Ponta Bicuda

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 Oce├ónicas 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."


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