Construction Company Letter of Intent Signed   /   Advance Notice of Forthcoming Price Increases
 
I am absolutely delighted to confirm that this month we have signed a Letter of Intent for both Tortuga Beach Resort and Dunas Beach Resort with leading construction company Grupo XXI (English translation ... Group 21).
 
After an extensive and very detailed review of the tenders received, we have chosen Grupo XXI based on a number of positive factors as below ...
 

* The materials and standards of workmanship demonstrated in the bid meet the required very high standard of construction as mandated by The Resort Group.
* Cost for delivery of both Resorts is fair and reasonable.
* Previous / current experience of construction on Cape Verde.
* Offices in Spain, the Canary Islands and Cape Verde (Sal).
* Our research and analysis of Grupo XXI show that they have the resources, financial strength, credibility and experience to be able to deliver the Resorts in a high quality manner, efficiently, professionally and on time.

Now that the Letter of Intent has been agreed and signed by both parties, the formal contracts are in the process of being finalised by the lawyers and we expect these to be signed in the next 4 to 6 weeks.
 
Initial mobilisation is underway by Grupo XXI and some of you will be aware that fences have already been erected around Tortuga and will soon be erected around Dunas.
 
I hope that you share my satisfaction with this latest and significant progress from The Resort Group, other developers throughout the world are cutting back and slowing down but we continue to buck the trend and move forward at a tremendous pace. We have sourced the right construction company and agreed terms that will deliver the high quality Resorts that our buyers expect and demand.
 
There is even more good news to come over the next month or so regarding Tortuga and Dunas (both for existing and future buyers) and also regarding our future plans for Cape Verde. Watch this space!!!
 
Sales continue to be very strong for which, as ever, I personally thank you. I will issue my usual Chairman's Message at the end of August but I must just give you advance notice that, as previously planned, there will be a price increase at some point during September. This will be around 5% and will be specific to Dunas Beach Resort (Tortuga being nearly sold out). We have experienced a strong surge in sales prior to previous price increases and we will be pleased to help you in any way we can during what is sure to be an ideal selling period as clients beat the price increases and enjoy almost instant capital growth.