The Group is in a promise of sale agreement to acquire a residential villa in Lucca, with a total gross area of 2,000 sqm. The Group intends to renovate this 16th century villa with the prospect of operating as a luxury bed and breakfast operation and eventually selling the property at a capital gain as there are very few comparable properties in this segment, if any.
The project is presently in design stage and works are expected to commence in Q3 2021.