As property development survives within a world that is forever changing, the industry has had to find new ways to exist with the recent Coronavirus pandemic. The way we are all currently living and working differs vastly from this time last year. However, the property development industry’s appetite has remained extremely positive and its main focus around the world has been to ‘carry on’.
Bloom Towers and Bloom Heights in Dubai are on track to be completed by the end of 2020. Bloom Towers consists of three residential towers with 944 units and Bloom Heights has 686 residential apartments. Commenting on their pledge to be completed on time, Bloom Properties stated:
“Our operations, projects and businesses will continue despite the effects of the COVID-19 situation, with the main focus on the timely delivery of our existing developments in Dubai, where construction continues to make significant progress across Bloom Towers and Bloom Heights.”
Brick by Brick, a local UK housing company, has recently secured permission for a 421-home scheme called Fairfield Homes in Croydon by its first-ever virtual planning committee meeting. This was brought on by the new legislation by government enabling planning committees to continue to work while under the lockdown restrictions due to Coronavirus.
Colm Lacey, chief executive of Brick by Brick, said the scheme was a “vitally important project for Croydon. The development will provide much-needed homes, employment space and local amenities, and incorporates a variety of communal and private open spaces to make it a really lovely place to live, work and visit”.
In South Africa, the Covid-19 impact has created brand-new business opportunities within the hospitality sector that will help the development industry to get back on its feet, within a controlled manner, by creating more Aparthotels. Property developers are either swapping existing developments or developing new properties that will only function as Aparthotels.
Simon Bridges, developer and MD for Elemental also says “As a developer one is exposed to the risk of holding unsold stock, so furnishing unsold units and bringing in an aparthotel operator helped us mitigate this risk by generating rental income. We achieved 45% of our sectional-title sales target after the development began operating as an aparthotel – it was and is one of our strongest marketing tools.”
Despite the obstacles that we are faced with, it is clear to see that the property development industry is a formidable force and that Architectural Marketing agencies are of vital importance to help with the navigation and creation of the new normal.
[Opening image from Devmark The Address]