1 Introduction. 1.1 Background to the Project. 1.2 Project Justification Exploitation of Land Potential

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1 1 Introduction 1.1 Background to the Project Molinea Property Ltd (MPL) has entered into an agreement under conditions precedent with Compagnie Sucrière de St Antoine Ltd, owners of a plot of land of 7ha1700m² forming part of a larger plot Domaine Chauvot of 773A00 located at Saint Antoine, Rivière du Rempart, on the 16 October 2015, regarding the sale and purchase of plot of land of an extent of 7Ha1700m² on which Molinea Property Ltd wishes to develop its (PDS). The St Antoine PDS shall comprise of: 30 saleable residential plots; 20 apartment blocks (Blocks A to T) consisting of a total of 80 Nos. apartments units and 20 Nos. penthouses; a reception and commercial facility a main pool facility; 3 clubhouses; Associated infrastructure works including potable water and electricity distribution networks, roads, parking and stormwater drainage A potable water network supplied from the CWA regional distribution network Underground electricity network supplied from the CEB regional distribution network A technical yard for HV/LV switchgear, transformers, potable water tank, etc. 1.2 Project Justification Exploitation of Land Potential The St Antoine PDS (Property Development Scheme) is planned to offer high quality residential facilities. The land earmarked for the implementation of the St Antoine PDS overlooks Anse Bonserjent and Ile d Ambre which offers a unique environment with natural beauty and sensitivity that make the site attractive. The project will offer inter-alia: Local proximity to commercial amenities and facilities Local proximity to private clinics in the north Local proximity to nearby primary and secondary schools Secured environment for its residents. Page 4

2 1.2.2 Foreign Currency Earnings The St Antoine PDS comes in at a time when, the local Sugar Industry as well as free-trade industrial activity is facing serious hardships under international constraints. The St Antoine PDS aims at offering luxury residential units, not only to Mauritian citizens but also to foreign citizens with a desire to invest in the acquisition of a residence in Mauritius under the PDS. The implementation of the St Antoine PDS will bring foreign currency inflows throughout different quarters of the economy and thus contribute to enhance the resilience of the economy Sales and Marketing Strategy The St Antoine PDS development is set to offer the finest quality residential and lifestyle products targeting mainly French, South Africans and Mauritians, with a possible spill over to other European communities and Reunion Island. As regards to marketing and sales aspect, contractual agreements have been negotiated with Rain Maker (South Africa) as well as Sotheby s International Estate agency (worldwide). 1.3 Legal, Institutional and Regulatory Framework The following regulatory frameworks are applicable to the planning of the proposed development The Environment Protection Act 2002 (EPA 2002) The Saint Antoine PDS, with its luxury residential components falls under the undertakings listed in the Fifth Schedule Part B 1 of the Environment Protection Act 2002, its 2008 Amendment and Regulations, and which require an, inter alia: Item 20 Housing Project and apartments above 50 units within 1 kilometre of high water mark The Proponent has therefore appointed Arup SIGMA Ltd, Consulting Engineers, to undertake the in conformity with the provisions of the Law Environmental Regulations The Environmental Regulations and Guidelines set out under the Environmental Protection Act and directly relevant to the project are: Environment Protection (Standards for Air) Regulations EPA 2002: Amended First Schedule in accordance with the Business Facilitation Act September 2006 Page 5

3 Environment Protection (Standards for effluent discharge) Regulations Environment Protection (Inland Surface Water Standards) Guidelines 1998 Environment Protection (Coastal Water Quality) Guidelines 1999 Environment Protection (Environmental Standards for Noise) Regulation 1997 Environmental Protection (Environmental Standards for Noise ) (Amendment) Regulations Property Development Scheme In June 2015, in pursuance of the restructuring of the Integrated Resort Scheme (IRS) and Real Estate Scheme (RES) announced in the 2015/2016 budget, these two property acquisition schemes implemented by the Mauritian Authorities in 2002 and 2008 respectively, have been replaced by the Property Development Scheme (PDS). The Investment Promotion Act now makes provision for the introduction of the PDS set to: promote inclusive development and provide for a wide range of living, employment and leisure opportunities to Mauritian citizens, members of the Mauritian Diaspora registered under the Mauritian Diaspora Scheme (at least 25% of the properties) as well as non-citizens; construction site surface area must be of 1 to 50 acres maximum, with a minimum of 6 standing residences and; ensure that the benefits of the development of the Scheme accrue to neighbouring communities and to small entrepreneurs generally. Under the PDS Scheme, a non-citizen is eligible for residence permit upon the purchase of a villa under the PDS scheme when he has invested more than USD 500,000 or its equivalent in any freely convertible foreign currency. The PDS is also a demarcation from the IRS and RES in as much as it does not differentiate between small and big landowners and harmonizes the registration duty to a single rate of 5% instead of USD 70,000 on registration of a deed under IRS and USD 25,000 under RES. Furthermore, under the PDS Scheme, the Mauritian Government intends to further promote the social dimension of the development. As such, the Promoters are carrying out a social impact assessment to develop projects which shall be integrated with the neighbouring local population The Board of Investment Property Development Scheme falls under the aegis of the Board of Investment (BOI). 2 Regulations made by the Minister under Section 34 and 74 of the Environment Protection Act 1991 Page 6

4 MPL has been issued on the 15 December 2015 with a Letter of Approval by the Board of Investment; a copy of the Letter from BOI is given in Appendix A The Planning and Development Act 2004 The Planning and Development Act is in the process of overhauling the Town and Country Planning Act The Planning and Development Act 2004 once fully proclaimed will provide for the transfer of development permitting powers to the Ministry responsible for Housing and Lands for state-significant developments, as well as some other forms of development as prescribed under Section 25 of the Act. The District Council will retain responsibility for processing non-state-significant permit applications. The Local Government Act 2003 also makes District Councils and Municipalities responsible for processing all building permit applications. The Planning and Development Act 2004 also makes provision for the introduction of Planning Policy Guidance (PPG) which shall prevail to the extent of any inconsistency, over a development plan. PPG therefore has the status of state (national) planning policy and is a material consideration in assessing applications for development permits The National Development Strategy Development Strategies and Policies Coastal Development and Tourism The updated version of the NPDP dated April 2003 states in Strategic Policy SP16 Coastal Development and Tourism.Major new developments should be focused within the Northern Tourism Zone including Grand Baie, in the East Coast Tourism Zone including Trou d Eau Douce, the Mahebourg Tourism Zone and the South West Tourism Zone including Flic en Flac/Wolmar where Ministry of Tourism Action Area schemes have already been identified. SP16 Coastal Development and Tourism makes mention that new development should be focused within such zone and there will be a general presumption in favour of mixed use tourism and other forms of complementary leisure creation Ministry of Housing and Lands Building and Land Use Permit Application has been made to the District Council for the excision of a portion of land of an extent of 7Ha 1700m² for residential and commercial use (PDS). A copy of the Building and Land Use Permit issued in favour of Compagnie Sucrière de St Antoine Limited on the 04 November 2015 is attached in Appendix C. Page 7

5 1.4 Consultation Meeting A consultation meeting has been organised by Molinea Property Limited with the different stakeholders on the 12 February 2016 to explain the undertaking and its proposed location. The Minutes of Meeting held with the stakeholders is attached in Appendix J. 1.5 Implementation Schedule Subject to market interest, and the provision of all statutory approvals MPL envisages the following phased implementation timeline; Phase 1 roads and infrastructure serving the 50 apartments, the 30 residential units, the commercial facility and the clubhouses, the boatyard; construction start late 2016, construction completion Phase 2 roads and infrastructure serving the remaining 50 apartments; construction start 2018, construction completion The above timescales are indicative only and phasing of construction may change to suit the market and development constraints. Page 8

1 Introduction. 1.1 Background to the Project. 1.2 Project Justification Foreign Currency Earnings Sales and Marketing Strategy

1 Introduction. 1.1 Background to the Project. 1.2 Project Justification Foreign Currency Earnings Sales and Marketing Strategy 1 Introduction 1.1 Background to the Project One & Only Villas at St. Géran Ltd are the owners of a portion of land, presently used as part (i.e. holes 2 to 8) of a nine holes golf courses designed by