ILA President Also Announces 50% Growth Projection With New Finance Division
SAN DIEGO, CALIFORNIA, Sept. 29, 2022 (GLOBE NEWSWIRE) -- International Land Alliance, Inc. (OTCQB:ILAL), (“ILA” or the “Company”), an international land investment and development firm, announced another strong open house at its Rancho Costa Verde (“RCV”) development on Sunday, September 25, 2022. The RCV team sold 10 residential lot sales for gross sales of $400,000 and accepted six new contracts, which is in excess of $750,000 in gross construction revenue.
“Despite challenging market conditions in the U.S., we are seeing better than expected sales,” said ILA president Frank Ingrande. “More importantly, over the last few months we have higher than normal closing ratios for on-site closings. This is especially positive, as the summer months have traditionally been slightly less than average.”
The Company continues to be aggressive with its sales and marketing strategies despite the lag in new home sales that are plaguing other builders across the continent. Ingrande sees opportunity to capitalize in this down market by utilizing a “tried and true” promotional method.
“We host weekly dinner presentations throughout California to showcase our developments and seeing full attendance,” Ingrande added. “We follow presentations by bringing our potential buyers to San Felipe every other week and continually reach almost full capacity for each tour.”
RCV is a profitable developer 1,100-acre, 1,400-lot master planned community in Baja California, located roughly 8KM north of the Company’s, Oasis Park Resort, on the Sea of Cortez. For more information about this green off-grid community, please visit: www.ranchocostaverde.com
On the heels of the previously announced $5 million preferred stock offering, which will be utilized to form a mortgage division, Ingrande offered shareholders and potential investors projections as a result of the closing of this placement.
“To date, the Company’s sales have been completed primarily in cash, as traditional mortgage financing is not available to our U.S. buyers, which comprise over 90% of our purchasers” Ingrande said. “With the ability to offer financing, we should see gross sales increase by more than 50%. With a 30% down payment, this would generate over $7 million in construction sales.”
RCV has over 1,000 residential lots sold and Ingrande noted the Company is seeing a huge backlog of demand for homesite owners to begin construction with the advent of the financing division.
https://www.globenewswire.com/news-release/2022/09/29/2525114/0/en/International-Land-Alliance-Announces-Sales-at-Recent-Open-House-at-Rancho-Costa-Verde.html