Spring \ Summer Update

Hi everyone Wish this finds you and families safe and healthy!

This is the deal: we have signed confirmations of interest for 95% of the properties we are building, including one that will be delivered only in December 2022! All negotiated at or above original projected prices. Further, we have a list of people interested in our potential developments in Ericeira and Cascais. So, yes, market was hot this spring\summer!!! Now is a question of completing the constructions.

Despite the unforeseeable delays due to pandemic direct and indirect impact (labor force and lack of materials), we shall have most of houses in Cascais area concluded by end of fall, with minor variation to projected costs, and requests for use license filled with Camara de Cascais by then. We will need to wait for the Camara Municipal de Cascais (CMC) to issue the use license in order to sign the deeds and collect funds. CMC which used to take 2 months for licenses is now taking up to 5 months, alleging overflow of work and impact of pandemic.

In Ericeira, the first building (6 units) shall also be completed by end of fall. The other 2 buildings (12 units) shall be completed by summer 2022. We expect to have the use license with no delays. So, overall, we shall still do good with this first batch of constructions. Since there is an expectation of negative impact on the overall Portuguese economy by January 2022, due to end of moratorium, which shall affect families and businesses, I will withhold on starting new constructions until I get a gasp of the situation and full impact. Although I do not believe the extract of people that are out targets will be significantly affected, I believe it is prudent to conserve cash, specially because better opportunities might appear then.

So, by end of this year we should be speaking about repatriation of investments and other opportunities as I see them. Meanwhile, please keep checking our website for updated pictures of the constructions and please let me know of your questions, comments, thoughts and concerns.

Take care.