In 1992, Malibu began expanding its development activities abroad, focusing on the housing segment.

Malibu's fully owned Latin-American subsidiary, Meximal Ltd., sometimes with local partners, plans and develops projects in Mexico and Central America.

Among these are the Pradera del Sol I complex of 416 apartments in 26 buildings, completed in 1998; Pradera del Sol II, consisting of 144 units, completed in 2000; and the 96-unit Potros project, completed in 2001 - all designed as housing for blue-collar workers in Tijuana, Mexico.

Also in Tijuana, the Company's La Gloria project, consisting of 375 attached private dwellings, was completed in 2002. A complex of 786 apartments in Mexicali, is scheduled for completion in 2005.

In Guatemala City, the Company is building, to the highest standards, 170 private homes of 200 square meters each. That project is due to be completed in 2003.

Another Malibu subsidiary in Tallinn, Estonia, has undertaken the development and construction of 300 apartment units in 15 buildings. This project entered the design and approvals stage in 2002.

In 2002, Malibu initiated the 18 Yonge project in Toronto. The project is located in the heart of downtown Toronto, a few minutes walk from the city's financial center and Lake Ontario. The project features a 38-story tower with approximately 470 luxury apartments of various sizes. Construction of the city tower is slated to start in 2003.