|By Marketwired .||
|October 3, 2013 11:12 AM EDT||
MIAMI, FL -- (Marketwired) -- 10/03/13 -- Metrospaces, Inc. (OTCQB: MSPC) Today issued a letter to shareholders explaining in more detail the Margarita Island hotel project, which includes certain forward-looking limited economic forecasts on the project
LETTER TO OUR SHAREHOLDERS
To Metrospaces Inc. Shareholders:
In order to keep a constant flow of communication with our shareholders, we will be issuing regular shareholder letters with project updates. Likewise, we will continue to update the development of "Visual Reports" that can be downloaded from our Web site: http://metrospaces.net/#/?i=en&p=proyectos&s=null&o=Avances. We will be very proactive in keeping our shareholders informed of our business development, to provide the grounds for a long-term investment relationship.
In continuation, here is an update on our projects:
Chacabuco 1353: The project is in final development stages. As a whole, the project is over 90% executed. We expect final delivery in about 3 months. The company, however, will put the remaining units on sale this week for the first time, since we feel confident we can get retail price for them now, even though not complete. We believe the sales price range we will get for these units will be in the $90,000-$96,000, depending on the floor. Also, we will sell at least 25% of our units under fractional ownership, already receiving overwhelming response to our first announcement. This will be somewhat experimental for the company, but if our forecast is realized, we will receive at least 1.8X the amount we expect under a regular condo sale. We expect to sell the rest of our inventory in this project before end of 1Q of 2014.
La Tour 320: Construction is in full swing. Piling is nearly finished, which will get us to the stage where we begin structure construction. The market response has been very exciting. We receive nearly 4-5 calls a week from prospective buyers looking for prices and time of delivery. We stand firm on our forecast to sell these units for at least $3,500 per square meter, which is really on the very high end of the market. We will not be making any pre-sales on this project, as we have complete funding for completion and will wait until the end of the project to be able to realize higher pricing on the units. We expect delivery of these units for end of 2014 or 1Q '15.
La Tour 450: This project is currently in planning stages. However, due to our previous experience with La Tour 320 (located on the same street as La Tour 450), we expect very-little-to-none delays. We believe final construction permits will be obtained end of year, or perhaps January 2014, due to the Christmas holidays.
Caimane Beach Hotel and Spa: We are finalizing documentation, legal and tax structure. We expect to finalize the acquisition before end of 2013. We are very excited about this project, as we believe it will be a key turning point in us taking Metrospaces to the next level.
Again, we want to thank all our new shareholders for taking an interest in our story and has given us the chance to be where we are currently at! We will continue to work very hard to make your investment in our company a success!
Metrospaces was originally founded by company President Oscar Brito.
Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since Inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.
Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the America's and across Europe valued in excess of US $350Million.
Metrospaces' majority shareholders has partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
Metrospaces www.metrospaces.net is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company's current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.
About Playa Manzanillo:
Playa Manzanillo is a privately-owned beach located on the northern coast of Margarita Island, Venezuela. It is owned by Caimen Beach, C.A. a land-holding company and is part of a lot that has a total of 1 million m2 of beach-front land in Margarita Island.
For more information:
Safe Harbor Statement.
Statements in this news release may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.