Annual Report 2010 - CMVM

Management Report of the Board of Directors 2010"Verdi" undertakingAlto dos PinheirosSão Paulo - BrazilGSC - Entrance of Parking Europa andShopping AreasSan Sebastián de los Reyes - SpainDuring 2010, Teixeira Duarte placed 243 of the 704 units launched over the last three years of activity, achieving an accumulated total salesof 703 units, with only one left in the "Crystal Campo Belo" undertaking, which is considered an excellent performance, attributed to thetechnical rigour in the design of the projects.The construction of two undertakings was continued: "Family Santana", in the Santana region, and "Verdi", in the Alto de Pinheiros region.These undertakings covers a total of approximately 90,000 m2 of construction area. Also in 2010, the construction of the undertaking "CrystalCampo Belo" was completed and almost all of its units were sold.PernambucoIn this state of Northeast Brazil, the "Casa do Governador” undertaking continued to be promoted in Porto de Galinhas, a project of a major sizeand high quality which is expected to be structural for the entire region, with the development of its various projects and procedures for theirlicensing, especially the approval of the environmental licenses.In view of the expectations of growth of the Brazilian economy, combined with the beautiful natural conditions and great openness andfriendliness of its people, there are good prospects for the sustained development of tourism. The project that Teixeira Duarte intends todevelop in Porto de Galinhas aims to strengthen the capacity and quality of this recognised tourist centre.- SPAINThe Spanish real estate sector continues immersed in a deep crisis, where, for this activity sector, access to bank credit is very restricted. In thiseconomic context good investment opportunities are sometimes detected, therefore we remain attentive to the market.43