No, last year they renegotiated loans and used assets to reduce their debts. Apparently they even improved their sales last year up to 530 million from 400odd million the year before- but this is well below the anticipated 800 millions they planned for.
Think they have held up far better than many other developers- but now their developments wont be completed as expected. Unless of course they renegotiate and hold off bankruptcy. At Condado de Alhama they have finished everything in the present phases except the Golf Club house. They have however used one of the units in the Al Kasar town centre to house a smart golf pro shop with some changing rooms and that’s adjacent to the Clover bar and also the new restaurant. So whilst its not the plush club house that was expected its not a temporary prefab either- and it adds a bit more life to the Al Kasar which needs these units taken to add a bit of zing to a large space. It explains their push to get the resort up and running- its a viable development for another developer to buy into. Or there’s the prospect of it being broken into sections, sports zone, shops, golf all with different companies over seeing them- it’ll be interesting to see what transpires.
There’s going to be gaps in their other developments too- if they cant sort their finances. I dare say builds will be put on hold and I’d be looking to transfer to property that’s already built because getting deposits back ain’t going to happen. But there could be plenty of bargains to be had although would be purchasers will no doubt be put off in the first instance-especially as its less likely that the other two golf courses will actually happen- at least in the short term, or the Oasis shopping mall. But in some respects that’s the deal with off plan purchasing anyway- no true guarentee on how a resort will look in the end and who knew what effect this recession would have?