Former Magic Life Founders Launch New Concept in Highest-End Luxury Real-Estate Development; The O Property Collection to Redefine Luxury Property Market

Vienna, Austria , 2006-07-20

The founders of Magic Life Group, Europe's most popular and high-end all-inclusive club, today launched The O Property Collection (OPC), the new model in ultra-luxury property development, based in Vienna.

With a focus on unparalleled service, exotic locations and innovative design, OPC will provide the most comprehensive luxury living experience anywhere on earth and - in the process - build a loyal, global following of guests, residents and partners.

"In years to come, The O Property Collection will be recognized as the brand that reinvented the high-end living experience," said Dr. Cem Kinay, Chairman and CEO of The O Property Collection. "The O will offer a personal, completely customizable experience to each individual and will redefine the luxury property landscape to inspire a new vision for the development industry."

OPC founders Dr. Kinay and Oguz Serim have a well-established track record in luxury resort development and management. In 1990, they founded Magic Life Group. During its lucrative 14-year history, Magic Life acquired and managed 20,000 beds in Turkey, Greece, Tunisia, Spain, Egypt and Bulgaria, served 450,000 guests, and provided work for 6,000 employees every year, making it Europe's most popular and high-end all-inclusive club.

This group has become synonymous with groundbreaking business practices in the travel and property sectors. In 2004, Magic Life Group and the group's Gulet Touropa Touristik were sold to TUI, one of the world's largest tour operators.

Simplicity and modernity are at the core of OPC's mission, which is to become one of the worlds most desirable, respected premium brands, and, in the process, to set the benchmark for premium leisure and residential developments. To accomplish this, OPC has partnered with the world's most exclusive architects and designers, who share the company's philosophy.

Founded in 2005, the company will invest in and develop premium realty ventures. The O Property Collection will commence operations by concentrating on projects located in the Caribbean, Mediterranean and Asian markets. In select locations, OPC will partner with the world's top hotel management companies to develop luxury properties of the highest quality. All products are marketed through international real estate networks, with dedicated project staff located in the U.S., Europe and Asia.

The Company's flagship development, project will be Dellis Cay, a private island in the Turks and Caicos. Scheduled to open in 2008, the project is currently estimated at a billion dollars of sales within the next 5 years. Dellis Cay exemplifies the OPC concept. It will be divided into "lifestyle zones," each designed by a different architectural master. This initial investment was made by Turks Development Limited Partners, created by OPC to invest in Caribbean projects through a subsidiary, Turks Limited.

OPC has also signed a 49-year lease enabling it to renovate and operate Kayakapi in Turkey's Cappadocia region. The Company will develop a luxury mixed-use project that will result in a daily-use tourism and recreational area that includes restaurants, shops, museums and lodging accompanied by a boutique hotel and villas.

Every OPC property will be different, but each will bear the marks of the OPC signature brand - breathtaking, timeless architecture, sleek design, a reciprocal fit with the natural surroundings and the absolute finest in amenities and services.

OPC targets a variety of customers, generally ages 30 to 65, who are employed in dynamic industries. They are accustomed to excellent levels of service, travel frequently and are constantly looking for opportunities within the real estate sector. Properties will be easy to reach, easy to escape to and completely secure.

Just as the design and service is impeccable, the amenities and partners will be selected to offer an unparalleled collection.

"It is under truly rare circumstances that the most recognized architects, designers, and hoteliers from around the world will collaborate together, creating a cohesive architectural vision to bring O Property Collection to life," said OPC co-founder Serim. "Our ability to unite this array of unique talent is what enables OPC to create the most innovative, design-driven luxury destinations in the world."

About The O Property Collection

The O Property Collection, founded in 2005, is an international property development company. The company invests in, develops and manages premium realty ventures. The O Property Collection is a new brand that has been created to establish a level of design and service excellence across a variety of geographic territories. Building on the successes of previous endeavours, this group will redefine an industry and bring about new concepts of quality in residential and hotel development.

Concentrating on attention to detail and working to pioneer new levels of excellence in the service and property management sectors, O Property Collection aims to become one of the most admired luxury brands - irrespective of sector. The company has a unique understanding of the luxury travel and property sectors as well as a differentiating approach to development. The O Property Collection will commence operations by concentrating on projects located in the Caribbean, Mediterranean and Asian markets. For more information visit www.opropertycollection.com.

Contact

CONTACT: Fleishman-Hillard Inc. Rich Ferraro 212-453-2207 [email protected] , ,

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