Cape Verde

I saw reference to this development in thepropertypin.com

[broken link removed]

This week's prize for you at home comes from the Ciaran Maguire Group, developers of the Palm View Resort in Cape Verde which is set to be the world's most luxurious resort.

It will have on site amenities such as private butler, private jet hire, yacht club, designer boutiques plus world class restaurants and bars. The first phase of apartments and beachside villas have just launched and you can reserve one for as little as €10,000 down - full details on www.ciaranmaguire.com
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What do AAMers think of this development as an investment?
 
One of the many issues with Cape Verde is access. This company is claiming to get around this by buying a couple of jumbos and running flights themselves. Property developers being able to run an airline while airlines are folding all the time wouldn't fill me with confidence.

There is also mention of a bank underwriting the development. With the current financial crisis I wouldn't take any comfort from that.

I'm assuming daddy(Christopher) made a few bob during the celtic tiger years when it was difficult for any builder/developer to lose money and now his son is starting up a new fledgling company.

Flash Developments was only incorporated last year and despite the claims on the website, they don't seem to have any track record. The executive team all look under 30(except for Daddy, Christopher).

Leaseback, guaranteed rental income 7%, 105% investment return in 18months.......

Surely there's not many punters out there who would be foolish enough to get involved in this scheme??
 
DonKing said:
One of the many issues with Cape Verde is access. This company is claiming to get around this by buying a couple of jumbos and running flights themselves. Property developers being able to run an airline while airlines are folding all the time wouldn't fill me with confidence.
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Ah now, he clearly has a great grasp of the fundamentals of the airline industry:
"To date, two boeing 747's have been acquired that will have direct flights from Dublin, Manchester and London City Airport to Boa Vista, Cape Verde..."

I'd pay good money to see a 747 land at London City...
 
I had a look at the discussion over on the Property pin. It looks like this could be some sort of a marketing hoaks.
 
DonKing said:
I had a look at the discussion over on the Property pin. It looks like this could be some sort of a marketing hoaks.
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If this is a hoax it's a very expensive one. The company had good sized ads in every national newspaper worthy of mention yesterday (Sunday 26th October) as well as the Late Late Show sponsored prize. None of that stuff comes cheap.

We, like pretty much everyone else we've spoken to, have never heard of Ciaran Maguire, or his father Christopher, before, and we've been in the overseas property industry for longer than we care to admit.

We also don't get the idea of a 6* studio apartment. The whole idea of 6* is that it is the ultimate in luxury, which generally implies space for stuff like whirlpool baths, power showers, large bathrooms, etc. How do you facilitate this in a property that is 25 sq. m. with a 14 sq. m. balcony? The bathroom is 3.92 sq. m., not a luxurious size specification unless you're a Pekinese. If I was paying 6* prices to stay at a 6* resort I certainly wouldn't want to end up in something that size for a week.

Of course there may be absolutely nothing wrong with the guy or his company, but it does all seem a little odd to say the very least.
 
I could be a big hoax but my take on it is that it is a very rich family who have have been hooked in by some postive thinking guru. I imagine that they are very working very hard at the moment "visualising" a where they want to be in a few years time.
 
ajapale said:
I could be a big hoax but my take on it is that it is a very rich family who have have been hooked in by some postive thinking guru. I imagine that they are very working very hard at the moment "visualising" a where they want to be in a few years time.
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If its not a hoax those guys are deluded if they think they can pull that off and make money off it on an African Island. If they think they can match dubai I think this guru you speak of AJ might have hpynotised them.
Importing absolutely everything including labour skilled enough to build something like that would make costs soar, and with little infrastructure it would be an unparallelled nightmare to construct.
I think they maybe have got the wrong end of the stick maths wise.... Minus (global crisis) x Minus (crap location) = Plus
Must be academics!
 
yoganmahew said:
Ah now, he clearly has a great grasp of the fundamentals of the airline industry:
"To date, two boeing 747's have been acquired that will have direct flights from Dublin, Manchester and London City Airport to Boa Vista, Cape Verde..."

I'd pay good money to see a 747 land at London City...
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+1
I would pay anything to see that at London City :D

Why do people perish in believeing in these pipe dreams.
Cape Verde even during the great property boom drew gasps from people.
It is as far in distance as the Caribean, without any of the services that are in the Caribean and the islands have very little apart from supposedly good wind surfing conditions.

But I guess a fool and their money...
 
Maybe this campaign has been put together by a contestant on "The Apprentice" the LateLate show and SPB expences to be covered by the show's marketing spend. The show would have to get a lot of mileage out of it first in terms of Radio Shock Jocks (Gerry Ryan) and Rabble Rousers (Joe Duffy). It would be worth it if it generated extra viewers for the final show?
 
On the airlines front, flights starting from Birmingham in next couple of weeks to CV ...with Thomsonfly.

Think this is in line with one of the first major developments of holiday homes opening.

Haven't heard anything about Dublin flights being re-introduced yet. Anyone know any different?
 
thomsk said:
On the airlines front, flights starting from Birmingham in next couple of weeks to CV ...with Thomsonfly.
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Maybe with the price of oil collapsing we can all head over to Cape Verde on an AAM factfinding mission to find out for ourselvew.
:D
 
thomsk said:
Especially if it has the added thrill of flying on a jumbo from London City ! :D
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So Thomsk tell us did you invest? As you were so keen on the place?
Looking at that Russina website if you click on the English version top right you can see some nice apartments for €300k.
 
Having been to cape verde on a holiday I can say that it ain't worth the trip. Thats not to say it isn't nice but its just not nice enough for the price and the distance that you have to travel.
 
DonKing said:
Leaseback, guaranteed rental income 7%, 105% investment return in 18months.......

Surely there's not many punters out there who would be foolish enough to get involved in this scheme??
Click to expand...

There are loads of suckers out there, and they'll buy this stuff too. I don't really feel sorry for them, they are idiots and they deserve to get suckered if they believe this nonsense.
 
If any of you have the time to sign up you will find [broken link removed] forum very interesting.

According to posters on the forum the site for the Palm View Resort development has magically moved location and Flash Developments doesn't actually own any land in Cape Verde at this point in time. There is also no planning for this development it would appear.

If you're planning on investing in the project I wouldn't do so without first having a good read of the forum, it may prove enlightening.
 
OverseasCafe said:
If any of you have the time to sign up you will find [broken link removed] forum very interesting.

According to posters on the forum the site for the Palm View Resort development has magically moved location and Flash Developments doesn't actually own any land in Cape Verde at this point in time. There is also no planning for this development it would appear.

If you're planning on investing in the project I wouldn't do so without first having a good read of the forum, it may prove enlightening.
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But I saw this development highlighted in the Sunday Times this week in the "Wish you Here" advertorial section, surely that must mean it's legitimate. Coincidentally the story on the opposite page, written by the same journalist, was a "why didn't we do more reasearch, now we're screwed" piece.

The ironing was delicious.
 
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