Tortuga Beach Resort & Spa, one of Cape Verde's leading residential developments, Sal Island
News
Meliá Tortuga Beach Resort & Spa is currently under construction and will be fully operational in 2011.
Meliá Dunas Beach Resort construction commenced with the ground breaking ceremony this month and is planned to open in 2012.
Palma de Majorca, 18 November 09– Sol Meliá has reached an agreement with The Resort Group PLC to manage two new 5-Star Hotel Resorts on the Island of Sal, Cape Verde, under the MELIÁ brand. Cape Verde is an archipelago of 10 tropical islands in the Atlantic Ocean, 1,000 km south of the Canary Islands and 450 km west of Senegal. With a currency fixed to the Euro, politically very stable, fantastic beaches and year-round sunshine, Cape Verde is fast becoming one of the world’s most exciting tourist hot spots.
The two beach-front Resorts are located on the Island of Sal which enjoys beautiful white sandy beaches and an international airport with direct flights from around the world.
Meliá Tortuga Beach Resort & Spa and Meliá Dunas Beach Resort will provide combined condo-hotel accommodation of around 1,000 units. These will be a mixture of Hotel Suites and also privately owned Villas and Apartments located within the Resorts that will form part of the hotel rental itinerary under a condo-hotel arrangement.
Facilities and amenities for guests will be everything expected and demanded from the 5-Star Meliá brand. The guest experience across the two Resorts will be served by some 13 restaurants & eateries, 12 bars, swimming pools, convention and function suites, entertainment, kids club, sports facilities, shops and the impeccable service offered by Meliá in all of its hotels.
The Meliá Experience also includes state-of-the-art Gymnasiums and luxury Spas on each Resort, that will provide wellbeing and complete relaxation of the body and soul to the clients , under the Sol Melia’ s luxury Spa brand, Yhi Spa.
Sol Meliá has over 50 years experience and is the largest resort hotel company in the world. It is the largest hotel group in Spain, the sixth largest in Europe and number fifteen in the world ranking, currently operating more than 300 hotels in 28 countries and employs 34,000 people worldwide. With regard to this agreement, Sol Melia’s CEO and Vice Chairman, Gabriel Escarrer Jaume, firmly believes that “our Meliá Brand will add a great deal of value to the whole development, which has potential to become a hotel-destination in itself”.
The Resort Group has previously been involved in Andalucía, Spain with Casares del Sol, and also in the ultra-luxurious Trump International Hotel & Tower in Toronto. They
entered the Cape Verde Tourism and Real Estate market in late 2006 and are now fully committed for the long term, and actively looking for further opportunities.
Rob Jarrett, says; “The Resort Group is absolutely delighted and very proud to have Sol Meliá operate Tortuga Beach Resort & Spa and Dunas Beach Resort. I am particularly thrilled that the Hotels will be the luxurious 5-Star MELIA brand. I genuinely believe that the quality of the Resorts combined with the experience; huge reservation capacity and very high standards of Sol Meliá will be a truly winning proposition for everyone concerned, especially the people of Cape Verde itself. I would also like to thank all the Authorities in Cape Verde who have been a pleasure to work with and also the people of Sal who have welcomed us so warmly. I give my assurance and that of everyone at The Resort Group, that we will do everything in our power to deliver Resorts to be proud of, lasting employment and substantial economic benefits.”
About Sol Meliá
Sol Meliá was founded in 1956 in Palma de Mallorca (Spain) and is the world’s leading resort hotel chain, as well as Spain’s leading hotel chain in both the business and leisure markets. It currently has more than 300 hotels in 28 countries on 4 continents. The brands operated by the company are Gran Meliá, Meliá, ME, Innside, Tryp, Sol, Paradisus and Sol Meliá Vacation Club.
Sol Meliá is the only travel company included in the exclusive “Footse4Good Ibex” Spanish stock market index, and is the third company in Spain to generate the greatest degree of confidence and is ranked within the top three hotel chains as far as Corporate Reputation is concerned. The company currently employs more than 34,000 people worldwide with staff from over 80 different countries. The company fully respects equal rights and balance in its contracting of male and female staff and 10% of its workforce is made up of immigrants.
Minister of State Breaks Ground on Dunas Beach Resort
"Bo terra sta na nha coracao"
The ground breaking ceremony of Dunas Beach Resort on the Island of Sal in Cape Verde took place on 13 November 2009.
The Prime Minister had graciously agreed to preside over the event but was unfortunately taken ill a couple of days before. It was, however, an honour that the Minister of State attended in his place. Activities commenced with the Minister of State and Rob Jarrett, using golden shovels to pour the first block of concrete and then laid a ceremonial stone. As is tradition, a lucky €1 coin was thrown into the block and champagne bottles were popped as the attendees drank a congratulatory toast.
Also in attendance were the Secretary of State for the Economy, a representative of the Mayor of Sal, the President of the CI and many other Dignitaries from the various authorities of Cape Verde. A number of sales Agents plus Purchasers who have already bought property on Dunas Beach Resort were also present. Various members of the press attended and recorded the event.
The ground breaking activity was organised and supervised by construction company Grupo San Jose and their joint venture partner Sogei.
Guests were then invited to a reception at the Hotel Odjo D’Agua in Santa Maria where Champagne, Caipirinhas and Canapes were waiting on arrival.
On the way back to Santa Maria, the Dignitaries were taken on an interesting diversion as they were given a tour of Tortuga Beach Resort & Spa just down the beach. Tortuga is the first project that The Resort Group undertook on the Island of Sal and it was only in January of this year that the Ground Breaking event took place with the Prime Minister. Everyone agreed that the progress of Tortuga has been nothing short of amazing. Grupo San Jose and Sogei have worked relentlessly and the 300 or so workers, mainly from the local workforce, were acknowledged as being an absolute credit to Cape Verde (there will be some 500 workers employed on the construction of Dunas).
At the Hotel Odjo D’Agua the formal speeches then followed starting with a presentation on the Dunas project by developer The Resort Group. This included the positive reasons why Cape Verde and the Island of Sal were chosen and that the Resort has bucked the trend during the current worldwide economic uncertainty, evidenced by nearly 600 of the Villas and Apartments already being sold (which represents more than 2/3rds). Dunas will also include a 5-Star Hotel with a variety of quality restaurants, elegant and stylish bars, state of the art gymnasium, luxury spa, sports facilities, huge communal pools, shops and all the amenities you would expect from a 5-Star Resort. Over €80 million will be invested into Dunas making it a Resort that everyone can be proud of.
The next speech gave thanks, on behalf of the Chairman and everyone at The Resort Group, to the Minister of State for presiding over the event and all associated parties for their support of Dunas Beach Resort. Although there were too many names to mention everyone involved, particular thanks were offered to President Cardoso Santos and all at the CI, architects HCP, ‘Scapa’ and Victor Fidalgo, Erico Verissimo, Loid Engenharia, all at the Municipality, the Municipal Assembly, City Council, Registrar, Notary, Chairman of the Port, Chief of Police, Alexandra Pereira law firm, all staff of The Resort Group PLC, Luis Rodrigues and the team at GPA law firm, PWC, Savills, Studio DM, Oxygen, Signature Interiors, furniture company Rhooms, Locus, The Space Studio, Land-Scope, Servoplan, Emission Zero, Halcrow Yolles, Inca Media, IVC Media, Porcelanosa, Comprex, Zanette, ECP, Technasol, Geo Tech, APP, PM International, the Press, neighbouring developments & hotels, other Developers & Promoters, Cabocan, banks Banif & BCN, sales Agents, Purchasers and the people of Sal & Cape Verde. Special thanks was given to construction company Grupo San Jose and joint venture partner Sogei for the tremendous work on Tortuga and for their professionalism & commitment to Dunas.
There then followed a momentous announcement as The Resort Group confirmed that Management Agreements have been signed with the Sol Melia hotel group to operate the Dunas and Tortuga 5-Star Hotel Resorts, under the MELIA brand.
MELIA Dunas Beach Resort and MELIA Tortuga Beach Resort & Spa will provide combined hotel accommodation of around 1,000 units and give a further tremendous boost to the Island’s tourism.
A separate Press Release issued from Sol Melia and The Resort Group gives more detail of the announcement but a few interesting facts that highlight the magnitude and size of the Sol Melia group are shown below: -
- Over 50 years experience.
- Over 300 hotels in 28 countries.
- Employs 34,000 people from 80 countries worldwide.
- 5.3 Million registered customers.
- Assets of over €4 Billion.
- The largest hotel group in Spain.
- 6th Largest in Europe.
- 15th Largest in the world.
- The largest ‘Resort’ hotel operator on the planet!
The negotiations between The Resort Group and Sol Melia have been ongoing for well over a year and resulted in The Resort Group committing millions of Euros of additional spend into the facilities and amenities of Dunas and Tortuga. This was required to meet the exacting standards of the 5-Star Melia brand.
Sol Melia coming to the Island is a major coup for Sal and clearly demonstrates that Cape Verde is a country on the up and a country that is competing strongly on the tourism world stage!
The speech ended by confirming The Resort Group's long term commitment to Cape Verde and stressed that it is a great privilege and honour to be involved with the country. This was summed up by the final words (as had happened at the Tortuga event) that were spoken in Creole ... "Bo terra sta na nha coracao" (Your land is in my heart).
The Minister of State then made an impassioned speech and was very complimentary about Dunas Beach Resort and the economic benefits it will bring. The support of the Government to The Resort Group was kindly reiterated both on Tortuga and Dunas plus all future projects. Great emphasis was made of the progress being made by Cape Verde, especially as an international tourism destination, and the successful efforts everyone is making to encourage international investment.
All guests then enjoyed a party for the rest of the evening. The festivities started with drinks accompanied by musicians playing relaxing classics in the background and then moved onto a private beach for a BBQ. Partygoers then danced the night away to superb reggae band ‘Dub Squad’.
Rob Jarrett said, "This has been an amazing day for everyone at The Resort Group. Breaking ground on our second development this year and the announcement of Sol Melia operating both Resorts makes this one of the proudest days of my working life. I am extremely grateful to the Minister of State and the Prime Minister for their support and to everyone who has contributed to the success of Dunas and Tortuga. The people of Cape Verde, and Sal in particular, have been so friendly and made us feel very welcome. We will work tirelessly and do everything in our power to deliver quality Resorts that will benefit the Island for years to come."
LK@theresortgroupplc.com
UK Representative Office: +44 (0)1332 387818
October has been another great month for The Resort Group PLC. We are now seeing amazing consistency of enquiries and sales month in month out. The last 3 months have seen average sales of over 45 per month, and in the month of October 48 new sales. Tortuga Beach Resort & Spa has been sold out for some time and Dunas Beach Resort is now over 2/3 sold.
Pension sales via SIPP and FPT (Self Invested Personal Pension & Family Pension Trusts) continue to make a healthy contribution to new sales on Dunas Beach Resort. It is estimated that around £80 billion pounds is locked into frozen pension schemes in the UK, small wonder that so many people are looking at the opportunity as a means of unlocking this huge potential.
I am delighted to advise that construction for Dunas Beach Resort started on Monday 26th
October and have included a few early photographs to demonstrate the mobilisation of plant and equipment to the site. We have entered into a contract with Grupo San Jose who's quality of build and workmanship is superb and will be unrivaled in Cape Verde. Grupo San Jose are the principal contractor on Tortuga Beach Resort & Spa where they have already moved ahead of build schedule. We look forward to watching the progress on the second of our developments. The excitement is certainly building!
Our Ground Breaking event for Dunas Beach Resort has unfortunately had to be postponed to the 13th November due to an unforeseen commitment that the Prime Minister had to attend, and due to strict government protocol we had no choice but to rearrange. All arrangements are now in place for the ceremony to take place at 4.00pm on site, and for all formal speeches, refreshments and entertainment to take place at the Odjo D'Agua Hotel from 7.00pm until late. This will be a fantastic event for all who can attend and we will be communicating to all of our clients to update you on how the ceremony went.
Construction on Tortuga Beach Resort & Spa continues to move at a great pace, and an update is included later in this Newsletter.
The Resort Group attended the OPP Live exhibition at London's ExCel Centre on the 22nd, 23rd and 24th October. This was a superb opportunity to raise awareness of The Resort Group brand, and we were delighted with the number of new customers and business partners that have come on board as a result.
What was very clear from the show was the growing interest in Cape Verde as a destination for discerning investors. Another obvious theme of the exhibition was the interest in the opportunity to invest in overseas property through personal pensions and The Resort Group product is clearly one of very few that ticks all the boxes for investors looking to take this route.
I hope you enjoy reading our October Newsletter and look forward to updating you next month.
Enjoy!
Cape Verde could see a major boost in tourism figures according to travel and property experts thanks to the launch of a new inter-island ferry service.
Up until now the only way to get across from one island to another in Cape Verde has been by aeroplane, and real estate experts believe the new transport links could have a huge and positive impact to tourism and of course anyone who has a property to rent. This cheaper and more effective way of travel between the islands is believed to become very popular to the under-25s market travelling to Cape Verde, articularly to enjoy the outdoor activities such as hiking, fishing and kite-surfing.
Cape Verde has already received a number of great tourism boosts in 2009. It was ranked as number 4 out of Expedia’s ‘Top 10 Destinations to visit worldwide’ for its ‘Year-round sunshine, white sandy beaches and Creole culture. A perfect mix to offer you a relaxing holiday.” New Zealand was ranked at number 1, followed by Argentina and China.
In addition, Cape Verde’s capital city Praia was declared as a UNESCO World Heritage site – again boosting the countries’ tourism figures. With more and more exciting developments evolving from this emerging market, Cape Verde is well and truly on the map. It is evident that Cape Verde continues to grow in popularity in terms of travel, holiday and as an investment hot spot for many people around the globe. We firmly believe that this emerging market will only become more buoyant and more visible on the world stage as time goes by... becoming the new Caribbean for Europe!
The Resort Group PLC attended the OPP Live Event at London’s ExCel Centre last week. It proved to be a very worthwhile event to attend, not only to raise awareness of The Resort Group brand, but also to engage with our many clients and our agent fraternity.
A great deal of new business was established at the event and new relationships were forged as a result, particularly from people enquiring about using their pension as an investment vehicle and about our inspection trips to Cape Verde.
Approximately 6,000 people attended the event over the three day period, and we will no doubt be returning to this event next year by which time we will be well into the launch of our third beachfront resort on the Island of Sal.
The event was attended by The Resort Group’s Sales Account Managers who enjoyed the day talking to clients about Cape Verde, our inspection trips and ways in which to invest in a ‘piece of paradise.’ Our Managing Director Charlie King also attended OPP Live and conducted a number of seminars throughout the course of the three day event, all about our product offering and how to use your pension as an investment vehicle.
Client feedback was fantastic as we were able to give clients a real feel of exactly what to expect from their investment by displaying actual furniture samples of the living room suite for Tortuga Beach Resort & Spa and the comfortable table and chairs which would be used for Tortuga terrace areas.
This coupled with a DVD presentation displaying CGI pictures of Tortuga and Dunas virtual tour, plus actual video footage of construction in progress only reinforced our product offering, and boosted client confidence to share the success of a developer that actually does what they say they are going to do.
The Resort Group is proud to announce the start of construction on Dunas Beach Resort as of Monday 26th October!
The construction works commenced on Monday 26th October, and this last week has seen the mobilisation of some of the heavy plant equipment and machinery to site. We have entered into a contract with Grupo San Jose, the principal contractor on Tortuga Beach Resort & Spa where they have already moved ahead of build schedule.
We will soon be able to see the formation of platform levels, perimeter fencing being erected and pits being dug in the locations where the foundations will be constructed for various properties. This is a truly exciting time for all Dunas investors and we are very much looking forward to watching the development grow as the months go by.
We will be updating our website www.theresortgroupplc.com on a monthly basis to show you the pictures and video footage of construction progress at Dunas Beach Resort.
Final preparations are being made for the forthcoming Ground Breaking ceremony which will be held on 13th November. The Resort Group are honoured that the Prime Minister of Cape Verde has graciously agreed to preside over the event which will take place at 4.00pm local time at Dunas Beach Resort followed by an evening presentation, refreshments and entertainment at The Odjo D’Agua Hotel for any clients who are attending.
Due to the high demand of clients wishing to attend the event, places are very limited and strictly on a first come first served basis. You must contact Lisa Kellett on 01332 387 815 to confirm your attendance as anyone whose name is not on the guest list may be refused entry on the day due to the strict security regulations surrounding the Prime Minister and government dignitaries attending.
September has been an incredible month and we have successfully consolidated 50 new sales on Dunas Beach Resort, Sal Island, Cape Verde. A fantastic achievement and another record smashed for the second consecutive month running.
Contributing to our success is the increasing number of new and existing clients who are buying our properties through their pension funds. Awareness is growing in respect of our fully SIPP compliant offering with over 80 buyers now purchasing through this route since the option was launched in May. As a result of this strong interest we will be conducting more road shows around the UK and have now confirmed additional venues for November. We hope to see many of you at our forthcoming events and look forward to sharing information with you on how SIPP purchases are transforming many clients’ future prospects of real wealth in retirement. It has been a delight to see so many existing clients attending our UK road shows and we really appreciate the very positive feedback they have been giving.
Construction on Tortuga Beach Resort & Spa continues to progress at an even faster rate than we had believed possible and the standards of build quality and finish have really impressed all those who have visited the site in recent weeks.
Plans for construction to commence on Dunas Beach Resort are now being finalised and arrangements are now in hand to conduct our Dunas ground breaking event. This will be a fantastic event to attend for any of you wishing to visit the Island or if you are planning a holiday in Cape Verde soon. We will be in touch with you all shortly to confirm the exact date and festivities planned for this exciting occasion.
Further positive news is the completion of contract stages to acquire our third plot of land to launch another 5 star resort complex between our Tortuga and Dunas Beach developments, details of which will be released early next year.
Interest rates remain the most competitive they have been for a number of years and the recent green shoots of recovery seem to be really gathering pace. The UK property market is moving forward again helping to secure and increase equity, and whilst unemployment rates are likely to take a little longer to show improvement it looks highly likely that we will officially move out of recession shortly.
We at The Resort Group have experienced a significant increase in enquiries over the last few months and it is our firm belief that by choosing the right location for a foreign property investment, in a market that is on the up and has room to grow, your investment is much safer and somewhat insulated against the sometimes unpredictable nature of housing markets in certain parts of the world. Cape Verde really is an amazing place to invest and completely fits the bill in today's climate.
There is no secret to property investment, it is just common sense overlaid with the benefit of experience. We only offer properties of a very high standard within a highly desirable location. With the right property in the right place, you secure a good return on your investment, a revenue stream if you decide to rent your property and, of course, your own holiday home to enjoy.
We know that there has been a recession, but The Resort Group have chosen not to take part in it. Bullish words to say, but we are very serious when it comes down to providing our investors with one promise: To deliver a five star luxury development for lifestyle usage and a high yield of investment return year on year.
I hope you enjoy reading our September newsletter and look forward to updating you next month.
Enjoy!
The Resort Group PLC will be hosting a series of road shows across the UK to discuss how SIPPs could work for you.
The following dates are available in each of the below locations:
15th September – Manchester
16th September – Birmingham
22nd September – Chester
23rd September – Sheffield
29th September – Newcastle
30th September – Glasgow
7th October – Gatwick
8th October – Heathrow
13th October –Oxford
14th October – Cardiff
27th October – Norwich
28th October – Central London
3rd November – Bath
4th November – Portsmouth
10th November – Exeter
11th November – Plymouth
18th November - Belfast
19th November - Dublin
To find out more about our ‘SIPP’ OF WINE seminars, please contact Jessica Love or Mandeep Cheema on 01332 387 818.
SANTA MARIA, Cape Verde — 14th August 2009 –
Winding up an 11-day African tour, U.S. Secretary of State Hillary Clinton said she's optimistic about the future of Cape Verde. "I love coming to Africa," Clinton said at a joint news conference in Cape Verde with Prime Minister Jose Maria Pereira Neves as she prepared to head back to Washington. Responding to Clinton, Neves said that “We represent a new and emerging Africa" with progress in the areas of free press, free speech and the rule of law.
U.S. officials have said that Cape Verde, a former Portuguese colony off the coast of West Africa, could serve as a model for other African nations as it has held numerous free and fair elections and has taken measures to ensure accountability and transparency in government. Clinton, particularly, praised the government as "a model of democracy and economic progress in Africa." She noted that women account for more than half the members of Cape Verde's Cabinet. "I think the United States can learn a lot from your example," she told Neves.
The Resort Group prides itself on providing a first class service to all of our existing and potential clients, and what better way to demonstrate this by asking you, our clients to provide us with your feedback. Below are just a few examples that we have hand selected for you to read and enjoy:
Mark & Pauline From Northern Ireland said regarding their inspection trip to Sal:
"Thanks Mark & Emma, we had an excellent time all throughout our visit to Cape Verde. A totally mind blowing experience!!. Special thank you to Mark our turtle man, that was just amazing, WOW. Special thanks to the lovely bubbly Emma Rose on the choices of restaurants & nightlife and introducing us to the local Grog UGH!!!!!"
Paul Withey said:
"In this difficult time we are all experiencing at the moment, when people intend to complain more than they would normally do, I thought I would drop you an email to congratulate you and your company on the way you are keeping your customers informed with the progress of the Tortuga Beach Resort. I have purchased 3 properties in Sal, but the way you are advising us of the progress of the development is first class. Your monthly newsletter is always a pleasure to read and it also instills us all with confidence that we made the right choice with our investment. Even if you experience any future delays for whatever reason, the fact that you are keeping us informed on a monthly basis will help alleviate any potential doubts or worries that we would normally have had.
Congratulations and keep up the good work.”
We are constantly listening to our clients, and would welcome any feedback or comments which you would like us to feature in a future edition of our newsletter.
Please email lk@theresortgroupplc.com should you wish to comment or email us any of your inspection trip/holiday photographs to Cape Verde. A bottle of best champagne available for any of your comments and pictures received.
Yet another great month enjoyed by all at The Resort Group! Despite August traditionally being a relatively quiet month in terms of sales due to the holiday season, The Resort Group have managed to smash our August 2007 record result when property sales were at an all time high, with new sales on Dunas Beach Resort. A tremendous achievement of which we are all extremely proud of. This marks a turning point in our opinion and shows an extremely encouraging sign that this ‘recession’ is on its way out. It also supports our earlier statement that ‘We know there is a recession, but The Resort Group have chosen not to take part in it.’
Many of these new sales were derived from SIPP sales (Self Invested Personal Pension) which has been an extremely popular buying tool for many of you given the tremendous tax benefits associated with this type of transaction.
The Resort Group will be hosting a series of seminars across various locations around the UK for any clients, friends or relatives you may have who wish to find out more about Cape Verde and how to purchase a property using their SIPP.
More information about our ‘Sipp of Wine’ event is detailed further on in this newsletter. Don't forget that any sales born out of a friend or family referral will result in you enjoying a 2% discount off the completion balance of your
property.
We will be increasing the property prices on all Dunas Beach properties between 5-7% at some stage during the month of September so you can sit back and enjoy instant capital growth and continue to watch your investment
increase in value.
As always, I am delighted to provide you with a further construction update on both Dunas and Tortuga Beach Resorts, and hope you will enjoy both the read and the latest pictures on site.
In addition, we were thrilled to find out that Secretary of State Hilary Clinton arrived in Santa Maria, Sal on Friday 14th August to meet with the Cape Verdean Prime Minister Jose Neves as part of her 2009 African tour. Incredible to think that Mrs Clinton will have no doubt passed our very own Dunas and Tortuga Beach Resorts on her way around the island of Sal at some point during her visit! Clinton’s trip to Cape Verde is extremely encouraging and demonstrates just how much positive support the world is putting forward to this small group of islands in the mid Atlantic. The future is indeed very bright.
I hope you enjoy reading our August newsletter and look forward to updating you next month.
Enjoy!
The Resort Group have enjoyed another great month in July in terms of new sales for Dunas Beach Resort, with many of the sales coming from you our existing clients. We have had a considerable amount of feedback from clients who received our recent letter notifying you all that you can purchase a Dunas property with your pension – commonly know as a SIPP. We have consolidated a tremendous amount of new sales on this basis, and we have taken the liberty of reiterating just how this can work for you in this edition of your July newsletter.
As ever, I am delighted to provide you with a further update with regards to site construction, and having recently returned from Cape Verde to meet with various Ministers to discuss plans for our third resort on Sal, I can honestly say that I was extremely proud of what I saw. We have made exceptional progress on site, and I am sure that a few of you will be delighted to see that we have taken pictures of actual works being done to your specific apartment/villa. It is a truly exciting time for all of us at The Resort Group and its just a matter of time before the finishing touches to our 5 star developments will be applied.
In addition, July’s newsletter will discuss a few interesting facts about Cape Verde, along with more good news stories to reaffirm why you have made the right choice by investing with The Resort Group PLC.
Furthermore, our Completions team will be contacting some of our Tortuga Beach Resort clients throughout the month of August and beyond to discuss the completion process with you in detail. I am confident that you will really enjoy this part as you get to have a more in-depth look at the quality and feel of your luxury property.
I hope you enjoy reading our July newsletter and look forward to updating you next month.
Enjoy!
June has been an incredible month for The Resort Group. We set ourselves the ambitious target of hitting the important milestone of 800 apartments and villas sold by the end of June and we are delighted to announce we have now hit 801 combined sales for Tortuga Beach Resort and Spa and Dunas Beach Resort.
As sales continue to rise so do the bricks and mortar, and we have enclosed some amazing pictures which demonstrate just how far construction has come since it commenced a few months ago.
I will be in Cape Verde next week to meet with the Prime Minister and various dignitaries to discuss our commercial plans for our third resort which will be launched around the first quarter of next year.
By way of update, I am delighted to advise you that our developments are now ‘SIPPable’, meaning that prospective clients can now utilise their pensions to buy a property on Dunas Beach Resort.
In addition, our Managing Director Charlie King gives an insight into the opening of our new UK representative office in London, and we have included even more good news stories which reiterate just why Cape Verde is the right investment for you.
I hope you enjoy reading our June newsletter and look forward to updating you next month once I have returned from Cape Verde and seen first hand the progress made with our five star resort developments.
Enjoy!
Another great month enjoyed by all at The Resort Group PLC. Our sales continue to rise and we are on target to hopefully be sold out by the end of the year and to be well into the pre launch sales of our next development project on the island of Sal, Cape Verde. (which will sit along the coast from Tortuga and Dunas Beach Resorts.)
I am pleased to announce that over the last three weeks we have recruited an additional ten sales and administrative staff to cope with the progress of our business, some of which will be based out of our UK representative offices in Derbyshire and London (the brand new London City office will go live on the 8th June).
In addition, we have established a highly competent Completions Team whose primary responsibility is to focus on the completion and progress of your property. Over the course of 2009 and 2010, you will be contacted by our staff who will arrange to meet with you to discuss your completions process. You will be presented with as much information as possible with regards to what happens next as well as having a detailed look and feel of the interior and exterior materials that we are using in order to provide you with five star luxury.
I have recently returned from a business trip to Venice alongside our Construction Director and Interior Designer to meet with our kitchen / furniture manufacturers, and am delighted to confirm that I was extremely impressed and excited with the overall standard of quality and finish that we will be providing for your property. We really believe that it will exceed your expectations in terms of top quality Italian designer finish and excellence.
All is progressing extremely well on the construction front and I am delighted to provide you with a more thorough update of what is happening on site as at today, along with more recent pictures of the development further on in your May newsletter.
As always, I would like to thank all of our clients who have purchased on our Resorts and wait in great anticipation to provide you more and more great news over the next coming months.
Channel 4 - Buying and Selling Abroad Country Guide: Cape Verde
Excerpts taken from the Channel 4 website guide to Buying and Selling Abroad in Cape Verde.
The property market
The Cape Verde, an archipelago of ten islands which lies 300 miles off the west coast of Africa, is one of the most talked about new property markets for many a long year.
Hailed as the new Caribbean because of its palm-fringed, white sand beaches and tropical year round 23C temperatures – but considerably closer to the UK (the flight time is approximately five hours rather than eight or more to the West Indies) – new build developments are beginning to appear on its horizons.
The larger and more developed islands of Sal, Boa Vista and Santiago are seeing the majority of construction. Most developments are being built in an environmentally aware, low density way that has its government’s backing and that is intended to create a sustainable future, avoiding the boom and bust culture that many countries worldwide have experienced. Undeniably, however, buyers are being drawn more by comparatively cheap property prices (to Europe) and guaranteed sunshine than by environmental considerations.
‘Cape Verde has been one of the world’s top hotspots for investment purchases for the past couple of years, and now, along with clients who are solely looking for good medium-term investments by people purchasing for lifestyle reasons. The holiday market has expanded rapidly which has meant that far more British people are visiting the Cape Verde islands and appreciating the lovely weather, beaches and people.'
New developments
Following the opening up of the Islands to international investment, the introduction of direct flights from Britain has arguably been the greatest market driver for new visitors to Cape Verde.
Direct flights from the UK are scheduled from Gatwick, Manchester and Birmingham and take just over five hours. When compared to the Caribbean, flight times are much shorter and Cape Verde has the added benefit that there is no jetlag and the islands are not, as are the West Indies, located on a hurricane belt.
If easy access is important, well-priced property makes the islands vital. ‘On the popular island of Sal, where the main international airport is for regular direct flights from Manchester and London, there are some excellent 5-star rated communities on the market, such as the Dunas Beach and Tortuga Beach Resorts which have proved to be very popular. Also the island’s infrastructure, even though still quite basic, is improving and the next three years will see Sal make massive improvements.'
Dunas Beach is situated in a beachfront location on the white sands of Ponta Preta beach, and close to the little town of Santa Maria. Set within beautiful landscaped gardens and less than 20 minutes from the international airport, Dunas Beach has a five star hotel offering excellent facilities for use by all residents. The development includes 13 luxury beachfront single-storey, five-bedroom detached villas (each with their own private swimming pool), 54 luxury two-storey, three-bedroom detached villas and 628 deluxe apartments with a choice of one, two and three bedrooms.
Buyers Guide
Foreign nationals may freely purchase residential property in Cape Verde.
'Buying property in Cape Verde is a simple process; it follows the Portuguese model and has some local specifics. The Cape Verde government welcomes the foreign investor’.
Excerpts taken from the ‘Channel 4 - Homes’ website.
The mid - Atlantic ocean surrounding the Cape Verde archipelago sees plenty of marine action, and some of our clients who arrived in Cape Verde in May 2009 enjoyed a fantastic day out watching a school of Humpback whales migrating to the Antarctic oceans. Whales can be seen particularly around the months of May, June and July on their long migration south. Additional species of whales including the Sperm whale have also been spotted around Murdeira Bay as it seems to be a popular place where they come to breed and to bring their calves for weaning.
There are also many sightings of dolphins which can be seen swimming up close alongside the numerous fishing boats whilst out at sea. A magical site!
Many other fish can be seen by divers at various times during the year including the massive plankton-eating whale shark. The largest known specimens are 50 ft (15 m) long, making them the largest fish in the world! The whale shark is a docile fish and it does not attack, even on provocation, but has been known to collide with some of the larger ships at sea!
Cape Verde hosts a high degree of biodiversity and many of its wildlife species including its marine life and plants are found nowhere else, according to World Wildlife Fund (WWF).
The Atlantic Ocean waters provide important and substantial feeding grounds for marine turtles and breeding whales, as well as a renowned top fishing arena for both local and international fishermen.
Recent studies have also found masses of historic volcanic caves, and an abundance of coral reefs off the coast of Cape Verde with diving ranges from 25m to 42m in depth. If you are lucky enough to enjoy a deep sea adventure then expect to see a huge variety of tropical and Atlantic fish including Rays, Morays, Lobsters, Groupers and massive shoals of Marlin and Tuna fish. Sea temperature is between 22-27 degrees all year round.
It seems more and more evident that this jewel that sits virtually untouched in the heart of the archipelago is set to rival even the most well known diving destinations such as the Red Sea and Caribbean for its desirable almost secret marine underworld. It's just a matter of time before this European Caribbean is discovered by all.
Deal of the Week
Low-cost online currency transfers
What’s the deal?
HiFX a currency transfer specialist, has launched an online service for sending modest amounts of foreign exchange overseas at low cost.
The internet platform allows users to transfer the equivalent to £250 to £10,000 at what it calls “discounted” exchange rates and with no commission or other charges.
Currencies that can be transferred online are: US dollars; euros; Australian, Canadian and New Zealand dollars; and Dubai/UAE dirham.
Rates vary slightly with the amount transferred - with better deals on larger sums - but HiFX say they are within 0.4 per cent of the wholesale “spot” market.
Users lock in to “live” currency rates that are updated online every six seconds.
Payment for transfers is by sterling debit or credit card. The firm also covers any charges made by the receiving banks.
Is this good?
HiFX says the service offers a better deal than banks and undercuts online platforms from Western Union and PayPal.
It says banks typically worsen exchange rates by 4 per cent, as well as charging exchange and transfer fees. Some other firms also pass on fees levied by banks for receiving transfers.
The service could be useful for overseas property owners wanting to pay bills abroad, or for individuals sending money to family.
The live rates offer an opportunity to take advantage of currency volatility, buying on short-term rate improvements.
From the autumn, the service will also allow users to set “limit orders” where transfers are triggered if the rate hits a pre-set level.
What’s the catch?
The service is initially limited to six currencies and only transfers from sterling. In the autumn, users will be able to transfer foreign currencies back into sterling.
HiFX does not charge users paying on credit card an extra 1.2 per cent.
In addition, the currency transfer market is un regulated and customers may question whether funds could be at risk with such services. HiFX says it uses segregated account for client monies and had indemnity insurance. Transparency of rates and charges can also be an issue with currency firms. To compare different services, HiFX says users should ensure they consider the final cost including charges - rather than just the rate.
How do I found out more?
www.hifx.co.uk
Cape Verde proves again it is one of the best destinations for sun, sand and watersports, boasting sightings of Manta Rays and Humpback Whales to the south of Sal. With the turtle egg laying season approaching there are also numerous reports of turtles mating by the divers diving with the many dive centres situated in Santa Maria. Diving to the west continues with exploration of unchartered dive sites including many caves and caverns only a short distance from the top class dive site the Blue Eye- Buracona (See picture).
The year has certainly got off to a flying start and we cannot believe we are entering into the month of May already. April is often a relatively slow month due to the Easter break but we have enjoyed a credible result of 20 properties being sold on Dunas Beach Resort (Tortuga Beach Resort & Spa already being sold out) for which we thank our Purchasers and Agents alike.
Testament to say that your money is certainly enjoying significant growth and is a very viable alternative to the more traditional investment vehicles. We continue to make excellent progress and Cape Verde continues to go from strength to strength.
We understand that we are living in a somewhat uncertain environment at present, which is the reason why we are committed to providing you with positive updates regarding Cape Verde on a monthly basis.
This is an extremely exciting year for everyone, not only will we see landscapes being formed before our very eyes, but we are not far off unveiling an amazing 5-Star Resort in a top destination being dubbed the European Caribbean.
Please read on to find out about the latest developments concerning construction, along with a few articles which demonstrate just why you have chosen to invest in this amazing place which has just been voted as the ‘Top 4 Destination’ in the world for the second consecutive year running by Expedia. Enjoy!
Please read the full newsletter below.
As always, I would like to thank all of our clients who have purchased on our Resorts and wait in great anticipation to provide you more and more great news over the next coming months.
We are delighted to provide you with a few photographs to demonstrate the works being conducted on site as of April 2009.
The atmosphere on site has been electric and extremely upbeat with many individuals queuing up at The Resort Group office enquiring about employment opportunities within construction and site administration in Santa Maria.
At the moment, various materials and machinery has been delivered for site establishment such as warehousing and wellfare accommodation. We can also advise that heavy plant and equipment has been delivered to site to enable site mobilisation with immediate effect.
We have had confirmation that a further ship has left Lisbon carrying more materials including more plant machinery and steel reinforcements which are due to arrive in Sal shortly.
Soft landscaping is also in the process of being grown from seed and being imported to Sal island before finally being bedded into the ground.
Construction company, Grupo San Jose, have been delighted with the programme of works so far, and will be uploading a press release onto their website soon to demonstrate our partnership along with further information with regards to construction.
The future is indeed exciting, and we look forward in great anticipation to seeing buildings and landscapes being formed to the highest five star quality before our very eyes.We will continue to keep all of our clients informed and abreast of what is happening in Sal at every opportunity, and as always would like to thank all of our Purchasers and Agents for your ongoing support.
The number of guests that checked into Cape Verde’s hotels in 2008 rose against 2007, the country’s National Statistic Institute (INE) reported.
Figures from INE showed that 333,345 tourists checked into Cape Verde’s hotel rooms generating 1.82 million overnight stays, which equates to a rise of 27.5 percent year on year.
The INE said that the largest group of the overnight stays related to tourists from the UK (23.2 percent), followed by Italy (18.6 percent), Portugal (14.9 percent) and Germany (13 percent), whilst internal tourism accounted for 6.3 percent.
Sal Island is shown to be the leading destination of choice for the majority of visitors claiming a massive 73.7 percent of overnight stays.
The growing success of Cape Verde as an all year round holiday destination is no surprise to Rob Jarrett who said “I never doubted that Cape Verde’s popularity would just grow and grow. From the very first time I stepped onto Sal, I knew this was the new holiday destination. A real alternative to the Caribbean!”
And who can argue. With tourist figures up for the fifth year running and Cape Verde featuring in the Expedia top ten holiday destinations for 2009, the success will just keep on coming.
Click here to view the Expedia Top 10 holiday destinations
Hundreds of people on the island of Sal arrived in Santa Maria to watch the first ever Breitling Air Show. It was a great success, and many of the islands' tourists and locals were able to enjoy an incredible day of sunshine and fun filled entertainment watching some dare devil flying stunts. All of this was viewed from the stunning beach front of Santa Maria. Just another reason why Cape Verde has just been voted Number 4 in Expedia's Top 10 Destinations for 2009.
March saw a number of developments on all fronts at The Resort Group Plc.
Our sales momentum continued to be strong with a very credible 35 properties on Dunas Beach Resort being sold during March. With Tortuga Beach Resort & Spa already being sold out this means we have now sold combined 766 properties across the two resorts. Cape Verde and The Resort Group are truly providing a viable home for the many investors that are looking for an overseas property that provides attractive growth and income potential combined with fantastic lifestyle. A huge thanks to all our purchasers and thanks of course to our Agents who continue to support and work with us.
With ever increasing demand for Dunas Beach Resort, we have increased prices across the board from at least 5%. Existing homeowners will be happy to see their investment grow in value.
For new buyers, in the face of record low interest rates, we have maintained our exciting 6% offer for all new buyers who demonstrate they have used savings to make the First Deposit.
Furthermore The Resort Group Plc continues to offer the exciting €1.33 exchange rate guarantee. Based on the current spot euro/sterling exchange of €1.08, this will offer a massive discount of some 19% to new buyers on their First Deposit and Reservation Fee.
However, as intimated in earlier messages, the guaranteed rate will be reduced during the month of April and I can give you advance notice that the new guaranteed rate will be set at €1.25. I have not decided exactly when the new rate will be introduced but it is likely to be towards the middle or end of April. This therefore gives everyone a good run at obtaining an amazing exchange rate, the like of which might not be seen again for a very long time!
On the construction front, I am pleased to confirm that in accordance with our planning, site equipment, plant and machinery is currently being shipped to Sal. It will be mobilised on site by mid-April. Phase one foundation work is still on target to begin 19th May.
We are pleased to read that Cape Verde and Sal continue to grow in support and popularity. The national Cape Verdean airline, (TACV) announced recently that they will be operating weekly direct flights from Stansted to the island of Sal, Cape Verde.
Finally, may I thank our cherished and loyal homeowners, agents and friends in Cape Verde for your continued support.
The future is indeed exciting.
The Resort Group Plc will be entering a new phase during the coming months. We can look forward to sharing with you on-site changes and this we will do with on-site webcams as well as photos.
Best wishes to you and your families for Easter and the month of April,
January and February seem to have gone in the blink of an eye and 2009 is
already looking like it will be another successful and significant year for The
Resort Group.
January saw the official ground breaking ceremony (more of which later) and an
encouraging sales start to the year. February has seen that sales momentum
continue to build as 27 properties were purchased on Dunas Beach Resort. With
Tortuga Beach Resort & Spa being fully sold out this means we are now a
combined 70% sold over our two resorts on the Island of Sal, Cape Verde.
A huge thanks to all our Purchasers and our Agents who continue to demonstrate
tremendous faith in us and see the benefits that the resorts will bring.
At this point, with reference to the recent ground breaking ceremony, I would
just like to explain what is involved in the construction mobilisation period.
After an extensive tender process and rigorous period of due diligence, a
construction contract was signed late last year, mobilisation then follows and
there are many elements to this. The ceremonial ground breaking event is just
one small part of the whole process and serves the purpose to formerly announce
(together with key dignitaries of Cape Verde) that the construction process is
underway.
An enormous amount of other mobilisation work has been taking place and
continues to take place behind the scenes and although today it does not
manifest into 'hard hat' construction on-site, believe me, it is essential and
just as important. The full programme of works and the materials and quantities
need to be worked out meticulously and all details and timings worked through
with painstaking accuracy. This is obviously a lengthy process conducted by the
Contractor but is standard practice and not something that is delaying
construction but something that is part of the normal course of the
start
of construction.
Regarding some of the anticipated key timescales for construction over the
forthcoming few months, I can advise you that Tortuga will see some Geotechnical
work start on-site week commencing the 9 March. The work has been scheduled for
this date following the clearance of Cape Verdean work visas. The core drilling
machinery will be on-site for some 5 weeks. Grupo San Jose have already begun
project mobilisation with plant, equipment and site accommodation equipment.
This is being shipped to Cape Verde and is expected to be on-site in early
April. The urbanisation works will begin 5 May and the first phase of Villa
urbanisation works will begin 19 May. The planting of vegetation (for both
Tortuga and Dunas) will commence during June. On-site webcams will be installed
during the site establishment period and are expected to be operational by end
of May. We will advise when these are live. Site mobilisation equipment for
Dunas Beach Resort is also being shipped to Cape Verde and is expected to be
on-site during April.
The reason I have gone into detail with the above is simply to keep everyone
informed and to explain the process from the ground breaking ceremony to the
point whereby the visible and more obvious day-to-day construction activities
commence on-site.
We understand and fully appreciate that there is an amount of uncertainty in the
world of property development during the current economic climate but we
continue to buck the trend and progress. Myself and the whole team at The Resort
Group care deeply and take very seriously our responsibility to our buyers who
put their trust in us delivering a quality property on a quality resort that
will bring long term enjoyment and benefit. We will continue to work tirelessly
and this
will
be delivered.
Just by way of a brief update on a couple of other areas that might be of
interest: -
Future Projects
To demonstrate our long term commitment to Cape Verde, we are currently
negotiating to buy a third plot of land in the same beach-front area of Sal.
Bearing in mind our strategy and policy of NEVER spreading ourselves too thinly,
we have not embarked on firm discussions re another development until recently.
However, now is the time for us to accelerate the negotiations so that we will
be in good time to launch a new resort as Dunas Beach Resort nears the point of
being sold out (expected Autumn of this year).
Our steady and controlled development of the beautiful west coast of Sal will
bring benefits to all resorts and all Purchasers of properties within the
resorts.
Positive Relations
I was delighted to meet with the Prime Minister, Minister of the Economy and
Mayor of Sal for separate meetings on the 23rd February. The meetings were
extremely cordial, positive and beneficial. A number of areas were discussed and
we are in full agreement that we will continue with regular communication and
meetings to work together in a spirit of cooperation for the economic benefit of
Sal, Cape Verde and everyone associated with our resorts.
Finally, can I thank again all our Purchasers, Agents and friends in Cape Verde.
The positive light that we are held in by senior dignitaries in Cape Verde is
extremely gratifying, very much appreciated and indeed a little humbling. We
commit to maintaining and expanding our relationships and to continue our
enjoyable and relentless pursuit of delivering the luxury resorts that everyone
is so looking forward to.
Best wishes for a great March.
Press Release from The Resort Group PLC
Prime Minister Breaks Ground
“Bo terra sta na nha coracao”
The ground breaking ceremony of Tortuga Beach Resort & Spa on the Island of Sal in Cape Verde took place on Saturday 24 January 2009.
The Prime Minister graciously presided over the sun drenched event which commenced with the Prime Minister and Rob Jarrett, using golden shovels to pour the first block of concrete and then laid a ceremonial stone. As is tradition, a lucky €1 coin was thrown into the block and champagne bottles were popped as the attendees drank a congratulatory toast.
Also in attendance were representatives of the Mayor of Sal and President of the CI together with many other dignitaries from the various authorities of Cape Verde. A number of sales Agents plus Purchasers who have already bought property on Tortuga Beach Resort & Spa were also present. Members of the press together with Cape Verde, Portuguese & African TV stations recorded the event.
The ground breaking activity was organised and supervised by construction company Grupo San Jose and their joint venture partner Sogei.
Guests were then invited to a reception at the Odjo D’Agua hotel in Santa Maria where Champagne, Caprianas and Canapes were waiting on arrival.
The formal speeches followed starting with a presentation on the Tortuga project by developer The Resort Group. This included the positive reasons why Cape Verde and the Island of Sal were chosen and that the resort has bucked the trend during the current worldwide economic uncertainty evidenced by all the 358 Villas and Apartments already being sold out! Tortuga will also include a 5-Star Hotel with a quality restaurant, an elegant wine bar, relaxing piano bar, state of the art gymnasium, luxury spa, shops and all the amenities you would expect from a 5-Star resort. Some €40 million will be invested into Tortuga making it a resort that everyone can be proud of.
The next speech gave thanks on behalf of the Chairman and everyone at The Resort Group to the Prime Minister and all associated parties for their support of Tortuga Beach Resort & Spa. Although there were too many names to mention everyone involved, particular thanks were offered to architects HCP, ‘Scapa’ and Victor Fidalgo, President Fontes, engineer Pinto and all at the CI, Erico Verissimo, Loid Engenharia, the Municipal Assembly, City Council, Registrar, Notary, Chairman of the Port, Chief of Police, Alexandra Pereira law firm, all staff of The Resort Group PLC, Luis Rodrigues and the team at GPA law firm, Studio DM, Locus, The Space Studio, Land-Scope, Servoplan, Emission Zero, Halcrow Yolles, Inca Media, Hulley and Kirkwood, BIW, the Press, neighbouring developments & hotels, other Developers & Promoters, Cabocan, banks Banif & BCN, sales Agents, Purchasers and the people of Sal & Cape Verde. The speech ended by confirming The Resort Group’s long term commitment to Cape Verde and stressed that it is a great privilege and honour to be involved with the country. This was summed up by the final words that were spoken in Creole … “Bo terra sta na nha coracao” (Your land is in my heart).
Click here to read the full speech
The Prime Minister then made an impassioned speech and was very complimentary about Tortuga Beach Resort & Spa and the economic benefits it will bring. The support of the government to The Resort Group was kindly reiterated both on Tortuga and Dunas Beach Resort plus all future projects. Great emphasis was made of the progress being made by Cape Verde, especially as an international tourism destination.
The formalities ended with television interviews with the Prime Minister & the Chairman. Film of the event was carried on the news programmes of RTP (main Portuguese TV station), RTP Africa and Cape Verde television.
All guests then enjoyed a party for the rest of the evening. The festivities started with drinks accompanied by local musicians playing Cape Verdean classics and then moved onto a private beach for a BBQ. Partygoers then danced the night away to superb reggae band ‘Dub Squad’.
Rob Jarrett said, “This has been a wonderful event and a very proud day for everyone at The Resort Group. I am extremely grateful to the Prime Minister for his support and we now look forward to inviting him to cut the ribbon at the opening ceremony. The people of Cape Verde, and Sal in particular, have been so friendly and made us feel very welcome. We will make sure that we deliver quality resorts that benefit the Island for years to come.”
View the YouTube video of the ceremony courtesy of BIW Technologies
LK@theresortgroupplc.com
UK Representative Office: +44 (0)1332 387818
2009 starts with an amazing bang!
The SOLD OUT signs have been put up at Tortuga Beach Resort & Spa meaning that all 358 Apartments and Villas have now been purchased by discerning buyers. It is great news all the way, the construction contract with Grupo San Jose is now underway and 2009 becomes the year of build build and more build!
Thanks to all our Agents for your continued support and thanks very much to all Purchasers... you can now really start looking forward to your very own piece of paradise.
Chairman's Message - End of Year 2008
Reassurance In An Uncertain World!
As 2008 draws to a close I want this final message of the year to convey one
point and one point only ... Reassurance.
I have been conscious that a number of our existing
Purchasers, our Agents and indeed our future Purchasers naturally want
reassurance that everything is on track. In today's uncertain world it is
completely understandable that everyone will look at all aspects of their
finances.
Let me start by making a statement ...
"The Resort Group's two current developments of Tortuga
Beach Resort & Spa and Dunas Beach Resort on Sal Island, Cape Verde are rock
solid in terms of safety and investment returns for purchasers. They will be two
of the best value for money resorts to be built anywhere in the world over the
next few years."
Now you might think that this is a rather bold
statement to make but let me reassure you that it is not bold at all. There are
a number of key ingredients that go together to ensure that Tortuga and Dunas
deliver everything required to Purchasers. I would like to band these
ingredients into three separate segments, some of them are inter-linked but in
the main our experience shows that the benefits of owning property abroad are a
mixture of
Capital
Growth, Ongoing
Income and
Lifestyle.
Let me take each of these in turn ...
1) CAPITAL GROWTH
Market
...
Capital value grows if the right market conditions exist!
Cape Verde has growing land values and is still at the
beginning of it's growth cycle as an emerging market. It has all the magic
ingredients of the right pricing, great year-round weather, direct flights, a
growing economy, politically stable and rapidly rising tourism where demand far
exceeds supply.
Beach-front
...
Capital value grows if on the beach!
There is only so much developable beach-front land in
the world that is easily accessible. Over time as prime beach-front becomes more
scarce then so the value of existing plots increases.
Due Diligence
...
Capital value grows as each one ticked off!
* Land - We have full title to land for Tortuga and
Dunas and both plots have been completely paid for. Indeed, when paying the
final installment for Dunas to the CV government, we actually paid earlier than
our contract stipulated so that we could obtain land registration for the
comfort of our Purchasers.
* Licenses - An architect's drawing may look great on
paper but if it doesn't satisfy the planning authorities then it is worthless.
Tortuga and Dunas have planning permission approved, environmental impact study
sign off and building licenses granted and issued.
Sales
...
Capital value grows as the properties within the resorts sell!
This has been one of the key strengths of The Resort
Group over the past year. Yes, there has been economic uncertainty but we have
not sat back and waited for things to turn. Whilst many other developers have
seen a drop off in sales, Tortuga and Dunas have continued to sell strongly and
consistently throughout the year.
In some ways, I think the economic slow down has
actually helped us as there are still many people looking to buy overseas
properties but they are now being more careful and more choosy. Resorts now have
to be able to demonstrate all the due diligence, be in the right location and be
of exceptional quality and value for money. Purchasers are not in the mood to
compromise anymore and Tortuga / Dunas have certainly passed the tightest
scrutiny.
Sales for 2008 have actually been
stronger
than 2007 (which itself was one of our best ever years). I am delighted to
announce that Tortuga Beach Resort & Spa is now virtually sold out and we expect
the final remaining properties to be sold over the next few weeks. A fantastic
achievement and we can all now look forward to a successful and profitable
future as the Purchasers properties and our retained commercial facilities
(hotel, restaurants, bars spa etc) work hand in hand together for the prosperity
and mutual benefit of all.
Dunas Beach Resort now becomes our primary focus for
sales in 2009 and we are currently 53% sold (371 properties). We expect to
announce being 'Sold Out' during late summer.
Construction
...
Capital value grows as the resort grows!
It is fair to say that we had hoped to have commenced
construction before now but I am happy that the time spent on the finer details
of the contract has been time well spent. Tortuga and Dunas will cost around
€110 million (Euros) to build and fully finish to the high standards that we
and our 5-Star hotel operator demand. We have had to make sure that the
thousands of different elements within the contract all represent the very best
value for money and quality standards for ourselves and our Purchasers.
I am delighted therefore to confirm that on 17 December
2008 a construction contract has been signed with the huge Grupo San Jose.
We considered a number of different construction
companies, all of whom have the capacity and track record to deliver the
projects but in the end Grupo San Jose demonstrated the best strength,
credibility, experience and overall package. For your information, the following
bullet points should give you the reassurance that the construction is in
exceptionally good hands ...
* Over 30 years experience (started business in 1975)
* Net turnover in 2007 of €1.56 BILLION (Euros)
* Earnings before taxes in 2007 of €157 MILLION (Euros)
* One of the largest construction companies in Spain
* A truly international player with operations in every
region of Spain plus Portugal, USA, France, Germany, Morocco, Argentina, Mexico,
Peru, Panama and of course Cape Verde
* Vast experience in all aspects of construction
including ... Residential / Hotels and Resorts / Shopping Malls / Airports /
Hospitals / Offices / Sports and Leisure Centres / Highways and Motorways / Rail
Projects / Universities / Restorations / Museums / Water Treatment Facilities /
Energy Projects / Urban Planning / Bio-fuels / Maintenance Services
* Previous projects are too numerous to mention but a
few examples to demonstrate the wide range and scale include ... An extension to
the famous Prado Museum in Madrid (officially opened by the King and Queen of
Spain) / Palace of the City Hall, Gran Canary / Head Office of Barclays Bank,
Zaragoza / Airport of Minorca / Head Office of the Council of Malaga /
University Hospital, Oviedo / Carrefour Shopping Centres in Madrid, Malaga and
La Coruna / The Sports City, Sevilla / Hotel Cathedral, Barcelona / Wind Farms
of Lugo / New Station in the Madrid Subway / New Motorway Intersection on the
M-40 Madrid / New High-Speed Railroad joining Madrid with Valencia / Residencies
Guadalmarina, Sotogrande / Pena Longa Hotel and Spa, Lisbon / Emprendimento del
Burgau Residential, The Algarve / Colon Theatre, Buenos Aires / West Avenue,
Miami Beach / Miraflores Educational Centre, Cape Verde
* Grupo San Jose are also Joint Venture partners with
local Cape Verde construction company Sogei. Established in June 2003 Sogei is
responsible for the Complexo Atlantico in Praia, a multi-purpose project of
residential, business and leisure facilities and the Santana touristic project
near Santa Maria on the Island of Sal
* Social responsibility ... San Jose has developed a
policy oriented to the protection of the environment
Machinery and equipment will now be rolling on to
Tortuga and the heavy ground work getting underway. We anticipate that, during
the first quarter 2009, machinery will move on to Dunas for a 'soft start' and
then it will be build, build and more build all the way! I have to say that this
is a proud time for myself and everyone concerned with the projects. We believe
that the total construction budget will represent the highest spend per sq m in
the history of Cape Verde for touristic resorts. To put this into perspective,
we are spending nearly double per square metre on the build than of the
5-Star RIU hotel just down the beach.
To finish this update on construction and, in the
spirit of openness and transparency, I would just like to touch on finances.
Some developers around the world are naturally feeling the pinch with regard to
cash flow, let me make two things absolutely clear ... we will NEVER spread
ourselves too thinly and we will NEVER run out of cash!
The Resort Group has no debts, we fully own both plots
of land and they are unencumbered. Our pre-sales over both resorts represents
some 70% of the properties available and, as our Purchasers will be aware, we
have been prudent by asking for healthy deposits. These have ranged from 35% to
60% of the purchase price (and in some instances the whole amount payable in
installments during the build period). Whilst some other developers have only
asked for eye catching low deposits (even as low as 10% to 20% with nothing else
to pay until completion!), this strategy is proving to be flawed. Yes, it would
make for easier sales but at what cost? Quality resorts require significant
funds to build and some of these 'low deposit' projects had then hoped to raise
further funds from additional lending or bonds or bridging loans. As everyone is
aware, the reality has been that any form of lending at the moment is anything
but a foregone conclusion!
This collection of circumstances has left some
developments struggling but NOT Tortuga or Dunas. As I have already said, we are
in a very strong financial position, our pre-sales plus financial resources and
agreed additional construction finance from Banif (one of Portugal's largest
banks) already means that even 'without any further sales' we will still be in a
position to complete both resorts. Obviously this is a very secure position to
be in and for that I would like to thank the 700+ Purchasers that have already
seen the off-plan benefits of Tortuga and Dunas and who have paid fair and
viable deposits.
By the way, the additional construction finance from
Banif (€15 million of which €6 million will be syndicated) was approved at the
height of the credit crunch and this was only signed off following extensive due
diligence by Banif on our company and all the pre-sales.
5-Star Hotel
...
Capital value grows as credibility grows
The benefits of a world renowned hotel operator are heavily linked
to the rental returns, more of which later, but the capital growth value of the
Apartments and Villas within the Resorts is also helped tremendously. The long
term value of properties increase with an income track record that is proven to
be strong and sustainable.
We have agreed Heads of Terms with a major operator and
the contract is being finalised with lawyers.
2) RENTAL INCOME
I hope that you share my confidence and enthusiasm that
Tortuga Beach Resort & Spa and Dunas Beach Resort will both bring very
attractive capital growth but, for those that require it, what about an ongoing
income from your property?
Again, there are a few key ingredients that need to be
in place ...
Location
...
Ongoing income is achieved and sustained if people want to visit!
* Sal Island has direct flights from many countries.
* The list is growing all the time (for example, in
addition to Gatwick and Manchester, flights have also just commenced from
Birmingham)
* Sal's runway is the 8th largest in the world!
* Tortuga and Dunas are just a 15 minute drive from the
airport
* Sal has year-round sun ... no low season
* Beach-front ... this is top or very high on most
holiday-makers wish list, beach-front is the most desirable, the most limited,
the most in demand, the most saleable and the most rentable!
Resort Facilities ...
Ongoing
income is achieved and sustained if people enjoy their stay!
* Tortuga and Dunas enjoy all the facilities and
amenities of 5-Star Resorts (to European standards).
* Reception, Concierge, Restaurants, Bars, Spa, Gym,
Entertainment, Sports, Beach Club, Activities etc. etc.
* They are 'tour operator friendly'.
* €millions of extra spend has been added to the
construction budget to take the Resorts to
true 5-Star quality.
There are many examples I could quote but one that may go unnoticed but
emphasises how the Resorts will work seamlessly for the benefit of all is that
state of the art fibre optic cabling will run throughout the Resorts to provide
the latest in high-tech communications, including on-demand movies, satellite
TV, wi-fi and a sophisticated door entry system. All four corners of the Resorts
will communicate with Reception and the back of hotel offices for both
efficiency and convenience for all.
Supply and Demand ...
Ongoing
income is achieved and sustained if good occupancy!
* Demand exceeds supply in Cape Verde in general and on
the Island of Sal in particular.
* Currently the best hotel on Sal enjoys over 90%
occupancy and the average on-island occupancy for hotels is around 80%
* Tourism is rising, the last 5 years has seen the
number of hotel bed nights more than double!
5-Star Hotel
...
Ongoing income is achieved and sustained if renters are attracted!
* Many resorts 'promise' rental returns but all too
often do not have a viable or sustainable vehicle for actually
delivering
property rentals.
* As previously stated, we have agreed Heads of Terms
with a major hotel brand and a formal announcement will be made when the full
Operator Agreement has been signed.
* The hotel will do all the work to attract guests and
then look after them in 5-Star luxury whilst the owners of the Apartments and
Villas simply sit back and receive their share of the income year in year out!
* Based on Savills projections of only 68% occupancy
this will mean that owners would enjoy a rental yield of approximately 10% per
annum.
3) LIFESTYLE
Ok, if capital growth and ongoing rental income can be
ticked off then what about owners actually enjoying the properties themselves. I
don't need to say too much here because the lifestyle benefits are fairly
obvious ...
* The additional spend into the Resorts to achieve the
required 5-Star level will also add to the value of your property and the
quality of your stay. For example, you can expect luxury bathroom suites, high
quality Italian kitchens by a leading supplier based in Venice and equipped with
soft closing drawers and
SMEG
appliances, and even the wardrobe doors in all the properties receive a 6 stage
lacquering process to ensure a luxury high gloss finish.
* Also, don't forget ... sea, sand, infrastructure,
relaxation, amenities & facilities, easy to get to, very friendly locals,
English widely spoken, entertainment, water sports ... truly your own piece of
paradise!
SUMMARY
I appreciate that this has been a fairly lengthy
Chairman's Message but so much has been achieved over the last 12 months that it
is important to review and share the good news.
"Reassurance"
yes, but it's better than just reassurance, it is
great
for existing buyers,
great
for our Agents,
great
for future buyers and quite simply great news all the way
...
* Full and unencumbered title to land.
* Planning Permission approved.
* Environmental impact study passed.
* Building License granted and issued.
* Savills 'Red Book' valuations showing total land
values (pre-sales) of over €65 million and a Gross Development Value of over
€225 million.
* Tortuga Beach Resort & Spa virtually sold out.
* Dunas Beach Resort 53% sold.
* Expect double digit rental yield ... consistent and
sustainable.
* Capital appreciation from rising tourism in an
emerging market with all the magic ingredients in place.
* Market leading Easy Ownership ways to buy.
* Location ... amongst the very best beach-front in the
world.
* Resorts delivered in true 5-Star quality.
* Outclassing the competition re quality.
* Outperforming the competition re price.
* Construction costs cash flowed through the financial
strength of The Resort Group, pre-sales and bank finance.
* Banif bank signed off construction finance at the
height of the credit crunch ... we are in such a strong position that, in
golfing terms, it was a 'gimmie'.
* Construction starting on Tortuga ... Dunas fenced off
and ready to go in the new year.
We are in Cape Verde for the long term, there is no
better place in the world for investors looking for exceptional value for money,
capital growth, ongoing income and lifestyle. Thank you very much to everyone
involved during 2008 for what has been another tremendously successful year. In
that I include our Purchasers, Agents, business associates, Everton FC (of whom
we are an official partner) and not forgetting all staff of The Resort Group PLC
who as ever have worked tirelessly.
I will end with the statement that I started with and,
taking all the above into account, I hope you agree with me that it is not
'bold' but simply a true reflection of where we are ...
"The Resort Group's two current developments of Tortuga
Beach Resort & Spa and Dunas Beach Resort on Sal Island, Cape Verde are rock
solid in terms of safety and investment returns for purchasers. They will be two
of the best value for money resorts to be built anywhere in the world over the
next few years."
On Friday 4th July a brand new Channel 4 series of the popular property show, A Place in the Sun - Home or Away, showed how it was make your mind up time for singer and presenter Cheryl Baker and husband Steve Stroud, as they decided where to invest their £160,000 inheritance.
Property experts Jonnie Irwin and Jasmine Harman helped them choose between a buy-to-let in up-and-coming Folkestone, or a holiday home on the tropical island of Sal in Cape Verde.
They chose to buy on Sal Island, being heralded as the nearest winter sunshine destination to the UK, and the ‘new Caribbean’.
The shows website comments on the property market;
Governed by Portugal until gaining independence in 1975, it’s easy to see why the Portuguese were reluctant to release Cape Verde from their control. Beautiful white sand beaches ring most of the islands, while palm trees sway in the breeze that cools the year-round tropical temperature of 23C (75F).
If the Portuguese brought European ways to the Islands' administration, its colourful culture owes everything to West Africa. Today, while the hotel complexes on Sal and its capital Santa Maria are very much international in appeal, elsewhere the language, cuisine, architecture and nightlife are exotically out of Africa.
The Island’s government has only begun to appreciate the rich cultural melting pot in the last five years. Tourism and housing construction are largely new to the islands, and in particular its main two: Praia and Sal; the latter being the destination to which charter airline Astreus has recently begun the first direct flight to the islands from the UK airports of Gatwick and Manchester.
The onset of direct flights is expected to have a large impact on the property market.
Source: Channel 4, A Place in the Sun: Home or Away website
The signing of the public deed of purchase and sale for Dunas Beach Resort which resulted in the developer buying land directly from the government and becoming the legal owner.
On signing of the deed a ‘first’ was achieved… as the only developer to have bought from the state of Cape Verde and fully paid for the land earlier than the payment schedule within the purchase contract.
Fantastic news! The Deed to transfer ownership was signed for Tortuga Beach Resort & Spa at the Notary on Monday 28 April.
The developers are now the legal owners of both plots of land.
The developers also have two "firsts" when they took title to Dunas Beach Resort land earlier this year: -
1) First developer to pay for land from the state of Cape Verde earlier than the contract payment schedule.
2) First developer to have completely paid the full purchase price (including all stage payments) for touristic land from the state of Cape Verde.
On both Resorts the developers now own the land, have planning permission, construction license, very strong sales and construction will commence in the next few months.
The power of Option 3 special offer payment plan from the developer expired at midnight 30th April 2008.
Watch this space for the next exciting payment plan.
Tortuga Virtual Tour - see it for yourself
We've just released the first full virtual Tour of our 5 star luxury Tortuga resort. Watch the movie to get a real insight into how beautiful and spacious our resort truly is. You will also see how beautifully appointed the apartments are too.
We are pleased to announce that we have appointed Rhooms to source stylish, contemporary and traditional furniture for properties on the resorts, Tortuga and Dunas.
We are working exclusively with them as specialist suppliers to the Cape Verdean market and have brought together a free furniture pack collection consisting of the following;
1 x 3 seater sofa
1 x sofa chair
1 x coffee table
2 x table lamps
1 x dining table
6 x dining chairs
1 x entertainment unit
1 x deluxe mirror
bedroom/master
1 x queens size bed/mattress
2 x bedside cabinets
1 x wall print
each additional bedroom
1 x queens size bed/mattress or 2 x singles
1 x bed side cabinet
The full payment options details for all reservations are as the options below:
• Option 1 :-
- Reservation fee: apartments - €6,000 (£4,000), villas - €12,000 (£8,000)
- 1st deposit: 30% within 15 days from receipt of contract
- 2nd deposit: 20% within 6 months of payment of 1st deposit
* Clients will receive free legal services and air conditioning
• Option 2 :-
- Reservation fee: apartments - €6,000 (£4,000), villas - €12,000 (£8,000)
- 1st deposit: 20% within 15 days from receipt of contract
- 2nd deposit: 20% within 6 months of 1st deposit due
- 3rd deposit: 20% within 12 months of 1st deposit due
* Clients will receive free legal services, air conditioning and a quality furniture pack
(Reservation fee is non-refundable)
Free Investment Tours announced by Dunas Beach Resort.
Available to purchasers and prospective purchasers who place a property on hold on Dunas Beach Resort.
A key factor to consider when investing is demand fundamentals and future property supply. Since most property currently being built or planned is tourist-orientated demand for property to rent will depend on how tourist numbers develop. To some extent, since many end buyers initially arrive as tourists, this will also influence sales.
The National Statistics Institute (INE) says that around 250,000 tourists arrived in 2006 – a 25% increase over 2005. Seventy percent of tourists visited Sal and 15% Santiago, while 75% of visitors stayed in hotels. INE estimates that tourist arrivals will increase by 22% this year and forecasts around 1m tourists annually by 2015. It also predicts that the number of cruise ships visiting the islands will increase from 30 in 2006 to as many as 70 this year, further putting the destination on the tourist trail.
The 28 international competitors who will participate in the Ponta Preta leg of the 2007 World Windsurfing Championship, which will take place between February 22 and March 4, have begun to arrive on the island of Sal. On Wednesday, the United States’ Levi Siver and France’s Baptiste Gossein joined France’s Julien Taboulet, who was the first to arrive last week.
Levi Siver and Baptiste Gossein, who live in Hawaii, the world windsurfing capital, seemed enthusiastic about participating in the tournament in Ponta Preta. The two athletes believe that the famous Sal beach could eventually become a sanctuary for windsurfers coming to Cape Verde.
“This place gives you everything, it’s got the type of conditions I like, with big, quick and smooth waves ideal for great air maneuvers. It’s my favorite place,” says 26-year-old Siver, currently classified 16th worldwide.
Gossein, who is 40th on the worldwide ranking, shares his opinion. “I’m very happy to be back here, and I’ll tell you that even if this competition weren’t taking place, I definitely would have come back. You find the best waves in the world here, and it’s the ideal place to host a world championship round. For me it’s going to be one of the best tournaments ever!” he exclaimed.
Expectations are good for both, who are considered by American-born naturalized Cape Verdean Josh Angulo to be his two main adversaries. “I definitely want to have a good performance here, and who knows, make it to the finals with Josh Angulo or Baptiste or whoever. That would be spectacular,” says Siver.
Baptiste has no doubt that Angulo is the main favorite in the torunament. “He was great last year, and the other guys are all really good. But Josh is in his backyard and probably no one’s going to want to compete with him,” he says.
Source A semana
Ten Cape Verdean non-governmental organizations received a total of some one million euros yesterday to finance projects. The European Union donation was channelled through Portugal’s Valle-Flor Institute. Cape Verde’s NGO Platform, the National Youth Center and the Association of Journalists of Cape Verde are among the NGOs benefiting from the donation. The financing will be channelled into local development projects.
Eight of the projects financed are located on the island of Santiago, one on the island of Maio and the other on the island of Santo Antão, Valle Flor Institute representative Hermínia RIbeiro Basto told Portuguese news agency Lusa.
The Institute will support the NGOs and their projects over the next two years, the official said, explaining that the projects in question are all initiatives of members of civil society and will have a direct impact on local development.
The Valle Flor Institute, which has been working in Cape Verde since 2001, is supporting a total of 13 development projects in the country, according to Basto. Of this total, only one is not financed by the European Union - the future creation of a community radio station on the island of Maio, which is being financed by the city of Loures.
Eduardo Sorribes, the EU business attaché in Praia, also told Lusa that the aid being given is part of a special NGO support fund, and that Cape Verde also receives EU support from other EU sources as well.
The Valle-Flor Institute, a non-governmental development organization, was created in 1951, and in 1995 was given honorary membership in the Order of Merit by the Portuguese president. The Institute’s main aim is the development of humanitarian aid, education and economic, social and cultural development programs. It operates in all of the world’s officially Portuguese-speaking counties.
Cape Verde and Portugal have decided to draw up a plan of action for the West African archipelago to be granted special status in relation to the European Union (EU), Cape Verde’s ambassador to Portugal, Arnaldo Andrade told Radio Cabo Verde Thursday in Portugal. The ambassador said that the decision had been taken Tuesday in Lisbon during a three-way meeting between representatives of the European Commission, Cape Verde and Portugal, to discuss the special partnership that the archipelago plans to set up with the 27 countries of the EU.
Andrade also said that the plan of action, which was being submitted to the European Commission, was “a first concrete step” towards the partnership, as “for the first time, we have moved ahead with something concrete, other than just statements.”
The Cape Verdean diplomat admitted that the process would be a long one as there was no precedent set for a country outside the European continent to have a special status in relation to the EU.
Andrade noted however that the governments of Portugal, Spain and Luxembourg had supported Cape Verde’s move to be granted special status.
Between May 26 and June 2, the first-ever “Cape Verde Week” in France will be held in Paris. With the sponsorship of Cesária Évora, the event is an initiative of the Cape Verde Business Club, which was created in France following a visit by Prime Minister José Maria Neves in November 2005.
In partnership with the Cape Verdean Embassy, TACV Cabo Verde Airlines and Cape Verdean associations in France, the Cape Verde Business Club will organize a week-long event in Paris dedicated entirely to the country.
The event will begin on May 26 with a gala dinner for 300 individuals in the UNESCO palace restaurant, followed, on May 27, by a handicraft, painting, photography and sculpture exhibition on Saint Germain Square.
The Saint Martin space, located near the George Pompidou Center, will host two conferences on Cape Verde between May 28 and 30 - one on tourism and another on investments - as well as a workshop on literature and poetry and an afternoon of Cape Verdean theater and cinema.
Source A semana
The developer is delighted to release the construction Licence awarded in November 2007.
Brussels, Belgium, 20 Nov – The 27 member-states of the European Union, meeting in Brussels, Monday reached an agreement on a future special partnership with Cape Verde, which aims to strengthen and boost ties between cape Verde and the EU.
The EU’s Council for General and Foreign Relations, which is bringing together Monday and Tuesday almost 100 foreign, cooperation and defense ministers, adopted conclusions based on a communication from the European Commission on the future of relations between the EU and Cape Verde, which will become "special.”
The “special partnership” will boost political dialogue and economic convergence, going beyond setting up a framework of mutual interests, according to the document adopted by the Council Tuesday, which highlights “the special and strong historical relations between the two parties.”
Good governance, security and stability, regional integration, the knowledge and information society and the fight against poverty are some of the pillars that will regulate the relations between Cape Verde and the EU in the future.
The development of EU-Cape Verde relations will from now on be based on democracy, good governance, respect for human rights and respect for the Rule of Law.
Cape Verde’s special status includes a “plan of action" that brings together the logic of bringing Europe and Africa together, opening up a precedent for the Cotonou Agreements, between the EU 27 and Africa, the Caribbean and Pacific (ACP).
As well as defining financing processes, via the European Development Fund (EDF) and with the blessing of the European Investment Bank (EIB), the agreement also outlines the creation of a commission for supervising the Special Partnership. (macauhub)
