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life in blue


Vision, location and masterplan

Computer generated image.


A unique location

The vision for Azuri

The stunning 420 acre site at Azuri is a blend of freehold ocean front, riverside, forest and agricultural land. The 40 acres where the river

To create a true mauritian, aspirational ocean front lifestyle village conceived to satisfy the demands of the modern world through

and ocean meet is the platform for the initial phase of the project – a new mauritian ocean front village.

a blend of contemporary island living and enthralling experiences.

Currently under construction by four grade A contractors, the village of Azuri will be delivered in the last quarter of 2013.

The Azuri site is located in the North East of Mauritius, 25km from the capital city of Port Louis and provides a truly unique proposition whereby residents are able to acquire freehold

Azuri is devoted to the celebration of a mauritian lifestyle. The developers have sought to create a new village; providing education, hospitality, leisure and commercial facilities built around luxury residences. The project delivers living opportunities that stimulate the senses and aspirations, providing a compelling and functional platform for the growth of a truly sustainable community.

accommodation on the ocean front within a 35 minute drive of the capital.

Azuri is not aiming to be solely a vacation development. It presents itself as a vibrant and evolving community of both year

Despite Mauritius having nearly 200km of coast line, only a very small percentage

round residents and seasonal guests, united in the belief that life is enhanced when people interact, learn and share

remains as freehold, rather than leasehold tenure. Azuri is one of the very few

through experience. The diverse collection of maritime and land based activities provided on the site, coupled

such locations available in this island paradise.

with the year round events calendar, enhance the experience and make it the focal point for an entire region.

The North of Mauritius now benefits from the existence of a superior road network to that found to the South of Port Louis. As such, journey times are far quicker and offer easy access to the extensive range of facilities and activities to be found in the North and East of the island.

Whether you’re looking for a holiday destination or a place to call home, Azuri is the ultimate experience for anyone in search of a better way to live.


Azuri’s value proposition Azuri is today the fastest selling property development in Mauritius, with over 200 residences already sold to both Mauritian and Foreign buyers. •

It is a truly innovative concept, designed by a team of highly experienced international consultants.

It introduces the first truly multi-cultural integrated project on the island – offering a balanced mix of international visitors and local mauritian residents.

A stunning freehold ocean front location overlooking an exquisite lagoon, harnessing a myriad of land and ocean based environments.

The creation of a true year round community that does not leave stakeholders disillusioned at activity drop off in the non peak seasons.

The Azuri team has sought to include the best facilities conducive to a true mauritian lifestyle allowing for easy living and leisure pursuits.

The project is conceived so as to create an open community that is part of Mauritius, not a fantasy world separated by high security barriers.

Azuri is currently under construction and will open its doors during the final quarter of 2013.

Photography of the construction site taken in September 2012.

Computer generated image. Entrance view.


Azuri’s components Azuri offers the very best of lifestyle opportunities for residents, visitors, tourists and guests. •

IRS residential: a community of up to 169 foreign ownership qualified townhouses, apartments and penthouses in landscaped

Masterplan Coralis

IRS residences

grounds, with swimming pools, together with access to a wide variety of leisure activities both on and off site. •

Luxury local residential: a mixture of 109 townhouses, apartments and penthouses, clustered around communal garden areas, with dedicated car parking, created for the mauritians.

Centara Grand Azuri Resort & Spa: an 85 bedroom 5 star boutique hotel.

Retail & restaurant: retail and restaurant presence that supports the residents

Schooling: key to the success of the project is the establishment of first class primary and

Resort & Spa Hotel, Mauritius 5 star boutique hotel

Health Centre Village Green

Sports Club and facilities

and visitors daily needs whilst providing diverse high quality culinary offerings that also attract customers from further afield.

Centara Grand Azuri

Market Square

Haut Rivage

Boat Club

Cour Marin

Opaline

Cour Ambrée

Nautil

Luxury local residences

IRS residences

Céladon

La Baie

Luxury local residences

secondary educational facilities. The Azuri team are currently working with a variety of parties on opportunities that not only anchor Azuri as the most desirable educational magnet in Mauritius, but in the entire Indian Ocean region. •

Marine facilities: Boat Club, free mooring.

A wide array of leisure activities.

Luxury local residences

Luxury local residences

IRS residences

IRS residences


The residences

Computer generated image. Poolside view of the Nautil beach front residence.


Nautil, the beach front residence Ideally located just off the lagoon frontage, Nautil offers stunning views over the bay and the mangrove trees along the boardwalk and comprises of: • 16 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. • 11 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.

Opaline, the residences on the green Adjacent to the village centre where the village green and market square is located, Opaline opens to the bustling village heart on the one side and to a secluded, tropical garden and swimming pool on the other. It comprises of: • 23 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. • 6 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.

La Baie, the residences on the lagoon Computer generated image. Nautil beach front residence.

Ideally located just off the lagoon frontage, La Baie offers stunning views over the bay and the mangrove trees and comprises of: • 26 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses.

The IRS residences

• 5 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.

Designed to provide intimacy whilst maintaining a foothold in a vibrant local community,

Coralis, the residences on the bay

the IRS residences reinvent the basics of sophisticated seaside life. The architects have concentrated on merging modern architecture to the typical mauritian lifestyle

Coralis, with its exquisite location on the river heights, offers stunning views over the mangroves and the turquoise lagoon beyond. It comprises of:

of indoor and outdoor living. Great attention has been given to using local materials

• 33 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses.

and textures so as to blend into the natural, fresh and simple environment. The residences

• 12 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.

are clustered around communal garden areas with swimming pools and offer secured parking. Azuri is accessible to international and mauritian buyers as from USD 500k whilst offering eligibility for mauritian residency and a rental pool managed through an international branded hotel chain.


Each of the four luxury local residences offer a mix of townhouses, apartments or penthouses clustered around communal garden areas. The residents of Azuri have access to all the services and facilities of Azuri: • Full marine facilities with free mooring and Boat Club membership. • Golf membership and free Health Club membership. • 5 star boutique hotel in the heart of the village. • Proposed high quality primary and secondary international school. • Superb landscaped environment and a myriad of activities on land and sea. • Lively and vibrant community all year round, where mauritians and international visitors and home owners mix and meet in restaurants, shops and activities. • Starting price from Rs 5.35 million.

Haut Rivage • 36 townhouses in 3 bedroom or 4 bedroom formats with private garden areas. Computer generated image. Haut Rivage, luxury local residence

Céladon

The luxury local residences Exclusive to mauritian buyers, these residences are the promise of a secure environment in a mixed community lifestyle village developed on freehold land by the sea, within only 35 minutes’ drive from Port Louis or Grand Bay. A strong emphasis has been placed on ensuring

• 30 apartments in 2 bedroom with study bedroom format, 3 or 4 bedroom formats with balconies or terraces, including penthouses.

Cour Marin • 15 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. • 7 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.

that this development takes the very best of what Mauritius has to offer, from landscape to architecture, views over the ocean and mountains, modern designs to comfortable island luxury and understated elegant residences.

Cour Ambrée • 15 apartments in 3 bedroom or 4 bedroom formats with balconies or terraces, including penthouses. • 6 townhouses in 3 bedroom or 4 bedroom formats with private garden areas.


Computer generated image. Interior views of Coralis apartment & townhouse.

Computer generated image. Interior views of La Baie townhouse & penthouse.


Azuri components

Computer generated image. Market place view.


Centara Grand Azuri Resort & Spa, Mauritius The Azuri development sits on the unspoilt North East coast of the island – the location of choice for all of the “World Class” hotel properties located in Mauritius. We are delighted to have partnered with Centara Hotels & Resorts to provide the management of the 85 bedroom 5 star boutique hotel and Spa. Centara is an award winning Thai hotel group, with 10,000 hotel rooms across South East Asia, Indonesia, India, Africa and the Indian Ocean. The property will add to the management and range of facilities available to all the residents of the village; not least of which will be a 300 m2 Spa facility and Health Club. One of the benefits to the project of the inclusion of a hotel at Azuri, is the ability to increase leisure and recreational facilities without a requirement to fully support these facilities through the immediate population on the site. In addition, the hotel will be utilised to provide full management facilities for any residential properties on site that will be entered into the “Rental Pool” and as such benefit from providing services to a far wider clientele. The choice of a boutique hotel format is strategically based on the fact that this niche is: •

Poorly provided for in comparison to the saturated 4 and 5 star resort hotel market.

A bespoke proposition in line with the rest of the project.

On a scale that can easily be accommodated without dominating the rest of the project.

A growing format of choice for international tourists.

Computer generated image.


Leisure activities The unique environment at Azuri provides a wonderful setting for a myriad of activities both within the initial phase and throughout the wider site area. There are six distinctive marine environments within 500m of the site: • River area above the weir • River estuary • Protected lagoon • Area inside the reef

• Beach front • Area outside the reef

This diverse offering has the potential to provide a unique maritime environment and result in a diversity of activities for both residents and visitors. This variety allows both novices and seasoned experts to maximize their enjoyment whether it be underwater or above. Variety is not only restricted to the water. The flora and fauna on the site create a diversity of environments for young and old. Leisure activities as sedate as picnicing, walking or pétanque can be accommodated on a site that is intended to also entertain more high octane sports such as equestrian eventing, mountain biking, “Go Aping” and quad biking. Golf The Azuri team have secured an arrangement with the world famous Le Touessrok Hotel to provide resort membership packages to the residents at Azuri to play their international championship golf course, designed by Bernhard Langer, and voted one of the top 10 courses in the world by “Golf Magazine”.


Invest at Azuri IRS benefits Comparison of IRS

Computer generated image. View of penthouse in Nautil.


Invest at Azuri

Rental pool investment return RENTAL POOL - INVESTMENT RETURN Rental pool investment return AZURI

The Daily Telegraph recently voted Azuri one of the “Top 10 Property Safe Havens Abroad”. The Only Guaranteed Income Residences in Mauritius

Potential Scope of Project 169 Units Example based on 3-bedroom apartment with 47 weeks occupancy available to Rental Pool. Average acquisition price incl. $70,00 IRS Purchase Tax, Decoration Pack & Notary deeds:

$685,000

In addition to providing high quality and highly desirable homes, the team at Azuri has created the first IRS Residences in Mauritius to provide a 5% guaranteed income for the first 3 years of occupation. Available on a selection of units, this guarantee provides both investors and second home owners with

Summary of Azuri Investor Benefits

The rental income is fixed at 5% (net of all charges i.e. management charges, service charges, insurance, FF&E Fund etc.) per annum for the first 3 years

EXPENSES FOR

All properties can be managed through an onsite Rental Pool managed by the 5 Star Centara Grand Resort at the heart of the village.

MARKETING

POTENTIAL

SALES

the peace of mind in knowing that the return on their capital is secured through the initial years of ownership whilst capital values grow.

Number of Nights (47 weeks) Average Annual Occupancy Rate Average Rental Rate per Unit per Night FORECAST GROSS SALES Cost of Sales & Admin & General Costs ESTIMATED NET INCOME AFTER SALES & ADMIN & GENERAL EXPENSES

$

66,623

$

74,025

$

55% $450 81,428 $

$

13,325

$

14,805

$

20% 16,286

$

17,766

$

19,247

$

53,298

$

59,220

$

65,142

$

71,064

$

76,986

This offer is unique in the Mauritian foreign homes market.

Income Guarantee only on selected residential units.

The proposal is extremely competitive compared to other financial investments on the market;

Azuri is the only IRS with a price range from USD 500,000 to USD 830,000; the average price on the island for IRS currently being USD 1.6 million

Purchasers qualify for automatic Residency in Mauritius

$

15,989 1,999

$ $

18,358 2,221

OWNERS ANNUAL SALES TO BE RETURNED

Personal Income Tax – flat rate 15%. Corporation tax – flat rate 15%. Capital Gains Tax – 0%

65%

88,830

$

96,233

30% 40% 50% 60%

30% 40% 50% 60%

$

21,319

$

24,280

$

27,833

$

3% 2,443

$

2,665

$

2,887

$

39,919

$

42,066

$4,200 $

31,110

$

34,441

$

37,180

Average Unit COST of $685,000 RETURN ON EQUITY at 70% Gearing

RETURN ON INVESTMENT

15.14%

16.76%

18.09%

2.53%

20.47%

4.54%

Average Unit COST of $685,000 5.03% 5.43% 5.83%

6.14%

All figures are indicative and may be subject to change or amendment.

60%

30% 40% 50%

Approximate Service & Community Charge Costs (excluding reserve fund for major works)

CASH

All rental income payments paid in USD equivalent.

$ Reserve Fund for replacing Furnishings and Infrastructure

CASH

30% 40%

Share of Income Repaid to Hotel for Operational Costs. INCOME

50%

30% REPAID TO OWNERS

The guarantee is secured by a full Bank Guarantee, of equivalent value, to the outstanding income;

HIGH SCENARIO

329 45%

based on the cost of the property; •

HYPOTHESES OF OCCUPANCY MID SCENARIO

LOW SCENARIO

INCOME Share : This is based on a sliding scale whereby up to an occupancy of 45% the Hotel retains 30% of income, on the next 5% additional occupancy the Hotel retains 40% of income, on the next 10% additional occupancy the Hotel retains 50%, of income and on occupancy of 60% and above the hotel retains 60%.


IRS benefits IRS is short for Integrated Resort Scheme. Residences sold under the IRS regime must form part of an approved development of properties, built to international standards, with world class amenities and facilities. The acquisition of a property for residential purposes by a foreigner under the IRS rules, allows the purchaser, and his/her dependant family, to reside in Mauritius for as long as they retain ownership. A property can be acquired off plan or during the construction phase. Under the IRS regulations, a minimum of USD 500,000 investment is required for the acquisition of freehold immovable property, inclusive of land. However, the majority of other properties developed to date, have been targeted at a much higher price level and the average price for other IRS properties on the island is currently USD 1.6 million. Any of the following will qualify to acquire property under the IRS regulations: •

A non-citizen of Mauritius (including his or her spouse and dependants).

A citizen of Mauritius.

A foreign company registered under the Mauritian Companies Act of 2001.

A person who intends to acquire immovable property under the scheme for residency, and who is a non-citizen, must make an application for the status of resident (in accordance with the Immigration Regulations 1973) in respect of himself/herself and his/her spouse and dependants. When such an application is approved, a residency permit will be granted.

There are two straightforward applications that buyers will need to complete: •

Authorisation to purchase (after signing the Reservation Agreement and depositing 5% to be held in an escrow account).

Residency and Occupation Permit after signing the Deed of Sale and paying the

taxation; levied at USD 70,000 or 5% of the purchase price – whichever is the higher. Pricing In order to establish the Azuri project with occupants at an early stage the pricing strategy we have developed is targeted at being affordable to a wider selection of the local and international market than has previously been possible. Pricing for Azuri starts from USD 500,000.

Computer generated image. Garden view of the townhouses of Opaline.


Azuri - Comparison of Facilities Azuri Ocean Front Location

X

Inland Location Under 1 hour in Rush Hour to Port Louis

Akasha Anahita X

Club Med

X

X

X X

La Balise Marina

Matala

Villas Valriche

X

X

X

X

Golf Course on Site

X

Golf Course Access

X

5 Star Hotel on Site

X

Rental Pool Through Hotel on Site

X

Marine Facilities on Site

X

Health Club on Site

X

Village Centre Commercial Facilities

X

Events Hall

X

Apartments

X

Townhouses

X

Detached villas

Belle Riviere

Mauritian IRS projects - comparative pricing

X

X

X X

X

X

X

X

X X

X

X

X

X X

X

X

X

X

X

X

X

X

X X X

X

X

X

X


The developers Sales contacts

Computer generated image. Street view of La Baie


Developers Established and registered in Mauritius in January 2009, IOREC is a property development company born from a partnership between two conglomerates, GML, the number one company in Mauritius and the giant private equity group, Actis. IOREC boasts a strategic asset pool of land and equity coupled with a team of local and international experts in the field of real estate development. IOREC has at heart its social responsibility; as such, it abides to strict environmental norms such as LEED and HQE and endeavours to put the community at the centre of all its projects. www.iorec.com

GML is a significant economic player within the Indian Ocean and has remained for some time as leader of the “Top 100” mauritian companies and in the premier groups of the Indian Ocean. GML is active across the mauritian economy which represented in 2010 a portfolio of approximately 300 subsidiaries and associated companies. The group had a turnover of USD 550 million as at June 30th 2010 and with more than 10,000 employees is individually responsible for a contribution of 9.1% to the GDP of Mauritius as a country. www.gmltogether.com

Actis was founded in July 2004 as an emerging markets private equity fund. Actis at a glance: • USD 4.8 billion – total funds under management. • 87,383 - number of employees in Actis portfolio companies around the world. • 69 – number of portfolio companies. • USD 4.3 billion – realised from USD 1.7 billion invested. • 234 – Actis staff employed in 10 offices around the globe. www.act.is

Computer generated image. Street view of the Nautil beachfront residence.


Sales contacts IOREC Indian Ocean Real Estate Company Limited 8th Floor, Harbour Front Building, President John Kennedy Street, Port Louis, Mauritius tel: +230 208 8558/38 fax: +230 208 8938 www.iorec.com mobile: +230 499 3048 email: lifeinblue@azuri.mu

Disclaimer The contents of this [brochure / set of documents] including but not limited to any pricing, pictures, artists’ impressions, layouts, specifications, plans, dimensions and/or surface areas (collectively the ‘Information’) are for illustrative purposes only and should not be relied upon as being an offer to sell or a solicitation of any offer to buy an IRS property. The developer, Haute Rive IRS Company Limited (‘Haute Rive IRS’) reserves the right to change, alter and/or modify at any time and without notice the Information. Haute Rive IRS, including any of its affiliates, employees, officers and/or agents shall not be responsible for any direct or indirect loss, damage and/or prejudice whatsoever and to whomsoever caused as a result of any reliance being placed by any person(s) on any of the Information. The purchase of an IRS property will be subject to the detailed terms, conditions and provisions of a deed of sale to be provided by Haute Rive IRS.

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Azuri Brochure