PUERTO CANCÚN EXCEEDS EXPECTATIONS COLLECTING OVER 50 MILLION DOLLARS IN RESIDENTIAL ALLOTMENTS

• Most sales of single-family allotments to local buyers.

Cancun, Quintana Roo, Mexico, May 10, 2005 -Less than 12 months after the marketing of its condominium, residential and commercial allotments began; Puerto Cancún exceeds all sales expectations by collecting over 70 million dollars.

Thanks to the great acceptance of single-family allotments, Puerto Cancún sold 203 lots, for a total of 50 million dollars in residential lots sales. Sixty of the lots were sold only in April.

The lots sold have gained a surplus of more than 20 percent, which is not surprising, considering that all residential lots will feature ocean or golf course view and direct access to the Caribbean Sea through the navigation channels and private piers.

Puerto Cancún offers all of the qualities that make it an extraordinary purchase option for investors, and for those who enjoy good living. Some of those advantages are:

• Occupants will have the benefit of belonging to the exclusive Beach and Yacht Club that will be available to Puerto Cancún residents only.
• Puerto Cancún is a development within the city. It enjoys all of the benefits that the city has to offer, and the added benefit of having direct access to the ocean.
• Construction inside the development will abide by the highest quality architectural guidelines.
• A Tom Weiskopf design, professional 18-hole golf course.
• The project will feature the first world-class sports marina in the region, with capabilities to accommodate more than 300 vessels of over 200 feet of length.
• And much more, including safety, peace and quiet, landscape, and recreation, among others.

This great demand for lots is a response to the extensive progress made on the projectÕs preliminary works. The thoroughfare dirt road phase is practically completed, and the works for secondary access roads to the residential area are currently ongoing with a 60% progress.

Excavation works for the internal waterways are very well advanced, and we are happy to announce a 75% progress. Through these waterways, visitors and occupants will have direct access to the Caribbean Sea.

On the topic of the golf course, grading works are now underway, and due for completion in an estimated 18 months.

We are very excited by the response of the market to our residential allocations and our retail allocations as well. The commitment shown by Puerto Cancún projects security to investors and buyers, said Rafael Lang, General Manager of Puerto Cancún.

As the sustainable project that it is, Puerto Cancún considers conservation of the environment as a top priority. In 1998 it built a nursery, where over 90 thousand plants of 44 different indigenous species have been rescued. To this end, the development has designated 75 hectares to preservation of the environment.

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