Mauritius property major BlueLife Ltd to launch 34 Integrated Resort Scheme villas
For the nine months ended September 30, 2014, the group reported a loss of Rs 168.1 million, compared to a profit of Rs 96.2 million in the corresponding period last year as a result of an exceptional cost overrun of Rs 86.3 million on full completion of the residential segment of Azuri project Phase 1. (Image: BlueLife)
Giving a big boost to its flagship property development segment, BlueLife Limited has decided to launch as many as 34 new Integrated Resort Scheme (IRS) villas situated picturesquely by the river bank, by the next quarter.
Alongside this new project, the company has signed development management agreements for two high-end residential developments in the Indian Ocean region.
The total equity and liabilities for the group amounted to Rs 6.185 billion as at September 30, 2014, compared to last year at the same period where it was set at Rs 6.367 billion.
No major investment, disinvestment or revaluation took place in the quarter ended September 30, 2014 and net asset value per share stood at Rs 8.546.
For the nine months ended September 30, 2014, the group reported a loss of Rs 168.1 million, compared to a profit of Rs 96.2 million in the corresponding period last year.
This was largely because, on a quarterly basis, a net loss of Rs 116.5 million was logged for the latest quarter from July to September as a result of an exceptional cost overrun of Rs 86.3 million, representing a 3.2% rise on cost of sales, on full completion of the residential segment of Azuri project Phase 1.
There were also continued operating losses of Rs. 28 million on the two hotels, the Centara Poste Lafayette and Centara Grand Azuri, which will benefit from being fully operational for the upcoming prime season.
Phase 1 of the Azuri project is the largest single development ever undertaken in Mauritius. At a cost of Rs 4.3 billion, the investment in the coastal village has been worth its weight in gold, having won three international property awards, namely ‘Architecture Multiple Residences’, ‘Apartment’ and ‘Residential Development.’
This project has been identified by Knight Frank as one of only five mixed-use developments that have been completed across the globe since the economic downturn.
Furthermore, BlueLife Limited has handed over keys to 93% of the residences as at September 30, 2014 and owners are now living on site. The presence of owners on-site is helping ensure that Azuri can deliver the entire suite of experiences that it wants owners and guests to enjoy.
About BlueLife Limited:
BlueLife Limited is the property development arm of Mauritius-based conglomerate GML. The property major holds a diversified range of residential, commercial, retail and hospitality assets.
The vertically integrated structure of BlueLife now include property development, procurement, residential sales and letting, together with property and asset management activities.
It has pursued the delivery of projects of the highest quality, working at all times to ensure that the projects are unique in their concept and targeted in their delivery.
BlueLife Limited have found this as a competitive advantage to truly distinguish itself in the market space of property development in the Indian Ocean region, where its endeavours have seen the successful and timely delivery of a pipeline of new projects in residential, retail, commercial and hospitality sectors.