Punta Alegre is located on the southern shore of the Chetumal Bay in northern Belize. Punta Alegre consists of 3,985 acres of land adjacent to Orchid Bay. The parcel is triangular with the largest leg of the triangle as oceanfront and the majority of another leg as lakefront. Punta Alegre has over 25,000 feet of oceanfront on the Bay of Chetumal that joins to the west with the adjacent 4,500 feet of oceanfront in Orchid Bay. Furthermore, the eastern side of Punta Alegre has 7,300 feet of lakefront on high ground overlooking the Barracuda Lake.
Punta Alegre provides the Company significant property contiguous to Orchid Bay. The Company believes that the ferry inaugurated in May 2007 has increased both the strategic and retail value of these holdings. The Company believes that since the inauguration of the ferry demand for the property in Orchid Bay/Punta Alegre increased. The Company expects that developers will be interested in large parcels of land for the purpose of building different types of amenities. The Company has received some preliminary inquiries in the months since the ferry was inaugurated.
Orchid Bay Sister Development
The Company expects to build one or more developments similar to what it intends to develop at Orchid Bay. With Orchid Bay’s presence next door, the Company’s development and sales teams are expected to be readily deployable at Punta Alegre. Utilizing the infrastructure developed for Orchid Bay, the Company expects Punta Alegre infrastructure costs will be significantly lower. The Company believes that costs would be reduced by the availability of roads and expected water and sewage system from the neighboring development. The expected increased exposure of Punta Alegre combined with the anticipated addition of amenities like hotels and golf courses may cause average lot prices to increase by 30%. The Punta Alegre development is expected to contain 350 home sites and 250 condominium units.
