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September 20, 2000
Bajamar properties sold HispanicVista.com SAN DIEGO — An international real estate development company has taken title of 247 acres of Bajamar property located north of Ensenada, Mexico.Tri-National Development Corp.,
through its wholly-owned subsidiary, Planificacion Desarollos de Jatay, S.A. de C.V. (“Planificacion”), a Mexican corporation, made its annual payment of $600,000 for the Hills of Bajamar property. This gives the
company title to a total of approximately 750 acres and places the balance of 1,750 acres in trust with Banco Ixe giving the company rights to begin development on the 2,500-acre Hills of Bajamar property. Title to the
remaining 1,750 acres will be released to the company as annual payments are made to the seller.
The Hills of Bajamar is a 2,500 acre parcel of real property located in the Municipality of Ensenada, on the
Pacific Ocean side of Baja, Mexico, 50 miles south of San Diego, directly across the highway from the oceanfront Bajamar Hotel and Golf Resort, which Tri-National is in escrow to acquire. The company executed the
land purchase contract in 1992, prior to the passage of NAFTA and the explosive growth in this region. Certified bank appraisals completed in March of 1998 valued the property in excess of $71,000 per acre.
Vinas de Bajamar is the first phase of development of the Hills of Bajamar property and is planned to include 1,100 residential homes surrounding an 18-hole golf course with clubhouse and a 100-room hotel with several
hundred thousand square feet of commercial space. Vinas de Bajamar consists of approximately 1,000 acres overlooking the Pacific Ocean. The company is selling the first 100 lots starting at $20,000 each with a 10
percent down payment and no interest financing for 8 years. |
