Where are we now?
We would like to start by explaining what an extremely strong position we now find ourselves in given the financial turmoil experienced by the rest of the world.
Not only are we fortunate enough to be representing one of the most environmentally sensitive and eco-friendly projects in the world but we have the full support of the DR government which will expedite our progress, removing the typical bureaucratic obstacles which one so often experiences with projects of this size.
Unlike Punta Perla, no other large project in the DR has the Confotur across the whole project. Unlike the rest of the world the DR does not suffer directly from the effects of the sub-prime debacle, and the banks in DR are not experiencing the same difficulties as say in the US and UK.
As you will be aware, the first stone was laid at the end of December!*) by President Leonel Fernandez, accompanied by Prince Albert of Monaco, one of it e world's leading environmentalists whose Foundations support many eco charities around the world. Many other Dominican political dignitaries as well as representatives from various global, Caribbean and Dominican tourist bodies attended alongside many musical, sporting end acting celebrities.
The developer's sensitive approach toward the creation and operation of Punta Perla has captured the attention of many "Green" organizations across the globe.
Environmental issues are not just topical, trendy conversational bullet points but now form the foundation stones of discussion when considering embarking upon projects such as Punta Perla.
(*)Groundbreaking Ceremony Press Dossier available upon request
Mortgages and Insurance
We are currently receiving mortgage offers from leading US Banks located in the DR, such as Banco Popular de la Republica Dominicana, Banco Hipotecario de la Republica Dominicana and Scotia Bank.
Mortgages, which will be in US Dollars, will be for 70% of the purchase price of your property. It is expected that mortgage rates will be between 6 and 7% (based upon today's figures) over a 20-year tenure. It is expected that these rates will drop as the banks see the development progress.
Construction Schedule
Next Steps
We have agreements with two leading Dominican international construction companies, Ozoria y Asociados (www.ozoriard.com) and Carlos Vargas (www.caliche.com.do). These companies are now on site full-time, preparing their own infrastructure prior to commencement of the building of the Beach Club, Boutique Hotel and Spa, which is expected to begin between the end of March and the first two weeks of April. As and when more of the site is released for construction, more International companies will become involved.
Future Steps
Once the first buildings are underway, work on the first golf course including the properties will between the end of April and the beginning of May. Then, construction will commence on the Tropical Village between May and June, and the digging out of the Marina will start between July and August. Completion of the first 1200 units (phase one) will be inside 24 months.
New Marina Design
There have been many rumors about the new design of the Marina, and we would like to take this opportunity to include this small example of the latest design. You can be rest assured that the changes that have taken place will not affect the structure of the Marina properties, and if anything will enhance and improve their location and those in its surroundings
Investor Relations Department
We would like to take this opportunity to clarify that this department is the only reliable source of information regarding the Punta Perla project. We work directly for and with the Developer's office.
Therefore, we urge you to be wary of any information you receive from any other party (either agents, lawyers, investors...)
Eva Sotres (Investor Relations Manager)
March 20, 2009
