Grand Natal Golf Goes Bankcrupt!

[LisaNic]

Originally Posted by michaelbush

The Tribuna do Norte in Natal on the 14th August
It will be published today in the Official Diary of the State one of the keys so that Grupo Sánchez's project in the North Coast leaves the paper. The document is the Term of Commitment signed between the company and the Public prosecution service, to guarantee that the works of Elegance Natal Golf won't attack the environment. But the portion that Sánchez acts is only 7% of the total area of the initial project. The remaining of the 2 thousand hectares belongs to Spel, of Paula's entrepreneur Paulo, owner of the Universidade Potiguar, that is still negotiating with Ministerio Publico.

Sánchez retoma obras do Natal Golf - Tribuna do Norte

The project maybe now starting to gain legitimacy, however i think with all the bad press over the last few months and the simple fact that the Spanish arm of the developer has gone into administartion will lead to questions of trust and faith in the project from potential future buyers.

In todays market place buyers do research and more research, and quite rightly so. Also a good agent will be carrying out full due diligence and I for one wouldnt even consider promoting a project that has had such bad press behind it.

On top of all this, the project would need to start from scratch again. I would say around 80% of all the previous reservations from last year have been cancelled and bank guarantees through barclays executed (and in process)

On this one it really is a case of "caveat emptor"............