The Reef Project in Playa Bonita

@Bettihoenmann Stopping payments is a good idea and the best you can do at this time. I was unable to do the same on the unit I purchased with Noval at the time. I was informed from Noval's recent zoom conference that they expect to start clearing land on June 1st for the Coson project, Silver Beach and now estimate 36 months to complete construction on Silver Beach. Which means you need to add an additional 12 months to that. Hence why I said on a prior post that people will be lucky to see a unit built by 2028! Here in DR all brokers and existing clients know that developers are not being conservative when they tell you a time frame. And again, Noval is not a construction company so they need to outsource that. Since Noval will need to amend their contracts, I would suggest a penalty for each month they are delayed or late on delivery. I've seen this done on a few projects and is very common. And there is still no ministry approval on THE REEF. Noval says they expect that approval soon due to adjustments needed on Mangroves. Very unfortunate stuff since they were obviously made aware of these concerns a long time ago.

I was in the zoom also on wednesday. seems

that SB starts soon. lets see. the penalty for each month late is a good idea. I should inform me. I could find the group silver Beach at FB…does it still exist?

    @Bettihoenmann Stopping payments is a good idea and the best you can do at this time. I was unable to do the same on the unit I purchased with Noval at the time. I was informed from Noval's recent zoom conference that they expect to start clearing land on June 1st for the Coson project, Silver Beach and now estimate 36 months to complete construction on Silver Beach. Which means you need to add an additional 12 months to that. Hence why I said on a prior post that people will be lucky to see a unit built by 2028! Here in DR all brokers and existing clients know that developers are not being conservative when they tell you a time frame. And again, Noval is not a construction company so they need to outsource that. Since Noval will need to amend their contracts, I would suggest a penalty for each month they are delayed or late on delivery. I've seen this done on a few projects and is very common. And there is still no ministry approval on THE REEF. Noval says they expect that approval soon due to adjustments needed on Mangroves. Very unfortunate stuff since they were obviously made aware of these concerns a long time ago.
   

    -@sgreen3737

Payment schedules should be tied to construction milestones.  It shocks me that so many people are so naive in this regard.   No more needs to be said about that…

Yes, the Coson project Silver Beach has all approvals and permits and should start June 01.   My expectation is that it will be 24-30 months to build based on the scope of the project.   There is nothing that is complex about this project.  Four three story buildings and two two storey buildings, pools and landscaping.  30 months is a safe and conservative timeline in my estimation.  Do unforeseen issues arise?  Yes sometimes they do,  or even often do, but lets be serious.   Your comments about 2028 deliveries is based on nothing but your opinions formed by the delays you experienced on your project because of the pandemic disruptions.   

You seem to want to diminish Noval by saying they are not a construction company.  Not sure what your point is?   Are you suggesting that they don't know what they are doing?  Can you provide more clarity on this point so people can understand the significance of this point?  Frankly, i don't think you know what you are talking about in this regard.

With reference to contract amendments, your suggestion of a penalty for each month they are late on delivery etc.   Well, some people I assure you already have such a clause in their contract.  Likely the same ones who have payment schedules tied to construction milestones.  So while it is a good suggestion, it should have been enshrined in your agreement from the beginning.   It will be interesting to see how amendments to contracts will unfold, ie. will Noval offer any consideration for needing to alter contracts?   My impression is that many people have signed contracts that are void of critical clauses (like payments tied to construction milestones etc. ) and will have little choice but to accept Noval's needed amendments. 

You are correct that there is still no ministry approval for the Reef.   According to Noval there are seven points of issue to be addressed to satisfy the ministry.  The mangroves are one of them.   If you stated people would be lucky to see deliveries by 2028 for this project I would not disagree with you, as I am still not convinced that this project will even materialize as proposed. 

@Bettihoenmann

Yes the FB group still exists.  If you're a buyer of Silver Beach you are welcome to join.

@Dave1967 Are you really serious?  YOU SEEM TO WANT TO DIMINISH NOVAL BY SAYING THEY ARE NOT A CONSTRUCTION COMPANY"

It appears as though you have no clue what you are talking about.. This is a forum for Expats and individuals seeking advice, recommendation and guidance on the same matters we are speaking of. Much of what has been very useful to me and many others on this platform. If you have a problem with the facts that I am stating then maybe you need not respond or avoid commenting out of anger or frustration from the facts. I am speaking from experience, being a Noval investor for 5 years + on more than just 1 project. I am an investor in Oceana, The Reef and my entire family has been invested in Noval with Reserva Real. In addition, I have also invested in projects with a major developer in Santo Domingo with projects in Evaristo Morales and have been doing business on the island for well over 8 years (land and property). So yes, I do speak from experience and have a good understanding of the real estate climate on the island given my past and relationships as a Dominican American. I was also on the zoom call with Noval last week and they specifically said "36 months to complete construction." On the island, we all know to expect an additional 12 months from the announced delivery date. That is the reason I said what I said. I've invested in project pre-covid and after covid. And ALL projects are late. Not just Noval. What shocks me is people like you negatively commenting on posts that are helpful to other people. Especially on suggestions for their contracts and amendments. Not everyone has the right representation on the island and often has to endure corrupt lawyers, brokers and developers on the island. What experience do you have buying property in the DR besides SILVER BEACH which has not even started construction with Noval?

At the end of the day, providing recommendations and solutions is why we are on this forum. If that comes across as a negative to you, then I am not sure what to tell you. No company should be selling projects without proper permits in place. And no one should be upset from reading other people's experiences in the DR on this forum.

@Dave1967

thank you. I cant find it on FB🤷🏼‍♀️

@sgreen3737

I asked you to provide more clarity on the point that you repeatedly make, that Noval is not a construction company, and how this is a significant point.  You did not answer, but instead become indignant.   Please make your point.  According to your own words this is a forum to benefit people who have to endure corrupt lawyers, brokers, and apparently developers masquerading as construction companies.   Furthermore, you can explain why you invest with Noval in multiple projects if they are as problematic as you insinuate, especially if you are such a seasoned investor in the DR.   You misread me if you think Im negative, i am merely asking for clarification on a ridiculously weak point. 

Another thing, when you make statements that are prefaced with  “on the island we all know”  it is a weak attempt to garner credibility,  and likely the point that follows is not strong enough to stand on its own, which it's not.   ” to add an additional 12 months to the announced delivery date”.   Is that what you do?   sign a contract,  add an additional 12 months to the delivery date, then cross your fingers and hope?   You then want to assume the role of providing as you say ”recommendations and solutions”  to people on the forum?   I suggest you would be better off obtaining better legal advice and negotiating a POS that doesn't  leave you hanging in the wind. 

Since you also want to call into question my experience investing in the DR, let me respond simply by saying that i was experienced enough to avoid the quagmire that is The Reef project, as the issues were obvious from the outset, and negotiated a pos on silver beach that contractually defines the delivery date and imposes penalties on the developer for late delivery, as well as other provisions,  and safe guards that protect my interests.  Is it bullet proof? No it is not.   Does this mean the project will not be late (even 12 months late) ?  No it does not.  Does it mean that the counterparty in the contract will meet their obligations? No it does not.   As you know, investing in pre construction projects in the DR is not for the faint of heart.

Don't be butt-hurt because i call into question some of the things you say.  It's a forum. It's not personal, and maybe the written word just sounds harsh?  Peace  ✌️

@Bettihoenmann

Silver Beach, Las Terrenas

Let's stick to posting facts. Those who have questions just ask them.

@Dave1967 I personally could care less what you think to be honest. All I have stated here is facts from experience and being an actual investor in several projects, two which happen to be Noval projects from 2019. Everyone who has messaged me directly also have thanked me for how helpful the information has been for them. Even the forum admin here has admitted that a developer like Noval should not be selling units without permits and a title! Thankfully I was able to exit The Reef with a full refund this week and will just standby and wait for Oceana and Reserva Real to complete. They still dont have permits or specific dates on the start of construction for The Reef sadly. And to answer your question, the decision to invest with Noval in the Reef was due to the appreciation value I received thus far for Oceana and Reserva Real. Price per sq meter has changed a lot since then. I will not be considering pre-construction at the present time and unfortunatelely I will not be in Las Terrenas. At least with Noval.

Lastly, to help address your repeated "clarity question" re Noval not being construction company, because many on this same chain and others believe they are. That is a crucial distinction given 3rd parties needed to be engaged to finish projects. And again, there are several construction companies developing their own projects. So in Noval's case, delays can and will happen. As is the case with Oceana, Reserva Real, Harbor Bay, Atlandida and many others. Good luck ☘️✌️

Hi @sgreen3737, thanks for your contributions to this forum, and  glad to hear you were able to get a full refund on your investment from Noval on the Reef project. Even after the zoom meeting they held on May 22nd, there are still no updates regarding permit approvals and project timelines.

Would you be kind enough to elaborate how you manage to get a full refund from Noval? Did you have to involve lawyers in the process?  Asking because i have tried multiple times to request a friendly cancellation and they want to retain $20k from my investment which is totally unacceptable.

Any feedback you can provide will be greatly appreciated.