A: Villas Valriche is a luxury residential estate consisting of 288 freehold Mauritian plantation-style detached villas with shingle roofs, set in approximately 106 hectares of lush landscaped grounds. The estate surrounds the existing Peter Matkovich designed, 18-hole championship golf course, which is set in a further 104 hectares. There are 22 different villa designs to choose in single and double storey configurations, offering 2 bedroom villas of 200m2 up to 3 or 4 bedroom villas in excess of 400m2. The plots vary in size from 700m2 to over 3,000m2 and nearly all will have uninterrupted panoramic golf and/or sea views. Built to a high specification and with excellent quality finishes, the villas will all have infinity pools, large verandas; air conditioned bedrooms, state-of-the-art communications and landscaped tropical gardens. A wide range of options and interior design packages is available.

A: Villas Valriche is situated on the South West Coast of Mauritius close to the Le Morne Peninsula. It is approximately 40 minutes from the Sir Seewoosagur Ramgoolam International Airport and one hour from the bustling capital of Port Louis. The residential part of the development is located in the Black River District, at Domaine de Bel Ombre.

A: The development takes its name from the surrounding Valriche Nature Reserve, a world renowned ecological park spanning 1,000Ha, abundant with a wide variety of endemic, indigenous, medicinal and fruit trees as well being home to deer, wild boars, monkeys, bats and rare bird species. The Valriche Nature Reserve is adjoined to the Black River Gorges National Park, and the Mauritian Wildlife Foundation is involved in guiding the reserve's caretakers.

A: The development is approximately 210 hectares in total, including the golf course.

A: It portrays the Frangipani Flower which is widely encountered in Mauritius.

A: The HOA will be formed as soon as the first home is complete and will come into effect during the last quarter of 2008. The HOA will contract its own management team that will be responsible for the general well-being of the Estate related to common areas and infrastructure.

A: The Black River District Council.

A: The site is set on the hillside in a natural amphitheatre with spectacular views over the Indian Ocean. The estate borders the Valriche Nature Reserve, ensuring enhanced tranquillity and peace for residents. The site is also in close proximity to the international airport (40 minutes), Le Morne Peninsula (20 minutes), Black River (30 minutes) and the Capital City of Port Louis (1 hour), with easy access to world-renowned beaches and water-sport activities.

A: Bel Ombre is a historic area from the plantation era, the name of which originates from a sweetwater fish called the "ombrine" which is found in this region. In the early 18th century, the well-known writer, Bernardin de Saint-Pierre wrote about the origin of the sugar estates in the South West of the island that overlooked the Bel Ombre lagoon. The Domaine de Bel Ombre is accredited to Charles Telfair who, from 1816 to 1833, enhanced the region with his botanical, social and engineering innovations. Charles Telfair grew new species of sugar cane and plants, and also introduced new concepts in machinery as well to the social lives of the locals, all of which helped to reform Mauritius.
   The South Western region of Mauritius was a French Colonial stronghold, and the property on which the Villas Valriche Estate is being developed, was formerly a sugar cane plantation. Espitalier Noël Limited (ENL), who has been involved in the sugar industry in Mauritius for nearly two centuries, is one of the main investors in the Villas Valriche project through their major shareholding in the Rogers Group. The Espitalier Noël family also started the Mon Désert sugar factory in the late 1820's. This company later merged with the Alma Sugar Estate to form the Mon Désert Alma Co. Ltd. The family also owns another sugar estate, Savannah, which dates back to 1882. Savannah has expanded over the years through a merger as part of the ongoing streamlining process in the Mauritian sugar industry. Along with agricultural aspect of the business, ENL moved into other industries including commerce and services, manufacturing as well as finance and investment in the late 1950's. When the investment company, General Investment and Development Co. Ltd (GIDC) was set up in 1969, it allowed ENL to build up a dynamic investment strategy. ENL now holds a portfolio of shares in prominent business groups such as Rogers, Beachcomber as well as Food &Allied Industries. Rogers is one of the largest listed companies on the Mauritius Stock Exchange. The Rogers Group has many years of trading experience in both Mauritius and internationally in Europe, Africa and the Far East and is involved in many sectors such as agriculture, hotels, shipping, logistics, airlines, financial services, banking, retail, manufacturing and property development. Beachcomber is the dominant hotel and resort operator on the island, with leading hotels such as the Royal Palm, Paradis and Dinarobin. A few of ENL's main subsidiaries, namely Mon Désert Alma Co. Ltd, Savannah Sugar Estate Co. Ltd and GIDC were some of the first companies to list on the Mauritian Stock Exchange in 1989.

A: There is a second championship golf course and another development similar in nature to Villas Valriche planned.

A: Yes – the required Land Conversion Permits and the IRS Certificate were obtained in March 2007 to allow the reservation of villas and the capitalisation of the Les Villas de Bel Ombre Ltee (the developer of Villas Valriche).

A: The landscaping and control of the environmental aspect of the site is very important and the developers have put aside a substantial landscaping budget to plant indigenous trees and to landscape the common areas between the plots with local shrubs and grasses. The landscaping has been designed and the implementation supervised by Planning Partners, based in Cape Town, South Africa.
   All the larger indigenous trees and shrubs along the river gorges and water courses will be retained and where very dense, will be thinned out and replanted elsewhere on the development. In the open spaces currently under sugar cane, trees, shrubs and grasses will be planted to recreate the tropical feel. Roads will be lined with mature royal palms to create a majestic feel. It is important to note that 8 000 palms were cultivated especially for this project. They have been grown on the estate and will be used in the common areas and gardens (4 palms per garden) of the Villas. There are a number of different garden options that owners can choose from – either closed or open in rectilinear or informal styles, with a choice between predominantly indigenous or exotic varieties of plant.
   There will also be a nursery in Bel Ombre, where home owners can purchase plants to further develop their gardens when in residence. Each villa will be have external feature walls in volcanic fieldstone in the gardens with an automatic irrigation system to facilitate ease of maintenance and stimulate new growth in each of the gardens and in the common areas.

A: Please refer to the Resort Operation and Management Structure.

A: No, but a commercial centre is being planned within walking distance of the Estate. This centre is planned to include boutique style shopping as well as a delicatessen, and is planned to be built using the structure and remaining equipment of the old sugar mill as attractive features.

A: No, only passenger vehicles, golf carts and bicycles will be permitted.

A: There are a number of benefits that homeowners will receive:

• As Villas Valriche is a Mauritian approved Integrated Resort Scheme (IRS), the buyer of a villa is entitled to Mauritian Permanent Residency (PR) for them and their immediate dependants.
• As part of the residents' facilities a sports club will be constructed consisting of a fully equipped gym, a swimming pool, tennis courts, croquette, boules and a children's play ground.
• The historic "Le Chateau de Bel Ombre", which dates back to the early 1800's, now a fine cuisine restaurant.
• Within a short golf cart ride away, a resident's Beach Club will be constructed with restaurants, bars, swimming pools and water sports activities including skiing, sailing, snorkelling, fishing, kite and wind surfing.
• A luxurious 'signature' Spa, which will be located within the Villas Valriche development and run by an internationally recognised operator, will be established in due course.
• Access to the adjacent 1,000Ha Valriche Nature Reserve, from which the estate gets its name. This can be reached by cycling and walking trails, on horseback or by quad and mountain bikes.
• Owners become members of the Golf du Chateau Club, which allows them to play on the championship golf course.
• There is the possibility of a second championship golf course being built nearby at a later stage.
• A rental pool will be operated by the developers, allowing returns to the villa owners.
• Privileged access to local 5* hotel facilities of Le Telfair and Heritage hotels, including the Six Senses and Seven Colours spas, fully fitted fitness centres and a choice of nine restaurants.
• Full use of the 5* beach amenities and boat house facilities.
• Rental pool managed on behalf of villa owners by the highly experienced Veranda Resorts
• Owners’ Membership Cards giving residents exclusive discounts of up to 20% on 5* hotel facilities including food and beverages, spas and retail outlets.
• 24-hour concierge services
• Kids’ and Teenagers’ Clubs.

A: Given the rapid development of the region as a world-class destination, hotels are now experiencing very high levels of occupancy, meaning that their facilities are likely to be overcrowded during peak season. For this reason, the developer has decided to upgrade to a 5-star standard the facilities that will be offered at the private Villas Valriche Beach Club and accelerate the building programme. Owners will therefore be able to enjoy the same standard of facilities at their own club as they would have at the hotels without having the risk of being turned away during peak periods. Additional land may also be purchased to relocate the Sports Centre so that it will be adjacent to the Beach Club, which will allow families to enjoy many different activities from the same location.

A: The Nature Reserve is open to everyone. The reserve can be accessed by cycling and walking trails, on horseback or quad bike or by mountain bikes.

A: Yes, all villa owners qualify to become members of the Golf du Chateau Club, which allows them to play the 18-hole Par 72 championship golf course designed by Peter Matkovich, and the 9 hole par 3 course.

A: Golf enthusiasts are offered the following:

• A driving range
• 18-hole Par 72 course and a 9-hole Par 27 course for those less professional
• A putting green
• A Pro shop
• Equipment rental
• Locker rooms
• Tuition from a PGA golf professional
• A bar and restaurant
• Shuttle service

A: The course complies with US PGA specification standards. The internationally renowned designer, Peter Matkovich, has ensured that the length of the course off the back tees is such that international tournaments and championships can be staged on the course: "Le Golf du Château has the right balance and variation in length of holes, width of fairways and green sizes and has been designed with passion, love and attention to detail". The course is extremely well manicured and maintained in order to maintain its championship status. Designed to be challenging for better players yet enjoyable for the recreational golfer, Le Golf du Château offers an excellent balance and variation in length of holes, width of fairways, green sizes, water and sand hazards, and ultimately the risk and reward element that is crucial on any Championship layout. There is also a 9-hole Par 27 course and the views are magnificent.

A: Yes there is a club house, as the golf course has been established since 2005.

A: No - Owners automatically qualify to become members of the Golf du Chateau Club when they purchase their villa, which allows them to play the championship golf course. For frequent players, there are a number of membership categories (primary, secondary/partner, children) which provide them with the option to pay annual subscription fees in return for lower green fees. Owners that do not opt for the subscription fee are allowed to use the golf course at the same green fee rates as those charged to guests at the two partner hotels, Le Telfair and the Heritage. The subscription fees, green fees and general rules and regulations are set by Golf du Chateau and amended from time-to-time.

A: The golf course is jointly owned by The Heritage Golf and Spa Resort, the Le Telfair Golf and Spa Resort and Bel Ombre Sugar Estate (which has assigned its 1/3 of playing rights to Villas Valriche), so it is open to players from the hotels as well.

A: The home owners will not be responsible for any maintenance and upkeep costs for the Golf Course. This is managed and financed by Bel Ombre Golf Club Ltd, which is currently owned by the two hotels (above) and the sugar estate. There is no need for the golf club management company to provide the HOA with any guarantees in this regard, as the fees payable for maintenance etc, are not payable by the HOA at any stage. The fact that the golf course is jointly owned by the hotels in the area is an advantage, meaning that costs are minimised and shared amongst the three key parties involved.

A: As the villa owner you to decide whether or not you wish to pay the annual subscription fee to secure preferential green fees and booking privileges. This may be relevant if you plan to rent out your villa.

A: All rentals are handled through the managed rental pool and guests occupying your villa will be entitled to book and play golf during their stay - they will of course be subject to the green fees as applied to hotel guests.

A: There is a limit to the number of subscription memberships and tee-off slots that each villa can have – such memberships and regulations relating to the memberships will be managed by regulation by Bel Ombre Golf Club Ltd.

A: No, the membership rights are transferred to the new home owner that purchases that villa.

A: There is one helipad located near the Chateau – this is an authorised helipad with open to a variety of operators subject to the terms and conditions of use of the helipad. There will be little if no disruption to the home owners. The helipads are situated away from residential areas.

A: No. Villas Valriche maintain the helipad.

A: Mauritian Plantation style villas based on the concept of open plan lifestyle living. There are 22 different variants in terms of the specifications that the home owners can choose from in order to customise their villa.

A: There are 22 different variants of the four different villa types that a buyer can choose from, all of which are free standing and vary between 200 and 450 square metres in size. The main types are:

• Courtyard – U Shaped
• Terrace – L Shaped
• Village – 4 different variants of double storey villas
• Veranda – Rectangle shaped with a veranda all around the villa.

Plot sizes will vary from between 700m² to over 3,000m².

A: Yes – there is a range of different designs and sizes of villas to choose for different sites.

A: Yes – in order to optimize the views and privacy of villas and to provide a variety in the size of properties, certain types of villas have been designed to suit the different plots.

A: Should an owner wish to replace their villa or make changes then the architectural and landscaping guidelines, which form part of the constitution of the home owners association, need to be followed. All construction within the estate (including by the developer) must conform to these guidelines in order to maintain the character and value of the estate. Should an owner wish to have their own architect design their villa, special arrangements can be made with the developer, which would involve the developer's architect approving the owner's plans and the developer's contractor constructing the villa at an agreed price.

A: It will take approximately twelve months to complete a villa.

A: Yes, all villas have a swimming pool with an infinity edge surrounded by slate tiling, although timber decking is an option. The home owner can also choose to have a gazebo constructed as an added value amenity. Different types and sizes of villas are supplied with appropriately designed swimming pool sizes as standard, but there are different options available should owners wish to have larger swimming pools.

A: It varies according to the type of villa that is purchased. In general, all villas will have the following:

• The bedrooms are all air conditioned with en suite bathrooms, which are fitted with high quality sanitary ware and frameless glass shower enclosures.
• Plantation style shutters will provide natural ventilation through the doors to the bedrooms.
• Large openings onto the verandas offer the home owner magnificent views.
• Modern European style kitchens with granite work surfaces, including a built-in hob, oven and extractor hood.
• The living areas will be open plan with generous verandas that will allow for easy indoor/outdoor living.
• An external charcoal barbeque is supplied with optional gas barbeque facilities.

A: Centralised satellite and free-to-air television distribution. Fibre-to-the-premises (FTTP) optic network connected to each Villa for high-speed multimedia services. A range of digital and communications services are available.

A: There will be a card reader access control system. An entry-phone system will also allow residents to visually verify the visitor's identity from within their own Villas. There is also an optional Intruder Alarm and Fire Detection System, as well as an optional security surveillance monitoring system to allow owners to keep in touch from anywhere in the world.

A: Robin's Nest, a South African interior design company, is working with the developers on this project. They have designed three main concepts for the interiors as an added value amenity for home owners:

• Contemporary
• Washed beach
• Mahogany

All of these concepts will be customised for each villa, although the main theme will remain the same. This service is very comprehensive as it allows the home owner to move into a fully furnished home, with plates in the cupboards to linen on the beds.

A: Boats can be moored in Port Louis, Black River or Bel Ombre / St Martin, depending on the size and type of boat. Smaller boats can also be kept at an owner's villa depending on the size of garage that the owner chooses.

A: Pets are subject to a 6 month quarantine period in Mauritius if they are brought across from another country. Should you wish to permanently reside in the villa, then yes, the estate rules allow for you to keep a pet, provided that the estate rules relating to the control of pets are respected and fencing is constructed in accordance with the architectural and landscaping guidelines.

A: There is a strong drive from government to attract foreign investment into Mauritius – in this regard there are a number of attractions including:

• The benefits of a very low rate of corporate and personal income tax (15% in both cases), the absence of inheritance and capital gains taxes, as well as the existence of a number of double taxation agreements.
• No exchange controls or restrictions on the flow of funds in and out of the country.
• In Mauritius, an individual may opt for either a 'country' based tax where all assets are subject to income tax in Mauritius, or for the 'international' tax position where only money brought into Mauritius is taxable in Mauritius. The provisions of the relevant double taxation treaties which Mauritius holds with your country of origin would need to be reviewed and you are advised to consult your own tax specialist regarding your individual status, relating to either any taxation or exchange control issues in your country of citizenship or residency.
• Mauritius has a strong offshore banking and financial sector, with over 400 financial institutions operating from the island.
• A successful developing country with an advanced IT and telecommunications infrastructure.
• The possibility of using Mauritius as a gateway to India, Africa, Asia and the Middle East.
• Close business and cultural links with Europe.
• A Peaceful and stable democracy that is more than 40 years old.
• Regular flights to all major international destinations.
• A first-world standard of health and education facilities.
• Permanent Residence, Work Permit and other advantages linked to a certain category of IRS scheme: There are no restrictions preventing foreigners from buying and owning real estate in Mauritius under the IRS scheme, save for processes and approvals that non-citizens must follow and obtain, before registration of ownership. Buyers from certain countries may be required to obtain the approval of the appropriate authorities in their countries of residence before being able to purchase a villa at Villas Valriche or to be able to expatriate funds for such purposes.
• Doing Business 2008 released by the World Bank and International Finance Corporation (IFC), ranked Mauritius 27th (2007- 32nd) out of 178 economies in terms of the ease of doing business and 1st in Africa, displacing South Africa who rank 35th, falling 6 places from last year. The major economies in terms of ease of doing business are ranked 1st Singapore, followed by New Zealand and the US. Hong Kong was ranked 4th followed by Denmark, the UK, Canada and Australia. France is ranked 31st with Germany 21st. Mauritius has set itself a target of reaching the top ten worldwide.
• The Mo Ibrahim Foundation report, a Free Market Foundation Survey on African country governance, ranked Mauritius as No.1 in Africa. The Seychelles was 2nd with South Africa 5th.

A: Most of the major banks represented in Mauritius (including Barclays, MCB, Investec Bank and Standard Bank) offer to finance or guarantee up to 80% of the villa purchase price without recourse to collateral other than the underlying villas being purchased at Villas Valriche – these banks also have specialised IRS teams for assistance in matters such as these.

A: Most of the major banks represented in Mauritius (including Barclays, MCB, Investec Bank and Standard Bank) offer to finance or guarantee up to 80% of the villa purchase price without recourse to collateral other than the underlying villas being purchased at Villas Valriche – these banks also have specialised IRS teams for assistance in matters such as these.

A: Yes, as long as that bank can provide a guarantee of payment acceptable to the developer.

A: The developer is required by law to furnish a bank completion guarantee to assure the buyer that the construction of the villa will be fully completed. From the acceptance by the buyer of the villa, the developer is liable for 10 years for latent defects to which architects, contractors and other person linked to the developer by a contract for work, are themselves bound pursuant to Articles 1792 and 2281 of the Mauritius Civil Code.

   Confidence in the development and in the contracts awarded has also resulted in the formal agreement of our bankers to provide completion guarantees to villa buyers – the first such guarantee was issued in September 2007 and is perhaps the most significant of all of the highlighted events in that:

• Such guarantees provide all buyers at Villas Valriche with the confidence that all aspects of the development have been independently scrutinized and found to be worthy of underwriting. This is particularly significant in the current global economic environment where the sub-prime melt-down has made financial institutions weary of certain types of property developments – especially those offering exotic financing packages with buy- or lease-back options and payment moratoriums. Financial institutions have taken comfort in the sound fundamentals upon which our development and rental pool are based and have confidence in the buyer screening approach adopted as part of our sales and buyer finance application processes. As a result, most of the major banks represented in Mauritius (including Barclays, MCB, Investec Bank and Standard Bank) offer to finance or guarantee up to 80% of the villa purchase price without recourse to collateral other than the underlying villas being purchased at Villas Valriche.
• The bank also guarantees that, in the event that the developer and/or the contractor fail/s to perform, the required funding will be provided to complete not only the buyers' villas, but also the infrastructure required for all of the villas in Phase 1 of the development (representing an underwriting commitment of more than USD $20 million).

A: No, not for the home owner.

A: When a home owner signs the Reservation Contract, they would have already agreed with the developer the plot and the villa they require, as well as the plans for that villa. The deposit is not refundable unless the home owner's application to purchase property in Mauritius is not granted by the Board of Investment.

A: Under Mauritian law, the buyer is well-protected to ensure that they are guaranteed full delivery of the villa they have contracted to purchase. Before the signing of the Deed of Sale (DOS) between the seller, Les Villas de Bel Ombre Limitee and the potential buyer, a Preliminary Reservation Contract (CRP) is entered into by both parties. The potential buyer lodges a deposit with an independent escrow agent, equivalent to 5% of the purchase price on the DOS. This secures and reserves the selected villa until such time that a certificate is issued to the buyer by Mauritian authorities. In the unlikely event that the approval to purchase a villa is declined by the Mauritian government, the 5% escrow deposit will be returned to the buyer. Upon approval by the Mauritian authorities for the buyer to purchase a villa, the CRP is replaced by a DOS, whereby the buyer provides an acceptable bank guarantee for the full purchase price. The developer then issues the buyer with a bank completion guarantee and the freehold title to the land is registered by the notary in the name of the buyer.
   In accordance with the provisions of Article 1601-30 of the Mauritius Civil Code, the price on the DOS is payable as certain events happen and as the work progresses, namely:

• 30% on signature of the deed of sale (includes release of the 5% escrow deposit) together with the 5% transfer tax and the US$70 000 registration duty
• 5% on completion of the villa foundations
• 35% when the roof is completed and the villa is closed in
• 25% on completion of the villa in terms of the DOS
• 5% when the villa is made available to the buyer (all construction related payments certified by independent professionals prior to payment)

A: No, Title to the land is transferred into the name of the buyer with the payment of the first 30% of the purchase price (plus taxes). At this point, an application for residence and occupation permits is made and construction on the villa begins.

A: Villas sold under the new IRS must form part of an approved development of villas, built to international standards, with world-class amenities and facilities. The acquisitions of a villa for residential purposes by a foreigner under the IRS will allow the foreigner and his/her dependant family to reside in Mauritius for as long as he or she retains ownership. The minimum selling price of a villa is set at US$500 000 and the maximum extent of the land is limited to 0.5276 hectares. A villa can be acquired off-plan or during the construction phase. Villas Valriche will incorporate an Ownership Association to manage security, maintenance and the estate.
   Under the IRS regulations, a minimum of US$500 000 investment is required for the acquisition of freehold immovable property, inclusive of land. Any of the following will qualify to acquire property under the IRS regulations:

• A non-citizen of Mauritius (including his or her spouse and dependants)
• A citizen of Mauritius
• A foreign company registered under the Companies Act of 2001

A person who intends to acquire immovable property under the Scheme for residency, and who is a non-citizen, must make an application for the status of resident in accordance with the Immigration Regulations 1973, in respect of himself/herself, his/her spouse and dependants. When such an application is approved, a residency permit will be granted. There are two straightforward applications that buyers will need to complete:

• Authorisation to purchase (after signing the CRP and depositing 5% which is held in escrow)
• Residency and Occupation permit (after signing the DOS and paying US$70 000) which is included in the gross sales value indicated on the price list.

Residency and Occupation Permit:

The acquisition of a villa under the IRS shall grant resident status to the investor, his/her spouse and dependents. A residency permit granted under the IRS shall remain valid until such time as the non-citizen (overseas buyer) ceases to own a property in Mauritius. The residency permit does not allow citizenship and whilst it gives an owner the right to only live in Mauritius whilst they own property within an approved IRS, it does not give the buyer the right to work in Mauritius, nor to own non-IRS property. An Occupation Permit gives a buyer the right to work in Mauritius.

A: The land has been cleared according to the environmental impact assessment and associated development approval rights granted, including a subdivision development permit and a building and land usage permit.

A: The developers are negotiating comprehensive insurance packages for the villas which home owners can take up. An indicative rate of approximately USD $1,000 per annum should provide cover of USD $1million for a villa and USD $100,000 for the furnishings. The insurance policy will cover household and building insurance cover. The developers can provide a list of accredited insurance providers.

A: A home owner is able to sell his property on transfer, however the seller will need to pay registration (IRS) tax of 5% or maximum USD $50,000.

A: Yes.

A: No. 5% is payable by the seller – this is approximately USD $50,000. The USD $70,000 IRS tax is then payable by the new buyer as well.

A: Transfer Tax equivalent to 5% of the purchase price on the DOS is payable by the seller in the sale if an IRS villa, and is recovered from the buyer as part of the gross sales value indicated on the price list. Registration duty of USD $70 000 is payable by the buyer on the purchase of an IRS villa. The seller will pay this on behalf of the buyer and recover the funds from the buyer as part of the gross sales value indicated on the price list.
   There is no inheritance tax and capital gains tax in Mauritius, but we recommend that all buyers should seek professional tax planning advice relevant to their own respective tax domicile, prior to purchasing property in Mauritius, in order to minimise liabilities to taxes and duties.
   In Mauritius, an individual may opt for either a 'country' based tax where all assets are subject to income tax in Mauritius, or for the 'international' tax position where only money brought into Mauritius is taxable in Mauritius. The provisions of the relevant double taxation treaties which Mauritius holds with your country of origin would need to be reviewed and you are advised to consult your own tax specialist regarding your individual status, relating to either any taxation or exchange control issues in your country of citizenship or residency.

A: The fiscal benefits, such as the low tax rates, absence of inheritance and capital gains taxes, numerous double taxation agreements and a strong financial and off-shore sector, are helping to ensure that Mauritius is fast becoming a major financial trade destination of choice. The other key 'risk / investment' related benefits of Villas Valriche specifically are:

• The championship golf course and club house have already been completed and are fully operational (i.e. this extremely costly item it is not a promise, it actually exists!)
• Villas Valriche is supported by a number of leading international financial institutions operating in Mauritius
• The completion guarantees are issued by the bank of the developer to the client and not to the developer
• The south western region of Mauritius is a fast growing tourist destination which will impact positively on the returns of hospitality investments (through the rental pool)

A: Each Villa owner will be a member of the Home Owners Association which will administer and manage the common areas and infrastructure of the estate on behalf of the owners. Costs of the Home Owners Association are split equally between all plots on the estate. Each vila owner will also become a beneficiary of the Villas Valriche Resort Trust, which will represent the owners inerests in Villas Valriche Resort Ltd, a company created to manage access to the resort facilities, private garden and external maintenance and the rental pool. Interior cleaning and other domestic facilities will be available upon request as an added value amenity and will be charged to the home owner separately.

A: Non-refundable levies will be determined based upon a budget developed for the common areas and infrastructure, and will be managed by the home owners association. The developer will not have access to the funds.

A: Shortfalls or surpluses will be carried forward to the following year, when levies will be adjusted accordingly.

A: No - an independent notary has been appointed by the developer to manage the conveyance of the properties (at a discounted fee of 0.5% of the purchase price, excluding VAT of 15%). Additional costs and taxes amounting to approximately USD $60 are also payable by the buyer directly to the notary on signature of the DOS.

A: The home owners levy covers the costs of maintaining common areas and infrastructure. An access fee fee is levied by Villas Valriche Resort Ltd to cover the fixed costs of other facilities and to cover the costs of individual garden and external wall maintenance.

A: The monthly levy and access fee charge is estimated initially to be approximately USD $450 to USD $550. Residents have no obligation to pay any costs towards the golf course and as such, this money is directly used for the HOA and Villas Valriche Resort Ltd to fulfil a number of functions on the Estate, which include:

• General administration of common areas
• Maintenance of exterior of villas, including exterior painting, roofs, windows, patios and pools
• Villa garden maintenance
• Common area landscaping and maintenance
• Common area pest control
• Refuse collection
• 24 hour perimeter and access security
• Insurance of common areas and administration buildings and sporting facilities
• Fibre-optic backbone and infrastructure to allow Internet access, cable TV and life and fire safety systems on a user-pays basis
• The fitness centre, including tennis
• The Beach Club
• Non-motorised beach water sports at the Beach Club
• The Spa, on a user-pays basis
• All common areas and grounds

• Spa treatments
• Motorised water sports
• Quad biking
• Kid's Club
• Restaurant dining
• Housekeeping services
• In-residence dining
• Personal grocery stocking
• Laundry and dry-cleaning
• Babysitting services

A: The tourism industry in Mauritius is well established. Villa rental in Mauritius is a relatively new industry and units of offer range from individual "bungalows" to exclusive villas attached and operated by 5-star hotels. The more exclusive the tourism offering, the better the revenue generation potential becomes for the promoters and for the country, which will in turn result in an increase in volume and quality of employment generation. It is therefore imperative that Mauritius maintains and grows its 5-Star plus exclusive tourism offering, and this can only happen through professional management and effective regulation of the industry. This includes regulation to ensure the orderly marketing and management of villa rentals.

The Mauritian legal framework strictly regulates IRS developers – regulations include the attachment of stringent conditions to EIA licenses, minimum pricing of villas and apartments and numerous restrictions on building characteristics. The legal framework also obliges IRS companies to take responsibility for the orderly setting up and management of rental pools and obliges any rental of villas in an IRS scheme to be undertaken through the IRS company.

The rental pool for Villas Valriche is being set up on a "not for profit" basis by the developer, and control of the operation of the rental pool will eventually be passed to villa owners, who will contract a commercial operator to operate the rental pool in the best interests of the villa owners. The remuneration of the operator will be linked to the revenue and profitability of the rental pool – a formula that has proved to be highly successful for the hotel industry in Mauritius. The objective is to create a vehicle that will be trusted, used and eventually managed by villa owners in their own interests.

Principles central to any rental pool are:

• The equitable sharing of revenue and cost based on periodic evaluations preformed by an independent entity
• The independent management of the revenue and cost pools by a commercial operator appointed by the villa owners to act in their common interest

A base charge-out rate for each villa will be determined by the appointed independent entity, and will be influenced by a number of factors, including:

• The location of the villa in the development and the views enjoyed from the villa
• The size of the villa and plot
• The quality of the finish and décor of the villa
• The season

The independent entity will also determine whether or not a villa is in a suitable state to be made available to the rental pool. In terms of availability, each villa owner will periodically declare in advance the periods during which the owner's villa will be made available to the rental pool. The owner is not obliged to make his/her villa available, but the villa may not be occupied for the purposes of rental during the periods when the owner has declared it unavailable, and regulations will be put in place to monitor and control access to villas in order to administer these regulations.

All revenue from the rental of any villa will be collected by the manager. A daily share of revenue for each villa will be determined by the manager, based on the availability of each villa on that day and also based on the base charge out rate of each villa relative to the others in the pool for that day.

Costs associated with the operation of the rental pool will be split into two categories, namely:

• Costs specifically related to occupation of each villa, which will vary depending upon the number of days in a year the manager lets each individual villa. Generally, these costs will be incurred by the manager and deducted from the pooled revenue. The costs would relate to preparation and cleaning of villas for occupation by tenants/guests and to interior and exterior repairs directly related to occupation. Individual villas will also be allocated a "wear and tear allowance" for each day that their villas were used by the rental pool in order to fund periodic refurbishment and redecoration. This category of costs will typically also incorporate a factor which caters for the relative costs associated with occupying and maintaining villas of different sizes.
• Costs that are general in nature and relate to marketing and administration of the rental pool. These costs will be incurred by the manager and deducted from the pooled revenue.

Rules and regulations based on international best practice will be established by the developer for the orderly operation of the rental pool, including regulations regarding the permitted levels of occupation by villas being rented.

A "Rental Yield Indicator" (see www.villasvalriche.com) has been supplied, based on preliminary research. The remuneration of the commercial operator would normally be based on a combination of a percentage of turnover plus a percentage of profit. The table on the website indicates rental yields that can be expected under varying occupancy, rental and capital cost scenarios, and assuming:

• The combined remuneration of the commercial operator is equivalent to 20% of revenue.
• The combined remuneration of tour operators (including villa owners acting as referral agents) is equivalent to 20% of the revenue.
• The Home Owners Association levy is US$ 450 per month.

The figures indicated are indicative and will depend largely on the performance of the commercial operator appointed. A qualified and proven initial operator will be appointed. A qualified and proven initial operator will be appointed by the developer, chosen from the existing expertise base operating in the highly successful Mauritian tourism industry.

A: Villas Valriche is an exclusive residential property development in Mauritius proposed by the Bel Ombre Sugar Estate Limited and the international Secondlifestyle Group. A special purpose company, Les Villas de Bel Ombre Ltd, has been incorporated to implement this development.
   Villas Valriche will be developed on 106 hectares of land formerly owned by Bel Ombre Sugar Estate, an entity which is controlled by the Rogers Group, one of the largest listed companies on the Mauritius Stock Exchange. The Rogers Group has many years of trading experience in both Mauritius and internationally in Europe, Africa and the Far East and is involved in many sectors such as agriculture, hotels, shipping, logistics, airlines, financial services, banking, retail, manufacturing and property development.
   Until recently, sugar production was the main focus in the Bel Ombre region. Having long anticipated the intense pressure the Mauritian sugar industry is currently facing, Bel Ombre Sugar Estate has diversified into the hospitality sector. Villas Valriche forms part of a broader plan to shape the Bel Ombre area into a high profile residential and tourist destination. Other aspects of this reengineering include up market hotels and signature golf courses, some of which are already operational. Bel Ombre Sugar Estate is committed to developing world class infrastructure, which explains the partnership with Secondlifestyle. This Channel Islands based consortium of equity investors has a proven track record in developing luxury residential golf estates, hotels, shopping centres as well as office and apartment buildings in South Africa and in Europe. Dainfern and Pecanwood are only a few of its achievements within South Africa. It is currently developing Simola (www.simolaestate.co.za); a Jack Nicklaus designed golf estate and La Camargue (www.lacamargue.co.za), a 300 homes estate in Johannesburg.

A: Management of the Villas Valriche development is being handled through a joint venture - EnStyle Management Ltd – between Espitalier Noel Limited (ENL) a Mauritian listed company and a major shareholder of the Rogers Group, and the international Secondlifestyle Group. The combined expertise of ENL and SLS will ensure that Villas Valriche achieves World Class status. This management company also reports to the Board of Directors of Les Villas de Bel Ombre Ltée.

A: Directors:

• Hector Espitalier Noël (Chairman)
• Philippe Espitalier Noël
• Herbert Couacaud
• Ian Todd
• Alec Bates
• Joe Stravino
• Georges Wiéhé

• Anton de Waal (Chief Executive Officer)
• Julien Hoareau (Secretary)

A: A full team of independent professionals (all members of international associations of their respective professions) has been appointed to provide the following design, specification and construction supervision services:

• Architectural Services: Jean-Francois Adam Architect (Floreal, Mauritius)
• Landscape Architectural Services: Planning Partners (Cape Town, South Africa)
• Project Management Services: Keystone Project Management Co. Ltd (Quatre Bornes, Mauritius)
• Quantity Surveying Services: V d'Unienville &Associates Co. Ltd (Quatre Bornes, Mauritius)
• Civil and Structural Engineering Services: BSM Baker (Johannesburg, South Africa) / DCA (Floreal, Mauritius)
• Water (potable, irrigation, waste, ponds) Engineering Services: ArupSIGMA (Mauritius)
• Mechanical and Electrical Engineering Services: CMB (Port Elizabeth, South Africa) / GMF (Floreal, Mauritius)

A: The designs for the Villas Valriche master plan and for the villas have been developed since late 2005 by a 50-strong team of Mauritian and South African architects, engineers and other professionals. The team has many years' experience in designing 5-star resorts on the island and in designing premium golf estates in South Africa (details of the appointed professionals are given in the specifications document). The implementation by contractors of these designs will be followed closely by the same team, with the objective of delivering a resort that rivals the best in the world in terms of its lifestyle and investment return offerings in a naturally beautiful location on a premium destination. The designs for Phase 1 of the development were tendered and offers received from more than 15 local and international contractors for all of the major packages of works to be undertaken.
   The first suite of the main contracts, worth USD 65 million, was awarded in August 2007 to China Jiangsu, a trans-national construction contractor based in Nanjing, China, which will provide the "hands and feet" that will implement the design (all materials and equipment supplied will be as per the specifications and makes specified and approved by our team of professionals). Apart from having constructed a number of internationally branded 5-star hotels, the contractor has also operated extensively in Mauritius, involving the construction of the new Emtel (leading cellular network) office block, the Les Halles shopping centre, a new hotel in Balaclava and Phase 2 of "Cyber City". In terms of the contracts awarded, construction is scheduled to proceed as follows:

• Infrastructure will be undertaken in two parts, the first part commencing October 2007 when roads, trenches, cables, piping, water, sewage, electricity, communications and other services will be put in place. This part will be completed during the course of 2008 such that the contractor and villa owners will be able to use the infrastructure, but with final landscaping and a second layer of tar on the roads remaining to be completed as the second part. This split in infrastructure works is done in order to avoid damage to the landscaping during villa construction, and to ensure a smooth road finish when the contractor eventually leaves site. The second "touching up" part of the infrastructure will be completed during the second half of 2009, after the completion of construction.
• Villas - construction of the first group of 30 villas is scheduled to start in January 2008, and it is anticipated that these will be completed over a period of 12 months. Groups of 15 villas at a time are then expected to be ordered as from February 2008 for construction over successive 12 month periods.

During this time, infrastructure in phase 2 will overlap phase 1 and all construction including Villas should be complete by late 2010 to mid 2011.

A: The developer wanted to create a sustainable world class residents and golfing destination – similar to the Fancourt experience in South Africa.

A: Hector Espitalier Noël wanted to utilise the land that his company owns in the best way possible. By developing a residential estate within the area of the hotels, golf course and nature reserve, he is allowing others to experience the beauty of the island.

A: South African company Hayes, Matkovich and Associates (HMA) is a specialist golf course property marketing and sales consultancy (and sister company to Matkovich and Hayes, the golf course design architects). HMA has been developed through the integration and development of specialist property marketing expertise, combined with a level of golfing industry understanding unmatched in the market. HMA carries brands of quality and integrity that will never be compromised through rendering anything other than honest, committed, expert advice and services to the public investment market, as well as the developer sector.
   UK based agency Stanford Burgess Limited is the development's marketing and creative consultant. The company has been responsible naming the development, creating the brand and visual identity, designing all sales support material, planning and implementing the international promotion campaign and overseeing the global PR activity (managed by Red Cube in South Africa and Iris PR in the UK).
   Cluttons Resorts, a subsidiary of Cluttons LLP, has been appointed as sole marketing and non-exclusive sales agent in the UK/Eire region. Cluttons LLP has a proud history which dates back more than 240 years to 1765 when the firm was founded by William Clutton. Cluttons LLP today remains a private independent business, wholly owned by its partners. The firm employs over 600 people in its extensive network of UK and Middle East offices. Cluttons is also represented in Russia and has affiliated offices in South Africa, Spain, France and now Italy, with further expansion expected. Cluttons has been around for a long time – what the firm has learnt from the past helps to build its future and Cluttons' core values are very simple: client care is the number one priority. It is by looking after clients to the best of the firm's abilities that the business will continue to prosper. Cluttons Resorts embraces the same philosophy and carries the same values forward into its new business. Cluttons sells and lets some 1,800 properties each year with an average price of £750,000.

A: Mauritius is a small island situated in the Indian Ocean. The island is connected via direct flights to almost every capital city. The population is around 1.2 million people, all of whom come from different cultural and ethnic backgrounds. This wonderful mix of cultures means that the people of Mauritius are open, friendly and service-orientated.
   Summer ranges from November to April and Winter is from May to October. The best area to stay in summer would be along the east and south eastern coasts because of their direct exposure to the general winds known as the south east trade winds.
   The tourism sector is the fastest growing sector in the island with an annual growth rate of around 10% per annum. Current arrivals are in the order of 700,000 tourists per year and the government has initiated major enabling measures (airport expansion, liberalisation of air routes, etc.) with the objective to increase this figure to 2 million arrivals per annum over the next decade.
   The industries that Mauritius is currently operating in are sugar, tea, property development, tourism, textiles and financial services. The four main pillars of the Mauritian economy are textile, sugar, tourism and services sectors. Sugar exports have been the main source of foreign exchange for a long time before the importance thereof diminished with the diversification of the economy. The increasing development of the business and financial sectors along with the use of the marine resources means that these are now the main engines of growth on the island.
   The island was discovered by the Arabs, who called it the Dinarobin. Many years thereafter, the Portuguese arrived and named it "The Isle of the Swan", perhaps because of the Dodo bird. Then it was taken over by the Dutch who called it Mauritius after one of their royal members. They were the first to attempt to colonise the island. The French then arrived in 1715 and called the island "Ilse de France". They started trading and cultivating sugar cane maximising the slave trade. A century later, Mauritius regained its Dutch name when the English took over and the island remained a British colony until its independence in 1968. Mauritius is now a well respected republic and well acclaimed democracy, with seats on various international organisations.
   The island is volcanic although the main crater, the Trou aux Cerfs is now as extinct as the Dodo, which was unique to the island. The adventurous will discover many rivers and streams as well as lakes, waterfalls and mountains very typical of a volcanic island. Many types of activities can be organised to make the most of these beautiful areas.

Geography

Mauritius is located approximately 2,000 kilometres to the south eastern coast of Africa and lies east of Madagascar on 20°5, 57.5E. The country covers an area of 1865km with 330 kilometres of coastline. Mauritius is 45km in width and 65km in length.

Government

Mauritius is a democratic state based on the Westminster model and enjoys political stability.

Visas

Visitors from most countries do not require a visa. To enter one needs a valid passport and a return ticket. If in doubt contact any Mauritian Embassy. Upon arrival all visitors are requested to state where they will be staying.

Customs

• Passengers over 18 years of age may import the following duty-free items: 250 grams of tobacco (including cigars and cigarettes), 1 litre of spirits, 2 litres of wine, ale or beer, one quarter litre of Eau de Toilette and perfume not exceeding 100 ml.
• A plant import permit must be obtained from the Ministry of Agriculture, prior to the introduction of plants and plant material including cuttings, flowers, bulbs, fresh fruits, vegetables and seeds.
• It is prohibited to introduce sugarcane and parts thereof, soil micro-organisms and invertebrate animals.
• All imported animals including animal products need an import permit from the Ministry of Agriculture and a health certificate from the country of origin.
• Drug trafficking is illegal and carries very heavy penalties. Firearms and ammunition need import permits and must be declared on arrival.

Health

No vaccinations are required. However a yellow fever vaccination certificate is required for travellers over 1 year of age who arrive from areas where yellow fever cases are reported.

History

Of volcanic origin and generally sheltered by barriers of coral reefs forming natural, safe, crystal clear lagoons, Mauritius has long been a dream destination. Known to the Arabs as early as the 10th century, but officially discovered in 1505 by the Portuguese navigator Pedro Mascarenhas, the island was occupied successively by the Dutch (1598-1712) and the French (1715-1810), and was ceded to Great Britain in 1814 through the Treaty of Paris. On 12 March 1968, Mauritius became Independent. Republic Day was proclaimed on 12 March 1992.

Language

Most people in Mauritius are bilingual and are equally fluent in English and French. Creole and French are the main languages in the everyday environment and several oriental languages are also spoken.

Medical services

Free public medical facilities are widely available. Private clinics provide medical services for a fee.

Banking hours

Monday to Thursday: 9.15 am -3.15 pm, Friday: 9.15 am - 3.30 pm. Saturday: 9.15am -11.15 am (some banks only). Banks are also open to coincide with the arrival and departure of international flights at the Airport.

Climate

The temperature on the coastal areas varies between 22°C in winter and 34°C in summer. The sea temperature varies between 22°C and 27°C. In the central part of the island, the maximum daytime temperature varies from about 19°C in August to about 26°C in February. The western and northern regions are warmer and relatively drier than the East and the South.

Credit Cards

Credit cards are normally accepted by banks and most hotels, restaurants and tourist shops.

Culture

Mauritius is a blend of diverse cultures and religions. The population consists of Hindus, Creole, Chinese, Muslims and Europeans.

Currency

The monetary unit is the Mauritian Rupee (Rs.) which is divided into 100 cents (cs).

Driving

People in Mauritius drive on the left-hand side of the road and give way to the right. Foreigners with a driving license issued by a Competent Authority in their respective countries are allowed to drive during their stay in Mauritius.

Economy

The Mauritian economy is based on four sectors: Textile, Tourism, Sugar and Services.

Electricity

220 volts.

Newspapers

Besides a wide choice of local papers, the pick of the European and American press is available.

Nudism

Nudism and topless sunbathing are frowned upon on public beaches. No hotel permits nude sunbathing on beaches but topless sunbathing is sometimes tolerated.

Population

1.2 million (Year 2003)

Population literacy rate

82.9%

Public holidays

There are 15 public holidays every year. Seven of them are fixed holidays: January 1st &2nd, 1st February, 12th March, 1st May, 2nd November and 25th December. The remaining public holidays are religious festivals whose dates vary from year to year.

Shopping

Shopping hours in the main cities range from 9.30 am to 7.30 pm (Monday-Saturday). Some shops are open till noon on Sundays and public holidays. Many duty free shops and modern shopping centres (Caudan, Curepipe, Floréal Square, Happy World House, Orchard Centre) offer a wide choice of products. Please note that there are no shops open in Rose-Hill, Curepipe and Quatre-Bornes on Thursday afternoon.

Tipping

Tipping is not compulsory.

Time & Telecommunications

Mauritius is four hours ahead of Greenwich Mean Time and three hours ahead (2 hours in summer) of mid-European Time. Mauritius has international direct dialling facilities to most parts of the world as well as high speed fax and internet services.

TV channels

Satellite TV and local TV &radio are available.

VAT

A value added tax of 15% is payable on goods and services including hotel and restaurant bills.

Visa &entry requirements

A visitor must be in possession of a valid passport and a return or onward ticket. A visitor's visa is normally granted for a period of two weeks to one month upon arrival, to almost all holders of a valid passport, with one or two exceptions. Visitors are strongly recommended to contact the Passport and Immigration Office in Mauritius or the nearest Mauritian Embassy or Consulate. The visa can be extended upon request at the Passport and Immigration Office, Sterling House, 11-19 Lislet Geoffroy Street, Port-Louis. Tel: (230) 210-9312 to 210-9317 and Fax (230) 210-9322.

What to wear

Take your best beach and casual wear. In the winter months (June -September), carry some light woolen clothing for the cooler evenings. Please show due respect when visiting religious places. Wear appropriate clothing (and remove leather shoes and belts) when entering the premises.

Working Hours

Private Sector: Monday to Friday: 8.30 am - 4.15 pm, Saturday: 9am -noon (Some offices)
Public Sector: Monday to Friday: 9 am - 4 pm, Saturday: 9 am - noon (Skeleton service)