SOURCE: Metrospaces, Inc.

November 21, 2013 07:45 ET

Metrospaces Issues Letter to Shareholders With Overview of the Company's Current Projects and Projects Under Consideration

Letter to Our Shareholders

MIAMI, FL--(Marketwired - Nov 21, 2013) - Metrospaces, Inc. (OTCQB: MSPC) today issued a letter to shareholders updating shareholders of project status and new projects being considered.

To Metrospaces, Inc. Shareholders:

As it is becoming the norm in our continuous effort to keep our shareholders and investors informed of the company's progress we issue this letter indicating new events and progress. We will also inform shareholders of new projects being considered.

In continuation, here is an update on our current projects:

Chacabuco 1353: Project finalization continues on its' revised finalization schedule, with over 90% of the project having been executed. Additionally, we began the sale of this project with the sale of 4 of our condos to one investor for $90,000 each. This is quite encouraging since we are receiving almost full list price on a wholesale transaction, and before completion. We expect to receive in stages up to 80% of the price before March/Abril and the rest will be received at closing. The company will use these funds to finance its new projects, including the Playa Manzanillo project. We expect final delivery in about 3 months. We are quite excited about this project because it is the first project we will complete as a publicly traded company.

La Tour 320: Construction is in full swing, having completed piling and are now starting the building structure. The market response has been very exciting. We are currently in final conversations with at least 2-3 new buyers with whom we expect to close at full price, even though the project is still in initial stages of completion. We are seeing huge demand on this type of properties as wealthy individuals in Venezuela look to protect their capital from inflation. We receive nearly 4-5 calls a week from perspective buyers looking for prices and time of delivery. We stand firm on our forecast to sell these units for at least $3,500 per square meter, which is really on the very high end of the market. Considering that the demand has been so high, with buyers willing to pay full price while still in pre-construction, we are revising our initial sales strategy of waiting until completion to begin sales. 

La Tour 450: This project is moving along as planned. Due to our recent experience with La Tour 320 (located on the same street as La Tour 450), we expect very-little-to-none delays in planning approval. We believe final construction permits will be obtained end of year, or perhaps January 2014, due to the Christmas holidays.

Caiman Beach Hotel and Spa: We are finalizing documentation, legal and tax structure. We expect to finalize the acquisition before end of 2013. We are very excited about this project, as we believe it will be a key turning point in us taking Metrospapces to the next level. The addition of the sale of our Chacabuco 1353 project will reduce our dependency on outside investors and will help the company retain a higher percentage of equity ownership.

Projects being considered:

In our effort to strengthen our focus on luxury hotels, we are also considering the following acquisitions and new developments.

Tulasi Mandir Hotel and Spa: This is a luxury bungalow type of hotel and spa project consisting of 28 suites located in Coche Island. It is a destination hotel that will have the highest standards of luxury, comfort and relax. This project has been 15% executed. We are currently negotiating a final sale price and are very confident we will acquire 60% of this project for a nominal amount and for putting our good credit forward with local banks to procure a construction loan. This project promises to be an amazing financial transaction and promises to be a key gem in our hotel operation. 

Business Hotel in the Orinoco Oil Belt: In recent years, Venezuela certified its oil reserves in the Orinoco Oil Belt to be the biggest in the world, including above Saudi Arabia. Due to this, the area has just started an unprecedented investment program of close to $300 Billion. This will make, in our opinion the biggest and most interesting real estate play in the world for the coming years. We are currently finalizing the acquisition of a 1/3 stake of a 10.000m2 lot in one of the towns right in the center of the oil boom for an amazing $15,000. This lot has approval for a 150 room hotel and we expect this hotel to have up to 95% occupancy for the foreseeable future. We only need to consider the sheer amount of man power that will go to the area and it's quick to see the need for these hotels currently and in the future. We are under discussion with some of the more typical business type hotel management companies such as Howard Johnson, Holiday Inn and NH Hotels.

Again, we want to thank all our new shareholders for taking an interest in our story and has given us the chance to be where we are currently at! We will continue to work very hard to make your investment in our company a success! 

Metrospaces was originally founded by company President Oscar Brito. Six years ago Metrospaces shareholders saw a unique opportunity to participate in several exciting property markets around the world. Through their world-wide network of highly recognized real estate entrepreneurs, the company was able to capitalize on unique real estate development opportunities. Since Inception the company has leveraged those relationships along with extensive financial expertise and transformed excellence by results.

Metrospaces is a boutique real estate development company, a product of the alliance of Metrospace shareholders, along with an elite group of real estate professionals and entrepreneurs located around the world. Company shareholders have extensive careers in real estate financing worldwide, and have funded projects both in the America's and across Europe valued in excess of US $350Million.

Metrospaces' majority shareholders has partnered with Investors on Elite properties including The London BLVGARI 5 Star Hotel, and is currently involved in negotiations for the development of several Elite luxury properties in South America.

Among Metrospace partners are Architects, Real Estate Developers, Agents and Attorneys of the highest standing, with extensive experience in the global property market.

About Metrospaces:

Metrospaces is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company's current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.

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Safe Harbor Statement
Statements in this news release may be "forward-looking statements." Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

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