Penthouses and Bank Guarantee

Hi All

My name is geoff and new to this website, so apologies if i cover old ground.
I purchased a penthouse back in 2007 and would appeciate any advice on following:

What Phase are the Penthouses on (new or old phase 2)
What is the latet info on penthouses build, timing
What is the best way to get a Bank Gaurantee , im already overue on second payment

Any other info would be great, do you think PW will cut dow investment in Terraz, ie reduce town centre scope etc

thanks Geoff

Hi Geoff

Welcome to the forum.  At this stage the old phase 2 and phase 3 have been cancelled.  I was originally buying on the old Phase 3 but I have now moved to a Penthouse style apartment on the new phase 2.  If you have a look at the latest photo's on www.fotothis.com you can see that the cranes have been moved into place for the commencement of phase 2.  However I have heard on another forum that they are not starting phase 2 until the completions have taken place on phase 1.  Looking at the forum it would appear that phase 1 owners are getting completions dates of October/November/December time.  The photo's will also show how the golf course is coming along.  I am sure someone who has been out more recently than me may be able to help us with a\ny possible commencement date but I can't see it being this year......

In relation to your bank guarantee do NOT pay your next stage payment until you get your guarantee for your last payment you will be surprised how quick they will get it for you when you withhold your payment.

Do you know for certain the old phase 2 is canceled? Old phase 3 is for definite but there is some confusion with phase 2. I am an old phase 2 buyer and so far polaris haven't announced a cancellation only a delay. I have as well as many others been asked to relocate though so maybe it will be.

thanks for the advice guys
appreciated 
keep me posted on any more news
maybe we can all have a beer or glass of wine in 18 months time when we complete and living in one of the penthouses

my concern is they cut back on the centre and other fimishing touches and its not as good a finsihed product as say torre etc

geoff

Hi Dave,

Just going off what others have reported in relation to the cancellation of the old phase 2 or indefinate delay!!  I know how you are feeling because I had that sinking feeling when they told me about the old phase 3 cancellation as we had already moved 3 times at that point!!!!.  I have moved to the new phase 2 and am trying my best to remain positive I just keep telling myself that eventually I will have got myself a bargain with all the discounts I have been given each time I moved..... fingers crossed and toes !!!!


This message was last edited by smivs on 10/6/2008.

Hi Geoff

My only advice to you in respect of the guarantee is hold onto that 2nd payment. I was due to make my 2nd at the end of July but on my solicitors advice have not paid it. I contacted PW a week before the payment was due and told them that I would not make the payment until I have got the bank gtee for the 1st. I had a call from PW customer services saying that the gtee was in the pipeline but they couldn't say if I would have it in weeks or months. They also said that they would not expect me to make the 2nd payment.  2 months later I have heard nothing further from them.

In respect of the resort itself I have been worried in much the same way as yourself but have 2 bits of info which may brighten your day. A friend of mine who has bought a couple of phase 1 apartments was told last week that "clubhouse, bars and restaurants will be completed by spring 2009" We will believe it when we see it but in a difficult sales environment it is just possible that they have decided that sales are more likely if people can see there are facilities in place, albeit that would be a change on how they have done things previously.

The 2nd thing is the obvious progress being made on the golf course. Have a look at the link below and you will see pictures of the course in June , August & late September.

I have a blog which I update any progress that I discover about Terazzas. If you would like to take a look you will find it @ http://davebangor.blogspot.com/

Good luck
Dave

This message was last edited by davebangor on 10/6/2008.

I'm on my second move as well. It's either going to be this apartment or a refund now. It's tough enough to keep track of things being out of the country without changes and mixed messages from the builder to put it lightly. When I last visited I told them I get more information out of an internet message board than them!

Yes my solicitor has told me a lot of the development is to be mothballed until the financial situation has improved the polaris line of credit has been suspended he said he did not want any more funds at this stage as he thought it may fail completely at least he was honest

Anyway fingers crossed for some better news next year

Babs

Hi Babs

What is your solicitor actually referring to when he uses the words ' fail completely ' , certain phases , town cente area , or the whole development ? 

Quite scarey words to use.

Regards

Steve

Hey Babs, where has your solicitor got his info from? Mothballs could actually suit me because I have to sell property but don't want to give them away. Was thinking of selling my contract if possible but if what he says is true if might be the answer for me. Any chance of discovering the source of his info?

Dave

hi all called pw this morning they inform me phase 7 and 8 are a problem not phase 2 cranes ready to go no problems .
this is what they told me today we need more than he said she said statements , no one seems to know including myself. that said babs solicitor has it from somewhere big question is it true

Hi all thx for keepg the thread going, lets keep talking, i think penthouses will be ok, and one day we will all be sipping our wine overlloking th course.
im talking to my solicitor on tuesday, so will update you then
Geoff

Hi all,
I was over in sept. and was informed by the saleslady on site that the old phase 2 is going to be grassed over until its desided what to do with it.They are waiting to see if the penthouse apart. are a hit , if so , they are talking about replacing phase 2 with them.Hope this helps.    frankie2

Thanks for that Frankie and excuse my ignorance but was the old phase 2 running down the other side from the current phase 2 ?

Hi Dave,
On the so called old masterplan, which I was shown when signing for my property ,all the phases went clockwise.Phase 2 followed 1 at 12o'clock on the plan.Other phases continued until 5, which joined onto1 to form the outer  circle of the plan.On my new plan none of the phases are marked.     Cheers Frankie2

Hi
Recieved bank guarantee today for my  1st  stage payment  which i paid in feb 08 for a penthouse apartment on phase 2
was waiting on this before making any more payments I think polaris will now get in touch  wanting the 2 nd stage payment

regards
Graham