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 - 61 through 75 (of 80 total)
  • Replies
    kirky
    Member

    I feel a little gutted that the compensation is so little compared with the lenght of delay.

    They are putting everyone under preasure to have this agreed by 15th October 2009, that are everyone one else’s views?

    Also it does not state what would happen if 75% of the purchasers bought do not agree to this? this is the most important question along with what areas of Ponta Bicuda will be fully constructed by 31st December 2012.

    Look forward to your comments and reply and hope one day we will be able to enjoy Ponta Bicuda.

    Kirk Thompson

    hammersteve
    Member

    Oh dear, here we go. Think it would have been a bit naive to think that PB would be exempt from difficulties. This is a nuisance personally as it will cause real difficulties for my domestic finances. Would appreciate the thoughts and comments of everyone else about how we can maximise our position without jeopardising the overall picture.

    optiontrader
    Member

    Hi guys:- I am waiting for confirmation on a couple of points from the developer and observations from my solicitor before giving my views though I am committed to Ponta Bicuda.

    clarkstewart
    Member

    Having newly received letter from Virgilio Costa dated 22 September 2009 my husband charged me with the responsibility of finding some kind of forum on the subject. I am pleased therefore to find some other people in the same position as us. Other than comments on this website is there any other “investors getting together” facility? We are not happy.

    optiontrader
    Member

    clarkstewart:- Your first port of call should have been your solicitor, not a public forum. The developers have not got much room to manouvere owing to the land dispute and the “Credit Crunch”. Lets get the full facts and then take it from there.

    hammersteve
    Member

    ClarkStewart. No-one is happy and in the final analysis it is in there interests to arrange a compromise. They are a financially strong company with a vested interest in completing this project to their customers’ satisfaction. We are now in a phase of negotiation, they are communicating reasonably well, as always. We need to each take independent, professional advice, pool our responses and formulate a plan moving forward. There will be times of immense frustration etc. but I suspect that we will get there in the end. Chins up !!

    Hi People, I am going out to Santiago in October to visit another developement next door, I am willing to have a look for you to see whats going on regarding physical progress and take a few photos if need be, I hope things get going as i am looking forward to the eventual cricket match.
    Kind Regards Diver

    clarkstewart
    Member

    Our solicitor has been consulted on this matter and obviously we have entered this public forum in order to seek out other people who have been affected and how likely it would be to achieve a concensus of 75%. Will the developers assist us in this? We doubt it. As another correspondent has pointed out, they have failed to answer that very important question – what happens if 75% is not achieved by 15 October?

    optiontrader
    Member

    Hi clarkstewart:- Accept my apologies as it did seem to me that you had came straight to this forum.

    I have received my solicitors observations and will post my views tomorrow tea-time.

    Terry.

    optiontrader
    Member

    Hi diver:- By all means have a look and post a few photos, though we do know that there has been no building yet, though there were extensive groundworks carried out.

    I am assuming you are a Sambala purchaser, is the golf course due to be completed in Sambala by December 2012, if yes we can get these golf + cricket matches back on course.

    Hi Terry, my wife and I will be staying at Sambala for a couple of weeks this month. Yes we are Sambala owners. We will have a look around the Ponta Bicuda site for you. Regarding the Sambala golf course this seems to be some way off at the present moment, although as I understand things it is still in the planning stage.
    Regards Diver

    Interesting email received today from my solicitors……..

    Dear All,
    We refer to the letter from Ponta Bicuda dated 22nd September, a copy of which we have recently received from one of our clients.

    Firstly, please note that after meeting the CEO and lawyer of the developers, we have secured an extension of the deadline contained in that letter from 15th October to the end of October. This has been agreed verbally with them.

    Please also note that we also raised a number of questions regarding the development and made a request for documents. Their lawyer has agreed to reply to the questions raised and supply the documents and, once received, we will prepare a form of due diligence report which will be sent to you together with an analysis of your legal position.

    I hope this helps for now and we will be in touch as soon as we can.

    Kind regards

    Yours sincerely

    José Monteiro

    Neville de Rougemont & Associados
    Sociedade de Advogados, R.L.
    Avenida Praia da Vitoria, No 5, 1º,
    1000 – 245 LISBOA
    Portugal

    Sunny Sussex goes south

    richbhoy1967
    Member

    Hi there, I’m new to this forum and only joined earlier this week as a result of trying to get some feedback on the position at Ponta Bicuda.

    I reserved a Casa Grandi on Coladera away back in Nov 2006 and also received a letter from Virgilio on 22nd and a subsequent email from Jose to be honest, I’m at my wits end with the delays. I’m also alarmed a bit at my solicitor undertaking a ‘due dilligence’ on the development as well as the so called deadline being extended!!!

    Just wanted to air my views!!!!

    RichBhoy1967

    optiontrader
    Member

    Hi richbhoy1967:- The two concerns you highlight:-

    1) EXTENDED DEADLINE This refers to the deadline of 15th October 2009 requiring 75% of investors to accept the proposal. This has been extended to the end of the month.

    2) DUE DILIGENCE The lawyers are carrying out a numbers of checks to confirm that the development is viable which will include a financial check amongst others. The developers are supplying documents etc so you can expect Ponta Bicuda to complete albeit late. However you should receive a report from your solicitor before the end of the month.

    The problem in Real Estate, both at home and overseas is well documented and as I have already stated Ponta Bicuda also had the side issue of the land dispute.

    Optiontrader – one point that needs answering is why the development is now deferred from the origianl completion date of Dec 2009 (in launch literature) to Dec 2012.

    that is 3 years delay, when the court case has taken 1 year.

    Also the court case case technically can’t be classed as a force majeure, as if they had conducted full due dilligence at the time of purchasing the land then they would know who had the full legal right to the land. That in turn raises the possibility of a breach in contract

    Alos on the back of full due dilligence they would know that if anyone came along disputing the land ownership , as has happened, then they could have continued during the case in the knowledge that any case against them was futile.

    this also ties in strangely with the fact that after the initial groundworks were completed that they then announced that they were then looking for a further construction company to progress things.

    Not having a further contractor in place at that time suggests that this was unplanned, and so also suggesting that the original developer wasn’t upto scratch or realised the problems in going ahead whilst doing the initial levelling (ie threw the towel)

    That could indicate that the project will be alot more complex than origianlly projected (especially with cliff edge properties), and possibly why the solicitors want to complete full diligence on its feasilbility.

    Ofcourse all of the above are assumptions, but the delay of 3 years is the real fly in the ointment

    I really hope things get completed, but with the collapse of sterling too then at present it seems an expensive pipe dream taken at the top of the market.

    With sterling down 30% in two years and the Cape Verde market softening by say 10% since then, then things now don’t look such a bargain as to two years ago.

    Sunny Sussex goes south

Viewing 15 replies - 61 through 75 (of 80 total)

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