Boavista Beach Commercial Dossier by PLANIFICACIONES MUNDIALES SL

Master Plan BOAVISTA BEACH Island of Boa Vista – Cape Verde

Registered Offices: Urb. El Rosario, Parcela G A-7, Km. 188 29604 Marbella – Málaga Spain Tel: +34.952.831.559/+34.952.837.663 Fax: +34.951.310.744

Cape Verde Office: Zona Ponta Preta Santa María Isla de Sal – Cabo Verde Tel: +238.242.21.50 Fax: +238.242.21.50

www.planificacionesmundiales.com

Administration Office: C/ León y Castillo , 152 35600 Puerto del Rosario Fuerteventura Spain Tel: +34.901.13.14.15/+34.928.85.60.17 Fax: +34.928.85.16.69

Master Plan BOAVISTA BEACH– Island of Boa Vista

Content 1.Introduction 2.Cape Verde a) Geographical situation b) Factsheet c) Tourism d) Photos of Cape Verde 3.Why invest in Cape Verde? Incentives and exemptions 4.Island of Boa Vista a) Description b) Airport 5.Boavista Beach Master Plan a) Situation b) Description c) Town Planning Parameters d) Types e) Technical data f) Environment g) Distinguishing aspects h) Photo-report

4 5 5 7 8 11 20 21 23 23 25 27 28 29 31 32 34 56 57 58

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

1. Introduction: Cape Verde is becoming more and more consolidated on the world market as a holiday destination with great potential. Its wild, exotic landscapes, the excellent sandy beaches with crystal clear water, the deep ocean full of fish, coral and marine archaeology, along with the unique conditions for practicing water sports, the warm nights filled with irresistible musical rhythms and last but not less important, the delightful, outgoing personality of the people make this archipelago a paradise set in the heart of the Atlantic Ocean. At the beginning of 2008, Cape Verde abandoned the Group of Low Income Countries and entered the group of Middle Income Countries (according to OECD criteria). In addition, from July 2008, the archipelago is a member of the WTO, which strengthens the multilateral trading system and will enable it to continue integrating into the world economy. From 1991 the country has been applying market-orientated economic policies, making foreign investment easier, encouraging the private sector through privatisation and by developing tourism, light manufacturing industries and the fishing industry. It has also improved transportation, communications and electricity installations. Furthermore, the integration of Cape Verde into the world economy and the development of the private sector, backed up by the arrival of large groups of foreign investors, a key element in the development of the country, have made it necessary to set up a legal framework that no only offers attractive incentives for investment, but also provides security that will facilitate and guarantee foreign investment in the country.

C/ LeĂłn y Castillo, 152 â&#x20AC;&#x201C; 35600 Puerto del Rosario â&#x20AC;&#x201C; Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

2. Cape Verde: a. Geographical Situation:

Archipelago of Cape Verde

The Republic of Cape Verde occupies an area of 4,033 square kilometers. The islands of Cape Verde are situated in the Atlantic Ocean, to the south of the Canary Islands and some 500 kilometres from the coast of Senegal. Cape Verde has a privileged location, between the continents of Europe, Africa and America, right on the Atlantic shipping route. The archipelago is of volcanic origin and is made of ten islands and eight small islets. The islands form two groups, depending on their relation with the north-east wind: the Windward Islands (Barlovento) consisting of São Antao, São Vicente, Santa Lucia, São Nicolau, Sal and Boa Vista; and the Leeward Islands (Sotavento) formed by Maio, São Tiago, Fogo and Brava. The terrain is generally craggy and of volcanic origin; the highest point is in Fogo with an altitude of 2,829m. However, Sal and Boa Vista are flat, with extensive meadows and dunes of fine, white sand. The climate is dry subtropical with an average temperature of 25 degrees centigrade (the coolest in Africa). Temperatures drop somewhat from December to February due to the wind blowing from the Sahara, the Hamattan. The sea temperature varies between 21 and 25 degrees. . C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura 5 Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

Archipelago of Cape Verde

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

b. Factsheet:

Flag Capital

Praia

Surface Area

4,033 Km2 965 Km. of coast

Population

519,000

Independence

5th July 1975

Form of government

Parliamentary democracy

President Prime Minister

Pedro Pires José María Nieves

Currency

Capeverdean escudo (CVE)

Total GDP GDP per head

3,905 million US$ 7,904 US$

Languages

Portuguese - Creole

Density Hab./Km2

101 Hab./Km2

Annual growth

5.8%

Life expectancy

71.7 years

Urban population

57.3%

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

c. Tourism:  Tourism is one of the pillars of the economic development of Cape Verde. In the last few years the tourism sector has undergone a spectacular evolution. The islands of Cape Verde received over 320,000 tourists during 2007.  On the island of Sal, there were 210,000 tourists that visited in 2007. The island of Sal receives 65% of the holidaymakers travelling to Cape Verde. Holidaymakers come mainly from Italy, Germany, Portugal and the Scandinavian countries. The average stay is 4-7 days. As an emerging market, Cape Verde has a growth rate of incoming international holidaymakers that is above the world average (22% growth per year). There are currently some 5,800 beds and 29 holiday establishments in the archipelago of Cape Verde. Hilton Hotels Corporation plans to open a hotel in Santa María (Island of Sal) during the second quarter of 2010. Riu and Iberostar plan to open 2 hotels that will open at the end of 2010.  Most popular hotels:  Island of Sal: Hotel Riu Funana-Garopa, Hotel Morabeza, Hotel Odjo d’Agua.  Island of Boa Vista: Hotel Riu Karamboa, Hotel Ventaclub, Hotel Estoril Beach.  Island of Maio: Hotel Belavista, Hotel Marilu, Residencial Bom Sossego.

Hotel Riu Funana – Island of Sal

Hotel Riu Karamboa – Island of Boavista

Hotel Morabeza – Island of Sal

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

Holiday demand in Cape Verde: Markets of origin (2008)

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

d. Photos of Cape Verde:

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

3. Why invest in Cape Verde?  Its privileged location: Situated between the continents of Europe, Africa and America. Situated right on the Atlantic shipping route. Communicated by regular sea and air connections.  Virgin market in full economic growth: 6.9% economic growth in 2007. January 2008: integrated in the group of Middle Income Countries. Member of the WTO since July 2008.  Its political and economic stability: Parliamentary political system with free elections. Free from political, ethnic and religious conflict. Stable economic and social indicators.  Manpower: Freely available and low cost. Highly qualified. High production level.  The Caribbean of Europe: Spectacular beaches of white sand and crystal clear water Perfect conditions for water sports (windsurf, kitesurf and surfing) Attractive sea fauna for fishing and scuba diving C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

The integration of Cape Verde into the world economy and the development of the private sector, backed up by the arrival of large groups of foreign investors, have brought about the need to establish legal and taxation conditions to create the right framework of security to facilitate and guarantee the new foreign investments. The Cape Verde Foreign Investors’ Statute (Act nº 89/IV/93) provides for the following incentives and guarantees:

 Tax Incentives: • Tax exemption for dividends and profits during the first five years of activity. •Tax exemption for dividends and profits re-invested in the same or another business in the country. • Tax exemption on interest payments. A privileged taxation system for any investments that, after the exemption period has expired and they are not re-invested, will only be taxed at a rate of 10% on the profits and dividends (this represents a 50% tax reduction on Income Tax applied to non-residents, currently set at 20%)

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

By law, a foreign investment is considered to be any participation in financial business that is made with money brought from abroad and that can be financially revalued. For foreign investments thus qualified, the State of Cape Verde, under its own law, guarantees the non-discrimination of foreigners, who are given fair treatment both regarding the security and protection of their assets and rights, and also the guarantee that they cannot become subject to nationalization or expropriation, except in the case of for public use.

Guarantees: Protection of assets and rights inherent to foreign investment. Free transfer of dividends and profits abroad. No nationalisation or expropriation. Possibility of opening bank accounts in foreign currency.

 Benefits and Incentives under the Tourism Utility Law for tourist investments: (Act nº42/IV/92) Exemption from customs duties on the importation of materials to be used in the construction and running of hotels and holiday complexes. Exemption from local property rates on buildings. 100% tax exemption during the first five years. Tax deductions on profits reinvested in similar businesses.

4. Island of Boavista: a. Description: The Island of Boavista has an area of 620 Km2 and forms part of the Barlovento islands. It is flat and dry in appearance, and has a predominately dry subtropical climate, characterized by mild, stable temperatures, with annual averages from 19 to 28º C.  Capital: Sal Rei.  4,000 inhabitants.  Third bigger island of the archipelago.  Spectacular beaches of white sand and crystal clear water.  White sand dunes.  Sea fauna that attracts fishing enthusiasts and scuba divers, with great variety and abundance.  Presence of turtles and whales.  Perfect conditions for sports such as Surfing, Kitesurf and Windsurf.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

 The island of Boavista offers perfect conditions for fishing enthusiasts and scuba divers. You will enjoy the best beaches of the archipelago: crystal clear water and white sand dunes.  The current offer is orientated towards sun and beach holidays. The tourism market is made up principally by holidaymakers from the Nordic countries, Italy, England, Germany and Portugal. A large part of the holidays are organized by tour operators.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

b. Airport:

 There are at present 4 international airports in Cape Verde. The Boavista International Airport was inaugurated in october 2007 and is located at only 5 minutes of Sal Rei, capital of the island.  The other three airports are on the islands of Sal (Amílcar Cabral International Airport), Santiago (Praia International Airport) and São Vicente. (São Vicente International Airport).

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

Origin

Duration

Lisbon

3h30

Amsterdam

 The airport of the island of Sal continues to be the busiest, as this is the most tourist-orientated island of the archipelago, where 55% of the total traffic is concentrated.

Bergamo

Bologna

Rome

 As for the airline companies, the first one is the national airline, TACV, followed by the British THOMPSONFLY, the Portuguese TAP, the Italian NEOS SPA and TUIFLY NORDIC.

Múnich

Paris

Vienna

Madrid

Las Palmas

Dakar

New York

6h30

In the first six months of 2008, the airports of the archipelago of Cape Verde received over 700,000 passengers, which is an increase of 7.2% on the same period of the previous year.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

5. Master Plan Boavista Beach:

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

a. Situation:

 The Boavista Beach residential development is only 5-10 minutes from the international airport and from the capital of the island: Sal Rei. The project is located on the west coast of the island of Boavista.  The project has been conceived to be selfsufficient, with excellent access to the airport and to the main points of tourist attraction.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

b. Description:  The Boavista Beach Master Plan is to be developed on an area of 54 hectares, in a privileged location of great natural beauty.

 The environmental value and the scenic beauty of its surroundings add great value and potential to the project.  Boavista Beach is a clear example of Sustainable Development which means conceptual development with planning that not only meets the parameters set by the government but also the concept of sustainability, the preservation of the environmental values of the area, the minimisation of impact and the maximum integration into the surroundings.  It is a project that has the support of the Government of Cape Verde and its institutions, and has all necessary approval, permits and licences.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

The development will comprise:  Plots for hotels and aparthotels with a variety of offers.  Commercial Plots.  One 9 hole Golf Course.  Sports Centre.  Clínic.  Shopping Centres.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

c. Town-Planning Parameters: BOAVISTA BEACH MASTER PLAN :  General parameters:  Total area: 560.000 m2  Maximum occupation: 50%  Maximum building volume: 50%  Density: 60 beds/hectare  Maximum height: III + A.F.

 Environmental measures:  Water heated by cogeneration.  Low impact illumination.  Ecopark.  Sustainable mobility system.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

d. Types:

BOAVISTA BEACH Master Plan Total area: Total building area:

560.000 m2 280.000 m2

Mixed plots for holiday Redis.: Land for Commercial: Residential plots: Sports plots: Sanitation: Tecnical area:

281.316 m2 19.748 m2 92.937 m2 45.147 m2 4.911 m2 452 m2

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

Plot

Area

Building volume ratio

Max. built area

Max. occupation ratio

Floor nº

Mixed

66.359 m2

0,70 m2/m2

46.451 m2

35,00%

G/F+2+P

HM 1.2

Mixed

56.290 m2

0,70 m2/m2

39.403 m2

35,00%

G/F+2+P

HM 2.1

Mixed

68.780 m2

0,70 m2/m2

48.146 m2

35,00%

G/F+2+P

HM 2.2

Mixed

89.887 m2

0,70 m2/m2

62.921 m2

35,00%

G/F+2+P

RE 5.1

Residential

92.937 m2

0,70 m2/m2

65.056 m2

30,00%

G/F+2+P

CO 6.1

Commercial

11.723 m2

0,70 m2/m2

4.000 m2

60,00%

G/F

CO 6.2

Commercial

584 m2

0,70 m2/m2

409 m2

70,00%

G/F

CO 6.3

Commercial

1.830 m2

0,70 m2/m2

1.281 m2

70,00%

G/F

CO 6.4

Commercial

1.132 m2

0,70 m2/m2

792 m2

70,00%

G/F

CO 6.5

Commercial

516 m2

0,70 m2/m2

361 m2

70,00%

G/F

CO 6.6

Commercial

532 m2

0,70 m2/m2

372 m2

70,00%

G/F

CO 6.7

Commercial

1.800 m2

0,70 m2/m2

1.260 m2

70,00%

G/F

CO 6.8

Commercial

855 m2

0,70 m2/m2

599 m2

70,00%

G/F

CO 6.9

Commercial

776 m2

0,70 m2/m2

543 m2

70,00%

G/F

AT 7.1

Tecnical area

452 m2

0,30 m2/m2

136 m2

AE 9.1

Built-up area

5.822 m2

0,70 m2/m2

4.075 m2

AJ 10.1

Tecnical area

1.696 m2

0,10 m2/m2

170 m2

DP 4.1

Sports

33.294 m2

0,05 m2/m2

1.665 m2

DP 4.2

Sports

11.853 m2

0,10 m2/m2

1.185 m2

10,00%

G/F+1

516 m2

0,70 m2/m2

361 m2

70,00%

R/C

0,50 m2/m2

2.456 m2

50,00%

G/F+1

HM 1.1

Use

ED 6.5.1

Educacional

SA 3.1

Sanitation

4.911 m2

Green space

51.687 m2

G/F

10,00%

G/F G/F+1

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

f. Technical data:

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

f. Environment:

 The BOAVISTA BEACH Master Plan is being developed with the utmost respect of environment, which is one of the priorities of the PLANIFICACIONES MUNDIALES Group.  The BOAVISTA BEACH Master Plan is a project that is completely integrated into its surroundings following criteria of sustainability and respect for its location.  In compliance with these levels of protection, the BOAVISTA BEACH Master Plan has been planned to a high degree of environmental protection, moving the coastal protection line to 120 metres.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

g. Distinguishing aspects:  The location of the project offers unbeatable conditions.  Excellent accessibility from the airport (5 minutes).  Largest centre of tourist attraction, Hotels, Golf, Sports centres, Clinic, shops and general amenities.  Right on the beach.  Excellent quality beaches.  Close to the capital Sal Rei.  Designed as a sustainable holiday project, different from the rest and will high added value.

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69

h. Photo-report:

C/ León y Castillo, 152 – 35600 Puerto del Rosario – Fuerteventura Tel: +34.901.13.14.15/+34.928.85.60.17 - Fax: +34.928.85.16.69