Timeline

OUR TIMELINE STORY

The milestones reached in the year under review were made possible thanks to the work of a dedicated team led by Christine Marot. The focus in 2015 was on consolidating projects into profitable residential developments, while improving yields from our commercial assets with better rent rolls, and reducing losses from our hotels after the termination of our previous management contract in the first quarter of 2015.

The Group’s property development cluster includes a number of companies focussed solely on residential and commercial projects, mainly at Azuri. The Azuri project, created in 2012 aimed to become Mauritius’ premier lifestyle destination, entered its third phase of development in 2015, bringing to 400 the hotel count of residential units brought to market since inception.

Revenue for the Group’s property development segment dropped from MUR 1.1bn to MUR 855m in 2015, due mainly to the cynical nature of the prospects’ development and their respective contributions to revenue.

In 2015, we sold property from our inventory stock of IRS Phase 1 residences, as well as 40% of our Phase 2 local development, which is still a work in progress. The efforts required to complete and make good the delivery of Phase 1 hampered our ability to launch new projects. A new IRS project that was expected to start in July 2015 was delayed and only broke ground in end 2015. The revenue recognition for this project will only be accounted for as of January 2016.

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2012

Start of construction - Azuri Phase 1

Earthworks on the 52 acre site began on May 28. The groundbreaking ceremony at Azuri took place on July 3 and a three-day event was held to celebrate. Over this period, locals had the chance to get involved in activities such as fishermen boat races and games for children.

Opening of Circle Square Retail Park, Forbach

Opened in September 2012, Circle Square Retail Park is located on the M2 highway at Forbach in the North. It is composed of 3 worlds: MotorCity providing upmarket motor vehicles; HomeScene, dedicated to home improvements and Afrasia Golf World with a golf driving range.

Opening of hotel at Poste Lafayette

This 100 key hotel is located across nearly 3 acres of prime ocean frontage on the East coast; on a truly stunning 400 foot beach front. The hotel offers a wide variety of guest facilities (such as three restaurants, a  spa, a business centre, gym and kids club) based around a lush landscape with all rooms orientated to maximise the stunning ocean views.

2013

Amalgamation between BlueLife Limited and IOREC

December 2013 saw the successful merger of BlueLife Limited and Indian Ocean Real Estate Company Ltd (IOREC).  This amalgamation was approved by shareholders on 4 December 2013 and became effective on 31 December 2013.  The new BlueLife Limited was then listed on the Official Market of the Stock Exchange of Mauritius Ltd (SEM) on 8 January 2014.

Opening of hotel at Azuri

This 5* best in class hotel is a 100 key exclusive resort which sits at the heart of Azuri. It offers 4 restaurants and bars, two swimming pools and children’s pool, a 300m² Spa, including a well-equipped fitness centre, Club Lounge, Kids’ Club etc.

2014

Completion of the construction of 106 local residential units

Start of construction of our phase 2 for local buyers (Plot 14)

Completion of the construction of 130 IRS residential units

Opening retail zone at Azuri with shops & restaurants

2015

Confirmation of Mrs Marot as CEO

Launch of the sale of 17 serviced land in the Ocean River Villas project

Start of construction for Alezan, part 2 of the local project

New international management contract signed with Rezidor Hotels APS Danmark

Launch of the sale of 16 Riviera villas

The design of the Riviera Villas has been inspired by the freshness and elegance of Azuri’s collection of experiences. Blending perfectly contemporary grace and tropical serenity into a setting respectful of the environment, these villas invite you to immerse yourself into the sweet life of the islands, where family, work and leisure balance your daily life. Two distinct styles of villas have been conceived to respond to the requirements of savvy and enthusiastic buyers, looking to live the harmonious Mauritian lifestyle.

2016

Signature of 1st DOS for Ocean River Villas

Successfull handover of 1st unit of Plot-14

Sales launch of Golf View Villas

2017

Delivery of 5 premium villas on the river at Azuri