A N N U A L R E P O R T A N D A C C O U N T S - CMVM

Management Report of the Board of Directors - Financial Year 2008
Investimento Imobiliário, S.A.” is a capitalisation fund
especially dedicated to real estate promotion that reported, at
the end of 2008, assets amounting to EUR 97,537 thousand
and, throughout the financial year, sold fixed assets
amounting to EUR 12,302 thousand, obtaining an added
value of EUR 1,998 thousand.
IV.4.2. - EXTERNAL MARKET
- ANGOLA
In a market where the relationship between supply and
demand is unbalanced, favouring the first, great expectations
are focused on the real estate market, with general sales
being contracted simultaneously with construction, increasing
the pressure in the price rise.
In the city of Luanda there are no predominantly residential
sites, and the good quality constructions are arranged along
the areas adjacent to the marginal road and to the major
roads.
In the Talatona area, some of the major housing projects are
being developed. Here there is a wider variety of typologies
and condominiums with integrated security systems, selfsufficiency
in power and water, green spaces and social area
solutions prevail.
As with the housing sector, the offices area also felt the need
for available spaces, and the office park in Luanda is
estimated to amount to 600.000m 2 .
The conjuncture has allowed Teixeira Duarte to achieve full
occupancy of its qualified fixed assets portfolio dedicated to
housing and offices, which totals 20.000m 2 of construction
above ground level.
Furthermore, the permanent presence of the Group in Angola
for over thirty years has allowed it to currently have a
considerable land portfolio that will enable the development of
new projects. Therefore, for 2009, the sale of the 43 fractions
of the “Coqueiros Luanda Living” housing undertaking is
expected to commence.
- BRAZIL
The political and social stability environment that the country
is going through and the good performance of the Brazilian
economy are factors that enhance the sustained growth in
the purchasing power of an increasingly emergent middle
class that places the country in the first places of the
consumer market ranking. This situation was perceived by
national and international investors and by the financial
market, which gave the country an investment grade rating
during 2008.
The real estate market of São Paulo, where the Group
develops most of its activities in this country, was strongly
capitalised in the past years for the fact that a significant
number of companies operating in the sector starting to be
listed. The liquidity increase deriving from it promoted the
growth and diversification of real estate products in the
different segments, turning it into a very dynamic and
competitive market.
Despite the strong expectations of the investors in the market,
the global recession was particularly felt in the housing sector,
which consequently suffered a drop in the number of
launches, and the current conjuncture is expected to lead to
the slowdown of a market that grew so much in the previous
two years.
The total portfolio of the Group comprises six projects in the
city of São Paulo, in different development stages
corresponding to approximately 350.000m 2 of construction
above ground level.
The Group is currently selling three housing undertakings in
the city of São Paulo, the “Family Santana”, in Santana, with
400 dwellings, the “Verdi”, in Alto dos Pinheiros, with 16
dwellings and the “Crystal”, in Campo Belo, with 76 dwellings.
Overall, the undertakings saw greater difficulty in selling the
products from September 2008 onwards, which did not
prevent the allocation of almost 50% of the 492 available
dwellings.
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