Astrum-Towers-Investment-Prospectus

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					ASTRUM TOWERS, BÜYÜKÇEKMECE,
ISTANBUL, TURKEY
                           PROPERTY FRONTIERS DILIGENCE

Property Frontiers analyse and assess hundreds of investment projects across the globe each month.

Decisions to recommend investments are made considering just two factors; risk and return.

Thorough analysis is conducted on how potentially profitable a project is, whilst thorough diligence is conducted
on the legality and security of the investment.

We believe Property Frontiers is unique in the level of research it conducts on both sides.

Property Frontiers are privy to most projects, however the majority we choose not to recommend due to our
very high legal diligence standards. Hopefully our Investment Prospectus’ clearly outline the enormous financial
benefit these investment opportunities represent. Please take comfort knowing that the relevant legal diligence
has been carried out;

              -   Company registration certificates
              -   Land ownership certificates translation & verification
              -   Relevant zoning/build license/planning permission certificates verification & translation
              -   Sales & Purchase Agreement negotiation to protect buyer
              -   Fund security via either escrow agreement or construction-progress reports
              -   Purchase procedure preparation in cases of complex procedures (PoA etc)
              -   Construction completion insurance / guarantee if relevant
              -   Independent law firm project assessment and preparation to assist buyer
              -   Developer credit check
              -   Mortgage acquisition procedure and validity if relevant
              -   Lease management / Guaranteed Return / Resort Operator contract if relevant
CONTENTS
                                                        Page
           Investment Synopsis & Summary                2-3
           Why invest in Turkey                         4
                   Strategic location
                   Growing economy
                   Booming Property Market
                   Vast foreign investment
                   Tourism boom

           Why invest in Istanbul                       10
                   Introduction
                   Location
                   Growing Economy
                   Rapidly developing property market
                   Booming Büyükçekmece District
           Why invest in Astrum Towers                  16
                   Ideal Location
                   Development Site Plan
                   Investment options
                   Quality Finish & Furniture Packs
                   Management Company
                   High Achievable Yields
                   Project Team
                   Investor Security
                   Payment Schedule
                   Return on Investment
           How to invest in Astrum Towers               29
                   Purchase procedure
                   Law Firm & Scope of service
                   Finance
                   Taxation & Costs




1
    Astrum Towers, Büyükçekmece, Istanbul, Turkey
KEY REASONS TO INVEST IN ASTRUM TOWERS


       High quality development geared towards the growing local middle class market.

       75% LTV mortgages are available to non-resident buyers meaning a cash investment of ~£8,250 + purchase
       costs.

       Fast growing diverse economy with considerable growth in industry, manufacturing services and the relocation
       of multinational companies.

       PWC rate Istanbul as the best location for overall development in Europe and RICS forecasts sustained
       growth in the Istanbul residential market.

       The developer, Regnum Property development, has a strong track record in the region and is part of the 6th
       largest company in Turkey.

       Dubai Holdings & Emaar Properties are investing heavily in Turkey and in Istanbul particularly

       Cash-flow positive with a 70% LTV mortgage with yields expected to achieve between 7-9%

       All payments are held in an Escrow account by Law Firm and are only released when construction stages are
       signed off by QS.

       Hands-free management of your apartment is available through Tishman International

       Developer will pay for the services of Law Firm, Imison & Co.

       Continued Tourism growth fuelled by regular low cost flights.

       Year on Year large increases in FDI ~105% in 2006

       Under supplied local market – ¾ of those units already sold have been sold to the local market

       EU accession plans

       GDP growth of 7.5% in 2006

       Forecasted Annualised Return on Capital Employed ~ 59% when using a 70% LTV mortgage




2
    Astrum Towers, Büyükçekmece, Istanbul, Turkey
ASTRUM TOWERS INVESTMENT SUMMARY

    Turkey

    Turkey is experiencing historic levels of FDI and this is fueling growth in all the major economic sectors. Where Europe
    meets Asia has never been strategically more important. The emergence of China and India as global economic powers has
    changed the economic map and has enabled Turkey to position itself as a logistical centre and Europe’s border. This has
    led to some European countries applying considerable pressure on the EU to have Turkish accession accelerated. Foreign
    Direct Investment increased by 105% in 2006 and has increased by over 400% already in 2007. The growth in tourism
    has further fueled the economy and alongside manufacturing, heavy industry, services and the logistics sector has established
    Turkey as a multi faceted economy therefore not over relying on any one sector. This provides considerable economic
    stability and enables sustainable growth.

    Location

    Istanbul is the powerhouse in the Turkish economy, is it widely suggested that it will become a major global business
    centre when the country is permitted to join the EU. The change in mortgage laws means that many Turkish residents are now
    able to purchase their own property and will be looking to do so over the next couple of years. Couple this with increased
    immigration to the region due to the arrival of international businesses and a population of over 12 million and it is clear
    to see why this has led to a housing shortage in Istanbul. Istanbul is split into 31 districts spread over a very large area. The
    centre of Istanbul has already reached prices which are unobtainable to local people, as a result we have decided to focus on
    areas where the growth is driven by the local market rather than by Investors. The first third of Astrum Towers has been sold to
    local people.

    Properties

    This select development will offer 1285 apartments a third of which have already been sold to the local market set in a
    secure community that will include various amenities such as swimming pools, tennis and basketball courts, a gym with
    aerobic studio and two saunas. The development offers a higher quality of property than is currently available to the local
    emerging middle classes. Our forecasting suggests annual appreciation levels averaging somewhere in the region of 20%.
    Rental yields are expected to be between 7-9% and annualised return on capital employed forecasted to be 59%. 75%
    LTV mortgages are available to foreign purchasers and with apartments available from ~£33k investors purchase their
    property with just £8,250 cash plus purchase costs.




3
        Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN TURKEY;




     –   Strategic location

     –   Growing economy

     –   Booming Property Market

     –   Vast foreign investment

     –   Tourism boom




4
    Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN TURKEY; STRATEGIC LOCATION



     Surrounded by four different seas and
     crossing 2 continents, Europe and Asia,
     Turkey is 780,000 sq km in size and
     has a population of over 70 million. It’s
     capital city is Ankara with a population
     of approximately 4.4 million, although
     it’s largest and most important city
     is Istanbul with a population of over
     12 million that is rapidly rising.

     It’s main trade links are with the UK,
     France, Italy & Germany

     Turkey has a good airport network with
     regular flights connecting the UK and
     other European cities to the main cities
     and coastal tourist resorts.




    Talks regarding EU accession were officially opened in October 2005, but were withdrawn in December 2006 due to various
    stumbling blocks - trade relations with Cyprus being one of them. However, since President Gül’ s electoral victory in July this
    year, Turkey’s talks regarding EU accession have been encouraged to be re-opened. The International Crisis Group’s
    August 2007 report states that:

     ‘Europe has "nothing to lose" and "everything to gain" from Turkey’s membership aspirations. While the country is
    not yet ready to join – with the earliest possible date of accession "a decade away" - leaders and diplomats must keep avenues
    open for when political confidence returns’




5
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN TURKEY; GROWING ECONOMY


    Turkey's economy grew an average of 7.5% per year from 2002 through 2006, demonstrating one of the highest
    sustained rates of growth in the world, plus it is expected to grow about 6.1% in 2007 according to the U.S. Department
    of State. Inflation and interest rates have fallen significantly, the currency has stabilized, government debt has
    declined to more supportable levels, and business and consumer confidence have returned. The International
    Monetary Fund (IMF) has stated that Turkey's economic performance lately has been "impressive" and hailed the
    government's reform efforts.

    The South-East European times published official figures in April 2007 to show that Turkey's real GDP growth reached
    6.1% in 2006, well above the 5% forecast for the fifth year in a row. The cumulative rate of real GDP growth reached 40%
    in the past five years, marking it as the longest stretch of uninterrupted growth in Turkey's history.

    Foreign Direct Investment has grown at a continually high rate since 2002, as illustrated in the table below. In fact by
    attracting $20.2 billion in FDI in 2006, it’s highest amount ever, Turkey was ranked among the top 5 developing countries.


                                     Turkish Inward Direct Foreign Investment (Million $)
                                                                                                                Jan - April
                                                           2002       2003   2004    2005         2006       2006       2007
       Total Foreign Direct Investment (Net)          1,137       1,752      2,883   9,803       20,12       1,713     10,04

       % increase in FDI each year                     -          54%        64%     240%        105%        486% so far!

       FDI in Real Estate (Net)                       -           998        1,343   1,841       2,922       1,047     1,256

       % increase in Real Estate FDI each year         -          -          35%     37%         59%         19% so far!


                                                                                             Source: http://www.treasury.gov.tr




6
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN TURKEY; BOOMING PROPERTY MARKET



    Turkey’s property market is one of the fastest growing in the world for both local and foreign investors and is in the top 5
    most attractive countries for investment according to a survey conducted by Assetz, a real estate investment firm in the UK.

    New mortgage laws passed at the beginning of the year to allow locals and foreigners to obtain mortgages at competitive
    interest rates - typical rates are now half of what they used to be. These changes in law were brought about due to the recent
    economic growth of the country that has led to better job prospects, improved salaries, increased GDP per capita and
    consequently more purchasing power, which in turn fuelled the demand for higher living standards. With a population of over
    70 million the demand for new build affordable properties is high and creates a dynamic domestic market and perfect exit
    strategy for foreign investors.

    Turkey has struggled with overpopulation, internal migration, unplanned urbanisation, and unqualified and illegal housing for
    decades. It is estimated that Turkey needs approximately 400,000 new residences each year, of which only around
    200,000 are being built. However, along with the population growth, downsizing of family units and the increase in urbanisation,
    the annual housing need is estimated at 600,000 in 2010 and 800,000 in 2015.

    According to www.shelteroffshore.com, Turkish property prices remain intrinsically low and have a lot of ground to make up
    as a direct result of the recession in the housing market earlier this century house prices. The market has been averaging 40%
    returns so to purchase now will mean that you will benefit from the future predicted buoyancy and interest in the market
    sparked by Turkey’s growing appeal and attraction for global investors and visitors.




                                                                                                                   Levant District - Istanbul



7
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN TURKEY; VAST FOREIGN INVESTMENT



    Foreign ownership laws governing and protecting property ownership rights have been tightened in Turkey so those
    looking to invest in Turkey can take comfort in the fact that their rights are protected. This has reduced some of the risk
    that foreign investors perceived to exist in Turkey and has led to the country’s property market appealing to a wider
    audience.

    Praised for having a strong and growing economy, the country has been heralded as a major attraction for foreign
    investors by finance website ‘Finance Daily’, who state Turkey is a favourable option over other “more established” foreign
    property markets. In the last 3 years $4.5 billion has been invested into the Turkish real estate sector and it is
    expected that a further $6 billion will be set aside to build new residential areas, shopping centres and plazas.

    According to Turkish Daily News, major international companies such as Morgan Stanley, UBS, Deutsche Bank, German
    MFI and Credit Suisse have been actively researching the risks, profitability and long term prospects for the real estate
    market in Turkey, which has been aided by leading Turkish financial institutions. Also GYO, a leading Turkish Financial
    Institution, is holding conferences with major investment companies to educate them on the property market there and
    demonstrate the investment potential of the country.

    Another advantage to International corporations is that English is the country’s international business language that
    enables a simplistic way of doing business in the country and also adds to the appeal for foreign investors.

    Turkey offers a huge and dynamic domestic market to foreign investors and is set for more rapid development as 64 per
    cent of foreign investors plan to make new investments in the coming years, according to the International Investor
    Association (YASED).




8
      Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN TURKEY; TOURISM BOOM


    A share of the booming property market has to be linked to the massive
    growth in the country’s tourism market. Turkey is quickly becoming a
    preferred alternative to the traditional hotspots of Spain and Italy for
    holiday and 2nd home owners.

    The country has so much to offer with stunning scenery, it’s wealth of
    antiquities, over 20 different fascinating civilisations and breathtaking        Dalyan
    coastlines with 8000 km of sandy beaches. Turkey has also seen a
    rapid rise in tourist numbers due to it’s good quality airport
    connections and it’s reputation for it’s high standard of service in it’s
    hotels and leisure facilities.

    Add this to the fact that prices are about 30% cheaper than the
    Spanish, Italian and French coastlines and the fact that the cost of living
    is between 40-60% less than continental Europe and it’s clear to see
    why so many property investors are heading to the sun in Turkey.

    Hot tourist areas are coastal resorts such as Altinkum, Fethiye, Bodrum,
    Marmaris and Dalaman where investors have seen capital appreciation              Istanbul
    of over 30% over the last year and where many new luxurious tourist
    developments are being constructed.

    However tourist arrivals in Istanbul have also increased, spurring the
    introduction of daily flights with EasyJet from the UK and presenting
    opportunities for short-term rentals in the city centre.




                                                                                  Olu Deniz




9
      Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ISTANBUL;




       -   Introduction

       -   Location

       -   Growing Economy

       -   Rapidly developing property market

       -   Booming Büyükçekmece District




10
     Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ISTANBUL; INTRODUCTION

     With a population of over 12 million inhabitants, Istanbul is the powerhouse of Turkey’s economy and is it widely suggested
     that Istanbul will become a major global business centre should the country be permitted to join the EU.

     Located in the north-west Marmara Region of Turkey, Istanbul encloses the southern Bosphorus which places the city in a
     unique position covering two continents - the Western portion is in Europe, while the Eastern portion is in Asia. The
     emergence of China and India as global economic powers has changed the economic map and has enabled Turkey, and
     particularly Istanbul, to position itself as a logistical centre and Europe’s border.

     The Istanbul province is a sprawling region covering 6,200 sq km and is split into 31 districts, some of which are marked on the
     map below.

     Istanbul’s main airport is Ataturk                                                     Map to show Istanbul’s 31 districts
     International Airport located in
     the Bakirköy district of Istanbul, 24
     km from the city centre. There are                                             Gaziosmanpaşa
     daily direct flights from the UK with
                                                                                           Eyüp       Sarıyer
     British    Airways      and   Turkish
     Airlines.                                                         Catalca


     It’s  secondary    airport,    Sabiha                 Silivri
     Gökcen International airport is                                                                   Beykoz
                                                                                                                      Sile
     located in the Kurtköy district on the
     Asian side of the city, 45 km from
     the centre, close to the Istanbul
     Park GP Racing Circuit. EasyJet
                                                                                                                             Ümraniye
     have established daily flights to this
     airport from London Luton as a                    Büyükçekmece
                                                                      Bakirköy
                                                                                                                  Tuzla
     result of increased tourist traffic
                                                                                            Kurtköy
     to the city.
                                                                           Kücükçekmece




11
         Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ISTANBUL; GROWING ECOMONY

     Istanbul is the powerhouse of the Turkish economy and confidence in the city is at an all time high. Its consistent
     improvement year on year and can be attributed mainly to the following reasons.

     Record levels of Foreign Direct Investment

     When talks were opened with the EU regarding Turkey’s accession into the EU there was an imminent surge of Foreign Direct
     Investment particularly in Istanbul’s retail property market. The amount of shopping area per 1,000 people in Istanbul is well
     below the average for the European union at 32 sqm per 1,000 compared to 117 sqm per 1,000 and as the per capita rental prices
     on commercial space is in Istanbul is much cheaper than that of other European cities there is room for massive expansion in
     the retail sector. This has fuelled investment in the city with two of the worlds most recognised retail brands, Ikea and Harvey
     Nichols opening stores in the city in 2005 and 2006 respectively.

     Foreign Ownership laws in Turkey

     Foreign investment in Istanbul is incredibly high and now foreign ownership is once again allowed and laws protecting property
     rights have been tightened, more and more foreigners are purchasing residential property in the city. There is a demand for
     short-term lettings due to increased tourism traffic in the most fashionable areas of the city, however the main market is for
     buy-to-let residential property due to the record number of businesses now establishing bases in Istanbul. These
     businesses require good quality commercial space and their professional staff, in turn require a higher standard of accommodation
     to live in – thus creating a buoyant buy-to-let market for Foreign Investors.

     Young and professional population

     65% of the 70 million population of Turkey are under 35 years old, meaning there is a healthy workforce that will be of working
     age for decades to come. Also, the small manufacturing industries that have historically dominated the city are now moving out
     and are being replaced by commercial and services companies, as indicated above. These new companies are attracting
     professional staff, which in turn increases wages and therefore quality of life in the city.

     Lowest inflation levels since the 1970s at 9.7% in 2006




12
         Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ISTANBUL; A RAPIDLY DEVELOPING PROPERTY MARKET


     Residential and commercial property markets are experiencing record and almost unprecedented growth because of key
     economic factors given on the previous page. It is reported that those who invested in property in Istanbul reaped returns of up
     to 85% in 2005 and PriceWaterhouseCoopers have ranked the city among the top 26 other European cities with the highest
     development outlook in their Emerging Trends and Real Estate Europe 2007 report.

     The change in mortgage laws means that many Turkish residents are now able to purchase their own property and will be
     looking to do so over the next couple of years. Couple this with increased immigration to the region due to the arrival of
     international businesses and a population of over 12 million and it is clear to see why this has led to a housing shortage in
     Istanbul.

     The number of businesses moving into the city is fuelling demand, inflating rental yields and pushing up property prices in
     the city. The UK’s Royal Institution of Chartered Surveyors (RICS) states that Turkey’s improving general economic performance
     offers great potential for property investors seeking long-term returns from buying in Istanbul.

     Dubai Holdings have made their largest investment in the Istanbul property market committing $5 billion. This includes the $5
     million Dubai Towers development in the Levant business district due to complete in 2008. The worlds largest property developers,
     Emaar properties, have announced plans to construction a $700 million development of 600 stylish villas on the lakeside in
     the Buyukcekmece district of the city as a joint venture with Turkey’s largest jewelry company, Atasay. Mr Cihan Kamer,
     Atasay's Chairman said: 'We are excited that we are working together with Emaar to build world class landmark projects in Turkey.
     With this partnership, our goal is to serve the Turkish people and provide quality communities with increased lifestyle options’

     The Lakeside project is the first of many developments for Emaar Properties, but they are not only investing in the real
     estate sector, as Dr Nader Mohammed, Emaar's Executive Director - International Operations explains; ‘we are investing in
     finance, energy, telecom, tourism and media sectors as part of Emaar's long-term investment plans within the country. We look
     forward to the opening of our new corporate office in Istanbul during the next quarter,' said.

     According to real estate agency, Century 21, Istanbul's newly developed suburbs such as Beylikduzu and Umraniye are becoming
     increasing popular with foreign buyers as returns can climb to 20% or more.




13
         Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ISTANBUL; BÜYÜKÇEKMECE DISTRICT

     The Büyükçekmece district is a rapidly                                  Büyükçekmece Lake             Istanbul City Centre
     developing     suburb     of    Istanbul.    Located
     approximately 30 km from the city centre, but still
     well situated for transport links. It is within close
     proximity of the main Ataturk airport, excellent
     road access via the TEM and E-5 connection roads
     and     nearby   Kumport,     the    city’s    major
     commercial harbour, is located in Beylikdüzü.

     With a population of 350,000 inhabitants, the
     infrastructure of the area is being developed and
     updated constantly. It already has good schools
     and four universities.

     The area is a mix of small industrial zones,
     factories, hotels and shopping centres.
     Büyükçekmece has also become a major hub for
     trade fairs and conferences. The Tüyap Fair,
     Convention and Congress centre in Beylikdüzü is
     the largest conference centre in Turkey and
     operates to international standards.

     The district houses various shopping centres and
     retails outlets. An example of this is the Atirus
     Shopping Centre is a modern shopping mall that
     opened in December 2005, located off of the busy
                                                             Büyükçekmece
     D-100 highway from Istanbul. It offers 80 stores, a     Centre                        Astrum Towers
                                                                                                                      Ataturk Istanbul
     food court, space for 63 offices and employs 1,000                                                               International Airport
                                                                            Beylikdüzü
     employees.




14
        Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ISTANBUL; THE BOOMING BÜYÜKÇEKMECE DISTRICT

     The suburbs of Istanbul are in a period of rapid development as international businesses move into the city and demand
     for good quality housing increases. Due to it’s location and fantastic transport links, Büyükçekmece is no exception with
     investors increasingly purchasing land for residential and commercial developments.

     In the three weeks following the presidential elections in July, that lead to increased confidence in EU accession at some point
     in the future, property sales increased in Büyükçekmece by 300%. A representative of Remax Delta real estate said that
     ‘the district is literally under attack from both foreign and local investors’. In addition to the Astrum Towers development, other
     examples of the development is this area include:



       – Emaar Properties’ joint venture with Azatay, the Lakeside, is a $700
         million development on the shores of Büyükçekmece lake is a prime
         example of the upscale developments arriving in the area. Covering 1.7
         million sqm, the project will include 600 luxury villas, recreational and
         social spaces for residents as well as a wide range of community
         amenities. Emaar’s chairman Mr Mohamed Ali Alabbar said that the
         announcement “marks another milestone in Emaar's ongoing international
         expansion……Turkey was a significant market to our plans and demonstrated
                                                                                                         Emaar’s Lakeside development
         ideal market conditions for high quality master planned communities.”

       – The TKPalmKonBlkB1A development in Beylikduzu. An 858 apartment
         complex in the suburb offering a small shopping centre, underground car
         parking, community satellite and video entry system, communal swimming
         pools and children's play areas. A 1 bedroom apartment here costs
         £50,735.




                                                                                                        TKPalmKonBlkB1A development



15
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS




     -   Ideal Location

     -   Development Site Plan

     -   Investment options

     -   Quality Finish

     -   Management Company

     -   High Achievable Yields

     -   Project Team

     -   Investor Security

     -   Payment Schedule

     -   Return on Investment




16
     Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; IDEAL LOCATION
     Located in the Haramidere area of Büyükçekmece, Astrum Towers is in a perfect
     location primed to attract the young workforce and student market that is growing
     in the local area. For the convenience of the residents, the development is situated
     within close proximity to many shopping centres, including Carrefour supermarket.




     For extra comfort Astrum Towers also provides its residents with the high quality
     amenities and facilities that are in demand in this new market place. These include:


       -   330 sqm outdoor swimming pool         -   650 sqm Basketball Courts
       -   Two saunas                            -   350 sqm Fitness centre
       -   Café                                  -   150 sqm Aerobics studio
       -   Restaurant                            -   Outdoor & covered parking




17
           Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; DEVELOPMENT SITE PLAN

     Below is a site plan of the 5 buildings that will form the Astrum Towers development. In total the project will offer 3,500 units
     and will be constructed over 5 years in three phases. The 5 buildings shown below are the first phase, currently buildings B1,
     C2 and D are available.

     Some of the apartments on floors 4 to 10 have balconies. All south facing units on the higher floors will have sea views from
     a distance of 5km. The east facing apartments in Block D and south facing apartments in Block B1 will have views over the
     communal pool. All other directions will have clear, unrestricted views of the surrounding business district, over the nearby
     park with small lake and low-rise residential areas.




     There are 1, 2 and 3 bedroom apartments available, varying in size from 56 sqm to 136 sqm in a variety of layouts. The
     following pages give examples of a 1, 2 and 3 bedroom apartment. For a brochure showing all available unit types, please ask
     your sales consultant.



18
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; INVESTMENT OPTIONS



     There are 9 styles of 1 bedroom apartment available at
     Astrum Towers - the floor plan opposite is for a type B
     apartment.

     All 1 bedroom apartments have an open plan living /
     dining / kitchen area, with separate bedroom and
     bathroom. All apartments are unfurnished and finished to
     the standards outlined on page 22 of this prospectus.
     Some have a covered parking space.

     1 bedroom apartments are available from £33,000 (56
     sqm) which equates to £589 per sqm.

     With 75% Loan-to-Value mortgages available investors
     can purchase a one bedroom apartment with just £8,250
     cash + purchase costs.




                                                                1 bedroom type B
                                                                Gross area = 56 sqm




19
        Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; INVESTMENT OPTIONS

     There are 4 styles of 2 bedroom apartment available at Astrum Towers - the floor plan below is for a type B apartment.

     Type A 2 bedroom apartments have an open plan living / dining / kitchen area and one bathroom. All other types have
     separate living and kitchen areas with 2 bathrooms (one en-suite). All apartments are unfurnished and finished to the
     standards outlined on page 22 of this prospectus and have a covered parking space, while some have a balcony.

     2 bedroom apartments are available from £48,000 (80 sqm) which equates to £600 per sqm.

     With 75% Loan-to-Value mortgages available investors can purchase a two bedroom apartment with just £12,000 cash
     + purchase costs.




                                                                                             2 bedroom type B
                                                                                             Gross area = 99 sqm




20
        Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; INVESTMENT OPTIONS

     There are 2 styles of 3 bedroom apartment available at Astrum Towers - the floor plan below is for a type A apartment.

     Both styles have separate living / dining and kitchen areas with 2 bathrooms (one en-suite). All apartments are unfurnished
     and finished to the standards outlined on page 22 of this prospectus and have a covered parking space, while some have
     a balcony.

     3 bedroom apartments are available from £60,580 (128 sqm) which equates to £473 per sqm.

     With 75% Loan-to-Value mortgages available investors can purchase a three bedroom apartment with just £15,145
     cash + purchase costs.




3 bedroom type A
Net area = 128 sqm




21
        Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; QUALITY FINISH & FURNITURE PACKS

     All apartments in the Astrum Towers development are finished to a high specification with the following fixtures and
     fittings:
        -    Parquet Flooring in living rooms
        -    Carpets in bedrooms
        -    Central Heating
        -    Fitted kitchen – Laminated or melamine covered cabinets, Laminated counter, built-in oven and extraction fan.
        -    Fully fitted bathroom with ceramic tile flooring, shower in 1 & 2 bedroom apartments, bath tub and shower in 3
             bedroom apartments, towel rack, toilet paper holder, soap dish, heated towel rail, extractor fan & mirror.




     Furniture Packs will be available, the developer is currently finalising details and prices of these, although they expect the
     cost to be from £2,000.




22
            Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; MANAGEMENT COMPANY

     Astrum Towers will be a completely hands-free investment opportunity and to ensure the property is maintained to a high
     standard, the developers have instructed the services of Tishman International.

     Tishman International is a full service property management and development company with over 100 years of
     experience, serving Europe and the USA. Putting their customers' needs first, they provide professional real estate and asset
     management, on one hand, and property acquisition and development, on the other, managing some 4 million square meters and
     having constructed another 1,5 million square meters of all types of buildings, both for our own account and for clients. See
     http://tishmanmanagement.bg/management.php for more information.

     For the Astrum Towers development, Tishman will work with local partners to maintain and manage the communal areas of
     the building in terms of dealing with day-to-day issues, including managing repairs and general maintenance. The annual service
     charge for this will be approximately €8 per sqm however, at present in Turkey it is common practice for these costs are paid
     by the tenant.

     For approximately 15% of the rental income they can also offer a full management service, whereby as the owners'
     representatives they will look for new tenants, screening them carefully, sign rental agreements using the latest forms and
     disclosures by law and collecting the rent and deposit. Again, it is currently common practice for these costs are covered by the
     tenants.

     The objectives of Tishman International are to:
           -      Increase occupancy
           -      Reduce tenant fluctuation
           -      Reduce expenses
           -      Maintain all common areas and grounds
           -      Anticipate capital needs
           -      Maximise the value of the property
           -      Protect and preserve the property
           -      Keep tenants satisfied
           -      Adopt an individual approach in compliance with owners needs




23
         Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; HIGH ACHIEVABLE YIELDS

     TURYAP, a real estate agency in Istanbul, states that typical rents of TL 500-1000 (£190-£381) per month can be
     achieved when marketing a 100 sqm, 3 bed apartment in a new building development with a swimming pool in the
     Büyükçekmece district dependant on the area.

     The rental market for Astrum Towers will be the young working population, young families and students living in
     the area, therefore it is very likely that year-round tenants will be sourced.

     Using this information we would expect the following rentals to be achieved at Astrum Towers:


                                                      Monthly Rental
                Apartment               Purchase         Charge                       Annual Rental Yields
                  Type          Size      price
                               (sqm)                    TL         £              £                      %

                   1 bed        56       £33,000       472       £180          £2,160                 6.55%
                   2 bed        80       £48,000       750       £286          £3,435                 7.16%
                   3 bed        128      £60,580      1,000      £382          £4,580                 7.56%




24
        Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; PROJECT TEAM


     DEVELOPER & CONSTRUCTION FIRM

     Regnum Property Development Construction Trade and Commerce SA are the developer and construction firm for the Astrum
     Towers development. Regnum is a leading developer with more than a million square metres of projected construction area
     covering 22 projects in 3 different countries (UK, Bulgaria and Turkey). Please visit http://www.regnumhomes.com for
     more information on the company and their other projects.

     This company is a part of the Ozturk Group an Anglo-Turkish organisation with four different business lines under its
     umbrella. Ozturk Group also includes Opet, an international recognised company in oil trading and distribution with a turnover
     of over four billion dollars, making it the 6th largest enterprise in Turkey.

     LAW FIRM

     Regnum Limited will pay for the legal services of IMISON & CO. Imison is a modern, progressive firm of Scrivener
     notaries based in the city of London. Please visit www.imisonnotaries.com for information. They have a specialist Turkish
     department and a solicitor dedicated to Astrum Towers. You will be liable for Stamp Duty of 3% of the value shown on the title
     deed, which is a statutory cost of aquistion. Escrow funds will be administered in the United Kingdom by IMISON & CO.

     Should you prefer an independent solicitor, Kazmaz Law Office is an international law firm, who specialize in real estate law
     and the protection of foreign investors’ rights in Turkey, at reasonable rates. www.kazmaz.av.tr. Kazmaz Law Office provides
     clients with a team of expatriate professional partners who are familiar with the Astrum Towers project.

     SALES & MARKETING
     Property Frontiers is a leading worldwide property investment consultancy providing investment solutions to its
     corporate and portfolio investors. Selecting only from regions & property sectors with high yields & growth, working with the
     highest calibre projects, emphasis is on maximising the return on investment whilst focussing on the investor’s strategy.
     Property Frontiers is a founder member of the Association of International Property Professionals www.aipp.org




25
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; INVESTOR SECURITY



     Contract
     Experienced British solicitors were involved in the negotiation and drafting of the Property Sales Agreement (PSA). The PSA is
     provided in Turkish and in English. Should the Seller fail to deliver the title deed (tapu) , the Seller shall return all monies paid
     plus interest within 60 days.


     Ownership title
     Freehold legal title (kat mulkiyeti tapu)


     Land Ownership
     The land is owned by Regnum Property Development Construction Trade and Commerce SA, which is one of the Regnum
     Group Companies and Regnum International Limited secures the performance of all of the latter’s obligations as land owner.
     The land is free of encumbrance in terms of the most recent check at Land Registry. The Building License is current and valid
     for 10 years. The necessary Power of Attorney documentation in respect of the Seller is also valid.


     Reciprocity Principle
     Foreigners may purchase property in Turkey provided there is actual reciprocity between Turkey and the country whose citizen
     intends to buy in Turkey.Currently there is reciprocity between the United Kingdom and Ireland.


     Legal protection and/or bank guarantee
     Purchaser monies will be administered in the United Kingdom via the escrow account of IMISON Notaries (supra).




26
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; PAYMENT SCHEDULE



     Payment Schedule

     •    A non-refundable reservation deposit of £1,000 is required to hold your unit. Your unit will be held for 48 hours to
          enable your reservation.

     •    The Preliminary Sale Agreement (PSA) will be sent to you from the developer within 7 days of your reservation. You
          are required to sign and return this to the developer within 28 days. At this point the 1st instalment of 30% of the
          total purchase price is payable.

     •    30% of the total purchase price will be payable upon commencement of rough construction (estimated April ‘08).

     •    30% of the total purchase price will be payable upon building completion (estimated May 2009)

     •    The final instalment of 10% is required on Land Title Transfer (estimated 1 month after building completion).




27
         Astrum Towers, Büyükçekmece, Istanbul, Turkey
WHY INVEST IN ASTRUM TOWERS; CASH-FLOW & RETURN ON INVESTMENT

     The calculations below are based on a 2 bedroom apartment at Astrum Towers. Using a mortgage of 70% LTV at 6.9% interest
     over 20 years. Exchange rate is TL 2.62: £1

                                                                                                         GBP
     Purchase Price:                                                                                     £48,000
     30% 1st Payment:                                                                                    £14,400
     70% LTV Mortgage:                                                                                   £33,600
     Bank Arrangement Fee (2%):                                                                          £672
     Total Mortgage Amount:                                                                              £34,272
     Cash Invested (30%):                                                                                £14,400
     Purchase costs (Notary & Legal - detailed on page 33):                                              £1,790
     Total Cash Invested upon completion:                                                                £16,190

     Annual income assuming a rental yield of 7.16% (as per page 24):
     Annual rental yield:                                                                                £3,437
     Est. Annual Costs:                                                                                  £100
     Annual mortgage repayments:                                                                         £3,164
     Annual Gain:                                                                                        £173

     Over the first 2 years after completion, the annual equity profit (assuming a 15% annual capital appreciation) will be:

     Annual Cash Gain:                                                                                   £173

     Annual Mortgage Capital Reduction:                                                                  £1,714

     Annualised Capital Appreciation:                                                                    £7,740

     Total Annual Equity Profit:                                                                         £9,626

     Original Cash Invested:                                                                             £16,190

                    ANNUALISED RETURN ON CASH INVESTED:                                                  59%



28
         Astrum Towers, Büyükçekmece, Istanbul, Turkey
HOW TO INVEST IN ASTRUM TOWERS;




        –   Purchase procedure

        –   Law Firm & Scope of service

        –   Finance

        –   Taxation & Costs

        –   Next steps




29
     Astrum Towers, Büyükçekmece, Istanbul, Turkey
HOW TO INVEST IN ASTRUM TOWERS; PURCHASE PROCEDURE


          Sign Reservation Contract and make Deposit payment
          It is very important to contact Imison & co as you will have to present your identity document or passport to
          them in person (they can arrange for a correspondent notary if this is not convenient)

          Power of Attorney – this enables the lawyer to:

             Obtain your title deed

             Obtain a tax number

             Connect and register water and electricity utilities

             Represent you at the court house

          Sign and return Purchase Contract and pay the first instalment of 30% of the total purchase cost

          Arrange for your tax number and registration

          Open a bank account in Turkey

          Effect payments specified in the contract

          Military Clearance

          Transfer and Registration of Title Deeds (Tapu)

          DASK – compulsory earthquake insurance (costs calculated upon m2 of property)




30
     Astrum Towers, Büyükçekmece, Istanbul, Turkey
HOW TO INVEST IN ASTRUM TOWERS; LAW FIRM & SCOPE OF SERVICE
     Imison & Co have a specialist Turkish Law Department, whose head is a Turkish lawyer Av.Burcu Orhan, registered with
     the Turkish Bar Association. They offer project specific legal services, paid for by Regnum, thus reducing the costs the
     costs of acquisition substantially. Their contact details are:

     Av.Burcu Orhan
     Head of Turkish Law Department
     IMISON & CO
     City Tower
     40 Basinghall Street
     EC2V 5DE London
     Tel:    +44 (0) 2074484860
     Tel DL: +44 (0) 207 4484863
     Fax:    +44 (0) 207 4484861


     Kazmaz Law Office provide legal services from Turkey to multinational companies and individuals. They have vast
     experience in Immovable Property Law, Construction Law and International Law. They are thus able to distil simplicity from
     complexity and provide core services for foreign investors in Turkey. Optional extra services are also available such as
     representation at site meetings. (Details on request). Their contact details are:

     Victoria Williams
     Kazmaz Law Offices
     Head Office
     Bodrum, Turkey
     Tel: +90 252 363 9988
     Fax: +90 252 363 9944
     Email: info@kazmaz.av.tr
     Web: www.kazmaz.av.tr
     Skype: kazmazlawfirm-victoria




31
       Astrum Towers, Büyükçekmece, Istanbul, Turkey
HOW TO INVEST IN ASTRUM TOWERS; FINANCE




     Property Frontiers is pleased to announce the launch of Frontiers Financial Services, specialised in sourcing & negotiating
     overseas mortgage deals for the global property market.

     For Astrum Towers, a mortgage finance package with one of the largest banks in Turkey has been negotiated and is available
     to investors subject to status & at their discretion;


                         •        1, 3 & 5 year fixed rates available from 6.9%

                         •        75% LTV over 20 years available (subject to status)

                         •        10% overpayments allowed per year

                         •        These terms are available to residents of UK, Ireland, Holland, Belgium and Germany only

                         •        Employed and self employed

                         •        2% bank arrangement fee

                         •        Application fee of £495 then 0.5% of loan amount on successful mortgage offer being issued

                         •        Frontiers Financial Services is a member of the AIPP



      For further details please contact +44 (0)1865 268571 or email info@frontiersfs.com

      The mortgage rates and terms contained in this page are provided by the relevant mortgage bank as of August 2007 and may vary. Neither Property Frontiers nor Frontiers Financial Services
                         make representation of warranty, either express or implied, as to the accuracy of such information or any future changes made by the mortgage bank.




32
      Astrum Towers, Büyükçekmece, Istanbul, Turkey
HOW TO INVEST IN ASTRUM TOWERS; PURCHASE COSTS


     As detailed earlier in the investment prospectus, Regnum have appointed Imison & Co. as their lawyer and have
     arranged for some of the legal costs to be paid by them if you choose to use them. Kazmaz are an independent lawyer.

     The table below outlines the legal and purchase costs applicable to Astrum Towers with either law firm.


     Service                              Kazmaz Fee                                   Imison & Co. Fee

     Lawyers Professional Service Fee     £1,168 GBP inc. VAT                          £0 (developer Pays)

                                          These fees vary depending upon the
                                          location of the real estate being
     Military Clearance Fees                                                           £0 (developer pays)
                                          purchased. Current costs provided upon
                                          request.

     Notary & Translation Charges         £200 - £400                                  £250

                                          At the time of exchange of deeds, this
                                          tax is calculated upon the declared
                                                                                       At the time of exchange of deeds, this
                                          value of the property. This will be 3% of
                                                                                       tax is calculated upon the declared
                                          this value. As the developer is paying
     Land Registry Dues                                                                value of the property. This will be 3%
                                          for Imison, it will not assume 50%
                                                                                       of this value depending on the
                                          liability for these costs should you elect
                                                                                       contract.
                                          this option.
                                          PLUS £150 GBP
     DASK – Administration Fee            £50 GBP                                      £0 (developer pays)

                                          Costs are calculated upon the m² of the      Costs are calculated upon the m² of
                                          property – approximately £0.75 per           the property – approximately £0.75
     DASK Earthquake Insurance
                                          sqm. For Astrum Towers this would            per sqm. For Astrum Towers this
                                          equate to between £45- £100 per              would equate to between £45- £100
                                          year.                                        per year.
     General Administration costs         £150                                         -




33
     Astrum Towers, Büyükçekmece, Istanbul, Turkey
HOW TO INVEST IN ASTRUM TOWERS; TAXATION & ON-GOING COSTS



     The Turkish Embassy website is a very good source of information: http://turkey.embassyhomepage.com/

     Land Registry Dues:

     A sale of land or property is subject to a 3% acquisition levy of the declared value in the Land Registry. The price is 3% of
     the declared value in the Tapu.

     Capital Gains Tax:

     Currently owners who hold property for more than 4 years are exempt from this tax. The tax will be 15% - 35% dependent
     on your income (if your income is under 2,300 New Turkish Liras, you will be exempt).

     The following taxes are on-going costs that would be payable by the tenant of the unit:

     Real Estate Tax:

     The new owner of the property shall declare the actual value of the property until the end of the year of purchase (i.e. date
     of acquisition on the Title Deed). Tax value is assessed annually and varies according to location (from 0.1% to 0.3%).
     Property tax is paid in 2 instalments each year.

     Environment Tax:

     Environment tax is collected through water bills at the rate of around £0.05 – m3 (around £0.006 in metropolitans).

     Maintenance costs:

     Tishman International will charge approximately €8 per square metre for servicing the building. This cost is paid for by the
     tenants.




34
      Astrum Towers, Büyükçekmece, Istanbul, Turkey
Next Steps



      To reserve a unit please
       contact your consultant
                      01865 202 700
    info@propertyfrontiers.com
           for mortgage information please
               contact info@frontiersfs.com




    IMPORTANT INFORMATION: The information in this document has been compiled based upon
   information provided by third parties to Property Frontiers Ltd, and is written after careful due
diligence has been conducted with all counterparties. While this document has been written in good
   faith, Property Frontiers Ltd cannot accept responsibility for inaccuracies contained within it, or
 matters directly outside the control of the company that may affect your investment. The value of
 an investment can fall as well as rise, and you may not get back all of the money that you put in.
              This is not a regulated investment for the purposes of the UK FSMA (2000)
 Prices quoted in Sterling are based on a conversion rate when the details were produced and may
                                                 vary.

				
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