SAN DIEGO, CA–(Marketwired – Aug 8, 2017) – ProGreenUS, Inc. (ProGreen), (OTCQB: PGUS), www.ProGreenUS.com, Twitter @ProGreenUS; ProGreen is very pleased to announce its expanded plan for the company’s pre-sales lot reservation offering in conjunction with the greatly enlarged first phase of the Cielo Mar development in Baja California, Mexico.
3D perspective images were published on the development website last week (www.cielomarbaja.com), showing an outline of the area which will now be the first execution phase. With this revision to a much larger, 2440-acre Phase I, the company will be offering up to a total of 500 lot reservations to be executed in several rounds prior to the public market launch. Reservations secure priority in lot selection, as well as a substantial discount from market pricing, with the discount reduced for each subsequent offer as the time of the public market launch gets nearer and the public awareness of Cielo Mar grows.
ProGreen closed the first reservation offer in June, following an overwhelming response with 25 reservations placed within weeks. Congratulations to all who made their reservations with the first offer — welcome aboard!
The second reservation offer — opened just last week — is limited to 50 lots (5 Oceanfront, 10 Golf, and 35 General lots), with a discount of 40% from the market price at the time the Phase I execution plan is published. Market prices at that time are expected to be in the range of $60,000 for some of the more economic General lots, $120,000 for Golf lots, to $240,000 for first-line Oceanfront lots, but will vary with the features of individual lots (e.g. size, location, proximity to amenities, etc.).
Reservations require a refundable deposit of $1,000 to $2,000, depending on the type of lot, and can be made on the development’s website at www.cielomarbaja.com.
“Early buyers/investors through the reservation offers will, in effect, be actively participating in the financing of the development in exchange for substantially better pricing, together with many other benefits,” said Jan Telander, President & CEO of ProGreen. “Revenue from early buyers through the reservations offers, including the construction backlog from those who build early in connection with construction incentives, will put Cielo Mar in a very good funding position from the outset of the development.”
The development team is on track for having a presentable Master Plan of the Cielo Mar community published on the website this fall. With the advancement to the larger and more comprehensive Phase I plan — nearly twice the size that was initially planned and incorporating the majority of the amenities — reservation holders can expect to have up to 18 to 24 months before final Government approval and publication of the plan, when lots may be selected and definitive purchase agreements executed. The execution plan represents the detailed subdivision of the first phase with legal measurements for individual lots and other documentation required to execute lot sales.
“We now feel confident in raising the bar with this upward revision to our plan. Our confidence is founded on the strong interest already shown from private as well as professional property investors interested in Cielo Mar’s early reservation offers,” said Telander. “To secure considerably better pricing while also receiving “first choice” — enabling investors to select multiple lots grouped together, whether to resell at a later time or to build on as a project for resale or rental — represents a great opportunity in exchange for a small refundable deposit.”
Cielo Mar represents the real estate segment of ProGreen’s business, and is owned and developed by the company’s majority-owned Mexican subsidiary, Procon Baja JV.
ProGreen will be issuing a press release early next week regarding recent milestones on the agricultural side of its business.
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