Singing Pig

Here we go again... another Promised communication from Mr. Jeff Wagner (director of external relations for Punta Perla) who on July 18th 2008 stated "we" (PP) look forward to communicating with you in Sept.... and once again, nothing!!! From the complete lack of "talk here on this site" I must speculate as to why, as I must speculate as to the status of the Developement. What in the HELL is going on!!! It is time for this Developer to produce tangable evedence that this proposed developement is in fact going to be developed or return my $. I have been in contact with my attorney and he states that the Developer has 33 months (from when contract was signed) before I/we can go after our $... With this in mind, I say "we" start a list or have some sort of group effort of those of us who want to pursue this, as my patience is warn out. If there is a Confortur, the Developer would of or should of put this news out to all of us. He has done nothing, no up to date info(status), no construction on site (as viewed by myself in May of this yr) again I say, NO construction!!! This is becoming more like a scam then the wonderful Developement we all bought into. With the economy in the crapper you would think an informed honest Developer would be doing His upmost to assure his clients that "our" investment $ is secure in this Project. I havent heard anything that makes me feel good about anything to do with this Developement. A lot of non truthes, unkept promisses, photos that amount to nothing more than false advertising(construction taking place when in fact NONE is)  When I have nothing to go on but speculation I can no longer afford to risk the large depost I put down. It is time for this Developement to start in earnest or we need to pursue getting our $ back. Anyone else feel this way or am I talking to myself..or are there only sales reps here?      The elections are over, Tourism Minister Felix Jimeniz is gone, and 4+ months have passed and yet we are no further along then before...this is starting to smell fishy, enough is enough, if I had info to the contrary there would be no need to speculate, but no followthrough on promises and add to this the economy downturn, we are owed the respect of being kept informed with truthfull timely updates... Let us demand proof of the validity of the Project or get together and pull out !!!  If you look at what is available for sale you will see that the same units are available today that were months and months ago...nothing is selling...this would not be the case if there were positive steps being taken to promote a viable product, can't sell something that does NOT exist...I truely hope I am wrong as I truely want to believe in PP, but there needs to be substance to the hype, anyone have it? 

My solicitor who i believe represent's about 200 investors sent an E-mail last week saying that they are due to meet the developers at their London solicitors office this week. At this meeting they are to inspect all the licences and confortour which were signed not long ago and the developers were due to get them last week. According to the telephone conversation between solictor and Mr Miranda, Miranda said that development would start no later than the 15th October. I am told that shortly after this meeting has finished we will be updated. So hold on for another week or so to see what transpires. I am not to sure on when is the best time to start this project giving the state of the world economy etc.. but i would like to have some say, giving that some of us have to get mortgages to cover the other 70% and how difficult will this be. Also what happens if a Bank will not give you a mortgage due to current circumstances etc..I'm sure people have loads of questions to be answered that would not have been on their minds when they bought into this project 2-3 years ago.

Mr. A.N. Other.... thank you for your responce, it is truely good to hear "any" news about this project, as for waiting a bit longer, (2+ yrs) that is not the problem, waiting with no info/in limbo is! What you state is truely uplifting, that is, if it comes to be and is not just another broken hearsay/promise... The questions are many, a few I have right now are; 1) it is stated in all the sites selling PP and in my contract that the Developer will provide a 70% mortgage, is this not true? 2) after the 33 months has passed (from signing date) and the Developer is not able to hand over the keys because it is not yet completed, how does Developer pay us the "stated" interest--rates and to where? For now I shall wait and see if this promised News is in fact what I need to believe in this Project and it's validity. It is time to produce a product, no more talk!!!  Thanks again...

I am more fortunate than others in that I have invested fairly recently in Punta Perla and consequently I am less nervous than many here.  Still the lull in terms of activity on the project has got me thinking more and more of late about my investment.  So, last week I made some phone calls to my sales agent and a couple of business contacts in the DR and have gathered the following.  Indeed, as others have mentioned in previous weeks and months, the change in goverment and the removal of former Secretary of Tourism Jimenez bodes well for projects like Punta Perla.  Apparently there has been a bit of a log-jam of tourist projects awaiting Confotur approval for some time now.  The arrival of the new Tourism head is believed to represent a breath of fresh air for many.   From what I understand, projects like Punta Perla now face a faster approval process, which means that they will be addressed in the coming Confotur meetings.  Hopefully, this means very soon just as someone alluded to recently.

As for construction, I can only imagine that this will happen rather soon.  The past developer update letters suggest that they have several companies lined up already.  With the time that they have had the past year or so, they should be well organized and have all construction details laid out for quick movement once they move ahead.   That would seem logical and that is something that we all hope is the case.

 

 

Hi,

As an investor in this project I have seen all the highs and lows and I like everyone else was awaiting the real proof of the CONFOTOUR. Unfortunately though this will not save this project. I am an unfortunate account holder with Kaupting Singer And Friedlander bank which went in liquidation today and have pretty much lost everything I had at this stage. While this in itself is bad enough but it does not have a direct impact on the Punta Perla project. It leads me to look at the financal markets and come to the conclusion that if a very well renowned Isle of Man bank can go into liquidation in this manner then does the CONFOTOUR really matter at all. This developer has millions of dollars of investors money. And where is that money located ? In a bank by any chance ? Which bank I wonder ? Could it be one with a high exposure to US banking assets and the greed of wall street. I would imagine that is exactly where those funds are sitting right now.

So those with or without clauses in their contract should be thinking right now. Will the CONFOTOUR save all ?. Sadly I wish the answer is yes but after seeing my life savings go down the toilet today I would say a financial meltdown is very close to arriving and I am hoping and praying that whichever banks the developer has investors money is safe. Can anyone on this forum name a bank with no exposure to the financal meltdown at this point in time ?. I think not. We are all hanging in the wind. Sorry to be negative but when my financial advisor goes to the bank and is now storing cash in the house I would think its safe to say I am starting to wave goodbye to my deposit on Punta Perla. But god damn I hope I am prooved wrong !!!.

 

Hi jedizippy,    My heart goes out to you, and to all those of us affected by this economic travisty. You bring up another very valid question, where is "our" deposit $ being secured and what is it's status... this needs to be answered right away by this Developer!!! I sence that now is the time for this Developer to put all his cards on the table, no more time or delays, He is obligated to ALL OF US who invested to produce tangable proof that He is going to be able to deliver on our contracts... or else be prepared for a Class Action Lawsuite... I am sure most of us do not have our deposit $s available to be thrown out the window. I am prepared to fight to get my $ back should He not provide me/us with the evidence needed to believe in this Developement..  I concure with your concerns and sentament, let us hope we are shown" very soon" that all is well in Punta Perla Land... I would hope and think that ALL invested folks dealing with this issue would voice their concerns, there is no more time, we All need to be deeply concerned about our investment moneys and if they are safe!! It is said the Developer reads this Post, so show your concerns and feelings, He needs to under stand that He needs to produce facts that put to rest "our" issues...Or else!!

I am sure you will agree that this is great news for everybody who invested in Punta Perla.

Complete text of today's press release you can read here:

http://www.sunnycomfort.com/content/great-news-punta-perla-confotur-now-place

 

Alex

One comforting fact is that most of your money is tied up in the vaule of the property itself.  And, the property has appreciated nicely.  And, it ought to slowly continue to appreciate like the rest of Punta Cana.  Perhaps the delay is the best thing that ever happened to you, as how would you like to be finding a buyer for your unit right now?  Or how would you like to be forced to come up with the 70% now?