Phase One of Ara Macao's development is funded by 21.625 Million of equity together with a 60$ Million construction loan facility. The developer is projecting the start of this phase to occur around Quarter 3, 2008 with the delivery of the first units coming in the fourth quarter of 2009.
The following are expected to occur during phase 1:
- Completion of One Third of the 67 Acre Marina including the north jetty system.
- Completion of 25,570 Square ft, South reception Center
- Completion of One swimming pool,bar and related buildings & water features
- Completion of 50% of the 260 room hotel.
- Infrastructure of roads, electrical, water well & distribution, liquid waste system
- Completion of telecommunication
- Completion of 90% of the construction of the 50,000 square ft casino nightclub
- Completion of the 25,000 square ft Retail Village
- Completion of building pads and landscaping
The completion of this phase will effectively provide the project with a fully functioning condominium resort and marina community with a projected 330 residential units and approximately 150 boat slips. Pre-sales are thought to proect to 50% of the 200 Phase 1 residential units. As of June 2008, 60 units have been pre-sold.
Phase II:
Phase III:
- Completion of the remaining condominium and villa homes
- Supporting structures and facilities
- Completion of condotels (130 of them by month 36)
- amenities (pools, tennis courts, etc)
- Completion of Casino (month 27)
- Golf Course and clubhouse (beginning month 26 to be completed month 41)
- Completion of remaining residential units at the marina.
Revenues received from the first phase will enable the project to fund itself going forward to allow the project to see itself completed by the projected date of 4th quarter 2011. There will be a total of 456 condominiums and 296 villa homes built by that time.
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