We are also pleased to report that as a result of an agreement signed recently with the Municipality of the city of Praia, Design Resorts, the developer of Ponta Bicuda has undertaken to invest a further €300M, in Cape Verde. The City of Praia has awarded DR a rehabilitation project of a degraded neighbourhood close to Ponta Bicuda. The bulk of the investment will go toward the enhancement of the main infrastructures of the 20 ha location. This will include paving roads, walkways and sidewalks as well as provide water and sewerage systems, and electricity

The agreement, which essentially aims to establish the basic framework to ensure that both entities cooperate fully to bring the project to fruition, also stipulates that a commission is to be appointed by the Municipality of Praia which will be responsible for overseeing the entire rehabilitation process. The commission will be led by the Director of Urban affairs, ensuring that all relevant administrative processes can take place in a timely manner.

We feel confident that this an investment that will bring benefits to locals, investors and Ponta Bicuda.

Design Resort’s latest large scale residential project Quintas de Arembepe - was reviewed at a preliminary hearing which took place at the municipality of Camaçari, Salvador - Bahia, Brazil, where the project is due to be developed. The hearing, attended by the president of the municipality, is a mandatory procedure requested by the environmental institute - IMA (Instituto do Meio Ambiente) and is the last step towards obtaining a formal construction permit.

After great scrutiny the project received much praise by the commission, specifically in respect of its environmental and social infrastructural aspects. The large scale residential project pitched by Design Resorts goes above and beyond compliance with environmental standards and contemplates important social equipments such as a school, a college and retail, sports and leisure facilities. These elements are part of Design Resorts social commitment, evident at Quintas de Arembepe. The project is now waiting for the environmental institute’s formal appraisal.

Caixa Económica Federal, the main agent for the Federal government´s public policies, announced recently that Home Loans reached a record breaking  R$ 47.05 Billion in 2009, up 102% from 2008. According to the information released 14.1 Billion were granted through the government program "Minha Casa, Minha Vida" (My house, My life) and have allowed 275,528 to own their homes.