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June 16, 2008
Property developers in the US are to build a swish condominium complex designed specifically with doctors in mind Bayshore Land Group is to construct Royal Palm Square in Coral Springs, Florida, just two minutes from two major hospitals and in the heart of one of South Florida’s biggest suburbs.
Officials will attend a groundbreaking ceremony on June 26th ahead of full construction work on the palm-lined complex. Bayshore Land President Jay Fertig said:
“Despite a challenging real estate market, we are pleased to move forward with Royal Palm Square. Coral Springs has been very supportive and we look forward to providing them with a quality addition to their community.”
A Bayshore statement read:
“The Mediterranean-style setting allows tenants full flexibility of design and amenities and custom build out options including marble tile, granite countertops and wood cabinetry.”
The company was founded in 1998 and aims to identify undervalued and untapped real estate market opportunities. Some of its end-user tenants include the likes of Wal-Mart and Burger King, and its services include acquisition, entitlement administration and commercial and residential development. The group is also building Harbor Professional Centre, a medical campus which includes a general surgery and imaging departments.
Emaar Properties has announced the sale of units in two landmark residential developments being built in Marassi and uptown Cairo, Egypt. The Middle Eastern firm launched the project at the Sheraton Kuwait Hotel on Friday, with the first section of luxury homes expected to be handed over in 2010.
Emaar is pumping over a billion pounds into the project, such is the firm’s confidence in its ability to attract property investors. Both neighbourhoods will also feature retail stores, restaurants, health and fitness facilities and mosques. Sameh Muhtadi of Emaar said: “Interest in Emaar Misr’s development projects from Kuwaiti investors has been high.
“We are hosting this special event in the city to familiarise the projects with the investor community here, and to showcase the varied facets of uptown Cairo and Marassi.”
He added both projects had already “redefined” the Egyptian property market. The uptown Cairo project is based within Mokattam Hills, above the bustle of the city, where the air and cooler climate of the location could appeal to new potential residents.
Marassi is expected to appeal to the wider international tourist community and is a 1,544-acre resort located on the picturesque Sidi Abdel Rahman bay. Emaar is also involved in a vast Saudi Arabian project, King Abdullah Economic City, set to be built around 60 miles north of Jeddah.
A local council has come in for some fierce criticism after charging home owners a £1,000 ‘bedroom tax’ on extensions. According to the BBC, Purbeck District Council in Dorset is putting the fee into practice as part of section 106 agreement rules.
The authority is thought to be the first in the country to apply the rules in this way in a move which has angered some people looking to make simple room extensions to their home. An unnamed resident told the BBC he was charged £2,000 for a one up, one down extension, as the council rule both rooms could be classed as bedrooms. The anonymous homeowner said:
“We were a little bit shocked to find our extension would cost us an extra £2,000 on top of planning and before starting the building.
“They said it’s £1,000 per habitable room, but we only wanted an extension to the lounge downstairs.
“Our architect managed to negotiate it down to £1,000 but we didn’t get planning because we had not paid the application fee.”
The issue first came to light following an investigation by Radio 4 for the programme You and Yours. Section 106 agreements allow councils to ask house builders to contribute cash to local areas when starting a new project, but are normally reserved for large-scale property developers.
Purbeck District Council defended the move. The authority’s development control manager Alan Davies told the BBC:
“We came up with a policy that would allow us to pay for highway improvements. We are looking long-term.”
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