Cap Cana and Grupo Velutini Announce Groundbreaking of Puerto Marina at Cap Cana

Dec 07, 2009, 09:16 ET from Cap Cana S.A.

JUANILLO, Dominican Republic, Dec. 7 /PRNewswire/ -- Cap Cana, S.A. ("Cap Cana") and Grupo Velutini, a diversified Latin American real estate investment and development firm, today announced the commencement of the first phase of construction of the Puerto Marina at Cap Cana residential development. The groundbreaking ceremony was headed by Dominican President Leonel Fernandez Reyna, Tourism Minister Francisco Javier Garcia, and other dignitaries, and featured addresses by Luis Emilio Velutini, President of Grupo Velutini, and Ricardo Hazoury, Cap Cana's Chairman and President.

The 35,200 square meter (378,890 square feet) residential marina project being developed within Cap Cana by Grupo Velutini is to be built in four phases at an estimated total construction cost of approximately US$110 million. The luxury residential community will consist of approximately 300 units, including large waterfront residences and two, three and four-bedroom villas, townhomes and condominiums. In addition, the development will feature approximately 70 private docks for boats and yachts from which sport fishermen have ready access to world-class fishing. Full-scale construction of the first phase of the project, which includes land-leveling work and the building of 11 large, stately waterfront residences and 11 luxury villas, in addition to the development's basic infrastructure, has already commenced and is expected to be completed in 2011.

"We are very pleased to be associated with Grupo Velutini as we continue to further our efforts of developing our property," said Ricardo Hazoury. "Cap Cana is synonymous with the finest in world-class hospitality experience, and we are certain that this new real estate development will only enhance that reputation. This announcement serves to strengthen our ongoing efforts of enhancing the overall value of the project by attracting well-respected private developers that bring their own development capabilities, sales distribution networks and capital."

Puerto Marina at Cap Cana represents the newest addition to Grupo Velutini's portfolio of master planned community and commercial developments in the Caribbean and Latin America and the luxury project will serve to expand on Cap Cana's vision of providing real estate products that would appeal to the upper end residential and tourism markets.

"We are very excited to announce the commencement of construction for the first phase of this landmark property. Our announcement is a clear indication of our commitment and confidence in the success of this project," said Luis Emilio Velutini. "It is the first of its kind within the Cap Cana property and will serve as a building block for other future real estate investment projects within the Dominican Republic."

Grupo Velutini has appointed Infinity Developers, S.A., a Dominican-based engineering and construction firm, as the main contractor, and Mexican-based GVA & Asociados to carry out the architectural design of the first phase of the project.

About Velutini & Asociados

Based in Venezuela, Velutini & Asociados is a real estate investment and development firm that has earned a strong reputation in the field of planning, construction, sales, and management of master-planned communities and commercial real estate developments in numerous countries in the Caribbean and Latin America.

About Cap Cana

Cap Cana is a 30,000 acre master-planned luxury resort and real estate community located on the eastern tip of the Dominican Republic in the Caribbean. The community is fully operational with championship golf and yachting facilities, a world class hotel, pristine beaches, a variety of dining and retail establishments and numerous other amenities. Since breaking ground in 2002, Cap Cana has invested approximately US$800 million in infrastructure and other improvements and has entered into contracts with aggregate value of approximately US$1.4 billion for the sale of approximately 1,500 units of real estate properties. Throughout this period, Cap Cana has delivered approximately 700 real estate properties to buyers, including retail and developer hotel lots, condominiums and villas. For additional information, visit or call 1-809-227-2262.

SOURCE Cap Cana S.A.