Ponta Bicuda

This topic contains 170 replies, has 31 voices, and was last updated by  hammersteve 13 years, 3 months ago.

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    optiontrader
    Member

    hammersteve:- I have bought on Ponta Bicuda. The deposit is only 40% before completion, which is a lot less than most developments, although this may change(So get in now) it happened at Ponta Preta in Sal. The rental guarantee is handy if you do not want the hassle of being a landlord. Its not due to be completed until late 2009/early 2010 so by that time its pretty certain direct flights will be in place.

Viewing 15 replies - 151 through 165 (of 170 total)
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    sorry for the typos above – pre Chrimbo beer night out at a concert !!

    Sunny Sussex goes south

    optiontrader
    Member

    Hi everyone:- This is a FORUM, and we all have plenty of different views,thats what a forum is all about.With a bit of luck we can get construction started so we can get the much heralded inaugural cricket match against Sambala started on time(June 2010), and me,hammersteve,seagullsslimjim,Tony,Caryl Blakeman,daveram,can all have a drink together.Sambala I believe are now releasing their first properties, so its a good chance the July 2010 golf match will be going ahead,so Me,Tony,hammersteve,margie,Caryl Blakeman and not forgetting my playing partner Anielka(Yelki),can all have a drink with Brookie,george,Chris,Yvonne,penny and Physio, and exchange our different views.

    george
    Member

    It’s nearly 2 years since I first visited and reserved property in Cape Verde and at a time when there was no real track record of major developements. Thankfully things on the whole are going pretty well and there has been a constant flow of good news from CV re investment, tourism, etc (at least from a foreigner’s point of view). I think the long term future looks fantanstic for CV (never mind potential short term blips or lulls in regional economies) and the Sambala resort is coming along great, apart from the inevitable delays. I’m sure we’ll all meet the deadline for the cricket match and I look forward to it.

    Might be a good idea to arrange a match with some of the locals too, maybe on the beach at Sambala. Any Cape Verdeans out there play cricket?

    Merry Xmas to all!

    lemanistan
    Member

    There’s no such thing as cricket in Santiago at the moment, but some guys started playing rugby on Kebra Kanela a few weeks ago…..

    This place is mad keen for football, basketball and bedroom sports, oh and partying

    hammersteve
    Member

    Happy New Year. Hope that you are all well.

    hammersteve
    Member

    Hi. Does anyone have any info on what hotel chains will be on the development?

    andrewgreen
    Member

    I’ve been told they’ve signed an agreement with a management company owning some 70 hotels. I believe the name is global hotel or something like it. I know they own the meridian in lsibon – i’ve stayed there and it’s one of those unforgettable places – but my in laws have been told it won’t be a meridian.

    hammersteve
    Member

    Just had a quick look around the rest of this website. It seems to have really gone downhill. Think I will just stick to the Ponta Bicuda threads. Look like a case of the few ruining it……

    Hi Hammersteve – full details on the Ponta website

    ” HOTEL BRAND ANNOUNCEMENT FOR COR DI MAR AND TEDJU
    06.03.2008
    Global Hotels Holding (owned by Sheik Mohammed Youssef El-Khereiji) is launching a new luxury hotel brand: Tiara Hotels & Resorts. Tiara will include hotels as the ex-Méridien Lisbon and Oporto, Miramar Beach Hotel at Cannes, Chateau Hotel Mont Royal, a palace in Chatilly, 30Km from Paris, Hotel Astoria, one of the most emblematic buildings in Brussels and the hotels Cor di Mar and Tedju at Ponta Bicuda. Global Hotels is creating its own luxury brand, rebranding and moving away from the Starwood Brands. This announcement is on its own a guarantee for the rental returns of the hotel properties and a great perspective for solid capital gains at Ponta Bicuda.”

    Sunny Sussex goes south

    hammersteve
    Member

    I am out of the country at the moment and was just thinking. I have given about £60k to the developer. Does anyone know how financially stable they are? The contracts are at home. Are the funds held in ESCROW? Perhaps a bit late for my due dilligence !!

    optiontrader
    Member

    Hi steve:- When you paid your first stage payment you had a choice to cover your funds with a bank guarantee,for a small premium.

    hammersteve
    Member

    I didn’t have the foresight at the time!! I need to take some action now, though. Any advice appreciated!!

    hatter88
    Member

    I asked for a bank guarantee and it was specified in my contract however after a year of asking I have yet to receive any paperwork.

    I am starting to think that the bank guarantee was never actually put in place. Did anyone with a bank guarantee ever recieve any paperwork?

    hammersteve
    Member

    I sent PB an email outlining my anxieties and received this response

    I have your other email to reply (i’ve passed it to my finance department) and i am replying this one right now because i find the matter too important to delay!
    To start with i am replying with a straight answer and then i’ll detail it further:
    1. We’ve exchanged a promissory contract where we’ve promised to sell/deliver a property (CPS)
    2. Against the contract you’ve paid us money (in advance to a future delivery)
    3. The guarantee relies on the bona fide (relies in trust and confidence)
    4. If we go busted, we have our assets to respond to the creditors
    5. Up to now we fully rely in equity and in customers advanced payments (the customers are our creditors)
    6. We’ve promised to sell fifty million euros out of the total three hundred million of the resort – it’s better than the other way around.
    7. We believe that our assets are higher than the debts (as i mentioned the only existing debts are towards promissory buyers in the sense that we have no bank debt or any other kind of debt – the suppliers credit is residual)

    The current market situation is not good anywhere in the developed world (we’re having good times in Brazil and in Angola, but we’re facing hard times in Europe). Ponta Bicuda sold above the expectations during the first year and a half and we’ve accounted for interesting sales numbers. Right now, we’re not smiling (there’s blood in the market…), but we’re not crying. We have enough sales to deliver the first two hotels, we have the contract with Tiara for the management of three of our five star hotels, we have an approved credit line with a solid portuguese bank (it’s state owned and we believe it’ll overcome the current turmoil) and we’re building the properties. In terms of the private residence villas, we’re building the ones that are sold and we’ll build the others in line with the sales (meaning that our risk is reduced). We’re not launching new hotel products and we’re selling at our slowest pace ever, but when we look around we’re comfortable. In spite of the current market situation we believe we’re doing the right thing and thus we also believe that you have a solid and profitable investment.

    We’re sending a note this month to all our customers in line with what i am telling you here (in fact, i believe i am going to use these lines for the communication). Please fell free to drop me a line or to call me at any time.

    optiontrader
    Member

    Hi Hatter88:- I am assuming you are a Luton fan. If it is in your contract, you will have a Bank Guarantee in place.

    Hi steve:- Lets not forget that the developers have had a massive take up of properties, they have sold 87% of Tedju,85% of Cor di Mar and 72% of Coladera,which will have given the development a good cash flow(a lot of the businesses going under is because they have no cash flow), and they also have a good track record in other developments,so I would not worry about your property not getting delivered.

Viewing 15 replies - 151 through 165 (of 170 total)

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