NEWS:
SiteWorks Building & Development Co. Announces It Has Secured Development Rights for 9,000,000 USD Upscale Project in Layan, Phuket
Thursday October 27, 8:30 am ET
MIAMI, FL--(MARKET WIRE)--Oct 27, 2005 -- SiteWorks (OTC BB:SWKJ.OB - News) has announced the company has secured the development rights and construction service contract for the Layan project in Phuket , Thailand. This is the company's second major project in Thailand. The first project previously announced is a 1,700-unit affordable housing turnkey project with a revised guaranteed maximum price of USD16,500,000.
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The Layan project is a nine-unit upper-income project total sales value approximately 9,000,000 USD where the houses are expected to sell for 750,000 to 2 ,000,000 USD. Plans have been completed and subcontractors are being evaluated prior to January 2006 construction start.
C Michael Nurse noted: "This project is located on a hill with beautiful ocean views . We already have expressions of interest from a number of buyers. What may make this project more attractive to non-resident buyers is that we will be able to offer 50% mortgages to foreign buyers through a local law firm who will handle the escrow for SiteWorks. This is a first for Thailand since most properties here are only bought with 100% cash."
Additional information on the project may be found on the Website. Exclusive sales agent for this project and all SiteWorks' projects in Phuket is Phuket's largest realtor, Phuket One Real Estate, managed by Larry Cunningham, the local Australian Consul to Phuket.
SiteWorks Inc. is a Florida company engaged in the business of total site and built environment solutions. The company's core business is the construction of semi-custom housing developments and middle-income multifamily buildings. SiteWorks, Inc also performs construction management and general construction services. Other services provided include the marketing and distribution of innovative construction-related and other technology products.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected, or described pursuant to similar expressions.
