Singing Pig

Hi alig,

 

What  difference a weekend makes - on Friday you were agreeing with me !.

 

You are right, of course. I must apologise for taking cogniscence of the "gossip" on a thread running for two years. Even you admit that the developers are treating investors with indifference, to put it mildly. Anyway, I will say no more and await the posting of positive news and possibly some photos of construction. I assume the hundreds of workers just waiting to leap into action are hidden in the palm trees. (Loved your reference to the WWII digger !).

 

With regard to wotagirlie's post, well it just serves to remind people to treat agen'ts claims with a hint of reticence and go and visit before you part with money.

 

As for Doom & Gloom you will be glad to know I'm suffering from both; the decline in the UK stockmarket since its' peak last year and the steady fall in sterling v. the euro is hitting where it hurts.. After today's bloodbath I'm down @25% overall; not broke but that early retirement to the sun has moved to the back burner !.

Roger, the back burner is now fully stoved for most of us.

I`m glad to see there is some humourous wit running through your veins during this difficult time !

Hoping things pan out for all of us

Alig

alig I have never mentioned fraud with regard to PP. Hopefully for those that have handed over money in good faith, the project will be started and completed in its entirity, motgages obtained (for those that need them), and rental volumes, velocity and rates meet expectations, or for those with rental gurantees that they materialise and are higher than the all in running costs (not to be confused with purchase or funding costs). I'm sure one thing that helps all the PP investors on here sleep soundly, is their familiarlarity with the contract/s they signed. Especially with regard to the most important issue in the T&C's, that being surrounding the treatment of the deposits they've handed over i.e. where the money is to be held and any encumberances/restrictions put on its use. This can vary from at one end of the scale, the deposits being held in escrow by a bona fide lawyers and it only being available to the developer in a series of tranches as verifiable mile stones are met by the developer and of course the sales agent only getting their commission of closing/satisfactory completion of the property/ deal. To on the other, the contract allowing for your deposit money to be taken into the general cash flow of the developer, where it can quite correctly/lawfully be used to fund the general cost of running the company e.g. Wages, bonuses, company cars, office expenses, marketing, insurance, upfront commission payments to sales agents, and hey maybe even a little construction! Now as I said before I have not mentioned fraud in relation to PP, there are much easier and legal ways for developers to make money from absentee, foreign investors many who appear only too willing to believe marketing/sales monkey pitches and sign contracts which leave them exposed. Me doom and gloom, no just realistic. I am extreemly positive in my opinion for the potential of this development!

Your comment's are well noted. I have been reading this thread for the past 12 month's, but only this thread as i have an investment in this project. I enjoy the entries from people who have invested in this project whether they be positive or negative. Personally i would not waste my time going on to another forum talking down a project, even if i thought it was a bad investment unless i had some concrete evidence to back up my accusation's. Enough of that, and on to what little i do know.

 Got a letter from my lawyer yesterday, so contacted them today, the same one that has been mentioned on this thread a few times. He thinks that with the DR election's coming up this May that there will be no granting of the Final authorisation by the Tourism Minister until after the election's. Another point of note is that only 75% is registered in Paraiso Tropical name, the other 25% is supposed to be contracted in their name but has not been registered. At the moment it might be fortunate for some of us that this project has not started, as i would not like to be going to my bank at the moment asking them for the other 70%.

 Reading the broadsheet's, they say it will be another year before this credit crunch work's it way out. Add another year on to that for people to start trusting investment's again and hopefully if this project takes off (this year sometime), then it might coincide with another up cycle.

Welcome Anthony,

I too have had a recent communication from my lawyer (probably the same as yours), however I have not had a follow-up conversation with them.  Purely from the letter it seemed to state that the "25% not held by Paraiso Tropical" actually related to adjoining land not land that is required for the current development.  This land may of course be of interest to PT should they want to expand in the future.

That is how I read the letter anyway - does your follow-up conversation lead you to a different conclusion ?

Regards 

 

Mr Bonds, from my conversation with the lawyer, he said they own 75% and have the other 25% in contract but not registered in name with the authorities. Going on the letter we received it says that 75% cover's all the development and that the other 25% is just for a buffer zone. There seems to be a bit of clarity missing between these 2 statement's, but the lawyer did'nt seem to be overly concerned. His main point was that the land for development is owned by Paraiso.

 Rgds

Have been traveling quite a bit of late, but I do check in every once in a while.  I too enjoy hearing the various investor feedback on this board, although I question the motives of some of the non-investors and find certain speculation and rumor analysis a bit absurd and off-putting.

The recent talk about land ownership percentages caught my attention and I made some inquiries with both my sales agent and lawyer.  From what I have been told, there is nothing that indicates that Punta Perla project land is not entirely owned by the developer, so the 75/25 numbers that were mentioned before don't make sense.  Don't know who your lawyers are, but the information they provided sounds a bit odd, especially since there are at least two possible interpretations of what was said.  Also, as Mr. Conlon points out, the lawyers don't seem too concerned, so I wouldn't be worried about that issue. 

A couple of other points...My lawyer, after talking with some Dominican contacts on the land ownership issue, mentioned some things that re-confirmed what another Dominican contact had told me previously, namely that Punta Perla is well thought of within the government and that everything seems to be in order for the project's full development (or at least nothing that would indicate otherwise).  As for the May elections, that issue did not come up, but it does not surprise me that countries like the DR face bureaucratic slow-down in election periods.  Don't know how that will affect Punta Perla, but the adjustment time period should be short regardless of which political party wins.  The two major parties are familiar with the rules of the game as they both have ruled the country recently.

Mr. Conlon's point about a market upswing possibly coinciding with the core project development years is an interesting one.  That's something that has crossed my mind of late.  I very much believe in the cyclical nature of these matters and I am quite confident that in a couple of years (sooner rather than later) - when my property is built and when I am considering re-selling - the market will be favorable for a nice return on my investment.

As with most of the participants of this board I reserved Punta Perla property and I started to become a little bit concerned about the outcome, especially after some very negative comments on this board.

 

Several days ago I had an opportunity to speak to several Punta Perla sales people including the co-owner of the company. I also had a nice conversation with the lawyer working on obtaining Confotour for Punta Perla.

 

Unfortunately I cannot give you the details, but I am now convinced that Punta Perla is on the right track and it will be even better than I envisioned originally.

 

Alex