Reliance Industries Developing 4 Million Feet of Retail Projects in India

Already the largest private sector conglomerate in India, Reliance Industries Ltd. (RIL) is developing four million square feet of retail space in North India, plans a 720,000-square-foot, $55 million commercial complex at Alaknanda, is building a mall in South Delhi and has 20 other sites lined up for additional shopping centers in Delhi.

RIL is the flagship company of the Reliance Group, India's largest private sector enterprise with businesses in the energy and materials value chain. Reliance Group's annual revenues are over $66 billion, according to the company. Reliance Industries Ltd. is a Fortune Global 500 company.

Although RIL's core business is petrochemical, refining and oil and gas, the company says it wants to become one of the largest real estate organizations in India as well. Its subsidiary companies cater to textile, retail business, special economic zone (SEZ Development) and telecom/broadband segments.

According to The Ground Report of India, RIL plans to make its real estate business complimentary to its retail segment that will enable it to gain ground in both arenas.

"The company's foray into the real estate will further enable it to tap a new market and enable it to support its retail business," states The Ground Report.

According to a company official, RIL will use the land Mukesh Ambani won in a Delhi Development Authority bid for around Rs.400 crore in 2007 to construct its five-story Alaknanda complex. This project is tentatively scheduled for completion by 2014.

 It will use two-fifths of the retailing space to house brands owned by Reliance Retail (a subsidiary arm of RIL). The complex will have ground level space and three basement levels, along with parking space for more than 1000 cars and 700 two-wheelers.

While it is waiting for a go-ahead from the Delhi Pollution Control Committee, RIL says it already has the green light from the Union environment and forest ministry for this project.

According to The Ground Report of India, RIL was on a buying spree several years ago when it procured shopping complexes and mall sites in and around 150 cities in India.

 Its real estate projects include Reliance Corporate Park in Navi Mumbai that serves also as a convention center and a world-class hospital in Mumbai.

Super Luxe Brazilian Resort to Open

Amanoca, Costa Verde, Brazil

The newest luxury resort development poised to take advantage of the burgeoning Brazilian tourism market is Ámanoca, a 5-star villa and hotel development south of Rio de Janeiro in the Costa Verde region. Set to open in early 2014, local developers Derek & Desmond Pinto have partnered with Aman Resorts to bring this project to left.

The Pintos of ARL Ltd., whose wholly owned subsidiary, Patience Empreendimentos Ltd., is behind the project, were raised in Brazil and have a long history of development activity in projects of this nature in the Caribbean.

With a 23-suite hotel and just 19 villas for sale, the resort's location boasts outstanding panoramic views from its elevated position of 25 to 90 meters above sea level. This lush peninsula is a little more than a 60-minute drive or a 20-minute helicopter ride from the heart of Rio, and is part of a highly desired coastline.

According to the Pintos, this area is a 'place to be seen' and a perfect location for South America's first Aman Resort. Amanoca is expected to attract an international set, and those who purchase in the community will be a part of Brazil's "most exclusive, sought after development renowned for its cutting edge design and envied location," the developers added.

Bordering its own nature reserve, the Ámanoca fully-furnished beach and ocean front villas all have ocean views and start from $6.5 million. The homes are being designed by Jean-Michel Gathy of award winning Denniston International Architects and Planners Ltd.

With a basic design of four bedrooms, extensive living areas both inside and out as well as elegant infinity pools, all villa owners will have access to the highest possible level of service throughout as well as to the resort's exclusive beach club and spa. Villa designs can be tailored to individual needs to incorporate extra bedrooms, entertainment and living areas as desired.

Nestled into the hillside, the beach club offers spectacular views of the surrounding natural environment and a restaurant at Amanoca will surely be a popular hangout for years to come.

Meanwhile the collection of resort swimming pools will be some of the region's most dramatic, overlooking the resort's 300-meter white sandy beach and Atlantic Ocean

South Korean Real Estate Investors Make Purchases Abroad

Seoul, South KoreaThe good old days of buying real estate abroad in bulk are gone for most South Korean investors but they still continue to see growth opportunities in the U.S., according to the latest statistics from the country's Ministry of Strategy and Finance.

In the second quarter, South Koreans bought $53.7 million worth of real estate compared to $50 million in the first quarter. But the general pace of those acquisitions has slowed since the 2008 global financial crisis began, the government notes.

For example, in 2007, a banner buying year for South Koreans, investors poured a total $874 million into foreign real estate markets. But a year later, in 2008, that  figure was nearly halved to $438 million. And in 2009, the total dropped $201 million.

Overseas property buying grew slightly to $251 million in 2010, but the volume was almost unchanged at $253 million in 2011.

The ministry forecasts the country's overseas property purchases will increase to a limited extent in the near future due to the global economic slowdown and a slump in the U.S. real estate market, the major destination of South Korean overseas property buyers.

Retail investors purchased $52.4 million worth of overseas real estate, or 97.6 percent of the total, during the second quarter, with corporate buyers making up the remaining 2.4 percent.

The North American region was the most popular destination for the country's overseas property buyers in the second quarter, with about 90 percent of real estate being bought there.

The U.S. was the most popular market, attracting 80.4 percent of total investments.  Canada was next popular with a 9.5 percent share. China's Hong Kong  market drew 2 percent.   

Timeshare Tycoon Revs up Company, Restarts 90,000-square-foot Orlando Residence

David and Jackie SiegelTime-share tycoon David Siegel and wife, Jacqueline, are back in the nAt least Siegel's wife, Jackie, seems to be relishing the limelight as the documentary movie about their luxurious Orlando lifestyle, "The Queen of Versailles," recently debuted in their hometown of Orlando. At the same time, the Siegels are all smiles as construction begins anew on their 90,000 square-foot dream residence called Versailles

Believed to be the largest residence under construction in America, Versailles was put on hold in the aftermath of the Great Recession that dramatically cut into Siegel's Westgate Resorts timeshare empire. Versailles was the focal point of the movie, showing how even high-net worth individuals were affected to some degree by the global downturn.

After the movie came out, however, David Siegel, whose family initially cooperated with the filmmaker, was angered by the film, which depicted a not-so-flattering portrayal of Siegel's personal and business affairs. Consequently, Siegel sued the filmmaker for making "false and defamatory statements" and demanded an epilogue be added to the film to communicate that his financial empire is firmly intact.

Once the Great Recession set in, freezing worldwide capital markets and forcing Siegel to drastically cut back on his billion-dollar timeshare empire, Siegel put on hold the construction of his Versailles palace.

Oh how times have changed in one short year. Central Florida Investments Inc., Westgate Resorts' parent company, is now a leaner, stronger organization, sales are roaring back inside the timeshare gates, and the mood of the company is as positive as it's been since Westgate was generating $1 billion in annual revenue five years ago.

"We're feeling extremely good," said David Siegel, founder/president and CEO of one of the largest privately owned timeshare companies in the world. "At the first of this year, we gave pay raises to our employees for the first time in awhile and we're enhancing our employee benefit programs. This is a great time to be at Westgate because we have a great future.

Westgate Resorts Park City, Utah

"We have a very supercharged and energized sales team. They're very excited because they are seeing a lot of new and upgraded amenities at many of our resorts. When you see that kind of activity going on and you're making more money. ... It really puts a lift in the step of our team. Morale right now is at an all-time high within Westgate."

Indeed, Westgate Resorts, which Siegel started 32 years ago when he launched Westgate Vacation Villas one mile from Walt Disney World in Orlando, truly couldn't be a more exciting place to be around these days.

A year ago, timeshare juggernaut Westgate Resorts was not feeling all that mighty. The company was still reeling from the effects of the recession, the credit markets remained frozen and Siegel's company revenue was half of what it was in the peak year of '07.

According to Siegel, Westgate was forced to cut its sales in half to approximately $500 million - mostly due to the tightened credit markets - and lay off nearly half of its 12,000 employees. Appearing at a "Meet the Leaders" panel at Interval International's annual "Shared Ownership Investment Conference," last October in Orlando, Siegel said it was the first time in 31 years that his company didn't have any new timeshare project under construction.

Perhaps the biggest symbol of Siegel's turn of events was his future Orlando residence. The $100-million estate sat half-finished and was reportedly up for sale at one time. Then the highly publicized film came.

Today, the timeshare icon, couldn't be happier. In fact, during a recent interview with company COO Mark Waltrip, Siegel's longtime right-hand man, Waltrip was interrupted by a phone call from an Orlando official.

"That was a about a permit being issued," Waltrip says with a smile. "David is restarting his house."

Indeed, Westgate Resorts and Siegel both have their respective 'houses in order' these days