Without going into much detail Janha and I realise this is a press release, but it is just that. A press release.
Several things caught my attention:
1.The land is Polaris repo land. Why is that? Credite Suisse had a big stake in Polaris of late, I don’t know if they still do.
2. The airport: I’ll believe it when I see it. The AVE will reach Alicante/ Valencia first but that does not necessarily mean that Terra Mitica will become profitable so I don’t know how the same can be said for Paramount.
3. Paramount already had a partnership with Terra Mitica. They came, they got paid, they left!
4. Who are the companies who are “falling over themselves” for involvement with the project?
5. Hotels, food retail outlets?? It sounds just like a Polaris golf course.
6. There is no water there, no matter how many desalinations plants that may be installed. With the cuts in Public Works, is it realistic to think that this is going to happen?
7. A business leisure park: Please explain what that is? Canary Wharf meets Alton Towers?
8. If the information of the project was released in February, why is it news today? In somebody’s draw until election time? Me thinks.
9. Sales are up? Really. Somehow my information is different. If sales are up why is Polaris off loading land?
10. The market has moved from retirement homes to investments? I really cannot see this being truthful or correct. In any case its demographic pressure and lifestyle that determines the purchase of a second home or retirement property.
I have a hard time believing this is a good idea. I just hope what is in the press release will happen and everything will be hunkydory…but I don’t think it will.