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Three-bedroom villas in golf resort THE

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ALL SOLD

An investment opportunity in Aphrodite Hills Cyprus’ best integrated, award winning resort.

The following villas 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.

Villa No. Bedrooms Covered area Covered terrace Shaded terrace Uncovered terrace Total Area Garden
TV01 3 177 31   25 233 yes
TV02 3 177 31   25 233 yes
TA01 3 154 25   25 191 yes
TC01 3 154 25 12   191 yes
TB01 3 154 25 12   191 yes
TB02 2 131 21 8   171 yes
TC02 2 131 21 8 11 171 yes
TD01 2 131 21 8 11 171 yes
TD02 3 154 25 12   191 yes
TE01 3 154 25 12   191 yes
TE02 2 131 21 8 11 171 yes




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 a mortgage in euros, Swiss Francs or Cyprus Pounds, whereby, the owner pays 20% of the selling price and becomes eligible for a mortgage on the remaining 80% of the balance. The mortgage requires no capital or interest payments for up to 2 years. Thereafter, the owner has a maximum of 28 years to repay the mortgage at an interest rate equal to Euribor/Libor plus 1,25%.

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 CYP2,000 (€3,417.20) 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.


    Terms of payment:
    1. 30% of the Purchase Price payable on signing the Sales Agreement,
    2. 35% of the Purchase Price payable on 31st of May 2007,
    3. 35% balance payable on DELIVERY but not later than 30th November, 2007.
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.

Mortgage available:

  • Pre-approved loan subject to the bank being satisfied of the client’s repayment ability.
  • Contribution by client should be a minimum of 20%.
  • Interest rate is fluctuating at Euribor/Libor +1.25% (Euribor is currently at 3,27%*, Swiss Franc Libor at 1,6%* and Cyprus pound Libor at 4,50%*).
  • For off-plan properties grace period for both capital and interest can be given of up to 24 months or until delivery of property whichever comes first.  In this case interest during the grace period is capitalized on future payments.
  • Clients also have the option of up to 24 months capital grace during which they will only be paying interest.
  • The duration of the loan can be up to 30 years or 65 years of age, whichever comes first.
  • Amount:  Unlimited.
  • Term life assurance – Life assurance is not necessary most of the time but if it is asked then most of the existing overseas life assurance policies may be accepted.
  • Arrangement Fees: 0,2% of the loan amount.
  • Early repayment penalty: 0.015% on the outstanding balance.
The above scheme is intended for clients buying a single unit on their names. If the intention is to buy more than one unit or under a company then these terms may not apply.

Photos of the resorts and similar properties:
 
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