NEWS FROM INFRAMAX

INFRAMAX INVESTMENTS CONTINUE TO GROW THEIR PORTFOLIO

Inframax Investments, a company formed five years ago to complement the group’s development company, has added a further property to its portfolio.

The company has acquired 354 Voortrekker Road, Maitland, a double storey warehouse, retail and office complex, with 1 253m2 of floor space.

Inframax Investments Executive Director, Colin Plit, who has spearheaded the group’s drive into commercial property investment, said that 354 Voortrekker Road’s one major tenant, Packit Packaging, who are reliable and respected, have just renewed their lease on 1 188m2 for a further three years.

However, said Plit, as with most of their properties Inframax Investments has acquired these premises because they offer potential for value adding. Inframax Investments will be upgrading an existing 65m2 section to create an additional retail outlet with offices on the upper floor as well as an additional warehouse area.

Plit said that the new space will be ideal for a company that is involved in both retail and wholesale trading, i.e. that needs both display and storage areas.

Inframax’s decision to become commercial property investors had, he said, paid off handsomely: the company now has a portfolio worth almost R200 million.

However, acquiring industrial and commercial properties with upgrade potential has been difficult, he said, because as elsewhere in South Africa, these had until recently been in a seller’s market where prices routinely were “too high”.

“Now with the market conditions softening,” he said, “it should once again be possible to find better priced properties with value add potential.”

John Weaver, an Inframax Investments director, said that the company intends to continue building its portfolio and is looking for new investments.

“As Colin Plit has explained, we look primarily for properties which offer potential for being given a new lease of life. The demand for reasonably priced new offices in former industrial or warehousing space is now particularly good, especially in the Ndabeni, Maitland, Goodwood and Parow areas. Our own Sunrise Park is currently achieving R70 per m2 on office space and R45 per m2 on warehouse space and the indications are that rentals here will continue to rise.”

Asked if Inframax Investments would consider investing outside of the Cape Town area, Weaver said that Inframax Developments has operations in Gauteng, KwaZulu-Natal and the Eastern Province, all of which could introduce the group’s investment company to new opportunities – but, he said, the success at Cape Town has been, at least in part, due to their hands-on management and they would have to be careful to find equally competent managers for any non-Cape projects.


For further information contact John Weaver on 021 530 5760.

NEWS FROM ANNE PORTER KNIGHT FRANK

FOR THE FIRST TIME IN SEVERAL YEARS THERE ARE NOW MANY HOUSES FOR SALE IN LOWER CONSTANTIA – APKF AGENTS

For a decade or more Lower Constantia has been seen as a highly desirable address by the upwardly mobile and already arrived managerial and professional sets, particularly those that appreciate the southern suburbs.

Mandy Kuhn and Helene du Plessis of the Claremont headquartered estate agency, Anne Porter Knight Frank, say that they are still amazed and pleased by the area’s ability to attract new buyers and, they report, right now the many people still wanting to move in here stand a better chance of doing so than they have done for some time.

“Hit by the higher interest rates and the National Credit Act, Lower Constantia, like many other Cape Town suburbs, now,” says Kuhn, “has more stock on the market than has been seen for at least four years. We ourselves currently have 14 homes listed for sale in Constantia.”

“It is, of course, true,” said du Plessis, “that many sellers continue to try and hold out for unrealistically higher prices – but it is also true that others are coming to terms with the fact that the heady annual increases of yesteryear are now a thing of the past and we are in a buyers’ market. What is more, we now realise that today’s buyer canvasses the market, takes his time about making a decision and expects to get a good price. We are, I think, likely to remain in this situation at least until the end of 2008 and possibly well into 2009.”

In the sub-R3 million category, said du Plessis, the market is now very active. But, she says, buyers have very definitely lowered their expectations and are now looking to buy a home on average R500 000 less expensive than that they previously set their sights on. Show houses, she said, are particularly well attended these days.

Some sellers, says Kuhn, are still trying to get prices of R3,5 to R4 million although all the indicators point to the sub R3 million market now being where the action is.

Du Plessis and Kuhn, says Lanice Steward, MD of Anne Porter Knight Frank, recently have been on a roll and had a series of successes. The agents themselves said that this has been largely due to being totally conscientious about feedback to clients.

“We report to our clients on every contact and every visit that we make,” said du Plessis. “This almost invariably means that we are in touch at least once a day.”

In the current more complicated and more competitive market, she added, it is essential to keep abreast with – and up to date on – all aspects of the property industry, particularly the latest legislation. Recognising this, APKF, said Kuhn, provide compulsory training every week and this, she believes, has given the firm a competitive edge.

For further information contact Mandy Kuhn on 082 603 4584 or Helene du Plessis on 079 528 6514. Both agents can also be contacted at the APKF office on 021 671 9120.

NEWS FROM ANNE PORTER KNIGHT FRANK

DIRE NEED FOR SECURITY ESTATES IN LOWER CONSTANTIA, SAY APKF AGENTS

The Anne Porter Knight Frank two-girl team which has been serving the Lower Constantia area for some 25 months now, report that their area now desperately lacks security villages.

Helene du Plessis and Mandy Kuhn say that they have daily enquiries for homes in security villages in their area – but in many cases they are unable to meet them because there has been a serious lack of new development in this field for some time.

“People,” said Kuhn, “are now understandably worried about the crime, despite the success of local neighbourhood watch bodies and patrol firms. This worry has become so persistent that some are now reluctant to live in free-standing homes on their own plots. That is one major factor driving the demand for security estates in the area. The other is quite simply that so many people always have and always will want to live in Lower Constantia.”

Du Plessis said that there are many people already living in Constantia who are looking to scale down there and, once again, are reluctant to leave the area – because it is so pleasant.

In general, she said, people in lower Constantia are looking for security villages in the R2,5 to R3,5 million price range.

“We feel,” said Kuhn, “that it is time the authorities seriously considered rezoning to allow one or two lower Constantia villages to be developed”.

The fear that such projects might spoil the attraction of the area, said Kuhn, is groundless. Provided new developments are appropriately designed and the estates are limited to 20 or 30 homes in all they will enhance, not lower, the appeal of the area.

“Our experience,” said du Plessis, “is that the boutique type of security village usually increases the value of all homes in its area – and this has been proven again and again.”

Kuhn and du Plessis stressed that although there is a shortage of security units, they do still come on the market from time to time and APKF is handling its fair share of these.

For further information, contact Mandy Kuhn on 082 603 4584 or Helene du Plessis on 079 528 6514. Both agents can also be contacted at the APKF office on 021 671 9120.

Home Ownership!

Go to any local Dead’s Office and you can find property records detailing real estate ownership in your community -- sometimes records that date back hundreds of years.
These records are important because they provide today's owners with proof that they have good, marketable and insurable title to the property they are selling. Equally important, such records enable buyers to provide proof of ownership when they sell.

The closing process, which in different parts of the country is also known as settlement, is increasingly computerized and automated. In many cases, buyers and sellers don't need to attend a specific event; signed paperwork can be sent to the closing agent via overnight delivery.

In practice, closings bring together a variety of parties who are part of the "transaction" process. For example, while the history of property ownership has been checked, it's possible that the records contain errors, unrecorded claims or flaws in the review itself, thus title insurance is necessary. At closing, transfer taxes must be paid and other claims must also be settled (including closing costs, legal fees and adjustments). In most transactions, the closing agent also completes the paperwork needed to record the loan.

What to expect.

Settlement is a brief process where all of the necessary paperwork needed to complete the transaction is signed. Closing is typically held in an office setting, sometimes with both buyer and seller at the same table, sometimes with each party completing their papers separately.

Whatever the case, the result is that title to the property is transferred from seller to buyer. The buyer receives the keys and the seller receives payment for the home. From the amount credited to the seller, the closing agent subtracts money to pay off the existing mortgage and other transaction costs. Deeds, loan papers, and other documents are prepared, signed and filed with local property record offices.

What you need to do.
One of the best parts of settlement is that buyers and sellers need to do very little.

Before closing, buyers typically have a final opportunity to walk through the property to assure that its condition has not materially changed since the sale agreement was signed. At closing itself, all papers have been prepared by closing agents, title companies, lenders and lawyers. This paperwork reflects the sale agreement and allows all parties to the transaction to verify their interests. For instance, buyers get the title to the property, lenders have their loans recorded in the public records and state governments collect their transfer taxes

The Editor
www.cyberprop.com

NEWS FROM MADISON PROPERTY FUND MANAGERS

IMPROVED RENTALS WILL BOOST RETURNS FROM LISTED PROPERTY COMPANIES

In the plethora of comment from the business community that followed Eskom’s announcement that they are unlikely to have any spare capacity until 2012/2013 - and that greenfield development projects, by and large, would now be put on hold - it was interesting to hear Mike Flax, Executive Director of Madison Property Fund Managers, say that the current cloud, while wholly unwelcome, does have a silver lining.

This, in Flax’s view, is that industrial, commercial and residential rentals, which have already moved upwards significantly over the last six months, will be given a further boost by the inevitable shortages of space that will follow on the ban on new development.

“Rentals in all sectors, other than retail, will probably increase at above 15% compound, i.e. well ahead of the inflation rate, for the next five years,” said Flax. “The upward rental cycle, which many had thought might ease quite soon, now seems set to continue for far longer.”

Retail rentals, he said, will probably stay at current levels for the next one and half to two years because consumer spending has been hit by the interest rate rises – and until rates drop by at least 2% to 3% consumers will continue to cut back. However, an upswing in the consumer sector, he predicted, will take place towards the end of the first quarter of 2009 and should increase steadily until the year-end.

Property values in this scenario, said Flax, are likely to drop or remain stagnant for at least a year, even though non-retail rentals will rise. This year is, therefore, a good time to buy, perhaps especially in the residential sector which has seen a 5% to 10% drop in values in many areas.

How will the situation he foresees impact on Madison, which manages property and property development for Redefine, Hyprop Investments and Apex-Hi Properties? Flax said that with 40% of this group’s portfolio tied into non-retail property, they are in a strong position to benefit from the extended rental cycle.

“Traditionally,” he said, “retail has outperformed other property sectors and we are confident it will do so again once consumer spending has recovered. One thing is absolutely certain and that is that many of our funds’ retail centres will be upgraded during the coming period so as to position them for the next upswing and gain market share in the current tightening conditions.”

Asked how the Madison development programme will now shape up, Flax said that despite the “almost smothering” impact of the Eskom difficulties on greenfield projects, upgrades, extensions and a limited number of new projects should see Madison involved in some R3 billion worth of development from now until the end of 2009.

The company’s strength, he said, continues to be that its management is pared down, young and energetic. Above all, he said, it is very close to the market and often a jump ahead of its opposition in seeing new opportunities.

“In Madison,” he said, “we have, I think, managed to inculcate a culture which cuts through red tape. We give our young executives a great deal of freedom and this enables them to be innovative and get on with the job.”

- MIKE FLAX

For further information contact Mike Flax on 021 425 1000.

Are You Ready?

Knowledge and experience are the keys to successful real estate transactions.

One of the keys to making the buying a house process easier and more understandable is planning. In doing so, you'll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the process.

Do You Know What You Want? That is the question.

Whether you are a first-time property buyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy? Are you planning to move to a new area due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not know you have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them in detail when meeting you’re your estate agent.

Do You Have The Money?

Property and financing are closely intertwined. (Financing is the difference between the purchase price and the down payment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require high down payment or less.
In addition to a down payment, buyers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a house with no money down, but also underwrite closing costs.
Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most Property buyers choose to buy with some cash up front.
As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a house that requires the owner to pay some or all of your settlement expenses. Speak to your estate agent for more details.

Is Your Financial House in Order?

Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a property, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.

The Editor

Cyberprop. Team

NEWS FROM SHELLEY POINT

NINETY-TWO APARTMENTS BEING BUILT AT SHELLEY POINT – BUT EXISTING RENTAL ACCOMMODATION WILL STAY

For many Capetonians - and Bolanders – the West Coast begins and ends at Langebaan. Relatively few have explored further afield and there is in some people’s minds a perception that the territory north of Saldanha is bleak, windswept and inhospitable. The few 1820 Settlers dumped here by Lord Charles Somerset all left for Cape Town within a year.

A visit to Shelley Point, the 149ha development 150km north of Cape Town could, however, change the average visitor’s perception of the West Coast effectively – and for ever.

In 1994/1995, a visionary property developer, Gert Joubert, began developing the coastline of Brittania Bay and St Helena Bay - and one of the results of this innovative action has been Shelley Point.

This 1,500 erven project was from the start given an image totally at variance with what most people regard as typical of the West Coast.

To kick off the development, Joubert erected an imposing entrance gate, more like a Roman triumphal arch than a gatehouse, and a Vasco da Gama Museum - because St Helena Bay was this Portuguese mariner’s first South African landfall. He then criss-crossed the estate with large, often double carriage, boulevards, on the verges and central isles he planted grass, indigenous bushes and some 900 palm trees, almost all of which have flourished as a result of being automatically watered year-round by a drip irrigation system.

To these initial facilities Joubert then added a bowling green, a nine hole golf course and, more recently, tennis courts, a R30 million clubhouse with a wellness centre, spa and swimming pool – and a R2 million desalination plant to have enough fresh water to keep the estate green.

Taken together, these today make Shelley Point one of the most perfect places in the Western Cape to spend a weekend – or longer – and it will come as no surprise to those who know the place that some 20% of the buyers in the last few years here have been from Europe and the UK.

The estate is particularly attractive to nature lovers because from July to January Southern Right and Humpback Whales can be seen daily in St Helena and Brittania Bays. Indeed, Andre van Wyk, Shelley Point’s Clubhouse General Manager, says that sometimes they come so close to shore that he is convinced that they are actually rubbing their undersides on the beach sand.

Those wishing to holiday at Shelley Point will from July onwards be able to rent or buy a brand new apartment, the first 42 of which will come on stream in mid-year. Ninety-two apartments will be erected altogether in two new blocks just behind the clubhouse.

B & B rates here will be from R375 per person sharing and children under 12 years old will either stay free (if very young) or be given a 50% discount. The apartments will have full self-catering facilities.

The apartments can be bought from prices ranging from R900,000 to R1,2 million.

For those who would like to stay at Shelley Point before the new apartments are ready, a rental service has free-standing homes available with two, three or four bedrooms. These are privately owned by people who do not live permanently at Shelley Point but who use an independent rental pool service to make their homes available. This type of accommodation is ideal for family and larger groups looking for a relatively inexpensive break: a two bedroom home with beds for four can be had for as little as R650 per night and a three bedroom home for R800 per night.

Visitors to Shelley Point, says Andre van Wyk, almost invariably praise it primarily on three counts. These are, firstly, that it has an all pervading atmosphere of tranquillity, secondly, the clubhouse and facilities are superb and, thirdly, that it offers some of the best fishing in South Africa. Stompneus, galjoen, yellowtail, harders and – above all – crayfish abound in these waters. Surprisingly, however, only a very small percentage of Shelley Point’s visitors actually ever pick up a rod or crayfish net.

Those wishing to find out more about what Shelley Point can offer the casual visitor – possibly also looking to buy – should consult their website www.shelleypoint.com. No other single resort on the entire West Coast, says van Wyk, has so comprehensive a range of facilities and services – and future plans, which include more luxury apartments and a small boat harbour, will add to these.

NEWS FROM ANNE PORTER KNIGHT FRANK

NUMBER OF SHOWHOUSES AND SHOWHOUSE VISITORS WELL UP ON LAST YEAR

In the three months from December 2007 to February 2008 the real estate industry saw a 7% rise (on the same period the previous year) in the number of Cape Peninsula homes given show days. 12 960 homes in all were opened for show days – and an estimated 20% more visitors came to them.

“Contrary to popular belief, there has,” said Lanice Steward, MD of Anne Porter Knight Frank, “been a great deal of activity in the market, particularly in the upper middle and upper brackets. Stock numbers have risen significantly but so has the number of would-be buyers. This has enabled us to increase our year on year first quarter turnover by 14% with March increasing by well over 60%.”

Asked the reason for the increased activity, Steward said that there is a “fruit salad” of interlinked causes, including all the usual ones: promotion, transfer, divorce, retirement and financial problems. The last, she said, now very definitely plays a bigger role than in 2007.

“Many people are feeling the crunch and are scaling down to cope with job losses, higher interest rates and stricter credit restrictions.”

Far more people, said Steward, are now facing up to the reality that they will need additional security in their retirement and a move to a retirement village will be essential even though it may be the last thing that they want.

Those facing bond repayment problems, said Steward, should take note that banks do not like repossessing homes – they almost always lose money in the process and it detracts from their primary activities.

“At APKF we have found time and again that although people are struggling financially they are scared to confide in their banks. When they do, however, they often find that the bank is far more helpful than they had anticipated. It is frequently possible to negotiate a 30 year repayment period, to skip a few months’ payments and even to alter the interest rate. Banks do try to help in this matter.”

In a separate statement last week Steward made it clear that although SA expatriates, especially those living in the UK, are keen buyers of SA property, the market is not much influenced by non-South African overseas buyers.

“Those who propound the doom and gloom scenario for Cape property,” said Steward, “might find it very difficult to explain why it is that the number of genuine would-be buyers has risen so much. The market has retained its confidence and is still, both locally and from the SA expatriate community in the UK, very much alive.”


For further information contact Lanice Steward on 021 671 9120 or email lanice@anneporter.co.za.

Top 10 Man-Made Island Paradises

Have you ever fantasized about building an island paradise? Although many people dream about creating an island, few can dredge up the money or materials to realize those inspirations except in the most unusual circumstances. But, within the past century, developers have created habitable islands where individuals can live in communities or where they can visit for entertainment and relaxation. Investors now can own a piece of man-made island paradise, all shaped from dreams and blueprints or expanded upon with reclamation efforts. Although much of the world’s attention has been drawn to the creative island-building efforts located in Dubai, such as The Palm, the list below includes man-made island paradises located in the U.S., Japan, Spain, and other areas as well as the mideast. Some islands were built specifically for tourists, while others were created only for homeowners. Some blend both community life with tourism to offer a wide variety of possibilities for all concerned. Some islands have been inhabitated for decades while others recently have invited investors to the table for projects that will be finalized within the next decade.

The list below is in no particular order. While the sites are numbered, the numbering does not indicate that we favor one site over another or that they are listed in order of value.

1. The World: One way to add land mass to a city is to add a series of world-class islands to that city’s coastline. Dubai developer, Nakheel, has added more than 1,500 km of beach front to the Dubai coastline with various island-building projects over the past decade. These islands include The Palm, The World and Dubai Waterfront, and they’re located off the Dubai city coastline, United Arab Emirates (UAE) in the eastern Arabian Peninsula. The World is the latest complete island paradise, with the last stone on the breakwater added on 10 January this year. Investors and developers can choose among 300 islands in the shape of the continents to create estate islands and residential and resort communities. All 300 islands are accessible only by marine or air transport, with world-class marinas to berth boats, yachts and cruise liners. Two mainland marinas will service The World, and 4 hub islands in The World will service the islands. Nakheel integrates a series of waterways, canals and lakes to enhance the overall design. Investors have the freedom to create their own personal vision on the islands for private or commercial use, whether it is for leisure, residential or tourist developments. The 300 islands will be offered for sale on a freehold basis to selected investors only. If The World doesn’t suit your taste, perhaps the next Nakheel project, The Universe, will be more your cup of tea.

2. Tokyo Disney Resort: Tokyo Disney Resort may or may not be the ideal paradise destination for adults, but adults with kids in tow might prefer this Japanese Disney destination over California’s Disneyland or the Magic Kingdom in Florida. Tokyo Disney Resort was the first Disney park to be built outside the U.S., and it will celebrate its 25th anniversary during 2008. The park was constructed by Walt Disney Imagineering in the same style as the U.S. parks. The Oriental Land Company purchased the theme license from the Walt Disney Company although it follows the Disney ideal. The island contains 115 acres, and it is located in Urayasu, Chiba, Japan, near Tokyo. The island resort contains five hotels within walking distance from seven themed areas within the park. If you don’t have children in tow when you visit Japan and you want to visit a man-made island, you can plan to fly through Chūbu Centrair International Airport, Kansai International Airport, Kobe Airport, or the new Kitakyushu Airport. All four Japanese airports are built upon artificial islands.

3. Eden Island: Imagine living on a private island, with secluded beaches, a world-class commercial precinct, international marina capable of handling super-yachts as well as a range of activities and leisure facilities for your exclusive use. You can find this paradise on Eden Island, located in the Seychelles archipelago nation. This archipelago is located in the Indian Ocean, some 930 miles east of mainland Africa, northeast of the island of Madagascar. Situated just off the coast of the main island of Mahé, Eden Island is a 99-acre residential marina development that sports a minimum of 480 luxury freehold apartments, mansions and private villas. Homes are spacious, with large verandas and high-pitched red roofs. They feature breathtaking views over mountains, ocean, forests and nearby islands like Cerf and Ste. Anne. Unlike Tokyo Disney resort, Eden island is for property owners only and these owners qualify for residency. Only property owners within the development have exclusive use of facilities such as private beaches, parks, private moorings, clubhouse facilities and much more.

4. Venetian Islands : You don’t need to leave the U.S. to find first-rate man-made island paradises. You can find several situated near Miami in the form of the Venetian Islands. Although this little piece of heaven isn’t for the hermit, it’s perfect for anyone who wants to own a piece of community real estate in the one- to five-million dollar range. The islands, originally built in the 1920s, are connected by the historic Venetian Causeway from the Miami mainland to Miami Beach. The islands did not exist when the Venetian Causeway was first envisioned. Beginning in 1922, the Biscayne Bay improvement Company sold lots for underwater plots with contracts specifying that the buyer would receive land on an island once it had been dredged, filled, and improved. Construction of the Venetian Islands proceeded quickly and work on the Venetian Causeway began in 1925, consisting of viaducts, fill, and drawbridges. The Venetian Causeway was listed in the National Register of Historic Places in 1989. Today, the this causeway is a popular stretch for joggers, bikers, dog walkers and sightseers.

5. Balboa Island: In 1908, Balboa Island near Newport Beach, California, was little more than a sandbar. Then, real estate promoter William Collins received permission from the Orange County Board of Supervisors to dredge the surrounding bay. He piled more sand on that little sandbar and built Balboa Island. Collins originally sold lots on the island for as little as $25. It’s a little late to purchase a lot on Balboa Island for that price, as some bay front lots now are appraised at over three million dollars. Despite this price increase, the island has retained its early twentieth-century charm. It is home to professionals, families, retirees, students and celebrities, but Balboa Island also entertains tourists and vacationers who return year after year to enjoy the scenery and activities. Local tradition has it that Balboa Island is where the frozen chocolate banana was first marketed, and tourists and residents alike count on stores to carry bags filled with salt water taffy and Balboa Bars (a brick of vanilla ice cream on a stick dipped in chocolate and rolled in chopped peanuts). Sounds as though a visit to this man-made paradise could sate your sweet tooth!

6. Sentosa Island: Singapore is no stranger to land reclamation, as they have constructed at least eight artificial islands over the years. The one that is most popular among tourists and residents who seek man-made island paradises is Sentosa Island. This 1,235-acre island was originally an island that has experienced man-made expansion. Complete with championship golf courses, spas, and world-class entertainment, the Sentosa HarbourFront contains over 20,000 square feet of retail space and attractions that run the gamut from adventure rides to historical exhibits amidst a retail environment. Located on the western tip of Sentosa island, Rasa Sentosa Resort is Singapore’s only beach front hotel. But, HarbourFront masterplans include a 10,000-strong residential community alongside this integrated family resort. Within the year, the Capella Singapore, developed by Millenia Hotel Pte Ltd (an associate company of local property conglomerate Pontiac Land Group), will open a six-star luxury resort that boasts 170 rooms and a number of private villas. Architectural genius Lord Norman Foster and legendary hotelier Robert Burns will see this multi-million dollar hotel project to fruition.

7. The Pearl-Qatar: Not to be outdone by its Dubai neighbor, Qatar is building a multi-billion dollar artificial island located less than one mile off the Doha coastline. The island will create almost 20 miles of new coastline, and it will provide 985 acres fronted by more than 12 miles of pristine beaches for over 40,000 residents in more than 15,000 dwellings within 12 precincts by 2010. The Pearl-Qatar is this country’s first international real estate venture. It represents the largest real estate development in the country and the first venture here to offer freehold and residential rights to international investors. Shaped like an exotic string of pearls, the Pearl-Qatar will allow room for800 guests among its 40,000 residents to enjoy three marinas, three 5 star hotels, plus almost half a million square feet of retail, dining and entertainment space.

8. Zoran Island: Mr Gulu Lalvani, developer of the Royal Phuket Marina in Phuket, Thailand, has his eye set on a new project - Zoran, a man-made island located off the Phuket shoreline. Lalvani told local press that Bill Gates and his 54-meter yacht.provided the inspiration for this island. Phuket lacks a marina that can handle superyachts, a significant failing in light of the increasing number of super-rich tourists such as Bill Gates coming to this area. An Australian consulting firm has been hired to survey the proposed project site, which Lalvani named after his youngest son. Plans are developing for a hotel, luxury villas and berths for superyachts. So, if you have a hankering for such a place, then keep an eye on this future project.

9. Sovereign Bay: If you’d prefer to live in Spain, then this proposed marina development, planned by Foster and Partners, might be your idea of luxury. This man-made island paradise is located on an existing area of reclaimed land to the east of the Rock of Gibraltar. The scheme includes a comprehensive environmental strategy, which capitalizes on the regional climate, location and orientation of the buildings, including using seawater from the surrounding Mediterranean Sea to cool the buildings. The new harbour is spacious enough to accommodate a boutique cruise liner terminal as well as a full marina for yachts. According to the Web site, the sweep of the marina arm will hold retail, cafe and restaurant life, terminating in a luxury residential development on the land-side. “The residential component will include a range of apartments with private swimming pools, terraces and sea views. Two beaches on each side of the development will be regenerated, with a spa and hotel located at the land-side gateway. The harbour will be connected to a series of landscaped public squares and plazas, with naturally-lit underground parking and direct pedestrian access, which will include a variety of leisure facilities, such as swimming pools and tennis courts, in addition to a full compliment of retail and designer outlets.” With those amenities, you’d never need to leave this island paradise!

10. Reef Island: You don’t need to wait until 2010 to invest in Reef Island. This man-made island paradise is gathering momentum as a flux of Bahraini and European investors have rushed to book up to over half the proposed housing units to date. Previously known as Lulu Island, this reclamation project is being built as a joint venture between the Bahrain government and the Bahrain-based Mouawad Group Real Estate Development Company off the coast of Al Manama, in the Kingdom of Bahrain. The development was designed by Australian-based Spowers and Pentago, and it is designed in the shape of the number nine. This freehold development project’s land reclamation is complete, and it covers an area of 6.23 million square feet. Construction has begun on approximately 1,200 condominiums, 65 villas and 49 beach fronted homes. Future plans include a 250-room five-star hotel, marina and yacht club, an aquarium, a well care center, a shopping mall, and a multi-function exhibition center.