Questions to Peninsula PM

The more I consider this the angrier I become – where are the reassurances from Peninsula about this resort???

Prove to me that the guaranteed rental scheme is not an absolute nonsense.  Your website quotes –

“When you are not there, make money: 

Take advantage of the 2, 3, 5 or 10 year renewable guaranteed rental programmes we have set up, underwritten by one of Spains leading Insurance companies, and in association with some of the worlds leading tour operators. This is a REAL guarantee, not just a vague promise of income, as is offered by some other developers! You can choose from schemes which allow limited access to your property or a more flexible approach. Yields can be between 5% and 15% of purchase price per year depending on your chosen program.”

Who are the leading tour operators involved?  Please elaborate on some names.  Why keep this a secret when it may surely only help your business?  You have contributed to this forum when it suits your needs so why not now? 

Tour operators produce their own marketing literature well in advance and completions on ME23 took place months ago.  The rental scheme suggests that a 6 month time period needs to be given but clearly there does not seem to be any marketing of this resort or indeed any major tour operators interested.  Why on earth would they be?? 

Why is Margaret Corley advertising ME23 on such a low budget website – this isn’t just for her own personal apartment as the ad mentions the availability of a number of apartments. http://www.euroletting.co.uk/index.php?action=listingview&listingID=919&printer_friendly=yes

What response would I now get from “The Money Doctor” – John Lowe who is quoted on your website extolling the virtues of this seemingly sure-fire investment?

I understand that Spanish consumer law generally favours those purchasing for personal use and not investment but surely the fact that this development is heavily marketed on the basis of guaranteed rental schemes without personal use must be considered.

What about consumer laws specific to the region that underline the importance of financial transparency?

What really is the situation with the “Balcons”?  Tee 17 is being developed by Proadis – if things go wrong here will Peninsula react in a similar way?  What is the significance of Sharon H’s employment in this situation (see the thread)?

Once again I would appreciate any responses as I am worried about this – please use this forum to give myself and fellow pruchasers some degree of re-assurance. 

Just to stir this up a bit more...

I like the 'underwritten by one of Spains leading Insurance companies'' bit. This was in the initial draft of the rental contract last year, but was removed from the final document. It's apparent that Spains leading insurance companies wouldn't touch it with a bargepole

I was told that due to the 'data protection act' the names of the tour operators and the contract details they held with Royal Peninsula could not be disclosed to me

Does the "data protection act" apply to a Spanish registered business I wonder?

Pehaps the tour operators are equally cautious and do not want to disclose their involvement in the deal by not advertising this resort

Moreover it would surely be advantageous to all concerned to promote the agreement - or am I missing the point???

I understand that it is a bank holiday in Spain today but once again would appreciate an answer to this(Peninsula) in the not too distant future - thankyou.

There has been some very positive news regarding the rental scheme today and I have to give credit where it is due, Margaret has come up a lot of specific information about how it will work especially on the side of insurance policies, and proper policy documents will be with my lawyer soon to look through. It looks like things have only been finalised very recently which is why details have been sketchy so far

There will be a newsletter sent out at the end of this week informing us of the tour operators signed so far and the general progress of the rental schemes, so let's hope this delivers the goods we are wanting to hear

There won't be any advertising until ME23 is declared 'fit for rentals' and clearly this has not yet happened - tour operators can't advertise holidays until they know which dates to sell them on - however I understand this is a matter of absolute urgency for Peninsula and Royal Peninsula to get the apartments rented out immediately with no further delays so people who are paying their mortgages already get some help

Please would anyone who has received any info on the rental scheme send me a PM or perhaps Peninsula may enlighten me / us.

Surely the rental scheme information should be available by now?

Has anyone received an update?  Who are the tour operators?

Any information would be greatly appreciated.

Has there been any information sent on rental schemes?

There must be a number of anxious purchasers who would like some re-assurances about the scheme - I am one of them as it was the main reason for my purchase.

Hi,

I've just come back from Granada and would like to share the information I have found out.

Tee 17 - Found the progress very disappointing as you will have noticed from Peninsula's latest photos.  I cannot see much has been done since I was there in September.  Proadis say that a lot of the progress has been internal and insists the first five blocks (A-E) will be completed this coming August!  When you see the pictures, you will realise it will take more than a miracle.  There were a few workers on site but the site manager was out so I could not speak to him personally.  Some of the flats' kitchens and bathrooms were already tiled. The quality of the ceramics is well below what you would expect for the high spec finish we were led to believe we were getting.  

The remainder of the blocks will follow but it could take well over another year before they are finished.
 
The problem arising from this is that Margaret says she cannot put Tee 17 up for rentals until the whole building is finished and landscaped (which is fair enough), meaning the situation for us is quite dim.  I seriously doubt even our blocks will be ready in less that 8-9 months. 

More positive news is that Medina 23 looks great and Fairways is almost complete and looking very nice.  Peninsula's finishes look of a much superior quality than Tee 17 to me.
 
Margaret has given me some names of companies she has lined up for the guaranteed rentals.  She mentioned a swiss-israeli company called SIR, another called HRS (Hotel Reservation Service) and Signature, which is british.  Apparently the swiss company might agree to owner's personal use for 4 weeks a year provided the owner pays 30% of the rental cost to cover services like cleaning, utilities etc.  Margaret says she has got an 80/20 ratio of guaranteed/variables both in Medina 23 and Fairways.  She is hoping to start rentals from July on a small scale and move on from there.
 
I had been informed by Grupo Balboa that the sports facilities at the resorts would be provided by the Council and they would actually be building the sports centre, pools etc. Jose is surprised to hear about the sports centre being assigned to Atarfe's council.  He is aware the plot is but thinks that it is Grupo Balboa who will be building it.