Property ID : Croxatto Land
For Sale, Just Listed $59,660,000.00 - Hotel, Investors and Developpers, Land / Lot
- Location: Northern part of Bavaro, Punta Cana, in Macao Beach, 120 Mts Northwest of Hard Rock Hotel Punta Cana. ( see below map )
- Size and dimensions: 380,000 Sqmts, with 380 mts of beachfront and 1000 mts depth.
- Neighboring Properties: The property is surrounded, to the southeast by an undeveloped lot of 120,000 Sqmts owned by Ahmsa Group; to the southwest-west-northwest by multiple lots owned by Vicini Group or related entities.
- Access: The lot can be accessed from the Boulevard Turistico del Este, via the Carretera Macao-Arena Gorda, entering through an access road located on the west side of the Hard Rock Hotel, and from there into a dirt road which holds a separate title, which was built at the back of the Occidental Lot. There is currently no direct access from the main roads, but we understand that a Grand Entrance could be built either in the previously described access point, or directly on the main access road if more land is acquired from the Vicini Group.
- Use of Land: See Confotur Resolution and Executive Summary Land use. Ask us for a copy of the Completed Environmental Feasibility Report at firstname.lastname@example.org
- Price: The asking price for the property is US$157/SQMT, which would amount to US$59,660,000. Based on the preapproved density parameters as stated in the Confotur Resolution for a previous project which included this lot and the 120,000 Sq mts bought by Occidental, which authorized the construction of 1422 rooms on 500,000 Sq mts, the implied average density would be 28.44 rooms per hectare indicating that 1081 rooms could be approved in this particular lot, and therefore the cost of land per rooms would amount to US$55,189/room. We understand this to be a very reasonable price based on the location and quality of the land and beach, since other lots in Uvero Alto located 14 Kms northwest and totally separated from Punta Cana and Bavaro are currently valued at US$180/Sqmt, while lots in the middle of the Bavaro hotel strip are priced at US$200/Sqmt and above. Running our hotel Financial model, we could estimated that if standard variables of Punta Cana hotel Market are followed, return of investment could be accomplished in 7-8 years.
- Sale conditions: Owners are willing to consider selling the lot until further notice, as long as the transaction is based on full cash payment. For this purpose, in order to insure cash payment, the owners are willing to provide proper corporate indemnity guarantees. It is important to note that the owners control multiple prominent enterprises in the Dominican Republic including the local exclusive distributor of the Ford, Lincoln, Mazda and Kia automotive franchises. Owners would not be interested in receiving stock participations in payment.