I am a Lawyer and I had last week in my office a client interested in purchase in this development and I was cheking the legal situation in the Town Hall.
They developer applied the building license in 2003, they had several problems with it and it was not granted until June 2007.
They started the building works without a building license and the works was stopped by the Town Hall in June 2006.
In February 2007 the Town Hall stopped againg the building works because the developer restarted again the buiding works without the license.
They have got building license from June 2007 and the developer confirmed me by writting that they calculate that the developmnet will be finish by the first quarter of 2009.
I do not know the private contracts that you signed but perhaps you will have a court case against the developer becuse of the delay in the buiding works.
Anyone interested in more information can contact me through PM or on jose0107@lawbird.com .