Juan Dolio - South Beach of the Caribbean !!!

[STEVE G.]

Hemingway Tower - 16 floors tower will be build in the area Villas Del Mar to be added to the Starfish Complex ( Club Hemingway , Coral Park etc. )

[STEVE G.]

JUAN DOLIO, San Pedro de Macorís.- Esta zona de la República Dominicana se ha convertido definitivamente en la nueva meca del turismo inmobiliario y el destino de golf más próximo a Santo Domingo.
Todo esto gracias al desarrollo de proyectos de gran calidad, donde hay lujosos complejos de apartamentos, villas y hoteles junto a dos campos de golf de clase mundial y un tercero de gran exclusividad en construcción.

Con el impulso de estos dos importantes subsectores, el turismo inmobiliario y el golf, Juan Dolio es el mejor destino para aquellos dominicanos y extranjeros que buscan adquirir un apartamento próximo a la playa como primer o segundo hogar, sea para vivir o vacacionar, y también es la zona perfecta para los amantes del golf.

Como parte de los beneficios de este enclave, está su cercanía a la ciudad de Santo Domingo, una hermosa playa completamente regenerada con arenas blancas, el acceso fácil aéreo, ya que dista tan sólo de 20 minutos del Aeropuerto Internacional de Las Américas y una diversidad de opciones para los amantes de la buena gastronomía.

Para catapultarse como el destino por excelencia de las propiedades residenciales lujosas y completas está el nuevo proyecto Costa Blanca por parte del Grupo Metro, con una inversión de 500 millones de dólares en 300 acres con más de un kilómetro de playa, un campo profesional de golf bajo la firma del famoso golfista norteamericano Greg Norman, una marina para 150 yates, 2 torres de apartamentos, 52 villas y varias facilidades más.

Este campo dará lugar al primer PGA Quality Golf Course en Juan Dolio, a celebrarse con la calidad y experiencia del sello Greg Norman y estará a merced de los huéspedes de Costa Blanca, el cual vendrá a sumarse a los prestigiosos campos Los Marlins en Metro Country Club y el Guavaberry Golf Country Club, ambos de clase mundial.

Costa Blanca vendrá a incorporarse a la gran oferta de la que forman parte Metro Country Club, la exclusiva comunidad residencial situada dentro del campo Los Marlins, y Embassy Suites, un exquisito hotel para el público de reuniones y negocios.

Por otro lado, Juan Dolio cuenta con el Club Hemingway, un conjunto de apartamentos de gran calidad en la playa, con su paradisíaco restaurante sobre el mar, “El Embarcadero”, y una Casa Club de gran belleza, la cual incluye cine/sala de conferencias, “lounge”, “tratoría”, cava de vinos, entre otros. El Club Hemingway es impecablemente administrado por Starfish Resorts. Su nuevo proyecto es la Torre Hemingway, de 16 pisos y 60 apartamentos, todos con vista al mar.

En desarrollo también están los proyectos: Costa del Sol, una fastuosa comunidad de condominios con su club de playa; Las Olas ; Marbella, un megaproyecto compuesto por 5 torres de 12 pisos, diseñado con todas las comodidades. Asimismo, están en desarrollo los complejos Aqua Tower y Atabey.

[mikey007]

looks like a lot of money still flowing into the juan dolio area for investment this artea will be taking off for 2009

[mikey007]

will marbella be finished in summer 2009

[frank recktenwald]

Originally Posted by mikey007

will marbella be finished in summer 2009

The first 3 towers should be finished by then, si Dios quiere

[Fernandez]

The country is in the midst of a real serious problem, and it goes way beyond the next door Colmado and/or whorehouse. The government has now corrupted the public treasury, with little now left for the country to meet its obligations and target areas of development that are in desperate need of capital. Clearly, the negative balances at year end can not be recuperated with new taxes no matter how efficient or creative the collection system. Corruption has reached a limit- and there is no capital to grow with.
The only capital available - without raiding the AFP (private pension systems) is centered in the articles posted today in the Press DR1- the undeclared truth all are aware of with respect to the drug trade and it influences in local/national matters.

I wonder if all these projects are subjected to source of capital analysis. I am sure that many of them (the majority) have identified reliable bases which can be tapped for development. Hoiwever, in a country so rampant with Drug trafficing (external and now domestic consumption as well), and where the depths of the financial markets are so shallow, the natural "laundering" of funds through real estate projects requires one to be very wary of new projects that demand size in light of such a small market.

I guess this means that it now a good time to sell - if you don't care about the who the buyer is.

[STEVE G.]

Fernandez ... is the above post has general DR political / economical comments , or it has any particular relationship to Juan Dolio current situation ?

[Fernandez]

Originally Posted by STEVE G.

Fernandez ... is the above post has general DR political / economical comments , or it has any particular relationship to Juan Dolio current situation ?

Cleary, the economic and political situation faced by the country includes Juan Dolio; the area is not immune or divorced from the corruption that dominates nationwide- its a cultural issue that for the past 30 years has been ingrained in how you do business in the DR- and as a business person who has battled against this for the past 12 years (from customs grabs to internal revenue bribes)- its a known fact. Period. Not to mention "land scams" and property title "remakes" of every kind- what you could expect in a poor nation. So, a country where reading, writing, math, sciences and many more areas of basic childhood education are at the lowest level in the lesser developed countries (perhaps to the exclusion of Haiti)- what is left after official abuse and illicit enrichment by its "directors" is not nearly enough. As an official of this abuse, an officer of the Banco de la Vivienda in the DR rented a house accross the street from mine in Metro, and was staffed with 3 cleaning women, 2 drivers and 3 additional staff for protection - even while inside the Metro.
Paranoid??

Enter the enticement of money laundering- and how best to do so in the DR- where construction projects are now delivering more opulent structures. With respect to tourism areas, and major international tourism firms /chains, these are deep enterprises in their industries that are global groups that can tap international financing lines- less now than a few years back for sure. These projects are capital intense with long payouts, not the typical industrial financing that has quicker turn arounds- and these projects are losing appeal in the current financing environment. Add the feature of implied country risk (DR requires premium risk points) and the sources of funds are not interested right now-

In the case of Juan Dolio, not all projects are questionable. Metro is currently structuring another US$16MM to refinance payment of the first bonds through Banco Leon, but in order to secure the funds they need to tap "domestic" funds- with rates at issue of between 8-10%. You can buy a 2 year Ford bond that yields you 18%- see the problem? Perfect for lesser Groups than Metro who would be tempted to take the "easy" money despite its sources- and herein lies the rub.

So, you tell me. With little transparency in something so basic as "sales" data, how can one accurately identify investors/buyers/developers as to their sources of capital. In the case of Metro, clearly, they issue Bonds that require rigorous due diligence and data mining. I think, in the case of some others- questionable.

AT least thats how I see it.

[mikey007]

do you think the completion of all these projects in juan dolio will improve the area fernandez.

[Fernandez]

Originally Posted by mikey007

do you think the completion of all these projects in juan dolio will improve the area fernandez.

Yes- in the long term. The developments will attract second tier investors who will take over apartments that will be sold at discounts from the original equity speculators- not in all cases, but clearly there was over-speculation in apartments on the second round that will result in flat or partial losses- and add the sheer volume of apartments to hit at the same time- something will have to give.

I repeat that Juan Dolio will benefit when infrastructure investments that compliment the beach front structures are realized. What we read about on these pages is a new colmado, a moved whorehouse, but where are the family entertainment zones, the retail strips (there is one being built in Juan Dolio) and the beautification efforts to make the area complete.

The water treatment facility - still stalled, and many other things that are needed. I often thought when first investing that the pace of development would come- and in fact, the beach front apartments due to the Metro vision has become a reality. But what lacks is the support to this vision- aside from a restaurant or two, nothing really important to focus on.

I envisioned 5-6 years for it to happen. Looks more like 10-12 at this rate, and then again if and only if things get straightened out (socio economic issues) without major disruptions. I am afraid of the currency devaluing again- soon, and estimate the peso well over 42/US$- this will shake investors in a country where the currency in fact is the dollar and the peso hides inefficiencies and lack of reserves.

Yes, there is a future for Juan Dolio- a positive one, but its going to be a hell of a roller coaster.

note the following today:

" Economist Miguel Ceara-Hatton of the United Nations Human Development Office estimates the deficit of the central government at RD$52.7 billion during 2008, to which the quasi-fiscal deficit (of the Central Bank) would have to be added bringing this to RD$75 billion. Ceara-Hatton recalls that the government on several occasions has said that the public finances are balanced.
Clave newspaper says that the lack of transparency has spread to the Central Bank. As of 12 August, the Central Bank had only published a report for the first quarter of 2008 and the definitive for 2007. The Central Bank website indicates that the updates would be available at most 45 days after the period expired."

When the supposedly "independent" Central Bank acts politically to mask domestic realities, run for the hills.

ADF