
| 35
Panorama |
| Panorama
PANAMA
AN OASIS TO CONTINUE INVESTING
UN OASIS DONDE SEGUIR INVIRTIENDO
THE BEGINNING OF THE ENLARGEMENT OF THE PANAMA CHANNEL
AND A POLICY OF SOLID MACRO ECONOMY, MAKES THE INVESTMENT
IN REAL ESTATE AN EXCELLENT OPTION AS FEW IN THE WORLD /
EL COMIENZO DE LAS OBRAS DE AMPLIACIÓN DEL CANAL DE PANAMÁ
Y UNA POLÍTICA MACROECONÓMICA SÓLIDA, HACE VER LA INVERSIÓN
EN REAL ESTATE UNA EXCELENTE OPCIÓN COMO POCAS EN EL MUNDO
| 38
The fact that the Financing of the work is guaranteed through multilateral agencies is seen as a positive
point. El hecho de que se tenga garantizado el financiamiento de la obra a través de agencias
multilaterales es visto como un punto positivo.
There is no doubt. The World is in recession,
phenomenon that shall impact all the economies,
including the one from Panama.
However, Panama has various points that play for it and
one of them is the enlargement of the Panama Channel,
the greatest project in Latin America, which represents
an investment of 5 billion two hundred fifty thousand
million dollarsand which guarantees an economic
growth for at least the following five years.
This is what the analysts say, that in the frame of the
XLII Annual Meeting of the Latin American Federation
of Banks (Felaban), they discussed on the impact of the
recent events in the financial area of the United States
and the rest of the world, the financial systems and the
Latin American economies.
The enlargement Works are going to generate the
country an economical growth and the fact that under
the present situation in which restrictions to credit are
scarce, to already have guaranteed a financing, not
given by the traditional private banks, but by
multilateral organisms, is another favorable point.
The International analysts agreed on that, Alberto
Bernal, from BullTick Capital Market and Jorge SuárezVeles, from Global Plus, both firms located in the city
of New York, and the Panama economist Marco
Fernández, from the local consulting firm Indesa.
The exhibitors also had similar comments as for what
the country could be affected by the real estate, a
decrease in the World trade and the local credit, which
shall lower its growth rhythm.
But in general, they agreed that the country is in a good
position to resist the financial crisis.
Bernal advised to continue focusing on stability, the
Works of infrastructure, trade and structural reforms.
No hay duda. El mundo está en recesión, fenómeno que
impactará en todos las economías, incluida la panameña.
Sin embargo, Panamá tiene varios puntos que juegan a su
favor y uno de ellos son las obras de ampliación del Canal,
el proyecto de mayor envergadura en América Latina, que
representa una inversión de 5 mil 250 millones de dólares y
que garantiza un crecimiento económico por lo menos
para los próximos cinco años.
Así lo advirtieron analistas que, en el marco de la XLII
Asamblea Anual de la Federación Latinoamericana de
Bancos (Felaban), debatieron sobre el impacto de los
recientes acontecimientos en el ámbito financiero de
Estados Unidos y el resto del mundo, los sistemas
financieros y las economías latinoamericanas.
Los trabajos de ampliación van a generarle al país
crecimiento económico y el hecho de que bajo la actual
coyuntura en la que predomina las restricción al crédito ya
se tenga garantizado el financiamiento, no por la banca
privada tradicional, sino por organismos multilaterales, es
otro punto favorable.
En ello coincidieron los analistas internacionales, Alberto
Bernal, de BullTick Capital Market y Jorge Suárez-Veles, de
Global Plus, ambas firmas radicadas en la ciudad de Nueva
York, y el economista panameño Marco Fernández, de la
firma consultora local Indesa.
Los expositores también tuvieron similares comentarios con
respecto a que el país podría ser afectado por el lado del
sector inmobiliario, una baja en el comercio mundial y del
crédito local, que bajará su ritmo de crecimiento.
Pero en general, coincidieron en que el país está en una
buena posición para resistir la crisis financiera.
Bernal aconsejó seguir enfocados en la estabilidad, las obras
de infraestructura, el comercio y las reformas estructurales.
| 39
Insights & Leadership I |
| Liderazgo y Opinión I
mallol & mallol
TRANSFORMING PANAMA´S SKYLINE DAY BY DAY
TRANSFORMANDO LA SILUETA DE PANAMA DIA A DIA
When in one of my trips to Panama I am asked specially
about the conditions it offers for investing and how
about communications services or social economic
stability, banks, currency, I am convinced about the
interest of foreign people and visitors in the isthmus. It is
great to check with entrepreneurs, promoters,
professionals, tourists, businessmen, if Panama is within
their tour, and if it is for them an optional route as a
second residence or to invest by getting some real estate.
When the conversation is more explicit and we enter into
details, we discover a cosmopolitan city for the visitor, a
place of opportunities with a wonderful environment due
to the International character and tradition of the capital
which looks over a spectacular bay.
Cuando me preguntan en alguno de mis viajes sobre
Panamá, en especial las condiciones que tiene para invertir y
cómo son los servicios en comunicaciones o la estabilidad
socio económica, la banca, o la moneda, estoy convencido
del interés con que los extranjeros y visitantes ven el istmo. Es
agradable constatar con empresarios, promotores,
profesionales, turistas, hombres de negocio, que Panamá esta
en su itinerario, y es para ellos ruta opcional como segunda
residencia o para invertir adquiriendo una propiedad.
Cuando la conversación se hace más explícita y entramos en
detalles, se descubre la ciudad cosmopolita para el visitante,
un lugar de oportunidades con un ambiente inmejorable por
el carácter y tradición internacional de la capital que mira
hacia una bahía espectacular.
People look for a "civilized", comfortable, attractive
place with comfort, nature, near the big capital cities,
with good communications with the world and good to
develop a normal and pleasant life.
La gente busca un lugar "civilizado", cómodo, atractivo,
con confort, naturaleza, próximo a las grandes capitales,
con buenas comunicaciones con el mundo y optima para
desarrollar una vida normal y placentera.
Making cities is part of our modern lifestyle and
everywhere around the world there are constructions,
though there has been some decline in some countries
where it was speculated, skyscrapers, icons or
institutional projects continue its regular course.
Panama is a young country and its city is filled with
transformation, its silhouette changes every day, that is
why we are a country with a future.
Hacer ciudades es algo que forma parte de nuestro modo
de vida moderna y en todas partes del mundo se esta
construyendo, aunque ha habido un declive en algunos
países donde se especuló, los rascacielos, iconos o
proyectos institucionales continúan su curso regular.
Panamá es un país joven y su ciudad esta en plena
transformación, cada día cambia su silueta, por eso somos
un país con futuro.
| 44
WHAT DO YOU RECOMMEND TO INTERNATIONAL
INVESTORS AND BUYERS?
Let them come to Panama because it is a country with
opportunities for everybody. Our climate, economic
stability, the dollar as a currency, services and
geographical position transforms us in place to live and
to do business. Crisis create new opportunities, we have
to know how to administer them and to give them new
contents, to project with realism and creativity. Panama
has International comparative advantages and they have
to be known both by their buyers as well as the
international investors. One of them is that apart from
having a splendid geographical view, it is here where all
the ethnic groups and religions live together, we are a
cosmopolitan nation by excellence.
CUAL ES SU RECOMENDACION A COMPRADORES
E INVERSIONISTAS INTERNACIONALES?
Que sigan viniendo a Panamá porque es un país de
oportunidades para todos. Nuestro clima, estabilidad
económica, el dolar como moneda, servicios y posición
geográfica nos transforman en un lugar para vivir y hacer
negocios. Las crisis crean nuevas oportunidades, hay que
saber administrarlas y darle nuevos contenidos, proyectar
con realismo y creatividad. Panamá tiene ventajas
comparativas internacionales y éstas deben ser conocidas
tanto por los compradores como inversionistas
internacionales. Una de ellas es que además de contar con
un escenario geográfico espléndido, aquí conviven y
comparten todas las etnias y religiones, somos una nación
cosmopolita por excelencia.
WHICH IS THE IDEAL PROJECT?
A Project depends on the place, the conditions of the
place, the resources the owner has and the ones he
offers to the architect. To arrive to an ideal project it is
necessary to meet some conditions, such as those
describe and more. A project should be functional and
artistic. In my opinion it is important to feel good with
the environment and to fulfill all the requisites that
make the work remain in spite of time. Architecture is
art (beauty) science and technology, a combination that
places it near a perfection that does not exist. The last
step, it is the design of God.
CUAL ES SU PROYECTO IDEAL?
Un proyecto depende del sitio, de las condiciones del lugar,
de los recursos con que cuente el dueño y éste le
proporcione al arquitecto. Para llegar a un proyecto ideal es
necesario reunir una serie de condiciones, como las
descritas y más. Un proyecto debe ser funcional y
artísticamente presentable. Para mí es indispensable que la
obra se sienta bien en el entorno y que cumpla todos los
requisitos que le hagan permanecer en el tiempo. La
arquitectura es arte (belleza) ciencia y tecnología, una
combinación que la aproxima a la perfección que no existe.
El último escalón, es el diseño de Dios.
| 45
We are a country with a future. Panama is a young country and its city is filled with transformation.
Somos un país con futuro. Panamá es un país joven y su ciudad esta en plena transformación.
WHAT IS YOUR MOST IMPORTANT AND
SUCCESSFUL PROJECT THIS YEAR?
Capital Plaza. It is an office building that has become a
referent in Costa del Este, one of the emblematic zones
of the new city of Panama, in front of the Pacific
Ocean, and requested by national and international
buyers with high resources. Panama is many cities in
one, it was built almost 500 years ago, the old city
moved to the Casco Viejo after it was set fire in an
English pirate attack, today that area is Patrimony of
the Humanity. That is why the contrast is interesting
with this new, modern and ironic projects with the
last technologies and comfort. Exuberant, jungle,
maritime and tropical nature form a very peculiar and
pleasant stage that is nice for the visitor.
CUAL ES SU PROYECTO MÁS DESTACADO Y EXITOSO
ESTE AÑO?
Capital Plaza. Es un edificio de oficinas que se ha convertido
en un referente de Costa del Este, uno de los sectores
emblemáticos de la nueva ciudad de Panamá, frente al
océano Pacífico, y muy demandado por compradores
nacionales e internacionales de altos recursos. Panamá son
varias ciudades en una, construida hace casi 500 años, la
antigua ciudad se trasladó al Casco Viejo luego de ser
incendiada en un ataque de la piratería inglesa, hoy esa zona
es Patrimonio de la Humanidad. Por eso el contraste es
interesante con estos nuevos, modernos e icónicos proyectos
con las últimas tecnologías y confort. La naturaleza
exuberante, selvática, marítima y tropical conforma un
escenario muy peculiar y agradable al visitante.
WHAT PROJECT ARE YOU DEVELOPING
NOWADAYS BOTH IN PANAMA AND ABROAD?
In Panama, 40 to 90 story apartment Towers, hotels,
coast project, institutional, urban in different scales.
There is an interesting variety, from a house to Works
in the area of the growing touristic development of
the country. Abroad we are continue having
conversations with Mexico, Dominican Republic,
Colombia, Costa Rica and Miami. Our Office, with
more than 25 years of experience and hundreds of
professionals, is able to develop projects anywhere
around the work.
QUE PROYECTOS ESTA ACTUALMENTE
DESARROLLANDO TANTO EN PANAMA COMO EN EL
EXTERIOR?
En Panamá, Torres de vivienda de 40 a 90 pisos, hoteles,
proyectos costeros, institucionales, urbanos en varias
escalas. Existe una interesante variedad, de una casa a obras
de envergadura en el merco del creciente desarrollo turístico
del país. En el exterior siempre estamos en conversaciones
con México, Republica Dominicana, Colombia, Costa Rica y
Miami. Nuestro Estudio, con más de 25 años y un centenar
de profesionales esta en capacidad de desarrollar proyectos
en cualquier parte del mundo.
| 46
PROFILE ARCHITECT / PERFIL ARQUITECTO
IGNACIO MALLOL TAMAYO
Architect Ignacio Mallol Tamayo, graduated form
Universidad de Panama in 1974 and in 1978 he finished
his master in urban design at The Catholic University of
America in Washington. In Boulder, Colorado, he
studied at The Economics Institute University of
Colorado. He is studying at the Design School of the
University of Harvard. As from 1978 he has been
working as a union architect participating in Residence
Inter American Congresses, and this experiences open
doors to begin at the private sector. In 1974 he joined
the Panama Society of Engineers and Architects (SPIA).
In 1999 he was elected president of the International
Congress International of Architects from Panama.
From 1980 Mallol & Mallol architects start projects
without borders in the Middle East and Italy mainly.
Nowadays architect Mallol is president of the Panama
Institute of Architects and Urbanism (IPAUR) and the
International Congress of Architecture in the frame of
the Panama Society of Engineers and Architects SPIA.
The Studio was awarded in Central America, Argentina
and Mexico.
Mallol & Mallol S.A. Architects Studio, one of the
biggest design and architecture in Latin America
enterprises, where more than a hundred professionals
work, waiting on local, European, north American and
Latin-American clients, whose designs are changing
Panama´s silhouette quickly. Mallol & Mallol Architects
develop important hotel complexes, Business centers
and offices in front of the bay, a place that distinguishes
the new City of Panama. It has become also with the
years a School for architecture students from Panama
and foreign countries.
Ignacio Mallol Tamayo y Fabio Ostroviecki
El Arquitecto Ignacio Mallol Tamayo, egresó de la Universidad
de Panamá en 1974 y en 1978 concluye su maestría en
diseño urbano en The Catholic University of America en
Washington. En Boulder, Colorado, estudio en The
Economics Institute University of Colorado. Realiza asimismo
estudios en la Escuela de Diseño de la Universidad de
Harvard. A partir de 1978 realiza una intensa actividad como
arquitecto y de carácter gremial con participación en
congresos interamericanos de vivienda, experiencias que le
abren las puertas para iniciarse en la empresa privada. En
1974 ingresa a la Sociedad Panameña de Ingenieros y
Arquitectos (SPIA). En 1999 es escogido como presidente del
Congreso Internacional de Arquitectura de Panamá. Desde
1980 Mallol & Mallol arquitectos emprende proyectos sin
fronteras en Medio Oriente e Italia principalmente.
Actualmente el arquitecto Mallol es presidente del Instituto
Panameño de Arquitectura y Urbanismo (IPAUR) y del
Congreso Internacional de Arquitectura en el marco de la
Sociedad Panameña de Ingenieros y Arquitectos SPIA. La
firma ha obtenido premiaciones en Centroamérica, Argentina
y México.
El Estudio Mallol & Mallol Arquitectos S A, una de las más
grandes empresas de diseño y arquitectura de América latina,
donde labora más de un centenar de profesionales, atiende a
clientes locales, europeos, norteamericanos y
latinoamericanos, cuyos diseños e inversiones están
cambiando la silueta de Panamá de una manera vertiginosa.
Mallol & Mallol Arquitectos desarrolla importantes complejos
hoteleros, comerciales y de oficinas frente a la bahía, lugar
que caracteriza a la nueva ciudad de Panamá. Se ha
transformado asimismo a lo largo de los años en una Escuela
para estudiantes de arquitectura de Panamá y del extranjero.
Report III |
| Informe III
2008
THE REAL ESTATE TRANSPARENCY INDEX
EL INDICE DE TRANSPARENCIA DEL REAL ESTATE
A lot of investors find the idea of putting their money
in international real estate intimidating because it
involves doing business in a different culture, and
more times than not, in a different language. In
addition, the rules governing real estate markets can be
unclear in many countries and can, in a worst case
scenario, result in unexpected loss of investment.
Muchos inversionistas consideran que la idea de invertir su
dinero en real estate internacional es intimidante ya que
incluye hacer negocios con una cultura diferente, y muchas
veces, en otro idioma. Además de las reglamentaciones a
las que están sujetas, el mercado de real estate puede no
ser claro en muchos países y puede, en el peor escenario,
resultar en una perdida inesperada de inversión.
Sometimes the plethora of requirements in some
markets can make even the most seasoned,
adventurous investor run in the opposite direction.
Complex and protracted transaction processes
generally open the door for corruption. As with a lot of
things, accurate and timely information is key when it
comes to making a financial investment in a real estate
market.
A veces la plétora de requisitos en algunos mercados puede
hacer aún que los inversionistas más aventureros correr en
otra dirección. Las transacciones complejas y los procesos
complicados generalmente abren la puerta a la corrupción.
La información precisa en el momento preciso es clave
cuando se trata de hacer una inversión financiera en el
mercado del real estate.
Jones Lang LaSalle, a financial services company
focusing on real estate, and LaSalle Investment
Management, its global subsidiary, recently came out
with the fifth edition of their Real Estate Transparency
Index. The report looked at performance
measurements, market fundamentals, listed vehicles,
legal and regulatory environment and transaction
processes in 82 markets around the world. It then
categorized countries as having high-
Jones Lang LaSalle, una compañía de servicios financieros
enfocada hacia el real estate, y LaSalle Investment
Management, su subsidiaria global, recientemente
emitieron su quinta edición del Índice de Transparencia de
Real Estate. El informe se enfoca en medidas de
rendimiento, fundamentos de mercado, medio ambiente
legal y reglamentario y procesos de transacción en 82
mercados alrededor del mundo. Luego, cataloga países que
tienen alta transparencia, semi-transparencia , baja
transparencia y mercados de real estate opacos.
transparency, transparent, semi-transparency, lowtransparency and opaque real estate markets.
La empresa espera que el Índice de Transparencia de Real
Estate, entre otras cosas, le dé una pauta a los gobiernos de
| 50
PANAMA, DUBAI, RUSSIA, BRAZIL, INDIA, CHINA
AND THE UNITED STATES ARE THE CLEARER MARKETS OF
THE WORLD TO INVEST IN REAL ESTATE
PANAMÁ, DUBAI, RUSIA, BRASIL, INDIA, CHINA
Y ESTADOS UNIDOS SON LOS MERCADOS MÁS TRANSPARENTES
DEL MUNDO PARA INVERTIR EN REAL ESTATE
Who's High, Who's Low?
Quien subió de nivel,
quien bajó?
The company hopes the Real Estate Transparency Index,
among other things, will tip government officials of low
transparency-scoring countries and motivate them to
take measures to improve various aspects of their real
estate markets.
países con bajo nivel de transparencia y motivarlos a tomar
medidas para mejorar varios aspectos de su mercado
inmobiliario.
“The steady improvement in transparency, particularly
over the last four years, is closely linked to the forces of
globalization that drive investors to move across borders
in search of higher risk-adjusted returns. This movement
of both capital and corporations around the world has
created an even greater need for information about
markets. It has also created an incentive for governments
to streamline bureaucratic practices which prevent the
free flow of capital into and out of global markets,” said
Dr. Lee Elliot, a director of Jones Lang LaSalle's research
team, according to the company's press release.
“La mejora permanente en la transparencia,
particularmente en los últimos cuatro años, está
fuertemente ligada a las fuerzas de la globalización que
llevan a los inversionistas a irse a otras fronteras en
búsqueda de retornos ajustados a mas alto riesgo. Este
movimiento tanto de capital como de empresas alrededor
del mundo ha creado una necesidad aun mayor de
información sobre los mercados. También creó una
incentiva para gobiernos para linear las practicas de
burocracia que prevén el flujo libre de capital dentro y
fuera de los mercados globales,” dijo el Dr. Lee Elliot,
director del equipo de investigación de Jones Lang LaSalle,
según el lanzamiento de prensa de la empresa.
Transparency around the world is rising, according to
the report. Half of the countries surveyed in 2006
showed improvement. Eight countries moved up into a
whole new, better transparency category. At the same
time, 18 countries in the lower transparency tier
remained at a standstill, showing no or little
improvement.
La transparencia alrededor del mundo está creciendo,
según el informe. La mitad de los países encuestados en
2006 mostraron mejoras. Ocho países aumentaron a una
categoría nueva, mejor y transparente. Al mismo tiempo,
18 países en niveles de transparencia más baja se
mantuvieron en su posición, sin mostrar mejoras o muy
pocas mejoras.
The top improving countries were Dubai, Romania,
Ukraine and Russia, while Venezuela is the only country
whose transparency score actually went down.
Los países que más mejoraron fueron Dubai, Rumania,
Ucrania y Rusia, mientras que Venezuela es el único país
cuya transparencia descendió.
| 51
The Americas
The transparency survey looked at 11 countries in the
Americas. Brazil and Panama posted the biggest
transparency improvement. Canada and the United
States remained the most transparent in the region.
Countries falling in the middle, as semi-transparent
markets, include Argentina, Brazil, Chile and Mexico.
Colombia, Costa Rica, Panama, Peru, Uruguay,
Venezuela and the Dominican Republic remain as
markets marked by low real estate transparency.
El estudio de transparencia incluyó a 11 países en las
Américas. Brasil y Panamá mostraron la mayor mejora de
transparencia. Canadá y los Estados Unidos permanecieron
como los más transparentes en la región. Los países que
quedaron en el medio, como mercados semi transparentes
incluyen, Argentina, Brasil, Chile y Méjico. Colombia, Costa
Rica, Panamá, Perú, Uruguay, Venezuela y la Republica
Dominicana permanecen como mercados marcados por
transparencia baja en real estate.
Middle East and
North Africa
Rising interest from real estate investors in the Middle
East and North Africa (MENA) region has helped put
market transparency issues high on government
agendas. Overall, however, the MENA region had the
lowest average transparency when compared to other
surveyed regions.
There is hope that the significant increase in investor
interest the region has seen in recent years will drive
governments to reform antiquated real estate market
practices and put measures in place to eliminate
corruption.
El interés creciente por la región de Medio Oriente y Norte
de África (MENA) ha ayudado a poner transparencia en
asuntos de mercado a nivel gubernamental. Sobre todo
cuando tenian el promedio mas bajo de transparencia
cuando se la comparaba con otras regiones supervisadas.
Existen esperanzas de que el significativo incremento de
interés de inversionistas en la región haga que los
gobiernos reformen prácticas de real estate anticuadas y
pongan medidas para eliminar la corrupción.
Transparency around the world is rising.
La transparencia alrededor del mundo esta creciendo.
Europe
Half of the markets that showed improvement since the
last time the report was published, in 2006, are in
Europe. Romania showed a vast improvement over the
past two years while Turkey remained at standstill as a
low transparency market. The markets with the highest
transparency in the region are the Netherlands and
United Kingdom.
While Europe as a region performs well in the Index,
there are significant variations between sub-regions
within the continent. These differences show up
between Western, Central and Eastern European
countries, with countries outside of Western Europe
performing less well.
La mitad de los mercados que mostraron mejoras desde el
último informe emitido en el 2006, están en Europa.
Rumania mostró una gran mejora los últimos dos años
mientras que Turquía permaneció sin cambios como un
mercado con baja transparencia. Los mercados con mayor
transparencia en la región son Holanda y el Reino Unido.
Asia Pacific
Markets in Asia Pacific have a wide transparency gap.
The region contains high transparency markets such as
Australia and New Zealand. However, it also houses
Cambodia, which is classified as having an opaque real
estate market.
India, China and Vietnam were 2008's most improved
markets in the region. The fact that these countries
received a massive amount of investor interest over the
past few years is telling. Indonesia, Malaysia and South
Korea, however, showed little improvement.
Los mercados de Asia Pacifico tienen una gran brecha de
transparencia. La región tiene mercados de alta
transparencia como Australia y Nueva Zelanda. Sin
Embargo, también incluye a Cambodia, que está clasificada
con un mercado de real estate opaco.
India, China y Vietnam fueron los mercados que mas
mejoraron en el 2008 en la región. Indonesia, Malasia y
Corea del Sur sin embargo mostraron pocas mejoras.
Mientras que Europa como región tiene un buen
rendimiento en el Índice, hay variaciones significativas
entre sub. regiones dentro del continente. Estas diferencias
se muestran entre Europa Occidental, Central y Oriental.
| 52
“Only the most opportunistic investors will consider
semi-transparent markets found in Eastern Europe,
Latin America and Southeast Asia”
“Solo el inversor mas oportunista considerará mercados
semi transparentes encontrados en Europa Oriental,
América Latina y Sudeste de Asia”
The national transparency scores contained in the
report are based on main cities in assessed countries.
However, the report also notes that, particularly in
emerging markets, there can be a noticeable
transparency gap between cities.
Los niveles de transparencia nacional en el informe se
basan en las ciudades principales de los países evaluados.
Sin embargo, el informe también se ve que,
particularmente en mercados emergentes, puede haber
una brecha de transparencia notable entre las ciudades.
The report concluded that the level of real estate
transparency is a crucial consideration in international
investments. “Many cross-border investors focus on
more mature, open and transparent real estate markets
such as the U.K., Canada, Netherlands and Hong
Kong," said Dr. Elliot. However, high level of
transparency doesn't necessarily translate into risk free
investment and does not protect investors from
market volatility.
El informe concluye que el nivel de transparencia de real
estate es una consideración crucial en inversiones
internacionales. “Muchos inversionistas de otras fronteras
se enfocan en un mercado de real estate mas maduro,
abierto y transparente como el de el Reino Unido, Canadá,
Holanda y Hong Kong," dijo Dr. Elliot. Sin embargo, el alto
nivel de transparencia no necesariamente se traduce en
riesgo de libre inversión y no protege a los inversores de un
mercado volátil.
Risk taking investors will not be intimidated by semitransparent markets but they will expect to be
rewarded with higher returns. "Only the most
opportunistic investors will consider semi-transparent
markets found in Eastern Europe, Latin America and
Southeast Asia," said Dr. Elliot.
Los inversionistas que toman riesgo no estarán intimidados
por mercados semi transparentes pero esperarán recibir
una recompensa con mayores ganancias. "Solo el inversor
mas oportunista considerará mercados semi transparentes
encontrados en Europa Oriental, América Latina y Sudeste
de Asia," dijo Dr. Elliot.
Opaque markets such as Algeria, Belarus and
Cambodia will only see small international
investments in their real estate sector, according to Dr.
Elliot. "[They] are still very problematic, from the
perspective of both investors and corporate occupiers,"
he said.
Los mercados opacos como Algeria, Belarús Cambodia solo
verán pequeñas inversiones internacionales en el sector del
real estate. Según Dr. Elliot. "Ellos todavía presentan
muchos problemas, desde la perspectiva tanto inversionista
como de los ocupantes corporativos,".
For the full report see: www.joneslanglasalle.com
Para leer el informe completo vea la pagina Web
www.joneslanglasalle.com
| 53
Insights & Leadership II |
| Liderazgo y Opinión II
A C O N V E R S AT I O N W I T H
Tibor Hollo
HIS CIVIC AND HUMANITARIAN
CONTRIBUTIONS WILL FOREVER BE
REMEMBERED IN THE CITY OF
MIAMI, WHICH BESTOWED UPON
HIM THE PRESTIGIOUS MIAMI
VISIONARY AWARD
Tibor Hollo
President – Florida East Coast Realty
Tibor Hollo is highly regarded by his peers as one of
Miami's true visionaries and a pioneer. Over 55 years ago
he forged a path for the future by constructing the very
first high-rise building on Brickell Avenue. The concept
of living, working and playing in the urban core has
long been his dream, brought to life through his many
developments, especially in the OMNI Venetia area and
the Brickell corridor. It's only now that his vision is truly
taking shape on a large scale, as evidenced by the
growth and excitement permeating the areas in and
surrounding our beautiful downtown.
Hollo is a member of the Society of Founders of Mount Sinai Hospital and the University of Miami. He has served on
Florida's Task Force on Housing and Community Affairs as well the Governors Advisory Council on Factory Built
Housing. Hollo is a member of the Downtown Advisory Committee and the Committee on Ecology and
Beautification. He served on the Executive Board as Trustee of Barry University as well as on the City of Miami Beach's
ad hoc committee for Economics Adjustment Strategy. He is also on the County's Performing Arts Center Strategic
Planning Committee and serves on the Board of Directors of the Latin Builders Association.
WHAT WAS YOUR BACKGROUND BEFORE BEING
PRESIDENT AND CHAIRMAN OF FLORIDA EAST
COAST REALTY?
I have been in business as FECR since 1949; prior, I was
working in New York. I am an architect by trade, and
then I became a General Contractor. 1956 was my best
financial year as a GC but I was burnt out so I decided
to become a developer so I could be the master of my
own domain and choose where I would work.
WHAT ARE YOUR THOUGHTS IN REGARDS TO THE
DOLLAR COMPARED TO THE EURO AND THE
POUND?
In the long run, the dollar will win out against the euro.
The dollar will be even with the yen and gain on the
pound. In fact, this shift is already happening.
WHO DO YOU THINK WILL BE THE MOST ACTIVE
RESIDENTIAL BUYERS IN THE COMING YEAR?
I forecast modest sales in 2009. I don’t think sales will
come from one particular group but I do project foreign
sales buying in the Sunbelt to be a higher ratio than
domestic buyers.
WHICH AREAS WILL INVESTORS HAVE THE
HARDEST TIME GETTING FINANCING FOR IN 2009?
There will be no financing for land acquisitions at all
and minimal, if any, for residential condominium
investment for both developers and buyers. The
restrictions are so limiting that you have to be
canonized by the Pope to obtain a loan, if even then.
WHAT'S THE BEST PLACE TO PUT YOUR MONEY
NOW? AND WHAT IS THE SAFEST REAL ESTATE
INVESTMENT RIGHT NOW?
For projects that will not begin right away other than
planning and approvals, real estate is a safe investment.
There are opportunities out there but you have to be
very selective and knowledgeable.
The world is wide open for the small investor; prices are
where you will never see them again. Yet, financing is
the big issue.
In the latter part of next year, we will begin to see some
improvement in the overall economy.
HOW DO YOU STAY CALM IN THE FACE OF
DIFFICULTY?
You have to be prepared ahead of time. I went through
undulations 9 times in the last 60 years. It is about
sensing the changes and being proactive.
IF YOU WEREN'T IN REAL ESTATE, WHAT WOULD
YOU BE DOING?
I would be on the beach in Tahiti.
WHAT'S THE DEAL YOU ARE PROUDEST OF?
I have a number of projects that I am particularly proud
of. The Omni/Venetia projects are dear to me – The
Grand, Opera Tower – because I helped revitalize the
area and am now completing the 20-year development
there with Mikado. I acquired that land 40 years ago
and we are building a mixed-use project with a Sonesta
brand hotel part of it.
| 57
ALICANTE
Plaza Calvo Sotelo, 12 Tel.: 965 21 71 41
BARCELONA
Francesc Pérez Cabrero, 4 Tel.: 93 201 33 00
BARCELONA
Av. Diagonal, 423 Tel.: 93 240 51 70
BARCELONA
Passeig de Grácia, 82 Tel.: 93 272 52 80
BILBAO
Gran Vía, 43 Tel.: 94 416 08 11
CASTELLÓN
Ruiz Zorrilla, 9 Tel.: 964 24 64 18
CEUTA
Paseo de Revellin, 20 Tel.: 956 51 21 24
GIRONA
Argenteria, 22 Tel.: 972 20 46 90
GRANADA
Garivet, 8 Tel.: 958 22 95 89
GRAN CANARIA
C.C. Boulevard Faro. Meloneras. Maspalomas. Tel.: 928 14 80 63
Mayor de Triana 116. Las Palmas. Tel.: 928 36 85 10
MADRID
Serrano, 62 - Serrano, 63 Tel.: 902 355 559
MÁLAGA
Marqués de Larios, 2 Tel.: 952 22 21 53
MARBELLA
Ricardo Soriano, 7 Tel.: 902 11 96 02
MATARÓ
Riera, 23 Tel.: 93 790 20 91
MURCIA
C.C. Fama. Avda. Gutiérrez Mellado, 9 Tel.: 968 23 47 64
PALMA DE MALLORCA
Colón, 14 - Jaime III, 26 Tel.: 971 71 29 17
PAMPLONA
Bergamin, 7
PUERTO BANÚS
Local 13, casa E Tel.: 952 81 48 66
REUS
Raval de Jesús, 50 Tel.: 977 330 697
SALAMANCA
Plaza Mayor, 44 Tel.: 923 28 13 80
SEVILLA
Asunción, 28 Tel.: 954 27 42 44
Tetuán, 1 Tel.: 954 50 07 91
TENERIFE
José Murphy, 6. Santa Cruz. Tel.: 922 24 17 17
TENERIFE
C.C. Américas Plaza. L.29 Arona. Tel.: 922 79 11 05
TENERIFE
C.C. Parque Cristobal. L.3 Playa de las Américas, Arona. Tel.: 922 79 84 54
Gran Hotel Bahía Del Duque, Costa Adeje. Tel.: 922 71 62 85
TUI
Guillarei Pontenova, 34 Tel.: 986 60 05 93
VALENCIA
Colón, 35 Tel.: 96 352 01 93
VALENCIA
Plaza Ayuntamiento, 16 Tel.: 96 351 14 58
ZARAGOZA
Joaquín Costa, 3 Tel.: 976 23 18 87
ZARAGOZA
Pº de la Constitución, 28 Tel.: 976 23 86 91
ANDORRA
Andorra La Vella. Plaça Rebés, 5 Tel.: +376 805 075
Avda. Meritxell, 97 Tel.: +376 820 421
Avda. Meritxell, 33 Tel.: +376 828 672
Business and Strategy III |
| Estrategia y Negocio III
COMMISSIONED ARTWORK
DOESN'T JUST MAKE A HOME
WITH KEATING-MOORE CONSTRUCTION... IT IS THE HOME
BY GREGORY T. DUBOSE, BELLA GROUP, INC.
| 60
REVOLUTIONARY CONCEPT RESHAPING
LUXURY RESIDENTIAL MARKET
Keating-Moore Construction has taken the concept of
commissioned artwork to new heights with its
commissioned luxury residential estates. Over the last 25
years Keating- Moore has built an indelible reputation as
one of South Florida’s most quality-conscious and highly
sought after residential builders. Their custom waterfront
and golf community estates are award-winning stunners.
Keating-Moore Construction has broken from the pack
with a radical, new concept –commissioned residential
real estate. This method of homebuilding is clearly not for
everyone. Designed for the very uppermost tier of owners,
this collaborative concept is ideal for owners with a clear
vision of what the finished product will be and the means
to make that vision a reality. The collaboration extends to
the home’s design, exteriors and interior spaces,
landscaping, energy efficiency environmental impact and
every other consideration of the owner. Not only does
Keating-Moore create the roadmap for a successful
project, they take the long jour journey from theory to
fruition, moving in step with the owner.
"When we are commissioned to construct a home, we
begin the process at the point of concept. As we move
through the process we make suggestions which save the
owner both time and money. We increase value at no
additional cost,"states Joe Keating.
The mindset behind commissioning a home is closely akin
to commissioning a painting. Rather than reviewing a host
of artists, completed works and viewing mediums, the
owner chooses the artist first. Once selected, Keating-Moore
looks at all the available colors for the palette. Joe Keating
states, "What we are really talking about is teamwork. We
begin the process as a team - our professionals and the
owner." While Phase I of the commissioned product
culminates with construction completion and final
turnover, Phase II of the project never ends. "Phase II is
where we remain a vital part of a close-knit team tasked
with care and maintenance of the home."
Even in the ultra high-end marketplace, builders have
been known to take a liaise fare attitude toward their own
product after the first year to 18 months have passed. The
thought being: "We built it, you bought it," now
everything having to do with care and maintenance falls
to the owner. While this is certainly not true of all
builders, it is true of far too many in the industry.
Keating-Moore Construction’s methodology couldn’t be
more different. "When we complete a custom estate home
we don’t think this kid is all grown up and the work is
done. No. We think our child has become an adult. And,
while they leave home they are always our children and
always in our care," stated Tim Moore.
The most significant advantage of Keating-Moore
Construction’s commissioned product model is the fact
that the owner gets Joe Keating and Tim Moore every step
of the way. "We’ve made a conscious decision to build
artistic, notable projects, not volume. The only way we
can maintain the hands-on quality oversight our
customers demand is by keeping our portfolio exclusively
small," commented Moore.
Keating-Moore Construction works hand-in-hand with
the owner. Because communication is direct, it’s almost
impossible to misconstrue what was said and to whom.
"We want to hear everything an owner has to say. We
want to address it and act on it immediately. This is the
only way we’ve done business for 25 years. It’s truly all we
know," stated Keating.
From the moment the commissioned project begins the
owner and the artist, Keating-Moore Construction, work
in concert. With commissioner and artist on the same
canvas a true tour de force is realized.
| 61
BENEFITS
OF
A
COMMISSIONED
PROJECT
• Change order reduction •
• Collaboration •
• Communication •
• Control •
• Economy of budget and schedule •
• Expedited decision making •
• Singular vision •
Contact Keating-Moore
Construction at
+1 561 775-5882
or visit their website:
www.keatingmoore.com
Tim Moore and Joe Keating with
prestigious PRISM awards.
The company is also celebrating 25 years in business.
This elegant library or clubroom is captivating with warm, lime-finished
pecky Cypress walls and ceiling, and beautifully handcrafted cabinetry.
This magnificent 14,500 square foot oceanfront estate was completed
in just 16 months by Keating-Moore Construction.
| 62
An Outstanding Project |
| Proyecto Destacado
WATERFRONT IS THE LARGEST MASTER PLANNED DEVELOPMENT IN THE
WORLD, IT WILL BE TWICE THE SIZE OF HONG KONG AND WILL HAVE
EVERY CONCEIVABLE FACILITY FOR ITS ESTIMATED POPULATION OF 1,5
MILLION GLOBAL CITIZENS / WATERFRONT ES EL DESARROLLO MÁS
GRANDE EN PLANOS DEL MUNDO, SERÁ DOS VECES EL ÁREA DE HONG
KONG Y TENDRÁ TODAS LAS INSTALACIONES CONCEBIBLES PARA SU
POBLACIÓN ESTIMADA DE 1,5 MILLONES DE CIUDADANOS GLOBALES
| 64
1.4 billion SQ FT Waterfront will encompass an area of 1.4 billion square feet-twice the size of Hong
Kong Island. 1,4 mil millones de pies cuadrados Waterfront comprenderá un área de 1,4 mil
millones de pies cuadrados dos veces el tamaño de la Isla de Hong Kong.
Located on the western shores of Dubai, Waterfront
will transform 1.4 billion square feet of empty desert
and sea into an international community – for an
estimated population of 1.5 million people – that is
twice the size of Hong Kong Island. Waterfront is
being developed on the last 15km of natural coastline
in Dubai and will provide more than 70km of
coastline in total, including the development of 23%
of the Arabian Canal.
Está localizado en las costas oeste de Dubai, Waterfront
transformará 1,4 mil millones de pies cuadrados de desierto
vacío y mar en una comunidad internacional – para una
población estimada de 1,5 mil millones de personas – que
es el doble de la Isla de Hong Kong. Waterfront está siendo
desarrollada en los últimos 15 Km. de la costa natural de
Dubai y proporcionará mas de 70km de costa en total,
incluso el desarrollo del 23% del Canal de Arabia.
Waterfront’s location ensures it is easily accessible on a
local, regional and international basis. Positioned
between the leading hubs of the UAE, with the capital
Abu Dhabi to its west and the commercial hub of
Dubai to its east, Waterfront is located close to prime
international commerce and industry hubs Jebel Ali
Port, Dubai World Central Airport, and the Jebel Ali
Free Zone. Waterfront’s location ensures it is easily
accessible on a local, regional and international basis.
La ubicación de Waterfront asegura que es de fácil acceso
sobre una base local, regional, e internacional. Posicionado
entre los centros lideres de los Emiratos Árabes Unidos
(UAE), con su capital en Abu Dhabi hacia el oeste y el
centro comercial de Dubai al este, Waterfront está ubicada
cerca de centros importantes de primera línea
internacionales, de comercio e industria tales como Jebel Ali
Port, Dubai World Central Airport, y la Zona Jebel Ali Free.
La ubicación de Waterfront asegura que es fácilmente
accesible sobre una base local, regional e internacional.
Waterfront will comprise a wide variety of residences,
commercial districts and industrial areas, with a
number of major tourist attractions and leisure
amenities that are expected of a city for more than a
million people. In addition to the high-end residential
and business properties, Waterfront will also provide a
range of affordable housing for Dubai’s working
community.
Waterfront incluirá una gran variedad de residencias,
distritos comerciales y áreas industriales, con un número
importante de atracciones turísticas e instalaciones para el
ocio que se esperan en una ciudad de más de un millón de
personas. Además a las propiedades residenciales high-end
y propiedades de negocios, Waterfront también
proporcionará una variedad de viviendas accesibles para la
comunidad trabajadora de Dubai.
Waterfront is on track to becoming a landmark
sustainable city founded on resource efficiency, social
equity, and economic prosperity. Minimizing
ecological impact is considered in every decision of
the city’s design, construction and operation. Energy
and water conservation are achieved through
integration of utilities in dedicated utility centres,
where process streams are interlinked and waste is
transformed into energy to power the city.
Waterfront esta en vías de convertirse en un ciudad hito
fundada sobre la eficacia de sus recursos, la igualdad social, y
la prosperidad económica. La minimización del impacto
ecológico se ha considerado en toda decisión del diseño de la
ciudad, construcción y operación. La conservación de la
energía y agua se lograran a través de la integración de
instalaciones en centros dedicados a eso, donde las corrientes
de los procesos están entrelazadas y los desechos se
transformaran en energía para dar electricidad a la ciudad.
| 65
A million Jobs When complete, Waterfront will create 1 million Jobs and living space for over 1.5
million people. Un millón de puestos de trabajo Una vez completado el desarrollo, Waterfront
creará 1 millón de puestos de trabajo y lugar para viviendas para más de 1,5 millones de personas.
LOCATION
Facing the Arabian Gulf, Waterfront is a new city rising
between Abu Dhabi and Dubai. Envisioned by Nakheel,
Waterfront is the largest master planned waterfront
development; not only in the Middle East, but in the
World. Its excellent proximity to a major free zone, a
well-networked seaport, as well as what will be the
world’s largest airport – Al Maktoum International
Airport – provides Waterfront with access to key
commercial centers.
SUSTAINABILITY
How cities are developed
Dubai is developing exponentially, leading the global
stage and redefining new standards of excellence. The
most shining example of this unparalleled growth is
Waterfront: The world’s largest waterfront development
in the world’s fastest growing city.
Waterfront is the vision of world-renowned architects,
planners, engineers and consultants; all led by Nakheel,
Dubai’s premier development company.
In reinventing the landscape, Waterfront also offers
investors a unique and unparalleled marketplace
opportunity: an entirely new city with a new way of
living. From empty desert and sea, well over 100 different
waterfront developments and over 150 master planned
communities and investment opportunities will rise.
Already, more than 3,000 construction vehicles are
currently on-site, manned by around 1,000 professional
staff and 20,000 workers. One-quarter of total
groundwork is also finished as the future continues to
be built.
VISION
How that future was envisioned? …
Is a story in itself...
Rome wasn't built in a day. Its foundations, and those of
all other cities, were laid down during the Neolithic
period, when hunter-gatherer tribes evolved into
UBICACION
Frente al Golfo Árabe, Waterfront es una nueva ciudad
que surge entre Abu Dhabi y Dubai. Una visión de
Nakheel, Waterfront es masterplan del desarrollo frente al
agua más grande no solo en Medio Oriente, sino en el
Mundo. Su excelente proximidad a zonas principales
libres, como del puerto marítimo y de lo que será el
aeropuerto más grande del mundo – Al Maktoum
International Airport
ACCESIBILIDAD
Como se desarrollan las ciudades
Dubai se está desarrollando en forma exponencial,
liderando la etapa global y ofreciendo nuevos
estándares de excelencia. El ejemplo más brillante de
este crecimiento es Waterfront: el desarrollo más
grande del mundo frente al agua en la ciudad de mas
rápido crecimiento del mundo. Waterfront es la visión
de arquitectos, planificadores, ingenieros y consultores
reconocidos mundialmente y todos liderados por
Nakheel, una de las principales empresas de Dubai.
VISION
Como se tuvo la visión de dicho futuro?...
es toda una historia...
Roma no se construyó en un día. Los cimientos, y los de
las otras ciudades, se formaron en el periodo Neolítico,
cuando las tribus cazadoras evolucionaron a sociedades
con agricultura. Las granjas trajeron una secuencia
histórica con definición: incentivaron el establecimiento
que a la vez apoyaron poblaciones más importantes;
desarrollaron economías de negocios; crearon nuevas
tecnologías. Todo esto ayudó al surgimiento de un área
de tierra que pudo autoabastecerse – una ciudad.
Aprendiendo del pasado, Nakheel decidió recrear la
historia: comprimió siglos de progreso social
desarrollando una ciudad completamente nueva de 140
millones de metros cuadrados y creó para esto toda la
infraestructura física y social para hacer de Waterfront
| 66
Adding to the coastline Waterfront will add more than 70km. of coast line to Dubai.
Agregado de costa Waterfront agregará más de 70km. de costa a Dubai.
agricultural societies. Farming introduced a historydefining sequence: encouraged settlements that
supported bigger populations; developed trading
economies; created new technologies. All these gave rise
to a land area that could sustain itself – a city.
Learning well from the past, Nakheel decided to create
history: compressing centuries of social progression into
(estimated project duration); developing an entirely new
140-million square meter city from scratch; and creating
for it all the physical and social infrastructures to make
Waterfront a self-sustaining international commercial
and residential hub.
PHYSICAL & ENVIRONMENTAL
Physical Attributes
In both ambition and dimension, Waterfront is
unprecedented. A 1.4 billion square-feet project that has
added 70 km of coastline to Dubai, Waterfront is the
largest master planned development in the world. It will
be twice the size of Hong Kong and will have every
conceivable facility for its estimated population of 1.5
million global citizens.
Environmental Sustainability
Long before environmentally-sound design became an
engineering paradigm, the people of Arabia were already
constructing passive systems to adapt and overcome the
region's extreme temperatures. In building the future,
Waterfront applies this ancient know-how.
From Kyoto to Dubai
As the entire world tries to halt climate change,
sustainability has come to mean survival. The daunting
task is to integrate viable resource consumption with the
realities of modern living. As the world's foremost source
of fuel, the region is aware of its responsibility. Not only
in the oil and gas industry has ecological-friendliness
been practiced, but throughout other fields; most
notably construction.
una ciudad autosuficiente, centro comercial y
residencial internacional.
FISICA Y MEDIO AMBIENTE
Atributos Físicos
Tanto por la ambición como por la dimensión,
Waterfront no tiene precedentes. Un proyecto de 1,4
mil millones de pies cuadrados que agregó 70 Km. de
costa a Dubai, Waterfront es el desarrollo de masterplan
mas grande del mundo. Será dos veces Hong Kong y
tendrá todas las instalaciones concebibles para su
población estimativa de 1,5 millones de ciudadanos
globales.
AUTOEFICIENCIA DE SU MEDIO AMBIENTE
Mucho antes de que el diseño del medio ambiente se
convirtiera en un paradigma de ingeniería, la gente de
Arabia estaba construyendo sistemas pasivos para adaptar
y sobrellevar las temperaturas extremas de la región. En
cuanto a construcción de futuro, Waterfront aplica este
know-how de años de antigüedad.
DE KYOTO A DUBAI
Mientras el mundo entero trata de detener los cambios
climáticos, la autosuficiencia se ha convertido en
supervivencia. La tarea tediosa es integrar consumo de
recursos viables con las realidades de la vida moderna.
Como la mayor fuente de combustible del mundo, la
región está conciente de su responsabilidad. No solo con
respecto a que la industria del petróleo y del gas tienen
amistad ecológica en práctica, sino a través de otros
campos, entre ellos a destacar, la construcción.
Después de firmar y ratificar el Protocolo de Kyoto – para
reducir los gases con efecto invernadero que provocan
cambios en el clima – los EAU está siendo campeón en la
causa de desarrollo de auto eficiencia. Waterfront
epitomisa como Dubai esta liderando la forma de
desarrollar soluciones de desarrollo auto eficientes para
un futuro mas verde.
| 67
The Arabian Canal 23% of the 75km Arabian Canal will be developed as part of Waterfront.
El Canal de Arabia El 23% de los 75km del Canal de Arabia serán desarrollados como parte de
Waterfront.
Having signed and ratified the Kyoto Protocol - to
reduce greenhouse gases that cause climate change - the
UAE is championing the cause of sustainable
development. Waterfront epitomizes how Dubai is
leading the way in developing innovative sustainable
solutions for a greener future.
WATERFRONT, A 21ST CENTURY ECOPOLIS
"Take nothing but pictures. Leave nothing but
footprints. Kill nothing but time." Where practically
possible, this caving motto has been taken to heart by
Waterfront's designers to create an ecological
metropolis.
Intelligent city planning will include a comprehensive
pedestrian and public transport strategy that reduces
the length of car trips to lessen vehicle exhaust
emissions. Water management will rely on recycled
water for irrigation and district cooling. Infrastructure
will have low ecological impact. And the city will be
serviced by a state-of-the-art co-generative system for
power. These are just of few of the many innovations
that Waterfront is working on.
As the world's first ecopolis, companies that set up
shop in an ecopolis like Waterfront will be ranked
higher on the various sustainability Indices; thus
attracting more big names in business to Dubai.
SOCIAL
Just as Waterfront is conducive to business, so is it
favorable to living. All elements that enhance social
well-being, promote social interaction, and ensure
cultural enrichment form part of Waterfront's
landscape. It's a city that feels like a community where
people live, work and play.
LIVE
Waterfront will have a variety of master planned
communities to suit all living requirements, each with
its own distinct identity, each with a mix of shops,
WATERFRONT, UNA ECOPOLIS DEL SIGLO 21
"Solo tome fotos. Sólo deje huellas. Sólo mate el
tiempo." Donde sea posible prácticamente, este lema ha
sido tomado de corazón por los diseñadores de
Waterfront para crear una metrópolis ecológica.
El planeamiento inteligente de la ciudad incluirá una
estrategia comprensiva de transporte público y para los
peatones que reduce la longitud de los viajes en auto
para reducir la emisión de gases de los vehículos. El
gerenciamiento de agua se basará en el reciclado de
agua de irrigación y enfriamiento de distrito. La
infraestructura tendrá un impacto ecológico bajo y la
ciudad estará al servicio de un sistema co-generativo.
Estas son solo algunas de las tantas innovaciones en las
que Waterfront esta trabajando.
Como primer ecopolis del mundo, las compañías que se
asientan en una ecopolis como Waterfront entraran en
un ranking de autoeficacia; por lo tanto atrayendo mas
nombres importantes en cuanto a negocios a Dubai.
SOCIAL
Como Waterfront induce a los negocios, entonces es
favorable para vivir. Todos los elementos que mejoran el
bienestar social, promocionan la interacción social, y
aseguran el enriquecimiento cultural de parte del paisaje
de Waterfront. Es una ciudad que se siente como una
comunidad donde la gente vive, trabaja y juega.
VIVIR
Waterfront contará con una variedad de comunidades en
el masterplan para cada requisito de vida, cada uno con
una identidad diferente y propia, cada una con una
mezcla de negocios, oficinas y hogares. Diferentes tipos
de viviendas (villas, departamentos, estudios, etc.)
estarán a disposición para cumplir con las necesidades de
diferentes grupos que ingresen. La vida, la calidad, la
arquitectura y el diseño urbano de Waterfront enfatizan
la comodidad humana y la estética, balanceando la
forma con la funcionalidad.
| 68
A large scale project More than 3.000 construction vehicles are currently on site, with closet o
1.000 professional staff and 20.000 workers involved in Waterfront. Un proyecto a gran escala
Más de 3.000 vehículos para la construcción están ya en el lugar, con un equipo de casi 1.000 profesionales y 20.000 trabajadores involucrados en Waterfront.
offices and homes. Different types of housing (villas,
apartments, studio flats, etc.) will be available to meet
the needs of different income groups. Waterfront
living, quality architecture and urban design
emphasize human comfort and aesthetics, balancing
form with functionality.
WORK
Commercial districts will be extremely accessible, and
the city will be supported by a comprehensive public
transport system to minimize the need to travel by car.
Simulation is also used to orient the city, optimizing
shade and sea breezes and using built form as a shield
against the hot desert wind; making Waterfront a
comfortable place to work in.
PLAY
Health, community, cultural and recreational facilities
will be available within each Waterfront community.
Most of which will be within a 10-minute walk from
home and work. Pedestrian-friendly urban planning,
tree-lined streets, porches and hidden parking lots will
bring back the forgotten pleasures of walking.
ECONOMIC
Nowhere in the world is the pace of economic growth
as rapid as in Dubai. Nowhere in Dubai do the wheels
of progress turn as fast as in Waterfront. With Abu
Dhabi to its west and Dubai to its east, Waterfront rises
strategically between the UAE's leading hubs. The
proximity of Jebel Ali Port, Al Maktoum International
Airport and Jebel Ali Free Zone also brings
international businesses closer to Waterfront.
Drawing from Dubai's economic model of industry,
commerce and tourism, Waterfront will readily supply
the infrastructures global businesses demand.
HARD INFRASTRUCTURE
Transportation, telecommunication and energy
TRABAJO
Los distritos comerciales serán extremadamente
accesibles, y la ciudad estará alimentada por un sistema
de transporte publico que abarcará muchas zonas y para
minimizar la necesidad de viajar en auto. La simulación
es también utilizada para orientar a la ciudad,
optimizando las sombras y la brisa del mar y utilizando la
forma construida como un escudo contra el viento
caliente del desierto; haciendo de Waterfront un lugar
cómodo para vivir.
JUEGOS
La salud, la comunidad, las instalaciones culturales y de
recreación estarán disponibles dentro de cada
comunidad de Waterfront. La mayoría de estos lugares
estarán a 10 minutos caminando de la casa al trabajo.
Planeamiento urbano que invita al peatón, calles con una
línea de árboles, entradas a edificios y estacionamientos
escondidos revivirán el olvidado placer de caminar.
ECONOMIA
En ningún lugar del mundo se encuentra la paz del
crecimiento económico tan rápidamente como en Dubai.
En ningún lugar de Dubai las ruedas del progreso giran
tan rápido como en Waterfront.
Con Abu Dhabi al oeste y Dubai al este, Waterfront
surge estratégicamente entre los centros líderes de los
EAU. La proximidad del Puerto Jebel Ali, Al Maktoum
International Airport y la Zona Libre de Jebel Ali Free
Zone también acercan a los negocios internacionales
aWaterfront.
Dado el modelo de economía e industria, comercio y
turismo de Dubai, Waterfront pronto proporcionará la
infraestructura que los negocios globales demandan.
INFRAESTRUCTURA FUERTE
El transporte, la telecomunicación y los sistemas de
energía han sido planeados en el masterplan para
mejorar el ambiente físico de los negocios. La movilidad
| 69
Homes for 60.000 workers Omran, the workforce accommodation solutions will provide housing
for 60.000 workers on site. Hogar para 60.000 trabajadores Omran, las soluciones para las
instalaciones de la fuerza laboral proporcionarán hogares para 60.000 trabajadores en el lugar.
systems have been master planned to improve the
physical environment for businesses. Seamless
mobility, connectivity and delivery of services make
Waterfront an oasis for business relocation and
expansion.
SOFT INFRASTRUCTURE
Waterfront pays as much attention to the bricks and
mortar aspects as it does to the intangibles. Its soft
infrastructure will include a large, dynamic
multicultural population living the Dubai dream; a
highly livable environment with a high quality of
living that will attract the best and the brightest from
all over the world. Other social engineering
considerations include: access to potential sources of
capital; and optimizing delivery of local government
services, particularly in regulations and laws related to
business.
DISTRICTS
Omran
Nakheel is proud to introduce Omran, a workforce
accommodation solution developed to improve the
quality of life of both construction workers and
hospitality staff in Dubai. Strategically located in the
middle of Waterfront, Omran sets new standards in
workforce accommodation. Constructed from
environmentally sustainable materials, this completely
air-conditioned living space has been carefully
designed with comfort and privacy in mind.
Furthermore, an extensive range of shared amenities
and services deliver a quality of life that residents will
be proud to call home.
Veneto
Bel-Air, The Hamptons, Sloane Square, St. Tropez legendary names that are the very definition of
exclusivity and prestige, places where many aspire to
live but only a select few can call home.
sin conciencia de la misma, la conectividad y la entrega
de servicios hacen de Waterfront un oasis para la
reubicación y expansión de los negocios.
INFRASTRUCTURA SUAVE
Waterfront le presta mucha atención a los ladrillos y a los
aspectos mortero como así también a lo intangible. Su
infraestructura suave incluirá una población amplia,
dinámica y multicultural que vivirá el sueño de Dubai; un
ambiente altamente vivibles con una alta calidad de vida
que atraerá lo mejor y lo mas glamoroso de todo el
mundo. Otras consideraciones de ingeniería social
incluyen: acceso a potenciales fuentes de capital; y
optimización de entrega en servicios gubernamentales
locales, particularmente en reglamentaciones y leyes
relacionadas con los negocios.
DISTRITOS
Omran
Nakheel está orgulloso de presentar a Omran, una
solución para la fuerza de trabajo desarrollada para
mejorar la calidad de vida tanto de los obreros de la
construcción como la hospitabilidad del grupo en Dubai.
Estratégicamente ubicada en el medio de Waterfront,
Omran establece nuevos estándares de viviendas para la
fuerza de trabajo. Construida con materiales propicios
para el medio ambiente, este espacio de vivienda
completamente acondicionado con aires ha sido
delicadamente diseñado con comodidad y privacidad en
mente.
Además, un rango extensivo de instalaciones
compartidas y servicios que ofrecen una calidad de vida
de la que los residentes estarán orgullosos de llamarlo su
hogar.
Veneto
Bel-Air, The Hamptons, Sloane Square, St. Tropez nombres legendarios que son la definición de la
exclusividad y el prestigio, lugares donde muchos aspiran
| 70
Palm Cove Canal Construction of the 8km Palm Cove Palm, which runs parallel to the coastline,
began in February 2007 and is more than 65% complete. Canal Palm Cove, una construcción de
8km, que va en forma paralela a la costa, comenzó en Febrero de 2007 y más del 65% está completo.
Now taking its place alongside the world's premier
addresses is Veneto. As the ultra-chic enclave within
Waterfront, Veneto is a private escape from the hustle
and bustle of Dubai offering a distinctive quality of life
that is simply unequalled within the city.
Uncrowded and expansive, Veneto's amenities are also
designed to delight the senses and create a new
standard of sophistication. The limited number of
contemporary villas and low-rise townhouses make
Veneto a true status address in Dubai, and the most
sought-after place to live in Waterfront.
Bodrah
A major community within Waterfront, Badrah offers
affordable, modern and sustainable living with an
emphasis on giving you the best quality of life
possible.
Badrah is made up of 4 districts, each one dedicated to
a different aspect of everyday life.
• Bahaa for leisure
• Manara for education
• Talla for work
• Diaa for livin
But the districts are not independent of each other Badrah has been designed to be a completely
integrated community. With houses, offices, schools,
leisure facilities and shops all connected via a network
of shaded walkways, lush open spaces, cycle paths and
public transport. Wherever you live or work within
Badrah, you are never far away from everything you
need.
Coupled with excellent links to the rest of Dubai and
beyond, and homes that are affordable without
compromising quality, Badrah is an altogether brighter
way to live.
In the next issue of Raices there will be another
article with more aspects of Waterfront.
vivir pero solo algunos selectos lo pueden llamar su hogar.
Ahora tomando su lugar a lo largo de la dirección top
del mundo está Veneto. Como el lugar ultra-chic dentro
de Waterfront, Veneto es un escape privado del ruido de
Dubai que ofrece una calidad distintiva de vida que
simplemente es inigualable dentro de la ciudad.
Sin mucha población y expansiva, , las comodidades de
Veneto también están designadas para disfrutar los
sentidos y crear un Nuevo Standard de sofisticación. El
numero limitado de villas contemporáneas y las casas
bajas estilo pueblo hacen de Veneto un lugar de
verdadero estatus en Dubai, y el lugar mas buscado para
vivir es Waterfront.
Badrah
Una comunidad importante dentro de Waterfront,
Badrah ofrece viviendas accesibles, modernas y con un
buen vivir con énfasis en ofrecerle la mayor calidad de
vida posible.
Badrah esta compuesta por 4 distritos, cada uno
dedicado a diferentes aspectos de la vida cotidiana.
• Bahaa para el oscio
• Manara para la educacion
• Talla para el trabajo
• Diaa para la vivienda
Pero los distritos no son independientes uno del otro Badrah ha sido diseñada para ser una comunidad
completamente integrada. Con casas, oficinas, colegios,
instalaciones para entretenimiento y negocios todo
conectado por una red de pasillos cubiertos, lujo y
espacios abiertos, bici sendas y transporte publico.
Dondequiera que usted viva o trabaje dentro de Badrah,
nunca estará lejos de lo que necesita.
Acoplada con excelente links para el resto de Dubai y
más allá, y viviendas que son accesibles sin comprometer
la calidad, Badrah es una forma de vivir mejor.
En el próximo número de Raices habrá
otra entrega con mas aspectos de Waterfront.
| 71
| 75

Tibor Hollo - Parkview Developers

Transcription

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