Foreigners Beware! Group Metro is currently starting two new developments One in Las Quintas the second in Samana commencing in October 2017). However, after you see how they treat their existing investors of Costablanca you may rethink investing in any build to suit by the company. DON’T BY FROM THIS COMPANY!
Based on what our investment group has been able to uncover. Group Metro sold $100,000,000 in Costablanca, by their own admission. They then received $30,000,000 more in financing (refer to the link on the Welcome Page). Of the 100 million in sales the deposits placed down that would likely work out to $20,000,000 to $30,000,000 million, unless deposit requirement varied. After fall out, although we are not sure how you would unwind yourself from the deal or your deposit.
Even after years of legal battling and an in-place rescission agreement we still haven’t been paid. So, let’s estimate near the low end or $22,000,000 plus the $30,000,000 in financing (who knows what was directed at Costablanca). On top of this a 40%-50% ownership stake in a hotel, which was sold by Dr. Luis and Group Metro.
Based upon our inspection of the site in December 2016 approximately $3,000,000 was spent on concrete works. Other infrastructure costs are unknown. The site has value $20,000,000 or so based on discussions with local real estate professionals. By Luis Asilis’s own admission he still controls the land: however, we also discovered 11 of the villas in foreclosure to Banreservas we witnessed bank employees marking the 11 concrete husks for foreclosure. Strange, Luis indicated that he spent $147,000,000 it doesn’t really hold up to that figure. But when a country doesn’t require escrow accounts the investor loses and the developer wins. He indicated that funds from Costablanca were diverted to more pressing problems. So in the end only 40 to 70 investors got completely %&$##$%$!. Well that is 40 to 70 people too many.