MRI Construction update

  • MRI City Residence Bucharest (pictured) in Romania is close to getting its showroom and show apartment. With one-third of the properties already sold to foreign investors, this will enable us to sell to locals seeking a better home environment for themselves.
  • In BulgariaSilver Mountain Resort is now 95% sold out. Due to the continued growth in sales in Bulgaria, driven primarily by Eastern European, Middle East and Russian clients, MRI is looking forward to releasing a second and third phase of the development.
  • In Cyprus, Victoria Exclusive Resort, our first development on the island, is effectively sold out. The resort is due for completion in November 2009. Our current two developments on the island, Elysian Fields Spa Resort and Andriana Exclusive Resort II, are 80% and 60% sold.
  • A large Dubai fund has tried to buy 3 blocks in our projects in Romania and Cyprus, reflecting the massive untapped potential in those markets. (MRI refused the approach as it is focused on selling to its core market of small investors.)

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