CEO BLOG - Read Klaus-Rainer Fabi's commentary

September, 29th 2008

Dear Readers, dear Customers
and Co-operation Partners:

I cordially welcome you to our updated CEO-Blog. I gladly give you first-hand information on interesting news about the development of our group in these first days of autumn.

Private Residences – Luxury Real Estate Group will now, in the course of its strategic expansion plan for the next years, announce a further mile stone with the nearly finished preparation of its new, representative location right in the heart of Zurich.

After the last market and competition analysis are being done, as well as the required customisation of the branch office, to the sophisticated demands of our company is made we are planning to open our new office in Zurich by winter. All preparations for the opening are running to capacity and we are confident that we will shortly play a decisive role in this internationally renowned location for luxury real estate. From the beautiful Lake Zurich, we will offer our customers an optimum degree of service.

In the course of these renewals, we would like to refer you to our new web presentation www.private-residences.net. The new site will fulfil the highest expectations of our international clientele by means of a trendsetting and highly-professional communication and presentation platform on the web. We intend to set new standards in the range of virtual communication in this sector. Within the next months we will activate the modern Web2.0-features and as a really special highlight we will extend our media portfolio to an in-house Corporate IPTV.

In our new department of our group-website, we will present to you today selected luxury estate in the section “Private Inspirations”, which are exclusively offered and elaborately presented in our offices in the form of complex marketing campaigns. In this course, we have reworked our hitherto investment category, “Premium Invest” and renamed it “Private Invest”, to present you highly interesting and lucrative investments, which deserve closer attention as they are subject to high return opportunities.

In the course of the restructuring and the international performance of the company group I personally would like to dearly thank my withdrawing business partner, Mrs. Christina Wagner. From the beginning, Mrs. Wagner has accompanied Private Residences as an angel investor and partner within the two-year commitment and made this unique success story possible until this day.

After a very positive business development, we are looking forward to future growth targets which are manifested in both core departments – the licensing for European top-locations by 2009 and the creation of an international department according to a specific marketing concept of luxury estate in the high price sector.

Finally, I am inviting you to actively exchange ideas and to inspire with constructive suggestions
and remain until my next Blog,

With kind regards

Klaus-Rainer Fabi

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May, 16th 2008

Dear reader,
Dear customers and business partners,

At the start of spring, I again welcome you to my CEO blog offering the latest information about the development of our group of companies, Private Residences – Luxury Real Estate Group.

We can again report interesting news and considerable success from our two office locations on Mallorca and in Kitzbuehel. After a successful first winter season in Kitzbuehel with very positive sales results for our customers, our Kitzbuehel office is already completely established in its first almost full financial year in this well-known international location and has made a name for itself with its modern and innovative communication and the service it provides to its clients.

For example, we successfully offered the exclusive marketing of one of the most beautiful and impressive properties in the Kitzbuehel Alps, the Stoffenhof (www.exclusive-hideaway.com), in a unique international marketing campaign. With a sophisticated online and direct marketing strategy designed for a hand-picked international selection of the most affluent people in the world, this pilot project aims to set completely new standards for the professional, quantifiable and successful marketing of properties of this class in the upper luxury segment.
The experience and results gained from this extensive campaign will provide a significant foundation for our international property department for exceptional properties in Europe, which will be created at the end of the year and will be completely geared to the high demands of our customers.

On Mallorca we used the beginning of the year for an all-round consolidation phase with restructuring of our personnel. The change of generations, which has been planned for some time, has now been implemented with the appointment of Andrea Keppler as an experienced Sales manager and Kati Belitz for our back-office management. Here, we would like to express our gratitude to our retiring senior sales managers Iben Seippel and Donald Bulder for the work that they have contributed and their achievements in the development and consolidation of our first office on Mallorca.

We also have good news about our new location which will be opened this year in Zurich. We have now found suitable office premises in an outstanding location in the heart of Zurich – only a stone's throw from the Limat River and Lake Zurich. Our operational start and the official opening of this third branch of Private Residences Branch are planned for the early autumn of this year. With this step, the Private Residences – Luxury Real Estate Group opens its doors in yet another outstanding property market in Europe and offers its discerning clientele a way to enter the exclusive Swiss property market in one of the most famous business and finance centres in the world. The beautiful properties situated around Lake Zurich fit perfectly into the sophisticated international portfolio of our group of companies and underline yet again our clear commitment to the premium segment.

Naturally, this strategic expansion of Private Residences means that we need to optimise our competence in the areas of international marketing and strategic business development. We have strengthened our staff by appointing an absolute top rate manager, and we would like to welcome Mr. Tobias Reinhardt from the well-known international advertising agency Leo Burnett, who was formerly responsible for the European budget of General Motors – and its core brand Chevrolet. Mr. Reinhardt will take the place of our present marketing director Denis Lademann on 1 June – and Mr. Lademann will then concentrate increasingly on strategy, licence development and business development. Together with these two experts and our external competence partners in Germany in the areas of marketing and communication, we will then continue to develop into new dimensions of professional property marketing.

In closing, I would like to thank our new cooperation partner, the recently started video lifestyle portal www.crocoo.com, which covers international luxury brands such as Lamborghini, Porsche, Aigner, Bentley, Cirrus, Gaultier and now the Private Residences – Luxury Real Estate Group, for the cooperation venture which has now begun. The goal of this on-line multimedia cooperation is to develop a professional presentation to attract premium customers for the mutual business sectors.

I hope that I have again offered you an interesting insight into the developments of our international and expanding company, and as always I look forward to your individual replies. In our next CEO blog I will then welcome you with more news, for example the latest facts and information about the establishment of our group of companies as a holding company/stock company with its professional system and competence centre in Zurich.

February, 13th 2008

Dear reader,
Dear customers and business partners,

the new year 2008 is now under way, and I would again like to welcome you warmly to Private Residences and give you a personal update on recent developments and the latest information about our innovative and expanding group of companies.

Much positive news can be reported about our two office locations on Mallorca and in Kitzbuehel. After the six-month set-up phase in our new and very exclusive branch at the heart of Kitzbuehel, we achieved many positive results even in our first main winter season, which was partly due to our first project catalogue for the Tyrolean Alps. The general concept of cross-selling between our wonderful property locations by the sea and in the centre of the Tyrolean Alps is starting to bear fruit, and we have already established intensive customer contacts. International prospective customers and celebrities from business, sports and politics are increasingly identifying with our idea of providing the best possible consulting services, and they are pleased to enjoy the personal support of the Private Residences - Luxury Real Estate Group in Europe's most beautiful locations to help them fulfil their individual property wishes.

This extremely positive development has confirmed us in our vision of a strategic business policy and our expansion planning, and at the same time it has motivated us to add another top resort this year as a consultation and competence centre for our international clientele.

You already know that Zurich is not only one of the most established and efficient centres in the world for the international business and financial scene, it also has enormous potential because of the very popular high price property market around the enchanting Lake Zurich.
In anticipation of the increasing liberalisation of the restrictive provisions of Switzerland's “Lex Koller”, which limits the free purchase of properties by “non-Swiss” purchasers in most cantons, we would like to open a branch in Zurich with our familiar high standards of consulting and service, so that we are ready in good time to make the best use of the future opportunities and developments for you as our customers.

In our opinion, the luxury property market in the top locations in Europe will remain a highly attractive medium for the safe and stable diversification of private investment assets, especially in times that are characterised by increasing globalisation and combination of volatile international economic, share and monetary markets. Property locations in Switzerland will also play a major role in the future.

In connection with the planned opening of our third branch in the summer of 2008, our group of companies will take on the legal form of a joint stock holding company with its official headquarters in Zurich, and the international operations and strategy of our business will then be directed from Zurich. With an in-house service company for the areas of marketing, personnel and finance, we will be well-organised and efficient in preparation for the planned award of the first licences from 2009, which will be issued exclusively for European top locations.

In addition to these strategic developments, the Private Residences – Luxury Real Estate Group has also taken the initiative to improve public awareness of the company with a current sponsoring arrangement. Before the main events of the Berlinale film festival, we arranged with the organisers Senfkorn Film and “Die Republik AG” to hold an exclusive evening with invited guests and celebrities from film and television, and among this special clientele we were able to interest personalities such as the world-famous cameraman Michael Ballhaus and the music legend Marius Müller-Westernhagen in our group of companies and the properties which we offer. In this connection we would like to express our special thanks to the directors of Republik AG, Mr. Ralf Scheurer and Mr. Raffaele Castelli, who made it possible for us to hold this event with such an exclusive group of celebrities.

With these interesting and positive developments and our strategic planning for 2008, we can now focus again on our most important task - providing professional and personal support for our customers. As from March, we will have a new team of three competent and experienced sales managers to help you in our office in Puerto de Andratx. We are adding two new consultants with the relevant background to supplement our existing team of Donald Bulder and our senior sales manager Iben Seippel, who will work as an external consultant in future.

The new Private Residences team in Puerto de Andratx will present itself to you personally at our first customer event at Easter, when we will present our new Mallorca property catalogue “Spring/Summer 2008”.

In my next CEO blog I will inform you about the further preparations for our expansion in our new location of Zurich, our further goals, the opening of our international property department and the expansion of our communication media. As always, I look forward to a lively exchange of ideas and to feedback of all kinds in relation to the information presented above, and I thank you for your interest in our work and the time you have taken to read this information.

With my best wishes

Yours,

Klaus-Rainer Fabi

Managing Director

November, 9th 2007

Dear readers, customers
and cooperation partners,

Autumn has arrived in our two beautiful locations on Mallorca and in Kitzbuehel. At the change of the season, on the island we are pleased to see a successful summer season draw slowly to a close and in Kitzbuehel, after a busy summer for tourism, we can sense the calm before what is sure to be another turbulent and exciting 2007/2008 winter season in one of the most famous Alpine resorts.

In this CEO blog, in addition to the interesting news about the progress and developments in our company, I would like to give you an impression of the individual market situation in our two property locations.

After the long, almost unbelievable boom of the last 5 years, with property prices increasing by a double figure percentage each year, there has now been a moderate consolidation of the market in the first half of 2007. In anticipation of the election and in view of the general ban on permits for new building projects in 2007, many international prospective purchasers and investors have been waiting for developments. Now that the elections have passed and the new government of the island has been formed, the political course is now settled, which creates a reliable basis for new purchase and investment decisions.
The generally planned restriction of mass buildings in favour of a reduced number of exclusive properties in the form of individual villas is being welcomed in many quarters, and this policy is likely to bring the sustained building boom of the past few years into a more controlled form in the future.

In fact, the moratorium on building projects this year in Mallorca in particular has especially benefited the property owners who now wish to sell their completed properties, or properties that they have owned for a long time, using the tax benefits that are available from 2007. According to the natural rule of thumb by which a restriction in the supply leads to a corresponding price increase in the products that are still available on the market, it is a natural trend that the prices for high quality properties have again seen an upward correction this year.

The same applies to the last available sites, e.g. in Puerto de Andratx, where building land now costs between 500 € - 850 € per m² depending on the exact location in the harbour area. Premium locations such as the Montport or La Mola urban areas or in Cala Marmacen are increasingly attracting top prices of 1,200 € or more per m². The highest prices paid for built properties in the harbour district are currently up to 9,000 € per m² for luxury apartments and between 5,000 € – 15,000 € per m² for luxury villas in prime locations.

But compared with other top locations in Europe with a similar infrastructure, similar leisure facilities and an even higher price structure, there is still sufficient positive development potential in the next few years in the Balearic Islands, which have an exceptional position in the Spanish property market.

The in Kitzbuehel is similar. The increasing international interest of wealthy business owners, private consumers and celebrities in the top location in the Tirol Alps has catapulted the property market into almost unbelievable dimensions over the last three years. Well-known customers have settled in impressive properties in the prime locations of the beautiful town with the chamois emblem, and this has heightened the public interest in Kitzbuehel. As an all-year holiday region and an event centre for sports enthusiasts, Kitzbuehel is a long-standing attraction with high media coverage, and this is not only reflected in its sporting highlight, the world-famous “Hahnenkamm” skiing races on the “Streif” ski slope which is watched by thousands of winter sports enthusiasts.

The property market in Kitzbuehel has benefited enormously from this great public interest over the last few years, and at the same time this has also led to a general enhancement of the nearby catchment areas such as Kirchberg, Reith, St. Johann etc. 2007 has again set new price standards with record high prices, and top prices of 1,500 € - 2,000 € per m² of building land were achieved in the most popular locations such as Sonnberg/Lebenberg close to the centre, Bichlalm or the exclusive Kochau area. The prices in the town centre have also seen a similar strong growth. Apartments and houses with a high quality of fittings in the centre of Kitzbuehel now fetch top prices of up to 12,000 € per m² of ground area, and the average price is also high at 4,000 € – 8,000 € per m².

In spite of and because of the vibrant demand, the supply of high quality properties in popular locations around Kitzbuehel is very limited. A variety of outstanding new construction projects in different locations can only satisfy a small proportion of the constantly growing demand: the properties are often sold very quickly even during the planning phase. Properties in the second market are generally in high demand, and there is a shortage of newly dedicated building land in Kitzbuehel. If you are seriously interested in settling in Kitzbuehel, or if you want a recreational property with a licence for use as a holiday residence, it is wise to draw on the market knowledge of our professional local consultants.

Our services begin with an overview of the offers available in the market, but we also take sufficient time to help you, as our customer, with important subjects such as Austrian land and property law, purchase options for EU citizens and the associated requirements, and we also help to clarify the general residential and tax position and your own individual position in relation to the planned property purchase. We are pleased to welcome you in our exclusive offices at the heart of Kitzbuehel.

A few days ago we informed you about the new subject category “Premium Invest” on our company website www.private-residences.net. We are pleased that we can now present you with highly interesting property investments from our two locations on Mallorca and in Kitzbuehel at regular intervals. These special property offers are often extremely lucrative and rare opportunities which we can offer our customers transparently and exclusively by drawing on our inside knowledge and our special market expertise.

Last but not least, we are delighted – with the whole of our team in the Private Residences Luxury Real Estate Group – to be able to report on an extra success. In our last newsletter we announced our nomination for the Marketing Award 2007 of the German property industry, and now we can add that our innovative presentation and marketing concept “Innovative video streaming” won first place in the hotly contested category „Special purpose properties“. Our concept was examined by an independent jury of well-known industry experts, and it was awarded this outstanding rank among many applicants. This success crowns our conceptual and innovative development phase of almost 2 years leading to our new and trendsetting marketing strategy. In our everyday work and in the task of communicating our special support and consulting services, this gives us extra marketing appeal and reflects the current response of our customers and interested contacts.

I hope that this newsletter has again provided interesting information about the two property markets and the development of our company, and I look forward to your individual feedback, creative suggestions or your personal comments on the content of this newsletter. In the name of the Private Residences Luxury Real Estate Group I send you my best wishes for a wonderful autumn, and I hope that we will meet you personally before long in one of our beautiful property locations.

Yours sincerely,

Klaus-Rainer Fabi

Managing Director

August, 7th 2007

Dear readers, dear customers
and business partners,

summer has now at last set in at our two office locations in Mallorca and Kitzbühel, so on the sunshine island of Mallorca we are again seeing the accustomed hot days in an enchanting Mediterranean environment, and in the beautiful mountain landscape around Kitzbühel we are enjoying the unique luxurious natural scenery of green woodlands and meadows in a breathtaking Alpine panorama.

But the environment around our two wonderful property locations is not the only factor that inspires us in the Private Residences – Luxury Real Estate Group to follow on from the successful opening of our splendid new office in the centre of Kitzbühel by taking further steps to establish the location and introduce our company in a professional presentation.

On Mallorca, we are currently very pleased about the consistently positive response to our first property catalogue "Summer 2007", which we are able to present regularly in over 80 top spots such as luxury hotels and golf clubs in the south-west of the island due to the sterling support of our keypoint manager, Werner Ziegler. This has been a significantly stimulus to interest in our properties and our company and has greatly strengthened our strategic orientation and positioning in the luxury exclusive segment.

In Kitzbühel, which is increasingly establishing itself as an all-year sporting location with outstanding sporting events even in the summer, such as the recent first international Triathlon World Cup weekend, we accepted the invitation of the organisers and gave the whole of the VIP village our personal impact as the main sponsor and name giver. On two very interesting competition days with an entertaining programme of events, we were not only able to present Private Residences – Luxury Real Estate Group to a wide range of sports enthusiasts, interested parties and invited VIPs, we also made important strategic contacts with businesses and private persons in and around Kitzbühel. Our special thanks for consultation before and during this major event go to Ralph Scheurer, who advised us and our communication service provider in the integration of all media into our sponsoring concept in areas such as our property video presentations on flat screens and big screens, promotion materials, decorative branding, film productions etc. and the excellently organised schedule of events, and also to our two team assistants Britta Pilz and Simone Friedrichs for their outstanding support before, during and after the days on which the events were held. To crown it all, we even won the VIP challenge with a top rate performance by our Triathlon team consisting of Michael Buchleitner, Alex Taubert and Lorenz Schellhammer. This means that the launch of our new office and the establishment of our company as an international property consulting company for exclusive properties was also a "sporting success" in Kitzbühel.

In our on-line marketing, we have again set new standards in the last few weeks. With our new property search function based on the Web 2.0 approach, we can now offer interested customers a completely new module for an even simpler and faster search for their dream property on our website. The new illustrated presentation of our property photographs, which has been developed especially for us, has been enthusiastically received by customers and interested parties alike – why not take a look and enjoy the fascination for yourself? This positive reaction in such a short time shows that the work involved in this presentation was again fully worthwhile for the benefit of our customers.

Finally, I am proud to report that with the many innovations of our integrated marketing concept with an Internet presentation, video streams, TV advertising on RTN My Estate (www.rtn2.com) and the classical media used to communicate this, we have now also attracted the attention and positive response of reputable property experts. Thanks to our creative and progressive approach, Private Residences was nominated among many other companies for the "Property Marketing Award 2007" by the jury under the leadership of the property trade magazine "Immobilienwirtschaft".

On 7th September, the German "Property Oscar" will be awarded at the Grand Ball of the German property trade before 450 of the industry's top decision-makers in the Hotel Ritz Carlton in Berlin. We are already very excited that with this nomination we have been selected as one of the three best marketing concepts for this respected award, and this is an important success both for our company and for our customers. It is also a reward for almost two years of conceptual development and progress based on our joint vision of establishing professional, transparent and multi-media communication with you, our customers and interested parties.

We invite you to look forward with us to the further development of the company over the next few months, which promises to be as exciting as ever. As usual, I will also keep you informed about the developments of our company in the next newsletter/CEO blog, and I will also comment on the current market situation in our business locations.

And last but not least, I would again invite you to send us your personal feedback, because we are always keen to exchange ideas with you. I look forward to hearing from you.


With my best wishes

Klaus-Rainer Fabi
Managing Director

May, 25th 2007

Dear readers, dear customers
and business partners,

I am pleased that you are again interested in the latest information and developments at Private Residences. At the end of a mild spring, we can now present you with several news items.

For example, I would like to announce officially that after a planning and construction period of almost 6 months, our new office branch in a top resort in the Austrian Alps, Kitzbühel, has now opened in May. At the heart of this internationally famous town with the chamois emblem, we can now offer you our professional consulting and services and an exclusive property portfolio.

With our splendid office in a traditional modern rustic style and a young team of local consultants who have been very familiar with the Tirol property market for some time, in Kitzbühel we also concentrate on the superior demands of our customers and the exclusive segment of the local properties.
This new branch is the first step towards the creation of an international network in the most famous locations in Europe. It is an ideal addition to our location in Puerto de Andratx on Mallorca, and we are pleased to offer you a whole range of luxurious residential culture and quality of life in our new office.

Sun and the sea, combined with mountains and snow, situated in the most beautiful settings! We offer you the opportunity to join us in both locations and be enchanted by their natural beauty.

In our communication, we are again treading new paths with the new design of our Internet presentation. In future, our central website www.private-residences.net offers you the chance to decide what you want to see: the sun in Spain, the wonderful mountain landscape around Kitzbühel or even a combination of the two, depending on the seasons and the ideal weather.

In future, the Private Residences Luxury Real Estate Group will offer a selected property portfolio and first rate consulting and services in these two locations, which will be progressively supplemented by more international destinations.

With our innovative media presentations, we again set new standards as a pioneer in the property trade. You probably already know our video streams for our luxury properties. Now we have a new RSS feed service which delivers new property offers to your screen every day on request (please ask our marketing department to help you install the RSS news feed). And we have also produced a sophisticated image film about the wonderful harbour of Puerto de Andratx. You can get to know our consultants even before your personal meeting in short video interviews (see the menu item Contact / Team) and learn more about their range of competence.

And finally, I would like to invite you to get to know our first property catalogue, “Summer 2007”, which shows our exclusive portfolio in Puerto de Andratx. Here, I must express my gratitude to our head of marketing Denis Lademann and the people responsible for our agency network, Bärbel Goeman (classical media), Sascha Tiebel (online) and Nicolas Ullrich (print), who have again provided excellent services with outstanding commitment and innovation over the last few weeks.

The result is a beautiful property catalogue with innovative content design which treads new paths in the property trade with its special style and the way it presents our properties. You can experience the beauty of our properties in words and pictures, set in the wonderful nature and the Mediterranean quality of life on Mallorca.

On request we will be pleased to send you a copy of our new catalogue “Summer 2007” by post – but we also issue a special invitation to collect your copy personally from our office in Puerto de Andratx.

The Private Residences Luxury Real Estate Group wishes you all the best and every success in the time ahead. We will be pleased to be available at any time to reply to any further questions and suggestions, and we remain,


Yours sincerely,

Klaus-Rainer Fabi
Managing Director

March, 9th 2007

Dear Sir or Madam,
Dear customers and business partners,

If we now look around outside our area of business, we can see Mallorca awakening again after a quiet and mild winter and preparing for what is sure to be yet another record year in terms of popularity and the number of visitors.
Like every year, the spring is again attracting nature enthusiasts and Mallorca lovers to see the wonderful almond blossoms on the island, and the bustle of tourists is gradually starting in the coastal resorts.

With the very positive changes as a result of the forthcoming change of government in the Ajuntament of Andratx and the efficient restructuring of the local zoning regulations, the trade is again feeling the effects of a significant increase in the international demand for selected properties with a sustainable high value. The suspension of building work that has been imposed for Andratx for the whole of 2007 applies mainly to new construction project applications that have been submitted to the building authorities since 1 January 2007. So here it is necessary to be patient and plan carefully, and to have the building project examined from a legal perspective to ensure compliance with the stricter conditions of the public authorities in the future.

At the same time, this has a very positive effect on the increase in value and the price development of existing properties which are now offered on the market. By reducing the volume of new projects and building land, the local government in Puerto de Andratx wants to bring the increasing overdevelopment of this beautiful natural harbour under control.

From our point of view as professional property consultants, this is a very positive development - not only because such measures were long overdue, but also because they help to consolidate and even create a moderate increase in the value of existing high quality properties, a trend that is also likely to continue into the future.

In our external presentation of Private Residences and in the implementation of completely new marketing and communication channels, this month we have again set completely new standards for our customers. As we reported at the beginning of the year, we produce sophisticated video streams for reference properties which are published on our website. The consistently positive response stimulated great media interest and motivated us to accept with enthusiasm the offer to be the first property consulting company in Europe to use the innovative medium of TV marketing.

For our customers, we present some of our selected properties in a special premium marketing campaign on the new international property TV station RTN - My Estate, which has been on the air since the beginning of March. RTN broadcasts on the frequency 12,148.50 MHz, Astra 19.2 E / H.

Although this venture is only a few days old, we can already report a positive response, and we have made a number of interesting international customer contacts. Alongside our in-depth marketing via the progressive medium of the Internet, this completely new approach again gives us the opportunity to prove that Private Residences rightly claims to be the pioneer and market leader in the use of innovative marketing and communication channels .

I would like to leave you with these intensive impressions, and I look forward to our next CEO blog/ Newsletter in which I will provide you with detailed information about the forthcoming opening of our second office location in the top resort of Kitzbühel. As always, I look forward to your replies and a lively exchange of ideas, and I wish you happiness and success in the time that lies ahead.

Yours,

Klaus-Rainer Fabi

February, 7th 2007

Dear ladies and gentlemen, dear customers and business partners!

In 2007 I would again like to welcome you to Private Residences, and in the name of our whole team I wish you a happy and healthy new year with many positive surprises.

We will continue to keep you up to date during the year with regular and useful information about the development of Private Residences, our services especially for you and the property market on Mallorca.

As we announced at the end of last year, we have taken an innovative step in the professional marketing of our exclusive properties, as pioneers in our trade, and produced sophisticated property videos. These videos have been accessible on our website since the middle of December, and in combination with other Internet media they have been viewed over ten thousand times. This has led to a number of very interesting and serious enquiries from prospective purchasers, and the quality of our video streams has attracted the interest of the first European property TV station, with which we have planned an intensive cooperation from the outset. This cooperation is sure to create very interesting synergy which will benefit our company's clients who decide to market their properties professionally via Private Residences.

Keep an eye on this development: in the next issue of this information blog you will learn more about how it will develop.

Internally, we are pleased to announce two additions to our staff in our office in Puerto de Andratx to reinforce our international consultant team at the start of the "season". I am very pleased that we have been joined by Sheena Gordon, who has been one of the top sales specialists in the trade for many years and who formerly worked successfully for well-known competitors both in Puerto de Andratx and in Puerto Portals. As an experienced consultant and a native English speaker, Ms. Gordon will immediately start to provide full support to our English customers in all matters related to the purchase and sale of exclusive properties.

And as a new assistant in our team we welcome Britta Pilz, who has taken over the back-office support and coordination of the whole office and the consultant team. As a qualified foreign language correspondent with experience in one of the leading law firms in Hamburg, Ms. Pilz will be available in our reception to deal with your individual questions and provide information in a friendly and competent manner – and in several languages.

And finally, as I announced in my last blog entry, I would like to satisfy your curiosity about our expansion plans and officially announce that Private Residences will now extend its professional consulting services from the summer destination of Mallorca to a reputable and famous winter sports region in Austria. In May 2007 we will open our second office in the heart of Kitzbühel, where we will devote ourselves to the exclusive segment of the property market there and the wishes of our international clientele with the same commitment, professionalism and service mentality. The resulting synergy for our customers and our two office locations will be unique in the trade. You can look forward to a consistent high standard of consultation and service in the purchase or sale of a summer residence on Mallorca or a quaint chalet in the snow in Tyrol. With this strategically important expansion to a further top location in Europe, which is an ideal supplement to Mallorca for seasonal reasons, we aim to create a highly exclusive office network in which Private Residences will establish itself in the prime regions of Europe over the coming years. We will provide official information and an invitation to the opening of Private Residences Kitzbühel Immobilien GmbH.

I hope that this information has given you an interesting and exciting impression of the goals and strategy of Private Residences in 2007.

In the next CEO blog you can look forward to further interesting topics and news items about the development of the market in 2007 and the start of the season in Mallorca, with interesting information about the changed tax and legal situation for property purchases in Mallorca.

Until then I wish you a happy and successful time, and I look forward to any comments you may wish to make.

Yours, Klaus-Rainer Fabi

December, 15th 2006

Dear Sir or Madam,

We are now rapidly approaching the end of 2006, a year which brought many wonderful highlights, positive results and valuable new customer relationships for Private Residences Mallorca S.L.

In the first half of the year after founding our property company, we already achieved our goals, and in some areas exceeded them.

An important milestone is the the communication of our consulting services via new media. We have even reached German television – the private broadcaster Kabel eins noticed us, and a camera team spent three day observing our everyday business. The background was the goal of presenting the work of a professional property company specialised in the exclusive segment as authentically as possible – with all of the daily tasks, individual facettes and customer relationships. The resulting 15 minute report was shown recently in the "K1 Magazin", and it received very positive reactions among the 1.5 million viewers who watched it.

We are also treading new ground with our high quality "premium marketing" for our vendors. As announced in our last newsletter, we will offer a carefully designed presentation of selected properties in front of the camera. With the support of a young post-production and media agency from Düsseldorf, these short films will be produced as 90-second spots. For the first time, this informative film material enables prospective buyers to carry out a virtual inspection of the properties even before they come to Mallorca, or simply to enjoy the fascination of looking at the properties.

As from today, these video streams will be effectively marketed in the Internet and on ouir website by ouir marketing specialists, and DVDs will be sent out to selected international prospective buyers in Europe and beyond.

With this new form of presenting our exclusive properties, we are pleased to offer another completely new and innovative extension of our services to you, our valuable customers. We are delighted to invite yoiu to visit our website and enjoy our new property video streams, and we look forward to your personal feedback.

For the coming holiday season and the new year, I would like to wish you and your family a very happy and peaceful Christmas. I trust that you will remain in good health as you enter the New Year 2007, and we look forward to informing you about our current plans for expansion and our new magazine.


Yours sincerely,

Klaus-Rainer Fabi

October, 31th 2006

Dear customers, business partner and friends,

It brings me great pleasure to share with you some additional information about the property market in Mallorca and the latest news on our internal developments at Private Residences.

Mallorca is currently enjoying a magnificent Autumn with clear sunny days and very pleasant temperatures. As we enjoy this beautiful time of year, we can be just as satisfied with the development of the market and our growth at Private Residences.

And there is no end to this boom in sight for this Autumn or for next year. There are clear indications of a long-term positive development such as the ongoing shortage of building plots, modern nature protection as a result of the significant enlargement and limited building development potential of plots of land in the ‘Zonas Rusticas’ of the hinterland area in particular, as well as the unmistakable evidence of a positive long-term economic climate and development through the extensive expansion of the island’s road and motorway network.

I am also pleased to report on the latest improvements and results of our company. As a result of our long-standing experience and personal contacts of our senior sales manager Iben Seippel, we were able to celebrate the sale of one of the biggest properties in the harbour area. With this and other properties, in the 6 months since our opening we have achieved significant success in our ambition to be an exclusive agent specialising in quality consultation and the upmarket property sector.

It is with great pleasure that we now welcome Sylvia Göttsch to our team who was formerly a director of one of our biggest competitors and has worked as a successful property advisor for many years.

A warm and personal welcome also goes out to our communications and media agencies in Germany with which we can look back on a year of very creative and fruitful cooperation. An important and inspiring component of our activities and international communication as well as in the representation of our company.

And thanks above all for your attention, feedback and confidence in us. We also hope to be able to conduct an active exchange of views in the future and place a great deal of importance on your personal opinion. And finally I’d like to wish you a great Autumn! So until our next CEO blog,

With best wishes

Klaus-Rainer Fabi

September, 14th 2006

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