Ponta Bicuda

This topic contains 170 replies, has 31 voices, and was last updated by  hammersteve 13 years, 5 months ago.

  • Post
    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 - 121 through 135 (of 170 total)
  • Replies
    daveram
    Member

    Hi everyone

    I recently purchased a two bedroomed Villa (Tedju) in Ponta Bicuda, a little over weight now but I used to open the bowling for my local club side, hopefully I’ll be able to squeeze into the team !

    I would really be interested in any type of forum regarding info etc.

    optiontrader
    Member

    daveram:- Theres a fair amount of Ponta Bicudians looking at some sort of forum, similiar to the Sambala friends forum(google…sambala friends), where we can discuss issues relating to Ponta Bicuda.

    Daniel
    Daniel
    Moderator

    Hello,

    considering the huge amount of interest and replies to this topic, I can open a subforum only dedicated to Ponta Bicuda.
    Would this be of interest for you ?
    Also, if there is still interest for this, I can open a similar one for Sambala, I think it is better, as getting readers all the time over to another forum,…

    Best regards,
    Daniel


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    optiontrader
    Member

    Daniel:- What you propose is perfect, a sub-forum dedicated to Ponta Bicuda.

    Count me in.

    woodfold
    Member

    I’m new to the forum but as I’m close to signing, I’d be right up for a Ponta Bicuda specialist forum – I’m sure there would be plenty we could all learn from each other through the journey – Lets hope its a reasonably smooth ride!

    Woody

    yelki
    Member

    We’re just about to transfer the next 10% stage payment (20% in total) for one of the Casa Grandi plots. We’ve had an update on things and they are on schedule to commence work in November. I do agree that it is now probably time for us to have our own forum of some sort so that we can exchange tips and ideas on our experiences. We already have a couple of things which might be of interest, but I wouldn’t consider them pertinent to the entire CV forum. Can we all maybe progress this now?

    hammersteve
    Member

    Anyone have any idea how far sold Tedju is and when any new releases of additional phases may occur.

    i sent an email yesterday asking how the sales were going in Tedju , but no reply yet.

    they’re probably too busy looking up what a fridge is 🙂

    Sunny Sussex goes south

    woodfold
    Member

    Hi hammersteve & seagullsslimjim,

    Tedju status a couple of weeks ago was all 3 & 2 bed villas facing the bay (west) where sold but the cliff edge 1 or 3 bed apartments where not selling well. Also a small number of the villas facing the sea (south) have been sold, but there are still plenty left.

    It seems the view toward Praia is more desireable or maybe the fact there will be further building in front puts purchasers off even though they are cheaper

    Woody

    hammersteve
    Member

    I am out the country and wanted to pick your collective brains as I don’t have my Tedju contract with me. I paid 200,000euros give or take. My understanding of the initial guarantee was that I could take a 21% discount which would be 42k euros or that I can take a 5% per annum discount for 5 years, i.e £50k euros. My understanding is that the 5 year plan is net of maintenance and service charges. Is that the same with the lump sum as that could be 10k euros over 5 years and determine which option I take. Also, when do we have to decide? Thanks in anticipation.

    optiontrader
    Member

    Hi hammersteve:- The 5% per year is net of all charges…but not government taxes, so whatever you plump for, you will receive approx 42,000 EUROS.

    The investors who are not buy to let, will probably plump for the 42,000 EUROS up front. Buy to let investors will be re-mortgaging.

    I am assuming the cash will be deducted at the signing of the deeds i.e. instead of you paying 120,000 EUROS you will only pay 78,000 EUROS.

    woodfold
    Member

    Hi hammersteve,

    I agree with the way optiontrader has explained things – Here is an extract from the Savills bumf:

    ‘The 5% net guaranteed rental return is for five years, you are tied into a 10 year contract, and if between years 6 – 10 the income generated is 5% or over you are obliged to renew the contract for another 10 years, so, in effect, you are buying a permanent investment property. If the income exceeds 5% then you will benefit from this excess.

    The 21% cash back is the discounted cash flow equivalent of the 5% rental income for 5 years, you would get this on completion with your keys, you wouldn’t get the further rental income for 5 years as this has effectively been given to you in this 21% lump sum.’

    I think it fair to assume that if you took the cash back, you wouldn’t need to pay maintenance charges – You may also still be able to legitimately look to receive any rental income over the 5% level.

    I’ve not seen anything about when the decision has to be made by, but I’d be surprised if you couldn’t decide at any point up to completion as it doesn’t make a difference to the developer as far as I can tell.

    Woodfold

    So

    hammersteve
    Member

    Just got back off holiday and sat at work feeling a little depressed. So, I have logged onto ************** and guess what, my spirits were lifted!! Hope you are all well. Obviously at the turn of the year thing should hot up for us all when we make the next payments. Enjoy the lovely UK summer and get saving up for your next 20% payment !!!

    I do the same Hammersteve.

    i also have a copy of the Sambala DVD , which has a great round island tour of about 15 mins- i find that does it for me.

    Sunny Sussex goes south

    hammersteve
    Member

    Apparently Savills have a launch party for the next phase in London today. Is anyone going?

Viewing 15 replies - 121 through 135 (of 170 total)

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