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Esmeralda beach/Ponta Preta Apartment PropertyInland from the Riu, Now renamed Esmeralda beachThis is a block of apartments designed in big two storey units around a large ornamental pool area with a few villas thrown in. It is planned to be built a bit further out to the West of the existing Djadsal apartments . It will start on a flat area of ground off the road that heads out from the Djadsal across what is now open desert and will extend west towards the sea, but does not seem likely to be beachfront. This is something that should be carefully checked before buying, . The site liesbetween the Riu Funana/Garopa and Vila Farol holiday camps, in what is now an empty zone of Santa Maria. The area in front of it towards the sea has the Riu and Vila Farol holiday camps, blocking easy beach access.It is marked in red on the aerial view.. Developer has run out of funds - completion delayedInformation is sparse and the local developer Cabomaxo does not seem to have much to say about it. Studio prices start from £79.000 and one bedroom apartment from £89,000. It appears to be well behind schedule and although walls are up there is litle sign of ongoing work.. The Developer is reported to have exhausted his cash and the Selling agents Red Mountain are no longer offering this property. K from Birmingham is suspicious " Why have they been sending us leaseback offers, and setting up a website with the promise of weekly photos, and a webcam, and sales figures,if they don't have a firm offer from a travel firm, and don't bother to update the site which would keep most people happy? Are they implying that we all pay in full in April,(and we can do nothing with our properties on a building site), and they will then finish the site to a changed spec of their choice when they decide what that will be, and we wait a year? I've never heard of anyone taking delivery of a property abroad until the complex, or at least the part you have bought on is completed and usable. I hope i have misinterpreted, because otherwise i think we have trouble ahead."W from Sussex cannot see a letting income "We will get our appartments in April 2009, with no swimming pool, no planting and for the next year our development will be a building site. What chance do we have of renting these appartments with no facillities or surroundings completed."J from Manchester has been told that it could be on time. "The guy in charge of construction told me that by the middle of July everthing will be in place. It seems to be according to him more a problem of logistics than of workload. Sometime goods get blocked for several weeks and it is not the first time that the harbour of Palmeira has been a bottleneck. I finally decided to buy a two bed after the mayoral elections."K from Birmingham has found that all is not well."Can anyone shed any light on what the position is at Ponta Preta (now Esmerelda Beach)? Was buying through Montana Roja who appear to have 'bailed out'..not sure what position this leaves me in or if the build is still continuing....will be contacting my CV solicitor but just wondered if anyone had any further information? Any info would be much appreciated! "G from Essex adds"I am in the same situation and have been recently told by my solicitor there are some major developer problems/delays with building work and financial problems too! My apartment was due for completion in February 2009." |