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CUMBUCO BEACH RESORTCUMBUCO BEACH RESORT
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This Brazilian development provides incredible value for money, an all round investment package and is set in a privileged location. Cash buyers may also enjoy a 5% discount for settling payments up front!
Prices from 55000
A development phase of only 36 units, of which IPIN has exclusively secured 23 for its members
The first phase of a grand resort project, meaning the best units are available in the best situation
Prime beachfront location
Excellent price per m2 at only 885€
All units come fully furnished with fitted kitchens
Only 45 minutes from Fortaleza city and the international airport
With this great value in mind and the relatively limited number of units available, IPIN predicts that this investment will move very quickly.
Potential Capital Appreciation
per annum 20.00%
Conservative estimate by developer
Potential Rental Income
per annum 9.00%
Conservative estimate by developer
Development Timetable
Construction Start: 1st Quarter 2008 Construction End: 3rd Quarter 2009
THE INVESTMENT
The area, in which Palm Beach is located, already attracts great demand from both domestic and international tourists throughout the year.
Fortaleza is now renowned as an international tourist and property investment hotspot, while the eco-friendly nature of the area is of major appeal. Touristic demand for Ceara increased from 773.247 visitors in 1996 to over 1.968.800 in 2005, growing at an average of 8.8% a year.
Infraero, Brazil's public company that manages 97% of the country's airports has seen figures of over 3,031,000 international flight passengers arrive to Fortaleza in November 2007 - up 309,987 the previous year.
Further government expenditure is being devoted to marketing and, within the first quarter of 2008, Ceara is to be represented in no less than five international tourism fairs. This is expected to build further awareness of Ceara as an outstanding place in which to conduct business, visit or live.
Factors such as these prove highly attractive for those looking for the most effective location for their investment, and with the addition of the planned Golf Course and Spa, this demand will continue to grow among investors and tourists alike.
THE EXIT STRATEGIES
The region of Ceara is a growing holiday property investment location and already a popular tourist destination for both the international and domestic market, resulting in an ideal rental investment opportunity.
According to the Ministry of Tourism, tourists who travel to Ceara for leisure tend to opt for hotels, pousadas or rented accommodation. Those who chose to rent, stay an average of 29.5 days, while some 96% of tourists return to Brazil.
THE FACILITIES
2 communal swimming pools
Beach bars and restaurants within walking distance
Local beach offering range of water sports and beach volley ball
Secure private parking for each unit
Athletic court to be used for soccer/football, volleyball, etc.
THE SECURITY
Our recommended legal team for this project has carried out an independent 'Due Diligence Report' on this development. They are completely satisfied with the project after carrying out searches on the following;
The company registration documentation
Title and ownership
The Private Purchase Contract
Planning and administrative permits
The building licenses are due imminently. For this reason the developer has agreed to allow the first contractual payment to be held by the legal firm in escrow, only to be released to the developer upon receipt of the relevant building license. This gives our IPIN members the benefit of added security of their funds.
THE DEVELOPER
Maggie Leigh Negócios Imobiliários Ltda.
Maggie Leigh Negócios Imobiliários Ltda., a Brazilian corporation, was formed in Fortaleza in 2006. Maggie Leigh is a property development firm specializing in the creation of luxury beach properties along the coast in NE Brazil. As of this writing, their construction portfolio includes five (5) projects and over two hundred (200) mostly front line beach units in Brazil.
The Maggie Leigh team includes the two (2) shareholders, Jason Sgarlata and Peter Menedis – global entrepreneurs both, as well as the most respected engineers, construction and real estate personnel in the entire NE Coast of Brazil.
On all of Maggie Leigh’s projects, the lead engineer is also the head of the engineering department at the University of Fortaleza. Gerardo Santos’ reputation and professionalism are unsurpassed among his peers. Their builder, Construexpert Engenharia, has built many of Fortaleza’s landmark structures; including university buildings, high-rise condominiums, office parks, entire subdivisions and more.
The partners, Jason Sgarlata and Peter Menedis each bring a background of successful entrepreneurship, global business creation and real estate success to the venture. Jason is the owner of Blackbird Financial, Wealth Counsel Member FINRA / SIPC and a licensed Certified Financial Planner (CFP). Additionally, he is the owner and portfolio manager for New Lexington Properties, LLC, a US commercial real estate holding company with $1 million USD in annual revenue. He is also a passive owner / franchise holder for 13 “Five Guys Burgers” locations throughout the mid-south of the US.
Peter Menedis is the owner of Matilda Ventures, LLC, a global distribution company providing on-site rapid test devices for the detection of drugs and alcohol. Having established itself as the largest provider in Australia, we have expanded our operations into New Zealand, United Kingdom and South Africa. Additionally, he is the managing director of Menedis International, LLC, in which he oversees a portfolio of real estate investments in the Caribbean, South America, Eastern Europe and the Caucases. Mr. Menedis also serves as the full-time manager of the Maggie Leigh projects in Brazil.
THE FURNITURE
The apartments are delivered completely furnished and complete with the following contents:
Kitchen
Refrigerator
Oven with 4 burners
Sink and mixing tap
Microwave oven
Full Crockery Package, including:
1 toaster
1 coffee machine
1 draining board
Set of stainless steel cutlery
Complete set of plates, bowls, cups and saucers
Table glasses
Wine glasses
Mugs
Iron and ironing board
Set of pots and pans
Dustpan and brush
Rubbish bin
Vase
Corkscrew
Living Room
Sofa
Side table
Lamp
Coffee table
2 side chairs
TV with TV shelf
Master Bedroom
Queen size bed
2 side tables
2 lamps
TV with TV shelf
Wardrobe
Second Bedroom
2 twin beds
2 side tables
2 lamps
Tv with tv shelf
Wardrobe
Linen
4 pillows and 4 pillow cases
Mattress covers for all beds
Duvet for each bed
Set of sheets for each bed
Additional blanket
8 bath towels
8 hand towels
Coat hangers in each wardrobe
THE BUILD SPECIFICATIONS
Structure
Concrete
Terraces and pavements
Ceramic
Exterior
Façade in textured concrete and local natural Brazilian hardwoods. Roof of piçava leaf
Internal street of concrete block.
Interior
Top quality ceramic tiling throughout. Latex paint on the walls and fitted wardrobes in each bedroom
Kitchen
Furnished and Equipped: fridge, gas cook top, oven, and granite countertops
Plumbing and Bathroom Fittings
Top Quality Fittings. Shower with Tub in master bedroom and shower in second bedroom
Painting and Plaster
Smooth Latex Paint
Installations
Air Conditioning
Electricity/TV
There will be TV outlets in each room
Location Details
Uruau is a small fishing village, and the surrounding areas consist of tranquil beach communities. The area is renowned for its kite surfing culture. Basic amenities can be found in the village area, and not too far away is the larger town of Beberibe which affords a larger variety of venues and activities.
Fortaleza is the capital city for the Ceara region, and is approximately 82 kilometers North of Uruau.
Upon arrival you can either rent a car (All the major car rental companies are present at the airport. It is recommended to book in advance) or take a cab with Coopaero (you will find the counter desk after customs clearance) for a round trip deal of around 200 R$ (100R$ one way). It takes approximately 1 hour to reach Beberibe from Fortaleza airport.
Fortaleza has 144 flights departing per week for short haul destinations.
There are over 109 long haul flights per week from Fortaleza.
There are 19 nonstop flights per week departing from Fortaleza.
Local climate
This region has a warm and dry tropical climate with an average annual temperature of 27C. Fortaleza has over three thousand hours of sun per year (it is sunny 300 days of the year) and has a constant ocean breeze. There is very little variation in the average temperature as Fortaleza lies very near the Equatorial Line.
Mortgage Options
There are currently no non-resident mortgages available in Brazil.
Payment Schedule
This case study is based on a 2 bedroom 80m2 apartment in the Palm Beach Uruau development.
Palm Beach Uruau
Purchase Price
Reservation Fee
Deposit on exchange (30%) – minus reservation fee
due 30 days after the reservation fee
Legal Fees(1,000EUR + VAT upfront)
Investment Required to Exchange
EUR
76,000
1,000
22,800
1,000
23,800
Phased Payment Plan
40% in equal payments throughout construction
(1st payment is due 30 days after signing the PPC)
Total Stage Payments Required
30,400
30,400
Completion Costs
Final Payment (30% of the purchase price - on completion Est. 3rd Quarter 2009)
Transfer tax (3% ITIV)
Notary Fees (1.33%)
Land Registry Fees (0.65%)
Legal Fees
(* Total legal fees are 1,500 EUR + VAT)
Investment Required to Complete
22,800
2,280
1,010
494
500
27,084
Total Investment Required from Investor at Exchange 23,800
Total Investment Required from Investor at Construction 30,400
Total Investment Required from Investor at Completion 27,084
Total Investment Required from Investor 81,284
* These are approximations based on current figures; we strongly advise that you seek legal advice for accurate closing costs.
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