Cape Verde Islands

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PostPosted: Fri Oct 03, 2008 1:43 pm 
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Have most people paid their second installment of 20% giving a total payment of 40%?

Also hope we dont have to worrie about current market conditions and that Design Resorts complete the first 3 phase and dont cut corners on the spec of both the apartment finishes and site as proposed 3D pictures look amazing.

appreciate your reply.

Kirk Thompson


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PostPosted: Tue Dec 02, 2008 1:19 pm 
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A bit of help please guys. When I originally reserved a property about 18 months ago, I explained that I was likely to have a cash flow problem in 2008 due to some other investments. The developers were very good and allowed me to defer about 15k euros until May 2009. So far on a 210k euro 2 bedroom villa on Tedju, I have paid my reservation fee, the first 20% and the second 20% (minus the 15k deferred). A total of 72k euros. I am keen to make sure that in today's climate, when I hand over the next installment I make sure that there are cast iron guarantees. I have no real understanding of how viable and solvent the developers are and don't want to end up with egg on my face and 87k euros out of pocket. Any advice appreciated. Thanks in anticipation. By the way, when I looked at the interactive map on the website, there were as many plots as 6 months ago. Does this mean they have sold nothing ?


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PostPosted: Tue Dec 02, 2008 2:28 pm 
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Hi hammersteve:- The developers had initial sales of 500 million Euros,of which the majority will probably be controlled by the banks to cover their guarantees. I am assuming the banks will release funds in tandem with the build i.e. at the groundworks the banks may release 15% of the funds they hold,at the initial build maybe another 20%,at the roof another percentage etc,so really the developer has incentives to complete the build,though in todays climate it will take longer than expected.

Also expect to see continuing updated photo's of the construction on the blog well before your payment in May 2009. Regarding current sales all developers are in the same position at the moment.

Hope this eases your concerns.


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PostPosted: Tue Dec 02, 2008 3:59 pm 
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Are you sure 500 m initial sales is right option trader. How many properties are there in the total devlopment. If average property price was e200 thousan then they would have had to sell 2500 properties or to sell 5000 properties if average price was e 100 thousand. Is the devlopment that big


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PostPosted: Tue Dec 02, 2008 4:52 pm 
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Hi connorcv:- I added one zero too many,the total sales are 50,000 million Euros.


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PostPosted: Tue Dec 02, 2008 5:16 pm 
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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by optiontrader</i>
<br />Hi connorcv:- I added one zero too many,the total sales are 50,000 million Euros.
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Optiontrader

What is the total sales 500 or 50,000m ?

carol


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PostPosted: Tue Dec 02, 2008 5:42 pm 
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According to the initial press release, the planned sales for all 9 resorts totalled Euro 300 million, with investment of Euro 250 million, covering a total of 1400 houses and apartments over the 9 resorts. See http://www.pontabicuda.com/Backoffice/U ... _07_EN.pdf for the original press release.


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PostPosted: Wed Dec 03, 2008 9:21 am 
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Hi Carol 888:-Third time lucky,current sales of the first three communities:-

50 MILLION EUROS.


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PostPosted: Wed Dec 03, 2008 12:01 pm 
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<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote"><i>Originally posted by hammersteve</i>
<br />A bit of help please guys. When I originally reserved a property about 18 months ago, I explained that I was likely to have a cash flow problem in 2008 due to some other investments. The developers were very good and allowed me to defer about 15k euros until May 2009. So far on a 210k euro 2 bedroom villa on Tedju, I have paid my reservation fee, the first 20% and the second 20% (minus the 15k deferred). A total of 72k euros. I am keen to make sure that in today's climate, when I hand over the next installment I make sure that there are cast iron guarantees. I have no real understanding of how viable and solvent the developers are and don't want to end up with egg on my face and 87k euros out of pocket. Any advice appreciated. Thanks in anticipation. By the way, when I looked at the interactive map on the website, there were as many plots as 6 months ago. Does this mean they have sold nothing ?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


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PostPosted: Wed Dec 03, 2008 12:03 pm 
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steve virtually nothing is selling anywhere at the moment, the interactive map for sambala is the same as it was 3-4 montsh ago, on sal virtually no villas have sold in months, in fact when you take cancellations into account there have probably been negative sales on villas in the last 3 - 4 months

all very very worrying i'm afraid

what is concerning is that everyone is saying "prices havent come down, they're just not selling"

thsi is nonsense


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PostPosted: Wed Dec 03, 2008 2:00 pm 
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dubberboy,

very worrying and nonsense depend on your time horizon.

the world is not going to be in recession for ever.

the world population is expanding. people are not going to live with 4 generations and 20 people to a house.

one day new houses will be built again and people will buy them.
the more affluent people will buy in the best locations and will buy villas.

yes my friend, one day another villa will be sold in cape verde.


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