LONDON, June 21, 2016 /PRNewswire/ -- The directors and management of Capital Venture Europe PLC (PINKSHEETS:CPVNF) are pleased to provide an update on the Islandia at Pulau Abang Besar.
The Islandia at Pulau Abang Besar contains 120 hectares of prime beach land with breathtaking views. In conjunction with the Malaysian property developer Huafa Assets, the company has made extensive progress.
The first phase of the development of the 180 hectare island is moving along rather well. The land, which has been leased by PT Kartika Indah Mandiri and PT CH Assets Indonesia, has had all development permits applied for by Huafa Assets. At this time the following work has been completed:
- The Application of Principle Permits and Location Permits
- Completion of the Master Development Plan
- Conducted the Field Survey
- The Clearance of Trees
- General Maintenance of Area
- The Initial Construction of Retaining Shoreline Walls
- Setup of a Transport Ferry and Mini Boats to and from Batam and Pulau Abang Besar
The Islandia is a resort to be constructed on the Pulau Abang Besar island near Bintan in Indonesia. The $900 million dollar project hopes to develop the island pending a reorganization to feature hotels, resorts, short term residences and a nature based theme park of over 1200 hectares. The Company hopes that this project will break ground in 2017. More information can be found on www.theislandia.com
Capital Venture Europe PLC is a diversified holding company with holdings in world-class assets that span the globe. The Company maintains a focus on expanding its portfolio assets around the globe specifically in the real estate and technology sectors that synergistically enhance the value of our intrinsic valued portfolio to maximize returns for our clients and investors.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. U.S. GAAP, ASC 450-20 defines a contingency as an "existing condition, situation, or set of circumstances involving uncertainty as to possible gain (gain contingency) or loss (loss contingency) to an entity that will ultimately be resolved when one or more future events occur or fail to occur."
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SOURCE Capital Venture Europe PLC