Ponta Bicuda was set to be the most prestigious development on Santiago, located just outside the capital of Praia. It was marketed by prominent international real estate agents Savills and an international hotel/resort management company was signed up.
The developer took early stage payments from investors up to 2008. However, in 2008 a dispute arose over the ownership over the land. Even though the developer successfully bought the land they were hit by a claim against it made against the previous owner. There is currently little prospect of the resort being completed. The following statement was made by the developer...
"Due to the incongruous lawsuit filed by an alleged wife of the former owner
of Ponta Bicuda, and to the fact that the decision is now being
appealed at the Cape Verde Supreme Court, construction in Ponta Bicuda
has been irreversibly delayed. As such, Vilas Oceanicas has been forced
to revise the completion date, and in an effort to minimize any harmful
consequences to clients, a compensation plan has been devised that
encompasses everyone who is wholly compliant with their contractual
obligations. To implement this compensation plan and ensure the
feasibility of the project, our venture partners and property investors
must be in agreement with the completion date set forth and the
compensation plan, as requested by the financial entity.
We take this opportunity to reiterate that given the circumstances in
which the Sales Deed was signed, the good standing relationship with the
former owner of the land, and the presence of the proper administrative
authorities involved in formalizing the deal, there was no reason to
anticipate any such event. In fact, in July 2009, the Court declared
that the arguments presented by the plaintiff were unsubstantiated, and
confirmed the evident validity of the transaction. As such, Vilas
Oceânicas has no reservations about qualifying this legal proceeding and
everything surrounding it, as unforeseeable and unavoidable, and
further, contradictory to the company’s demonstrated up-standing,
diligent and forthright behaviour."