Singing Pig

Fascinating thread. I have waded into the Punta Perla morass in search of a possible deal. Golf apartments AP5, 6 were offered with a 130% guaranteed buyback on completion. Invest 30%, and in 2 years or so, exercise the buyback option and pocket 100% gain on your investment. Obviously, the contractual completion date will now be subject to close scrutiny when I get to see the contract. But since I am in the US, it is just a short hop down to Punta Cana (the airport, not the resort). So this weekend saw me touring an undeveloped stretch of coastline. Nice enough, but nothing special. In fact, nothing at all. Except for the Punta Perla developer's board, still standing on Saturday 3/5/08. There is no clubhouse, no work even started. The developer's rep who took me around mentioned the clubhouse would be completed in a few months, after work on the interior of the site had progressed. Apparently this area off limits to visitors is where work has started. End of the day Friday I saw a truck with a dozen workers leaving the site by an access road west of the access road at the developers board. None of this purported work is visible or accessible from the track that runs along the beach.

I was unaware of the long and sordid history recorded on this thread, or I would have probed more deeply. For those who have invested, I hope your funds are being held in escrow, and not frittered away by the developer. From the developers history, he has a substantial track record across Europe, even to Russia, but with credit tight I am sure he has many calls on his funds. With 70% of the 5000 units claimed to be sold, the deposits must represent a sizable chunk of capital if he can get his hands on it.

On a more positive note, the beaches are truly beautiful...wide, sandy, with clear water, palm trees, and sheer scale beyond anything on the med - 4 miles of beach at RocoKi. The casual tourist is isolated from third world DR reality, and even the immigration officers managed a smile. A gentler introduction to the country than the arrogance in Morocco and Egypt. Even the comments of hard to please Americans were surprisingly positive in the queue to board the plane back. DR is still bottom of the Caribbean pile, shared with Yucatan peninsula in Mexico, for American tourism in terms of socio-economic appeal. But that is coming from a very low base characterised by poverty and crime on the island (Cabarete, Sosua).

 
If I can get the contract terms I want, I will go ahead and invest. Pristine Caribbean beachfront with good international access is going to be hard to come by in 10 years:) Hopefully, there will be a clubhouse by then...introducing the next generation of Punta Perla investors to the soon to be built resort....lol

 
Regards, Ian

 

 

 

Dexter - sounds like you know a lot more than anyone else. I suspect you're right.

How can you suspect Dexter is right after his apocolyptic and nebulous statement of last week?  We shall see how credible he is after this week.  In any case, the sales agent that sold me my Punta Perla Golf apartment has been visiting the DR with potential clients these past days and he informs me that he saw all signs in place.  What he did seem to notice were some missing flags (or vestiges of some), but given their tattered state with the wind conditions they were probably due for replacement. 

FORROBERT, interesting article on wind energy, but I must concur with the previous stated view that it does not address or mention developer corruption.  If anything, from the dissenting locals I get the impression that the energy group, CEPM, were making somewhat illegal plans without any regards for building and tourist regulations.  In any case, that article was from a year ago. 

landappreciation:

How can you suspect Dexter is right after his apocolyptic and nebulous statement of last week?  We shall see how credible he is after this week.  In any case, the sales agent that sold me my Punta Perla Golf apartment has been visiting the DR with potential clients these past days and he informs me that he saw all signs in place.  What he did seem to notice were some missing flags (or vestiges of some), but given their tattered state with the wind conditions they were probably due for replacement. 

FORROBERT, interesting article on wind energy, but I must concur with the previous stated view that it does not address or mention developer corruption.  If anything, from the dissenting locals I get the impression that the energy group, CEPM, were making somewhat illegal plans without any regards for building and tourist regulations.  In any case, that article was from a year ago. 

 

I took it to be a joke.

PP is a fkn joke.

I am told that the environmental licence was granted at the end of April. That leave's just the CONFORTOUR to be signed. Developer won't start building until this is signed as everybody connected with the development will claim tax exemption's under this. 

Got  a letter today from my lawyer, it looks like they're trying to get some answers out of Paradiso Tropical. Although the CONFOTOUR (not sure why custom dictates capitals here) issue is still ongoing ie the meeting will take place 'shortly' .There's a new document that’s been published which grants permission to build the three golf courses, club houses, equestrian facilities and all their peripheral dwellings i.e. our villas/apartments.(no mention of the marina at this stage)

Given this was granted by the authorities on the 8th April 08 makes this a new development and reconfirms that the project is indeed progressing. The recent issue of permission certainly conflicts with Brian Dexters‘ comment that the project is going to be shut down by the authorities. Bri - get some help bro. 

Has anyone else received this document - is this news to you or am I behind the times?

 

Hi Ya P.K.

I got the same letter yesterday morning.  It was news to me then too.

Bonzer !