The Reef Project in Playa Bonita

Hi there, i also requested membership for the group as i bought in the reef.

@Dave1967

I have purchased a unit in The Reef project and would like to join your FB group. i have sent a request.

Thanks!

Monique

@Dave1967 I sent a request to be part of the group in Facebook as well.

@Dave1967  I put in a request to join the group in  Facebook. thank you for taking the time to create the group. Also, apparently there is a famous local journalist Nuria Piera who is looking into the matter of maleficence in the part of people within the construction industry in the Dominican Republic. Specifically with regards to local construction companies, taking the investors money, and then shutting down to never be seen again.

@saptapper I put in a request to become a member for the Facebook page. We need to bring it to their attention that non-communication is not an acceptable business practice.

@saptapper I am in the same boat as you guys.  I purchased 2 condo at The Reef and getting the same answers as you guys.. I was told that if the project does not get built by March of 2024 we are entitled to a 3% return.  I just don't believe them and losing my trust with them.  I've been making my quarterly payments on schedule and I have not heard a word.  I want to stop making those payments until they start construction.  Whats your guys thoughts?

@DAVICALDERON5 There is no way they will be built by March 2024! Are you saying your contract states that you will receive your money back with a 3% return if they miss that date? Or that you'll get a 3% "discount" for the delay?

Does anyone have an aerial map showing exactly where the property is located? I saw one map that shows it from a weird angle, from the Coson side. I'm trying to figure out exactly where it is so that I can make sure I'm looking in the right place for progress. I can see all of Punta Bonita, and nothing seems to be changing!

It sounds like it is 3% interest every month on the deposits from that point.

@DRVisitor  3% interest per month = 36% annualized…. I don't think so

Can i invest please

If your contract has exceptions for delays like earthquakes, floods, epidemics, lack of labour or construction materials etc. they might use that to postpone delivery date.

@Papito NL

Yes exactly.  Every rain day contractually adds three days to the deliver date. 

The Force Majure clause in these contracts might be construed to include lengthy delays due to issues involving environmental permits or other bureaucratic issues, not to mention supply of materials, or any other excuse they tell you.  If you disagree will you take them to court?  Not likely.  People should read the contract that they signed.  They are not overwhelmingly complicated documents.  It is easy to deduce that as an investor/buyer, you are going along for the ride of “however long it takes”.

I think it is foolhearted to think that Noval is actually going to pay penalties to investors

for these violations of delivery dates on this project. 

Hi, some time ago I have created a Facebook group to keep in touch with other The Reef investors but didn't know how to reach them. Glad I've found this forum!

I write emails to Noval every 2-3 months and the last 3 responses are pretty much the same, that they don't have the permit yet. No further details.

Me too haven't received not a single communication from them.

@nsalomon1

@saptapper

@thetraveler1410

@DRCanada

Welcome, we are glad you found us too!  Thanks for updating those who are interested!

Hi, I am new

does anyone live in playa bonita -  Coson area?

if so, is there any sign of work in The Reef?

Noval said that permits .would be granted by Feb

thanks

@Yebel3 that is the exact response they gave me!

im very close to requesting a refund and cancelling contract

Pretty aure you wont get a refund but if you decide to do that, let us know the result. 

@Jaqp84 There is nothing happening at The Reef property.  I walked the accessible perimeter the other day.

Join the Facebook group Silver Beach Las Terrenas to connect with others invested in The Reef and Silver Beach projects

We can see The Reef area and all of Punta Bonita and Coson from our house. We've seen nothing from here.

@saptapper

hi ! i purchased at silver beach:) was there in dec nothing started was told dew to environmental permit

@saptapper

i bought at silver beach was there in dec nothing started was told due to the environmental permit needing approval again

@Dave1967im a silver beach buyer would like to join

My partner and I also bought at The Reef. As many already expressed here,  the worst part is the lack of communication and disregard for professional courtesy. We are also getting concerned. The story has been:  the mangroves that are there, the locals are opposed to this big project, the water and trash impact on the environment. It's really too bad Noval hasn't have the decency to address the investors and show face.

Update: I was able to get the permit # for The Reef  and called "Medio Ambiente" (environmental agency). They informed me that the permit is awaiting approval, but the lady was unable to provide any more details when I asked. 

Interesting to me that a project can go ahead and "Sell"  units etc without the needed approvals already in place!

I'm glad I found this forum, my husband and I purchased a unit in Silver Beach and the lack of progress has me worry sick. I sent a request to your facebook page.

@ddmcghee

I couldn't find an aerial map view.   but, if you can see where  Viva Wyndham Samana is, you can probably see it ( towards the right  you'll see Coson Bay Hotel, Casa Playa & Casa Luz properties).   when you see a thin strip of river that meets the ocean thats when you know you're there.

sorry for long detail. best way i can describe it 😀

Fyi ddmcghee is not here right now. I am sure she will have a look on her return.

@garciayvette  I know it's at Punta Bonita, but just don't know the exact location. I can't see a river from our elevation. It must be a small one.

Hello, I was one of the first to buy at The Reef, the sales rep was very on top until we signed.

now he doesn't respond our messages, The Reef customer care team Horrible. they just lie all the time. we just stop pay since April last year. we requested to refund when We noticed this is not a project that is not even near to start when we visit February 2023. They  offer to refund only 40% of all payments, they said that is the penalty for administrative costs. of course  i was not going to give away so much money just like that, they have done nothing there. they distribute all the customer money by paying theirself and sales commission for something that has not even environmental permit. this is such a frustrated situation, the sales rep, the The Reef team or no one cares about us. i regret that investment so much.  thank you all for this chat.

i have an small hope that they will refund all our money one day. That environmental permit is del since the beginning .

I am sorry to hear of your experience.  It's hard and frustrating when they won't even respond!

@Dave1967

March 2024 still waiting on permits!! doesnt make any sense. Project shouldve been completed by the end of this year and has not even started

@Yebel3

any luck yet ??

I also bought at the reef. Invierte Rd has a recent you tube video on the reef with a noval representative  sp eaking on the matter of the project delays  and hopefully y      the they will have silver beach and the reef permits by the end of march permits .

@Harris Levinson  Hello, would you mind sharing what project is the condo from Noval that you invested in, and that is on track with the schedule?  It is still to be completed now in 2024?  I have invested in one of their projects that is now close to 6mo delayed to start construction and I am already feeling anxiety about investing my $ with them.  Thank you.

Hello, anyone has any updates on Noval and the big delays with their projects?

@marcia.rosario We purchased in the Oceana development in Bavaro. We bought when it was first announced so it was a few years ago. The original completion date was supposed to be spring of this year. The development is in various states of progress with our building being the closest to completed. We expect our unit to be done late this year. Considering a lot of that time was during the pandemic, I think the timing and progress has been acceptable.

I bought a 3 bedroom oceanfront at the reef in February of 2022. I was told they were all sold out around the beginning of March same year. Is that accurate? Are there units for sale now?  I know that once a unit is purchased preconstruction one cannot sell until the project is fully completed. The risk is if Noval goes under i.e. bankruptcy. With the inquiries I have made recently it seems Noval is the #3 construction company in the DR. I don't think they have serious financial problems. Form all my sources it is an environmental issue possible having to do with some protected palm trees. My communication has been with Estafany. She has been Ok her English is not great. There is also a man who speaks very good English but he says he is not my rep and I need to work with Estafany. Lately she has been good at least with follow up. She felt the project would be underway now in March but I still have not heard anything. Personally I am not overly concerned but I did not expect this long of a delay and I don't really know what level of priority the reef project has in relation to other projects they are working on.

My feeling is those who purchased for whatever reason will most likely do well with this but of course like in any pre-construction project no guarantees. My best guess is a 2026 completion date. This is a big project even for Noval.

I welcome any comments...Pietro

@ddmcghee

Thank you. You may contact me directly [link moderated]  any updates are appreciated. I submittred a post today