I been in discussion with Ponta Bicuda and they confirm that the 4% will be an annual payment rather than a one-off payment.
The “4% per year” will be accrued as of 1 December 2009, provided we both have all the documents in place (program + amendment), until completion. The payment will be discounted from the final payment in the notarial deed. It is then completely income and stamp tax exempt.
Hi tunbridgewells:- Its not looking promising at the moment for VO,they did try to come up with a solution by asking purchasers to defer the final construction date which would have guaranteed bank funding….maybe they can think of another avenue through Design Resorts??
Hi, I have not had a reply to a recent email. Does anyone have any uptodate info?
This is the last reply (email) I had from VO on the 10th March, If anyone has anything more up to date, then I’d be grateful if you could share it on the forum…. I hope this helps
We hereby update the status quo of the situation with Ponta Bicuda. There are still no news from the Supreme Court of Cape Verde as regards the appeal placed against the decision in favour of Vilas Oceânicas, but the allegations presented by the Plaintiff have added nothing to the initial request and arguments.
As per the compensation program, although we have not reached yet 75% positive adherences from all the clients of Ponta Bicuda, due to the loss of 20 million euros of sales from a group of purchasers that have breached the promissory agreements, we have managed to place 10 million euros of sales with a group of investors.
We are now also in negotiations with other two groups to recover the remaining parcel and be able to complete the necessary investment to conclude construction. In any case, such decision will only be executed upon the prior sentence from the Supreme Court of Praia, confirming our ownership of the land.
We would like to emphasize that this will not affect the deadlines before agreed as committed, but will prevent us from giving any confirmation before the final sentence comes out and the construction is resumed.
We also apologise for not having made an earlier communication, but the agreement with the purchasers mentioned above, the negotiations of which began in December, was only signed later last week, preventing us from compliance with our initial information schedule.
Wishing all the Ponta Bicuda clients a better year in 2010, we hope to get back to you very soon.
Hi, has anyone got any news please?
Heard nothing from VO, I presume that the appeal over the land dispute is due to be heard/concluded very soon and hopefully we’ll hear something then.
Our contract is due to expire this September with PB in full default.
As it would strike me they have simply been stringing everyone along and frankly don’t appear to have a sustainable plan or more important the finances to complete the development – anyone wish to join us in a joint action?
Hi tunbridgewells:- I received a letter this week from my solicitor and I am pondering my next move. The developers did intend to build Ponta Bicuda as i was in constant negotiation with them re:- my apartment in the early stages even after payment of the 40% stage payments. Property companies have been struggling the last couple of years and they did seem to try to find a solution by deferring the completion date to Dec 2012.
However it does seem the previous e-mail from the developers in March was a stalling tactic and as you say they dont appear to have a sustainable plan. I dont think there is much doubt that if VO is independent of Design Resorts we have done our money. We were offered a comfort letter by Design Resorts and according to my solicitor:-
“We have not analysed the comfort letter and we do not know if it is valid. Please note that under the terms foreseen in the Portuguese Companies Code, a company may only issue guarantees (such as a comfort letter) if it has an own interested duly grounded or if it is to a company in a domain or group relationship. Although the letter mentions that Design Resorts is the indirect sole shareholder of Vilas Oceânicas, in a company by shares is very difficult to attest this”.
Our saving grace may be that VO and Design Resorts are not independent of each other, though we will probably need a Cape Verde lawyer to confirm this, I am still pondering my next move, any other comments would be appreciated!!!
As the legal system in Cape Verde is on holiday until September, I’m going to hang on and see how the land dispute appeal goes. I am one of the owners (of what I don’t know) who decided to agree to the revised constuction date of 2012, as have about 70% of the owners who have invested 40% so far… so in effect I’ve just gotta hang on in and hope that all goes well!!
Just waiting to get the silly season out of the way. Will see if DR respond to our default notice and then perhaps instruct my Portuguese lawyer to investigate the company relationship.
DR refused to send me a new contract, the letter of comfort or a full translation unless we agreed to defer beforehand – not a great tactic – and left me feeling decidedly uncomfortable. I doubt very much if 70% agreed to the new arrangement as when I asked them for some proof they didn’t reply.
It is interesting that all my correspondence came from DR and not the site team, although it would be hard to prove that this constituted an implied contract with DR. Certainly all our funds went to the subsidiary, so it all relies on their reply and company relationships.tonymcMember
Did you hear anything further?
You must be logged in to reply to this topic.