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Developer to Auction Apartments For a Penny

Developer to Auction Apartments For a Penny SAO PAULO, BRAZIL - In an innovative move by Rossi, one of Brazil's leading real estate developers and builders, the company will hold the first-ever online real estate sale in the "penny auction" system with bids starting as low as R$ 0.01 (well below US$.01). The property to be auctioned off on the internet is located in the Liberty Garden condominium in Barra da Tijuca, one of Rio de Janeiro's most upscale neighborhoods. Appraised at US$150 thousand, the apartment has a full leisure area and is next to the future site of the 2016 Olympics. This is the most expensive product to be offered on any Brazilian site.

"We identified the potential of these auction sites and are being pioneers in the civil construction sector," said Rossi's director of marketing, Marcelo Dadian, adding that this will be a one-time opportunity to acquire an apartment at a price infinitely lower than market.

The online auction will be held December 9, however Internet users can register now and start making bids. Bidding starts at R$ 0.01. The winner will be whoever makes the last bid before bidding officially closes. The entire auction will undergo an independent audit. To participate, the internet user must register (free of charge) at www.meuapecom1centavo.com.br, where he or she will earn five bids. Additional bids can also be made at a cost of up to R$ 1.00 each (less than US$1). With the aim of making this virtual auction possible, Rossi has partnered with the specialized portal Olho no Click.

Rossi is one of Brazil's leading real estate developers and builders. The company, which celebrates its 30th anniversary in 2010, operates in more than 80 cities nationwide, has more than 200 construction projects and has to date built more than 36,000 properties. The company operates in several segments of the real estate market and has in its portfolio numerous residential and commercial real estate successes in varying income brackets. Source: Rossi

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