Interview with Andrew Thompson, Brazil
Can you give us an introduction to Ritz Property, how it came to be, your role within it and how you got to that position?
Ritz Property was set up in 2008 in the UK (HQ) and Brazil, and opened its Singapore office in 2012. I joined the Company two-and-a-half years ago as the Group Sales Director. In the UK we have our global marketing team, in Brazil we are building residential and commercial developments, and in Asia we have our core investor market.
Tell us about Palm Springs your flagship beachfront land development in Natal.
Palm Springs is a stunning 100-acre beachfront condominium development located on Muriu Beach in Natal, the capital city of Rio Grande do Norte. This is one of the few luxury beachfront condominiums in the area and Muriu is one of the most visited beaches in the region.
The genius behind Palm Spring’s masterplan is that it uses a build density of only 40%, which ensures that much of the beautiful natural surroundings are retained, including a natural spring running through the project. Over 60% of the villas and apartments will enjoy stunning direct beach and sea views, as well as views towards the surrounding sweeping sand dunes and the protected Mata Atlantica natural flora. Palm Springs offers a range of facilities including a private pool in each of the two clubhouses, a tennis court, basketball court, five-a-side football pitch and a gym.
The development was completed early this year (31 January 2014) and Brazilian purchasers can now apply for a mortgage to build their luxury home on their plot(s). Following the success of Palm Springs, an exclusive new extension to this development has been created called Dunas de Muriu, which will bring a further 250-luxury apartments to the market and feed the demand for high-end beachfront living.
What are the challenges you face as a property developer in Brazil and trying to get things done?
Like any emerging Real Estate Market, you will always suffer growing pains. Land registry for instance is a good example – in the UK the details are recorded on paper and online, but in Brazil the details are only documented on paper, not online, so you have to go through the local town hall with local officials to find details of the land ownership. As an emerging market, buying procedures can be slow and the red tape sometimes tricky to navigate but this is precisely why it is essential to use regulated legal professionals, a local Notory and a Brazilian Lawyer to carry out these land and title deed searches for you.
As a developing market, the North East is not as commercially advanced as the business sector in the South (Sao Paolo and/or Rio de Janeiro). Undertaking thorough due diligence and finding credible partners is absolutely essential in Natal and Ritz Property has been very fortune to partner with some of the leading companies in the region. Generally, making sure Ritz has done everything we can to ensure the investment process is legitimate and clean is essential to getting through this process safely. Having operated in Brazil for 6 years, Ritz utilises its first-hand experience to offer this 360-degree approach to investors.
Source: The Wealth Scene