more, a leased office-building was acquired in Paris. In Scotland
we participate in a development of offices in Aberdeen.
The studies made in the United States have resulted in participation
in Dutch Properties Investments Ltd., a corporation established in
Denver, Colorado. This company will be engaged in supporting
the purchase and the management of projects to be acquired by
us and will also offer its services to third parties.
As a result of the economic developments in the Netherlands
there has been a certain stagnation in the market of new dwellings
for owner-occupation and, to a less extent, in that of existing
dwellings. We have therefore thought fit to limit our investments
in this sector to very good projects with e.g. additional elements
that will have a positive effect on the sale. An example of this is
the 'Frieslandpark' project in Lemmer, where 250 permanent
dwellings and 250 recreation dwellings are being realized by
stages: each dwelling has its own landingstage.
The construction has been started of projects in Voorschoten,
Oudorp, Amsterdam, Harmelen and Zeist and - in Belgium - in
Waterloo, Ukkel, Strombeek/Bever and Brussels.
In view of the increased demand for investment objects already
mentioned before houses for operating purposes experienced
a strong increase in prices, especially in the first half of the year.
We have thought fit to concentrate in this sector on first-class
dwellings in the more expensive rental sector, notably in
Amsterdam and Rotterdam.
In spite of Holland's economic situation a good interest continues
to be noticed in luxury second houses and dwellings for
recreational purposes. Thus, our Ooltgensplaat project has almost
been sold. Interest in the recreation dwellings in the project in
Lemmer, where the sale started in November, is also great.
With Vroom Dreesmann Nederland bv a collaboration has been
started under the name of "t Tweede Thuis'. This unit of
co-operation will be engaged in the development and operation of
luxury dwellings for recreational purposes at home and abroad.
As a result of the ample supply and the moderate summer the sale
of apartments on the Belgian coast has not yet fully met the
expectations.
Negociations with the city council of Amsterdam have had the
result that together with the 'Algemeen Burgerlijk Pensioenfonds'
(Civil Servants' Pension Fund) at Heerlen we have decided to start
the realisation of a world trade centre in Amsterdam. This project
is ideally situated on the outskirts of Amsterdam at the terminus
of the railway line to Schiphol Airport and will roughly comprise
60.000 sq.m, office space, 1200 parking-places and about
10.000 sq.m, which will be occupied by servicing organisations for
the benefit of the occupants of the world trade centre, such as
information centres, banks, restaurants, the World Trade Centre
Club, Chamber of Commerce and firms of translators and travel
agencies.
The Hoog Catharijne shopping and office centre is developing as
expected. With the opening of the Music Centre and the adjoining
shops with spaces belonging thereto the total rounding-off of the
pedestrian area was achieved.
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