Vale d'Oliveiras

[michaelwestcott]

Does anyone have any up to date information on the Vale d'Oliveiras development near Gramacho / Pestana in Sesmarias?

We contracted to buy a quarter share there some time ago but although the site is finished the licencing seems to be taking an age.

[Peter Belinfante]

Does anyone have any up to date information on the Vale d'Oliveiras development near Gramacho / Pestana in Sesmarias?

Have you seen this site: click here
Peter

[michaelwestcott]

Thanks for the link. Yes I did know about that site and comments there gave me some concern - hence my query hoping someone in the Carvoeiro area could give me some reassurance or otherwise.

Michael

[twitchy]

Michael
I share your concerns as I too have a qtr share that I have paid the 90% payment.
I spoke to Alan Jarvis at VDO and I felt reassured that all was under control and there were no financial issues with the project. When you look at the people and the companies associated with the development I dont think money is the concern. The problem is the speed of which they get the licences from the authorities so they can open officially to non owners.
Paul

[michaelwestcott]

Yes, Paul, I agree - many thanks for taking the trouble to reply

Michael

[biffa]

Hearing some funny rumblings about this down here

[tbbr]

I know of a villa in carvoeiro completed in January which has just got its habitation liscence.
As we have learned with our project , patience patience patience !!!.

One question, 10% does seem a small % to hold back until granting of the liscence.

[michaelwestcott]

Thanks for those comments - anything more specific than ' rumblings' ?

[biffa]

Just that there are serious financial problems. The lending bank came down to do an audit and pulled the plug on it. This is an unconfirmed rumour.

[michaelwestcott]

Thanks for that, Biffa.

We've heard from the management today in some detail and it's clear there were project control issues which are being resolved by bringing in some serious financial and project management muscle to bring the project to a successful conclusion.

Barclays certainly haven't pulled the plug on the project but one can imagine how these stories began as I'm sure they weren't overjoyed with progress either.

Michael

[starling]

Does anyone have any more updates or news since Bob's letter last month?
We've not heard anything concrete just rumours about the site being sold which are unsettling to say the least.

[charliegill11]

whilst we were over last week we took a drive down to the site and saw that there appeared to be a few people in occupation - one having breakfast on the terrace. We saw very few vehicles about though. I t did appear that it was not complete especially around the entrance area the gates etc were missing and the final surfacing to some of the roadways needed completing

[tbbr]

Can agree with these comments, clear signs of habitation visible , seen from Gramacho golf course side. Number of townhouses appeared occupied.
inhabitants sat outside enjoying the evening sun.

[alibali]

Has anyone heard any more rumours/facts about VDO, I have a quarter share (well 90% of a quarter share!)? We're coming out in November, all being ok but complex still has no licence etc. No bar,restuarant,indoor pool or spa.

[widge]

See the topic i raised on the "General Forum" re: Hotel Deelopments. It would seem that Pestana have bought a huge swathe of land adjacent to Gramacho to develop two hotels & two 18 hole golf courses, could this be having an effect on the viability of VDO?