Investment Strategy

Country selection criteria:

Emerging economies with significant tourist flow
High barriers to entry for foreign investors without local network
Beautiful coastlines, unspoilt landscapes, pleasant climate
Wealth of outdoor activities, safety, rich history and culture
Limited supply of serviced residential resorts managed by luxury international operators
Commitment and legislative initiatives from local governments to nurture sustainable luxury tourism and second-home industry
Significant capital appreciation potential as they converge with mature economies

Investment parameters:

Large coastal land sites of striking natural beauty with residential development potential
Located near the sea and within driving distance from an airport
Development capacity for residential units (villas, townhouses and apartments) and leisure components, such as a hotel, golf course, country club, spa facility, marina or other sporting facilities
Potential for comprehensive residential services (such as food & beverage, concierge services, health services, security, maintenance and property management) and leisure experiences (such as sports, adventure travel, excursions, spa, arts, culture, and nature-oriented activities)
Accessible and attractive locations for affluent holiday and retirement home buyers, primarily from Europe, Russia, the Middle East and North America

Risk mitigation:

Land acquisition prices which are at a big discount to south-west Europe and North America
Conservative phasing of the projects
No speculative building of homes
Financing of the residential construction through pre-sales
Financing of the leisure components mainly with ring-fenced non-recourse bank debt on a project by project basis
No or limited borrowings at the corporate level

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