2008-08-11T23:32:00.000+03:00
Pinoys laud CREBA real estate fair in London
London-based Filipinos the Manila-based Chamber of Real Estate Builders Association (CREBA) for recently organizing a real estate fair in coordnation with the Philippine embassy. They said that the fair introduced them to the industry and provided them with more options and information in purchasing houses and lots in the Philippines.
"Natutuwa kami at dumating ang CREBA at ipinaliwanag ang kanilang mga housing at real estate projects sa Pilipinas at nakakaenganyo ang kanilang mga sinabi lalo na sa mga overseas foreign workers na nasa Europe," said nurse Rolando Sotelo of the Philippine Nurses Association-UK.
A total of 12 groups from CREBA participated in the event and showed overseas Filipino workers presentations of the real-estate industry in the Philippines.
| 2008-07-15T00:55:00.000+03:00
Forced sales loom over UK property scene
LONDON, July 14 (Reuters) - Britain's economic slowdown heralds a wave of forced commercial property sales that could yet tip a downturn in real estate markets into a 1990s-style property crash.
Some new buildings could be left empty, while others could be taken over by creditors, causing the all-too familiar drag effect that haunted the industry for more than a decade last time around.
It took almost 13 years for UK commercial property values to regain their 1989 highs, according to Investment Property Databank.
Far fewer new offices are going up in London than was the case almost 20 years ago, and creditor banks have learned that foreclosure can make a bad property situation worse, but property derivative traders sense trouble ahead as occupier demand begins to wilt.
Much like UK housing index derivatives, commercial property index derivatives have priced in expectations of a total drop in values of about 35 percent from last summer peaks to 2010/11.
Insolvency experts are also gearing up for an expected surge in commercial property-related business, even though any debt-related distress has so far been limited to overstretched buy-to-let speculators and regional residential developers.
| 2008-07-10T23:50:00.000+03:00
Huntons builds real estate with LG hire
Marshall, who will head Hunton’s City property offering, joined this week from LG, where she has been a partner since 2002.
Prior to joining LG, Marshall worked at Scots leader McGrigor Donald as well as a stint in-house at Pearl Assurance.
Her clients include Scottish Mutual Assurance, for which she advised on the sale of 81-100 Kings Road, Chelsea, to Allied Irish Bank for £55m. She also advised Scottish Mutual Assurance on the sale of 11 The Strand, which comprised a freehold mixed office and retail building totalling approximately 47,167 sq ft. Her other clients include Zurich Assurance, Halifax Bank of Scotland and Capmark.
| 2008-07-03T00:25:00.000+03:00
London property prices tumble
Property prices in London have continued to fall as the slump in value intensifies, according to a leading property consultancy.
The price drop accelerated in June and properties in the capital are now worth 1.7 per cent less than they were in May, said Knight Frank.
Amounting to a loss of 3.1 per cent in value over the last three months – the largest quarterly fall since 2002 - the trend is expected to continue.
| 2008-06-22T10:46:00.000+03:00
From the Gulf, Money for Towers in London
A Kuwaiti fund recently spent £400 million ($783 million) to buy the Willis Building, one of the tallest in the square-mile financial district, and plans to invest even more here.
Qatar, the sultanate of Oman, and Arab Investments — a secretive London-based fund — are also investing in skyscrapers that will transform the City, as the district is known, over the next three years.
London has a long history of welcoming foreigners and their money, but the City is particularly eager for investment now because the credit crisis threatens to slow several projects.
| 2008-06-15T08:27:00.000+03:00
Why the City of London is right to fear Dubai
Senior figures in the United Kingdom government are increasingly concerned about the rise of Dubai as a financial centre and what it might mean for the future of the City of London.
They fear that a combination of huge oil surpluses in the Middle East and a relatively low-cost business hub, regulated with a common law legal system, may prove an irresistible lure to financial executives struggling with soaring costs in a global recession.
Last week Standard Chartered chief economist Gerald Lyons told journalists in Dubai that he had recently been in a meeting with senior members of the UK government where, for the first time in his experience, genuine concern over the mounting competition from Dubai as a financial centre was expressed "at the highest levels".
| 2008-06-09T19:32:00.000+03:00
Agent's false claims on £1m homes
Its website says: 'We walk down the best streets in London on a daily basis, Cadogan Square, Eaton Square, Eaton Place, Chesham Place, Cadogan Place, Lennox Gardens and Egerton Gardens. We think of these addresses as being 'our' streets.'
But records show Egerton Roche was set up last October and 2 Eaton Gate is an accommodation address.
The real offices appear to be miles away in Kennington.
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