Donald Trump Project Sells Fast in Dominican Republic

May 25, 2007

SANTO DOMINGO – U.S. real estate developer Donald Trump and the Dominican Republic’s Cap Cana, S.A. sold a record $300 million worth of lots in four hours for a luxury resort project on the Caribbean coast of this country.

More than 95% of the inventory at Trump at Cap Cana, located on the country’s eastern coast, was sold May 19, breaking all real estate records in the country.

“This is the highest sales figure achieved by a tourism real estate project in the Dominican Republic and Caribbean in so few hours,” Cap Cana said in a statement.

The 68 lots, ranging in size from 1.48 acres to 5.9 acres, started in price at $3 million and were located in the first project launched by the partnership formed earlier this year by Cap Cana and The Trump Organization.

“We are very happy with the extraordinary results obtained in this sales launch. It has been spectacular,” Cap Cana chief Ricardo Hazoury said.

Abrisa, the Dominican company that owns Cap Cana, signed a partnership agreement in February with The Trump Organization for the $2 billion Trump at Cap Cana project.

The Trump at Cap Cana luxury resort will include a golf course, golf villas and golf lots, estate lots, a beach club, a condo hotel and residences with ocean views.

“Cap Cana, one of the most important real estate and tourism destinations in the Caribbean, is blessed with extraordinary  natural beauty and is ideally located adjacentto the Punta Cana International Airport, making it supremely desirable and easily accessible,” The Trump Organization said in a statement earlier this year announcing the launch of the project.

The project will be built out over a period of 10-12 years, with the first phase to include construction of the 68-unit Trump Farallon Estates at Cap Cana.

The Punta Cana area is a popular spot for vacation homes for celebrities and other wealthy people.

 

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