Still in Limbo

We still await the outcome of Polaris World's negotiations with their bankers. The 3 months period of protection has come and gone with no resolution and they have now been given a further month in order to complete a deal.

Whilst it is disappointing that, we the buyers, remain in a state of unwelcome limbo I suppose that the fact that the court has approved a further month to complete negotiations indicates that the parties can't be too far away from an agreement.

On some of the forums there is much more in depth analysis of the situation but the above is a simple summary.

The other news story that has come and gone in the last week or so, with potential impact in the area, is the "Paramount Themepark" story or as it now appears - non-story. Tales of meetings with representatives of a company associated with Paramount appears to have been blown out of all proportion and Paramount have now moved to deny the story.

Who knows if something may come of it in the long term but I recall going to Costa del Sol on a viewing trip with the dreaded MRI and the guide/rip-off merchant telling me he couldn't promise anything but there was a strong rumour of Disney moving into the area!!

Going out to La Torre tomorrow week so watch out for an update and photos.

Worth a look

I am sure you may have seen this but if not have a look:

http://www.eyeonspain.com/community-forum/19215/polaris-bankruptcy---what-happens-if-you-have-paid-your-deposit-and-your-property-has-not-been-built-yet.aspx

 Dave

PHOTOGRAPHS OF PHASE 2 & TOWN CENTRE

Thanks again to Laurel for more new photos. It is quite amazing to see the progress that has been made to the Town Centre and the great news that the part of phase 2 closest to the Phase 1 blocks are under construction and progressing well.

Information from MGP on various matters

These are some bits from MGP's bulletin which may be of interest:

POLARIS WORLD FINANCIAL SITUATION 
POLARIS WORLD FINANCIAL SITUATION  

There has been a lot of press surrounding the financial situation at Polaris World since December 2009. The company have been re-negotiating their debts with banks and a report published in La Verdad this week suggests that they have reached agreement. They are expected to sign the new deal in the coming days.

 

If Polaris World sign their agreement with the banks in the next few days they could start to review their future plans and this can only be a positive step. Polaris World have built some superb resorts and brought a lot of investment into the region - we hope that they are able to agree terms and continue to promote the region.

 

 

PARAMOUNT PICTURES THEME PARK FOR MURCIA?

PARAMOUNT PICTURES THEME PARK IN MURCIA?  

It has been revealed that Paramount Pictures have instructed a consultancy firm to investigate the feasibility of building a huge theme park in Murcia. The attraction would compete with EuroDisney and would be the largest theme park in Spain, bringing massive investment to the region. 

 

It has been reported that the US firm are keen to explore the possibility of building the park in Murcia because of the high speed rail link, the airport access and the established road network. Results from the feasibility study are expected before the end of April. Needless to say, if this park goes ahead it will be a massive boost to the local economy, creating a huge increase in visitors and therefore rentals. If this goes ahead it will really 'put Murcia on the map'! See PARAMOUNT NEWS for more information.

 

Photographs

This is a brief update just to let you know that I have now uploaded all pictures of Terrazas, both my own and those sent to me by many of you, to a public album on Picasa Web. Although most of the pictues are from the last 6-8 months they also go back to mid 2008 and so record a bit of a history of the building of Terrazas. 

As far as I am aware, it will be possible to download any pictures that you wish to or to print any. If anyone tries to do either of these and finds a problem, please contact me and I will do my best to resolve matters.

The Album will be updated as and when I add my own or any sent to me, so please continue to send them to me. At present there are in excess of 650 photographs and thanks again to all who have contributed. I am going to La Torre on Easter Saturday so will be hoping to head over to Terrazas.

I hope you enjoy the album which you can find with the following link: 

http://picasaweb.google.co.uk/davechodgins