Troy Lake

treas


Joined: 09/04/2007
Posts: 1

Message Posted:
09/04/2007 14:45

Hi there good to hear from other Troy Lake investors (potential). We put 10% deposit on 2 properties April 2005 one on Othello II near Bogaz for potential rental. The other on Arapkoy a beautiful mountail development with only 16 Villas for us to retire.



Quality of build is very good, from what we have seen. We have been reliably informed that the attention to detail with regard to the common parts appears to be excellent.



The downside as far as we are concerned is very little information on updates forth coming from Troy Lake. The build time is very slow and running 6-8 months behind schedule. We have been guaranted completion of Othello II and Arapkoy will be Dec 2007 which will be 33 months from our initial contract.



Any comments welcome!

Izzet



Joined: 01/12/2006
Posts: 920

Message Posted:
09/04/2007 17:13

It is a common scenario that the building work is running late.



I honestly do not know any construction companies who are just on time. Everybody is late by a few months and in some cases even by a year or so.



I would say, as long as you are happy about the quality of construction and the construction is going on, you should not worry too much.



Do keep putting pressure on the constructor now and then.



Did you have a "grace period" on the contract?



Did you have compensation for late completion, e.g. after grace period, for every month, constructor has to pay £500 to the buyer.