I
imported_neilo
Guest
Has anyone bought into the silver resort in the high tatras mountains slovakia or had a good look at it,any feed back would be appreciated.
W
worox
New Member
I have , and im looking for some info and advice as well couse from what i know construction doesn`t proceed at all , i`ve sent a family member there last week got some fresh pictures and ... well it looks like only bungalows are near completion and those are preety much the only buildings present on site !!! on thursday 5/20/2010
the only man there was a guard who refused to let my buddy and uncle on site to take pictures nor he had any info on construction proceedings , kingsbridge was supposed to issue an update in april but as far as i know they never did ,i think im going to seek for some legal advice soon ...
the only man there was a guard who refused to let my buddy and uncle on site to take pictures nor he had any info on construction proceedings , kingsbridge was supposed to issue an update in april but as far as i know they never did ,i think im going to seek for some legal advice soon ...
Attachments
G
Grandalf
New Member
I just phoned Kingsbridge International. They confirmed that currently there is no work at the site at the moment. They should send another update in nearest month(s). If someone has more info please share it in this thread.
W
worox
New Member
I've got about 10 other pictures taken during last visit there which I promise to share soon .... U don't have to be a rocket scientist to figure out that this project is far from being done ,Grandalf did u buy into as well ??? Currently i'm looking for a way to get out of this with as little damage taken as possible it looks like a dead project to me , I really can't belive that so little was done since 2007 and nobody seems to know anything . Ima try to phone hornex and see what they have to say about it . I'm also trying to contact as many people involved as possible <snip> !! I'll post the link to the thread 2moro + some more pictures ...
Last edited by a moderator:
S
segster
New Member
Can't believe it that all progress has stopped. The question is with 2/3rd of the units sold why risk all those contracts being repudiated at the end of this year? The only explanation must be that the bank is not releasing further funds to develop the site.
G
Grandalf
New Member
Yes I also bought apartment in this investment. In my contract I have article that says:
"9. If Future seller shall be in delay with fulfillment of his obligation listed in article VII section 12. of this Contract more than 90 days, Future purchaser is authorized to repudiate this Contract." AND
"12. Future seller engages that construction of apartment house in which Holiday Apartment is situated shall be finalized at the furthest 30.09.2010. ..."
So in worst case if nothing will happend I hope that I retrive my money back at the begining on next year. (But I still have some hope that they will start build this year)
I'm waiting for link to pictures.
Regards,
W
worox
New Member
I apologize for not posting for awhile here are the pictures:
Dear Grandalf
I`m not sure if you have seen the last update sent to all agents involved in the development . In case you didn't here it is (from the original pdf file):
Silver Resort Update Report March 2010
Dear Agents,
We would like to bring you up to date with the current situation with regards to
Silver Resort, Slovakia.
In common with many other projects around the world, Silver Resort has faced
some very challenging times over the last two years, not least as a result of the
global financial crisis.
In reacting to these challenging times, the project owners LEEF have
appointed, as property investment advisors, Tishman Asset Management Ltd
Tishman International Companies to analyze and recommend how the project should
proceed.
The local Letterstone team in Slovakia is no longer responsible for the project
and in addition to appointing Tishman, LEEF have also appointed the very
knowledgeable Gleeds, as project managers. Gleeds is part of the Gleeds
Worldwide group Construction started back in August 2008 and continued successfully
throughout that autumn period, slowing through the winter months of 2008
and 2009 due to the adverse weather conditions.
During this time most of the infrastructure works were completed. These
included the leveling of the site, apartment footings, construction of road
access, and service conduits. The Villas in the eastern part of the site are more
advanced and have reached roof level.
In line with the marketing of the units, the project is being phased, with
buildings E, F and G together with the Villas forming the first part of the
development.
The previous management team had also sought to manage costs by seeking
revised tenders for the construction work and undertaking some design
changes. These are now being reviewed further by the Board of LEEF.
It is now likely that completion of the project will be delayed until 2011. Once
the Board’s review is complete and the new teams are established, we will issue
a further update with more definitive details. Marketing of the remaining units
will then recommence and updated sales material will be issued.
The existing Silver Resort web site is also currently being updated and there is a
simple home page in place whilst this work is being carried out.
LEEF remain totally committed to the project due to the underlying
uniqueness of Silver Resort and to the general improvements in the economic
climate. They can draw a great deal of confidence from the fact that sales to
date and following previous marketing initiatives have been very positive.
To assist with future communication, LEEF have retained ourselves
Kingsbridge International Ltd to coordinate all sales inquiries and we can be
contacted at or by telephone on 0044(0)845
020 9990. Kingsbridge International - profit through property
There will be a further update on the progress being made with Silver Resort in
June. There after it is planned to release these updates quarterly.
We would like to thank everyone involved for their patience and understanding
over the last two years and we very much look forward to more positive news
going forward.
LEEF have recently made a very well received charity donation to the High
Tatra’s municipality, highlighting again their commitment to the project and to
the region in general.
For me the most important part of this "not explaining anything at all" update is the sentence about how the previous management was undertaking "some" design changes ...first of all what design changes ? and how far did they go with these changes and how is this going to influence the actual value of the property?(not to mention that they are phasing the project meaning the lack of amenities spas ,restaurants ,shops in for who knows how long?)
Second - the time taken for every update (and if board decides so to reverse any of those changes) may and will according to my contract (i believe same as yours) page 25 , 13. "Period for finalization of construction of apartment house in which holiday apartment is situated shall be !extended! for period or numbers of days of existence of barrier in which there shall "objectively" be restrains to finalize construction without future sellers fault , mainly existence of some below mentioned circumstances and blah blah to "j" demand to change project documentation -which might have occurred due to project updates (which can take months) and of course our super "k" -"construction ,technical, archaeological ,geological or other analogical circumstances which objectively evoke change of project documentation,change of construction solution or temporary impossibility to continue construction " imho extend our glorious 30.09.2010 to the end of 2011 or even longer depending how many apts will sell and how much money can they accumulate till that day... i think it maybe damn hard to get that money back man because after there done calculating time taken for those events it may already be 2012 but they will be "on time" due to ....im really not sure what to think about it other than find some advice on how to dont let my money sit and depreciate in somebody's hands and get out of it without any damage to my wallet asap!! (if the situation is not going to change ) They where supposed to issue an update in june did anybody get that update ??
Dear Grandalf
I`m not sure if you have seen the last update sent to all agents involved in the development . In case you didn't here it is (from the original pdf file):
Silver Resort Update Report March 2010
Dear Agents,
We would like to bring you up to date with the current situation with regards to
Silver Resort, Slovakia.
In common with many other projects around the world, Silver Resort has faced
some very challenging times over the last two years, not least as a result of the
global financial crisis.
In reacting to these challenging times, the project owners LEEF have
appointed, as property investment advisors, Tishman Asset Management Ltd
Tishman International Companies to analyze and recommend how the project should
proceed.
The local Letterstone team in Slovakia is no longer responsible for the project
and in addition to appointing Tishman, LEEF have also appointed the very
knowledgeable Gleeds, as project managers. Gleeds is part of the Gleeds
Worldwide group Construction started back in August 2008 and continued successfully
throughout that autumn period, slowing through the winter months of 2008
and 2009 due to the adverse weather conditions.
During this time most of the infrastructure works were completed. These
included the leveling of the site, apartment footings, construction of road
access, and service conduits. The Villas in the eastern part of the site are more
advanced and have reached roof level.
In line with the marketing of the units, the project is being phased, with
buildings E, F and G together with the Villas forming the first part of the
development.
The previous management team had also sought to manage costs by seeking
revised tenders for the construction work and undertaking some design
changes. These are now being reviewed further by the Board of LEEF.
It is now likely that completion of the project will be delayed until 2011. Once
the Board’s review is complete and the new teams are established, we will issue
a further update with more definitive details. Marketing of the remaining units
will then recommence and updated sales material will be issued.
The existing Silver Resort web site is also currently being updated and there is a
simple home page in place whilst this work is being carried out.
LEEF remain totally committed to the project due to the underlying
uniqueness of Silver Resort and to the general improvements in the economic
climate. They can draw a great deal of confidence from the fact that sales to
date and following previous marketing initiatives have been very positive.
To assist with future communication, LEEF have retained ourselves
Kingsbridge International Ltd to coordinate all sales inquiries and we can be
contacted at or by telephone on 0044(0)845
020 9990. Kingsbridge International - profit through property
There will be a further update on the progress being made with Silver Resort in
June. There after it is planned to release these updates quarterly.
We would like to thank everyone involved for their patience and understanding
over the last two years and we very much look forward to more positive news
going forward.
LEEF have recently made a very well received charity donation to the High
Tatra’s municipality, highlighting again their commitment to the project and to
the region in general.
For me the most important part of this "not explaining anything at all" update is the sentence about how the previous management was undertaking "some" design changes ...first of all what design changes ? and how far did they go with these changes and how is this going to influence the actual value of the property?(not to mention that they are phasing the project meaning the lack of amenities spas ,restaurants ,shops in for who knows how long?)
Second - the time taken for every update (and if board decides so to reverse any of those changes) may and will according to my contract (i believe same as yours) page 25 , 13. "Period for finalization of construction of apartment house in which holiday apartment is situated shall be !extended! for period or numbers of days of existence of barrier in which there shall "objectively" be restrains to finalize construction without future sellers fault , mainly existence of some below mentioned circumstances and blah blah to "j" demand to change project documentation -which might have occurred due to project updates (which can take months) and of course our super "k" -"construction ,technical, archaeological ,geological or other analogical circumstances which objectively evoke change of project documentation,change of construction solution or temporary impossibility to continue construction " imho extend our glorious 30.09.2010 to the end of 2011 or even longer depending how many apts will sell and how much money can they accumulate till that day... i think it maybe damn hard to get that money back man because after there done calculating time taken for those events it may already be 2012 but they will be "on time" due to ....im really not sure what to think about it other than find some advice on how to dont let my money sit and depreciate in somebody's hands and get out of it without any damage to my wallet asap!! (if the situation is not going to change ) They where supposed to issue an update in june did anybody get that update ??
Attachments
S
segster
New Member
Hi Worox, is there a way to send you a private message? I just "befriended" you whatever that means...
W
worox
New Member
segster i dont really know how to send a private msg !!!
W
worox
New Member
I've also befriended u segster but it doesn't show any options nor can i post my email adress yet hopefully after 5 posts i will be able to post my email
W
worox
New Member
for prv messages deleted email address!
Last edited by a moderator:
G
Grandalf
New Member
I have seen last update and I’m waiting for new one. “There will be a further update on the progress being made with Silver Resort in June”.
M
monos
New Member
Hi all,
I also purchased an apartment at Silver Resort, and am also waiting on the "further update on progress to be made in June".
Thanks for the pics and for posting this thread. Lets keep it going.
I also purchased an apartment at Silver Resort, and am also waiting on the "further update on progress to be made in June".
Thanks for the pics and for posting this thread. Lets keep it going.
W
worox
New Member
Hi ppl!!!
So beautiful june is slowly but surely coming to an end , fellow investors , and excuse my french but anybody knows wtf is happening out there in high tatra?? any clues , updates , news or pictures taken recently???plizz post !!! Welcome Monos!!!! would be great if we could keep this thread rolling for awhile i think the time has come for all of us to take a closer look at what is really going on out there !
So beautiful june is slowly but surely coming to an end , fellow investors , and excuse my french but anybody knows wtf is happening out there in high tatra?? any clues , updates , news or pictures taken recently???plizz post !!! Welcome Monos!!!! would be great if we could keep this thread rolling for awhile i think the time has come for all of us to take a closer look at what is really going on out there !
P
pdhaigh
New Member
Latest update
Hi guys,
I received the latest update today - pasted below. Basically, nothing is happening.
I purchased through Property Frontiers. This happened with a previous purchase through them as well (Tropical Hills, in Thailand),following exactly the same pattern - no news, followed by "we'll tell you soon", followed by nothing. This has been going on for several years now.
Does anyone have interest in sharing details of known investors, to keep everyone up-to-date?
cheers
phil
Dear Client,
We have been asked by LEEF to write to you with regards to Silver Resort.
As you know, an update report was sent out to all buyers in March this year explaining the
status of the project with a view to releasing another report this month.
Since then, there has been a large amount of work going on behind the scenes by all of the
management parties involved, but unfortunately LEEF is still waiting for some final
information to become available to complete the next update.
LEEF consider that it is vital that the information within these updates is clear and accurate
and have stressed that to release one now would be incomplete and therefore inappropriate.
We have been told that the final information required will be forthcoming in approximately
four weeks time and out of courtesy we thought it was important to let you know about this
slight delay.
LEEF would like to thank you for your patience in this matter and we look forward to
communicating the new update to you within the next few weeks.
As ever, Kingsbridge are here to help with any questions you may have and you may contact
us via email or by telephone 0044 (0)845 020 9990.
Yours sincerely,
Kingsbridge International Ltd
Hi guys,
I received the latest update today - pasted below. Basically, nothing is happening.
I purchased through Property Frontiers. This happened with a previous purchase through them as well (Tropical Hills, in Thailand),following exactly the same pattern - no news, followed by "we'll tell you soon", followed by nothing. This has been going on for several years now.
Does anyone have interest in sharing details of known investors, to keep everyone up-to-date?
cheers
phil
Dear Client,
We have been asked by LEEF to write to you with regards to Silver Resort.
As you know, an update report was sent out to all buyers in March this year explaining the
status of the project with a view to releasing another report this month.
Since then, there has been a large amount of work going on behind the scenes by all of the
management parties involved, but unfortunately LEEF is still waiting for some final
information to become available to complete the next update.
LEEF consider that it is vital that the information within these updates is clear and accurate
and have stressed that to release one now would be incomplete and therefore inappropriate.
We have been told that the final information required will be forthcoming in approximately
four weeks time and out of courtesy we thought it was important to let you know about this
slight delay.
LEEF would like to thank you for your patience in this matter and we look forward to
communicating the new update to you within the next few weeks.
As ever, Kingsbridge are here to help with any questions you may have and you may contact
us via email or by telephone 0044 (0)845 020 9990.
Yours sincerely,
Kingsbridge International Ltd
W
worox
New Member
Thx for Sharing with all of us pdhaigh!!! Would u mind sharing some more details about your experience with Thailand ??? Anyway this update looks and smells even better than the last one... Bull , bull and bull ...I'm afraid it's gonna look simiilar to what u have gone through , so I'm trying to gather as many ppl as i can to start to act together , maybe start writing to them as a party (ya know always easier in a bunch 
) , and get some real answers !!! Without us this project does not exist let's take advantage of it !!!
) , and get some real answers !!! Without us this project does not exist let's take advantage of it !!! M
monos
New Member
Hi all,
I also received the non update, quite pathetic really. I get the feeling they are trying to weasle their way out of this one and drop a bomb shell on us in the next update, or continue to drag it along like pdhaigh experienced.
I agree we should group together and communicate in one voice.
Has anyone got an independent lawyer to look over the contract and see if its water tight? As someone mentioned previously, Section VIII article 12,13 are the most concerning to me...
I also received the non update, quite pathetic really. I get the feeling they are trying to weasle their way out of this one and drop a bomb shell on us in the next update, or continue to drag it along like pdhaigh experienced.
I agree we should group together and communicate in one voice.
Has anyone got an independent lawyer to look over the contract and see if its water tight? As someone mentioned previously, Section VIII article 12,13 are the most concerning to me...
P
pdhaigh
New Member
hi all,
to start the ball rolling with exchange of details, my email is deleted email info (apparently I'm not able to post email addresses).
Thailand began much that same as this - delays, followed by vague assurances all was well, eventually followed by asking for more money to transfer our investments to a neighbouring development. At this point the investors got together and actually met with the developer - who basically said they'd run out of money so although we could sue them, there was no money to be returned (independent legal advice I took confirmed that we would likely have a legal claim, but would get nothing back from pursuing that route).
Presently, they are apparently trying to sell the land to generate funds to return to investors. That has been the current 'status' for a year or so.
The difference with Silver Resort (which gives me a little hope) is that there is at least some decent amount of development done at SR.. which means they have more incentive to complete, and more weight in pursuing funding from banks, if that is indeed the issue.
cheers
phil
p
to start the ball rolling with exchange of details, my email is deleted email info (apparently I'm not able to post email addresses).
Thailand began much that same as this - delays, followed by vague assurances all was well, eventually followed by asking for more money to transfer our investments to a neighbouring development. At this point the investors got together and actually met with the developer - who basically said they'd run out of money so although we could sue them, there was no money to be returned (independent legal advice I took confirmed that we would likely have a legal claim, but would get nothing back from pursuing that route).
Presently, they are apparently trying to sell the land to generate funds to return to investors. That has been the current 'status' for a year or so.
The difference with Silver Resort (which gives me a little hope) is that there is at least some decent amount of development done at SR.. which means they have more incentive to complete, and more weight in pursuing funding from banks, if that is indeed the issue.
cheers
phil
p
Last edited by a moderator:
G
Grandalf
New Member
Hi all,
thanks for info. (I didn't receive notification from my broker). I hope that LEEF will have good news next month.
thanks for info. (I didn't receive notification from my broker). I hope that LEEF will have good news next month.
P
pdhaigh
New Member
Sharing contact details appears rather difficult through this site.. anyone got any ideas?
