auctionz: Orient Palace

Showing posts with label Orient Palace. Show all posts

Friday, September 19, 2008

Thursday, September 11, 2008

Orient Palace, Bodrum - Pursued in Irish Courts

There is an update on the Orient Palace project in today's Irish Times. The development is in Bodrum, Turkey.

The Times article says "Twenty-eight Irish couples who invested millions in a Turkish apartments development have been granted High Court permission to issue and serve claims for their money back on the developers." It goes on to say that the couples have "obtained an injunction in the Dutch courts freezing €4,329,000 they had paid into investment funds in the Netherlands."

According to the piece: "Irish, British and other investors paid more than €30 million in 2005 for apartments in Bodrum which were supposed to have been built and completed by the end of 2006."

It also says: "Yesterday's proceedings were launched against the Turkish company, Euro Holding AS, which, Mr Beatty said, claimed to own the property where 188 apartments were to be developed in a new five-star resort of 1,000 units. He said it now transpired they did not own the property."

The piece claims that Robin Donagh, a solicitor with Mason Hayes Curran, stated in an affidavit; "construction was to have been completed in September 2006 but instead the development is now an unfinished shell. There had been no further construction for more than 12 months and completion seemed unlikely."

He also said that Euro Holding had either acted as principal or in partnership with Unifin Groep BV, a Dutch-registered company with offices in Arnhem.

The piece also says; "Mr. Donagh said these two companies engaged with three other defendants, Turkey Real Estate Direct Ltd, Thomas Collins (Auctioneers) Ltd trading as Remax Associates; Celturk Ltd, trading as Astute Property International, and Med Dreams Property, in extensively advertising and marketing the development to Irish consumers. Unifin Groep had been legally established under Dutch law to market, sell and collect all purchase money for the development on behalf of Euro Holding."

This latest development with the Orient Palace development is detailed on our site, you'll find the piece here. The full Irish Times story is here. The article features in the Indo today as well, but it is practically the same piece, even written by the same guy, except that it's been edited more than the Times piece. The Indo article is here.

This development has been discussed in a previous blog which can be found here. Once again the picture used here is of the Orient Palace I in Alanya because the Bodrum project is only 40% complete (not Orient Palace II in Alanya which hasn't got any further than the Bodrum version). Couldn't have you looking at pictures of half finished buildings now, could we?

The Orient Palace project is, worryingly enough, still being promoted by Euro Holding despite the fact that the company has absolutely no possibility of completing the project in its current financial state. You can find the promotion at their website here.

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Tuesday, June 17, 2008

How Have People Found the OverseasCafe.com Blog?

One of the questions we're often asked is, 'how have people found the blog?'

Well, it is found through a variety of means as it is listed on a number of blog sites, but the most common way to find the blog is via search engines such as Google, Yahoo and Live.

We've collated a list of the top 150 most popular search terms to bring up the blog since its inception in February. There are thousands more but we didn't reckon anyone would want to read through them all. These are in order of importance and have not been altered in any way from how they were typed into the search engines.

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So there you go, that is the kind of stuff people are searching for on the internet when the OverseasCafe.com blog pops up.

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Tuesday, March 4, 2008

Light at the end of the tunnel for Orient Palace investors?

For those of you not up to date with all that is going on, or more precisely, not going on, at the Orient Palace development in Bodrum on the southern Turkish coast, you should take a look at the Eye on Worldwide forum or some of the posts on Ask About Money. This will give you some idea of the problems and complaints that buyers there have had and, unfortunately, are still having.

The picture here is of the Orient Palace in Alanya, by the same developer, which was built with no great problems and is the basis on which many investors took a punt with the proposed Bodrum version.

Things have so far being going pretty badly, the developer has run out of money because stage payments were tied to delivery of Tapu's, unfortunately the local council stopped issuing them for a time, which meant that all the developer's cash ran dry. Never a good thing in a development. But there may be some light at the end of the tunnel, we just hope it is not the light from an oncoming train, as the saying goes. Although talks with an unnamed proposed German investor appear to have fallen through at this stage, it would appear that a new Turkish investor may well be on the horizon.

Obviously we don't wish to get investors in the project too excited, although this is probably a difficult task at this stage anyway because they have had so much heartbreak with the development so far. The fact that the last 'white knight' didn't materialise will make them far more wary of so called 'good news'. We are just hoping that this particular investor will be capable of seeing the project through, presuming he is signed up fully to begin with.

Unfortunately the advent of any investor is not going to rescue the rental guarantees which have been some of the problem with this project in any case. A guaranteed 10% return on investment for 10 years sounded too good to be true and, unfortunately for investors in the project, it doesn't much look like it will ever materialise.

Those invested in the development have had their sights lowered considerably. Most would now consider actually getting their property built and receipt of a Tapu (Turkish title deed) a success at this stage. This development has a staggering 66% Irish investors (over 440 units) sold by three agents in Ireland so the interest in this development is phenomenal. There will be a lot of people out there holding their breaths and hoping that the new investor will not alone come on board but will allow this project to be completed to a high standard. The development is meant to be 5* but the worry is always that a new investor, coming in with their own money and the power that brings, will want to change things.

If there is more info on this situation we'll let you know as soon as we do.

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