CategoriesConstruction News

SBP takes another step to boost investment in real estate

 

SBP takes another step to boost investment in real estate

LAHORE/KARACHI: In what is being seen as a positive development for the real estate sector and capital markets, the State Bank of Pakistan on Wednesday reduced the risk weight of banks/DFIs from 200 per cent to 100pc on their investment in units of Real Estate Investment Trusts (REITs) for five years to facilitate development of housing finance and capital markets.

“In order to provide further support to the development of real estate sector, State Bank has amended its capital adequacy regulations by significantly lowering the applicable risk weight from 200 per cent to 100 per cent on banks and DFIs’ investments in the units of REITs,” said a SBP circular.

Besides the revision in the capital adequacy treatment for banks’ investments in REITs, the circular said, the banks’ investment (in REITs) will now be categorised in the “Banking Book” instead of “Trading Book”. However the central bank added that it “may review this revised treatment after a period of five years based on the banks’ exposure and performance of the REITs sector”.

Halving of risk weight of banks, DFIs to help REITs

According to the SBP, “With the changes in capital adequacy regulations, banks and DFIs will now be able to increase their investments in REITs without the need to allocate relatively large amount of capital.

“This will, in turn help banks to promote development of real estate sector in the country. The enhanced participation of financial institutions, backed by regulatory initiatives, would also encourage REIT Management Companies to launch new REITs, providing further boost to the Government’s agenda for development of housing and construction sectors,” it said.

‘A good move’

“This is a good move since the risk weight for banks’ investment in the real estate sector was very high. Banks will now be able to increase their investments in REITs without allocating relatively large amounts of capital. This move would facilitate investment in REITs and potential launch of new REITs,” Samir Ahmed, Knightsbridge Capital Group CEO, told Dawn.

“This change in capital adequacy treatment for banks’ investments in REITs has opened up new avenues of financing for REITs. This means REITs can now arrange financing from the banks; earlier they had to rely on their own equity. The market participation in REITs is likely to increase,” he said.

REITs are companies like closed-end mutual funds that own, operate or finance income-producing real estate. They raise funds from the general public and institutions and deploy these funds through investment in real estate properties. REITs provide an investment opportunity that makes it possible for everybody to own and benefit from real estate by allowing them to invest in portfolios of real estate assets the same way they invest in equities.

“The stockholders of a REIT earn a share of the income produced without actually having to go out and buy, manage or finance a property,” Mr Ahmed said.

REITs invest in a wide range of real estate property types, including offices, apartment buildings, warehouses, retail centres, hospitals, data centres, infrastructure and hotels. Most REITs focus on a particular property type but some hold multiple types of properties in their portfolios.

The SBP had earlier amended provisions of its existing prudential regulations to encourage enhanced participation of banks in REITs that enabled them to make higher investments in REITs to the tune of 15pc of their equity as against the previous limit of 10pc.

Moreover, the SBP has also allowed the banks to count their investments in shares, units, bonds, TFCs and Sukuks issued by the REIT management companies toward achievement of their mandatory targets for housing and construction finance.

“The amendments in SBP’s capital adequacy regulations will further incentivise banks to contribute towards a well-functioning capital market for real estate sector,” said the SBP.

Taxation challenges remain

Welcoming the development, Arif Habib Dolmen Real Estate, which owns the country’s only listed REIT, stated that REITs were a quintessential instrument for the government to document real estate and bring transparency in this sector.

Speaking from Karachi, Mohammad Ejaz, an analyst at Arif Habib Securities, said both SBP and SECP had done their part to encourage establishment of REITs in the country. “Now it is FBR’s turn to provide an enabling environment and facilitate the REIT investments by resolving the taxation challenges,” he said. Elaborating, he said some taxation anomalies such as 25pc tax on dividend income still exist.

“This should be cut to 15pc since REITs distribute 90pc of their profits and have to compete with the large, obscure and informal investors operating in the country’s real estate sector. With the government focused on encouraging construction and housing to boost the economy, REIT is one formal, documented way to promote the real estate sector that largely operates in the grey. Taxation is a major reason we don’t see much development in REITs.”

If you enjoyed this story, check out Punjab Govt approves Rawalpindi Ring Road Project

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The post SBP takes another step to boost investment in real estate appeared first on Dawn News

CategoriesLandscaping

This Landscaped Outdoor Space Includes A Living Room With A Bookshelf For Plants

Architecture and interior design firm Onion has designed the second phase of the Sala Samui Chaweng Beach Resort in Koh Samui, Thailand.

As part of the design, they included an outdoor living room and sitting area that both include a bookshelf for plants.

An outdoor living room with a shelving unit designed to house plants.

At night, the plant bookshelves light up, while the living rooms are furnished with outdoor sofas, armchairs, planters, and oversized lamps, the living rooms create comfortable spaces for guests to relax in.

An outdoor living room with a shelving unit designed to house plants.

Another design detail of the outdoor living rooms are the pebbles that have been used in place of rugs.

An outdoor sitting room with pebbles and oversized lighting.

Let’s take a look around the rest of the hotel…

The Public Areas

The resort design has a bright white exterior, however, the lobby has been warmed up with the use of wood, and curved wood walls add a sculptural element. The hotel restaurant introduces blue accents and includes a variety of seating, as well as oversized black and white striped pendant lights.

A modern hotel lobby with sculptural wood walls, woven lighting, and round furniture.
A modern hotel lobby with sculptural wood walls, woven lighting, and round furniture.
A modern hotel lobby with sculptural wood walls, woven lighting, and round furniture.
A modern hotel lobby with wood walls, woven lighting, and round furniture.
A modern restaurant hotel with glass walls.
A modern hotel restaurant with blue, white, and wood color scheme.
A modern hotel restaurant with blue, white, and wood color scheme.
A modern hotel restaurant with a blue and white theme, as well as black and white striped accents.
A modern hotel restaurant with a blue and white theme, as well as black and white striped accents.
A modern hotel restaurant with window seat and banquette seating.

The Courtyards

The resort has a variety of courtyards and outdoor spaces including areas with chairs arranged in a circle and surrounded by trees, paths with nearby stairs that lead to the different levels of the resort, a swimming pool with sun chaises, and outdoor king-sized beds nestled between plants and shaded by large trees.

A modern hotel courtyard with outdoor chairs arranged in a circle.
A modern hotel with arches and white stairs with lighting.
A modern hotel with cut-out curved sections.
A modern hotel with cut-out curved sections.
The architecture of a modern resort.
A resort swimming pool with oversized lights and a wood deck.
An outdoor king size bed for lounging in the sun.

The Spa

The spa area is defined by the use of the colors dark green and pink. The bathtub of the spa room is placed in the garden surrounded by the dark green walls, while the clear glass door brings nature into the treatment room.

Dark green walls and a built-in seat in a modern hotel spa.
Dark green walls and a built-in seat in a modern hotel spa.
Dark green and light pink walls in a hotel spa.
Light pink walls in a hotel spa.
Dark green walls with light pink stairs.
A spa with deep green walls.
A bathroom with deep green walls.

The Guest Rooms

The hotel’s rooms have contemporary interiors with wood accents and outdoor spaces with private swimming pools and lounges.

A hotel balcony with views of the pool below.
A hotel balcony with views of the pool below.
A hotel balcony with views of the pool below.
A hotel balcony with views of the pool below.
A hotel room with an open bathtub and shower.
A hotel bathroom with open bathtub and wood cabinetry.
A hotel room with a small swimming pool and covered seating area.
A hotel room with a small swimming pool and covered seating area.
Photograpy by Wworkspace

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CategoriesLandscaping

A Rooftop Lounge And Garden Surrounded By Brick Walls Was Designed For This Home

ODDO architects have designed a contemporary home in Hanoi, Vietnam, that’s surrounded by taller buildings and includes rooftop courtyards.

Due to rapid urbanization and the lack of public spaces, the architects designed a home that includes outdoor spaces.

A contemporary home with rooftop courtyards surrounded by brick.

The lower level of the home has a white exterior, while the upper level consists of multiple brick volumes, some with overhanging plants, adding a greenery element to the space.

A contemporary home with rooftop courtyards surrounded by brick.

The roof area is covered by open gardens where the family may grow their own vegetable and fruits.

A contemporary home with rooftop courtyards surrounded by brick.

The rooftops also include space for relaxing in the busy city.

A rooftop terrace surrounded by brick.
A rooftop terrace surrounded by brick.

Outdoor lighting included in the design of the rooftops enables the space to be used at night. It also adds light to the neighborhood as it can pass through the walls and openings.

Outdoor lighting makes this rooftop terrace light up like a lantern.
Outdoor lighting makes this rooftop terrace light up like a lantern.
A modern home with painted brick lower level, and textured brick upper level.

Inside the home, the interior has been kept open with glass ceilings, creating a bright living space.

A contemporary home with glass ceiling and built-in planters.

The living room opens up to the kitchen and dining area, which include custom planters built into the design of the home.

A contemporary home with glass ceiling and built-in planters.
A contemporary home with glass ceiling and built-in planters.

Other rooms in the house have sliding doors that open to green spaces, hiding the city beyond.

A sliding glass door opens the bedroom to green space.
Photography by Hoang Le photography | Architects: ODDO architects (Mai Lan Chi Obtulovicova, Marek Obtulovic, Nguyen Duc Trung)

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CategoriesLandscaping

A Delightful Terraced Garden Sits In Front Of This Outdoor Dining Room

Andrew Mann Architecture has completed the remodel of a home in Sonoma, California, that includes a newly designed garden with tiered planters and a covered outdoor entertaining space.

A modern garden with an covered outdoor dining area and terraced built-in planters made from concrete.

The garden pavilion, which was designed by Andrew Mann Architecture, also included the hardscape and layout of the fences, as well as the surrounding planter beds.

A modern garden with an covered outdoor dining area and terraced built-in planters made from concrete.

The dining pavilion, which can be lit up at night, acts as an outdoor entertaining space that’s surrounded by peaceful gardens completed by Christa Moné.

A modern garden with an covered outdoor dining area and terraced built-in planters made from concrete.
A modern garden with terraced built-in planters made from concrete.

The raised planters, which have a simple concrete border are filled with flowering plants of different sizes.

A modern garden with terraced built-in planters.
A modern garden with terraced built-in planters.

The pavilion, which has a sloped roof, is built from dark stained wood and has a large open area dedicated to outdoor dining.

An outdoor pavilion includes dining area, a kitchen area with fridges, a pizza oven and firewood storage, as well as a separate space for storing garden items. This small room can be hidden from view by the large sliding barn doors.

The pavilion also includes a kitchen area with fridges, a pizza oven, and firewood storage, as well as a separate space for storing garden items. This small room can be hidden from view by the large sliding barn doors.

An outdoor pavilion includes dining area, a kitchen area with fridges, a pizza oven and firewood storage, as well as a separate space for storing garden items. This small room can be hidden from view by the large sliding barn doors.

Let’s take a look around the main house…

Architect Andrew Mann and interior designer Katie McCaffrey of Angus – McCaffrey Interior Design collaborated on the partial remodel of the house, which was originally built in 1974 by Roland Miller Associates.

A modern house with large windows.

Andrew focused on form making, while Katie defined a material palette different in feel and mood from their client’s city house. Exposed wood beams and a wood ceiling complement the wood floors and furniture found in the open plan living room and dining area.

A modern open plan living room and dining room with high ceilings and plenty of natural light.
A modern open plan dining room with high ceilings and plenty of natural light.

Behind the dining room is the kitchen, which includes minimalist white and gray cabinets, a breakfast bar, and an island with a waterfall countertop.

A modern kitchen which includes minimalist white and gray cabinets, a breakfast bar, and an island with a waterfall countertop.
A modern kitchen which includes minimalist white and gray cabinets, a breakfast bar, and an island with a waterfall countertop.

Adjacent to the kitchen is a secondary smaller and more casual dining area.

A small casual dining area with a round table and leather chairs.

In the bedrooms, there are high ceilings and walls of wood-framed windows that fill the rooms with natural light.

A modern bedroom with high ceilings and a wall of wood-framed windows.
A modern bedroom with a simple design.

In the bathrooms, the color palettes have been kept neutral, with only the tile flooring providing a decorative accent.

A modern bathroom with a high ceiling and a wall of wood-framed windows.
A modern bathroom with a walk-in shower that includes a bench and built-in shower niche.
A modern bathroom with a floating vanity and patterned tile flooring.
Photography by David Wakely Photography | Architecture: Andrew Mann Architecture | Interior Design: Angus-McCaffrey Interior Design | Landscaping: Christa Moné

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Rs6.5b released to buy land for Ring Road
CategoriesConstruction National News Real Estate News

Rs6.5b released to buy land for Ring Road

To get the long-planned, 65 kilometre-long Rawalpindi Ring Road project off the ground, Rs6.5b released to buy land for Ring Road by the government.

This was disclosed by the Punjab Project Management Unit (PMU) Deputy Director M Abdullah on Sunday.

He said that the proposed project includes the construction of industrial zones as well as a health city, dry port, bus and truck terminals and theme parks.

In a detailed presentation to traders of the city as part of a briefing session on the Ring Road at the Rawalpindi Chamber of Commerce and Industry (RCCI), the deputy director said that a proposal for rapid rail transit was also under consideration in the project.

He assured that suggestions of the stakeholders will be shared with the relevant officials so that they can be incorporated into the project.

RCCI President Nasir Mirza said that the project can prove to be a game-changer for Rawalpindi as the proposed industrial zones can turn the city into a hub of trade activities.

The stakeholders, he said, should be taken on board while finalizing the allocation for and demarcation of industrial zones, he added. The RCCI president further emphasized that this was an important project for the development of Rawalpindi and should be completed on priority.

If you enjoyed this story, check out Punjab Govt approves Rawalpindi Ring Road Project

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The post Rs6.5b released to buy land for Ring Road appeared first on The Express Tribune October 12th, 2020
Economic Zones along Ring Road approved
CategoriesConstruction National News Real Estate News

Economic Zones along Ring Road approved

Rawalpindi Development Authority (RDA) on Wednesday approved setting up of economic zones along Ring Road which will be controlled by the civic body’s zoning regulations.

This was decided at the 49th governing body meeting of the RDA which was presided over by its chairman Tariq Mehmood Murtaza.

Though the Punjab government has yet to start the process to procure land for the proposed Ring Road Project, the RDA governing body declared the area along the Ring Road as city limits.

Under the plan, Punjab government will execute the project through Lahore Ring Road Authority instead of Rawalpindi Development Authority. It has already notified Rawalpindi’s commissioner as project director.

Zones will be controlled by the civic body’s regulations

A formal notification for setting up of the economic zones will be issued by the Punjab government.

Future construction activities within these zones would be controlled in accordance with the principles of town planning and zoning regulations, the governing body said.

The governing body also approved RDA City, a 3,000-kanal residential project.

The project will be LDA-style and for this purpose governing body has made a five-member technical committee under the supervision of MPA Latasub Satti.

The committee will compile its report on the acquisition of land for RDA City project and other matters within fifteen days.

A short-term consultancy was also approved for this housing project to prepare a feasibility report aimed at identifying location suitable for the construction of RDA City.

The RDA director general presented each agenda before the governing body. Agenda items in detail were approved after questions and answers from various members.

Feasibility study for construction of metropolis zone along with New Islamabad Airport was also approved.

Besides this, hiring of a survey company was also approved which would determine encroachments along Leh Expressway.

Approval was also given to construct buildings on RDA approved commercial roads in accordance with the new building bye-laws so that the construction industry could flourish.

If you enjoyed this story, check out Punjab Govt approves Rawalpindi Ring Road Project

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The post Economic Zones along Ring Road approved appeared first on Dawn News September 17th, 2020
Land acquisition for Ring Road to begin by end of the week: RDA Chairman
CategoriesConstruction National News Real Estate News

Land acquisition for Ring Road to begin by end of the week: RDA Chairman

Land acquisition for the Rs 52 million Ring Road project will begin by the end of the week, Rawalpindi Development Authority (RDA) Chairman Tariq Mahmood Murtaza said on Tuesday.

“The mega project is being launched by the PTI government to ease traffic, control urbanisation and shift small industrial units outside the city under the vision of Prime Minister Imran Khan on a private public partnership basis,” he said at a press briefing at the RDA offices.

In addition to Mr Murtaza, Water and Sanitation Agency (Wasa) Managing Director Raja Shaukat Mehmood, Wasa director admin and RDA deputy director finance Mohammad Junaid Taj Bhatti, RDA Director Planning Mohammad Ijaz and other RDA and Wasa officials attended the briefing.

Mr Murtaza said that since taking charge as RDA chairman, he has been trying to provide public service facilities.

“In order to make this effort a reality, standard operating procedure (SOP) has been set up to approve building plans within 30 days, change of land use approval within 45 days, approval of housing schemes within 75 days, digitisation and record scanning started to save office records and construction of one window has also started,” he said.

Rawalpindi Ring Road Project is being launched to ease traffic, control urbanisation and shift small industrial units outside the city.

According to SOP, building plan approvals began on July 1, the RDA chairman said that 135 building plans were submitted in the last two months of which 117 were residential and 18 commercial.

He added that the RDA has fixed a period of 30 days but has managed to approve 50pc of the building plans in half the time. Two applications for change of land use have been received have been approved.

“The RDA has earned Rs30 million in these two months. The early approval of the building plans has created confidence among the people. The people-friendly atmosphere will be further improved in the coming days and more facilities will be given to the people,” he said.

“We are also trying to bring maps, housing schemes and other services online so that the applicant can stay home,” he said.

On illegal housing societies, Mr Murtaza said that the RDA would take action and move the courts against illegal housing societies that did not obtain no-objection certificates from the RDA but launched print, electronic and social media campaigns featuring celebrities from within the country and abroad.

About Wasa, he said that floods came all over the country, but the Wasa managing director’s strategy and his personal interest kept a flood-like situation from emerging in Rawalpindi.

He said in the past, casualties including the loss of life and property, had occurred but not a single person died because of Leh Nullah this monsoon.

Mr Mehmood from Wasa said the agency launched its One Link bill payment service for the convenience of its customers, who can now pay their water bills through any bank’s ATM machine as well as using internet banking and mobile banking applications.

He said that with the signing of the online agreement, the online bank transaction will be transferred to Wasa’s accounts immediately, leaving no possibility for error.

If you enjoyed this story, check out Punjab Govt approves Rawalpindi Ring Road Project

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The post Land acquisition for Ring Road to begin by end of the week: RDA Chairman appeared first on Dawn News September 10th, 2020
Punjab Govt approves Rawalpindi Ring Road Project
CategoriesConstruction National News

Punjab Govt approves Rawalpindi Ring Road Project

LAHORE: Punjab Chief Minister, Usman Buzdar, has given the approval to start work on Rawalpindi Ring Road project under Public-Private Partnership.

Addressing a meeting in Lahore on Saturday, the chief minister said that the provincial government will provide all possible support and facilities for completion of Ring Road project.

A comprehensive business model is also being prepared for the promotion of public-private partnerships in the health sector.

The 65.8km ring road will start from Radio Pakistan Rawat N-5 and terminate at Sangjani N-5. Construction of Special Economic Zones (SEZs), including industrial, educational, recreational, medical health, residential and aerotropolis etc is a key component of the RRR.

Earlier in June, Punjab Chief Minister Usman Buzdar had approved the Lahore Ring Road Southern Loop-III project which would be completed in one year.

Punjab CM Usman Buzdar gave the approval for the road project while chairing a high-level meeting of Lahore Ring Road Authority (LRRA) today.

An agreement will be signed between Lahore Ring Road Authority (LRRA) and National Logistics Cell (NLC) in a ceremony this month where the chief minister will be the chief guest.

CM Usman Buzdar said that the Lahore Ring Road Southern Loop-III will be constructed from Raiwind Road to Multan Road under the public-private partnership.

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Innovative Building Blocks are made of 100 percent Plastic Waste
CategoriesConstruction International News

Innovative Building Blocks are made of 100 percent Plastic Waste

Innovative Building Blocks are made of 100 percent Plastic Waste by ByFusion to make building more sustainable. The company created ByBlock, the first construction-grade brick made entirely out of recycled plastic materials.

What is ByFusion?

 

“We have been working hard over the past several years to develop an innovative system to help the recycling industry address the plastic waste crisis by being able to recycle plastics that were previously considered unrecyclable,” CEO Heidi Kujawa told Manufacturing.

The first thing you’ll probably notice about the large building blocks is how cool they look. Each one has a mix of vibrant colors because the plastic waste it’s formed from — like water bottles, packaging and other single-use items — is still visible.

Each brick is made by heating, compressing and fusing the recycled materials together. It’s for this reason that ByBlock boasts itself as the ultimate landfill diversion solution. ByFusion works with material recycling facilities, waste management operations, municipalities and corporate partners to upcycle their rubbish. The zero-waste process uses a whopping 30 tons of trash per month.

But construction workers won’t be giving up quality when they use ByBlocks. Unlike concrete, these don’t crack or crumble. You can peep a worker in the video attempting to smash one with a hammer — it doesn’t give. The concrete block on the other hand shatters after a few hits. Moreover, ByBlocks don’t require glues or adhesives, making them easier and quicker to install.

According to ByFusion, ByBlocks are ideal for sheds, accent walls, furniture, non-load bearing walls, privacy fences and most building projects.

The U.S. represents only 4 percent of the world’s population but produces 12 percent of its waste. That’s largely because America only recycles 35 percent of its waste, making it the only developed nation whose waste outpaces its recycling.

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