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?
I can’t say where I heard this from but one of the problems may well be sewerage and water.
I understand there are considerable difficulties in disposing of the waste and arranging drinking water. This may be one of the reasons the first contractor pulled out.
Bring me sunshine
Hi hammersteve:- You have a couple of queries:-
ORIGINAL COMPLETION DATE:- The original completion date was end of 2009…if you were completing now you would only get 109 Euros for 100 pounds. There was an extended date to Sept 2010 that included force majeure. As you know I am going to vote for the proposal at the end of the month and I have received the amended draft which states that completion is expected approx 18 months after construction starts,construction will begin after the land dispute has been fully dismissed and 75% of owners have agreed to the proposal. Therefore deeds can be expected late 2011/early2012.
LAND DISPUTE No amount of due diligence or land checks could prevent an individual from making a claim that her boyfriend had not split the proceeds between them. This ridiculous claim was thrown out of court.
CONTRACTORS There are published photos of extensive groundworks being carried out. I am assuming the developers were using one contractor for the groundworks and another contractor for building, because as you point out it looks complicated.
POUND/EURO The Pound has dropped dramatically lately, its a bad time to be buying Euros. My 40% stage payments have been bought at an average of 1.33(probably yours as well), maybe by the time we complete its back up to that…”but who know“s.
The developers are handing back 4% as a goodwill gesture(its worth 5% switching it back into pounds at the moment) to prove that they are committed to building Ponta Bicuda and protecting your investment. If they do not get 75% adhering to the proposal you may lose everything you have invested.
However you will be receiving a due diligence report from your solicitor which I am expecting to be positive. The legal position you receive will be the legal position, not the reality that has occured in the last 18 months.
Oh the stress!! I would rather be sat watching a sedate cricket match with a cold beer in my hand and the sun shining. You never know!
hammersteve:- Lets not forget you Captain of the cricket team,can we change the watching to playing.
I would rather be sat watching a sedate cricket match with a cold beer in my hand and the sun shining
I would rather be playing a sedate cricket match with a cold beer in my hand and the sun shining
Me too, but by the time this villa is built, I think my family holiday retreat will have become a retirement pad and any cricketing prowess will have gone totally. Hey ho, I am sure we will get a happy ending. After all the twists and turns, the developer is viable, the location is great and the dream lives on!!
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