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Santa Maria Sal Property Off-PlanDjadsal Moradias Camara embargo lifted(This is also called Atlantis, Ocean Breeze and Vila Maria by other resellers possibly to get a higher price)This is a long line of apartments blocks developed by a Brescian company called Gruppo Steffaninni. Building started in June 2005 behind the hotel of the same name. So they look out onto other buildings or car parks. Some are ready. They officially cost £70,000 but discounts of up to 15% are given liberally. They are quite large at 70 sqm, but 400m from the sea with a junk yard between and away from the centre of town. This area is being developed as time share apartments for the Belorizonte hotel, possibly blocking the view. Built without planning approval and has trouble with EscriturasThe Camara placed an embargo. Building had to stop for a time.. Check out the legal position, and make sure that you know which property you are looking at. Then check that it has a stamp from the Camara in Espargos, signifying planning consent. The most recent information is that Steffanini has sold an entire block at a discount of €800,000 to Portuguese developers. This building,Blockr C the third in a long line is being completed ahead of most of the others. Block A is now let mostly on long lets to foreign workers. If the property is called Ocean Breeze, Atlantis or Vila Maria by your property agent, you are likely to be paying €20,000 more for it than if it is called Djadsal. Some resales and property agents are discounting this property, so it will be worth looking around. The local shop in Santa Maria will usually offers a 15% discount on list prices. It seems now that building is proceeding steadily. Some expats and foreign labourers have moved in at peppercorn rents. But the pool areas are unfinished and there are difficulties in obtaining the formal Escritura. Prices have been reduced since the first apartments were sold off plan, perhaps because of difficulties with escrituras. They are offerred with a furniture pack, which is very basic and not up to IKEA standards. The maintenance charges are high by Cape Verde standards at £800 plus water and electiricty for the common areas.. M from Yorks found a lazy Italian girl "The sales staff are very unhelpful. The girl in the office threw a brochure at me, across the room, saying `its only in Italian` When I asked again she said go to Toppy. I don`t know what that means. So I won`t be buying there."N from Cambridge had a better experience."They have an office nearby and an English guy takes you around and shows you a few places. They have already built a block elsewhere. This one will have 4,000 apartments, so I guess there is safety in numbers. They were not pushy or over selling and quickly agreed to a 15% discount. Apparently 90% of buyers do not bother to see them"M from London had some unanswered questions."Firstly you are shown a virtual reality type film lasting four minutes, which is quite impressive. Then it falls apart somewhat because almost every question I asked was referred by phone to someone else and is not covered by their literature. Number one question was what was the cost of maintenance. Initially they could not give me an answer, but by phone established a figure. When I asked on what basis would it increase I was assured (after another phone call) that it was fixed. How long for I asked?... you guessed it."S from Ireland bought because it seemed cheaper but this is not likely through MRI" I bought Djadsal fully furnished 2 bed for €83,000 and a 2 bed unfurnished at Vila Verde starts at €116,000 so there's no comparison. Also Vila Verde is inland by the Highway far from the shore and it would depend on how far back in the development you buy re the distance from the beach. For example the town houses are at the front and will have views that may be obscured by what is to be built in front of them. I was told that all the €83,000 discounted properties in Djadsal were sold and the next block will be Block C and prices for 2 bed furnished are being sold by MRI at €117,000."I from Surrey has noticed price discrepancies and is wary of buying off the Net."I guess I am naturally suspicious of discounts and the hype that goes on around them. The recent misinformation about direct flights is a case in point. Some investors might also have been tempted by the new price of€ 99000 (the MRI price of €118,000 seems to be very optimistic of investment interest). But the resale potential is still a big unknown in CV. This is more realistically a medium to long term investment. So the real question is how the rental market will workout and shape up next year when we go through to completion - the idea of managing several apartments as a group may be the way forward if there is no guaranteed rental scheme in the contract. Hope I can find the time to get out there and have a look for myself."B from Manchester has paid top dollar "We've just reserved a corner 2 bed apartment in Block C but I've read there are problems with the issuing of the Escrituras for the Djadsal which will cause problems with re-sale. Can anyone update me on this? Also, what price has anyone else paid for a corner unit? We've agreed €140,000. Is that too much?"S from Surrey is asking for compensation "I have an apartment in Block C and when I spoke to my solicitor he said that I would be entitled to compensation if the build goes beyond July, it was supposed to be completed in January the developer would be charged interest daily (approx 7%)on the amount of money you have paid so far on your property on a pro rata basis, so for example say you have paid €100,000 and your apartment wasn't completed until 6 months after July then you would be entitled to around € 3500 compensation, €583 per month. "J and S from London did not like the finish on the early blocks "We were in Santa Maria in May and have since bought an apartment in Block D. We visited the development and Block A is already finished. The interior finish was not the best quality and this did put us off until we were told that the next blocks were being upgraded. We were sent through the new package and it did look much better, so we went ahead with the purchase. I was informed that owners would get a reduced rate entry into the Aqua Park. "S from Ireland has heard the explanation for further delays "I received letter via my Solicitor from Turnivest explaining the delays in the completion of Block B and the reason why they wont be paying compensation. The letter states that the delay was due to a sand embargo imposed on the island of Sal in Ocobert 2007 and as a result that they could not continue work. They then began to import heavy machinery from Italy to crush local stones to make the sand needed for cement. There were significant delays from ordering this machinery until it arrived in Sal. Further delays were caused due to the port being too small to accomodate the cargo ship as the machines need to be assembled on land before they could start to crush stones to make the sand. Now it gets better 'In addition to causing delays in construction, these unexpected circumstances imposed a major financial burden on the company budget, since workers (with or without materials to construct) had to continue to receive their salaries. By early 2008, higher management was pressed to make a decision - either increase the costs of payments for clients who had bought (or were in the process of buying) property in Djasal Moradias, or settle for more delays in construction. Turnivest opted for the latter choice"S from Birmingham reports more delays on all blocks "Obviously, one of our major concerns was the problem getting the Escrituras. Our solicitor confirmed that she had overseen 5 completions on apartments in A block in the past couple of months. The new estimate for the completion of B block is April, but maybe going into May. We asked about the compensation for the delay and were told to wait until after completion. C block estimate is end of December, but it sounds more like March. The Aqua Park doesn't have a completion date yet . I'd go for the later estimate - then add some more! The salt/damp problem on A block is being rectified for newer blocks which have had extra layers of damp proofing and protective membranes put in. Maintenance charges are expected to be over £600 a year. This covers security, gardening and cleaning of communal areas (including the pool) but does not include electricity and water for them. There are also rates to pay annually (0.75% of the value of the property) about another £750. CV income tax is charged on any rental earnings. The shelving in the bedrooms is pretty basic, but the beds seemed to have good mattresses and the bathroom fittings looked to be of good quality. Plumbing is in place for a washing machine to be fitted in the bathroom. The oven is electric and there is a gas hob - the bottle will be outside on the patio. Rental potential is pretty limited at the moment. Holiday lettings in Djadsal don't seem to be happening, although it sounds like A block has a lot of foreign workers on long-term lets." Tropical Water Park resortNext to Djadsal with blocks containing 6 flats and two penthouse under-the-roof flats with limited headroom. The building will hopefully emerge eventually as an l U-shaped beige block, with very small balconies - Italian style. It will have a street frontage with shops or cafes on the ground floor. Behind there will be a small pool with a fountain and a larger one for swimming. . It consists of 3 bedroom, 2 bedroom and 1 bedroom apartments. It will have a small hotel with restaurant ( 20 rooms with 4 suites), garden, and a patio with Jacuzzi, pool bar, barbecue area and grocery. The larger flats cost £62,000 for 50 sqm, which is bigger than most and permits two small bedrooms. The attic has three bedroom penthouses for £95,000. But after three years there is still little sign of building progress although the site seems to have been cleared and foundations laid, which only give the barest idea of what it will actually look like. This is not likely to be open to Djadsal owners without charge
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