Brief Description of the Project
The land plot comprising 30 ha for development and operation (including 19 ha of privately owned area and 11ha of area rented from Morskoje Dobro) planned to be purchased for the Tourist Entertainment Complex development is located off the conventional tourist zones fenced by the mountains in a rather prospective tourist area, in which the high tourism zone is being projected under the General Plan, right along the 800 m sea coastline with the width of 300 to 500 m; the land plot is adjacent to the natural sea bay surrounded by two headland having beautiful marines; it comprises 70% of rocky shore and 30% of natural sandy beach, comparatively shallow inshore waters from 8 to 20 m deep within the distance of 100 m from the coastline; the shore has small slope. The distance to the highway is 800 m, however, the access road to the land plot is not yet available and the only access to it is provided due to motorboats; it has no infrastructure; communication utilities are available within the distance of 0.5 km; nearby there are several villages with rural inhabitants who can be involved in the activities related to operation of the Tourist Entertainment Complex.
Being of a large-scale format the product will have relatively low weight of communication costs due to its large-scale format, provision of the series of options and amenities that are not generally available in case of small-scale projects including:
The Project provides that the Tourist Entertainment Complex will comprise four zones:
Thus, the Project is focused on creation of a new up-to-date health resort village developed in Mediterranean traditions with high level of communications and servicing, as a tourist and leisure, cultural and historical complex with dacha holiday and hotel facilities for 4,000 holiday-makers; the Project is unique among the existing installations of the competitors.
The Project will provide construction and operation of buildings of European Standard quality with total area of 206,367 sq. m (including 184,041 sq. m of residential space and 22,326 sq. m of retail space) in compliance with contemporary architectural criteria.
The Tourist Entertainment Complex zones comprise the following primary elements:
In the private householdership village on the land plot of 5 ha:
Hotel Zone comprises the land plot of 6 ha, excluding park and other parts including:
Total 115,007 sq. m with heated swimming polls, within the first line and own beach.
In the center (and in the upper part of the land plot) on the land plot of 3 ha:
Behind the mountain: personnel accommodation zone, management company and maintenance services.
In the Beach Leisure Area on the land plot of 5ha:
Communication Zone on the land plot of 3 ha (roads, parking, footpaths including adjacent to hotels and apartments). Additionally, a restaurant combined with museum "Old Castle" is projected to be built on the ruins located at the headland.
PROJECT TIMEFRAME: 10 YEARS
Construction period - 3.5 years including preparatory period, project design period, approvals, arrangement of external financing - 1 year, construction period - 2 years, selling of villas, apartments, restaurants and other real property - 2.5 year according to the schedule beginning from the ten month upon the Project Commencement Date, reserve - 0.75 years. 6.5 years operation of the hotels
Flat Cost (excl. financing and tax outgoings) 417.0 Mio Euros (including Land and Preparatory Costs - 52 Mio Euros, Construction Costs - 185 Mio Euros, Hotel Fit-Out Works - 95 Mio Euros, Hotel Equipment - 85 Mio Euros), Revenue from selling of villas, apartments and other real property 325 Mio Euros, Annual Revenue from Hotels Operations and Residential Complex Maintenance Operations comprise 56 Mio Euros. Annual Profit from Hotels Operations will comprise 33 Mio Euros. Taxes comprise 7-8 Mio Euros per year.
Inputs pursuant to full scheme: 338 Mio Euros (including Start-up Capital: 25.0 Mio Euros, External Borrowings: 192.0 Mio Euros, at initial stage of operation: 120 Mio Euros).
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