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james ensor · Last edited by james ensor on Thu Aug 27, 2009 4:32 pm; edited 1 time in total

Rumours and reports circulating in the real estate community suggest that the delays at Vila Verde are caused by the inability of Tecnicil to connect water and electricity utiilties. This has not been confirmed by either party and can only be presented as a possible explanation. Tecnicil is reported to be attempting fund-raising which may resolve the problem which cannot have been helped by the lack of loyalty shown by its former sales partner.

Amado and Medina in Sal is now working only on legal cases involving Vila Verde and is effectively closed for other business as the young female apprentice lawyer has left due to pregnancy and not been replaced.

Given the observed competence of the remaining junior, claimants should have no qualms about pursuing late payment awards.
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James Ensor Moderator of the forum and one of the architects of www.capeverdeinfo.org.uk

William Robinson · Expert Joined: 30 Dec 2006 Posts: 266

That may well explain the slowdown on completions.

james ensor · Posted: Thu Oct 15, 2009 4:19 pm Post subject:

Following a failed attempt to raise funds on capital markets Tecnicil now appears to be very short of operating cash. Work still continues on the site, but it may slow down or stop if more money is not raised, soon.
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James Ensor Moderator of the forum and one of the architects of www.capeverdeinfo.org.uk

james ensor · Posted: Sat Jul 10, 2010 9:57 am Post subject:

As of July 2010 I am pleased to pass on the news that some owners in the first three blocks have reported that electricity and water is being connected. Of course there are loose plugs and water leaks ....
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James Ensor Moderator of the forum and one of the architects of www.capeverdeinfo.org.uk

William Robinson · Expert Joined: 30 Dec 2006 Posts: 266

James a few owners have reported they have indeed stopped in their apartments, but it's like a ghost town and the trips into town for water and supplies are a chore. I can't understand why they don't allow those who are leasing the retail unit’s a free rent rates period to kick it off as it were to speak, rather than letting owners stay there and complain !

james ensor · Posted: Thu Jul 15, 2010 7:23 am Post subject:

It is unclear whether that would be sufficient to help . Most Santa Maria retailers are suffering badly from TUI`s stranglehold on northern European flights and its policy of directing all tourists to the Funana/Garopa whilst warning them that it is dangerous to peek outside except in a Land Rover convoy. They cannot afford even the €15-20 per day it costs to staff a small shop without sales prospects. For non-ambient produce, the logistics and wasteage make operations uneconomic.

Resorts such as Sambala and Vila Verde which appear to have exhausted their funds before completing their projects face a long cycle of vicious inertia. It is disturbing that some owners are advertising properties as holiday lets on the British market without disclosing the true state of affairs. This will have repercussions not just for the owners but for others doing an honest job of letting their properties in Cape Verde.

Without many amenities and with significant obstacles to both shopping and visiting restaurants or even the beach, these resorts are going to be unattractive to holidaymakers at any price. Owners who begin to appreciate the difficulties are already trying to sell out at distress prices. This only worsens the financial situation for those that remain.

Until the world economy recovers significantly and/or a new airline breaks the TUI monopoly difficulties are going to persist for those who were led to believe that a property in Vila Verde would provide their pension plan.
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James Ensor Moderator of the forum and one of the architects of www.capeverdeinfo.org.uk