Blue Green Club Punta Cana (Absolutgest)
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Blue Green Club Punta Cana (Absolutgest)

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The Blue Green Club. An excelent investment in Punta Cana

The Blue Green Club. An excelent investment in Punta Cana

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Blue Green Club Punta Cana (Absolutgest) Blue Green Club Punta Cana (Absolutgest) Presentation Transcript

  • Investment Opportunity in Punta Cana: Hotel Condominium for Golfers June 2010 -1-
  • CONTENT Página 1. Executive Summary 3 2. The Project 7 3. Investment Opportunity Details 41 -2-
  • 1. EXECUTIVE SUMMARY Punta Cana at Dawn -3-
  • INVESTMENT OPPORTUNITY AT THE BLUE GREEN CLUB Summary 1. The Dominican Republic is a democratic country since 1966, it has a growing economy (average +6% during the last 10 years) and is the leading tourist country in the Caribbean with 4 million international tourists. 2. Punta Cana, with close to 2 million tourists, is the main destination within the Dominican Republic and is evolving from an “all inclusive” medium-high accommodation offer from Spanish hotel chains to a high-end “all inclusive”, prestigious American brand hotel operators and luxury boutique hotels. 3. Punta Cana offers 12 golf courses designed by well known international firms. 4. Punta Cana is very well connected by regular and charter flights with all main outbound tourist markets. 5. New real estate resorts are being developed in Punta Cana with top of the market offer. 6. CANA BAY, the resort where our project is, has all the infrastructure finished, a NICKLAUS DESIGN golf course and a HARD ROCK Hotel & Casino open to the public and a private Beach Club for residents almost built. 7. Our project, THE BLUE GREEN CLUB, is a firm designed one: Antonio Imbert (Punta Cana) & Artur Bossy (Barcelona). 8. We offer to invest in a Golf Hotel Condominium focused on golfers: designed and targeting this market segment. 9. Our investment offer is reasonable for its unit price ($275-$300.000) and attractive for its doubled profitability: • Annual Hotel profitability around 10% • Real Estate profitability estimated between a 25% (built project) and 75% (in 3-5 years) 10. We started construction of the project on February 2010… -4-
  • BLUE GREEN OFFERS AN INTERESTING INVESTMENT OPPORTUNITY WITH TWO TYPES OF PROFITABILITY Accumulated Profitability by Year of Selling 250 200 75 63 150 50 38 51 25 36 14 24 100 6 50 100 100 100 100 100 0 Año 0 Año 1 Año 2 Año 3 Año 4 Año 5 -50 -100 -100 Inversión Inicial Retorno Hotelero Plusvalía Inmobiliaria -5-
  • EXPLANATION OF THE ESTIMATED PROFITABILITY Hotel Profitability: 10% per Year • All units will be operated as hotel rooms • Our target will be the golf market segment, specifically from North America • Sales will come mainly by TT.OO. specialized in golf • We estimate a hotel profitability between 5-15% during the first 5 years of operation Real Estate Capital Gain: 25% short & 75% medium term • We offer to buy at $2.000/m2 when the market value is $2.500/m2 once the construction is finished (+25%) • The selling price is equivalent to the project cost plus a “developer fee” (15%) being any deviations assumed by the developer • We estimate a future value of $3.500/m2 (+75%) in 3-5 years -6-
  • 2. THE PROJECT -7-
  • HOTEL CONDOMINIUM PLAYERS The one who promotes the Project Developer development of the project and searches investors and hotel operator The one who invests in / buys one or Investor / Buyer several units for its future hotel operation The one who manages and operates Hotel Operator the whole project as a Hotel on behalf of the Condominium Hotel Guest / The one who stays at the hotel by Resident paying a rate for the use of its installations -8-
  • MAIN PROJECT FEATURES A strong brand related with the destination (Punta Cana) and the market target (golf) • The Blue Green Club A firm design: • Antonio Imbert, architecture (www.simplesarquitectura.com) • Artur Bossy, landscaping & interior (www.arturbossy.com) A differentiated real estate accommodation concept • Architecture style like the top of the market Punta Cana villas • Local materials being used in the construction • Landscaping design as important as the architecture • Modern and comfortable interior design, all units are sold fully equipped, and all buildings have access by elevator • Hotel operation of the units and specific building designed for the Lobby, Restaurant, SPA and social areas • All the project has been designed thinking on the future guest of the Hotel: the golf players -9-
  • Ocean is BLUE. BLUE is Paradise … - 10 -
  • … Paradise is GREEN. GREEN is Golf … - 11 -
  • … Golf is CLUB. CLUB is Good Relationships … - 12 -
  • INTRODUCING OUR BRAND: - 13 -
  • DISTANCE OF THE DOMINICAN REPUBLIC FROM THE MAIN TOUIRST MARKETS - 14 -
  • PROJECT LOCATION & MAIN CONNECTIONS Punta Cana International airport is at 27km. - 15 -
  • THE RESORT: CANA BAY Beach & Golf Resort THE BLUE GREEN CLUB HARD ROCK HOTEL Private Beach Club Entrance Golf Club NICKLAUS DESGN Golf Course Our site is at Hole 6 Tee and 1.000m from the Beach Club - 16 -
  • THE DESIGN REFLECTS THE LIFE AND DOMINICAN ARCHITECTURE The Caribbean: - Relax life - Good time - “Simpatía” - Outdoor living Dominican Architecture: - Cana Roofs - Wood structures - Piedra coralina - Wood terraces - Palm trees - Deep vegetation - 17 -
  • MASTER PLAN Design by Antonio Imbert Bloque 1: 62 apartamentos y Lobby Group of apartments managed A B as a hotel (“rental pool”) - Lobby building with reception, restaurant & SPA - All apartments fully furnished and equipped Lobby C - Elevators in all buildings E Two “bloques” of apartments. One with higher category D - Golf views - Big terraces - Majority apartments 2 B bedrooms & 2 bathrooms A - One pool per “bloque” - Spacious outdoor areas B Bloque 2: 16 apartamentos de mayor nivel - 18 -
  • LANDSCAPING Design by Artur Bossy - 19 -
  • WHOLE PROJECT VIEW - 20 -
  • BLOQUE 1 APARTMENTS - 21 -
  • BLOQUE 2 APARTMENTS - 22 -
  • LOBBY BUILDING - 23 -
  • PERSPECTIVE FROM THE SPA AT THE LOBBY BUILDING - 24 -
  • CANA BAY BEACH CLUB - 25 -
  • INTERIORS Nota: las ilustraciones son a efecto de mostrar solamente los espacios interiores, no el tipo de decoración. - 26 -
  • 78 APARTMENTS & 6 DESIGN TYPES Habitaciones Nº de Nº de Tipo de por Apartamentos Habitaciones Diseño Apartamento Edificio A 28 2 56 Tipo 1 Edificio B 8 3 24 Tipo 2 Edificio C 6 2 12 Tipo 1 6 1 6 Tipo 3 Edificio D 8 2 16 Tipo 1 Edificio E 6 2 12 Tipo 1 SUBTOTAL BLOQUE 1 62 126 6 2 12 Tipo B Edificio A 4 2 8 Tipo C Edificio B 6 2 12 Tipo A SUBTOTAL BLOQUE 2 16 32 Total 78 158 - 27 -
  • APARTMENT TYPE 1 – 48 UNITS 2 Bedrooms & 2 Bathrooms m2 Interior 94 Terraza 22 Hall Ext. 6 Total 122 - 28 -
  • APARTMENT TYPE 2 – 8 UNITS 3 Bedrooms & 3 Bathrooms m2 Interior 145 Terraza 26 Hall Ext. 9 Total 180 - 29 -
  • APARTMENT TYPE 3 – 6 UNITS 1 Bedroom & 1 Bathroom m2 Interior 64 Terraza 13 Hall Ext. 2 Total 79 - 30 -
  • APARTMENT TYPE A – 6 UNITS 2 Bedrooms & 2 Bathrooms m2 Interior 104 Terraza 63 Hall Ext. 9 Total 176 - 31 -
  • APARTAMENT TYPE B – 6 UNITS 2 Bedrooms & 2 Bathrooms m2 Interior 100 Terraza 43 Hall Ext. 9 Total 152 - 32 -
  • APARTAMENT TYPE C – 4 UNITS 2 Bedrooms & 2 Bathrooms m2 Interior 102 Terraza 73 Hall Ext. 9 Total 184 - 33 -
  • THE PROJECT UP TO DATE The developer is Julio Allés de Olives by the company ISLAND WEST CAPITAL INC (only shareholder) Land • Bought in 2007 • The land has 4 lots each one with its own Título de Propiedad “Permisología” • Permiso de construcción aprobado por CANA BAY desde 2008 • No objeción del Ayuntamiento de Higüey obtenida • No objeción de SECTUR inminente • Demás instancias a continuación ya que es normal en R. Dominicana obtener los demás permisos a medida que se construye el proyecto Construction: started in February 2010 bloque 1A (28 appartments) • Contratista General: CONSTRUCTORA AYBAR (www.aybargroup.com) Tax exemptions: Aprobación Previa de CONFOTUR and waiting for Aprobación Definitiva in July 2010 • Exención del impuesto de la renta for 10 years (income tax) • Exención del impuesto en la primera transmisiones inmobiliaria (3%) (first sale) • Exención del impuesto de la propiedad inmobiliaria (1%) (owner) CANA BAY Beach & Golf Resort • Urbanization Infrastructure finished • Nicklaus Design Golf Course open to the public since march 2010 • Beach Club built at 70% • The Hotel opened in 2009 as MOON PALACE (Mexican PALACE RESORTS) but will re-open as HARD ROCK HOTEL & CASINO during summer 2010 - 34 -
  • BLOQUE 1A CONSTRUCTION June 2010 Vista de la obra desde el tee del hoyo 6 - 35 -
  • VIEWS FROM THE PROJECT: TEES & FAIRWAY WHOLE 6 Nicklaus Design Golf, CANA BAY Resort, Punta Cana - 36 -
  • CAMPO DE GOLF NICKLAUS DESIGN Open since March 2010 Nicklaus Design Golf, CANA BAY Resort, Punta Cana - 37 -
  • BEACH CLUB - CANA BAY 70% built Club de Playa, CANA BAY Resort, Punta Cana Vistas desde el Club de Playa CANA BAY, playa Macao, Punta Cana - 38 -
  • HARD ROCK HOTEL & CASINO - 39 -
  • PROJECT TEAM ISLAND WEST CAPITAL INC Directors • Presidente: Julio Allés de Olives (Spanish) - Business Owner – MNK Villas (www.mnkvillas.com) - Former consultant at The Boston Consulting Group ( BCG) and THR International Tourism Consultants - General Manager of the Project • Secretario: Bernardo Bagur Pons (Spanish) - Businessman specialized in property construction and management - Construction Manager of the Project • Tesorero: Manuel Pacheco Berroa (Dominican) - Director de Promoción de Inversiones Turísticas en SECTUR - Responsible in all permissions related activities Professional Services Hired: • Project Architect: Antonio Imbert (www.simplesarquitectura.com) • Landscaping and Interior Design Architect: Artur Bossy (www.arturbossy.com) • Construction Architect: Arq. Técnico Joan Mas (14 years in Punta Cana) • Cost Analysis and Budgeting: Ing. Ana Thomas de GRUPO PUNTACANA Providers • CONSTRUCTORA AYBAR (www.aybargroup.com) • BAVARO IDEAS, logo,, web, brochures (www.bavaroideas.com) - 40 -
  • 3. INVESTMENT OPPORTUNITY DETAILS 3. 1. Project Cost & Selling Price ($/m2) 3. 2. Hotel Estimated Cash Flow Account 3. 3. Apartments for sale, Investment Packages and Estimated Profitability - 41 -
  • TOTAL PROJECT COST IS $1.700/m2 Includes land, construction, furniture, permissions and professional services COSTE PROYECTO ($/m2 VENTA) $2.000 $1.800 $238 $1.600 $238 $238 $160 $1.400 $166 $168 $1.200 $1.000 $800 $1.192 $1.102 $1.072 $600 $400 $200 $200 $199 $202 $0 Total Bloque 1 Bloque 2 Suelo Construcción Mobiliario Permisos y Técnicos - 42 -
  • BUYING AT $2.000/m2 INVESTORS WILL HAVE A REAL ESTATE CAPITAL GAIN BETWEEN 25% AND 75% … POTENCIAL REVALORIZACIÓN ($/m2) $4.000 $3.500 $3.000 $1.500 (75%) $2.500 $500 (25%) $2.000 $300 (15%) $1.500 $1.000 $2.000 $1.700 $500 $0 Coste Proyecto Dirección Proyecto Inversión Inicial Plusvalía CP (Obra Finalizada) Plusvalía MP (Año 3-5 Hotel) - 43 -
  • … AND A HOTEL PROFITABILITY AROUND 10% PER YEAR DIVIDENDO ESPERADO POR OPERACIÓN HOTELERA ($/m2) $2.500 $242 $297 $160 $199 $118 $2.000 6% 8% 10% 12% 15% $1.500 $1.000 $2.000 $500 $0 Inversión Inicial Año 1 Año 2 Año 3 Año 4 Año 5 - 44 -
  • ESTIMATED NET INCOME PER TYPE OF APARTMENT RESULTADO ESPERADO POR TIPO DE APARTAMENTO $70.000 $60.000 $50.000 $40.000 $30.000 $20.000 $10.000 $0 Apto 2 habitaciones Apto 1 habitación Apto 3 habitaciones Apto VIP 2 habitaciones Año 1 Año 3 Año 5 - 45 -
  • MAIN HOTEL INDICATORS Año 1 Año 2 Año 3 Año 4 Año 5 Ocupación / Occupancy 60% 70% 75% 80% 85% Average price per Apto (2 Bedrooms) $260 $273 $287 $301 $316 Revenue/Apartment $56.940 $69.752 $78.470 $87.887 $98.049 Aptos (Number of apartments) 78 78 78 78 78 Ingreso Alojamiento (Accommodation $4.441.320 $5.440.617 $6.120.694 $6.855.177 $7.647.807 Revenue) m2 Aptos $11.752 Ingreso / Revenue $/m2 $378 $463 $521 $583 $651 Fuente: datos mercado benchmarkings y estimaciones promotor - 46 -
  • HOTEL P&L ESTIMATED ACCOUNT Año 1 Año 2 Año 3 Año 4 Año 5 Alojamiento / Accommodation $4.441.320 $5.440.617 $6.120.694 $6.855.177 $7.647.807 Restauración / F&B $1.032.607 $1.499.570 $1.958.622 $2.262.209 $2.600.254 Ventas Hotel / Sales $5.473.927 $6.940.187 $8.079.316 $9.117.386 $10.248.062 Comisiones TTOO / Commissions $999.297 $1.156.131 $1.224.139 $1.199.656 $1.147.171 Promoción / Promotion $90.000 $60.000 $100.000 $125.000 $150.000 Coste Habitaciones / Room Cost $888.264 $979.311 $918.104 $1.028.277 $1.147.171 Coste Restauración / F&B Cost $681.521 $899.742 $1.077.242 $1.131.104 $1.170.115 Coste Energía / Energy Cost $666.198 $816.093 $918.104 $1.028.277 $1.147.171 Coste Mantenimiento / Maintenance Cst. $222.066 $326.437 $367.242 $411.311 $458.868 Coste Administración / Administration C. $100.000 $125.000 $150.000 $150.000 $150.000 Costes de Operación / Operating Cst. $3.647.346 $4.362.714 $4.754.831 $5.073.624 $5.370.496 GOP $1.826.581 $2.577.473 $3.324.485 $4.043.762 $4.877.566 Base Fee $164.218 $277.607 $403.966 $455.869 $512.403 Incentive Fee $182.658 $257.747 $332.449 $404.376 $487.757 Management Fees $346.876 $535.355 $736.414 $860.245 $1.000.160 BAIT / EBIT $1.479.705 $2.042.118 $2.588.071 $3.183.516 $3.877.406 Impuestos / Taxes $0 $0 $0 $0 $0 Beneficio Neto / Net Profit $1.479.705 $2.042.118 $2.588.071 $3.183.516 $3.877.406 CAPEX $88.826 $163.219 $244.828 $342.759 $382.390 Resultado a Repartir / Net Rent $1.390.879 $1.878.900 $2.343.243 $2.840.757 $3.495.016 m2 en venta / surface 11.752 Resultado $/m2 / Net Rent $118 $160 $199 $242 $297 Inversión Inicial $/m2 / Investment $2.000 Rentabilidad Anual $/m2 / Profitability 5,92% 7,99% 9,97% 12,09% 14,87% Fuente: datos mercado benchmarkings y estimaciones promotor - 47 -
  • HOTEL P&L ESTIMATED ACCOUNT (% over indicated base) Base del % Año 1 Año 2 Año 3 Año 4 Año 5 Alojamiento / Accommodation Total Hotel 81% 78% 76% 75% 75% Restauración / Food & Beverage Total Hotel 19% 22% 24% 25% 25% Ventas Hotel / Sales Comisiones TTOO / Commissions Alojamiento 23% 21% 20% 18% 15% Promoción / Promotion Alojamiento 2% 1% 2% 2% 2% Coste Habitaciones / Room Cost Alojamiento 20% 18% 15% 15% 15% Coste Restauración / F&B Cost Restauración 66% 60% 55% 50% 45% Coste Energía / Energy Cost Alojamiento 15% 15% 15% 15% 15% Coste Mantenimiento / Maintenance Cst. Alojamiento 5% 6% 6% 6% 6% Coste Administración / Administration C. Alojamiento 2% 2% 2% 2% 2% Costes de Operación / Operating Cost Total Hotel 67% 63% 59% 56% 52% GOP Total Hotel 33% 37% 41% 44% 48% Base Fee Total Hotel 3% 4% 5% 5% 5% Incentive Fee Total Hotel 3% 4% 4% 4% 5% Management Fees Total Hotel 6% 8% 9% 9% 10% BAIT / EBIT Total Hotel 27% 29% 32% 35% 38% Impuestos / Taxes BAIT 0% 0% 0% 0% 0% Beneficio Neto / Net Profit Total Hotel 27% 29% 32% 35% 38% CAPEX Alojamiento 2% 3% 4% 5% 5% Resultado a Repartir / Net Rent Total Hotel 25% 27% 29% 31% 34% Fuente: datos mercado benchmarkings y estimaciones promotor - 48 -
  • COMENTARIOS A LA CUENTA DE RESULTADOS 1. ACCOMMODATION AVERAGE PRICES: first year like prices 2010 comparables. 5% annual growth. 2. OCCUPANCY: the average 80% in year 4 is equivalent to: • 95% high winter season (Christmas and Easter) • 90% low winter season (December - April) • 85% high summer season (15 July to end of august) • 70% low summer season (other may to November) 3. TARGET OCCUPANCY: best hotels in the area have a average annual occupancy of 90-95% and although this would be our benchmark in our profitability model we have estimated a maximum occupancy of 85% 4. COMMERCIALIZATION COSTS: • During the first years we will depend on Golf TT.OO. We estimate that this distribution channel will represent 90% of sales in year 1 and will reduce until 60% in year 5. TT.OO. Commissions are estimated at 25% of rack rates. • Year by year we will improve our direct selling that is why we have also increase our promotion budget from $60.000 to $150.000 5. OPERATING COSTS: we have used different sources but especially the Hotel ALISEI one where Julio Allés is President of the Hotel Condominium. • Rooms: from 20% to 15% of accommodation revenue • Energy & Utilities: 15% of accommodation revenue • Administration: increasing from $100.000 to $150.000 • CAPEX (capital expenditure): increase from 2% of room sales to 5% per year 6. FOOD & BEVERAGE: F&B revenue estimated as 30-40% accommodation revenue. F&B costs starts at 66% of F&B revenue and will decrease until 45%. 7. MANAGEMENT FEES: • Base Fee: increase from 3% to 5% of total Hotel Revenue • Incentive Fee: 10% of Gross Operating Profit 8. TAXES: developer is applicable for an income exemption tax during the first 10 years of operation. - 49 -
  • APARTMENTS ON SALE IN THE BUILDING UNDER CONSTRUCTION 7 Units: 2 Beds & 2 Baths - 50 -
  • APARTAMENTS ON SALE – BLOQUE 1A (UNDER CONSTRUCTION) Units with 2 beds & 2 baths M² M² M² M² M² Selling Market Estimated Profit. ID Level Hall Comm $/m2 $/m2 Comments Interior Terrace Total Price Price Capital Gain % Ext Area A31 3 94,0 20 6,1 16,9 137,0 $295.000 $2.153 $370.000 $2.700 $75.000 25% A37 3 94,0 21 6,1 16,9 138,0 $285.000 $2.065 $360.000 $2.608 $75.000 26% A38 3 94,0 20 6,1 16,9 137,0 $295.000 $2.153 $370.000 $2.700 $75.000 25% A41 4 94,0 24 6,1 16,9 141,0 $305.000 $2.163 $380.000 $2.694 $75.000 25% Cana at terrace A42 4 94,0 44,8 6,1 16,9 161,8 $340.000 $2.101 $430.000 $2.657 $90.000 26% Cana & jacuzzi at terrace A47 4 94,0 45,3 6,1 16,9 162,3 $340.000 $2.095 $430.000 $2.649 $90.000 26% Cana & jacuzzi at terrace A48 4 94,0 24,8 6,1 16,9 141,8 $305.000 $2.150 $380.000 $2.679 $75.000 25% Cana at terrace - 51 -
  • LOCATION OF APARTMENTS ON SALE - BLOQUE 1A SELLING PRICE 4 $305.000 $340.000 $340.000 $305.000 3 $295.000 $285.000 $295.000 NIVEL 2 $260.000 $260.000 1 $260.000 - 52 -
  • INVESTMENT PACKAGES – GROUP OF APARTAMENTS (6-8) C: 6 units 2 beds B: 8 units 3 beds D1 Y D2, 7 units: 4 units 2 beds & 3 units 1 bed E: 6 units 2 beds A: 8 units 2 beds - 53 -
  • INVESTMENT PACKAGES IN THE BLUE GREEN CLUB Summary Type of # Gross % Market Market Capital Profit. Bloque Apts. (# Investment Inv / Unit Inv $/m2 Units m2 Bloque Price $/m2 Gain (%) Beds) Paquete A 1A 2 8 1.106 28% $2.230.000 $278.750 $2.016 $2.860.000 $2.585 $630.000 28% Paquete B 1B 3 8 1.541 100% $3.100.000 $387.500 $2.012 $3.880.000 $2.518 $780.000 25% Paquete C 1C 2 6 824 100% $1.680.000 $280.000 $2.038 $2.100.000 $2.548 $420.000 25% 1 3 274 $600.000 $200.000 $2.190 $760.000 $2.774 $160.000 27% Paquete 2 4 550 $1.100.000 $275.000 $2.000 $1.380.000 $2.509 $280.000 25% 1D 50% D1 7 824 $1.700.000 $2.063 $2.140.000 $2.597 $440.000 26% 2 4 550 $1.140.000 $285.000 $2.073 $1.410.000 $2.564 $270.000 24% Paquete 1 3 274 $570.000 $190.000 $2.080 $730.000 $2.664 $160.000 28% 1D 50% D2 7 824 $1.710.000 $2.075 $2.140.000 $2.597 $430.000 25% Paquete E 1E 2 6 829 100% $1.830.000 $305.000 $2.207 $2.290.000 $2.761 $460.000 25% - 54 -
  • OUR PRICES ARE VERY COMPETITIVE CONSIDERING COMPARABLE PROJECTS IN PUNTA CANA AREA INVERSIÓN MÍNIMA EN PROYECTOS COMPARABLES $1.400.000 Villa 2 Bedroom Apartments $1.200.000 $1.000.000 $800.000 $600.000 $400.000 $200.000 $0 CAP CANA SOLAR + VILLA PUNTACANA RESORT SOLAR + CAP CANA SOTOGRANDE - APTO 2 CAP CANA GOLDEN BEAR LODGE - THE BLUE GREEN CLUB - APTO 2 VILLA HAB APTO 2 HAB HAB Superficie => 500 m2 500 m2 231 m2 261 m2 140 m2 With either option you have the opportunity to play golf at the same courses Fuente: Oficinas de Venta de los Proyectos - 55 -
  • AND IT IS ALSO ATTRACTIVE IN $/M2 INVERSIÓN EN PROYECTOS COMPARABLES: $/m2 $6.000 Villa 2 Bedroom Apartment $5.000 $4.000 $3.000 $2.000 $1.000 $0 CAP CANA SOLAR + VILLA PUNTACANA RESORT SOLAR + CAP CANA SOTOGRANDE - APTO 2 CAP CANA GOLDEN BEAR LODGE - THE BLUE GREEN CLUB - APTO 2 VILLA HAB APTO 2 HAB HAB Superficie => 500 m2 500 m2 231 m2 261 m2 140 m2 Fuente: Oficinas de Venta de los Proyectos - 56 -
  • CANA BAY, OUR RESORT, WILL OFFER PRICES IN BETWEEN THE ACTUAL OFFER IN PUNTA CANA AREA PRECIOS M ÍNIMO Y MÁXIMO EN VENTA DE CONDOM INIOS (US$/m2) 8.000 7.000 6.000 5.000 4.000 3.000 2.000 1.000 0 CAP CANA CANA BAY MELIA COCOTAL Fuente: Oficinas de Venta de los Resorts - 57 -