First Cap Cana was forced to cancel the expensive TROON management contract for their only one of three promised golf courses (not to mention the one TRUMP promised and never build in Farallones). And recently BANRESERVAS which is only one of the creditors to which Cap Cana has defaulted on their payments has now taken control over the Punte Espada Golf Course and put it up for sale!
Dominican Watchdog has been informed that a group of people lead by Angel from Sunport is looking for investors in the scale of Euro 50-200 million to take over distressed property inside Cap Cana at the price of about 30% of what buyers originally paid.
Such a distressed property fond will depend on two things:
1. Harzoury and his people are removed from any management of Cap Cana.
2. Serious attention in placed on kick-starting the Marina with 2 year free rental agreements and that Cap Cana Marina is opened to public. A dead marina is equal to a dead development as the marina is the heart of Cap Cana.
President Leonel Fernandez also allowed BanReservas to finance a tower by drug money in Santo Domingo: Real estate boom or money laundering in Dominican Republic – You Lose! (Update 20)
Read also: In 2 years foreign property buyers lost over US$ 1 billion in Punta Cana alone |
Foreign property buyers of vacation homes in the Punta Cana area lost more than US$ 1 billion on unfinished developments like Cap Cana, Punta Perla and Roco Ki among others in the last couple years. This is only the top of the iceberg in the Dominican Republic were a corrupt justice system and useless title guarantee companies has left foreign buyers without money and property all over the DR