Aquisition

EXCLUSIVE LAND: 37.9 Arpents (15.3 Hectares) in full ownership in Flic en Flac, Mauritius

Purpose of the presentation note: Version Française

Land for sale at Flic en Flac

This note is intended for luxury real estate agencies, notary studies and investors, in order to enable them to evaluate the advantages of the bulk acquisition and in full ownership of the totality of a land of a total surface area of approximately 37.9 arpents (15.3Ha 322.46m²) (the "Land"), consisting of two adjacent lots of 11.3Ha 4,608.46m² and 4Ha 5,714m² respectively, currently owned by the Vacoas Cooperative, Mauritius (Vacoas Popular Multipurpose Cooperative Society Ltd).

Location of the Land:

Strategically located at the entrance of the tourist village and the famous seaside resort of Flic-en-Flac, the Land extends gently to ensure a breathtaking view of the lagoon and the sea. Flic en Flac beach is a 2-minute drive, and a 10-minute walk.

The land is ideally positioned, the surrounding area consisting of residential plots (morcellements) already completed or in the process of delivery, and provided with infrastructure. The constant development since the 1980s reflects the constant demand for land in that region.

The illustrative pictures provide a global overview of the existing infrastructure around the Land, and the state of development of neighboring parcels.

The aerial video amply testifies the intrinsic value of the Land.

Legal situation of the Land:

The Land is held in full ownership, free of all charges, easements and mortgages.

The title deeds of the Land, drawn up in notarial form, reproduced below, can be consulted in the public registers of the Conservator of Mortgages of Mauritius.

Development scenarios: serviced subdivision or built residential program

In its simplest form, the Land lends itself to the development of a residential plots (parcelling) of standing, similar to the neighboring plots. A developer could also create a private project with a syndic, which would add value to the program.

However, in order to better value its investment, the purchaser could build real estate programs:

  • (i) under a scheme for the sale of apartments or villas to local buyers;
  • (ii) under one of the regulatory regimes, such as the "G + 2" or the "Property Development Scheme" allowing home ownership by foreign buyers.

In these two hypotheses, a phasing of the real estate program will reduce the cash requirements of the developer (however, it is recalled that the acquisition of the Land can be done in block and in full).

Any candidate for the acquisition of the Land must comply with the following procedure, according to the stages defined below:

  • (i) submission of a formal offer to the Cooperative stipulating a purchase price proposal, accompanied by a bank attestation of origin of funds and availability of financing for the proposed acquisition;
  • (ii) acceptance in principle of the offer if the Board of Directors of the Cooperative considers that it reaches the minimum threshold set internally;
  • (iii) submission of all documents known as “KYC / AML” to the Notary of the Cooperative, allowing the Cooperative to carry out all the verifications required by law regarding the identity and reputation of the candidate for the acquisition;
  • (iv) negotiations between the Board of Directors and the proposed acquirer, in the presence of the Notary of the Cooperative;
  • (v) in the event of completion of the negotiations, drafting of a draft promise of sale by the Notary of the Cooperative, that the prospective purchaser may have his legal advice seek if he so wishes;
  • (vi) payment in escrow with the Notary of the Cooperative of a security deposit of at least 10% of the price proposed by the candidate;
  • (vii) signing of a promise to sell, subject to the usual suspensive conditions (obtaining by the purchaser of the regulatory authorization if it is foreign, absence of legal impediment to the sale, obtaining the agreement of the General Assembly of the Cooperative and all other approvals required under the Mauritian Cooperatives Act);
  • (viii) fulfillment of conditions precedent;
  • (ix) conclusion of the authentic deed of sale in the Notary of the Cooperative, with full payment of the purchase price by the purchaser.

Submission of Offer

  • Evalution of bid
  • KYC/AML
  • Negotiations
1.

Agreement to Sell

  • Approval of General Assembly of the Cooperative
  • Regulatory Approval
2.

Sale

  • Deed of Sale
  • Total Settlement of Price
3.

Residential land with a total area of ​​about 37.9 arpents consisting of two adjacent lots with a respective area of ​​11Ha 4,608.46m² and 4ha 5,714m².

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