What’s the latest on Cabo Caletas?

I don’t believe there has been much progress but will try to find out more fro you..

Scott

Hello and thanks for inquiring about our project. I follow We Love CR and get a lot of useful information out of it so I felt compelled to respond.

CR Limited is correct that we do have a lot of our infrastructure in place which includes brick paved roads, underground utilities, sewer, storm drainage, etc. We are currently finalizing our budgets so we can restart construction and finish the infrastructure work as well as build the main entrance on the highway. We believe that this will put a face on the project to the public and will have a nice impact for future tours, sales, general exposure.

We postponed construction when we had run into delays with the registration of the master condominium which has now been completed. Our 45 home sites in Camino Real now have individual titles and we are starting our closings with our clients of which the majority are still on board to close.

We are also continuing our efforts on securing a luxury hotel partner. We have spoken with people from China to Dubai, from Spain to South Korea and although there seems to be a high level of interest in Costa Rica and our site along the Central Pacific, these groups want to see the market conditions improve a bit more before committing to invest the amount that would be required. We feel it is a matter of time and that the overall market conditions have improved compared to the last 24 months or so. This is probably why there has not been any announcements of any significant hotels coming to Costa Rica for quite some time yet the tourism numbers are encouraging.

This may be why at times, people think we are selling the project which is not the case versus selling a part of the project such as our commercial site or hotel site which are viable options.

In short, the last two years have been challenging for anyone who has been involved in real estate around the world which includes us, but we have made the necessary moves to position the project going forward as the Costa Rican market rebounds. I believe that during these past two years there have been improvements to our area which our project will benefit from such as the new highway to the Central Pacific, the new marina opening in Quepos, 3G network which covers our entire property offering high speed internet and of course, Costa Ricas improved investment grade status which should attract investors from around the world.