Construction Update

This topic contains 80 replies, has 20 voices, and was last updated by  optiontrader 12 years, 7 months ago.

  • Post
    woodfold
    Member

    Elsewhere we read of apparent difficulties in sourcing/importing materials & shortages of labour – The dream only becomes reality once a finished article is available

    Does anyone have a view on how these issues will be overcome or how much they threaten the sporty 2009 completion date for the first hotel release?

    RAP

Viewing 15 replies - 46 through 60 (of 80 total)
  • Replies
    hammersteve
    Member

    Hi, does anyone have any interesting updates, either on construction, flights, sales etc. Thanks

    optiontrader
    Member

    Hi hammersteve:- If you click on ********** it shows that there has been a lot of groundworks though as it says unfortunately only groundworks.

    We can only wait for an update on the blog(we are all probably clicking on a few times per week,especially the Ponta Bicuda All Stars).

    The developers will want to get their hands on the stage payments that are tied up at the bank so expect some activity once sales pick up.

    optiontrader
    Member

    Hi Daniel:- The website is advertised on Cape Verde 24.

    Daniel
    Daniel
    Moderator

    Hello,

    sorry I did not realize you meant to click on the banner.
    So you can write the site and mention that they advertise here with a banner.

    Best regards,
    Daniel1

    Best regards,
    Daniel


    Director
    Cabo Verde 24 – Serviços, Informática e Internet Lda.
    CP. 4, Paúl, Santo Antão
    Cabo Verde
    Tel: +238 – 2 238001
    Fax: +238 – 2 238004
    email: info at caboverde24.com

    optiontrader
    Member

    Thanks Daniel:- The site is capeverdepropertynow.

    Whilst writing just been informed by Ponta Bicuda that they have a lawsuit by the alleged wife of the previous owner of the land(who was single at the time of the transaction)questioning the ownership of the land. Of course they cannot really start the building work until this ridiculous lawsuit is dismissed. Its ridiculous because banks do not get involved unless its kosher regarding ownership.

    I will be asking to postpone the date for granting of the deeds for my property until the global economy improves, and to give Ponta Bicuda more breathing space from the delay caused by this lawsuit, and the “Credit Crunch”.

    glynman
    Member

    The news about problems seams to be on all of the sites. Have Ponta actually sent out a statement about this yet?

    Bring me sunshine

    optiontrader
    Member

    Hi Glynman:- Obviously they have sent out a statement, and yes all developers have problems in todays real estate market.

    hammersteve
    Member

    Hi, does anyone have any updates on the land issue, construction or sales? Cheers

    worwilly
    Member

    hey option how’s it ridiculous that his wife, then partner is not entitled to part of it. She could show she contributed in some way being a partner !

    If your married or living with someone and you want to say sell your home the Bank doesn’t ask if you have a partner, just if you own it.

    optiontrader
    Member

    Hi WorWilly:- We are hoping he did not have too many live-in girlfriends.[:D]

    Hi hammersteve:- Couple of plus points…CGD Bank who are the developers bankers are starting to invest heavily in Cape Verde and Tiara Resorts have acknowledged Ponta Bicuda as one of their partners.

    daymond alex
    Member

    Hi. Can anyone out there give me an update on the development? Everything seems to have gone very quiet and I am getting no info from Ponta Bicuda themselves. There is nothing on the site or anywhere else I can see. Am I the only one who is getting worried?

    AlexD

    optiontrader
    Member

    Hi Alex:- We can only wait until the world economy improves and people start buying property whether at home or overseas.

    The third quarter of last year everything was full steam ahead at Ponta Bicuda with the groundworks being completed and construction looking to start late 2008/early 2009.

    The “Credit Crunch” then hit every development and with a side issue of land ownership in Ponta Bicuda(which I believe has now been dismissed), banks tightening their lending and consumers having less money to spend developers are struggling to sell property. However things are now turning around better than expected and with world stock markets now clawing back half their losses from their lows experienced last year.

    So where does that leave us Ponta Bicuda buyers….I am guessing here…..I am expecting Ponta Bicuda to begin construction late 2009/early 2010 with a completion date of 24-30 months later than their original final completion date….with the developers doing something similiar to tecnicil at Vila Verde where they will give you compensation deducted from the total balance i.e. if your balance on completion is 100k you will only have to pay 85k…they will not be able to give MONEY BACK similiar to tecnicil….however as I said I am only guessing but I think its a good guess.

    As far as receiving info unfortunately there is none to give at the moment, however if you look on Design Resorts website they are still looking to expand, and with a lucrative deal with Tiara Resorts signed they are looking to build Ponta Bicuda.

    kirky
    Member

    GOOD NEWS!

    This is an email i have had from Helder for Design Resorts.

    About the court proceedings against Vilas Oceânicas we’ve good news… we won the lawsuit presented against us. We’re preparing a new communication to all our clients detailing this process. Currently the judicial court in Cape Verde is on summer vacations until middle of September and there is a risk that the alleged wife may appeal from the decision of the 1st Class Court to the Supreme Court in Cape Verde, which is depending on two factors:

    1) that she pays the competent fees for appealing, which are considerable, hence the value of the lands involved;

    2) that the Supreme Court considers the appeal as admissible, in which case, it may review the sentence.

    We have received some informal news that the other party presented a request for appeal, but until today we have not yet received any notification of such act, nor are we likely to receive it before middle of September 2009 due to the vacations period like mentioned before.

    For this reason and having in mind a further delay caused by an eventual appeal, which will delay the re-start of the construction works a few more months and consequently the delay on the completion of Ponta Bicuda, we understand that completion will be achieved until late 2012 but the actual calendar will be made and sent to you once definitive decision by the Supreme Court is made.

    Kirk Thompson

    optiontrader
    Member

    Hi Kirk:- Yes its good news for us buyers, looks as we will be back on track once we get this ridiculous court case out of the way!

    kernock
    Member

    I have just received a letter from Virgilio Costa proposing compensation for the completion delay for those who have fulfilled the stage payments to 15 September 2009. Vilas Oceanicas “is willing to provide you with a global revenue of 4% of the amount already paid… as a manner of creating an alternative investment to protect our client’s opportunity costs.” as well as a “comfort letter” from Design Resorts (majority shareholder of VO)guaranteeing completion of construction.

    I have put a call in to Virgilio Costa – who is currently out – to try to get some clarity. The letter talks about this being an “investment program, to be in force as of 01 December 2009 until conclusion of the construction works” but doesn’t say whether this will be a one-off or an annual payment, or how the monies will be disbursed. 4% doesn’t look like that brilliant a rate, either, although I suppose they could say it is a goodwill gesture as the cause of the delay would probably fall under the Force Majeure clause. Does anyone have any further info? There are 3 conditions attached, including the adherence of >75% of purchasers by 15 October. Any views, anyone?

Viewing 15 replies - 46 through 60 (of 80 total)

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