From vision to opening and beyond

Project lifecycle

1. Present the development plan

   Disclose the location, rights, project scope, budget, schedule, permits, contractors, operating approach, borrowing, risks and exit.

2. Review subscriptions and conditions

   Check investor eligibility, contracts, payment, fund management, acquisition and development conditions, and refund terms if conditions are not met.

3. Issue against established interests

   Match $MARV quantities to legally established interests and disclose land rights, permit status and development status in the project documents.

4. Design, construction and reporting

   Report the schedule and budget regularly. Expenditure follows reviews of work completed, invoices, remaining cost to complete, retention and required approvals.

5. Completion, opening and operations

   Review required inspections, permissions, handover, operating agreements and opening preparations. Distribution decisions consider post-opening operating surplus, reserves and debt obligations.

6. Sale, extension and settlement

   Determine the exit under the contract. Settle liabilities, taxes, costs and reserves, and align the termination of legal rights with token cancellation.

Unmet conditions, delays and cancellation

Define subscription conditions, deadlines, minimum amounts, receipt and holding of funds, and refunds or cost allocation if conditions are not met. If development is cancelled after those conditions have been satisfied, assess expenditure already incurred, remaining funds, contractual liabilities and recoverable assets. This is distinct from a refund where initial conditions were not met.

Project duration

Set the periods for design and construction, opening preparations, stabilised operations and sale according to the project programme and exit strategy. Extensions, early sale and changes in scope follow contractual conditions and approval procedures.

Construction completion, opening, stabilised operations and sale are separate stages. Each project sets out the conditions and expected period for each stage.