Cape Verde Islands

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 Post subject: Extended Conclusion Date 31/Dec/2012
PostPosted: Fri Mar 12, 2010 12:48 pm 
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Hi Everybody:- I am assuming everyone received their e-mail this week from the developers? The law-suit is still not finalised, though once it is they will begin construction which is expected to take 18 months!

A large syndicate of investors have pulled out after breaching the promissory contract and losing their monies, though the developers are speaking to three other syndicates, one of which have bought a large slice and the other two are close to purchasing the remaining slice.

If Ponta Bicuda is completed by 31/Dec/2010...though I expect it to be completed before then....it will still be well within other developments that are 2-3-4 Years late!!


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PostPosted: Fri Mar 12, 2010 12:51 pm 
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Above post should be if Ponta Bicuda is completed by 31/Dec/2012...not 31/Dec/2010!!


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PostPosted: Tue Mar 16, 2010 2:34 pm 
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Hi Optiontrader - well at least they now seem to be telling somewhere near the truth. It would seem that the whole project must have been more on the edge than they had made out if such a large block of sales had collapsed.

After all it is obvious that they could simply pull the plug on this site. My concerns are simply finance and credibility - they need an investor block to get to 70% acceptance to trigger bank funding.

From my correspondence with them they will not accept breach of contract for failure to deliver Sept 010 citing Force Majeure - our contract counts Force Majeure out as a reason for non delivery by that date. They clearly stated the funding conditions would not allow them to refund any clients under any circumstances.

What will the banks / Design resorts do if the 30% of obtainers invoke that default clause later this year – It is outrageous that they believe they are beyond their own contractual obligations - a bit wobbly if you ask me. Certainly doesn’t look good for the final quality of the site.

Looking on the positive side if investors are once again looking at buying in (at what discount and how can that benefit us with our negotiations?) then the place must be on the up and could be built all be-it several years late.


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PostPosted: Thu Mar 18, 2010 8:54 am 
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Hi tunbridgewells:- That was a constructive post...however regarding:-

<b>What will the banks / Design resorts do if the 30% of obtainers invoke that default clause later this year – It is outrageous that they believe they are beyond their own contractual obligations</b>

These are exceptional times in the property market...normal times I would agree with you,these are not normal times. The largest development in Cape Verde is Vila Verde...there the developers have refused to refund buyers even though the development is late and beyond the force majeur date.

If the team at Ponta Bicuda can reach a deal with the two syndicates, get this court case out of the way and get bank financing we can take delivery of our properties before Dec 2012....Tortuga is forecast to take 18 months to complete...a resort similiar in size to Ponta Bicuda!!


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