Tag Archives: China

IOREC: Property Market In Mauritius a Profitable Investment.

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The sluggish global economy has not left the property sector unscathed, but the high-end estate market on the Indian Ocean island of Mauritius is showing remarkable resilience.

Murray Adair, CEO of the Indian Ocean Real Estate Company (IOREC) who is developing several luxury resorts in Mauritius in partnership with Flacq United Estates Limited (FUEL), says while there had been a slow-down in the property market, sales transactions in upmarket resorts on the island remain buoyant.

Adair says this is particularly true for resorts developed under the Mauritian Government’s Integrated Resort Schemes (IRS) which aims to encourage foreign direct investment. He pointed out that more foreign ownership approved units were sold in 2011 than in the whole of 2009 and 2010 combined. Under the IRS, foreigners are allowed permanent residence in Mauritius when they invest $500 000 or more in these designated resorts and they keep this status for as long as they own the property.

“We find that the IRS is definitely encouraging investment on the island. For example, over 50% of the properties at Azuri, a luxury beachfront village to be built on the coast about 25 km from Port Louis on the north east coast, have been sold off-plan since it was launched in September 2011,” says Adair.

Adair says while the International Monetary Fund in January cut its 2012 growth forecast for Mauritius from 4.1% to 3.8%, the country remains a sought-after tourist and investment destination. He says the tourism sector contributes 15% to the GDP of Mauritius and remains the biggest foreign exchange earner for the island.

“The Government’s initiatives to further diversify the economy and encourage investments from the Far East, including China, Russia and India will further enhance the long-term growth potential of the island,” concludes Adair.

Brigade Group opens Orion mall in Bangalore.

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Real estate developer Brigade Group has opened its flagship retail venture Orion mall in Brigade Gateway Enclave, Bangalore. Spread over 8.2 lakh sq. ft., the mall houses a mix of global and national brands.

Orion mall is developed and managed by Brigade Group and located in the Brigade Gateway Enclave that also includes the World Trade Centre, Sheraton Bangalore hotel, 1,200+ residences, Columbia Asia Hospital, The Brigade School, and Galaxy Club. The mall overlooks a two-acre manmade lake and has open-air children’s play area and amphitheatre.

Foley Designs and DSP Design are the interior designers, while HOK from New York has developed the main design of the mall. The mall has LED lighting solutions, automatic sensor controlled car parking, over 225 closed-circuit security cameras apart from 42 lifts and escalators.

Speaking on the occasion, Jaishankar, CMD, Brigade Group, said: “Orion mall will undoubtedly be the most sought-after destination amongst discerning shoppers and for brands of repute as well. With the launch of Orion, it truly transforms the Brigade Gateway Enclave into an exclusive integrated lifestyle enclave and marks the Brigade Group’s foray into the highly competitive retail segment.”

The mall has three entrances from Dr. Raj Kumar Road – Rajajinagar, Yeshwantpur (next to Metro Cash & Carry), and Railway Parallel Road – Malleswaram.
Orion has a hypermarket (Star Bazaar). Its food court (Sauce Pan) spreads over 55,000 sq. ft. Housing brands like Mc Donald’s, Subway, Sbarro, Rajdhani, Kailash Parbat, Empire, Empire Fresh Fruit Juice Centre, Indian Tadka, Mad about China, Mad over Donuts, Tiger bay, and Up south. The mall also houses a Reliance Digital store for electronics need.
For entertainment, Orion will house the largest PVR multiplex of the country – with 11 screens and over 2,800 seats. BluO, a 27-lane bowling centre will also open its first centre in the city. The lounge will offer entertainment options like Karaoke bar. The mall will also house Time Zone, an 8,000 sq. ft. gaming centre.

Brigade Group has completed over 100 projects, developing over 20 million sq. ft. of area since 1986.

India loses $210 billion in Coal Scandal.

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The Indian Parliament erupted in hoots and jeers Thursday after a draft report by government auditors estimated that the national treasury lost $210 billion by selling coal fields to private excavation companies in sweetheart deals.

According to the report, leaked to the Times of India newspaper, the primary beneficiaries were about 100 private and state companies that were handed contracts for 155 coal fields between 2004 and 2009 without going through a competitive bidding process. The report said that $210 billion — five times India’s annual defence budget — was a conservative estimate given that it relied on prices for low-grade rather than medium-grade coal.

The report represents the latest in a string of corruption scandals to hit the ruling Congress Party — others have involved the telecommunications, real estate and sports industries — that has left India’s leadership weak and bereft of policy initiatives. Opposition leaders called the latest revelation the “mother of all scams,” accusing the government of looting the country.

But auditors with the comptroller/auditor general’s office countered that the leaked draft is misleading, adding in a letter to the prime minister’s office that the figures publicized were the product of discussions held at a “very preliminary stage.

“We are examining the news report and I have called for records,” Coal Minister Sriprakash Jaiswal told journalists, adding that he wasn’t in office at the time of the suspect deals. “After that I will reply.”

The government said it has not received the report yet from comptroller/auditor general’s office.

India, the world’s third-largest coal producer after China and the United States, has seen a series of mining scandals. In August, the top elected official in south western Karnataka state resigned after being implicated in a mining scandal that a watchdog said involved $400 million. Three months later, a report claimed that almost 50% of the iron ore exported from western Goa state was illegally mined.

India is hungry for energy to fuel its fast-growing economy, and coal accounts for 70% of the mix, a percentage expected to grow, given limitations on the further development of power from nuclear reactors and renewable sources. Environmentalists, however, say increased production is ecologically unsustainable.