Hi Folks
This is a bit long but I thought I'd post it anyway. It's an update I received from my solicitor (unrequested !) yesterday.
Sean
The purpose of this letter is to inform and update you on the situation regarding the completion of Corvera Golf & Country Club project.
After having a meeting with the developer, we can now confirm that the urban planning of the area where the plots of Corvera Golf & Country Club are located has been regulated through a detailed modification of the General Arrangement Plan of Murcia, approved by the town hall in February 2006 and the only outstanding operation before it gets published in the Official Bulletin is the segregation of certain plots assigned for green areas.
In June, 2006 the Managing Board of the Town Planning Council of Murcia initially approved the Urban Development Programme, with the final approval being actually in process.
In July, 2006 the Managing Board of the Town Planning Council of Murcia gave its initial approval to the Urbanisation Project, with the final approval being actually in process.
In September 2006, the developer applied for the Building Licence, still pending, for the construction of the first 700 units. In the meantime, the developer has obtained the licence to clear the plots and to carry out any initial land preparation works, already in process.
The developer is expecting that the approval of the detailed modification of the General Arrangement Plan be published between January and February 2007, followed by the final approval of the Urban Development Programme and Urbanisation Project.
This means the Building Licence for the construction of the first 700 units will be released no later than April 2007 (the developer expects this to happen in February 2007). It will allow the construction of Phases I and II of Corvera Golf (the first 700 units) to start shortly; regarding Phase III no change of deadlines is expected.
In accordance with the stipulations of the purchase contract, the construction has to be finished 18 months after obtaining the Building Licence, so we would like to ask you to take notice of our comments for the counting of the 18 months. In any case, we will inform you once the Building Licence is in place.
The buyers of properties in Phase I, have already made the payment of the second 15%, as per the conditions in the Private Purchase Contract. Currently, during the month of December 2006, the buyers of properties in Phase II are due to pay the second instalment of 15%. These payments, as well as all the previous ones, have been secured with a bank guarantee. According to our agreement with the developer, we are provided with the bank guarantee 10 days after each payment has been received.
For the payment of the second 15%, the developer indicated in the Private Purchase Contract the number of the account where it should be transferred. Therefore, we would like to ask you to notify us once you have organised your transfer, so that we can obtain your bank guarantee in the 10 days following the receipt of your payment by the developer. If you would like to make the payment through our clients´ account, we will pay the developer on your behalf, once we have received your funds. If you wish to take any specific measures of precaution – to keep your funds in our clients´ account until the developer has obtained the buidling licence – I would like to let you know you that our clients´ account is not a remunerated account and that the funds that we may receive and keep until the licence is in place, will not generate any interests.
Finally, we would like to clarify that the purpose of this letter is purely informative and that it shouldn´t be a reason for any worries. The development of Corvera Golf & Country Club project is progeressing in accordance with the officially established procedures for this type of urban projects and meeting the normal deadlines, with maybe a small delay. It is a project requiring a large-scale urban development, consisting of properties divided in three phases and a golf course, and it is difficult to adjust the deadlines when the project has been marketed prior to obtaining the licences.
We, on our aprt, are looking on your behalf to the immediate provision of the bank guarantees, once the amounts specified in the purchase contract have been paid to the developer.