St Lucia Holiday Home
Jun 3rd 2009, 8:54 am
#31
...
Joined: Sep 2004
Posts: 1,165
Re: St Lucia Holiday Home
We looked all over the world for somewhere and had planned the Merricks resort in Barbados but I don't think the build has yet started there, then St Vincent at Buccament Bay, but I'm not sure that has started yet, then Italy but the developer was a bit dodgy, then we found Bayview and the prices were great and the investment seemed like a good prospect.
Rumours now are that the developer has hit financial problems and their bank is cutting back on lending so I don't know what's going to happen to my hard earned money.
Might have to invest the remainder of my savings back in Fife - at least that's affordable but not quite the same climate.
Rumours now are that the developer has hit financial problems and their bank is cutting back on lending so I don't know what's going to happen to my hard earned money.
Might have to invest the remainder of my savings back in Fife - at least that's affordable but not quite the same climate.
Jun 3rd 2009, 1:12 pm
#32
Forum Regular
Joined: Nov 2008
Location: East Sussex
Posts: 75
Re: St Lucia Holiday Home
pgtips
The developer is due to make an announcement to buyers soon to advise what the restructuring will mean in terms of completion dates. We have had a few comments recently about no progress being made and were always reassured that building was ongoing, but the developer has proved to be a poor communicator and requests for updates have not been heeded.
One of the purchasers is going out there this weekend and has meetings arranged with the developer and their solicitor and will report on his findings next week.
Hopefully this is just a blip but as you have pointed out before building at Bayview has been slow, and we need to be kept better informed as we are all adults and knowing is better than guessing.
The developer is due to make an announcement to buyers soon to advise what the restructuring will mean in terms of completion dates. We have had a few comments recently about no progress being made and were always reassured that building was ongoing, but the developer has proved to be a poor communicator and requests for updates have not been heeded.
One of the purchasers is going out there this weekend and has meetings arranged with the developer and their solicitor and will report on his findings next week.
Hopefully this is just a blip but as you have pointed out before building at Bayview has been slow, and we need to be kept better informed as we are all adults and knowing is better than guessing.
Jun 3rd 2009, 2:34 pm
#33
Forum Regular
Thread Starter
Joined: Feb 2008
Posts: 85
Re: St Lucia Holiday Home
Rumours now are that the developer has hit financial problems and their bank is cutting back on lending so I don't know what's going to happen to my hard earned money.
Might have to invest the remainder of my savings back in Fife - at least that's affordable but not quite the same climate.
Might have to invest the remainder of my savings back in Fife - at least that's affordable but not quite the same climate.
Jun 3rd 2009, 3:03 pm
#34
...
Joined: Sep 2004
Posts: 1,165
Re: St Lucia Holiday Home
I hope this is sorted out soon, but definatley much more progress should have been made by now.
Jun 4th 2009, 8:14 am
#35
Forum Regular
Joined: Nov 2008
Location: East Sussex
Posts: 75
Re: St Lucia Holiday Home
Hopefully this just means that completion is going to be delayed even further, but who knows? Some buyers have now had plot and parcel numbers so are progressing with their Aliens Landholding Licences, and the first phase is scheduled for completion in November this year. Some of the agents websites are now showing total completion dates of December 2010 and this does seem more realistic in view of the progress so far.
We are really keen to get feedback from our member who is going out on Sunday as he has a meeting arranged with the developer's solicitor with his own on Monday.
Those who are in the first phase are not happy because their villas will be ready in November but there will be no pool or clubhouse and the site will remain a building site until at least a year later so rentals will not be so attractive to holidaymakers. I understand that some contracts allow a 10% retention until all facilities are complete but that's not much consolation for lost rentals in peak season.
One good thing is I still have my 20% to pay at roof stage and that doesn't look like being due for a while and I will personally inspect the building before I pay another penny.
We are really keen to get feedback from our member who is going out on Sunday as he has a meeting arranged with the developer's solicitor with his own on Monday.
Those who are in the first phase are not happy because their villas will be ready in November but there will be no pool or clubhouse and the site will remain a building site until at least a year later so rentals will not be so attractive to holidaymakers. I understand that some contracts allow a 10% retention until all facilities are complete but that's not much consolation for lost rentals in peak season.
One good thing is I still have my 20% to pay at roof stage and that doesn't look like being due for a while and I will personally inspect the building before I pay another penny.
