THE PROJECT FOR PROFIT
An Elite North Cyprus Property Development
A PART COMPLETED UPMARKET PROPERTY DEVELOPMENT FOR SALE
With most of the spadework already completed, this proposal offers a quick and potentially very profitable route into the thriving North Cyprus property development business.
This most exciting business proposition will interest a single investor or possibly a consortium of business people seeking an existing project to complete that offers a genuine very high returns potential over a short timeframe.
Offers in the region of £5,500,000 stg are invited.
10 x Three bedroom villas
16 x Four bedroom villas
48 x Three bedroom luxury apartments
Various profit strategy options
The project on offer is a prestigious partly constructed property development on a gentle hillside site on the outskirts of Bogaz Iskele, Northern Cyprus. The development was suspended midway stage a few years ago due to the very negative market conditions appertaining at the time. The business owner wisely decided to delay further activity until a clear upturn in property sales in Northern Cyprus was apparent which would enhance the profit opportunity.
That time is now.
With a very positive upward trend on property sales throughout Northern Cyprus, plus some even more exciting developments taking place and planned for in the immediate location of this site, the timing is right to progress the development.
The project is well advanced and was ahead of planned levels of construction when the decision was taken to “mothball” and await more favourable market conditions in order to maximize the profit potential. During this interim period, for business and for personal reasons, the development owner found this project does not entirely fit with his current portfolio and time availability, so, rather than complete the project himself, he has decided to offer the entire project as it stands to the market.
This represents an excellent business opportunity and chance to springboard into the thriving North Cyprus property market at just the right time. Interested parties should contact us to register an interest at the earliest opportunity.
SUMMARY OF THE BUSINESS OFFER
Sales Agents Busy Bees Estate Agents Ltd. Bogaz Iskele
North Cyprus
This offer is an opportunity to purchase a real estate project that was suspended mid project stage. At that time the project had already far surpassed the levels of construction planned. The project is highly marketable and a new and powerful campaign will be no problem for the new project owners. It is estimated that completion can be achieved in 10-12 months.
The project is now on the market offering a unique business opportunity.
*Here we present the rounded numbers that would illustrate the great opportunity behind this offer to the potential purchaser:
1. Estimated Cost of Completion of Project £2,000,000 STG
2. Purchase price of the part completed project. £5,500,000 STG
3. Approximate total investment to purchase and complete the project.
£7,500,000 STG
Notes: The purchase price is calculated from the existing investment in land, building work, design and other costs incurred by the owner to date. The cost of completion is a broad estimate with the final figure depending upon the final specifications to be decided by the new owner/s.
Projected revenues and profit forecast.
Sales of villas and apartments. Estimated using conservative 2017 values:
£12,000,000 STG
Gross profit forecast on sales £ 4,500,000 STG
Notes: Actual sales revenues will depend upon the mix of off plan and finished prices decided by the new owner/s as part of their sales strategy. The numbers given here to illustrate the potential are very conservative when compared to similar projects and we would expect the actual revenues to be considerably higher with a percentage return in about two years comfortably exceeding the 60% indicated here.
Operational annual profit opportunity-Holiday Village (Alternative plan)
An alternative strategy for consideration could be to retain ownership of all or part of the project to operate as a holiday and rental village. Estimates from rental income and the anticipated yield from self-catering tourism is in the region of between £1.14 and £1.4 m STG annually. Again the new owners marketing strategy would determine the actual revenues. These figures are believed to be very reasonable and are intended as a guide for the investor and other options may well be available.
Factors that may render these numbers understated include the plans for the University of Cukurova, also in Bogaz Iskele and very convenient for this location. The large numbers of students and lecturers that will be seeking accommodation will not only benefit the project holiday village option, they will also have a positive impact upon the market values of the properties within the project.
Property Type Information
Please click on any of the property types to view information including floor plans and the original specifications.
The Location
The site is close by the fishing village of Bogaz which lies between the town of Famagusta and the Karpaz Peninsula which is known as the National Park of North Cyprus. Bogaz is on the south facing end of Famagusta Bay and is a tourist attraction in its own right. Many visitors are enchanted by this quaint fishing village with its working harbour and numerous waterside tavernas and restaurants and a large number have purchased property here as a result. The area is certainly not over-developed however and there remains huge potential for a site such as this to capitalize on this factor.
There are some delightful beaches around Bogaz and a short drive takes you to the
Karpaz Peninsula which is home to some of the finest beaches in the world and is
known as the national park of North Cyprus.
Bogaz is well served for the day to day requirements of the resident or holiday maker with a modern supermarket close by. The village is in the urban district of Iskele and the nearby small town of that name offers a good range of services with shops, banks, schools, medical facilities and so on, all close to hand.
This location is considered by many to be central to the new property hotspot of North Cyprus and is ideally placed to benefit from value enhancing developments such as new golf courses and the Karpaz Gate Marina. It is also close to the five star resort at Bafra that is attracting serious money to the region, and with it, potential property buyers. The international airport at Ercan is a comfortable drive of 40 minutes or so on good roads and the South Cyprus airport at Larnaca is also widely used by property owners and holiday makers.
AGENTS SUMMARY
In our opinion the figures in this prospectus are likely to be quite accurate but any prospective investor must confirm the costs and potential profits for themselves.
These are very much the big numbers that may influence a decision to invest but there are other influencers that may be considered.
The sales numbers as suggested provide an indication of potential returns but other factors exist that could strongly influence the actual results. We would expect this influence to be positive.
*Consider that these profit calculations are based upon current pricing and future projections in the present political climate in Cyprus. It is then obvious that the one single factor that could easily transform this from a good deal to a super deal is the future resolution to the North/South Cyprus political situation. Most believe that such a resolution is on the cards and will have to happen sooner rather than later. In that event, the existing price differential of up to 50% that exists between North and South Cyprus properties on a like for like basis will force a period of rapid price inflation in the North that would enormously increase the value of these properties. As the pricing is assessed according to the current climate this would appear to represent a big potential bonus to the investor and to future owners of the properties.
Another important consideration is the increasing interest in property in North Cyprus from Turkey, the Middle East and other countries including Russia and the U.S.A. This represents new money coming into the market over and above traditional sources such as the U.K. Also buyers from the Scandinavian countries are becoming increasingly active. The planned university facility in the immediate vicinity of this site is another positive influencer.
Clearly there are some strong indicators suggesting that this could be an excellent time to invest in the North Cyprus property market and this project being well advanced offers a shortcut into this potentially highly rewarding market place. We have no hesitation in recommending that interested parties should contact us immediately to explore the possibilities further or arrange a site visit. Should you require introductions to property professionals in order to independently assess or to to help with this venture , we will be pleased to arrange.
