Results of the Proposal

On the 10th May the deadline following the issuing of our proposal was reached. As you are aware, we have faced many issues over the last few months and in order to take the development forward we sort to gain the support of 85% of our current purchasers.

Whilst we have not reached the required 85%, we are very appreciative to the customers who have backed us. The results were taken to a board meeting and we are delighted to confirm that as we have the support of the majority of our buyers we are in a position to continue with the development at Thalassa Beach Resort.

As previously stated, we have already signed an agreement with the Chamber of Architects and Engineers, submitted the revisions to the original plans and paid towards the permit. The procedure can take up to 3 months to finalise, so as nearly two months have passed, we anticipate that building will start in the next 6 weeks. The revised possession date of 31st March 2012 was issued with this schedule in mind and in fact we expect to start handing over some of the first 180 apartments prior to then.

We still have clients who we are relocating, and will continue to work on those. Furthermore, should any other clients wish to look at this options who didn't originally, please contact us.

All clients that have outstanding questions will receive a response from us as soon as possible.

We really appreciate the support we have seen and are looking forward to handing over your apartments in the near future.

Tavor Properties/KDG