Trouble for Palm Mar

Princess · 05-10-08, 21:40

I have heard a whisper from a very reliable source that Menceyes have given the land they have along the front at Palm Mar back to the bank

There will be no deposits returned on 'off plan' properties, there is now also doubt over the completion of the promised infrastructure which was agreed as part of the their licence.

This puts Palm Mar back many years & will be a great worry about the future for this area, along with those who have bought 'off plan' options with this company.

Janet · 05-10-08, 21:44

I've heard the same, yes, I'm afraid. I don't really know what this means for Palm Mar, but it's bad news for Tenerife in general, for certain.

graceylacey · 05-10-08, 22:21

I also have heard the same, I like Palm Mar, but this will make a huge impact on the area, but this is the same in many places....

pelinor · 05-10-08, 23:08

One of many to come I think. My brother in law works for a large construction company based in La Laguna. They have been in business for over 65 years. They haven't laid anyone off yet but have stopped all Saturday working.

Janet · 05-10-08, 23:15

The thing with Palm Mar is the infrastructure, especially along the front, which was a requirement of Menceyes' licence. It's hard to see how this will be done now, at least in the immediate future, and if nothing else, that infrastructure was needed to make Palm Mar attractive ... people are trying to move out, let alone in, as things are!

signman · 05-10-08, 23:22

Ive only been to Palm Mar once and thought it was really nice. Infrastructure not there yet as you say but i was impressed

Janet · 05-10-08, 23:27

The question now is the finishing. This is problematic, because the builders were all required to provide social infrastructure prior to Arona Ayuntamiento adopting the urbanisation. Of course, builders are going to build apartments for sale before they do anything that won't bring them any money, and now we're hearing of one who can't do the necessary works, and others, to be honest, where they still haven't sold nearly enough apartments ... in a market where they aren't likely to either.

So where does that leave people who've already bought there?

I reckon the ten year plan, which was really on track until about 2 years ago, has suddenly doubled in length ... at least.

Briz · 05-10-08, 23:30

We bought three and a half years ago and expected the 10 year plan to take 20 years

Janet · 05-10-08, 23:35

Then you were one of the sensible ones!

The problem is for all those who bought brand new on a promise of "two years and it'll all be great" ...

You will be one of the ones to benefit, I suspect.

Hopper · 05-10-08, 23:38

I have to admit that the first time I went to Palm Mar I was struck with the feeling that there was nothing there along the front, its a shame if this is not going to change.

I think the local authority have a duty to help complete the building of the front.

Can't they get an EEC grant. If Las Eras can get €640,000 for their 'beach front' surely Palm Mar can get something!