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The Colony, Bogaz

Discussion in 'Cyprus Property' started by chandra, Apr 12, 2009.

  1. chandra

    chandra New Member

    Hello there!

    Anybody bought in this development? Look forward to replies.

    Construction to begin this September.

    Cheers.

    Chandra
     
  2. Lysos

    Lysos New Member

    This 'proposed' development is being promoted by Aston Lloyd who appear to be having "difficulties" with a project in Bulgaria.

    Buying in Northern Cyprus is fraught with problems because of the land ownership issue.

    Personally, in the current economic crisis I doubt construction will happen. In the south thousands of builders have been laid off and projects stopped or cancelled. I'm just back from Calpe in Spain and the problems there are the same, soI don't see N. Cyprus bucking the trend
     
  3. chandra

    chandra New Member

    Hi Lysos,

    This development is promoted by Aston Lloyd. They launched a project called capital 68 in kostinborad, near Sofia, in Bulgaria lat year. As it was successful in curren climate they launched a hotel project next to capital 68.

    I doubt if they have a financial problems. Construction was supposed to start this year for 2 projects in south Turkey and they are well ahead of the schedule. They are going to handover properties before deadline. You can check the progress on their website.

    Now talikg about this project in n cyprus, all 87 offplan villas were sold within 6 months of the launch. Construction to begin in sept 2009 and finish by Feb 2011. I visited their office in London last week and looked at all the plans. In may team is going there before diggers goes in August.

    uptill now all of us have paid only for the land. rest is staged payments. over 1 and half year.

    There are issues with land ownership in cyprus. But I would recommend good research and reputable solicitor will help. Joe Calzaghe, England's boxing champion ows one of the villa.

    This global problem has hit construction all over especially matured markets such as Spain, Cyprus. But in N Cyprus as there are not many banks who provide mortgages most of the buyers are cash buyers. Same as in Egypt. So these contries are least affected.

    There are many cowboy developers in N Cyprus. You need to do your homework properly before entering the market.

    Cheers.



     
  4. Lysos

    Lysos New Member

    Chandra,

    Aston Lloyd's project "The Point" in Bulgaria would seem to have serious financial problems; check out the forum on singingpig. The fact that most buyers in N. Cyprus are cash buyers in your opinion is irrelevant; cash is king in today's market; buy a resale from a desperate seller, if you are looking for a 'lifestyle' purchase. If you think a new build (that may or may not be built) is an investment, well, we'll agree to disagree.
     
  5. chandra

    chandra New Member

    Dear Lysos, thanks for your comments.
    I am member of singing Pig forum. A lot is said about many projects on any given forum. How do you thing these people have found the truth behind these stories. We cannnot say for sure that a particular company is having a financial problems unless they declare themselves bankrupt.

    They might be having problem with one project that does not mean we can say there is problem with the whole company as such.

    I do not know why you are thinking this project may be built or may not be built. In that case nobody should ever invest in propery at all. Because that is the possibility with any project and any country. Property prospectus is a pure speculation based on sound research.

    What I meant by cash buyer was if you have a cash to purchase a property and you did not have to depend on anybody to lend the money for the purchase. That makes you a cash buyer. As in my case I had money ready to buy this property and I did not have to get loan to fnish the purchase. So it doesn't matter whether banks stop lending or continue.

    Only time will tell us the future of the project. I have faith in Aston Lloyd.
    celebrities like Joe calzaghe and Carl Froch are buying from them. having said that if countries like USA and UK cannot withstand recession then it is our bad luck if aston Lloyd is not able to finish the project.

    Give me your email and I will keep you updated if you wish so.

    Cheers.
     
  6. chandra

    chandra New Member

    Hi Lysos, please read post on Singing Pig forum as follows.

    Re: The poynte, bulgaria (aston lloyd developer)

    Hi Jane,

    Sorry for the delay in reply, I've been away.

    As mentioned before, I planned to visit AL's Offices, and discuss my investment. I was in contact with the Client relations team, Headed up by David Bussey and James Rowland, which had invited me over to meet with them. Both of them, including Joseph Upchurch,one of the Directors took several hours out of their time to meet with me.

    Firstly Jane, you asked a while ago if I've seen the offices, well, Now I have. Their office location are in a great part of London, and the actual offices are fantastic.

    I queried my investment, but after reading some of the posts on this forum, I even queried the concerns of some of the other investors on this forum that have invested in other AL properties that I haven't invested in myself.

    Not to go into too much detail about all points raised across this forum over the last while, but I did querie the likes of increased costs for the likes of all you guys who have had increased costs in some of their developments, and like Bernie said, its is laregely due to the exchange rate Sterling/Euro, and in the contracts it actually specifies the costs were indictive costs, and not fixed costs, but again, its due to the exchange rate.

    My investments were in their Capital 68 development, so thats were my main concerns lied. As myself and a couple of the others on this forum had invested with the view of a short term exit strategy/ flipping the property in the short term, as agreed initially between us (the buyers) and AL / Obelisk International, not just necessarily the Capital 68 development,but indeed some of the other developments, I was particularly keen to find out where I stood with my short term strategy. Although as a 1st time investor in such type investments, and therefore probably quite inexperienced AL did put my mind to ease to a great extent. The short term strategy has not gone as planned, and is obviously a huge dissapointment, but, who knew this economic crisis was gonna hit us the way it has!! The secondary investors who many of us relied on whether it was short/medium term is doing less business as usual, and is riding out the storm and in this market its understandable (look at our local housing markets in Ireland and Uk for eg)

    Due to the challenging economic climate, a lot of investors over the broader spectrum are trying to get their funds out of investments, that creates a situation of more supply than demand, which of course doesn't help the likes of us hoping to get great returns on our investments. So I think short term returns for just about any property market is pretty much out of the question for now, but at least I feel we have bought into good properties, with potential for good returns over the medium to longer term, and from what I can judge, a sound company.

    I do feel AL are committed to delivering quality properties, with good return potential. They have started construction in their Caretta villa development, which is ahead of schedule, and is starting in May on the next one, and a good few later on this year. Although Aston Lloyd is a fairly new company, and has not completed any projects in the emerging markets to date, the directors have a VERY long succesful history of property development in the uk. After having met them, they seem like a dynamic, younger generation of people, with great ambition for the future.

    As per my previous threads on this forum, I was clearly very worried about my investments with AL. I strongly suggest to any fellow investors of AL who might have concerns to contact them, In particular their client relations management team, James and David, and make an appointment to meet with them. They certainly accomodated me as best as possible and gave me a lot more confidence and peace of mind going forward.

    Ken
     
  7. Lysos

    Lysos New Member

    Hi Chandra,

    Thank you for your considered response.

    Purely my opinion, but buying anywhere off-plan in today's market conditions is risky. If you buy a resale from a desperate seller (lots around) at least you know you have a finished product. As for Aston Lloyd occupying luxury rented offices, that is not a sound basis on which to base your opinion of the company, and Ken (SP) amits they haven't yet completed any overseas project. The fact that Joe Calzaghe has 'bought' a property is merely advertising copy. More often than not, when a celebrity puts their name to a development they have been given the property or at least got a very, very good deal; I believe John Aldridge is tied in with a proposed development in the South. Whatever, I hope you prove me wrong and all goes well. There have been far too many instances of late, in various countries, of agents & developers taking money and failing to deliver. It would, I'm sure, be of general forum interest if you were to keep us all updated on progress.

    (Incidentally, it's interesting that you say work will start in August - in the south virtually all building work stops in August.)
     
  8. chandra

    chandra New Member

    Once again thanks very much and surely I shall keep you all updated.

    Good luck to all readers of this forum.

    Chandra
     
  9. grumpy001

    grumpy001 New Member

    Chandra, with reference to the thread in general. I am confused as to why you even bothered writting it. You asked a question and already had the answers you wanted in your head!!

    Adivce and info has been given, honest opinion shown, but you remain blinkered.

    Also what 'team' is going in during May that inspires you with confidence that construction will start some 4 months later. What will they be doing for that period?
     
  10. chandra

    chandra New Member

    Dear Grumpy, I understand your confusion> As you are an agent selling property in South Cyprus, you seem to be upset with buyers in North.

    The reason I was bothered to write is to find out if anybody else has bought in this project and if I can share info with them.

    You are talking about a project of which you don't seem to have slightest idea. The reason I am not paying attention to above comments from Singing Pig forum is I am not into buy and flip. If you read that forum you will realize those customers had a different investment strategy. I am buying it for my personal use.

    Normally I don't reply to posts by agents as they can never give you any unbiased advise.

    The reason I believe that construction will start in 4 months is because our contracts say that. The villa was sold offplan in Aug 2007. Then nothing happens for first 2 years. Construction begins in Sept 09 and finishes in Feb 11.

    At least I am dealing with the company directly and not a middle man i.e. an agent.

    I have got quiet successful portfolio and I am not a first time buyer. After been in this field for few years I know what I am talking.

    Cheers.

    Chandra
     
    Last edited by a moderator: May 8, 2013
  11. grumpy001

    grumpy001 New Member

    Good morning Chandra, you are also clearly now a psychic, nowhere in my post do I mention anything to do with the rights/wrongs or opinions of buying in the North v South, but clearly you have your own agenda.

    My comment is that your mind is, and has already been set and it makes your ? question at the outset very dubious.

    I do not doubt that you have a great portfolio or that you have success in your purchases. What I said is that your thread was needless.
     
  12. chandra

    chandra New Member

    Good morning to you too.

    Yes I'm getting psychic now. Thanks to those agents from south Cyprus, as soon as they know we are buying in North they starting telling us about how South is better than North. In fact South has more dodgy developers and agents than in North. read the book " The things estate agents won't tell you" A very good book for those who are buying property in South or North.

    You did not talk about South or North issues I failed to understand the need of your last post. You did not give me any info what I am looking for. You are telling me to refer to advise given by other members which I have already done. So now you tell me what was the purpose of your last post? Do you still think I am getting psychic.

    I am not looking for any advise from people who are speculating as speculation without research is useless. Nor I want any advise from any agents in Cyprus. Whatever queries I have I speak to the developer.

    What I am looking for is fellow buyers and share info and photos as construction goes along. I have already bought a property which I am going to see in May.

    As I said previously to all those who are skeptical, give me your emails and I will be more than happy to keep you updated.

    Good luck to you.

    Chandra
     
  13. grumpy001

    grumpy001 New Member

    Chandra, Youve already bought so seeking advice is a little late now. However if you seek to promote the developement then that is between you and the admin team. You have stated work starts in August and in September. Surely you must know which.

    I have not slated buying in the north in this thread so your agenda is well exposed. Just make sure that when naive buyers follow your example you are there to pick up the pieces and pay for the devastation you cause.
     
  14. chandra

    chandra New Member

    Dear Grumpy, please read my posts carefully. Nowhere I have asked for an advice. In fact I n my last post I clearly said that I am looking for fellow buyers. I am not recommending anybody to buy in this projest as it was sold offplan. All 87 villas are sold.

    Nowhere I have promoted this project. I just replied to what Lysos had to say this project.

    You called me psychic as I said you are upset as people are buying in North Cyprus. Clearly in your last post you you started talikg about the issues in North. As I said i do not sell anything in Cyprus. So I am not causing devastation.

    Its agent like you, who pop their noses on the forum and sell those properties in South cyprus to naive buyers. Why don't you go and read the book " The things estate agents don't tell you" I bet you don't have to read it but it's your naive buyers must read whether they buy in South or North of cyprus.

    Last point I am not a celebrity that people will follow my example and buy in a project which is completely sold. So stop fooling for once and all. Or at least have some knowledge about the project you are talikng.

    Get bak to real work.

    Chandra
     
  15. Veronica

    Veronica Administrator

    Chandra obviously you don't want to listen to Lysos or Grumpy because you are committed to buying. But what happens if Lysos turns out to be right and Aston loyd are in financial difficutlies. Do you really think you will get your money back?
    No, it would be far more likely that they keep your money and don't build the properties.
    Its great for the company that everyone who has bought are cash buyers because they would probably not have been able to get mortgages on the project if the company are in trouble but not so good for the buyers who have already handed money over if things go awry.
    Take your blinkers off.
     
  16. jimlin

    jimlin New Member

    Spoke with Aston Llyod's customer relation team, who advised that the majority of purchasers intend to proceed with construction phase of project.

    With only circa 2/3 looking to exit prior to this date, personally I am somewhat suprised at this low percentage given the current economic climate.

    My major concern is if say 15-20% default the whole project will probably stall leaving those who have invested more funds siting high and dry .

    PS Ist stage payment for construction costs due in August
     
  17. chandra

    chandra New Member

    Hi Jimlin,

    I did vist this site in May and going back there in July again. During my visit in May I did cover most of the island. I went to Bogaz on all 3 days. There are many proprties around that area. Not much in terms fo facilities at the moment though lot is planeed for that area. Location of The colony is undoubtedly best in Bogaz. In fact I have posted few photos on the google earth.

    Now with this project all the investers have to go ahead with building of the villa and not like other projects of AL where thay had a option of not to build and sell the plot. So we all have no option but to pay for the construction in stages. When I spoke to AL they were very optimistic that construction of this project will be finished by Feb 2011 and it will not remain the building site after that. We will see.

    Regards.

    Chandra

    []
     
    Last edited by a moderator: May 8, 2013
  18. jimlin

    jimlin New Member

    Hi . I am getting increasing concerned about investing additional funds in this project, following the Osrams case Euorpean court decision, any other points of view welcome.

    Regards
     
  19. Veronica

    Veronica Administrator

    There was a programme on British tv last week about the situation in t he North focussing on the Orams case. It seems that many developers have stopped building until they see what happens so there are unfinished projects all over the North.
     
  20. barryov

    barryov New Member

    Hi
    I have just found this forum, i am an investor like yourself in The Colony , i purchased 2 plots in Sept 07. I am trying to find out as much info as possible on the company Aston Lloyd, i have a few concerns regarding the title deeds, initially i was told they were "pre 74" Turkish title, and indeed they are being advertised on one particular property web site as such. Now last week when i asked to see proof of this due to the new EU resolution on the Oram`s case , i am told they are TRNC deeds and not specifically "pre 74". This is starting to alarm me, they say they will check with there lawyers to establish which deeds they hold. This seems a little odd that they don't know. I have contacted a Lawyer friend of mine to get his view on the situation. I am considering holding back the 1st stage payment until i am happy with everything.
     
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