THE PROJECT PHASES

PHASE 1

Pre-project and conceptual – this phase is largely completed and includes the purchase of the remainder of the main resort site, preparation of conceptual designs for the resort, completion of some project planning activities (including the analysis and evaluation of utility requirements), making preparations for obtaining funding as well as signing a letter of intent with the brand franchisor.

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PHASE 2

Design development and construction – obtaining a construction loan to fund the finalization of the designs for and construction of the resort, entering into the Franchise Agreement, building a model hotel room, completing construction drawings, finalizing tender activity to confirm the construction supply chain, obtaining necessary Government permits – followed by the construction of all the infrastructure, buildings, amenities and landscaping for the resort – which will include the above new beach and beach facilities.

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PHASE 3

Resort operations – opening and ‘stabilizing’ the resort business following the opening, operating the resort (with the benefits to be derived from the Franchise Agreement) and ultimately selling the resort as a going concern.

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TIMINGS

Final Phase 1 activities are expected to be completed over the coming weeks, at which point detailed designs can commence followed by implementation of construction activity – both off-site and on-site (Phase 2). Phase 2 is expected to cover a period of approximately 30 months, split between detailed design activities (approximately 12 months) and construction activity and landscaping (approximately 18 months from commencement on-site).