Press Releases
THE RESORT GROUP PLC ANNOUNCES RECORD SALES WEEK 29/01/2008
The Resort Group PLC is delighted to announce that it has seen a record sales week in spite of current turmoil in the financial markets.
In just one week The Resort Group PLC made 30 sales totaling €5.2m. This brings the total number of units sold on its Tortuga development to 231 and on its Dunas development to 180. A combined total of 39% of properties have been sold on Dunas Beach and Tortuga Beach to date.
Rob Jarrett, chairman of The Resort Group PLC, said: “Last week alone we flew 33 clients to Sal on an inspection tour and from that we are expecting a further 15 sales which would fall into next week’s sales forecast.
“We are seeing no signs that the appetite for holiday homes, and more generally investment in International property, is waning even though there is a ‘credit crunch’ happening around us. This has been a fantastic start to 2008 and leaves us feeling bullish for the coming months.”
This announcement comes just a week after The Resort Group PLC launched a Fund offering experienced investors the opportunity to invest in these beach-front resorts and leisure complexes in the developing property hot spot of Cape.
The Resort Group International Property Fund PCC PLC has made available 11% (€10.5 million) of the group’s Dunas Beach and 14% (€7 million) of its Tortuga Beach developments. The remainder of the funding is already in place through institutional and high net worth individuals.
The Resort Group PLC is projecting an annualised return of around 20% to Fund investors on construction and completion of the projects, on a timescale of between 18 and 36 months. One of the key reasons that Investors can enjoy such an attractive rate is that they will actually share in the Developer’s profit and this will be based on all the properties within the specific resort rather than just individual units. The minimum investment in the Fund is €100,000 and eligible Investors include high net worth individuals, syndicates, companies and financial institutions.
The Resort Group International Property Fund PCC PLC is being marketed in the UK through a number of different distribution channels including investment advisers, pension funds, financial services networks and financial advisers. The company is paying an introductory commission of 6%. No management fee is payable unless 15% growth per annum is achieved. As an incentive for high performance, the manager will receive a fee of 0.25% of every 1% growth achieved once the minimum threshold is reached.
The fund, which is EU registered and regulated in Gibraltar, has an open ended structure, with closed-ended cells for both of the resort developments.
