As our title processes are moving forward on all Monterra phases we are switching gears and initiating building projects in VDL.We've been working successfully in the challenging but beautiful area of Costa Rica, the Southern Nicoya, for almost 4 years and with tremendous growth. Monterra started in the Playa Tambor area (Vainilla) with a single phase and now we're developing more then 12 with a 90% sell-out / reservation.
With every project comes lengthy and expensive permitting processes. Monterra has been extremely successful in these areas too, with approvals from all branches of government and recognition as a leader in the area for business development, employment and environmental responsibility.
As we moving into this next season we have made the decision to start building luxury condominiums combined with continued property sales and development. This will provide significant benefits to our developments and all VDL, RDS and PACIFIC property owners.
Construction will increase values to all Monterra properties.
Monterra will now be offering all fully built (turn key) products to buyers and investors.
Mortgaging will now be available for condo purchasers.
Rental programs will be initiated.
Condominiums will encourage local business and home building.
The condo's ('Condominio de Luz') will be available for purchase this November with a deposit structure of (10%,10% and 10%) and a 70% closing cost. We anticipate that the 70% will be mortgaged by one of the international banks. We have a letter of intent from Scotia Bank currently. Our first phase will offer 24 units consisting or 1,2 and 3 bedrooms. Pricing is TBD.
