Any fellow investors have any views on whether it is best to complete on White Tower or Forest Park or to pull out?

Of the two, White Tower seems like the better investment to me. Attractive Location, good transport links and the D11 highway to Prague should help.

For Forest Park I thought this investment would be good if the proposed metro line D would be constrcuted but this seems like decades away now. Last I heard was planned start date around 2020. Without the new metro line this investment seems unattractive to me. Is it worth completing on this and forking out for kitchen costs, and furniture, as well as ongoing cashflow shortfall?

Appreciate any other investors views on either of these developments.

Brett

I have also invested in these two deals, I have been advised by IPA that rents are falling and NOT rising in Czech as reported by PS in the last CZ report. IPA contacted TVO today and achievable where rents where reckoned to be 8000-9000czk for the FP studio and 11,000-13,000czk for the two-bed apartment in WT.

Yet again we have had contradictory/inflated/misleading info from PS - I too am wondering whether its worth pulling the plug on these two and just walking away from the 30k I've invested before I invest another 15k in kitchens.

Apparently a few people have walked away from these two deals already – I enquired about the chance of having deposits returned and was advised to check the contract, will check it asap.


Anyone have any thoughts on this?.

Jason - I think you can get out of White Tower easily IF you have not signed the revised contract which was sent out a few months ago, and get the deposit paid to the developer returned. Of course there was a portion of the deposit paid not to the developer but to the agent (flipper) and they would not return their part of the deposit.

As for Forest Park, I understand there would be penalty charges of cancelling per the contract of about 10% of the contract value and the developer may also sue for damages. For me I would go ahead with Forest Park if the site looked half as nice in real life as what it does in the computer generated pictures.

Brett

I would like to exchange contact details with you - I will drop a mail to PS to see if they are ok with this.

Jason/Brett I have also invested in both developments and am not too sure what to do,i have paid for a kitchen in FP but nothing else.Are you using the solicitors recommended by PS (MAREK HOSKOVEC)

KEVIN

Based on the independent review I had done

White Tower

- 1.3 km from the city centre
- HK lacks new development
- main train station 5 min walk
- excellent access to public transport and amenities
- quality development
- beautiful city
- 3 universities
- a new huge entertainment and shopping centre to commence construction in
HK - only 400 m away - thus the White Tower apartments will have close
access to this new centre

The apartments have gone up approximately 5% in value.
rental yield is 5.3% for my 2 places combined

I hope this helps..

bfi,thanks for info,it lifted some of all this gloom, i am going to get out there next week and talk to the developers and agents,did you use a local agent for letting?
Kevin

Hi,

I am using Bohemian Estates. I have not got a property post completion yet, but, they appear to be more than competent.

Their service thus far has been beyond expectations. I hope it continues..

It should be good for you to see the development.,,,the website photo's havent been updated since last summer so i'm dying to see it finished.
I asked TVO for advice on the best time to go over and they've told me end May / June due to the completion being delayed again....final handover for kitchen installation in July?
Any information you get next week would be really useful !

TVO have been pretty good, but I'll probably use Bohemian Estates for the kitchen. They gave a better quote with Bosch appliances, and the 70/30 payment gives me confidence they'll perform on time in the wish to get paid the balance on completion.
I'm using TVO for everything else via i-PA.

BFI - Thanks for sharing that information. It seems that White Tower is quite a solid prospect and supports my feeling that White Tower is a superior investment to Forest Park.