Chamonix, Euro 556,00; investment opportunity.

BUILDING work is about to start on brand new homes in the heart of Chamonix, where, undaunted by the current economic climate, off-plan buyers have snapped up half of the apartments planned by MGM, a leading developer in the French Alps.

"This is a very rare opportunity to buy a new home in Chamonix, a popular centre for holidays all year round, so the level of interest from both British and French buyers has been considerable," reports Richard Deans, one of the firm's London-based UK sales consultants.

Designed in the classical Belle [ETH]poque style, the fivestorey building - Les Jardins d'Astoria - will occupy the site of a disused garden in Place Balmat in the centre of the town. It comprises ten two and three-bedroom, twobathroom apartments, with floor areas ranging from 69 square metres to 90 square metres.

Many of the apartments in the south-west facing development have views in three directions from up to four balconies together, adding as much as 15 square metres to floor areas. They include small private balconies outside bedrooms.

Chamonix, longestablished as a tourist tow, with beautiful old buildings lining cobbled streets and squares, has a reputation as the home of mountain sports like off-piste skiing, paragliding, climbing, mountain biking and rafting. An 18-hole golf course at nearby Le Praz, five minutes away by car, offers players stunning mountain views.

"Easy access, with Geneva Airport only an hour away from Chamonix, means good letting potential and that is an important consideration for investors," says Richard. He predicts that the apartments could command a peak-week rental income of around Euro 2,500 at the height of the ski season.

The apartments at Les Jardin's d'Astoria come with fully-fitted kitchens and bathrooms, fitted wardrobes in bedrooms, and pine finishes with tiled and parquet floors. MGM's specification exceeds the regulation standards for acoustic and thermal insulation.

Secure basement storage space is available with each apartment with car parking at MGM's nearby development Le Hameau de la Blaitiere, a five-minute walk away.

Prices of the properties available for outright purchase at Les Jardins d'Astoria start at Euro 556,000 for a two-bedroom apartment.

* FOR more details call MGM's UK office at Kingsland House, 122 - 124 Regent Street, London W1B 5SA on 0207 4940706, email [e-mail] or visit the website www.mgmconstructeur.

com

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An artist's impression of MGM''s new development at Chamonix