Showing posts with label Cape Verde Property. Show all posts
Showing posts with label Cape Verde Property. Show all posts

Saturday, May 16, 2009

Credit Crunch Causes Cape Verde Development Fallout

There are signs of cracks on the veneer of the property industry of the idyllic island archipelago of Cape Verde. 

A judgement granted against developers Tom Sheehy (Cape Verde Development) and John Cahillane shows the level of distress that is being felt in the industry at the moment, particularly in 'emerging markets' such as Cape Verde. 

The case, brought by Brian Murphy-O'Connor and Ted Whittaker against the two developers, shows just how cashflow in the industry is rapidly running dry. Sheehy doesn't deny the money is owed but, like everyone else, they are finding it difficult to get their hands on funding at the moment.  Under normal market conditions you suspect a case like this would never make it to court. 


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Sunday, March 8, 2009

Flash Developments Issues Formal Statement on Palm View Resorts

Here is a 'formal statement' issued by Flash Developments on the Boa Vista Exchange website on Friday last, March 6th.



Flash Developments would like to issue a formal statement.




While we recognise and acknowledge the frustrations in relation to the current delays, we would like to point out that these delays are out of our control and unfortunately are common in Cape Verde. However we have the best people on the ground working on our behalf to speed up the process and we have been given the assurances that by the end of this quarter we will have all the relevant documentation in place allowing us to commence construction by the end of the second quarter 2009.



It has always been the priority of Flash Developments to ensure all our clients have been regularly contacted by our staff and kept fully informed and up to date on the developments of the Palm View Resort. We are delighted to announce that we have chartered a 180 seater aircraft for a complimentary all inclusive inspection trip to Boa Vista on the 24th – 26th of April for our existing clients and new clients as well as their legal representatives. On this visit our clients and the their lawyers will get an opportunity to speak directly to Cape Verdian (sic) officials and planning authorities while also having the opportunity to sit back relax and experience a taste of what the Palm View Resort will have to offer.



It is our belief that some of the comments posted so far have been irresponsible and unjustified. We are confident in the knowledge that you will not find any other developer any where in the world that would out lay in excess of €300,000 for a complimentary inspection trip if they were not 100% certain and confident of delivering on their promise. Our promise to our clients is to deliver an unrivaled world class Resort and to ensure that their investment in Palm View continues to be a smart and secure one.



We would welcome the opportunity to answer more specific questions directly. Please feel free to contact our office at any time and our staff will be more than happy to answer any of your questions. You can also contact our office if you would like to attend our inspection trip, allowing you to speak directly to the relevant Cape Verdian (sic) Authorities which will give you the opportunity to make a truly informed decision rather than listening to “hearsay” posted on forums.



Colm Quinn

Global Operations Manager

Flash Developments



Ends



This statement is taken directly from the Boa Vista Exchange Website.

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Monday, December 22, 2008

Ciaran Maguire Story Features in Sunday Tribune

The saga of the CiarĂ¡n Maguire Group (CMG) and its proposed Palm View Resort development in Cape Verde featured on page 10 in the news section of the Sunday Tribune yesterday. This in itself is nothing exceptional, the story was bound to feed into the media at some stage. What is odd is that OverseasCafe.com is quoted liberally in the piece, despite the fact that the website has never been contacted by the Sunday Tribune in relation to this topic. It is also made to look like the OverseasCafe.com has been threatened with legal action or had legal action taken against it by CMG, which is not the case.

It looks awfully like the journalist, Mark Hilliard, got the piece predominantly from putting together pieces from our previous blogs on the subject. There's nothing particularly wrong with this, but if we were to be quoted, it would have been nice to have a phone call or an email. CMG is quoted as well and we have no idea if they were contacted either. We didn't like to ask.

Anyhow, here's the piece for those who haven't seen it.

Property developer takes legal advice on website hosts
Mark Hilliard

AN exclusive Irish overseas developer has launched legal proceedings against a number of website hosts over highly critical remarks on a €2.2bn seven star resort planned for Cape Verde.

The Dublin based Ciaran Maguire Group has taken the action over what it deems to be "highly offensive" remarks made about its property development which is currently seeking investors.

The Palm View Resort in Cape Verde, off the western coast of North Africa, is comprised of hotels, a golf course, villas and apartments. As part of the high end scheme, the group has also announced plans to lease two Boeing 737 aircrafts for at least four years which will operate from Dublin, Manchester and London Gatwick airports.

Investors are invited to use exchange bonds as an alternative to cash deposits on the properties whose reservation fees run from €10,000 for a studio to €50,000 for a villa.

However, in recent weeks question marks began to appear around details of the development on a number of property related websites, blogs and forums.

When approached by the Irish website Overseas cafe. com to clarify many of the questions being raised, Flash Developments – an arm of the Ciaran Maguire Group – responded by confirming that legal action was now being sought.

"We have been made aware that numerous blogs and web forums that are posted in relation to Ciaran Maguire, Flash Developments and the Palm View Resort have gone past the point of asking questions and gone into the category of what we and our lawyers believe to be defamatory content," they said in a statement. 

"We have started legal proceedings against the identified hosts of these websites."

Although it is not clear which internet sites will be issued with legal proceedings, the workings of the Ciaran Maguire Group have been openly discussed on several popular forums.

The contact came in response to an earlier article on the website which alluded to the "very sudden" emergence of an Irish overseas property developer which they said was relatively unknown and seemingly prepared to operate in a very difficult economic environment.

"At a time when most newspapers couldn't sell an ad to save their lives, along comes Ciaran and his group and starts advertising liberally," Overseascafe.com claimed.

HAVE TO CUT FROM HERE (the piece below this only appears in the online version)

Contact between the site and the developers led to the tabling of over 50 questions, based on those same concerns that had fuelled recent internet debate.

Amongst the questions, the group was asked to clarify where it had suddenly come from, whether it actually owned land in Cape Verde, why the development was moved from its original location and whether or not there was even any access to the site.

Another question asked for clarification on exactly what 'star level' the development will have.

The Ciaran Maguire Group responded to a number of 'relevant' questions explaining that they had entered into an officially documented deal to purchase 98,000sq m of land from a Mr Martiano Oliveria and that they changed from the original site due to delays in processing paperwork. 

They clarified that a local company, Loids Engineers, have been engaged to begin work which should commence next year and that Flash Developments would extend a coastal road leading to the site. 

In relation to the star system, they wrote: "Different countries have different legislation in respect of this rating, Palm View is being listed as a seven star development in accordance with Cape Verdean legislation." 

"It has always been our goal to develop one of the world's most luxurious resorts and we are confident that we will achieve our goal.

"Some of the information being hosted and posted (on the sites) is deemed by Flash Developments to be highly offensive. We are outraged by allegations concerning our credibility, integrity, bona fides and business acumen skills."

December 21, 2008

You'll find the original story here.