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FORMER MANOR KINGDOM BOSS SETS HIS SIGHTS ON BRAZIL
Keith Punler, the former owner of luxury Scottish housebuilder Manor Kingdom, has invested some of the proceeds of the sale of his successful business into the real estate market of Brazil. The award-winning entrepreneur has forsaken the UK property market and for the last 18 months has been buying land in the Brazilian Northeast where he is planning to develop several tracts of beachfront land into residential communities and second homes for both the international and domestic markets. Keith Punler, the former owner of luxury Scottish housebuilder Manor Kingdom, has invested some of the proceeds of the sale of his successful business into the real estate market of Brazil. The award-winning entrepreneur has forsaken the UK property market and for the last 18 months has been buying land in the Brazilian Northeast where he is planning to develop several tracts of beachfront land into residential communities and second homes for both the international and domestic markets. Mr Punler, who sold Manor Kingdom at the end of 2004 when it had development sites worth over £150 million on its books, and a turnover of £45 million, has been biding his time and searching for the right place to invest. He says: “I’ve always had a passion for real estate. It’s in my soul. When I sold Manor Kingdom I already felt the property market in the UK was a bit ‘toppy’. In retrospect it was a great time to sell – if perhaps a shade early. Land prices had been escalating and it was becoming difficult to get the land we wanted at the price that made development sense. So I looked all over the world for where it did make sense and Brazil came out top.“ He has now bought land north of Fortaleza, the capital of the state of Ceará, as well as land near Natal in the adjoining state of Rio Grande do Norte, almost the closest Brazilian land to Europe, sitting on Brazil’s far northeast coast. All have received planning permission producing a total of 2,000 units. Praia Luxuosa in Ceará is just six miles away from Mundau, the setting for the world’s largest planned tourist development. This project is due to commence in the near future and is scheduled for completion in 2013. Praia Luxuosa offers 338 plots of outstanding potential from 450m2 to 1017m2. Fontainha Beach is a resort based development with two luxury hotels with leisure facilities; a selection of 1, 2, & 3 bedroom apartments with Penthouses. The jewels in the crown are the large 4500m2 plots. It is intended that there will be 45-50 of these plots (30m x 150m) with 30 metres of their own beach, aimed at clients wanting to build a large luxurious villa. Keith Punler says: “It is in a superb location, giving 12 month rental potential in this tropical climate, average temperature of 28*c, sea temperature average 27* and has the purest air outside of Antarctica.” He continues: “Although we are active in other countries, it is Brazil that excites us the most. As a long-term investment, the entire area of North Eastern Brazil is considered highly promising. Property prices in North Eastern Brazil have grown 20% year on year for the past three years and there is no indication they are slowing down. Mortgage penetration as a proportion of GDP is only 2% compared with Mexico and Chile at around 12% and the UK at 70%. That is why there is no credit crunch in Brazil. Capital gains tax in Brazil for foreign nationals is applied at 15%. Keith Punler has not only set his sights on the emerging market of Brazil, he is positioning his new company, Kapital Corporation as the key UK-based player for doing business in Brazil. He is working closely with several state governments on a range of initiatives from property to agricultural, from aviation to electronics. He is determined that Kapital Corporation retains the same high standing as Manor Kingdom for being an experienced and reliable developer, setting itself apart by providing first class customer service, excellent developments and being a company people could trust. Manor Kingdom’s reputation for providing custom-built homes without cutting corners on quality led the company to win 27 awards – more than any other house builder in the UK. Keith Punler has also been accoladed with Ernst & Young Scottish “Young Entrepreneur” and “Entrepreneur of the Year” awards. Mr Punler is also continuing his relaxed sales approach. If we sold 400 units next year I would be delighted.” He says. “If I sold 100 I would be disappointed.” “We are positioning ourselves as a one stop shop for potential purchasers – whether it is a lifestyle purchase or an investment. We source the opportunities, design and develop the sites and then actively engage our clients in delivering their goals. Kapital is here to offer clients excellent opportunities, with great growth potential at a reasonable price. We employ the services of only first class consultants (legal, taxes etc) and employ Portuguese speaking staff in the UK office and English speaking staff in Brazil.
Source: Tideway Communications