Singing Pig

Is appreciation likely on property, given the current market conditions? If the UK/US/Irish economic + property downturn is as pronounced as people state and given that it is people in these countries that usually buy, I worry that this development won't get off the ground.

He may have lots of money from deposits to start development but this won't be enough to finish the first phase! I can't see where the new investors will come from? In addition, I agree with guaranteed mortgages statement. I'm not sure these will hold up now.

All a bit worrying......

 

 

 

My husband and I are pleased about the Confotur news.  However, we think there are still few questions to which we do not have an answer.  For example, (1) we are wondering if the developer has a permission to build the Marina? As far as we know, based on the Environmental License issued on April 8, 2008, there are 6 phases of this development, but none seems to mention the development of the Marina.  We understand that there should be a presidential Decree on this issue or some other kind of final approval (this is considering an ecological intervention and the fact that the nearby CapCana already has a Marina).  If building of the Marina is no longer part of the project, we are concerned that this may significantly devalue the property.  (2) When will the Final Building License be issued to enable the start of the construction?  (3) What other approvals, if any, are needed for the construction to begin?  (4) Does the developer own all of the land or only 75%, as we heard from our solicitor some time ago?  (5) Finally, does anyone know if the Developer cleared the redemption of the mortgage in the Land and Registry Books, which he was going to do once he had Confotur in place?

We would greatly appreciate any information that other investors could share with us. 

Many thanks,

SonyaAnn

The quickest and most accurate route to acheiving the information you require is to ring Emerging Earth.

Their number is :- 0845 604 1208. You should find them very helpful.

1. The developer has full and complete permission to develope the Marina
2. The Developer was in fact granted a Presidential decree last year
3. Cap Cana having a Marina bears no relevance for whether Punta Perla should or will have one
4. The final building licence has been granted. I understand construction will start before the end of this month.
5. No more approvals are needed for construction to begin
6. The developer owns all of the land within the project. There are pockets of land surrounding the project for which they have options to purchase if they wish.
7. The developer did clear the mortgage which was tiny when compared to the actual value of the land

All of this information is available by simply picking up the phone.

 

White Knight, I agree with all written. The mortgage was a mere $15m and was paid off early last year. Also, just to clarify, the confortour has been granted for the full completion of Punta Perla, not just a phase or two. We have waited several very frustrating years and at times have all been fed up to the limit with the lack of anything, however, this means no more hold ups, reaching a certain build stage and waiting for the next license to be granted. This should really start to build up a head of steam and I for one am very excited at watching this project take shape. Happy days !

White Knight,

                    Totally agree and had to do same last week. I was told the land was bought for 400m, worth a lot more now and also seen a post on this thread saying ex Tourism minister was trying to buy it for 800m for land bought at 400m. Could ring again but if somebody has the explanation can they post here.

 Where does this proposed development stand in terms of quality, prestige etc.. compared to Cap Cana and Roko Ki, as they were two developments i was told to compare with, to get an indication of price appreciation. Looked at both quickly on the net, thought Roko Ki was of a better standard etc..and Cap Cana just slightly ahead of Punta Perla, but if somebody has good knowledge of all 3 then i would be interested to hear their views.

Punta Perla will never be Cap Cana because of both the sheer size of Cap Cana and the fact that Cap Cana has a very three dimensional feel.  The golf course changes elevation, and there are the cliffs in the distance (Trump Farralon).  I think Roco Key has a similar feel also.

 That said, Punta Perla will be very very nice.  So when a Cap Cana marina unit sells for 2 million, if mine only sells for 1 million, I will be very happy indeed!

Many thanks to all for the useful information.  One more quick question: has anyone heard if the construction of the first phase, promissed to start before or on 15th of October, is now in progress?

 

I will agree that the news of Confotur is indeed "good news", however, other then the selling agents putting out the news of Confotur there has been NOTHING from the Developer to address this issue. The Developer stated in his last update dated Madrid, July 18th 2008.. that there would be a follow-up communications in September giving us investors a progress report.. it is October 27th, and still Nothing. You would think HE could follow through with what He says He will do! Add to this lack of keeping us informed the news of Confotur and the importance it plays on this Project getting off the ground, you would expect there to be great fanfare from Developer in it's announcement, why has there been nothing??

I know I come across as being negative however this is not my intention. I invested a lot of $ in Punta Perla, almost 2 yrs ago and the list of things taking place is long and yet to happen.

Add to this the economy downturn and it makes for great uncertainty as to the validity of this Development. There needs to be follow up and follow through from the Developer. PROOF !!!