Quarterly Newsletter OCTOBER

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OCTOBER 2014 Welcome to our October Newsletter I am delighted to bring you the latest edition of our newsletter. What an incredible journey it has been! OPP Magazine. Prestigious publications including
OCTOBER 2014 Welcome to our October Newsletter I am delighted to bring you the latest edition of our newsletter. What an incredible journey it has been! OPP Magazine. Prestigious publications including The Times and Vogue Magazine have featured Forest Lakes as the place on the east coast of Canada to purchase property. will be as good as or if not better than what we have achieved from our international clients. When we acquired our beautiful forested site for Forest Lakes Country Club in 2007 my vision was to create a quality resort community with every conceivable amenity including a spectacular Nicklaus Design golf course. I wanted to create a special place that local, national and international clients could call their home. Forest Lakes Country Club is truly coming to life! Clearing for our Nicklaus Design golf course is in full swing with 11 holes now cleared and permits achieved to construct the holes around Cochran Lake. Our model homes are completed and are now being visited by potential buyers. These are huge milestones for Forest Lakes. Forest Lakes model homes now completed 11 holes of the Nicklaus Design course are now cleared We will shortly open up a sales center onsite and will commence marketing locally this month. We know there will be a huge amount of interest and our sales team are excited and geared up to receive our local clients. We have recently generated in excess of CAD$10m in off-plan property reservations to international clients. Our first condominium building is now 60% reserved and we have clients eager to purchase specific residences in the 2nd building. 60% of the first condominum building is reserved We have won an award for Forest Lakes Country Club from the renowned International Property Awards and have been nominated for Best North American developer by the UK s Forest Lakes was recently featured in Vogue Magazine Our world-class homes are set in spectacular forest and lakeside scenery and include a mix of villas, townhomes and condominiums. Our housing collection has proved to be a huge hit with our international clients. In fact, over 60% of all clients who have visited Forest Lakes have reserved an off-plan property. These results have truly surpassed our expectations and are way above the industry standard confirming that the product is well received in the market. We have only just scratched the surface in terms of potential for off-plan property sales as we are excited to bring in new buyers from Canada this year and the USA starting from next year. We expect that the reservation rates Forest Lakes Housing Collection is proving a hit with international buyers I would like to invite you to come and discover the wonders of Nova Scotia and why such a high percentage of visitors are buying property at Forest Lakes. If you have ever considered owning a home in Canada, there is no better time than now. Prices will never be better with property values increasing substantially as we continue to develop the resort. Enjoy magical sleigh rides in Nova Scotia this winter If you would like to be one of the first buyers at Forest Lakes, I invite you to visit us during the magical winter season where you can experience a range of winter activities including skiing, ice skating, snowmobiling, sleigh rides, ice fishing and eagle watching. And at the end of day, you can snuggle up to a cosy fire in one of the many quality restaurants and atmospheric bars in the buzzing capital of Halifax. International Marketing and Sales Commenced for Off-Plan Property Visit Forest Lakes during the magical winter season As mentioned in our May Newsletter, a nationwide advertising campaign commenced in the UK to promote off-plan properties at Forest Lakes Country Club with Savills UK. The UK journalists press trip to Forest Lakes organized by the Savills PR team has yielded excellent editorial coverage including write ups in the Daily Telegraph, The Times and A Place in the Sun magazine with further editorial appearing in the coming months in Vogue, GQ, House and Home, Tatler and Country Life magazine. I am very proud of what we have created and I invite you and your family to visit us. As a thank you, should you reserve an off-plan property during your trip, we will refund the full cost of your trip to a maximum value of CAD$2500. Additional special conditions apply for investors. For more details please contact your marketing agent. Please read on for further details on all of our activities for the past 3 months. Contact your marketing agent to visit us this Festive Season Enjoy fun for all the family this winter in Nova Scotia Advertising in the national press as well as glossy magazines has created excellent brand awareness generating over 800 enquirers who have expressed an interest in buying a property at Forest Lakes. Online marketing via Google and targeted property portals further supported this. The massive response exceeded all expectations and in fact, the Forest Lakes campaign is reportedly one of the best performing Savills campaigns for overseas property for the past five years. As mentioned previously in testament to this, we recently won an International Property Award for best marketing of a development in the Americas and the Caribbean and have recently been nominated for Best North American Developer by the UK s OPP Magazine. Forest Lakes was recently featured in the Daily Telegraph Click here to visit our Press Room on the Forest Lakes Country Club site The Savills team has been very busy contacting the enquiries they have received. Although the response has been tremendous, we know that most of these clients need a face-to-face meeting at the Savills office before committing themselves to book a trip to Canada. In addition, the time required to arrange trips with clients is taking longer than anticipated. However, the good news is that the majority of Savills clients who have visited Forest Lakes have reserved a property. Precisioncraft Log & Timber Homes Used with permission Quarterly Newsletter The enquirers are continuing to be contacted and the bookings are also continuing to be made. From these early results, we expect sales to international clients to continue to be strong. In summary, our early results have been outstanding with our combined marketing efforts generating in excess of CAD$10m of off-plan property reservations from international clients with an incredible 60% conversion rate from visitors to sales. Engel & Völkers Resorts has also commenced a nationwide advertising campaign in Germany to promote off-plan properties at Forest Lakes Country Club. Forest Lakes Country Club events in Germany hosted by Engel & Völkers Resorts However the sales pipeline is taking longer than expected with clients requiring several months notice prior to visiting us. This combined with the huge level of positive enquiries has meant that we have created an extra program to Discover Forest Lakes and Nova Scotia in the winter so we can encourage winter visits and to ensure clients visit us as quickly as possible. In parallel with this, E&V has been running a series of regular events to raise awareness of Nova Scotia and Forest Lakes and to promote the off-plan properties. A very well attended Forest Lakes event hosted by Engel & Völkers Resorts Our Winter Wonderland brochure will be sent to you in 4 weeks time and I invite you to visit us at this magical time of year. The Interior of the Lodge showing the beautiful ceiling and woodwork The events and the advertising campaigns have proved to be very successful and have generated hundreds of interested clients. Although the interest is very high most of the clients (like Savills) need a face-to-face meeting before committing themselves to book a visit to Forest Lakes. The sales results to date for E&V clients are outstanding. Over 70% of E&V clients have reserved a property following a visit to Forest Lakes. I am delighted to see that so many families from Germany are buying property at Forest Lakes, which very much reflects our vision to create a truly international resort destination. Further visits are planned for October and November and we know that the sales trend will continue. Ab sofort beginnt der Immobilienverkauf! In support of E&V s off-plan property sales they have appointed a Sales Director from Hamburg, Germany to head up their operations in Canada who will work alongside our team at Terra Firma s offices in Bedford, Nova Scotia. Ihr zweites Zuhause im Naturparadies? Natürlich in Kanada! immobilien optionen Mitten in Nova Scotia, nur 30 Minuten von der Provinzhauptstadt Halifax entfernt, entsteht auf knapp 7 km² ein einzigartiges Resort: der Forest Lakes Country Club. Parallel zur bisherigen Investmentphase startet ab sofort der Immobilienverkauf für ein Leben im Einklang mit der atemberaubenden kanadischen Natur, das Jung und Alt begeistern wird! Neben Apartments ab ca und luxuriösen Villen ab ca im kanadischen Stil bietet dieses in nachhaltiger Bauweise entstehende Resort ein umfassendes und attraktives Angebot an Freizeitaktivitäten für jede Jahreszeit: Erster Nicklaus Design Golfplatz in Atlantik-Kanada Einkaufsmöglichkeiten und Restaurants im Village Centre Vielseitige Outdoor-Aktivitäten, Reitanlage und -wege Ein vielfältiges Spa- und Wellness-Angebot und vieles mehr Melden Sie sich jetzt zu unserem Informationsabend am 16. Juli in Stuttgart an. Für eine ausführliche Beratung, eine Besichtigung vor Ort und Ihre Fragen kontaktieren Sie uns jederzeit telefonisch oder per . Wir freuen uns auf Sie! Premium-Partner von Engel & Völkers Resorts Engel & Völkers Resorts GmbH Ihre Ansprechpartnerin: Isabell Kock Tel Engel & Völkers Resorts nationwide advertising campaign Landcorp International has also been successful with similar results to Savills and E&V and will also continue booking visits throughout the winter. There is no better time than now to reserve a home at Forest Lakes Country Club Local Canadian Sales Our local marketing and sales in Nova Scotia will commence in October starting with selected local real estate agents. We will focus on working with them to contact their existing clients as well as tapping into our inside track database of local enquirers who have already expressed interest in Forest Lakes. Forest Lakes is known locally as the best kept secret and we have already received enquiries from hundreds of people who have learnt about Forest Lakes through word of mouth. and close to Cochran Lake where the first multi-residence area is located. Our sales team are excited and geared up to receive our local clients and I am confident that we will generate excellent sales results. Update on Cash Exit Process In the May newsletter I indicated that by the end of September we should be in a position to forecast future sales based on the off-plan property and plot sales that we concluded up until now. The international sales cycle has been extremely positive but is taking longer than anticipated making it difficult to give an accurate and realistic sales forecast. It is premature to make such a prediction, as we currently do not have sufficient sales data to make an accurate forecast. Model Homes The construction of our 4 model homes (a large two family duplex, 2 detached homes and The Lodge ) are completed with the final touches underway. This is a big milestone for the development. Landscaping is now underway for all the model home sites. Fine grading has been completed ready for planting with native grass seed. Final landscaping will be completed during Spring 2015 as major planting before the winter season is not advisable due to the cold weather. We will add more model homes during 2015 in order to diversify and enhance our housing collection and expand our potential target market. DEVELOPMENT PROGRESS Nicklaus Design Golf Course Work on the Nicklaus Design golf course is continuing. A considerable amount of work has gone into the golf course design features, agronomy and irrigation details during several meetings between the Terra Firma and the Nicklaus Design team. The Nicklaus Design agronomy team specialize in water resource management, soil analysis, irrigation design, grass selection and establishment programs with the end goal of creating a course that offers the highest standard of playing conditions while conserving and protecting natural resources. Forest Lakes is the best kept seceret in Nova Scotia Our sales center will open very shortly onsite and we are expanding our in-house sales team to handle our sales to local clients. We are also currently erecting large billboards at the Forest Lakes site at the main entrance We will be able to do a detailed forecast by the end of September 2015 or sooner allowing us to have completed a full sales season and base repayments to investors on actual sales data, which will be the foundation of the forecast. Between now and next September, we will nevertheless endeavor to start the FIFO exit process as soon as possible. The Lodge is completed with the final touches underway Holes 13, 14 and 15 of the Nicklaus Design golf course around Cochran Lake We have started the construction of the golf course and have cleared 11 golf holes including the land to be used for the main irrigation lake that will be used to irrigate some of the golf course. Billboard for Forest Lakes Boathouse Area next to Cochran Lake Billboard for Forest Lakes Townhomes The Martock exterior decking overlooking the woodlands We have recently received permission to construct the golf holes around Cochran Lake and all associated permits for the protected areas as well as permission for the water withdrawal needed for growing in and maintaining the holes. Condominium Building Construction The 1st 9 holes of the Nicklaus Design course will be constructed in 2015 We will construct the 1st 9 holes of the golf course during Several condominium buildings will be located in phase 1B close to Cochran Lake with views of the golf course, boathouse and events building. We have cleared the sites and are preparing for construction, which will commence in Q As mentioned previously, 60% of the first condominium building has already been reserved by international clients, with reservations also placed for residences in the 2nd building. We are delighted that this year s Ryder Cup was hosted on a Jack Nicklaus course in Scotland. The Golden Bear has designed the Gleneagles course to attract world caliber golfers. We know that our Nicklaus Design course at Forest Lakes will have the same combination of challenge and enjoyment for all our players as well as help create a development that will attract buyers and increase values. There will be a considerable value increase to all properties once the golf course is open so now is a very good time to buy. Site clearing close to Cochran Lake We are also working on the design, architecture and plans for the first of several 20-residence condominium buildings that we are developing in response to market demand from our international clients. Early render of the new 20-residence condominium buildings We will launch this building early next year and already have pre-reservations from existing clients. If you are interested in putting your name on our reservations waiting list please contact your marketing agent who will supply you with the information once it is available. Motorway Interchange We are continuing negotiations with the Department of Transportation in order to get the permits needed for the interchange. Once a final agreement has been achieved, we will be able to start the construction. Having an interchange that goes directly into Forest Lakes will have a huge positive effect on the project and another value increase. Boathouse Area amenities for residents living in this neighborhood of Forest Lakes. Featuring a boathouse, swimming dock, beach, fire pit area, swimming pool, outdoor patios as well as an event lawn, it is located close to hole 13 and within walking distance of our multi residence area where our first condominium and townhome residences are located. The area has been designed to become the meeting point of the community with year round activities organized including ice skating in the winter, summer BBQs, bonfire evenings, events and much more. It will offer an excellent place for friends, families and neighbors to meet and enjoy the fourseason beauty and activities of Forest Lakes. Over 60% of the first condominium building at Forest Lakes has been reserved Our Boathouse Area on the shores of Cochran Lake has been developed in order to provide Quarterly Newsletter Artists Impression of the Boathouse Area at Forest Lakes The Boathouse Area at Forest Lakes will provide a host of amenities for residents of the neighborhood that all our clients receive an excellent and appropriate level of client service. Our Winter Wonderland brochure will be sent to you by your marketing agent in the next 4 weeks. I invite as many of you as possible to We are expanding our operations to welcome visit us here in Nova Scotia and join us for the more clients with our new onsite sales center festive season. and are recruiting more sales staff to ensure New Websites Launched We have recently launched new websites for Forest Lakes Country Club and Terra Firma at and www. tfdc.ca. If you are interested in further details on our beautiful range of off-plan properties at Forest Lakes Country Club from 169,000 GBP, please visit the Forest Lakes website for full details and brochures where you can also see our new Forest Lakes Country Club video. In conclusion, due to the overwhelming response generated by our international marketing activity, we have seen outstanding early sales results and are extremely confident of a very strong sales pipeline moving forward. New websites launched for Terra Firma and Forest Lakes Our next newsletter will be sent to you by the end of Until then, if you have any queries, please contact Client Services at Yours faithfully, Alternatively, contact your marketing agent for more information. Prices will never be better and you can also apply some of the value of your land units towards the cost of selected properties. Bradley Marr President Terra Firma Development Corporation Terra Firma Development Corporation Limited In conclusion, due to the overwhelming response generated by our international mar Bedford Highway #1 Bedford, Nova Scotia B4A 1G1, Canada
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