development at ponta preta sal

Does any one know how the ponta preta site is proceeding next to rui hotel

Many thanks

John

Does any one know how the Ponta Preta site adjacent to Rui Hotel Sal is progressing?

Thanks

John

I was there in Dec and no building work was going on at Ponta Preta. Many sites have stopped completely.

Stuart
Many thanks for your update.
I have a problem because Esmeralda/Cabomaxo are reluctant to give me an update and the next stage payment is now due.
Did get some photos of Ponta Preta but it doesnt seem to have moved on from then (July 08)

JOHN wrote:

Stuart
Many thanks for your update.
I have a problem because Esmeralda/Cabomaxo are reluctant to give me an update and the next stage payment is now due.
Did get some photos of Ponta Preta but it doesnt seem to have moved on from then (July 08)

Hi John
We are also buying an apartment on this complex and have already paid our second stage payment. Friends have just returned from Sal this month and have informed us that no building work is going on, also not much progress has been made on the site since they were there last year. So it seems that it has been dormant for some time.

Bill Kent wrote:

<quoted text>
Hi John
We are also buying an apartment on this complex and have already paid our second stage payment. Friends have just returned from Sal this month and have informed us that no building work is going on, also not much progress has been made on the site since they were there last year. So it seems that it has been dormant for some time.

Bill
I have tried to get soem information from Esmeralda Beach and after a considerable delay they have now come back to me and said" we are awaiting further information from Cabomaxo"
Bit strange as Esmeralda are part of Cabomaxo.
I have just had a response from someone in Sal and although he lives there he doesnt know whats going on but he is going to his solicitor next week but it deosnt sound at all good.
As son as I get more info next week I will revert with any news.
John

It appears that ALL development has ceased at Ponta Preta.
I have sent an URGENT E-MAIL TO Esmeralda (owned by Cabomaxo? or the other way around?.
If you would like a copy of my e-mail pease send your e-maila ddress to "obaille@hotmail.co.uk " and on receipt I will forward to you.

Regards

John Bailey

Hi All,

the Ponta Preta development is not very well.

Building has stoppped due to lack of funds, mainly down to bad management. They have only sold 113 of the 400 units but decided to build the lot - the maths don't add up. Anyway, those that have paid the're deposit are requested to sit tight and wait for further developements, hopefully the company will not go bust, I was told if the new management people work their magic it's possible things will complete by end of 2010, don't hold your hopes, anyway, if you need more information, let me know and I will put you in touch with the lawyer who is sorting all this out

Bob
Thanks for your posting.
Could you advise of name of Lawyer.

Many thanks

John

JOHN wrote:

Does any one know how the ponta preta site is proceeding next to rui hotel
Many thanks
John

John I was at the Rui on 31st March it appeared that the development was on hold not alot happening I.m afraid

Probably awaiting release of Bank Finance

Not alot happening anywhere on the Island except Vila Verde

Cheers Petera1

Have just discovered this site and am now even more concerned about Ponta Preta.
I have applied for a deposit refund under my contractual cancellation clause. Result so far - total and utter silence, for two months!
Could somebody please post the lawyer details?(please!)
Many thanks

hey, i´ve purchased a property in cape verde with a different developer and i am worried that it is nowhere near fineshed..and now i´m hearing rumours that it might not be getting fineshed at all!! i´ve already put a large sum of money into it and now i´m becoming increasingly concerned that if something goes wrong i´m going to lose that money..if this happens, is their any way of getting your money back?? I recieved an email from a company called property solutions overseas saying they can help, has anyone had any dealings with them?
any information you have would be much appreciated
thanks graham..

No idea on that one and have never heard of that lawyer........

Re Ponta Preta/ Esmeralda Beach/ Cabomaxo Lda , what a litany of interested parties.
Since my last posting I was referred to a firm of Solicitors here in the U.K and also offices in Lisbon by Esmerelda (who are based in Fuerteventua.
I asked Esmeralda if these Solicitors were there's or were I just being referred by fobbing me off?
The Solicitors did get in touch with me by E-mail to advise that they had currently got about a 100 clients of theirs who had purchased at Ponta Preta and that they are looking for the ramaining purchasers to put them "in the picture".
Apparently there were supposed to be 400 apartments which have "stopped" and are seeking planning permission to only build 200 and the residual land for commercial development.
Of the 200 proposed apartments only 117 have been sold.
The "Solicitors" are advising me that the development will not be completed until end 2010, and at this stage we dont know "who's" apartments have been built or partly built.
So yours or mine may not even have started but Cabomaxo have had my money.
Latest is that there are THREE of us with interests in Ponta Preta and we have found a Notary who at this point in time is suggesting that "all may not be well" and there may even be a suggestion of the whole fiasco not being handled in the proper fashion.
Should you be interested in further info or can add to the above PLEASE advise asap.

Many thanks

J Bailey

John Macclesfield wrote:

Re Ponta Preta/ Esmeralda Beach/ Cabomaxo Lda , what a litany of interested parties.
Since my last posting I was referred to a firm of Solicitors here in the U.K and also offices in Lisbon by Esmerelda (who are based in Fuerteventua.
I asked Esmeralda if these Solicitors were there's or were I just being referred by fobbing me off?
The Solicitors did get in touch with me by E-mail to advise that they had currently got about a 100 clients of theirs who had purchased at Ponta Preta and that they are looking for the ramaining purchasers to put them "in the picture".
Apparently there were supposed to be 400 apartments which have "stopped" and are seeking planning permission to only build 200 and the residual land for commercial development.
Of the 200 proposed apartments only 117 have been sold.
The "Solicitors" are advising me that the development will not be completed until end 2010, and at this stage we dont know "who's" apartments have been built or partly built.
So yours or mine may not even have started but Cabomaxo have had my money.
Latest is that there are THREE of us with interests in Ponta Preta and we have found a Notary who at this point in time is suggesting that "all may not be well" and there may even be a suggestion of the whole fiasco not being handled in the proper fashion.
Should you be interested in further info or can add to the above PLEASE advise asap.
Many thanks
J Bailey

John I would be intrested to hear more, I have passed over money to these developers.
contact me on kevin@cmc.com.sa

Have heard today that the UK solicitors who have been handling discussions for approx 100 investors are at the point of advocating action to be taken against Cabomaxo.

If anyone reading this is one of the 100 clients on their books, could you please let us know if you have any extra info that sheds light on this? I heard a rumour that Cabomaxo built only two of the blocks and that one of these has been/ needs to be demolished, due to not meeting local CV building regs. Cabomaxo have ceased communicating with the UK solicitors and this has been the tipping point in the affair.

Presumably Cabomaxo have some assets (if only the land at Esmeralda Beach??) but who knows how much they might owe other preferrential creditors.

Paul wrote:

Have heard today that the UK solicitors who have been handling discussions for approx 100 investors are at the point of advocating action to be taken against Cabomaxo.
If anyone reading this is one of the 100 clients on their books, could you please let us know if you have any extra info that sheds light on this? I heard a rumour that Cabomaxo built only two of the blocks and that one of these has been/ needs to be demolished, due to not meeting local CV building regs. Cabomaxo have ceased communicating with the UK solicitors and this has been the tipping point in the affair.
Presumably Cabomaxo have some assets (if only the land at Esmeralda Beach??) but who knows how much they might owe other preferrential creditors.

I have been unable to get information from any reliable source, last time i spoke to my uk solictor she said all was ok, now wondering if that is true, and reading all these coments things are obvisley not, 1st time buying property abroad so not sure what to do, please help u can contact me at juliecole_400@hotmail.co.uk

Julie,

Please look at

http://www.caboverde24.com/forum/topic.asp...

for some updated information. An action group has begun to be organised....

(I am in Germany this week and not in MK!)

Paul wrote:

Julie,
Please look at
http://www.caboverde24.com/forum/topic.asp...
for some updated information. An action group has begun to be organised....

Thank you for that link, very interesting