MURDEIRA: Murdeira Beach Resort - Sal IslandThe Murdeira Beach Resort took €6.5m from investors and the development was to be completed by 2010 but the developer Tom Sheehy delivered nothing. Cabo Verde Investimentos were involved in the land transactions but they have not assisted investors. In fact, from what I have learned Cabo Verde Investimentos is pretty useless all round when it comes to helping investors.
This was one of a number of failed resorts that Tom Sheehy had his hands in.
Investors have formed a pressure group and created a website here
To read about the terrible investor experiences click here
Tom Sheehy Developments
Mr Sheehy and several other Irish and UK developers have been jointly responsible for the failure of a number of Cape Verde resorts - Cotton Bay, Paradise Beach, Forto Mindelo, White Sands, Turtle Bay, Murdeira Beach, Monte Gordo
Resorts promised by other developers include...
Esmeralda Beach - this was to be located on Sal but legal disputes have resulted in a claim being lodged against the land in the Cape Verde courts and I believe an injunction is in place to prevent the land being sold. A large group of investors recently lodged class action in the Cape Verde Supreme Court.
Paradise Beach - There is an ongoing dispute in the courts over this development. A number of properties have been sold and transferred to owners but due to legal action in the Cape Verde courts an arresto/injuntion has been placed on a number of remaining properties. Investors are desperately waiting for an outcome that will lift the arresto and release their reserved properties to go to title deeds.
Cotton Bay - yet another 'stunning resort set to transform Cape Verde as a tourist destination'. This was another of Tom Sheehy's developments planned for Sal. A golf course to European PGA standards was promised and even Ernie Els at one point was to design it and another of Mr Sheehy's proposed developments on Sao Vicente. Nikki Beach were also signed up to launch and manage the new resort. However this was another development that robbed many investors of their life savings.
On Santiago Island
Morabeza Beach - this was/is planned to sit on the hillside facing Sambala's development and share the Sao Francisco beach with Sambala. The plans include include villas, apartments, hotel and restaurants. This was to have an advantage over Sambala in that it is directly on the beach. Construction was planned to start several years ago but rumors are that it will recommence soon but no details are available. Currently properties are being marketed off plan by the likes of TOPA at http://www.topa.co.uk/Apartment--Santiago-111.asp
Santiago Golf - also to be situated near Sambala on Santiago and was to have a range of villas and apartments and golf courses but never came to fruition.
Vila Jardins Oceano - part built complex of villas on Santiago .Went bust in 2012 owing €millions to investors.
Ponta Bicuda - between Sambala resort and the airport, but unlike Sambala - not under the direct flightpath. This was to be the top resort on Santiago. See separate tab for my report on this above.
Other developments will appear here as I obtain further info.
Boy, there sure is a hell of a lot of horror stories for such a tine country. But its not completely bad - some small resorts managed to open on Sal and they have managed to attract tourists. I am trying to determine whether owners have received any rental payments yet.