As adjustable rate mortgages and a receding economy threaten millions of homeowners with a potential foreclosure, the demand for loan modification is causing many of the former predatory lenders to resurface and setup shop as loan modification providers.

“Many of the so called experts are the selfsame perpetrators who originated most of the toxic, or even fraudulent loans in the first place,” according to former bank branch manager and loan modification expert Steve Aranda, author of The Complete Guide to Loan Modification.

Loan modification is a process by which any homeowner can renegotiate with their current mortgage bank to get their payments or interest rate reduced, and in some cases even obtain a principal reduction in which their mortgage balance is brought down.

A recent report released by Mortgage Asset Research Institute found that mortgage fraud had increased by 45 percent in the second quarter of 2008, as compared to the previous year. And the FBI has reported that the number of mortgage fraud complaints nearly tripled in 2009 as compared to 2005.

Mr. Aranda has launched a new website, www.LoanModificationClub.com , to teach people how to do their own loan modifications, saving thousands of dollars in fees and avoiding the risk of falling victim to loan modification scams. The kit includes a book, video, software, and forms for any borrower to complete their own loan modification themselves.

Many of the loan modification scams revolve around up-front fees, according to Aranda.

However, unless you are an attorney, an up-front fee cannot be collected after a Notice of Default has been filed. Furthermore, even before the Notice of Default, only companies who have submitted specific documentation to the Department of Real Estate for review are able to collect fees before any services have been rendered, and even then only under specific circumstances.
Aranda estimates as many as 60 percent of all loan modification companies are practicing illegally, often using non-attorney processing companies to negotiate for them without having legal counsel on staff.

Numerous companies are scrambling to get into the lucrative loan modification market now; in California alone, there are almost 200 companies legally able to do loan modifications in the state – up from under 30 companies several months ago. Unfortunately, there are also many companies who are not legally able to do loan modifications but who do them anyway, taking advantage of homeowners who are desperate for a solution.

“For homeowners with a problem mortgage, there are actually several options besides loan modification, including forensic audits, short sale, deed-in-lieu of foreclosure, or even a reverse mortgage for seniors over age 62,” states Aranda. A forensic audit is a review of the initial loan documents, looking for loan fraud or problems as a means to force a lender to settle and accept better terms.

Aranda recommends any homeowner in trouble or expecting a mortgage adjustment should investigate all their options before doing business with anyone advertising loan modification.

LoanModificationClub.com provides a complete step-by-step system for any homeowner facing mortgage trouble. The online kit includes a video, e-book, software calculator, and member’s-only forum staffed by attorneys and bank employees. For more information, contact Steve Aranda at steve@loanmodificationclub.com or at 323-868-6242.

The heart shaped island of Tasmania off the coast of mainland Australia will become one of the first states to benefit from the Government’s renewable energy target, with a major boost announced for its windfarm industry…

Last year, the Australian Government committed to ensuring that 20 per cent of Australia’s electricity supply comes from renewable energy sources by 2020.

To deliver on this commitment, the Australian Government is working in cooperation with the States and Territories through the Council of Australian Governments (COAG), to implement an expanded national Renewable Energy Target (RET) that will bring the existing state targets into one national scheme.

The national scheme will increase the existing target by more than four times to 45,000 gigawatt hours in 2020 as well as contributing to meeting Australia’s targets for the reduction of greenhouse gas emissions.

It will also provide a market incentive to accelerate uptake of renewable energy sources powering Australian properties, which include solar, wind and geothermal energy. The scheme is expected to be introduced in mid-2009.

Tasmania – world class resources

Tasmania is unique within Australia as the only state that already generates a large proportion of its electricity from hydro-electric power schemes.

Hydro has been the predominant source of electricity in Tasmania since the first power stations were built in the early 1900’s and currently there are 29 hydro-electricity power plants throughout Tasmania.

Lying in the path of the Roaring Forties – the prevailing westerly winds that circle the earth’s high southern latitudes – Tasmania has world class resources for the generation of wind power.

Currently, there are two operating wind farms in the State – Woolnorth Wind Farm in the State’s North-West and the Huxley Hill Wind Farm on King Island.

There are a number of privately owned wind turbines in the State, including a 225 kilowatt wind turbine on the Nicholas Poultry Farm and two wind turbines on Flinders Island with a combined generation capacity of 80 kW.

Now, Tasmania’s wind farms look set to grow further with the announcement from the Federal Government that, after a year of uncertainty, draft legislation aimed at increasing the amount of clean electricity has been released.

The Federal Government’s faced a great deal of pressure to introduce the scheme, not least from the Tasmanian Premier David Bartlett, who criticized the long wait for the scheme, saying that millions of dollars were being lost in potential investment.

Mathew Warren from the Clean Energy Council said, “Tasmania will be one of the first states to benefit.

“Wind farms are going to be the early adopters of this legislation because they’re proven technology and they’re ready to go,” he added.

Another wind farm is currently in the pipeline at Musselroe Bay in the north east of Tasmania, which is scheduled to start next year.

Subject to finances, the Musselroe project will have 60 wind turbines which will provide an additional 129 MW of electricity generation capacity each year.

The project also includes the construction of a transmission line to connect the wind farm site to the main Tasmanian electricity grid at Derby.

The installation of wind turbine generators on Flinders Island and further wind development on King Island are also currently being investigated.

For more information on Australian properties and the market in general, please visit http://australia.themovechannel.com/

Before I put you out of your misery, I’ll just pose a quick question. What is happening to all of those foreclosed properties in the US that are now standing empty? Well, I’ll tell you – in Miami, they are being taken over by homeless squatters, who are being pointed in the right direction by ‘squatters agent’ Max Rameau…

Mr Rameau and his group, ‘Take Back the Land’ are no strangers to housing the homeless. Back in 2006, they hit the headlines when they created the Umoja Village Shantytown in Miami, which was built on a lot belonging to the city of Miami and Miami-Dade County.

Taking its name from the Swahili word for ‘unity,’ the town operated as a self-sustaining community for its sixth month lifespan.

The public land, which once housed a low-income apartment complex, was controlled by its residents and the community at large and featured 20 wood-framed structures and includes multiple duplex-style housing units built from wooden pallets and a communal kitchen.

But, in April 2007, Umoja Village was destroyed in a fire and the City of Miami enclosed the lot in barbed wire to stop them rebuilding it.

Now, eager to help more homeless people off the streets, Mr Rameau has started to make use of the thousands of empty foreclosed properties in Miami that have been abandoned by owners who can no longer pay their mortgages.

Whilst homeless people all across America are moving into these properties, Miami is the only city in which there is an ‘agent’ to help them. Unlike most estate agents, Mr Rameau takes no payment and breaks into each of the properties that he is showing, before conducting a full tour of the house, and allowing his prospective movers to choose between properties.

Once they have chosen their Miami property, Take Back the Land will change the locks, paint and clean and find a way to connect the water and electricity.

Mr Rameau said, “We call it ‘liberating the housing.’ We’re matching homeless people with people-less homes as I think everyone deserves a home.

“I have helped six families move into foreclosed property and have more on my waiting list. One was a 39 year old single mother who had been sleeping in a shelter with her toddler,” he adds.

Surely the old owners won’t be too happy to hear about this? Well, Mr Rameau says he is helping the owners as having someone effectively ‘house-sitting’ their property could prevent thieves breaking in and stealing everything.

Florida was one of the states hit hardest by the credit crunch as its booming market, fuelled in part by foreigner’s holiday homes, had that much further to fall.

Last year, Miami-Dade County recorded 26,391 foreclosures, a nearly threefold increase from 2006, and the pace has only quickened since then. The state now has the unenviable claim of having the nation’s second-highest foreclosure rate, with one out of every 178 homes in default.

For more information on American properties and the market in general, please visit http://usa.themovechannel.com/

Joseph Kandel is itching to get hold of serious cash so he can take advantage of real estate deals he sees every day as an agent with Horizon Realty in Bradenton.

A 50-year-old entrepreneur who has written a book on dating, Kandel formed a company called 1st & 10 Properties in early 2008 and is trying to raise at least $10 million through a public stock offering.

Kandel wants to use the money to buy as many as 80 luxury homes and mid-range vacation properties at bargain-basement prices and hold those properties until the values appreciate by 50 percent.

“Ultra-luxury homes are expected to increase from $1 million to $1.7 million in the next four to five years, while multi-family properties in the $200,000 range are expected to appreciate to approximately $300,000 within four to five years,” Kandel says in his registration statement with the U.S. Securities and Exchange Commission. “It is for those reasons, 1st and 10 Properties will purchase as many units in those price ranges as possible.”

Throughout the 51-page document, Kandel expresses what a lot of investors and market watchers are feeling right now — that this truly is the right time to buy.

The problem is that turmoil in global financial markets is making it difficult for investors like Kandel to raise money and is prompting others with cash to hold back for fear the economy will deteriorate further.

“There were a lot of players that were looking last year, but the prices were not right,” said Jack McCabe, a Deerfield Beach-based real estate consultant who correctly called the housing downturn. “This year, a lot of players have fallen by the wayside due to the economic crisis, but others are coming out of retirement for what should be one of the greatest buying opportunities for distressed properties in a generation.

“I would say 2009 really will be that year.”

Big dreams, big obstacle

In 2007, another Joe appeared on the Southwest Florida real estate investment scene.

Joe Long, a New Jersey entrepreneur who built a New York elevator company into one of the biggest in the country, tried to raise $700 million to buy 1,500 homes from Southwest Florida builders and developers for about 70 cents on the dollar. But Long was unable to raise to the cash from hedge funds and other institutional investors. He got in the game much too early and was offering too much money for properties, real estate experts say.

Hedge funds and other larger institutional investors are no longer the primary actors in the vulture game, said Peter Zalewski, founder of a Miami-based consulting firm that caters to vulture investors. These big players, which deal in the hundreds of millions of dollars, prefer to let smaller players take the lead.

“Institutions are reminding us that the first settlers usually get the arrows and the second ones get the land,” Zalewski said. “That’s why we haven’t seen them pull the trigger.”

The result is that smaller players will be the ones that dominate the market in the short term, Zalewski said.

In Southwest Florida, it is people like Elizabeth and Michael Thrasher, Michael Averbuch and Peter Arguelles who have started buying.

The Thrashers have spent $11.6 million to buy seven properties on Anna Maria Island since April. Averbuch spent hundreds of thousands more to buy condos and raw land in North Port and Sarasota. Arguelles has paid $1.6 million to buy 19 houses in Sarasota and Manatee counties.

“If you can buy houses where the cash flow more than covers the operating costs, why wouldn’t you buy?” Arguelles said. “We are able to do this now. We can buy houses for less than the freakin’ cost of nails and wood. If you can buy dollars for dimes, then you should buy all you can.”

Realtors say investors like these are rare and the growing financial crisis has made them more uncertain about parting with their cash.

“The whole Wall Street thing has unnerved people,” said Jo Rutstein, an agent with Premier Properties of Southwest Florida. “We had three investors ready to buy, but when they saw their stock portfolios drop 25 to 30 percent, they decided to hold on.”

Everybody is frightened, agreed Steve DuToit, an agent with Keller Williams in Sarasota.

“They don’t know what is going to happen, whether this thing has bottomed out,” he said. “But once they realize that this is a great time to buy, they will come alive again.”

Opportunities abound

Kandel is eager to buy. The real estate firm he works for — Horizon Realty — is seeing investors and end users close on 35 bank-owned properties every month and another 25 short sales, in which buyers negotiate with banks to buy properties for less than what banks are owed by the former owners.

Kandel’s problem is money.

Though he bought and sold five properties for $440,000 more than he paid during the boom, his fortunes changed in the bust. He has defaulted on four loans totaling $2.4 million since the beginning of the year.

But that apparently is not stopping him from going ahead with his public offering.

“I was flipping and made a nice living for while, but I got caught with my pants down like everyone else,” Kandel said. “The problem now is there is just too much inventory and not enough end users. So the same investors who were buying up properties during the boom are needed to help with the resurrection.”

The model for his new company is different than the model he operated under during the boom, Kandel said. Then, it was all about flipping properties for ever higher amounts. Now, it is about buying and holding for four or five years.

“Each property we buy will be self-sustaining,” Kandel said. “It will generate enough rent to cover the carrying costs.”

Unable to borrow from banks because of his worsening credit, Kandel hopes to persuade investors to buy shares that may one day be traded on the over-the-counter penny stock exchange, or pink sheets, in which stock generally trades for less than $5 per share.

“I know there is a lot of money out there,” Kandel said. “Unfortunately we’re running into resistance from spineless people who have money but no vision.”

A history of failure

In his effort to sell stock in a fledgling company that has no profits or operating history, Kandel has called on the experience of Kenneth Brand, a Sarasota entrepreneur who spent 2002 through 2006 as the chief executive of Central Wireless, a perpetually money-losing cell tower builder that also traded on the over-the-counter exchange.

Central Wireless built a total of 12 cell towers at $30,000 each and ended up accumulating more than $5.5 million in losses. Brand is now one of four directors, including Kandel’s sister, who sit on the board of 1st & 10.

In his registration statement, Kandel does not oversell his company’s prospects. He clearly points out there is a good chance 1st & 10 will have to punt.

“Since the incorporation of 1st & 10 Properties, we have not generated revenues. With limited financial resources, we may not be able to continue as a going concern,” the registration statement says.

Despite those very strong negatives, Kandel remains optimistic. “We’re at the bottom,” he said. “Anyone who knows real estate knows this is a great time to get in.”

Source

Tivoli Properties, Inc. President & CEO Scott L. Leventhal announced plans today for the development of a 53-story hotel and residential complex at 1138 Peachtree Street, a premier midtown location in Atlanta. Epitomizing the finest in luxury hotel accommodations and residential living, the new development will be operated by the prestigious Mandarin Oriental Hotel Group. Sales are underway for this stylish and contemporary development with a scheduled public opening of the Sales Gallery in early spring 2009.

The stunning 53-story architectural masterpiece designed by Atlanta firm Smallwood, Reynolds, Stewart, Stewart and Associates will be an important addition to the Atlanta skyline becoming one of the city’s tallest buildings. Comprised of a 198-room hotel and 71 distinctive residences, the development will feature clear glass lobby floors on the 30th story overlooking the “Midtown Mile” Arts district, Piedmont Park and city lights of Atlanta. Tivoli Properties’ selection of this location was a direct result of its proximity to the area’s finest shopping, dining, business and cultural venues.

“This development promises to become a new city icon. It will not only play an important role in the continuing renaissance of the Midtown area, but will also be the Crown Jewel of the ‘Midtown Mile’”, said Scott L. Leventhal, President and Chief Executive Officer of Tivoli Properties, Inc. “We are delighted to be working with Mandarin Oriental on this exclusive luxury hotel and residential offering on the vibrant ‘Midtown Mile’.”

The Residences at Mandarin Oriental, Atlanta will feature 71 opulent living spaces on the building’s top floors. Residents can enjoy access to all the amenities offered by the hotel, including concierge services, room service, catering, housekeeping, valet services and more.

The Founder’s Program entitles the first 30 reservations to receive special benefits including early selection of their unit and finishes. Additionally, these Founders will enjoy a discount on their purchase price; based on the average unit size in the building, this is a $200,000 value. Founders are quickly lining up as 19 reservations are already secured.

“Mandarin Oriental is delighted to have been selected by the owners and developers of this exciting project, and look forward to the opportunity of extending our luxury brand into one of America’s fastest-growing cities,” said Edouard Ettedgui, Group Chief Executive of Mandarin Oriental.

“Mandarin Oriental is another example of how the core strengths of metro Atlanta continue to attract companies,” said Sam A. Williams, president of the Metro Atlanta Chamber. “The airport and the world’s largest airline will continue to draw other global brands to Atlanta. Adding a luxury Mandarin Oriental hotel will change Atlanta’s skyline and only serve to further enhance the amenities and visitor attractions in and around our exciting city.”

Features and amenities at Mandarin Oriental, Atlanta also include a 22,000-square-foot signature spa with an extensive menu of services, a state of the art fitness facility, Pilates, yoga and city view swimming pool. Four dining and cocktail venues, including a signature restaurant and an all-day dining establishment, will feature the inventive culinary creations for which Mandarin Oriental is celebrated.

Mandarin Oriental, Atlanta will be located 20 minutes from the Atlanta Hartsfield-Jackson International Airport in the lively ‘Midtown’ district, which has the largest concentration of cultural attractions in the region, and is home to 30 different arts and cultural venues, including Richard Meier’s High Museum and the future Atlanta Symphony Center. www.MandarinOrientalResidencesAtlanta.com.

*Renderings and executive photos are available upon request.

Professional videographer search engine launched. Videopros announces an international content management system and video search engine for both consumers and professionals in the video industry.Video professionals can create professional profiles, display demo reels, get indexed in search results, host and stream professional content, and create custom video players.

Denver, CO (PRWEB) September 27, 2008 — VideoPros announced today the beta launch of its online video service and Web site, VideoPros.com . VideoPros is a venue to find and contact video professionals. Featuring a sophisticated professional videographer search, VideoPros services individuals, small businesses, corporations and industries needing professional video production and online distribution. The website offers video professionals a robust video hosting, streaming and content management system.

Beginning today, video professionals and consumers from around the world can go to VideoPros.com and begin using the Web site. Video professionals can create professional profiles, display demo reels, get indexed in search results, host and stream professional content, and create custom video players. Consumers can search, request bids and contact local, national and international video professionals.

We’re excited to launch VideoPros.com to serve a professional, business-driven audience

“We’re excited to launch VideoPros.com to serve a professional, business-driven audience,” said Sean Murphy, Principal of VideoPros. “User generated content, social networking and Web 2.0 have delivered minimal ROI for businesses and video professionals. Launching VideoPros.com is a first step in delivering a solution to the professional segment of the online video community.”

The company announced VideoPros products and services are positioned to take advantage of several trends reported by research firms.

“Local online video ad revenue will reach $1.5 billion in four years. Video ads will account for 11.6 percent of the online advertising budgets of small and medium-sized business by 2012.” (The Kelsey Group, June, 2008)

“The online video market is expected to explode to record $4.5 billion in sales by 2012.” (In-Stat, July, 2008)

“As media companies change their business model, putting more and more professionally created video content online, the audience, and related ad dollars will increase dramatically.” (eMarketer, August, 2008)

“VideoPros brings together professional content producers and provides a tool-set to help them grow their business,” said Layne Solheim, Online Media Specialist for VideoPros. “Video professionals are demanding better resources, technology and ways to service their clients. Businesses of all sizes are demanding professional content and online distribution. VideoPros is where they come together. It’s the perfect storm of professional collaboration.”

VideoPros announced it has closed an initial round of funding from angel investors. The official terms of the funding are undisclosed.

The company announced it will undergo an official “Beta” period to resolve any technical complications associated with the launch. Users are encouraged to report any malfunctions or errors. VideoPros announced rapid development continues for the Web site. For more information, a development time-line can be viewed on the company’s official VideoPros Beta Storyboard.

About VideoPros
VideoPros is a privately-held company headquartered in Denver, CO, USA. The company is an online service for video professionals, individuals and corporations. The Web site is a venue for video professionals, consumers and businesses of all industries. VideoVine™, ProCertified™ and ProAPI™ are official products and services of the company. The website features a professional videographer search and video content management system. For more information, visit VideoPros.

Press release source

Thousands of U.S. Home Sellers Will Reduce Their Listing Prices By Up to 10 Percent Between Oct. 10-19 Majority of Coldwell Banker Sales Associates Surveyed Say a Modest Reduction in Listing Prices Will Help Bring More Home Buyers and Sellers Together

Coldwell Banker Real Estate LLC today announced a bold initiative to bring home buyers and sellers together and help jump-start the U.S. real estate market. Starting on October 10, 2008, the nation’s oldest residential real estate brand will kick-off its first-ever national “10-Day Sales Event” – during which participating home sellers from across the United States will reduce the listing prices of their homes by up to 10 percent. The Coldwell Banker 10-Day Sales Event will run nationally through October 19, 2008.

“Despite the difficult headlines regarding our overall economy, the residential real estate market has been showing several positive signs over recent months that could be signaling a tipping point,” said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC. “Because of higher inventory, buyers have more homes to choose from and they can take advantage of near historically low interest rates and affordability levels that are the best they have been in years. The recent housing and economic recovery legislation also provides first-time homebuyers with the added incentive of a $7,500 tax credit.¹

“Yet our research and discussions with our brokers and sales associates shows that in many markets sellers remain  reluctant t list their homes at the proper prices necessary to attract buyers,” continued Gillespie. “It’s our hope that the Coldwell Banker 10-Day Sales Event will move buyers off the sidelines and into the market. We are embarking on this initiative – which has never been done before on a national basis – because we believe it is critical for Coldwell Banker, as an industry leader, to help serve the needs of those listing homes with a Coldwell Banker broker and to help move the U.S. real estate market in the right direction.”

In a recent survey of 3,379 Coldwell Banker real estate professionals in markets across the United States, 56 percent said that listing prices in their market remain above where they need to be to attract qualified buyers. Additional findings of the survey include:

• 77 percent agreed that the majority of sellers in their market still have unrealistic expectations regarding the initial listing price for their homes
• 79 percent agreed that homes in their market that are priced appropriately are attracting more buyers and moving more quickly
• 76 percent feel that a 10 percent or less reduction in listing prices in their area is all it will take to help push these homes over the “tipping point” to a sale

“Our brokers and sales associates agreed that, even in the current climate, it will not take much movement to attract those buyers who have been watching and waiting,” noted Gillespie. “Depending on the market, a price reduction of just 10 percent or less just may make the difference in both satisfying sellers and bringing buyers to the table.”

Sellers participating in the 10-Day Sales Event will have added promotional power from the Coldwell Banker brand behind their listing. Those sellers’ listings will be specially promoted through national and local radio, print and Web advertising. The brand’s flagship Web site coldwellbanker.com will feature participating listings. Home sellers will have the option to maintain the reduced listing price for their properties following the 10-Day Sales Event.

More information on the 10-Day Sales Event is available at the Coldwell Banker national Web site www.coldwellbanker.com/event

Our own feeling is that this is nowhere near a big enough reduction in prices, and a recent luxury property auction in Colorado saw drops of nearer 30%.

According to The Spoof:

Newcastle United and England striker Michael Owen has gone all businesslike, and has decided to build a £12million Wonderland Theme Park in the grounds of his luxury retreat on the Costa del Sol.

Owen, who national team manager Fabio Capello jettisoned last week for England’s crucial World Cup qualifiers in Andorra and Croatia, has spoken to nutcase pop star Michael Jackson about the Neverland theme park in the US.

Mr Jackson, who used to be black, but is, these days, a funny shade of beige, has advised 30-year-old Owen on finance, location and conceptual development, as well as giving him the lowdown on what kinds of ‘rides’ little children like best.

Owen has amassed a great wealth, and needs something to lose it on. Jackson has a vast experience in this field, and has said he will do all he can to help. In return, the Newcastle striker has offered to help Jacko with his ball skills, as the ex-crooner is known to be a keen fondler of testicles.

Ras Al Khaimah-based developer Rakeen has announced a new green building code to be implemented in all its developments. This follows a recent announcement that Aakar Island in Ras Al Khaima is going “green.”

Al Marjan Island, Ras Al Khaimah

The new code, apart from incorporating environment-friendly initiatives, will reduce power consumption by almost 45 to 50 per cent and is expected to help overcome the shortage of power in the emirate.

Marc-Henri Veyrassat, Chief Operating Officer of Rakeen, told Emirates Business that the new green building code was drafted by Rakeen’s staff in co-ordination with a consultant.

“The 60-page technical report has been under development since last year and tackles every single aspect of construction,” said Veyrassat.

“The new code is called the RAK Green Buildings Code and was completed last month. It has already been approved by Sheikh Saud bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah,” he said.

The RAK Green Buildings Code, according to him, was developed keeping the needs and requirements of the emirate of Ras Al Khaimah in mind.

“We should not mistake it for a green certification similar to Leed. There are several existing green standards, which we did not find suitable for our requirements. Therefore we developed our own green code, keeping in mind the requirements and conditions here. More emphasis has been laid on sustainable energy needs,” said Veyrassat.

Ras Al Khaimah is facing a serious shortage of electricity and water, resulting in several cases of load shedding.

Rami S Adib, Director of Rakeen’s Technical Division, said the code cuts the watts per square metre used by properties by almost 50 per cent. “There are very serious steps being initiated to resolve the shortage of power and water. The green code has regulations that are specifically aimed at addressing these issues,” said Adib.

“The drafting of the code is only the first phase. Now we are already in the second phase, which is the implementation. The new code will be implemented by all developments within Rakeen and developers will be given permission for construction only if their designs meet the new guideline,” said Adib. Rakeen is working on several projects in the emirate, worth around Dh10 billion. The projects include two islands – Al Marjan and Al Dana.

“The RAK government recently acquired its own coal mine in Indonesia which will facilitate the supply of coal for future power plants,” said Adib. Earlier this year the RAK government signed an MoU with the government of South Sumatra Province, Indonesia, on ‘The co-operation for Tanjung Api-Api Port, Industrial City, Industrial Parks with other supporting facilities in the Banyuasin Regency, South Sumatra Province’. The MoU covers the entire mining-to-export chain of the coal industry that goes beyond the industry vertical and looks at developing and supporting other possible industries.

RAK has also announced the construction of several solar island projects, which are in the shape of giant discs covered in solar panels floating in the sea and will capture the sun’s rays and create electricity and hydrogen.

A prototype of a floating solar island is being developed at the Swiss centre of electronic and micro technology (CSEM or Centre Suisse d’Electronique et de Microtechnique) in the emirate.

The giant floating islands will be fitted with solar panels, which will convert solar energy into electricity and/or hydrogen. A prototype of such a solar island, equipped with thermal solar panels, is being built at Ras Al Khaimah for trial.

Construction of solar islands prototype to be complete by year-end
Construction on the land-based Solar Islands prototype has already crossed the half way mark and will be completed as scheduled by the end of the year.

Early next year, the final testing will start.

Philip Mueller, Project Manager at CSEM-UAE yesterday told Emirates Business that the work on the steel torus is finished and the main membrane has been applied. The land-based solar prototype is being constructed at an industrial area in RAK. Funded by the RAK government, the $5m project equipped with thermal solar panels will first be tried and tested in the desert before being launched at sea. The prototype will contain a thermal energy reservoir and will provide energy supply 24 hours a day. “The prototype is being built with a circular design measuring 85m in diameter. A water-filled channel will enable the outer ring of the prototype island to float,” said Mueller.

“Plans are already on to start the next phase by the beginning of next year when another version of the prototype will be built on the sea. The peak power will amount to approximately one mega watt, with an average power of 250 kilowatt, while annual energy production is expected to reach 2.2 gigawatt-hours.

CSEM’s Nolaris is designing and manufacturing the solar thermal modules for the Solar Islands project.

Cher is selling her Malibu mansion. $45 million for 1.7 acres.

Wishful thinking in today’s market? Cher’s Malibu mansion for sale.

Graham Marsh and Vijay Singh are designing a new golf course for Qatari Diar’s Al Houra luxury golf resort in Morocco.

Luxury golf development in Morocco.

Luxury property prices are taking a dip in Hong Kong. CB Richard Ellis’ recent report does not bode well for the short term in Hong Kong.

Hong Kong luxury Property.

The Dubai Pearl group flies investors to Paris for the unveiling pf their latest offering, the Baccarat Hotel and Residences.

New luxury hotel and residences in Dubai.

Australian luxury property prices also see a drop on the Gold Coast.

Australian property investment.