MORE THAN 80% SOLD IN THE FIRST THREE MONTHS OF COMMERCIALIZATION

• 90% of commercial lots on Bonampak Avenue sold
• 80% of residential lots sold during pre-sale

Cancun, Quintana Roo, Mexico. January, 2005 - Just five months after the commercialization of residential, condominium and commercial lots started in Puerto Cancún, 50% of the commercial and condominium lots on Bonampak avenue have been sold, as well as more than 60% of the single family lots during the pre-sale.

From a total of fifteen condominium and commercial lots on Bonampak avenue, eight have been sold and construction will start soon. These lots are in average size, 2 thousand, 800 square meters and have an initial value of $210 Dollars per square meter.

On this important city avenue, we will also see the building of the first vertical development in Puerto Cancún: Bella Vista Towers. This development will be commercialized by Panorama Communities and will consist of three towers which will hold 309 condominiums with view to the golf course, the navigational canals and the Caribbean Sea. This development will start construction early in 2005 and is currently in pre-sale.

Puerto Cancún has exceeded its expectations by selling more than more than 60% of its single-family lots or 117 during pre-sale. The development will have a total of 471 residential lots, sized from 450 square meters, however, they will be sold in stages, therefore increasing the value for those who were the first to buy.

Concerning the golf course, land leveling has started, and the course should be completed in 18 months. This professional category course will be designed by Tom Weiskopf, one of the most recognized designers in the world.

Puerto Cancún has exceeded its own expectations having achieved sales of more than 80% of the single family lots during the pre-sale, this meant 120 lots. In all, the development will have 472 residential lots sized from 450 square meters, however, these will be sold in different stages. This will mean price advantages for those who buy earlier.

At the end of 2004, these first lots acquired an added value of more than 14%. It is not surprising since all lots will have view to the ocean, or the golf course, and direct access to the Caribbean Sea through the navigation canals and their private docks.

Puerto Cancún has relevant qualities that make it an extraordinary option for purchase, both by investors and people who like to live well, such as:

• Puerto Cancún is within the city, with all the benefits it offers, but with direct access to the sea.
• Every construction inside the development will have to follow architectural guidelines of the highest quality.
• A professional golf course designed by Tom Weiskopf.
• The project will have the first world class marina in the region, with capacity to hold 330 vessels of up to 230 feet long.
• And many more like security, peacefulness, green areas and recreational facilities among others.

  The preliminary works have had tremendous progress. The main access roads from Kukulkan and Bonampak Avenues are now ready. These represent 60% of the preliminary road works and will facilitate the introduction of basic services.

  We are very enthusiastic with the answer from the market to the pre-sale of residential and commercial lots. All this demonstrates the commitment of Puerto Cancún and in consequence projects assurance for buyers and investors were the comments from Mr. Rafael Lang, general director of Puerto Cancún.

  As a sustainable project, ecology conservation is fundamental for Puerto Cancún. A green house was established in 1998 where 90 thousand plants from 44 different species from the region have been salvaged. A lot of land of 75 hectares inside the property has been destined for ecological preservation.

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