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As a result of this marketing activity the developer has entered into "Right to Buy" (RTB) agreements with those of its clients who have purchased land at Stella Maris.
Approximately 450 such RTB agreements, which entitle the holders to purchase a plot in the Port St George development at a substantially discounted price, have been concluded.
To exercise their rights to buy, the clients must pay a 10% deposit into escrow once plot level drawings for Port St George are completed.
The balance of the purchase price is payable once the infrastructure is in place.
At present these RTB sales have to be considered to be expected sales, as binding sales agreements cannot legally be entered into the absence of plot level drawings.
However, a high conversion rate of RTB agreements to sales agreements is expected as the prices at which RTB holders are entitled to purchase are exceedingly attractive. This has led to some RTB agreements changing hands at considerable sums.
Whilst the pre-sales resulting from the RTB agreements are expected to result in approximately 25% of the plots at Port St George being sold at a substantial discount, the early revenue generated is expected to more than cover the costs of infrastructure to the entire site, including construction of the marina and golf course.Complete details of the Port St. George development are avaiable by download in our PDF Project Information Booklet.