Description
APHRODITE HILLS,
PREMIUM PROGRAMME
An investment opportunity in Aphrodite Hills Cyprus’ best integrated, award winning resort.
The following apartments will enjoy a minimum
rental guarantee of 5% per annum on the purchase price (net of VAT) for
the first two years. Thereafter, these properties will participate in a
rental pool scheme for 3 years, as explained below.
The rental guarantee will commence when the
properties are delivered. For the apartments listed below, delivery is
expected in Winter 2007.
|
Apartment |
Number of Bedrooms |
Selling Price (CYP) |
Price Net of VAT (CYP) |
5% Annual Return |
|
BA01 |
2 |
258.500,00 |
224.783,00 |
11.239,00 |
|
BA02 |
3 |
331.000,00 |
287.826,00 |
14.391,00 |
|
BF02 |
3 |
309.000,00 |
268.696,00 |
13.435,00 |
|
BF11 |
1 |
204.600,00 |
177.913,00 |
8.896,00 |
|
BF12 |
2 |
275.000,00 |
238.696,00 |
11.935,00 |
|
BC01 |
2 |
269.900,00 |
234.696,00 |
11.735,00 |
|
BC02 |
3 |
335.600,00 |
291.826,00 |
14.591,00 |
|
BC11 |
1 |
217.400,00 |
189.043,00 |
9.452,00 |
|
BC12 |
2 |
289.800,00 |
252.000,00 |
12.600,00 |
|
BB02 |
3 |
331.900,00 |
288.609,00 |
14.430,00 |
|
BB11 |
1 |
219.900,00 |
191.217,00 |
9.561,00 |
|
CB01 |
3 |
308.200,00 |
268.000,00 |
13.400,00 |
|
CB02 |
2 |
259.300,00 |
225.478,00 |
11.274,00 |
|
CB03 |
2 |
268.000,00 |
233.043,00 |
11.652,00 |
|
CB12 |
1 |
201.000,00 |
174.783,00 |
8.739,00 |
|
CB13 |
1 |
203.800,00 |
177.217,00 |
8.861,00 |
Description Of The Plan
·
For
each participating property, the owner is guaranteed a minimum rental
return of 5% per annum on the property’s purchase price (excluding VAT
and all other duties and taxes relating to the property) for the first
two (2) years.
·
Thereafter,
each participating property will join a rental pool scheme for three
(3) years. Over this period, the scheme will operate as follows:
1.
The rental
income [net of VAT and net of commission payable to third parties
(agents, tour operators etc)], will be placed in a rental pool.
2.
From this pool, the following expenses will be subtracted to arrive to the net income:
A. Housekeeping, administration,
laundry, gardening (where applicable), utilities (excluding telephone),
public liability insurance, building and contents insurance and a
reserve fund for refurbishments and replacement of furniture, fixtures
and fittings.
B.
Resort common expenses, including road cleaning, landscape, and resort security.
C.
Village common expenses, including maintenance of swimming pools and common areas.
Note: Annual property taxes to the government/municipality are payable by the owner.
·
The net income will then be
equally divided between the owners and the rental company.
·
The
net income from the rental pool that is attributable to owners will be
distributed to them according to the square meterage of their property
in relation to the total square meterage of the properties in the pool.
Key features of the Plan
·
The
properties will be fully furnished, air-conditioned and fully fitted
including linen, cutlery and crockery making the apartment ready for
immediate use. Moreover, the properties will be serviced and maintained
to a high standard.
·
Owners
can stay in their property for 6 weeks for each of the 5 years, free of
charge —2 weeks in the high season, 2 in the shoulder season and 2 in
the low season. Ownership privileges concerning the resort facilities
are not affected by this plan and apply as usual.
·
If,
for two consecutive years following the first two years of the plan,
income return is less than 50% of the guaranteed return (as stated
above), then the owner has the right to immediately withdraw from the
plan.
·
The payments for both the first two years and the remaining three years will be calculated and distributed
at the end of each year.
·
After
the lapse of the five year period, the purchaser has the right to
withdraw from the plan. Otherwise, the rental pool contract will be
automatically renewed on a five year basis on the terms prevailing in
years 3, 4 and 5 of the initial contract.
Financing
·
Currently,
the company has available a number of financing schemes for the
purchasers. One of these schemes is the Euro mortgage, whereby, the
owner pays 30% of the selling price and becomes eligible for a mortgage
on the remaining 70% of the balance. The mortgage requires no capital
or interest payments for up to 2 years. Thereafter, the owner has 13
years to repay the mortgage at an interest rate equal to Euribor plus
1,75%.
Terms
·
All properties will be sold on a first come, first served basis.
·
Prospective owners must sign a reservation agreement and pay the amount of CYP 2.000 as a non-refundable reservation deposit.
·
A sales agreement must be signed within one month from the date on which the reservation agreement was signed.
·
The
Development company has the right to amend selling prices at any time
and add to the rental pool more properties from a later phase of the
development bringing the number of properties to a maximum of fifty.
General
The plan is a great way of acquiring a valuable
investment with an initial guaranteed yield as well as attractive
holiday usage at various times of the year. Furthermore, the owners do
not have to pay any annual charges for five years or as long as they
participate in the programme. |