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St Chara Developers Ltd

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St. Chara Developers Ltd Announces Its Chara Parnitha Apartments Project


The Chara Parnitha project consists of two building blocks of 1, 2 and 3 bedroom apartments with open plan kitchen and living room and a communal swimming pool. This quality development is ideally located between Protaras and Paralimni, 1.5 km from the golden sandy beaches, within walking distance from local amenities and just a 15 minute drive to the tourist area of Ayia Napa. The beaches of Protaras are among the best on the island of Cyprus.

Nicosia, Cyprus, July 16, 2007 --(PR.com)-- Chara Parnitha Block A is a 2 floor building with 12 units (8 one bedroom apartments and 4 two bedroom apartments) located in Paralimni. Special features include: communal sp, fully A/C, kitchen cabinets and bedroom wardrobes made of beech, granite kitchen worktops, kitchen fittings (oven, hob & extractor) installation of telephone lines and TV antenna in each room, D/G windows.

On both floors there are 2 two bedroom apartments and 4 one bedroom apartments. The total covered area of the 2 bedroom apartments on the first floor is 81 and 83 square meters and the price inclusive of VAT is CYP 102,350.00. The total covered area of the one bedroom apartments on the first floor ranges from 61 to 67 square meters and the prices are CYP 71,300.00 and CYP 72,450. The total covered area of the 2 bedroom apartments on the second floor are 81 and 83 square meters and the price inclusive of VAT is CYP 103,500.00. The total covered area of the one bedroom apartment on the second floor ranges from 61 to 67 square meters and the prices are CYP72,450.00 and CYP 73,600.00. The construction will be completed in October 2007 and all 12 units are available for sale.

Chara Parnitha Block B is a 3 floor building with 8 units (7 two bedroom apartments and one 3 bedroom apartment) located in Paralimni. Special features include: communal sp, fully A/C, kitchen cabinets and bedroom wardrobes made of beech, granite kitchen worktops, kitchen fittings (oven, hob & extractor) installation of telephone lines and TV antenna in each room, D/G windows.

On the ground floor there are two 2 bedroom apartments. The total covered area of the 2 bedroom apartments on the ground floor is 86 and 96 square meters and the prices are CYP 111,550.00 and CYP 106,950.00.

On the first floor there are 4 two bedroom apartments. The total covered area of these 2 bedroom apartments ranges from 80 to 96 square meters and the prices are CYP 102,350.00 and CYP 106,950.00.

On the second floor there is 1 two bedroom apartment and 1 three bedroom apartment. The total covered area for the 2 bedroom apartment on the second floor is 90 square meters and 116 square meters for the 3 bedroom apartment on that floor. The prices are CYP 120,750.00 and CYP 136,850.00.

The construction will be completed in October 2007 and all 8 units are available for sale.

The Location:
The Chara Parnitha apartments are located in a quiet, residential area close to Paralimni village. With its rapid development, the whole tourist area of Paralimni Municipality has now been called Protaras.

Low risk and high reward:
The risk is low and the reward high, because:
1) Cyprus is member of the European Union.
2) Freehold ownership is guaranteed.
3) Very low crime level in Cyprus.
4) Legal system in Cyprus is based on the well known English law.

The rewards are high because:
- Cyprus has a stable economy and a stable economic growth
- Inflation is contained
- Mortgages rate are expected to go down when the Euro replaces the Cyprus pound as of 1 January 2008
- Taxation in Cyprus is very low
- The real estate sector in Cyprus is showing buoyant performance and property prices continue to increase year on year. For more information about the economic development in Cyprus go to Chapter 12 of the “Economic Forecast Spring 2007” of the European Union.
http://ec.europa.eu/economy_finance/publications/european_economy/2007/ee207en.pdf

Rental income and return on Investment:
Local letting agents reported that the development is in a good area, and while they had few direct comparables, they were confident that this site would prove popular with potential tenants given the location and the uniqueness of the building

Availability and Prices:
All 20 apartments of Chara Parnitha are available for sale, at prices from CYP 71,300.00 (= Euro 121,823.28) to CYP 136,850.00 (= Euro 233,822.10) inclusive of VAT.

Exit strategy:
When the owner of a Chara Parnitha apartment decides to capitalize on the investment St Chara Developers Ltd will introduce this owner to a property management company to rent or sell for the owner.

Cash Flow:
Payment and payment method for the Chara Parnitha apartments are negotiable, but are usually as follows:
a) CYP 2,000.00 (= Euro 3,4178.20) to secure the purchase of an apartment.
b) 30% less reservation amount to be paid into solicitor’s account upon signing of contracts 4-6 weeks after reservation.
c) 70% to be paid in 5 stages.

Other expenses:
In total approximately 6% to 8% of the purchase price of the property.

About the developer:
St. Chara Developers Ltd is a company operating in the Real-Estate Developing Industry in Cyprus. Its main business is to develop, design, build and offer for sale high (ISO 9001 certified) quality residential and commercial real-estate. The company was incorporated and registered in Cyprus on the 10th of October 1986 by the Managing Director Mr. Ioannis Stephanou, a well known and respected entrepreneur and economist. Since the date of incorporation the company has completed and transferred the title deed for more than 1300 properties.

Other projects from this developer:
Some other projects completed by St. Chara Developers Ltd, with one or more units remaining to be sold are:
a) Chara Georgio (1/2 bedroom Apartments in Aglantzia, Nicosia);
b) Chara Budapesti, a 2& 3 bedroom apartments building in Nicosia.
c) Chara Florentia, a 2 & 3 bedroom apartments building in Nicosia.
d) Sunny Coast Beach Garden, a villa in Ayia Napa, Cyprus.
e) Chara Isabella (a house in Protaras, Cyprus).
f) Chara Cynthiana Villas in Protaras, Cyprus.

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Contact Information
St Chara Developers Ltd
Drs. Wilgo Boerleider
+35777777250
Contact
http://www.stchara.com

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