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Deliveries of Soma BreeZe Hotel Residences are expected to start by end 2012.
Payment of 25% of the purchase price is due on signature of the sale contract. The balance of the purchase price for each apartment unit is then to be made in five construction-related installments dependent on the completion of milestone events, as shown in the table shown below. The request for payment of each installment shall be accompanied by a certificate from the engineering consultant to the project certifying completion of each ceiling slab. The final payment of 15% of the purchase price of the unit shall be made at its delivery to the owner.
Construction and Payment Milestones
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Payment
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Event Milestone
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Estimated Completion Date
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25%
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Upon signature of the sale contract
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Variable
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15%
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Upon pouring of the second roof slab of apartment block
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May 2011
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15%
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Upon pouring of the last roof slab of the apartment block
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November 2011
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15%
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Upon completion of masonry and plastering of the apartment block
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March 2012
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15%
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Upon completion of rough works of the public areas
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June 2012
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15%
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Upon delivery of the unit
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December 2012
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Other Purchase Conditions:
The purchase of a Soma BreeZe Apartment Unit entitles the owner to a free-hold interest in the unit and indefinite access to the Soma BreeZe's common areas (pools, reception, gym, etc). The owners will be bound to adhere to common rules established by the Manager designed to ensure the proper operation of the Hotel Residences. Each owner shall irrevocably agree to the appointment of the Manager of The Hotel Residences, as designated from time to time by the Developer, and shall irrevocably entrust the Manager with full rights to operate the Hotel Residences as the Manager sees fit, consistent with the common welfare of the Hotel Residences and of Soma Bay. The land allocated to the Project and the common facilities shall remain the property of the Developer with all apartment owners being granted use of such common facilities indefinitely subject only to the prompt payment of the monthly service charges referred to in Prices & Service Charges.
Any eventual secondary sale of an apartment unit by its original owner shall necessarily require that the secondary purchaser adheres to the principles of common management of the Soma BreeZe Hotel Residences as outlined above. Accordingly, all secondary sales of Soma BreeZe apartment units shall require that the secondary (or subsequent) purchaser explicitly acknowledges the restrictions and conditions applicable to each unit as outlined above.
The Developer shall at all times have a right of first refusal in connection with any proposed secondary sale of a Soma BreeZe apartment unit.
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