Hi i think what you realy need to do is go there for yourself and see whats happening and meet a few people and judge the situation for yourself
i also met alexandra and jaques the first time i went out there
i went with the intension to buy, there was no hard sell and there was other potential buyers there and they also bought property .
Things have moved on now deutchie managment probably know more about the
properties than anyone alexandra is romanian she is very knowledgeable of the situation .The bigest problem now is the furniture packs from mri for most owners
80% of the furnature in my apartment was there i was lucky now its completed and rented out within 2 weeks i can give you all the proof you need .also the other big problem is the morgages nobody could have predicted the situation the world is in now, things are slowly starting to move now .i have 13 properties in belfast all rented out ,with a big short fall in bank repayments i was caught out too i still think romania will be good long term .I am saying all these good things about deutchie managment because they helped me i was on my own out there i was planning to go arround rental agents in the high street and get some results and get the apartment finished and rented i had a one way ticket im realy glad i went it cost me a fortune though.

Hi Cristina,

I have a studio for rent in Greenfields - if this interest you, please let me know. J

Hi Gary,
Just for interests sake, what nationality are you?
Just so i can conclude my theories if you dont mind.

HiCristina,

I have a 1 bedroom apartment fitted with a kitchen available to rent now in Greenfields.

Let me know if you are interested.

Kind regards
Oliver

Hi Josh
Hi Oliver

First of all my name is Cristi from Cristian and i am a man ...:-)..no problem

Oliver i am intersted to rent, starting from August 1. Iwould like some details about the apartment and the price quotation.

Regards

Cristi

Hi,

For all those conned by MRI etc. there is a support group set up called
www.mri-sg.org I strongly recommend you go on it.

Hannah

Hi,

For all those conned by MRI etc. there is a support group set up called
www.mri-sg.org I strongly recommend you go on it.

Hannah

I’m writing this from a hotel in Bucharest and this is primarily for anyone invested with South Pacific Group (SPG) properties (Adelaide, Melbourne and Sydney). I bought the property in Adelaide in Nov 06 through MRI. I did know MRI didn’t have a great reputation but I did my research on the SPG and they had contracts with the Romanian government to supply housing for them, and they were backed by the Australian embassy (I phoned the Aussy embassy in Romania and they confirmed the existence of SPG and that they were assisting them (not financially). Last year Walberg Pincus (a huge $30 billion hedge fund) has taken a 50% stage in SPG. These companies do extensive due diligence and research into investment propositions.

Current situation. SPG are open with all this info. Along with problems in getting all the utilities installed in the area and getting the building license issued, the main problem is that the initial building contractor died recently, and no-one in the business was willing to continue the project so all building stopped (Sydney, Melbourne and Adelaide). They have found a new builder and are in negotiations with him. Looks as if the plan is to finish Sydney and then Adelaide (Melbourne will have a separate builder).

All penalties will be paid on the contracts due to lateness in completion .e.g. for Adelaide with a initial June 2009 contract end date, if you have 100,000 euros outstanding you would expect to get a 7-8000 euro reduction in price on final payment if completed in March 2010.

I went to see the Sydney development today (one show house was finished) and though the finish needs tweaking the overall impression was very good and the interior was really nice. SPG was very open in showing me around all the developments.

They have a current marketing campaign attracting Romanian citizens on their rent-to-buy scheme (see their website for details). They targeted IP addresses. They have had approx 2900 responses so far and amongst approx 700 leads followed up, about 6 apartments in Adelaide have been signed up to the rent-to-buty scheme (at prices fixed for 16 months 30% above what I paid in Nov 06) (others have been taken up in Sydney and Melbourne but not sure how many). This I think is positive news. It shows the developer is being proactive. Bringing Romanians owners into the development can only be good news on creating a community there.

SPG are aware of some of the serious client funding issues and will deal with this on a case by case circumstance. I cannot stress enough how important it is to speak to Geoff Spears at SPG about your own situation.
One suggestion is if the rent-to-but scheme continues to be as effective as it has started SPG MAY be able to sell your property before completion which means you never have to acquire funding for completion and could make a profit. This option is one of many of the ways they are trying to help clients out.

Today I have seen the lawyers legal Independence and SPG. As far as I’m concerned these are the option Adelaide investors have.

1. Sue for breach of contract (as development not complete by contract date)
Adv – chance of getting deposit back, not longer exposed to Romanian property.
Disadv- 5-8000 euros start up legal costs. Case length 6 months to 2-3 years (latter most likely). Under Romanian law with Romanian legal teams. SPG will have the use of Walburg Pincus’s legal team (some of the best in the world). If loose costs awarded against us (the clients) could be huge, as much as 15000+ euros each (I’m guessing but their lawyers are not cheap). I for one do not have that money to risk

Remember Romania is on the EU hit list for corruption…enough said!


2. Give SPG extension to contract until December + 3 months
Adv – keep the company fully funded with our deposits, get money back in penalties on final completion (see above example in amount).
Disadv – exposed to the property market, who knows what will happen. Company could go bankrupt but you would loose your deposit anyway + legal fees is you went down the suing route


The way I see it is this. The least cost and risk is extending the contract. If you want your 35% back then suing SPG risks the chance of funding issues, which means you may never get your deposit back and be stuck with paying 1000’s of euros in legal fees. They have the potential to sell properties on the rent-to-buy scheme for more than we paid. That could be a way out if you need to.

You could say we are backed into a corner with the costs and risks of the legal route against continuing with the development. As I said, I for one don’t have that kind of money to throw at a legal case and cannot afford take the risk of loosing.

I personally feel SPG is doing everything to accommodate investors. PLEASE PLEASE speak to your lawyers and Geoff before making any decisions.

Hope this has been of some help to you.

Hi i am from Belfast Northern Ireland i guess that makes me half irish and half British
anyway it takes me linger to get to Romania i have to get 2 planes
by the way i got another email from mri property dept they say they hav'nt forgotten me they are still trying to finish the apartment ,i have it rented anyway through deautche management ,i think i will have to pull out of the melbourne house they have offered me discount but it still dos'nt way up for men cheers for now .ps some people think i am from Romania writing all about my apartment and how deautch managment have helped me ,thats rubbish i love Romania and the people ,look whats happening over here to them in my country its sickning ,people think all Romainans are gypsies thats not true .

Hi we completed apts in Onix in Jan 09, furniture not in but are being urged to travel to Romania to register at the fiscal authority which requires us to travel to romania, Legal independence say we will be accruing penalties by delaying registering. Very unsure what to do, is there any other way to register? Is there anyone out there in the same situation? Would love to know what your thoughts are on this.

Lucy