Mauritius | Real Estate

January 17, 2013

Luxury Real Estate: CentrePoint with Debts of Rs 850 Million in Liquidation

Port Chambly complex with IRS villas and hotel, and a slate of Rs 800 million, in administration since the beginning of the year

The field of real estate, including Integrated Resort Schemes (IRS) or other complexes, which have begun to feel the effects of the economic crisis in the euro area, starts the year in a very difficult environment. The first judicial administrations of companies engaged in real estate development is confirmed fault "buoyancy". Yesterday, the ambitious brothers CentrePoint Timol Z + O Property at Trianon, has been placed in liquidation with debts of around Rs 850 million.

Port Chambly, IRS villa complex in a Mediterranean style resort built, is also facing serious financial difficulties to the point where administrators, and André Bonieux Oosman Mushtaq, partners at PricewaterhouseCoopers, were appointed to develop solutions for the crisis in an attempt to avoid the liquidation of the company.

The decision to liquidate the company managing the project CentrePoint next to Trianon Shopping Park has been officially confirmed under the provisions of the Insolvency Act at a meeting of creditors yesterday. Oosman Mushtaq, who acted as court administrator until then was appointed liquidator. Liquidation proceedings have already been switched to recover the funds accumulated debts of around Rs 800 million.

Work on this important project in Saint-Jean on the road Port-Louis/Curepipe were interrupted for almost two more years because of serious financial problems and difficulties with the banks. At some point, the brothers and Zoobair Timol Osman, great lovers of luxury cars and big cars were in talks with investors from Kuwait to resume this project includes a shopping complex and penthouses as well as of modern cinemas. But the negotiations had to be stopped when any foreign buyers have discovered financial shadows.

Rescue measures

The main features of this project are CentrePoint is executed on a land area of 29,349 square meters (four acres and 82 perches), infrastructure completed for a commercial complex three-storey parking facilities capable of accommodating at least 800 cars. Initially appointed directors had relied on the "shopping complex strategically located Between Ebony CyberCity, Trianon Shopping Centre and St John the round-about" to convince potential buyers to engage in restarting this project become a real eyesore for those who use this section of the National daily or frequent this area of the business center of the island.

Another development confirming the existence of a difficult sector of the real estate is placed under judicial administration of Clifton and Clifton Properties Limited Holdings Limited, both companies owning and managing the complex IRS / RES Port Chambly at the mouth of The Gully. André Bonieux and Mushtaq Osman, two administrators were appointed, hosted a working session with the creditors in order to make a finding locations and to develop measures to rescue the two companies.

At this stage, the debts of both companies are in the range of Rs 800 million and the priority of administrators is to limit the increase in debt. Very few details have leaked out of the meeting this morning with a large group of business located with a considerable financial Stake in Port Chambly.

But the side of administrators, optimism is put on the ability to resist an appeal to the liquidation. Owners and managers of Port Chambly have faced cash flow problems because the sale of villas would not have yielded the desired results in financial terms with no less than forty IRS villas on 300 unsold until the time and hotel operations well below the targets according to the scheme initially established profitability.

In the business community, the emergence of administrators appointed under the Insolvency Act is seen as a bad omen at the beginning of the year especially as signs of economic recovery prospects are still waiting . In other settings, the watchword for businesses and companies in difficulty is the reordering and restructuring of business intervenes before the painful stage of liquidation.

 

Text by Le Mauricien
 

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