THE URBANIZATION IN PUERTO CANCUN ADVANCES

• The investment is now above $ 40 million Dollars
• The economic impact is increased through third party works

Cancun, Quintana Roo, Mexico. February 23, 2005 - A little over a year after ground was broken for the preliminary works in Puerto Cancún, this mega urban Ð tourist development has an advance of 35% and the investment is above $ 40 million Dollars.

Within the achievements today, we can mention the consolidation of the internal work team, a fundamental part for the coordination of all the works and sales to come.

The preliminary works have had a great advance. The main roads are practically finished and work continues in the main and secondary roads in the residential area, with a progress of 60%.

Concurrently, work has started in the digging of the internal navigation canals that will allow the inhabitants and visitors to have a direct access to the Caribbean Sea.

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.

The value increase for these first lots, measured from the start of sales in november 2004 will be more than 14%. This is not surprising since all lots have either sea view or face the golf course and all have direct access to the Caribbean Sea through navigational channels and private docking.

The sale of condominium and commercial lots along Bonampak Avenue has also shown great interest by investors. At the time, there is only one lot of each left available.

Summing up, we are thrilled with the results obtained in Puerto Cancún during the first year of works on the land. The answer from the market has been very positive, was the comment from Mr. Rafael Lang Uriarte, General Director of Puerto Cancún. Undoubtedly, all this proves the commitment that Puerto Cancún has with the destination in the generation of jobs and the economic impulse for the people of Cancun.

Projection for 2005

Puerto Cancún will continue with the urbanization works on the property. The different companies that will participate in the planning, architecture and construction will participate in a bidding process. This strategy allows the selection of the best options in each venue, thus meeting the guidelines defined by the development Master Plan.

The works include the introduction of basic services such as:

• Potable water and sewage systems will be introduced during the first stage that comprises the lots on Bonampak Avenue. These works started on the first week in february. Through a bidding process, these works were commended to DRP Constructora México, company with ample experience in the local market.
• As far as power is concerned, all distribution will be through underground cables and the bidding process is set to begin in March.

At the same time, the elaboration of executive projects and guidelines for architecture and landscaping will continue. These will include:

• Design for the main access to the development.
• Design of intersections and squares within the property.
• General architecture and landscaping criteria.
• Rules for urban image, urban furniture and buildings.

During the first half of 2005 we will also see the start of construction works for the first hotels. At the same time, and in accordance with each individual executive project, and the construction schedule of each owner, we will probably see the start of construction of the first commercial and residential areas on Bonampak Avenue.

All the while, the excavation works continue on the navigation canals wich will give form to the public marina with capacity for 330 boats of up to 230 feet long. The executive project of this marina, made by GS Ingenieria Industrial is 90% ready.

It should be noted that Puerto Cancún is a clear example of sustainable development and therefore, the extensive plants and animal salvage program continues on the property. The intention is to use these plants for decorative purposes, adding to the natural beauty of the site, guarantees the total harmony of the environment.

As the sustainable project it is, the ecology preservation is fundamental for Puerto Cancun. A greenhouse was established since 1998, where more than 90 thousand plants from 44 different species from the region have been salvaged. An area of 75 hectares within the property has been destined for ecological preservation.

For all of the above, it is estimated that another 45 Million Dollars will be invested during 2005, adding to $85 Million Dollars at the end of the year and a progress of 70% in the urbanization.

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