MIAMI, FL - February 4, 2014 - Metrospaces, Inc. (OTCQB: MSPC) Today issued a letter to shareholders explaining current state of projects.
LETTER TO OURSHAREHOLDERS
To Metrospaces Inc. Shareholders:
In order to keep a constant flow of communication with our shareholders, we will be issuing regular shareholder letters with project updates. Likewise, we will continue to update the development "Visual Reports" that can be downloaded from our Web site: http://metrospaces.net/#/?i=en&p=proyectos&s=null&o=Avances We will be very proactive in keeping our shareholders informed of our business development, to provide the grounds for a long-term investment relationship.
In continuation, here is an update on our projects:
Chacabuco 1353: The project is about 60 days from full completion. As a whole, the project is over 95% executed. Sales started very strong having sold 4 apartment units in the 3rd quarter of 2013. The company began taking in sales deposit according to executed Sales Option Agreements. Sales price was $90,000 for each unit, and they were all sold to a single investor group.
La Tour 320: Construction is now about 15% executed, and structure is about 40% executed. Although we may experience delays in construction due to certain construction material constrains, we don't expect it to have a material effect on the overall timing of delivery. Although we have not started sales, we feel very encouraged as we receive nearly 4-5 calls a week from perspective buyers looking for prices and time of delivery. We stand firm on our forecast to sell these units for at least $3,500 per square meter, which is really on the very high end of the market. We will not be making any pre-sales on this project, as we have complete funding for completion and will wait until the end of the project to be able to realize higher pricing on the units. We expect delivery of these units for end of 2014 or 1Q '15.
La Tour 450: This project is currently in planning stages. However, we have suffered slight delays in this stage, mainly due to an extended Christmas break in government agencies, and also due to governor elections held in December 8th of 2013.
Caiman Beach Hotel and Spa: We are finalizing documentation, legal and tax structure. However, this has caused a delay in final closing. We are now looking to close on the acquisition on March 15th, 2014.
Orinoco Oil Belt Hotel: Funding for this acquisition will come from internal cash flow already generated by the sale of the Chacabuco units. We don't expect any delays in this closing and expect to have it done on or before March 15th, 2014.
Again, we want to thank all our new shareholders for taking an interest in our story and has given us the chance to be were are currently at! We will continue to work very hard to make your investment in our company a success!
Metrospaces was originally founded by company President Oscar Brito.
Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since Inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.
Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the America's and across Europe valued in excess of US $350Million.
Metrospaces' majority shareholders has partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.
Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.
Metrospaces www.metrospaces.net is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company's current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.
Safe Harbor Statement.
Statements in this news release may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
SOURCE: Metrospaces, Inc.