Tag Archives: city
New development body to be created to oversee thousands of new homes in West London
Ambitious plans to transform one of the most deprived parts of London into a thriving new district with up to 24,000 new homes have moved a step closer, it has been announced. City Hall is about to enter detailed negotiations with three local authorities in order to create a Mayoral Development Corporation (MDC) that will drive the comprehensive regeneration of a 195 acre semi industrial site at Old Oak Common, West London. The Mayor's office has now published draft key objectives and powers for the MDC, together with its proposed boundary. The Mayor's team will shortly meet with Hammersmith and Fulham, Brent and Ealing councils in order to agree these details so that the MDC can best maximise the enormous benefits that are linked to the construction of a super hub High Speed 2 (HS2) and Crossrail Station that is due to be constructed by 2026. Research from the Mayor's Office indicates that the regeneration scheme could be worth up to £6.2 billion for the London economy, with the potential for Old Oak to supply up to 2.5% of the Greater London housing requirement. ‘The arrival of Crossrail and HS2 will lead to the creation of an entirely new city quarter for London, if we get the design and transport links right. By working with the three local authorities, we will be able to best maximise this once in a lifetime opportunity to spark widespread economic and social regeneration to a part of the city that is in desperate need of major improvement,’ said Mayor of London, Boris Johnson. ‘This advance planning will ensure we generate significant benefits for Londoners especially for people in the local area, which includes much needed new homes and jobs,’ he added. The MDC will look to unlock the enormous regeneration potential of Old Oak Common in a targeted approach to emulate the success of the London Legacy Development Corporation that continues to lead the post-Olympic regeneration of Stratford and East London. The proposed HS2/Crossrail station will be the same size as Waterloo, with the capacity to handle 250,000 passengers a day, and link the two largest infrastructure projects in the UK. It would also have direct access to Europe via HS1 (Eurostar), with Paris just over two hours away. Councillor Nicholas Botterill, leader of Hammersmith and Fulham Council, said that HS2 has the potential to act as a catalyst to create much needed new homes, jobs and opportunities in one of London's poorest areas. ‘Development in the area would transform Old Oak Common, bringing thousands of jobs and new homes, and would bring long lasting benefits for our borough residents,’ he added. Proposals to create an MDC are also subject to public consultation and approval from the London Assembly and Secretary of State. It is hoped that the MDC… Continue reading
Property value growth in Australian capital cities slows, latest monthly index shows
Residential property value growth in capital cities in Australia didn’t really move last month with the market pausing for a breather, according to the latest RP Data Rismark home value index. The combined capital cities index recorded no change overall during February with Sydney, Hobart and Darwin the only capital cities to record a slight lift in dwelling values. The index recorded zero month on month growth. This follows eight successive monthly increases where dwelling values rose by 10% and values are up 13.2% since June 2012. Also, recent growth has taken capital city dwelling values to 4.8% higher than their previous peak in October 2010. ‘The February market results are in stark contrast to earlier readings where capital city dwelling values moved 2.6% higher over the past three months. The likelihood is that the weak reading for February is an adjustment from the strong readings in December and January rather than the beginning of a flat to negative growth phase across the macro level housing market,’ said TP Data research director Tim Lawless. Additional metrics tracked by RP Data show that buyer demand remained very strong in February with RP Data’s valuation platforms recording a record month for average daily levels of mortgage related activity. Also, auction clearance rates remained strong and with little slippage in vendor discounting levels or average selling times. However, Lawless said there will need to be further months of flat to negative movements before it can be said confidently that the housing market is slowing. ‘Our view is that housing market conditions will start to wind down later this year as affordability constraints and low rental yields dampen market conditions. Additionally, with a belief that mortgage rates are likely to start tightening later this year, it may help to quell some of the exuberance we have been seeing,’ he explained. Rismark International chief executive officer Ben Skilbeck, pointed out that Sydney continued to be the standout performer. ‘When looking at individual capital cities, the Sydney market has had a surprising run of nine successive month end increases totalling 14.1%. In keeping with what other capital cities have experienced, we would have expected some dips along the growth trajectory over a nine month period,’ he said. ‘Despite the recent strong Sydney capital gains, over the past decade Sydney values have compounded at just 2.9% per annum. Arguably this market is playing catch up before settling into a more sustainable rate of growth,’ he added. The February results show that the premium end of the housing market continued to gather pace while at the more affordable end of the market, capital gains have been slowing. Dwelling values across the most expensive quarter of capital city housing markets are up 3.8% over the three months to February 2013, and 6.8% over the past six months while homes at the most affordable end of the market have seen values remain flat over the past three… Continue reading
Dubai Mall remains world’s most-visited destination
Dubai Mall remains world’s most-visited destination Staff Report / 30 January 2014 The Dubai Mall has become the world’s most-visited destination for the third consecutive year, welcoming over 75 million visitors in 2013. Following the impressive footfall of 54 million in 2011 and 65 million in 2012, Emaar Properties’ flagship shopping and entertainment destination recorded a 15 per cent growth in visitor numbers last year. An average monthly footfall stood firm at 6.25 million. “The record visitor arrival to The Dubai Mall in 2013 is a powerful statement that seals Dubai’s reputation globally as a business and leisure hub,” Abdulla Lahej, group chief executive officer of Emaar Properties, said in a statement to Khaleej Times . The mall’s 1,200 plus retail outlets recorded a 26 per cent rise in sales during 2013 compared to the previous year. According to Bain & Co recent report, more than 50 per cent of all luxury goods sold in Dubai were purchased at the mall, with its dedicated Fashion Avenue hosting the world’s largest collection of fashion brands under one roof. The number of visitors significantly surpassed the number of shoppers at the world’s other leading malls such as Mall of America and Bullring Birmingham, UK (40 million each); Intu Trafford Centre, UK (30 million); Part Dieu Lyon, France (29.4 million); and West Edmonton Mall, Canada (28 million). Lahej said the socio-economic impact of the mall on the Emirate’s economy is tremendous, having generated more than 25,000 jobs and consistently driving the growth of the city’s retail, leisure, and hospitality sectors — the core contributors to Dubai’s GDP. “Contributing significantly to Emaar’s recurring revenues, thus adding value to our stakeholders, the mall’s sustained success demonstrates the vision of His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to create a truly world-class city,” he said Over 40 per cent of the visitors to the mall were tourists, reflecting the tourism demographic trends of the city, with a majority of the overseas visitors coming from Saudi Arabia and other GCC countries, China, India, Russia and Europe. Nasser Rafi, chief executive officer of Emaar Malls Group, said: “The surge in visitor arrivals and the growth in retail sales are indicators not just of the popularity of the mall but also of Dubai as a preferred destination for shopping and luxury lifestyle experiences. Having established Dubai as a global fashion capital, we are now further enhancing the fashion and lifestyle choices at the mall with the expansion of the Fashion Avenue by another one million square feet, which will add 150 new brands to the mall.” Last year, the mall cemented its position as one of the world’s most sought-after high fashion destinations by hosting Vogue Fashion Dubai Experience, the largest fashion event of its kind in the Middle East, in partnership with Vogue Italia. The mall is currently spearheading a global fashion talent scout, to identify and nurture emerging and next-generation fashion designers. — business@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
