Did anybody invest in Djadsal Moradias Cape Verde

madt

Hi,I am looking for anyone who invested in the Djadsal Moradias complex(also known as Waterpark) in Cape Verde.These properties were sold via Ann Collins Property Ltd in Ireland on behalf of Turin Invest but unfortunately many investors have been left empty handed and have no help from the Irish Agent.
I am interested in finding as many people as possible who have been affected by this investment in the hope that if we all can get together we might be able to do something(power in numbers).

madt

did anybody buy an apartment in Cape Verde through an Irish consortium known as Caribbean of Europe SA or know anything about them.We are desperately trying to trace members of this consortium who have left investors high and dry.Ann Collins Property Ltd were the agents in Ireland

gordongekko

What block did you buy in?

madt

block e

gordongekko

madt wrote: »

block e

ouch

madt

did you invest.it is hard to find other people who invested.there has to be others.

gordongekko

madt wrote: »

did you invest.it is hard to find other people who invested.there has to be others.

no a friend of mine went to cape Verde to look at it but decided against it. I think block b was almost finished at the time. He just decided it was way to much hassle to get involved out there. I can only imagine block e must be a building site.

Any sign of the water park?

Rosemary Nolan

Yes I have invested in the Dja Moridas waterpark Cape Verde with Ann Colins. Like you I have been trying come in contact with others in the same situation as me. I'm delighted now someone told me to try boards.ie. Post me back and we can arrange to get in contact with each other please.

Rosemary Nolan

Yes I have invested in this property will Ann Collins. Block V which is three quarters finished. My email address is snip contact me at it. Someone recently told me about boards.ie to try it out as I wanted to get in contact with others who are in the same situation as myself. I'm delighted now I did. Looking forward to hearing from you.

ToxicPaddy

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RobertJackson

Hi, just stumbled across this thread.

To be honest, I'm amazed anyone is still buying flats in Djadsal!

I own a flat in Block B and its worth less than 1/3rd the price I paid - and that assumes I could ever sell. In 2011 the blocks managing agent ran out of money because half of the flat owners were not paying their service charges, and so the utilities were switched off.

Eventually some of the owners clubbed together to sort things out, starting by replacing the managing agent and taking legal action to recover service charge arrears. I ended up flying out there to find out what was going on.

If you dig deeper you will find that the whole development has some very unsavoury elements.

I guess its the nature of property investment; some prove to be gems but others like Djadsal are dogs!

paisley2

The real killer with Cape Verde is that completed properties which are now selling at 30-50% of their original sale price, are actually a very good investment now. Others are profiting from our mistakes.

The infrastructure on Sal has improved no end, there are much more small businesses serving tourists, more and more projects are being completed and the ownership and management messes are being sorted, the Hilton have started construction of a hotel & casino on the last beachside plot in Santa Maria, Thomas Cook are diverting their next winter Egypt package holidays to 6 hotels on Sal. Most importantly the weather is good all year round (unlike this winter in Europe) and the beaches are as good now as when we all looked at them back in 2005.

The current buyers of property (Chinese, Angolans, Brazilians & a few savy Brits & Europeans) know nothing or care even less about all our problems since 2005. They are getting completed properties right now at less than construction prices in an up and coming island. Its a bummer, but I suppose that's capitalism.

RobertJackson

Unfortunately Djadsal is not typical of other developments in Sal.

For example: it was built on a salt marsh (which is why flats on the ground floors of Blocks A and B suffer from salt risking damp and so tiles fall off the walls and paintwork flakes); beach sand was used in the cement rather than 'sharp sand' (which is why the cement is crumbling faster than it should); the swimming pool in Block B was not properly lined when constructed (which is why it continually cracks, leaks, and has to be repaired); it was built in an area zoned for residential use rather than tourist use.

paisley2

Moral of the story?
1. Don't buy off plan, especially in a developing country with no legal protection.
2. Wait until it's all built and take your pick.

Then enjoy..

madt

This was not a recent investment but one taken out in 2007. The agent was Ann Collins selling on behalf of a company called Caribbean of Europe. We have had no contact with this company from 2009 and have been trying for sometime to find others who had bought from them also. That is when I decided to open this thread in the hope of finding others who are in the same situation.

RobertJackson

The property manager and the residents committee on each block should have contact details for all of the block's owners - maybe they can provide you with contact details for all Irish owners on your block?

Daniel Brennan

Yes

I purchased an apartment in above complex in Block E through ann Collins and now believe this Block has never been built to completion.

I do know that apartments in the Blocks A and B are being rented out so they have been full finished.

I would like to make contact with anyone in the same position as me.

Sylvia/Daniel Brennan

Daniel Brennan

Yes

I purchased an apartment in above complex in Block E through ann Collins and now believe this Block has never been built to completion.

I do know that apartments in the Blocks A and B are being rented out so they have been full finished.

I would like to make contact with anyone in the same position as me.

Sylvia Brennan

paisley2

Hi Sylvia
It's next to impossible to get accurate information about projects which have stalled on Sal unless you are actually on the ground down there and talking to the people involved. To make matters worse most of the information on line is just guessing and rumors which adds to the frustration. I strongly suggest you fly down there and go to the site and meet with the management team and talk to other residents. That's the only way you will know for sure.

Make a holiday of it. Thompson's are doing 7 nights in the RIU for £600 at the moment ex. Birmingham.

Not sure how much you have invested, but surely it's worth another £600 to get to the bottom of it once and for all.

paisley2

I have a photo of Djadsal taken this month, but can't post it here because I don't have enough posts. Send me a Private Message and I can email it to you.

ThornN

Hi Folks

Like others on this thread, purchased an apartment from Ann Collins in 2007 in this complex in Block E.

Has anyone been out in Cape Verde recently?

Is construction still stopped? Or has it re-commenced?

Many thanks
N