Global Homes Magazine by Jim Patrick Munupe

Inside track to property investment >> News >> Finance >> Case studies

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ISSUE 4

MAGAZINE

WWW.GLOBALHOMESMAGAZINE.COM 94922 61809 2

CLASSIC HOMES GLOBALLY

LIVE THE DREAM & DITCH THE NEIGHBOURS BUY YOUR OWN TROPICAL ISLAND

Safe ways to invest in Nigeria with our no-tears formula Real Estate Investor?

Three reasons to use LLC

LAND4SALE - OWN YOUR OWN LITTLE PIECE OF ENGLAND

Kenya | South Africa | Nigeria | Dubai

Travel

LANSDOWNE ROAD, W11 A period house of character in this popular location with direct access to communal gardens. Master bedroom suite, 4 further bedrooms, bathroom, 2 reception rooms, kitchen/dining room, utility room, patio garden. Freehold Share Guide Price ÂŁ3,100,000

KENSINGTON 020 7908 1100 e-mail: kcs.sales@johndwood.co.uk Sales & Lettings Battersea Belgravia Chelmsford Chelsea Cirencester Cobham Esher Farnham Fulham Holborn Kensington Lymington Oxford Regentâ&#x20AC;&#x2122;s Park Richmond South Kensington Wandsworth Weybridge Wimbledon Winchester www.johndwood.co.uk

GLOBAL HOMES BRINGS YOU THE EXECUTIVE FORUM Ignite your property

PASSION GHM EXECUTIVE FORUM

GH EXECUTIVE FORUM GH EXECUTIVE FORUM is an executive membership organization whose aim is to improve the awareness, understanding and efficiency of property as an investment in the African market. Global homes executive forum is a place where you meet with key decision makers around the World via our bi-monthly breakfast meetings and dinners. GH EXECUTIVE FORUM sponsorships offer a unique opportunity to reach senior business decision makers on-line and in person at our various events. Our community showcases the keen perspectives of real estates executives, world-class management strategies, timely case studies and cutting-edge best practices. The GH EXECUTIVE FORUM community is certainly an industry for whoâ&#x20AC;&#x2122;s who in real estate. Who should apply? CEOâ&#x20AC;&#x2122;s in Real Estates, IT Industry, Directors, Fund Managers, government executive in charge of housing, conveyance lawyers, Government ministers, association leaders etc Please register online at www.globalhomesmagazin.com

Contents 9 12

HOMES 4 SALE IN GHANA

Learn How YOU Can Make Money from The Collapse of The American Economy

Three Reasons - to Use a Limited Liability Company or Limited Partnership FOr Real Estate Investments

OFF SHORE DEVELOPMENTS IN DUBAI

THE GROWTH OF ISLAMIC MORTGAGE

13 16

INVEST IN NIGERIA WITHOUT TEARS

13 19 26

ondbox africaâ&#x20AC;&#x2122;s digital tv

21 26

BONEFISH CAY, BAHAMAS ISLAND 4 SALE

Group Publisher/Editor in Chief Roni Akins Associate Publisher Peter Akinmejiwa Sub Editor Lee Jones Art Director Patrick Munupe Contributors Lee Jones, Maria Georgiou, Sabine Rollinger, Oladisun Osinuga, Boma Ozobia, Richard Robinson, Nusrat Janjua For Advertising enquiries please contact: Global Homes Magazine UK Corporate office: 17 Ensign House, Admiral Way, Canary Wharf, London E14 9XQ Tel: +44 845 130 6368, Fax: +44 845 130 6369 USA: Adekunle Samson Odede 5610 W.Pico blvd. Los Angeles, Ca. 90019, Tel: +44 323-244-9326, +44 323-702-9470, Email: adekunle@globalhomesmagazine.com Nigeria: Samuel Omiyale 4th Floor, 109 Awolowo Road, Ikoyi, Lagos Tel: +234 (1)7028070261, +234 8023408120, 08050868335, Email: Samuel@globalhomesmagazine.com Ghana: David Ajao FF15, SSNit Trust Towers, Farrar Avenue, Adabraka, Ghana Tel: +233 244937935, Email: david@globalhomesmagazine.com

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INTRO Welcome to the spring edition of our magazine. If you are a regular reader of this magazine you would be familiar with the inspirational houses and interior tips particularly Island for real estate investment from Vladi Island. This issue GHM have teamed up with 21st Equity panels to offer our readers a great investment opportunity without the day-today stock market risks/ But have you visited our website globalhomesmagazine.com yet? There you can read the new digital edition. The website has grown at n incredible rate over the past few years, but we are always looking to make changes and welcome input. We hope you have a good read. Roni Akins Group Publisher/Editor in Chief

What is Real Estate?

“I am the basis of all wealth, the heritage of the wise, the thrifty and prudent. I am the poor man’s joy and comfort, the rich man’s prize, the right hand of capital, the silent partner of many thousands of successful men. I am the solace of the widow, the comfort of all age, the cornerstone of security against misfortune and want. I am handed down to children, through generations as a thing of greatest worth. I am the choicest fruit of toil. Credit respects me. Yet I am humble. I stand before everyman bidding him know me for what I am and possess me. I grow and increase in value through countless days. Though I seem dormant, my worth increases; never falling, never ceasing, time is my aid and populations heaps up my gain. Fire and the element I defile, for they cannot destroy me. My possessors learn to believe in me; invariably they become envied. While all things wither and decay, I survive. The centuries find me younger, increasing in strength. The thriftless speak ill of me. The charlatans of finance attack me. I am trustworthy. I am sound. Unfailingly I triumph and detractors are disproved. Minerals and oil come from me. I am producer of food, the basis for ships and factories, the foundation of banks. Yet I am so common that thousands, unthinkingly and unknowingly pass me by; I am real Estate” Lou Scott dubai | south africa | portugal | kenya | nigeria | ghana | spain | and more >> subscribe at: www.globalhomesmagazine.com

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case studies

International Property Investment Looking for a low risk, high return investment? Look to Pevron Estates

evron Estates is an international property investment company that provides a one-stop shop to its property investors. It has experience in selling all types of international residential and commercial property investments around the world, but its main focus is Africa.

The firm’s international team is based in both London and Nigeria and work closely with a network of professionals such as international lenders, developers, fund managers, facilities mangers and portfolio mangers around the world. Its positions in both the European and African markets means it is at the forefront of both continents’ property markets. Its international team is dedicated to providing a service meeting all of its customers’ overseas property needs. The team has specialist knowledge of the respective countries in which it operates. It aims to help potential clients throughout the process by offering skills and expertise on every step of the way - from choosing the right product to introducing you to the appropriate legal and financial advisors. Pevron Estates is currently in partnership with Global Homes Magazine to help promote safe, secure international property deals. With the help of the magazine, Pevron Estates’ sales team will try to achieve the highest standards on behalf of its clients by helping them make the right choices. The company says its aim is to provide a professional, yet personal service for anyone looking to buy a house, flat or other property around the world. It has a track record in offering sound advice and a sales service that means going the extra mile to find you the property you desire. Pevron Estates is well placed to advice on potential pitfalls that you may encounter when buying, and our knowledge of the local markets in which we operate enables us to help you find somewhere that is suited to your needs. International property deals are fraught with danger, so the right advice is the most critical aspect of buying abroad – and Pevron Estates can provide that.

The international property firm deals with independent mortgage advisers, offering a truly independent mortgage advice package for both their clients here in the UK and abroad. This is the key to Pevron’s independence – it means they are not tied to a particular lender. This also means, with the help of an adviser, Pevron Estates can strive to get the best deal for their clients. The specialist sales department at Pevron Estates is dedicated to the sale and acquisition of land and property suitable for development or investment all over the globe. Retained by corporate and private clients alike, its team promises the expertise to identify potentially new money-making schemes, as well as maximise value from more obvious opportunities. There is a lot of money to be made in the international property arena, and there is a lot of potential for new growth. Pevron can help you cash in on that potential. Pevron Estates are not just experts when it comes to buying property abroad - should you have freehold premises to sell, from a surplus commercial or institutional building to a vacant site with or without planning permission anywhere in the South East of England - Pevron Estates can provide a free appraisal, in the strictest of confidence. So if you are looking to invest in an international property, look no further than Pevron Estates. Pevron has the expertise and the experience to make sure you make the most out of any international property investment.

FOR FURTHER INFORMATIONCONTACT US

House for sale in Pointers Close, Docklands, London E14 - 2 bedrooms, Asking price of £735,000

EXCELLENT INVESTMENT OPPORTUNITY A rare opportunity to purchase a two bedroom FREEHOLD house with river views. The property is currently undergoing some renovation but is offered in its current state to allow potential buyers to complete to their personal requirements and specification. The house has amazing views over the river and benefits from its own garage. More information available on request.

House for sale in Stratford, London, Stratford, London E15 - 3 bedrooms, Asking price of £424,995

A Good sized three bedroom mid terrace house on Gurney Road, E15. This period property is spacious and full of charm, the house has recently been updated with wooden flooring in the living areas and is in good decorative order throughout. A Good sized three bedroom mid terrace house on Gurney Road, E15. This period property is spacious and full of charm, the house has recently been updated with wooden flooring in the living areas and is in good decorative order throughout. The property offers garden space to the front and rear of the property and comprises two reception rooms, large kitchen, bathroom and three bedrooms situated on the first floor. Gurney Road is located 0.6 miles from Leyton Station (Central Line)

Entrance Hall

Wood flooring, ceiling light, stairs to first floor, door to reception one, door to reception two, door to kitchen.

Reception 1

11’ 4” x 9’ 7” to chimney breast (3.45m x 2.92m) to chimney breast. Fitted carpet, ceiling light, radiator, window to front, skirting, electric points.

Reception 2

11’ 5” x 7’ 9” to chimney breast (3.48m x 2.36m) to chimney breast. Window to rear, wood flooring, electric points, skirting.

Kitchen

12’ 10” x 8’ 1” (3.91m x 2.46m) Fitted with a matching range of eye and base level units with worktop space over drawers, window to side, gas hob, coving to ceiling, ceiling light

Bedroom 1

11’ 5” x 13’ 2” to chimney breast (3.48m x 4.01m) chimney breast. Fitted carpet, ceiling light, radiator, windows to front, electric points.

Bedroom 2

11’ 6” x 7’ 8” to chimney breast (3.51m x 2.34m) to chimney breast. fitted carpet, ceiling light, window to rear.

Bedroom 3

12’ 11” x 8’ 1” (3.94m x 2.46m) Window to rear, fitted carpet, ceiling light, electric points.

For Sales or Viewings please contact Pevron Estate on

INVESTIMENTS IN GHANA

HOMES FOR SALE IN GHANA! Special Introductory Price - $72,000

Special Introductory Price - $94,000

Special Introductory Price - $106,000

This unique 2 bedroom house comes with a lounge, dining, 2-bedrooms, garage, car port, balustrade enclosed porch, guest toilet, kitchen with store, an enclosed kitchen terrace, and many other facilities

This fantastic house comes with a master bedroom with en suite facilities, 2 other bedrooms, kitchen with store, an enclosed kitchen terrace, guest toilet, car port, garage, balustrade enclosed porch and many other facilities.

The total floor area is 144m2 on a 70” x 70” plot. Features include; tile imprint roof,, sliding glass windows, tiles in bath & kitchen, T&G sealing in lounge and eaves, 4ft boundary walls with pedestrian and vehicle gates etc,

The total floor area is 176m2 on an 70” x 90” plot Features include; tile imprint roof,, sliding glass windows, tiles in bath & kitchen, T&G sealing in lounge and eaves, 4ft boundary walls with pedestrian and vehicle gates etc,

A gorgeous 4-bedroom house that comes with a master bedroom with en suite facilities, 3 other bedrooms, kitchen with store, enclosed kitchen terrace, guest toilet, car port, garage, balustrade enclosed porch and many other facilities.

Note: Prices subject to change. Check with us for current prices

Detached 4-Bedroom House

The total floor area is 208.6m2 on a 70” x 100” plot. Features include; tile imprint roof,, sliding glass windows, tiles in bath & kitchen, T&G sealing in lounge and eaves, 4ft boundary walls with pedestrian and vehicle gates etc,

DETACHED 4-BEDROOM HOUSE

Detached 3-Bedroom House

COCHRANE VILLAS Payment Options You pay a non-refundable deposit of 5% of the purchase price of the house to reserve it. This deposit is payable on acceptance of your completed application forms.

Mortgage We provide you with all documentation required to facilitate and also assist you with your mortgage application to institutions in Ghana who provide mortgage facilities. Generally, loans are a percentage of the value of the property and applicants will be required to make a minimum down payment.

non-refundable deposit). 2. 30% at roofing (payable within a week of notice of roofing). 3. 30% on completion (payable within a week of notice of completion). 4. 10% on handing over (payable on or before date of handing over).

Outright Purchase We offer outright purchase of properties.

Mortgage Down payment Installment As a variation of the above, we offer you the opportunity to accumulate the mortgage down payment over a maximum period of 6 months, at the current price.

Direct Purchase by monthly installment plan We offer you a facility to pay for the property by direct monthly installment over a period at an interest rate to reflect the length of the installment plan chosen and the uncertainty of prices on the Ghanaian market. You shall be informed of the total cost for the chosen installment period when we accept your application.

Direct Staged Payment 1. 30% deposit (payable within a week of acceptance, less the

COCHRANE VILLAS Cochrane Villas, our exclusive development, is located on the ACP Estates road, at Pokuase in Accra. The development is within easy reach of Accra City Centre with access roads through the Kwabenya – Legon route or the Ofankor – Achimota route.

INVESTMENTS

Cyprus Eastern Mediterranean

yprus is situated in the Eastern Mediterranean at the cross roads of three continents. The island's strategic location has shaped its history and civilization throughout the centuries Its excellent infrastructure, high quality of life, low cost of living and generous tax incentives attracts people to the island from all over the world. Cyprus is an island of tradition, charm and romance. With 9000 years of legend and history there is much to enchant you. Mountainous villages, crystal clear waters to tempt you, sandy beaches, green valleys and beautiful landscapes, all bathed in sunshine for 340 days each year. Most important of all is the all-embracing warm hospitality of the Cypriot people - Kalosorisate - welcome to our island! TRAVELING DOCUMENTS Entry formalities are very simple. All citizens of EU member countries may enter Cyprus on presentation of their identification card only. No vaccination is required when entering the island. CYPRIOT HOSPITALITY Cypriots are a mixture of many trading nations on the Mediterranean. The people are open, frank and friendly to foreigners while being astute businessmen. They are among the most hospitable people on earth, always making you feel at home on the island. LOW CRIME RATE Cyprus enjoys a very low crime rate in comparison with other competitive Mediterranean countries such as Spain, Portugal, Italy and France. Cyprus crime rate is only one tenth of the average

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rate of the other European countries (6% of United Kingdom). One will think that in residential areas, people rarely lock their cars, many times leave houses, windows or even doors open. This is all due to friendliness and honesty of the local population and the reason people return year after year. INTERNATIONAL RELATIONSHIPS During the Copenhagen European Council in December 2002, Cyprus friendliness and honesty of the local population and the reason people return year after year. _rmed the successful completion of the accession negotiations and was invited to join the European Union on 1st May 2004. The has facilitated the accession negotiations, organizing the acquits communautaire into 31 Chapters. Cyprus begun its accession negotiations with the EU in March 1998 and has successfully completed them during the Copenhagen European Council in December 2002, where it oially conrmed the closure of the last three outstanding chapters, the ones of Agriculture, Financial and Budgetary Provisions and Other. The benefits to Cyprus as a whole from membership of the EU will be quite substantial, with the whole population. the island benefiting from political, economic, social, environmental and other advantages. Also, it is worth noting that the EU is Cyprus main trading partner accounting for approximately 50% of total trade, the United Kingdom being Cyprus' main export destination. Further, Cyprus is a member of the United Nations, the Council of Europe, the British Commonwealth and also a member of the Non- Aligned Movement.

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INVESTMENTS

Cyprus is situated in the Eastern Mediterranean at the cross roads of three continents. The island's strategic location has shaped its history and civilization throughout the centuries Its excellent infrastructure, high quality of life, low cost of living and generous tax incentives attracts people to the island from all over the world.

INVEST IN THE STATES

Learn How YOU Can Make Money from The Collapse of The American Economy Ayshe Kadir said could not believe 97% of people never take action after attending real estate courses.

o now Ayshe is on a mission. Living and working in England as an IT trainer, she has spent the last six years developing a portfolio of US properties that have made me her a millionaire – now she is looking to pass on her expertise. But once she heard the shocking statistic that 97% of all people who attend real estate seminars do nothing with the information, she saw a gap in the market and decided to take action herself.

“As I have always been used to 97% of my IT students always taking action, I feel it my duty to make sure that the same applies to investment students,” she said. “I spoke to my team and vowed that we would change this statistic. Whilst other real estate trainers would be happy to take money off people and not care whether they got results, I cannot and will not do that.” So Ayshe has designed the Diamond Life Club and the Platinum Inner Circle to help wannabe investors in the US market - both have been designed, she says, to change the statistics - she hopes these clubs will make sure that 97% do take action and do succeed. “With the current US market ripe to help people out of financial challenges,” she says, “and for investors to make amazing incomes, what is stopping people from taking action?” Ayshe has been training people for over 22 years from her IT training company. It all began for her in 1983, when she needed to learn how to use a word processor. She paid £300 but got nothing in return. “The training company I went to for training showed me a room with the word processor in it,” said Ayshe, “they pointed to a shelf above the word-processor with four very thick manuals. The person told me to start with manual one and work your way through. I asked wasn't someone going to teach me, their reply was a flat ‘no’. I had two choices: I either demanded my money back, or I knuckled down and started to go through the manuals. I chose the latter.” She found that she was able to pick up her IT skills fairly easily. As she started to temp, she realised that most people hadn't a clue about how to use machines effectively. So she opened an IT training centre, providing hands on, instructor led courses. “By getting people and sitting next to them and taking them through exercises they came away after their time with us know-

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ing how to use their machines properly with absolutely no fear. The same applies to real estate,” said Ayshe, “bringing people in, sitting them down and teaching them will help them be able to invest with absolutely no fear.” Ayshe hopes her style of teaching will translate into the US property investment world. She says instead of teaching people how to source deals, members of her clubs will be sat down, taught, and then offered properties that have already been sourced, researched and purchased. “Because people do have lots of questions about making money from property, I want to help them understand first,” she says. “I will not take money from people attending courses who do nothing. I want them to make money, but I also know you need constant help and also that it needs to be presented in a way that takes all the stress and fear away from buying properties.” She thinks the time has never been better to invest in the USA. According to her companies’ research, many US Properties are 30% below market values and one in 20 homeowners have to foreclose. “With our assistance, there is no reason you cannot make $20,000 profit or you can finance the property and then rent this out, to allow further investment. Either way, our club members have complete hand holding from our US financial advisors and also our real estate team.” Aysha said, “you can even do this from the comfort of your own home, whilst helping struggling Americans sell on their properties at this difficult time.” Aysha has even created a programme for those who do strike rich but need more guidance on what to do with their windfall. With the Millionaire Mind Intensive Seminar, Aysha hopes people will continue to make profits with their millions. “We want to show people how to identify their money blueprint,” she says, “we want to dramatically increase people’s income and help them accumulate wealth.” UK ADDRESS 38 Queens Road | Laindon | Essex, SS15 4AL. Tel: 0700 345 1087 | Fax: 0207 691 9485 Email: info@investInthestates.com USA ADDRESS 19946 Riverside Drive | Jupiter | FL 33469 Tel: 800 966 0087 | Fax: 561 658 2726 Email: info@traingrowprofit.com

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INVESTMENTS

Three Reasons - to Use a Limited Liability Company or Limited Partnership FOr Real Estate Investments

s everyone knows, America is an excellent country for investing in real estate. At the same time it is the most litigious country in the world. Nevertheless, there are affordable and effective ways to invest in America and protect your assets. One way to reduce such risks is to hold the property through a limited liability entity. By choosing the entity best suited to your specific situation, you will ensure that you have the flexibility and control that you need, as well as the asset protection needed from American investments.

hand, LPs require at least one general partner and one limited partner. The general partner is personally liable, but that may be handled by forming a corporation or LLC to serve as general partner, thus encapsulating any liability in a protected entity. When you use an LLC or LP for real estate investment, you may also benefit from estate planning and gifting opportunities available.

Although other limited liability entities are available, for the following reasons, the preferred entities for U.S. real estate investments are the limited liability company (LLC) and the limited partnership (LP):

Limited Liability As in any business transaction, one of your primary concerns in real estate investment should be your vulnerability. Owning property as an Garrett Sutton is a corindividual or in a general partnership creates unlimited liability. Tenants, guests, and, in some porate attorney and cases, trespassers may sue you for real or imag- a member of Robert ined grievances. If they prevail, they may seek Kiyosaki’s Rich Dad’s to use your bank account, home, and personal possessions to satisfy the court’s judgment. Advisors. A successBy using an LLC or LP for real estate investment, ful author, Garrett’s you may be able to avoid personal liability for accidents that occur on the property. Liability practice is devoted to will be limited to the extent of the LLC’s or LP’s helping entrepreneurs assets. If anything goes wrong on the property, and business owners you will appreciate the protection limited liability provides. The question arises as to how protect their assets many entities to use when investing. If you hold while maximizing the 10 properties in one LLC a tenant falling at one property could get a judgment against the LLC benefits of corporate and reach all10 properties. A better strategy is entities. to segregate assets by using multiple LLCs. Most of my clients hold only one property in each separate LLC. It is not expensive to maintain separate LLCs in the United States.

Reduced Taxation on Appreciated Property - Although the structure of a corporation may be familiar, corporations are undesirable for real estate investments. If you hold real estate in an LLC or LP and later decide to sell the property to some third party, the tax benefits of using an LLC or LP will become apparent. Unlike a C corporation, LLCs and LPs allow flow through tax treatment. Profits are only taxed once, while they are taxed twice in a C corporation. Appreciation on the property will result in less tax in an LLC, LP. In addition, an LLC or LP will provide benefits if you transfer the property to your personal use or the personal use of one of your LP partners or LLC members. Such a transfer to personal use would not result in tax consequences. Although other entities may provide limited liability, the tax consequences of using other entities make an LLC or LP preferable. As a further step some clients will want their LLCs or LPs to be owned by a Nevada Asset Protection Trust, or “NAPT”. For additional asset protection the NAPT may be used to further protect U.S. assets from the challenges of the U.S. legal system. For more information on NAPTs and asset protection in general Visit www.sutlaw.com.

Beneficial Management Structure Depending upon your specific situation, either an LLC or an LP may provide the management structure you need. An LLC provides a flexible structure that allows members to manage the entity or to elect a manager or a group of managers. All members of an LLC are provided limited liability. Additionally, many states allow one person to form an LLC. On the other dubai | south africa | portugal | kenya | nigeria | ghana | spain | and more >> subscribe at: www.globalhomesmagazine.com

INTERIOR DESIGN

CUSTOM-MADE CLASS AT QUALITY PRICES

Leah Milner catches up with Daniel Hopwood to discuss why hiring an interior designer could be the answer for time-conscious London home-owners.

aniel Hopwood is keen to dispel the stereotype that interior designers are for people with more money than taste. His clients are not short of good taste, he insists, just spare time. "It's a case of delegation really. Most people can't afford the time to leaf through furniture magazines and visit fabric houses," he explains. Daniel was one of the judges on the Channel 4 series Britain's Best Homes and regularly features in the media giving advice on property interiors. He runs his own interior design business, Daniel Hopwood Ltd, where he has all the best resources at his fingertips, with samples from the latest collections of all the major fabric houses and an extensive library of magazine cuttings. "A lot of our furniture is actually made bespoke, as working around central London we knew that many of our clients have awkward spaces and need to create as much storage as they can. For decent lifelong furniture Board bringing together fabric and paint rather than the mass-produced , having it made bespoke actually works out cheaper than buying it from places like B&B Italia 'Mood Board Service' for people who aren't ready, or simply can't afford to take the plunge and commit to a full scale design consultation. Daniel describes it as “a cautious service” for which he charges only £250. “We ask them to send in as much information as possible. This includes room measurements, pictures of artefacts they want to keep in the room, cuttings from magazines,” he outlines. From or fabrics they wish to order through Daniel this, Daniel and his team create a Mood Board bringing together fabric and paint samples, furniture ideas, room layout and a lighting plan. "Everything they need to put the package together themselves". Additionally, Mood Board customers benefit from substantial discounts on any furniture or fabrics they wish to order through Daniel Despite training in architecture and conservation, Daniel has been practicing interior design for the past eleven years, as he feels the profession offer greater scope for creativity. "After working in an architect's

firm for while I realised that if I carried on, I would spend the rest of my life drawing up build schedules," he recalls. "Maybe if I worked in Australia or New Zealand it would be different, as there aren't the same planning constraints that exist here in central London, so you can have fun as an architect. Interior design allows me to be instantly more creative." Daniel declines to characterise his work by a particular style, claiming "there absolutely isn't one, as every project is different. As we are a service, we are always working to a client's particular tastes and interpreting them. For me the key is quality." Asked to describe one of the most exciting projects he has worked on, Daniel recollects a commission from Johnny Gold, proprietor of the nightclub Tramp. "He bought a gothic folly which was just amazing. A lot of it had been destroyed but we managed to find the original stained glass windows which were buried in the garden. When we hammered the walls we found hollow parts and wonderful carvings. I've recently landed my dream project though, which is a five star hotel in London. It is a massive learning curve as hotel design is so specific." With a successful business it is sometimes difficult for Daniel to refuse commissions. It is important that I am in touch with my clients at certain key stages throughout the project, even though I can't be there all the time. Otherwise, you just become a manager." But Daniel has other ideas for expanding his business: "I'd like to get to a stage where we are actually manufacturing furniture and soft-furnishings that can be bought off the peg. When you've designed so much furniture in your time for different clients, you work out what is the perfect all-round piece." Daniel Hopwood Ltd offers a full bespoke and managed Interior Design Service. Current commissions range from about £50K to over £1M. For more information visit www.danielhopwood.com, email :info@danielhopwood.com or call +44 (20) 7286 2004 to discuss your requirements.

LEGAL

INVEST IN NIGERIA WITHOUT TEARS

Hope for Nigerians looking for a home

hroughout the last few decades, Nigeria has seen a massive influx of its uprooted population come home and try, without success, to invest back in their country. Now finally there may be some light at the end of the tunnel for these prospective homeowners. For decades, Nigerians have left their home in droves to find a way out of the economic problems many of their communities faced. As a result, Nigeria has the largest population of people of African descent in the world - and its people constitute a significant portion of the number of immigrants, both illegal and legal, into countries each year. And the emigration has continued to grow. Over 90,000 visa applications are received by the US embassy in Nigeria every year alone. For the 2005 U.S Diversity Visa Lottery program, 6,725 Nigerians qualified. This represents the highest number of DV Lottery immigrants from any African country and it is approximately 15% of the total number of successful applicants from Africa. But as these Nigerians have been contributing to host communities it has been at the expense of Nigeria. The best, brightest and most able have left Nigeria and settled around the world. Just like other Diaspora groups around the world, the Nigerian diaspora contribute professionally to the development and sustenance of their host communities at a detriment to Nigeria. But now, as Nigeria begins to stand on its own two feet, they want to come back. It is an ambition of most Nigerians who had to uproot themselves from their homes, as part of the Diaspora, to build their own little castle in their homeland or at the very least have some investments at home to build a future – although they left the country, it is still their home and they want to invest in that. The usual scenario for these Diaspora when they return to Nigeria is that they end up back in the family house for those who are fortunate enough to have parents with homes in the city or they may find themselves lodging with relatives and footing the bill for all household expenses while they are guests of these relatives. What then militates against the Diaspora dream of home ownership in Nigeria? Boma Ozobia, managing partner of Sterling Partnership Solicitors in the UK, says she has heard the horror stories and even experienced it first hand in some cases. Money sent to relatives being diverted for other purposes, houses that were never built, 16

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land that was never acquired and so on – there are many harsh realities for Nigerians wanting to invest back into their own nation. Boma says: “These stories are enough to deter the wary and even for those prepared to press on regardless, it becomes necessary to investigate ways of achieving the desired goal of home ownership in Nigeria without losing all one’s life savings in the process.” “Of course,” adds Boma, “the other difficulty lies in the fact that the use of bank finance for property acquisition was previously not wide spread in Nigeria.” But there is good news on the horizon for Nigerians looking to invest in their homeland - there are now a variety of finance options and specialist agents catering to Diaspora client requirements in the property sector. Boma, whose firms has offices in London, Accra and Lagos, says: “As a cross border practice we have also been able to meet our Diaspora clients’ needs in this area by working seamlessly between Lagos and London to cover all aspects of the conveyance transaction. “Whilst the most secure form of tenure is the certificate of title, there are various other forms which, with the right safe guards are equally acceptable such as a deed of assignment, purchase agreement on a traditional land holding, letter of allocation or a sublease of an existing lease.” So there is hope for massive population of uprooted Nigerians who want to return home and put money back into the communities they left decades ago. “Suffice to say that you must exercise the same level of caution as you would in the United Kingdom,” Boma warns, “it is unthinkable in that jurisdiction to attempt to acquire a property without a lawyer’s involvement and the same is applicable in Nigeria except for the fool hardy. “With guidance and advice from your lawyer, you can invest in property without tears – as far as the conveyance of a good title is concerned.” She concludes: “In relation to the value, I can only repeat what every mortgage lender says which is that property prices can go up as well as down and if you are borrowing to acquire your property you have to be able to repay according to the terms of your loan.” So with the help of the likes of Sterling Partners, Nigerians can finally put back into their home and build themselves a future in Nigeria.

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Sterling Partnership Solicitors LLP Merchants House, 5 - 7 Southwark Street, London SE1 1RQ TEL: 020 7357 7718 FAX: 020 7357 7794 DX: 149163 SOUTHWARK 9 Email:sterling@sterlingpartnership.com

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dubai

The World Islands, Jemuraih Islands, The Palm Deira, The Palm Jebel Ali

Nakheel P.O. Box 17777 Dubai United Arab Emirates E: info:nakheel.com T: +971 4 390 3333 F: +971 4 390 3314

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INVEST IN DUBAI

Offshore Developments in Dubai By LEE JONES

ubai is leading the world in exclusive leisure facilities, quickly becoming the world’s most prestigious destination for both property investment and exclusive travel.

Skyscrapers, seven star hotels and city-sized shopping malls are common-place in an emirate that has forged its reputation as the ultimate playground for the rich and famous. In little over two decades the modern cityscape has risen from the sand, funded by the United Arab Emirates’ bountiful oil supplies and the world’s largest free port, just outside Dubai. But Dubai’s biggest asset is its beautiful Persian coastline and tropical climate - which the leisure industry is keen to exploit. Using Dutch and Belgian trawlers moving millions of tons of sand, property developer Al Nakheel Properties are literally making their own coastlines to house the world’s most luxurious leisure facilities. These massive projects could not be undertaken by many nations, but the affluence of the UAE makes these ventures, dubbed ‘the eighth wonders of the world’, a reality. Built as the ultimate in privacy and security, locations on the Palms and the World will be sold to only the most exclusive customers, further promoting Dubai as the world leader in high-class development.

The Palm, Jumeira Moving 70,000,000m2 sand, Nakheel will create the first of three Palm tree-shaped resorts on the coast of Dubai. Under the shadow of both the seven-star Burj Al Arab and the impending 2,000ft high Burj Dubai, the Palm Jumeira will accommodate 7000 apartments and 1800 villas. With 220 boutiques along the crescent, the impressive 2 kilometre trunk will house up to 30 luxury hotels, including the Palm International Trump Hotel.

The Palm, Jebel Ali With a breakwater 200m wide and 17km long, the Palm Jebel Ali will be the second largest of the Palms. Built from 135,000,000m2 of sand, the 4km long peninsular is to be made of 16 branches housing over a thousand luxury homes upon stilts, ranging from 13,000ft2 garden homes to four bedroom town houses. A 2km long trunk will have eight hotels and three marinas, with a 12km long crescent spelling out Arabic poetry penned by the late prince of the UAE and ruler of Dubai, Shaikh Maktoum Bin Rashid Al Maktoum. It reads: ‘Take wisdom from the wise, It takes a man of vision to write on water, Not everyone who rides a horse is a jockey, Great men rise to greater challenges’.

The World The most ambitious of all of Al Nakheel’s offshore projects, the World, is a huge representation of the atlas that will be visible from space. Measuring 9km long and 7km wide, the project will eventually use 320,000,000m2 of sand and 30,000,000m2 of rock to make up an archipelago of 246 private islands. The islands will be between two and four hectares in size, and range from private islands for a single owner to larger islands for groups of homeowners. Each island will cost in the region of $25,000,000.

The Palm, Deira The most recently planned venture, the Palm Deira has yet to begin full construction and will be the largest of the three palms. Measuring over fourteen kilometres long it will have 7,820 luxury villas upon 41 branches and a huge range of five star leisure facilities which are yet to be finalised.

FINANCE

WOMEN TAKING CONTROL OF THEIR FINANCES

he UK's women are increasingly overshadowing their male counterparts and taking control of their finances. A new study by the One account shows that 43 per cent of women feel they are in control of their personal finances, against 37 per cent of men. Additionally, women are seventeen per cent more likely to shop around for a better deal on their mortgage, when their discount period ends. Christening this new breed of savvy women Sassy (Smart, Ambitious, Self-Sufficient, and young), the One account added that these financially fabulous females are prepared to shop around and exploit the best deals available to maximize their cash. "The Sassy woman is emerging as the most formida-

ble figure in today’s consumer society. Always the trendsetter, the Sassy is just as eager to make a statement with her personal finances as she is with her sense of style,” said Paul Lloyd of the one account. Research for the firm found that 45 per cent of women say they regularly shop around for the best insurance deals, with 38 per cent routinely hitting the internet for best buy tables for their financial products. Additionally, 44 per cent of females would use penalty-free flexible mortgage features to finance their lifestyles, ahead of more expensive credit card and overdraft rates, versus just 32 per cent of men. With her mortgage, the Sassy woman shops around and understands the market. She is confident she is getting the best deal that suits her lifestyle. She knows how much she pays each month and will re-mortgage if she finds a more suitable product," Mr Lloyd noted. "Whereas many men might ignore areas of their finances as they climb the corporate ladder, the Sassy is keener than ever to make the most of her money. Just because she can afford the finer things in life doesn’t mean she wants to spend over the odds when she doesn’t have to."

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FINANCE

THE

GROWTH OF ISLAMIC MORTGAGE

he Islamic Mortgage is a trend that is broadening the home ownership base, particularly amongst Muslims. However, you do not need to be a Muslim to take advantage of the Islamic mortgage schemes that exist. Muslims make up 5% of the UK population, and it is predicted by Data Monitor that the Islamic mortgage market could be worth £4.4 Billion within the next two years. An Islamic Mortgage is an ethical mode of finance, which derives its principles from the Quran. Shariah law, or Islamic law, which is based on the Quran and Sunnah, governs Islamic finance. These guidelines also include prohibitions from investing in areas such as defence, armaments, casinos and breweries. Shariah law regards the practice of paying or receiving interest as unacceptable and it is forbidden. A Shariah home loan provides a Halal alternative to an interest-based mortgages by allowing individuals purchase their own homes without having to pay interest. As a consequence, two types of mortgage have evolved that are compatible with shariah law: Ijara - the bank purchases the property and then rents, rather than sells, it to the homeowner. The amount of rent is agreed between the bank and the tenant at the outset. Murabaha - the bank buys the property at a set price and immediately sells it on to the client at a higher price. This is paid back in installments and deemed to be a sales transaction, rather than one of lending, and is similar to a fixed rate mortgage. The UK has a number of financial institutions that undertake Islamic Mortgages within the UK; on the residential side Bristol & West have teamed up with the Arab Banking Corporation to launch Alburaq Islamic Home Finance, and West Bromwich Building Society is acting as an introducer for the Ahli United Bank’s range of Islamic mortgage products. Meanwhile, HSBC has launched Amanah Home Finance which as well as dealing with new borrowers, also allows Muslims with a traditional interest-based mortgage to refinance their property in accordance with Islamic principles. At the same time United National Bank also has an Islamic mortgage product. Whilst on the commercial side, specific products which meet the shariah requirements - these are currently provided by Royal Bank of Scotland and Bank of Ireland. And the British Government is aiding the growth of Islamic mortgages - previously stamp duty was paid once when the bank bought the property and again when the buyer purchased the property from the bank. The Treasury abolished double stamp recently which now allows the payment to only be made once.

One issue that remains unsolved is that of insurance both to protect payments in the event of sickness or unemployment and also to insure the building itself. Products such as income protection or accident, sickness and unemployment protection would be unsuitable for most Muslims as they are based on uncertainty. Gharar – which means uncertainty, hazard, chance, risk or ambiguity – is prohibited in Islam and the sale of something where the consequences or outcome is not known is not allowed. Seeking State help is difficult for Muslims if they are unable to pay their mortgage due to accident, sickness or unemployment because State benefits are based on mortgage interest payments. Islamic law does not stop people applying for benefits but the lack of Islamic products in the UK means social security benefits are not appropriate and a working party has been set up to discuss this with the Government. The Government is currently considering ways of providing the support for Islamic mortgages similar to the help available for mortgage interest payments. But it is a complex area and would involve a lot of legislation. Many analysts predict a substantial growth rate over the next five years for the Islamic mortgage market and Islamic finance in general. The market will see the range of Islamic mortgages on offer growing as well as the overall repayment rates becoming more competitive in line with the conventional mortgage market. New lenders and financial partnerships with high street retail lenders are more likely to occur. We will also see a surge in cross selling of other Islamic finance products such as insurance, investments, pensions and commercial finance. Nusrat Janjua Managing Director | website: islamicmortgages.co.uk

Finance section

RESIDENTIAL AND BUSINESS FINANCE SOLUTION

n Finance is a company on the cutting edge of finance, property, and project financing in the UK, Europe and other countries of the world where we know will benefit our clients. The faces behind brings years of experience and a wealth of knowledge in every aspects of finance, property arena in the UK, Europe other parts of the world. We are an independent mortgage broker, with many years experience in the financial markets. Jn Finance is able to provide a range of mortgage products to help you obtain your main residence, holiday home or investment property in most countries of the world. We work with a large selection of banks, Lenders and developers and continually researching the market to offer the best property, equipment and competitive financial products available in the market place.

Buying a property is made easier as we will take the problems away of dealing with the financial institutions at what can be a stressful time. Having listened to what you are seeking to achieve your proposed mortgage request will be sent to a range of lenders enabling you to decide which company has the best offer for you. Also, we can help you raise finance on your overseas property should you wish, for example, to release some of the equity to assist with purchasing your overseas home or investment property Jn Finance provide a distinctive service offering a range of first class residential and business solutions to suit our clientsâ&#x20AC;&#x2122; requirements. We are independent and a wide range of products to offer our clients.

individual requirements we are able to provide an array of products from various lenders to assist with the purchase of your main residence or a holiday home. These include: - Capital Repayment Mortgages Interest Only Mortgages Non-Resident, Resident and Commercial Mortgages Equity Release Mortgages Foreign national mortgages Jn Finance are also able to provide a comprehensive range of business finance solutions to meet our clientâ&#x20AC;&#x2122;s requirements. Services include:- Global property sourcing International project Finance Asset Finance Equipment sourcing and financing Trade Finance For further information on our product range you can either complete and return one of the enquiry forms or alternatively we would be delighted to discuss your requirements with you. Please call us on +44 208 861 44 45 or email: info@jnfinance.com visit our website on www.jnfinance.com

Congress House Lyon Road Harrow HA1 2EN t: 020 8861 4445 F: 0871 711 0680

Our affiliate company Jn Properties in the Nigeria specializes in helping foreign nationals buy property overseas and to procure project funding, giving you the client the best offers to suit your 22

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TECHNOLOGOY

Race for the living room

By Lee Jones

monumental race has begun between two of the world’s largest companies – and the prize is your living room.

The technological giants Apple Macintosh and Microsoft have begun competing to produce computerised systems that will make the computer the centre of your home life. Whether it is the TV, the stereo or the telephone – they want them all to be controlled through their systems. They want your ‘living room’ - the place where you talk, watch, listen and write – and they want you to use their devices.

Microsoft was the first to set out its grand plans for a complete computerised home with Windows Home Concept design. Bill Gates, creator of Microsoft, says he wants to see his dream of a digital home become a reality in the next few years. Split between touch screens, hubs and touch notepads throughout the home, Windows hopes the Home Concept will bring together home entertainment, media management, and communication. It wants to connect rooms, devices and family members through a variety of ways. Microsoft has a vision: “The home computer continues to evolve into the premiere entertainment device in the home. As digital media becomes the standard for media experiences, flexibility will play an increasingly important role for consumers. Given the growth in digital media and the computer’s role in managing and playing that media, the ‘living room’ is a natural location for this new device.” Enrique Rodriguez, corporate vice president of the Connected Television Division at Microsoft, says: “Consumer demand for connected TV is here, and Microsoft will offer new ways for viewers to experience TV as part of their connected, digital lifestyle.” Apple too has begun forays into controlling the living room. It has already cornered the portable music market with the phenomenon of the iPod, and has begun to do the same in the mobile phone market with the iPhone. The music industry has had to concede that they must work for Apple to survive and the mobile phone giants are nervously looking at the droves queuing in the rain to buy one of Apple’s phones. Of the Apple TV machine, Steve Jobs, CEO of Apple, says: “Apple TV is like a DVD player for the 21st century. You connect it to your entertainment system just like a DVD player, but it plays digital content you get from the Internet rather than DVDs you get from a physical store. “Apple TV plays the same iTunes content that users enjoy on their computers and iPods, so now they can even watch part of a movie in their living room, and watch the rest later on their iPod.”

Also, at the last Macworld keynote speech, Apple CEO Steve Jobs revealed it has begun to offer a movie rental service through iTunes. This was Apple making a strong statement – it has cornered the music market, now it wants the movie market. “Apple TV is bringing it directly from the Internet onto the widescreen TV in your living room,” adds Jobs. Tie that in with the Apple TV hardware, the new super-thin MacBook Air and the introduction of ‘season passes’ for top sporting events and cable TV shows – Apple has deals with some of the top studios and networks like Disney, NBC and Warner to make sure it can get a foothold on the pay-per-view market like it did with iTune’s pay-per-listen. Apple, by going to the entertainment sources, is moving round the back of Microsoft in an attempt to take control of home entertainment. So what is the vision? The vision is the user watching a downloaded movie, but having to pause it to go and get the kids. The movie can be transferred to the handheld media device, or saved onto the hard drive. And while the user is out of the house, live TV can be recorded or music downloaded – it’s complete media control at your fingertips, from the living room. But who will win? If it is universal functionality people are looking for, then Microsoft will take the crown. It has dominated the computing world for two decades, thanks to its ability to work with infinite systems, programmes and hardware. Apple trails behind due to years of stoically sticking to its own software and systems. If this race is about connectivity, Microsoft has a big head start. Not only that, but Microsoft has the capital to see out their plans – being the world’s biggest producer of home and office machines means it has the backing to push for your living room. But if the race is about aesthetics – if people want style and panache first - then Apple will be the victor. Apple has created the iconography of the 21st century so far; it’s the sleek lines, bold colours and growth of the universally known ‘i’ brand that have defined a generation of digital users. Microsoft has always been, first and foremost, a business for businesses. In the office and the boardroom style comes second, but this isn’t the office – this is your home. Whoever the winner, the IT giants will make sure within the next decade the home computer will change. It will no longer be a station for word processing or surfing the Internet, but an integral part of the living room, as the TV or stereo is now.

ARABELLA LANDSCAPE LIMITED AWARDED LAGOS MARINA REDEVELOPMENT. The Lagos State Government under the administration of Governor Babatunde Fashola has scored another milestone through its recent award of the Lagos Marina Linear Park (consist of the Inner and Outer Marina Linear Park) and the Falomo Clover Leaf Redevelopment by Messerâ&#x20AC;&#x2122;s Arabella Landscape Limited, in the Lagos metropolis. The aim of the project is targeted at creating a Cleaner, Greener and Safer Lagos through the redevelopment of the Marina and the Falomo Clover Leaf into a scenic tourist destination; which will also serve as a visual and aesthetic relief for the residents and offices in the vicinity. Amenities such as: Security posts, Standby generating sets, Park Benches, Park Lightings, Refuse Bins, Palisades, Paved walk ways and green lawns will be available on the parks. The redevelopment will mark an important step in the delivering one of the key promises of the present govern-

Outer Marina: Existing Condition

Outer Marina: Proposed Redevelopment

ment of Lagos State Government during the electioneering campaign; which is to provide a beautiful and clean Lagos. For over close to 15 years, Arabella Landscape Limited has been providing outstanding landscape design, installation, maintenance, irrigation and lighting services to discerning clients in the different regions of the country. Arabella landscape Limited is currently an overseas member of the renowned British Association of Landscape Industries (BALI). No 5, Chapel Street, Off Aje Street / Commercial Avenue, Sabo - Yaba, Lagos. P.O.Box 1885, Sabo - Yaba, Lagos. Tel: 01-7741488, 3425197, 3425198 E-Mail: info@arabellalandscape.com arabellalagos@yahoo.com

Falomo Clover Leaf Park: Existing Condition

Falomo Clover Leaf Park: Proposed Redevelopment

ONDBOX

ondbox

ndbox is a new dynamic technological innovation that aims to bring music, movies, events, documentaries, fashion and lifestyles with African flavour to the comfort of your home. Ondbox works with a decoder plugged to your broadband and TV set. It displays a very easy to use menu screen and comes with very easy to follow directions stated clearly in the manual enclosed with it.

Once the box is connected, there is also a menu option that will give a brief tutorial on how to use it. The beauty of the product does not just stop with the fact that, the contents are on demand, available and portable. It is also interactive and most of the programs ondbox can be ordered via interactive from your remote control One of the interesting features of ondbox is that you can purchase the hard copy of a programme you have seen by pressing buy on your ondbox remote control and you get the original DVD of your selected programme sent to you at a reasonable price. Ondbox is here and here to stay, it will make entertainment available, on demand, flexible and controllable. Ondbox is here to make you plan the programs you want to watch around your schedule and not vice versa. It is a service where you can receive and display video streams encoded as a series of Internet Protocol packets. If youâ&#x20AC;&#x2122;ve ever watched a video clip on your computer, youâ&#x20AC;&#x2122;ve used an IPTV in its broadest sense. Ondbox is Ondmand and Ondmove meaning you can watch what you want, when you want it and where you want it. With Ondbox, you are in total control of your own viewing pleasure, you can stop, rewind, fast forward and pause whatever you are watching whenever you want to.

Ondbox is Ondmand and Ondmove meaning you can watch what you want, when you want it and where you want it. With Ondbox, you are in total control of your own viewing pleasure, you can stop, rewind, fast forward and pause whatever you are watching whenever you want to.

Ondbox is powered by mdotworld. Ondbox will soon be able to provide you with cheap international calls to families and friends through your Ondbox decoder box. So what are you waiting for? Order your Ondbox today to enjoy unlimited African flavoured entertainment.

TEL: +44 208 3103347

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ISLAND 4 SALES

Bonefish Cay, Bahamas At $14,500.000 approx. 13.5 acres

his unique 13-acre island is located in the Abaco Islands in the Bahamas and takes its name from its interesting shape and the amount of bonefish in this region. Over the past 7 years this formerly deserted island was turned into a first-class getaway. Five buildings totaling 15,000 square feet were constructed of the finest materials imported from Europe and the United States. The entire complex is hurricane-proof. The property is fully air-conditioned, and Bone Fish Cay generates its own electricity and has its own desalination plant. All communication services (telephone, fax, internet) are provided. A newly and very solidly built jetty and several boats are included with the island. The construction of this formerly deserted island started in 2000 and was completed in 2006. The five buildings have a total area of 15,000 sq. ft. The architect was asked to design the entire construction to be hurricane proof and all the buildings are built from solid concrete and blocks. The dimensions of the main lodge (approximately 5,000 sq. ft. and 30 ft. high ceilings) needed a steel construction. This was totally built in the USA then shipped by a special barge to the island, as well as 13,000 sq. ft. of precast planks for all the floors. Villas In two villas we have an owner’s suite and six additional suites. In the caretakers villa there is an extra suite available, which gives a total of 8 double suites with modern bathrooms, which can accommodate up to 16 people. The 750 sq. ft. owner’s suite contains a unique central glass shower as well as a bathtub for two, all in a setting of pink granite imported from Brazil. The oversized king bed overlooks the Gulf of Abaco. This suite offers a dressing room, separate toilet/bidet facility and has its own private telephone, fax and internet service. Beautiful furniture and many fine art works from all over the world complete the decoration. The interior architect selected an individual style and color harmony for each suite. Main Lodge In the dining area the very long glass table seats 14 (or 18 with four acrylic padded folding chairs). Breakfast, lunch and dinner have all got different linen and porcelain (some porcelain was specially made for Bonefish Cay). The tableware and silverware will honour the work of any chef! The 30 foot high cathedral ceilings made of cypress wood lend majesty to the main house. The centre of the main lodge is the 28 ft. fully equipped maple bar. The beautiful 9 ft. maple pool table and the poker table (with a bumper/pinpool table inside), as well as the DJ sound system, light machine, karaoke machine, guarantee entertainment! The very comfortable TV area offers a large Philips TV screen, Bose home theatre, direct TV and 120 DVD movies. Sport on land and sea Bonefish Cay has a fully equipped gym with views over the Gulf of Abaco, also table tennis, volley ball equipment, beach games, etc. The Island Bonefish Cay has two long, sandy beaches and paths over the island.

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There are many shells and native plants, so the scenery makes for a lovely stroll. Take a swim at low tide around the island’s own coral reef and see the multitude of coral and fish. Or you can paddle out in oceangoing kayaks and see dolphins. The area around Bonefish Cay is famous as a fisherman’s paradise. There are many (high) trees and very dense vegetation on this 13.5 acre island as well as large areas of grassland. Approximately two thirds of this island are a natural bird sanctuary. Many birds live in this “untouched” part of Bonefish Cay, from honeybee birds to pelicans. A discovery trail goes all around the island … for nature lovers or J Pod runners! The south beach is the “lounge chair” beach. The west and north beaches are also spectacular. From the north side of the island to the coral barrier there are several square miles of unspoiled coral reef and sea (max 15 ft. deep), which is the absolute paradise for snorkeling and diving in crystal clear water. The big fish are right behind the barrier. You can take the kayaks and meet the very present dolphins in the Gulf of Abaco. Around Bonefish Cay Spanish Cay: By boat 15 minutes – a very friendly neighbor. They offer a full marina, bar, restaurant, hotel, swimming pool, 4 tennis courts. It is also an official port of entry with a 5,000 ft. airstrip, shuttle to harbor and a permanent custom and immigrations service. Many islands around will offer great dining and shopping like Greenturtle Cay, Guana Cay, Man-o-War Cay, Elbow Cay, Hopetown and many more, all accessible by boat or explore by jet-ski or sailboat one of the many small islands around for a picnic! Marsh Harbour: The “city” of North Abaco is an important service center. It offers an airport, supermarkets, medical services, general supplies, great shopping and dining. This is 50 minutes away with our car via the Abaco highway. Cooperstown (facing Bonefish Cay +/- 900 habitants) is about 12 minutes away by boat. Treasure Cay: It offers an airport, an 18 hole golf court (by Dick Wilson), supermarket, dining and shopping. It is 15 minutes to Cooperstown by car and then 12 minutes by boat or 20 minutes directly by boat. Rental This first class getaway has a high rental potential. The new owner would be able to rent it out immediately if he wishes. All furnishings (furniture, tableware, silverware, boats, etc.) are included. When the island is rented, a special “Laundry Setup” system is used, as well as a double cover set equipment for the main lodge furniture. This explains the important inventory of the laundry room. Travel Among several air companies, American Airline and Continental Airline offer several flights per day from Miami, Fort Lauderdale, West Palm Beach, Orlando, etc., to Treasure Cay and Marsh Harbour. A private plane will get you from Fort Lauderdale to Spanish Cay in 50 minutes (King-Air), from there it is 15 minutes in our boat to Bonefish Cay.

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Maidstone Road Chatham Kent ME4 6JA. Going at £525,000

▪▪ Newly renovated and slight Modification carried out on the property with the approval of Medway council Building Regulations. ▪▪ Entire property newly rewired by a qualified NICEIC engineer ▪▪ Newly fitted Boiler by a Certified Corgi engineer ▪▪ Newly installed Double glazing windows to whole of property by a Fensa registered company. ▪▪ All of the above works carried out at the property carry certification. Planning Permission ▪▪ Planning Permission has been put into the council for a double story extension and into the loft which will result in the property being a 5 Bed house when works are carried out. The kitchen will be larger with an additional larger. The two back bedrooms will also become bigger. ▪▪ The result of the planning is due in the second week of September with results expected to be positive according to the case officer. CONTACT PEVERON ESTATES FOR FURTHER INFORMATION ON:

NEWS - UK

HIPs show UK homes aren’t so green Home Information Packs (HIPS) have revealed that UK homes are failing when it comes to cutting carbon emissions. According to the environmental survey that is produced for the HIP in the Environmental Performance Certificate (EPC), average four bedroom homes are getting an 'E', or low, energy rating. This information, which came about after the launch of EPCs and HIPs, shows that average four bedroom homes and above could save hundreds of pounds off heating, lighting, and water bills if homeowners were willing to go green. Most homes are receiving an 'E' rating in their EPCs on the A-G scale, which is well under Government hopes – Gordon Brown has pledged to make all homes zero-carbon by 2020. From initial EPC findings, this is a long way off. EPC surveyors have predicted homeowners could potentially rise to a 'C' if they undertake measures recommended in the certificates, such as loft and cavity wall insulation. But there is help. First time homebuyers will see their up front costs drop with this new environmentally friendly scheme - buyers whose homes score poor energy ratings of F or G, which is currently around one-fifth of all homes, will receive an offer of a discount or free help with energy efficiency measures. This is from the Green Homes Service which will be established, helping to save hundreds of pounds off fuel bills, as announced by the Prime Minister recently. The Government has extended EPCs and HIPs to all homes in the UK now, so all Brits buying or selling a home will get an idea of how green the property really is. Along with the EPC, a HIP will contain information to help homeowners cut carbon emissions and reduce fuel bills. The early findings come from a snapshot survey of energy assessors and EPCs provided since the launch of HIPs, which show average four bedroom homes are being rated 'E' and could typically save £180 on heating, £60 on lighting and £30 on hot water bills, a year. The top five recommendations given by assessors for improving energy efficiency have been: cavity wall insulation, changing to low energy lighting, putting thermostatic valves on radiators, loft insulation, and double glazing. The introduction HIPs is already starting to reduce costs and improve transparency in the housing market. More than 85 local authorities have reduced their land search costs, in some cases by more than £100. Previously this could be a lengthy and expensive process, but the launch of HIPs has made this process more transparent. 30

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Right now, the average pack is taking around five days to compile, with major estate agents charging in the region of £300 plus VAT for a HIP, on an upfront or deferred basis - £200 to £250 of which is already paid under the current system. Iain Wright, Communities Minister, says: “Families buying any home in the UK are now are getting clear information which shows how they can save hundreds of pounds on their fuel bills and cut carbon emissions too.” Typical 'green grants' of £100 to £300 for energy saving improvements like loft insulation are available to many home owners from energy suppliers as part of their legal obligations introduced by government to improve energy efficiency. Consumers can now access details of green grants and offers by tapping in their postcode on the Energy Saving Trust's website. Energy suppliers are also providing direct information about grants to home buyers when they sign up to an energy contract. When HIPs were launched in 2007, many Brits thought this would spell disaster for the housing market. The Government has strenuously refuted this claim - recently published an independent report by Europe Economics on the impact of HIPs on the market. Their report finds no evidence of any impact on transactions or prices, although there is a predicted short-term impact on new listings as sellers change the timings of their listings. Stephen Smith, Director of Housing at Legal & General, said: “The rollout of HIPs has been pretty smooth so far and more people are becoming familiar with providing and using the packs. Over time buyers will be likely to implement some of the energy-saving recommendations as they make improvements to their home. This will result in valuable cost savings on heating and lighting bills, given the recent upward year on year trend in overall utilities bills.” Legal & General believes that adopting energy-saving measures will become par for the course, just as many householders now regularly recycle their rubbish. Smith adds: “Green grants for energy saving improvements are available to many homeowners. The EPC makes homeowners more aware of how investment in energy-saving measures saves money in the long run and gradually this will translate into action.”

Public Enquiries: 020 7944 4400; Email:News Releases: http://www.communities.gov.uk

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CONTACT PEVERON ESTATES FOR FURTHER INFORMATION ON: Location

Price

Plot Status

Essex - 1 Plot with Planning Required for the construction of a residential dwelling.

£900000 GBP - Offers over

For Sale

Essex - 8 Plots with Lapsed Planning for the construction of eight dwellings.

£295000 GBP - Offers over

For Sale

Essex - 1 Plot with OPP for the demolition of the existing 3 bed detached house and single garage and construction of a dwelling with detached double garage and floor area in excess of 2 000 ft sq

£450000 GBP - Guide Price

For Sale

Essex - 1 Plot with Planning Required for potential for £900000 GBP - Guide the replacement of the substantial detached chalet to Price a 4-6 000ftsq detached over several mezzanine YOU HAVEhouse TO PROVIDE THE CONTENT PLS floors

For Sale

NEWS USA

Hertfordshire - 1 Plot with DPP for the demolition of the existing four bedroom house and erection of a new seven bedroom detached house with 5600sqft of accommodation.

£1050000 GBP - Offers in the Region

For Sale

Hertfordshire - 4 Combined with DPP for the demolition of the garages and barns and the construction of four two storey town houses.

£1550000 GBP - Offers over

For Sale

Hertfordshire - 6 Combined with OPP for the residential development of this site.

£1500000 GBP - Offers in the Region

For Sale

Greater London - 5 Plots with OPP for the change of use of the existing dwelling into two flats and the construction of 3 flats.

£1150000 GBP - Guide Price

For Sale

Hertfordshire - 1 Plot with DPP for the demolition of the existing timber frame clad bungalow and the erection of a new five bedroom detached dwelling with double garage.

£200000 GBP - Guide Price

For Sale

Hertfordshire - 75 Plots with OPP for the construction of a residential development.

£GBP Offers

Under Offer

Hertfordshire - 37 Plots with OPP for the constructions of thirty seven dwellings.

£GBP Offers

Under Offer

Hertfordshire - 1 Plot with OPP for the erection of a two bedroom residential bungalow.

£100000 GBP - Offers over

Under Offer

NEWS - AFRICA & USA

Why Invest in Ghana

hana is located on the west coast of Africa, about 750 km north of the equator between the latitudes of 4 and 11.5o north and longitude 3.11° West and 1.11° East. It is bounded on the north by Burkina Faso, on the west by La Cote D'lvoire, on the east by Togo and on the south by the Gulf of Guinea (Atlantic Ocean). Tema, the industrial city, which is adjunct to Accra, the capital city of Ghana, is on the Greenwich Meridian (zero line of longitude), making Ghana the closest landmark to the centre of the world.

Land Ghana has a total land area of 238,537 km2 (92,100 sq. miles) stretching 672 km north to south and 357 km east to west. Its physical size makes it about the same size as Great Britain. Out of a total land area of 23 million hectares, 13 million hectares (57%) is suitable for agricultural production, and 5.3 million hectares (39%) of this is under cultivation. Finance The financial environment of Ghana today looks quite encouraging and investment friendly. Ghana has a fairly elaborate financial industry, which has now undergone re-structuring to encourage greater financial intermediation. The Central Bank, the Bank of Ghana, has the autonomy and responsibility of managing the country's monetary policy. It also advises the government on the implementation of monetary policies. It also regulates and supervises the banking and financial sector with a view to enhancing the enforcement of prudential rules. Setting Up a Business in Ghana Business Laws An entrepreneur, irrespective of nationality, can set up a business enterprise in Ghana in accordance with the provisions of any of the following legal instruments: The Companies Code, 1963 (Act 179) The Partnership Act, 1962 (Act 152) The Business Name Act, 1962 (Act 151). Minimum Foreign Capital Requirement A foreign investor may team up with a Ghanaian entrepreneur or company for a joint venture, usually in the form of a partnership or a limited company. However, under the Ghana Investment Promotion Centre Act, 1994 (Act 478), a minimum equity capital of US$10,000 is required from any foreign investor who intends to enter into a joint venture partnership with a Ghanaian in any area of economic activity, except trading. In trading, the minimum equity capital requirement is US$300,000. The foreign shareholder is required to satisfy this minimum equity capital either in cash transferred through Ghana's banking system or its equivalent in the form of goods, plant and machinery, vehicles or other tangible assets imported specially and exclusively to establish the enterprise. The imported items must be covered by a Destination Inspection Report issued by an accredited inspection company, stating the value and condition of the goods. Consideration for goodwill of a business or services rendered by partners cannot be used to satisfy the minimum foreign equity capital.

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Foreigners are permitted 100-per-cent ownership of an enterprise provided the investor satisfies section 19 (2b) of the GIPC Act, 1994 (Act 478). Wholly foreign-owned enterprises must have a minimum paid up capital, the equivalent of US$50,000 in all areas of economic activity except import trading, where the minimum equity capital requirement is US$300,000. In the cases of export trading and liaison (external) offices, there is no minimum foreign equity requirement. Business Registration Forms, advice and assistance are available at: The Registrar-General Registrar-General's Department P.O. Box 118 Accra, Ghana Tel: (233-21) 662043/664691

Fed takes control of market The US Government has given the Federal Reserve more powers to control the American markets. US Treasury Secretary Henry Paulson revealed a host of new measures giving new powers to the Federal Reserve as a 'market stability regulator'. Many critics say this announcement is the Bush White House trying to move away from its previously lackadaisical approach to regulation. The new rules will mean the bank will now make sure all those working in the financial sector can supply it with full information on their activities. It will also grant the Fed to set new rules for the behaviour of those working in financial markets. This move was merely a formality - the Fed has already taken many steps to provide liquidity to investment banks as the credit crunch loses begin to rise. The Treasury secretary admitted that the US system was full of “regulatory gaps as well as redundancies” and has promised to set out an ambitious schedule to reinforce the system. This all comes as a result of the fall of markets following the sub prime mortgage meltdown. Many say this meltdown came as a result of a lack of regulation and monitoring of mortgage loans and mortgage security sales.

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NEWS - UK

New options for tenants’ deposits

enters now have added security on their deposits as all deposits taken by landlords must now be safeguarded by one of three Government approved schemes.

Landlords can choose which scheme they wish to use and must safeguard each deposit, and then inform the tenant which scheme has been used within 14 days of receiving the deposit. From April 6 2007, all deposits for rent up to £25,000 a year taken by landlords for assured and assured shorthold tenancies, which are most tenancies in England and Wales, should have be protected by a tenancy deposit protection scheme.

David Salusbury, chairman of Tenancy Deposit Solutions Limited, says: “If landlords are dispensing with a deposit to avoid using the protection scheme, they are very unwise as they will have great difficulty obtaining redress if the property is damaged or dirty at the end of the tenancy. “But if they are taking a deposit and not protecting it, they are in clear contravention of the Housing Act 2004 and the consequences are potentially very serious. They may be required to pay to the tenant a penalty of three times the amount of the deposit and may find their ability to recover the property through the courts is compromised.”

Unfortunately, figures from the National Landlord’s Association show these schemes have been slow to gain momentum – at the end of 2007, three quarters of landlords in the UK had yet to sign up to a scheme. Paragon has warned that landlords could face large fines if they end up in a dispute over deposits without the protection of a scheme.

Tenancy Deposit Solutions is an insurance backed deposit protection scheme and allows landlords, either directly or through an agent, to hold deposits. This service requires landlords to pay a joining fee plus an insurJohn Heron, managing director of Paragon ance premium per deposit and Mortgages, says: “Most landlords have embraced an annual renewal fee.

the new rules and are already happily working with them. But those landlords that haven’t joined a scheme could find that they are unable to evict tenants if they have caused damage to a property or that they could pay out three times the deposit back if they end up in a dispute.”

John Heron, managing director of Paragon Mortgages, says: “Most landlords have embraced the new rules and are already happily working with them. But those landlords that haven’t joined a scheme could find that they are unable to evict tenants if they have caused damage to a property or that they could pay out three times the deposit back if they end up in a dispute.” The Government has awarded contracts to three companies to run its tenancy deposit schemes.

The Deposit Protection Scheme is the simplest scheme, and is managed by Computershare who have been running the same scheme in Australia since 1999. It is provided free of charge and is funded entirely by the interest earned from deposits held in the scheme – so a landlord puts the deposit in an account, maintained by the interest.

In conjunction with TDSL, the RLA can offer members entry into this scheme at a subsidised rate.

Any landlord now holding deposits for a tenancy agreement outside the scheme will forfeit their normal right to possession and could also be fined up to three times the value of the original deposit in the event of a dispute with a tenant. Heron added: “As tenancy agreements start to expire, we could see a number of cases going to Alternative Dispute Resolution. Without the protection of a scheme, landlords are leaving themselves open to financial risk. It doesn’t make business sense and it could also mean that the landlord is breaking the law.” Salusbury concludes: “All in all, implementation of mandatory deposit protection has worked well and we are pleased with our success in providing an effective, efficient solution for landlords who prefer to continue to hold deposits themselves.”

The Tenancy Deposit Scheme is an insurance backed deposit protection and dispute resolution service run by the Dispute Service and builds on a scheme that has been running since 2003. The new scheme allows landlords and agents to hold onto deposits – but must be returned to the tenant if they are surplus to requirements. There is an annual fee per property for landlords and a one off annual fee for letting agents.

NEWS - UK

Beat the housing crash - bid for a home By Lee Jones

ritain’s housing market is not looking good. Last month, the Council of Mortgage Lenders revealed there were 27,100 repossessions in the UK during 2007. Although this is less than 0.5% of all UK mortgages, the Council has predicted this figure will rise in 2008. Also, as the Bank of England released its last inflation report, the Governor Mervyn King admitted house prices could well be on the turn - “It's conceivable there might be falls in house prices,” he said. So should UK investors run and hide? Is it best to batten down the hatches and wait for the credit crunch storm to subside? Not at all – this is the perfect time to buy cheap, sometimes with a 40% discount, at home auctions. Mortgage lenders often put up their repossessed properties for sale at home auctions, usually at reduced reserve prices to ensure they sell quickly. Local authorities and housing associations use them for the same reason – to get back something, fast. This means as repossessions rise, shrewd investors can clean up. No one wants repossessions – it’s a sad fact that people cannot pay their mortgages, but lenders only repossess as a final straw. It’s an expensive process, and one that will leave the lender out of pocket – something they hate to do. So when it comes to a home auction, lenders basically just want to get rid of the property and recoup some money as fast as possible – so there are some real bargains to be had. Oliver Gilmartin, economist at the Royal Institute of Chartered Surveyors, says: “We continue to expect a rise in the number of homes going under the hammer into 2008. The commercial property market may also see a rise in lots offered at auction as consumers tighten their belts” “The Auction house will continue to a quick means to foreclose mortgages where properties have been repossessed. “RICS estimate that repossessions will continue to climb higher into 2008 and could exceed 45,000, a rise of 50% from current annualised rates.” And auctioning is growing. According to statistics from Essential Investment Group, a UK property auction house, the houses sold through property auctions has doubled in five years to £5.9 Billion in 2007. David Sanderman, managing director of EIG, says: “Auctions, by nature, are an area where the vendor has to sell, so there are a lot of cheap properties out there. And anyone can do it – we see auctions where 50% of the bidders are just normal people looking for a good deal.” Sanderman’s group says the number of residential properties offered at auction last year rose by over 5%, from 18,525 to 21,528.

Sanderman says: “Generally, it’s corporations that are selling the properties, so there is no emotion attachment to the sale, meaning it can go from the auction catalogue to the hammer in three weeks.” So if you are buying at auction is that you can buy your home quicker. Because it isn't part of a slow moving chain it will be easier to move into straight away. And with the help of a short-term, or bridging loan, you can buy the home instantly, worrying about the mortgage later. But of course, once a good auction is found it’s not all plain sailing – a good investment comes after well-researched homework – bidders should make sure to have got your thorough survey and valuation beforehand. “It’s not 100% safe,” says Sanderman, “this is a trader’s area, so there is o substitute for due diligence. After the bid, there is no turning back – if things aren’t right, it’s your problem. “If you were buying from a car auction, you would check under the bonnet. The same has to be done for a home – you cannot assume nothing is wrong with it. Research is everything.” So once the property has been chosen, and valuers and surveyors have checked the house – the next step is the bid. A bidder can arrange for a solicitor to bid for them, but if the investor wants to go they can it alone. But be warned – this can be a smart, inexpensive investment, but only if the bidder don’t loose his or her head. Sanderman adds: “Don’t rely on the reserve price. That might be as low as £150,000, but with some research you would find that the property is worth nearer £400,000. So a cheap reserve doesn’t mean it will be a cheap sale.”  If the bid is successful, the winner is legally bound to buy the property and will need to put down a deposit there and then of 10%. After signing the contract, the seller is legally bound to complete on the day, paying for the rest of the property within the next month. “Make sure you can get a mortgage on the property,” warns Sanderman, “to get a domestic buy-to-let or owner’s mortgage the property must be worthy. Do your homework and go into this with your eyes open.” With due diligence, a good eye and a level head, anyone can find their dream UK property at a rock bottom price. And although one must be as cautious as possible, Sanderman knows the auction room is the place to buy in 2008. “This year we will see more and more repossessions priced to sell, lenders putting property up that are at the last chance saloon. These properties have to go, so there will be real bargains to be had.”

EIG statistics also show that 7,561 homes were sold at auction in the Midlands and North last year, making almost £900 million.

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United Bank for Africa Plc RC No. 2457

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