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PALMAS

                                                                                                                                                   DEL MAR









              GUAYANEZ
              Guayanez is the most beautiful of the parcels owned
              by the Company and encompasses the southern              A spectacular cove at Guayanez.
              portion of Palmas del Mar. The cliffs found along the
              coastline provide residents with some of the most
              spectacular views in the Caribbean. The landscape
              also provides for numerous alcoves creating seclud-
              ed private beaches. This 416-acre parcel has been
              entitled for 1,958 units. Plans for a six-star hotel
              are underway.




                                 Guayanez
               Parcel          Acreage      Allocated Units/Use

               SP 1             10.29            200-Key Hotel
               SP 2             16.31                    180
               SP 3             26.45                    250
               SP 4             14.15                    110
               SP 5             11.46                    102
               SP 6             28.23                   300
               SP 7             45.29                    225
               SP 8             29.87                     96

               SP 9             24.03                    90
               SP 10            17.62                     39
               SP 12            17.21                     75
               SP 13            24.77                   240
               SP 14            19.47                     51
               SP 15             8.87                     35
               SP 16            17.24                     65
               SP 17            14.03                    60
               SP 18            13.53                    40

               Other SP Land    77.67                        -
               Total            416.49                 1,958


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