Providenciales, Turks & Caicos Islands (December 13, 2003) ― The Honourable Michael Misick, Chief Minister of the Turks & Caicos Islands, along with developer Jeffrey Rosenbaum of Cherokee Limited, broke ground today on Veranda, the new $100 MM+ seaside resort community.  Veranda is on one of the most acclaimed and pristine beaches in the Caribbean ― Grace Bay on the Island of Providenciales in the Turks and Caicos Islands.

The Honourable Chief Minister addressed attendees of Veranda’s initial VIP event in London last month.  Veranda has enjoyed a successful turnout of interested buyers, investors and media at each of its private events in London, Toronto, Vancouver and New York.  

Playground Destination Properties, Inc. is conducting the sales and marketing of this project for the developer, Cherokee Limited of London. Earlier this year, Playground sold 45 residences within 45 minutes. “Buyers recognize Veranda as a secure and convenient place where they can trade the worries of the world for a relaxed, comfortable lifestyle,” stated Jeffrey Rosenbaum.  “Purchasers told us they appreciated the combination of the spectacular natural setting and the beneficial tax structure. They also appreciated the convenience of daily flights from Toronto, London, Boston, Charlotte, NY and Miami to Providenciales.”

Already 50% sold, Veranda’s freehold residences range from 573 sq. ft. to 4,682 sq. ft. and are priced from $350,000 US to $3,900,000 US. The residences include beachfront villas, single-family town homes, and condominiums in a boutique style hotel that will be built on approximately 8.75 acres of land, including 700 feet of waterfront along Grace Bay.

The Turks & Caicos Islands are a British Crown Colony located 575 miles southeast of Miami near the Bahamas chain. The islands have the third largest coral reef system and some of the best tropical beaches in the world. Condé Nast Traveler heralded Grace Bay as one of the top unspoiled beaches in the world. Other publications, including Rodale’s Scuba Diving magazine, have proclaimed the islands’ scuba diving as among the best in the world. The Provo Golf and Country Club, proclaimed by Caribbean Travel and Life magazine as one of the top 10 golf courses in the Caribbean, is located near Grace Bay just a few minutes from Veranda.

Veranda is being developed by Cherokee Limited of London, owned by real estate developer and investor Jeffrey Rosenbaum. “Our intention was to do something unique on this incomparable setting that was the former site of the Island Princess Hotel, the first hotel ever built on Providenciales Island. The builders of the grand old hotel chose this site over all others on the island and we feel privileged to be able to create Veranda here,” said Rosenbaum.  The project is being managed by International Hospitality Advisors (IHA) of Miami, Florida, which has been active in the Turks and Caicos since 1987.

Veranda purchasers can live in their homes full-time or they can live at Veranda part-time and rent out their homes for the rest of the year. Platinum Destinations Turks & Caicos Limited, which specializes in offering guests a unique and personalized vacation experience in world-class resort destinations, will be responsible for day-to-day management, maintenance and security of Veranda, and will also manage the rental process for homeowners.

Veranda’s architectural design reflects more than 500 years of island history. The design reflects Turks & Caicos colonial heritage and includes a mix of Spanish, Bermudan, Cuban and Bahamian influences. The community includes tropical gardens, a restaurant, a Wellness Centre and Spa, tennis courts, three swimming pools, and massage cabanas. Most Veranda homes come with private plunge pools, secluded courtyards, and elevated sunset terraces with an outlook on Grace Bay. Along one, two or three sides of each home, expansive verandas will offer views of the beach or gardens.

Although the economy of the Turks & Caicos Islands relies heavily on tourism, the colony has been steadily building a sophisticated infrastructure designed to promote offshore investment, partially based on its status as a zero direct-tax jurisdiction. There are no property taxes, no personal income taxes, no corporate taxes, no capital gains taxes, no inheritance or estate taxes and no currency controls. Furthermore, the colonial government typically issues certificates to purchasers of real estate assuring that taxes will not be introduced for at least 15 years.

Veranda is scheduled to open its doors to homeowners & guests in the winter of 2005.

About Cherokee
Created specifically for the Veranda project, Cherokee was formed by its parent company, Kingrose Limited, under the umbrella of The W. D. King Group, (incorporating W.D. King Limited, established in 1935), under the leadership of CEO Jeffrey Rosenbaum, The W.D. King Group is involved in a number of prestigious development projects in the UK and abroad.

About Playground
Playground, an Intrawest company provides real estate sales and marketing services for destination real estate and resort properties world-wide. Playground's mission, "to connect people with the ultimate places to play", draws on Intrawest's established branded methodologies including envisioning, the launch process and a story-driven sales process. Playground provides turnkey resort real estate sales and marketing solutions.

About International Hospitality Advisors
International Hospitality Advisors (IHA), is a development advisory and project management firm based in Miami, Florida, specializing in high-end real estate and tourism projects throughout the Caribbean and Latin America.  IHA has been active in the Turks and Caicos Islands since 1987 and has worked with numerous investors, developers, lenders, etc. on many successful ventures.

About Platinum Destinations Turks & Caicos Limited
Platinum is a guest experience company managing the finest properties in resort destinations including Whistler and Panorama in British Columbia, Canada, and Lake Las Vegas, Nevada, United States. Platinum is committed to providing guests with exceptional service in extraordinary surroundings.

Media inquiries:Bob ButtaroPlayground Destination Properties, Inc., 407-472-6432, bbuttaro@playground.com  

Sales inquiries:Veranda Discovery Center, 649-941-4604, www.verandaturks.com