CYRELA BRAZIL REALTY ENTERS THE ESPIRITO SANTO MARKET
THROUGH TWO NEW PARTNERSHIPS, CONSOLIDATING ITS PRESENCE IN
THE BRAZILIAN SOUTHEAST REGION
São Paulo, August 28, 2006 - Cyrela Brazil Realty S.A. Empreendimentos e Participações
(Bovespa: CYRE3) announces two new partnerships in the state of Espírito Santo. The
partnerships with Incortel Incorporações and Morar Construtora is part of Cyrela’s expansion into
the state capitals in the Southeast region, which accounts for 55% of Brazil’s GDP.
Incortel Incorporações Hoteleiras Ltda. develops mid-range and high-end real estate projects and
ACCOR brand hotels in Vitória, Rio de Janeiro, Macaé and Florianópolis. It was created from the
merger of two firms: Precisão Engenharia, with 20 years experience in the civil construction sector
in Grande Vitória, and Mello Afonso Consultoria, which has been developing modern and innovative
projects in Rio de Janeiro for 15 years.
Morar Construtora e Incorporadora Ltda. has been operating in the Espírito Santo real estate
market for 25 years and was the first construction company to be granted ISO 9002 certification in
1998. In June 2005, it was awarded the Prêmio Destaque Ademi - ES 2005 as the best builder and
developer in its state. It specializes in mid-to-high-end projects, with a particular emphasis on
detached condominiums, a segment in which it leads the market. Morar is present in Vitória, Vila
Velha and Serra. In 2005, it launched four projects with a PSV of R$ 60 million and sales of R$ 41
million.
Each partnership expects to launch projects with a PSV of R$ 70 million in the next 12 months.
Cyrela Brazil Realty will have exclusivity in future launches and a 50 to 80% share of each new
project.
Cyrela Brazil Realty S.A. Empreendimentos e Participações is an important residential real estate
developer based in São Paulo and Rio de Janeiro. In the first half of 2006, it launched projects
worth R$1,048 million, consolidating its leadership of the country’s two biggest markets. It also
develops, rents and sells high-end, high-tech corporate towers. Cyrela is listed on the Bovespa’s
Novo Mercado under CYRE3.