Dr Geraldo Furtado

Discussion in 'Brazil Property' started by Jacobswe, Jul 3, 2013.

  1. Allumjo

    Allumjo Member

    I plan to have another call with IMG in December I had a Skype call with them around 3 months ago and at that point in time they were confident that the June/July date that they had given would be achievable. One of the points I raised with them is that we get to around six months before the delivery date and the there is a slippage of 3-4 months and this has happened on several occasions.
     
  2. Jacobswe

    Jacobswe New Member

    In my dealings with IMG, I have found that they are not acting like a serious company; instead, they give empty promises and do not honor their obligations. It is up to you if you choose to believe them. I certainly remember the last time when they promised that the project will be finished, but another delay came up.
     
  3. Allumjo

    Allumjo Member

    Did you receive a letter dated 20th August 2013 outlining where IMG are with the project and with the new delivery date?
     
  4. Jacobswe

    Jacobswe New Member

    Yes, I did. I have been in regular contact with IMG. You should contact Mahogany on this forum. He is another investor in the project.
     
  5. Allumjo

    Allumjo Member

    Update

    Well I have emailed IMG for an update I was going to schedule a Skype call for December for a formal update. Personally my main focus is having good communication with the developer and obtaining clear and accurate updates on project delivery.

    The one thing I don't like about this forum is there is a certain amount of speculation where as I prefer to have the facts. I am hopeful that IMG can deliver as per the end of May/June deadline.

    Best Regards,


    JA.
     
  6. Jacobswe

    Jacobswe New Member

    If I could send you a PM, then I could give you a lot of information that I do not want to share here for everyone to see. Try making another post to see if that unlocks the PM function? Also check your settings if PMs are allowed to be sent to you. I think you will find the information very interesting.
     
  7. Allumjo

    Allumjo Member

    Yeah very keen to get as much good information as possible my private message settings before sending this post are still locked from a sending perspective hopefully these will change shortly.
     
  8. Jacobswe

    Jacobswe New Member

    Hi,

    I checked and you need to make ten posts before you are considered an "active member" and can receive and send private messages.
     
  9. Allumjo

    Allumjo Member

    Ok let's get to 10 very keen to learn more.
     
  10. Allumjo

    Allumjo Member

    Has anyone been to Natal recently and able to give some good feedback?
     
  11. Allumjo

    Allumjo Member

    I requested some feedback from the developer at the end of last week regarding a progress update and asking if the project is going to be delivered as per the update received in August. I have yet to receive a response on this.
     
  12. Allumjo

    Allumjo Member

    Just looking at a currency chart the BRL has weakened about 23% against GBP in the last 12 months....
     
  13. paulchan

    paulchan New Member

    I'm an investor too

    I am also an investor in the development and have been reading these posts for a while.

    Likewise, I would love to be in contact with other investors in the project.

    Thanks

    Paul Chan
     
    Last edited by a moderator: Dec 3, 2013
  14. Allumjo

    Allumjo Member

    Hi Paul,

    Welcome aboard keen to continue the dialog with active investors in the project.

    Best Regards,

    John
     
  15. paulchan

    paulchan New Member

  16. Allumjo

    Allumjo Member

    Does anyone have any views on the latest newsletter that was received earlier in the week? In my opinion progress continues to appear very slow with not many workers appearing in the photos of works being completed. Any thoughts?
     
  17. Mahogany

    Mahogany New Member

    hi guys,
    i agree, i'm not happy with the progress being made. i'll be in brazil early next year, so i'll be able to give a very accurate update then.
     
  18. Allumjo

    Allumjo Member

    Hi Everyone,

    I have been informed last night that the May 2014 date that was communicated in August is now not going to be met. I have asked IMG for a full explanation as I am very unhappy about this.
     
  19. Jacobswe

    Jacobswe New Member

    We all expected another delay, though, did we not? Both you and Mahogany seemed quite certain of this when we spoke in the past. I have gotten in touch with some people who live in Natal, and they have visited the construction site and told me that construction work is carried out. In the past, I was not fully aware of how the 2014 FIFA World Cup and 2016 Summer Olympics have impacted the construction sector in Brazil, both when it comes to government-sanctioned construction projects, such as the new airport in Natal and all the arenas being constructed, but also private sector construction projects. Many of the big government construction projects have also been delayed.

    For this reason, I think the best thing to do now is to wait. The new statistics for the Brazilian housing market is coming soon, and there is every indication that prices will continue to increase as they have done to this point. Major events like the World Cup and Summer Olympics have a tendency to disrupt things, but there is also the possibility that they will contribute to rising prices in the long-term. If I'm not mistaken, this is what happened in South Africa after the Olympics there, even though it took some time for the price rise to happen. Once again, this latest turn of events is unfortunate, but it is not uncommon in Brazil.
     
  20. Allumjo

    Allumjo Member

    Hi Jacob,

    Thanks for your update. I have also overnight received an update from the lawyers Manzanares on the project. The most telling point that they make is that one of the Manzanares staff visited the site some weeks ago and there were just 6 or 7 workers on site. This is my main concern as on a building with 23 floors I would expect mutilples of this number of workers. If this was to continue it would take years to finish....

    So if this is a regular occurance it would explain the latest delay.

    For me it is two things. There is a serious credability issue with the developer everyone want a firm delivery date and a commitment from the developer to achieve this. I have been told it is not a money issue so if this is the case more staff need to be employed to finish the project.
    Better communication and flow of information needs to happen I am told that the developer is committed to improving the newsletters that they send out.

    Secondly I would like to see the developer show good faith and compensate us as investors without the need of a legal process.

    Thanks,
     
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