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Detailed revenue projections, including the expected timing of pre-sales and sales per phase, are available in the project's financial report.

In addition to standard redemption at maturity, bondholders have the option to convert their holdings into lots within the project, at a conversion rate fixed at the time of investment, subject to the final terms and conditions of the issuance.

The possibility of arranging a secondary market or some degree of liquidity will be discussed with arrangers and may be addressed in the final bond documentation.

Our current thinking is that the conversion into lots would be based on a predefined price grid per type of lot, agreed at the time of investment and reflected in the bond terms. This grid may embed a structured discount to an independent market valuation at the time of issuance, so that investors receive an economically attractive entry point in case of conversion. Detailed examples (number of bonds vs. m² or specific lot types) will be provided in a term sheet.

Lots delivered upon conversion will be individually registrable and transferable, and either (i) immediately buildable or (ii) subject only to standard permitting processes applicable to all buyers in the project. The intention is that bondholders who convert can step into the same position as regular buyers in terms of ownership and development rights.

Transaction‑related costs (notary fees, transfer taxes, registration costs) will typically be borne by the converting investor, in line with standard Costa Rican practice, while project‑level infrastructure costs will remain embedded in the pricing grid used for conversion. The exact allocation of costs will be clearly described in the conversion mechanics so investors can assess the net economics ex‑ante.

Yes, the legal and tax implications of bond conversion into land lots for non-Costa Rican investors have been considered and will be fully documented prior to implementation.

From a legal standpoint:
- Upon conversion, the transaction would be structured as a formal transfer of real estate under Costa Rican law, duly recorded with the National Registry;
- Title transfer would require execution before a Costa Rican notary and registration in the Real Estate Section of the Registro Nacional;
- Foreign investors are legally permitted to own Costa Rican real estate directly, without residency requirements.

From a tax perspective:
- A real estate transfer tax (currently 1.5% of the higher of the registered value or declared transaction value) applies;
- Standard registration and notarial fees would also be payable;
- No Costa Rican withholding tax applies merely due to the buyer’s foreign status;
- Indirect tax exposure (e.g., VAT) depends on the legal nature of the lot (raw land vs. developed property), but undeveloped land transfers are generally outside VAT scope.

If required, the conversion can also be structured through a local SPV owned by the investor, depending on individual tax planning considerations in the investor’s home jurisdiction.

Prior to launch of any conversion mechanism, a formal Costa Rican legal and tax memorandum can be provided outlining:
- Step-by-step transfer mechanics,
- Applicable taxes and costs,
- Registration timelines,
- Compliance requirements for non-resident investors.

This ensures that the conversion feature is legally executable, transparent, and predictable from both a regulatory and tax standpoint.