I originally purchased a 3 bed chalet in Mechi Chal 1 so i have been waiting for completion of this site for more than most. Although this development has been majorly delayed i do have faith in this company as they seem like a very professional outfit and cover many emerging countries. I received the 7% guaranteed payment last year and i am expecting the second one shortly so it's not all bad. Plus once the 3 year guaranteed yield is finished the chalet would have only been used for one season at the very most so hopefully will still be in tip top condition. Before i purchased the chalet i visited the site and ithe view and location was absolutely breathtaking
Anyway, this was the update i received in Sep from Someplace Else. Hope it helps
Dear Investors,
First of all I would like to apologise to all of you that there has been
a gap between this and the last Mechi Chal 1 update. Earlier in the
summer we were looking at every scenario that would enable us to
complete, at least in part, phase 1.
Unfortunately we now know for certain that it will not be possible to
complete phase 1 by the end of this year. This is disappointing news
for everyone, and we are sincerely sorry that the opening of the
resort will now be in 2008.
We will continue to pay your rental guarantee payments whilst the
resort is still under construction, and these will be payable at the
end of this year and next summer.
With winter weather conditions approaching and a moratorium on
construction that Pamporovo imposes from December to April, our
estimation is that phase 1 will be complete in the third quarter of
2008.
There are reasons for the delay, and it has taken us much longer
than originally forecasted to finalize plans for the water and
electricity infrastructure. We could have installed the chalets on the
existing foundations, but we are loathe to do so without there being
water and electricity connected, as the chalets could then become
damaged without any internal heating, for example, during the
coldest months of the year.
Once all infrastructure is completed, which we anticipate to be by
the second quarter of next year, we can then install the chalets, and
complete the site with landscaping, internal roadways and lighting.
Many of the chalets are already completed and are being stored at
our supplier’s facility, ready for transport to Mechi Chal in the New
Year.
Below is the latest update on the Pamporovo area. Further down are
details on the Mechi Chal clubhouse. You will be pleased to know we
are in negotiations with a world class SPA manufacturer, and will be
meeting with them again at the beginning of October.
Once again, on behalf of everyone at Someplace Else, apologies for
the delay and thank you for your patience. We will update you again
in approximately two months time.
General Pamporovo update
There is a sustained programme in Pamporovo to increase
infrastructure, including resurfacing roads, replacing water pipes,
building new ski lifts, and further developing hotels. These
improvements indicate that the region is still benefiting from growth
and investment.
As part of an EU project for €5,400,000, in accordance to the
PHARE program, the construction of a new highway will start,
approaching the new border checkpoint “Rudozem” between
Bulgaria and Greece, by the end of 2007. The project includes an
extension of the existing road II-86 Chepelare – Skolovtsi and
construction of the Rudozem bypass. The construction of the new
road will be carried out by the Austrian company “Strabag” that has
built the new terminal at Sofia Airport. It is anticipated that
significant traffic volumes will use Road II-86 as a main link to the
new Rudozem border checkpoint, and the project implementation
will improve the road transport conditions along this route. The
construction of the new road will reduce the travel time along Road
II-86, and will allow access to the Greek seaside from Mechi Chal in
around 90 minutes.
Mechi Chal Clubhouse:
We are happy to inform you that the updated architectural plans for
the club house have been completed. Complementing the original
plans of our retained architect firm in Argentina, we have increased
the total area of the club house and we have designed a more
spacious interior with additional amenities that guests and owners
will enjoy while in residence at Mechi Chal. We will be working with
one of the largest spa and wellness interior design companies
(Balnea) to design a state-of-the art centre.
Balnea (
their spa facilities, also the prestigious London hotel The
Lanesborough, and the 5* Sheraton Grand Hotel in Edinburgh. The
Katarino hotel recently won the award for having the best spa
facilities in Bulgaria. In addition Balnea have designed and delivered
spa centres to a host of luxury hotels and resorts worldwide.
Offering an outstanding spa facility at Mechi Chal will be an
investment that we firmly believe will add increased value to our
investor’s apartment values and the resort as a whole.
www.balnea.de) have equipped the Katarino in Bansko with
Dear Investors,
First of all I would like to apologise to all of you that there has been
a gap between this and the last Mechi Chal 1 update. Earlier in the
summer we were looking at every scenario that would enable us to
complete, at least in part, phase 1.
Unfortunately we now know for certain that it will not be possible to
complete phase 1 by the end of this year. This is disappointing news
for everyone, and we are sincerely sorry that the opening of the
resort will now be in 2008.
We will continue to pay your rental guarantee payments whilst the
resort is still under construction, and these will be payable at the
end of this year and next summer.
With winter weather conditions approaching and a moratorium on
construction that Pamporovo imposes from December to April, our
estimation is that phase 1 will be complete in the third quarter of
2008.
There are reasons for the delay, and it has taken us much longer
than originally forecasted to finalize plans for the water and
electricity infrastructure. We could have installed the chalets on the
existing foundations, but we are loathe to do so without there being
water and electricity connected, as the chalets could then become
damaged without any internal heating, for example, during the
coldest months of the year.
Once all infrastructure is completed, which we anticipate to be by
the second quarter of next year, we can then install the chalets, and
complete the site with landscaping, internal roadways and lighting.
Many of the chalets are already completed and are being stored at
our supplier’s facility, ready for transport to Mechi Chal in the New
Year.
Below is the latest update on the Pamporovo area. Further down are
details on the Mechi Chal clubhouse. You will be pleased to know we
are in negotiations with a world class SPA manufacturer, and will be
meeting with them again at the beginning of October.
Once again, on behalf of everyone at Someplace Else, apologies for
the delay and thank you for your patience. We will update you again
in approximately two months time.
Mechi Chal Update
Someplace
Phase One September 2007
Dear Investors,
First of all I would like to apologise to all of you that there has been
a gap between this and the last Mechi Chal 1 update. Earlier in the
summer we were looking at every scenario that would enable us to
complete, at least in part, phase 1.
Unfortunately we now know for certain that it will not be possible to
complete phase 1 by the end of this year. This is disappointing news
for everyone, and we are sincerely sorry that the opening of the
resort will now be in 2008.
We will continue to pay your rental guarantee payments whilst the
resort is still under construction, and these will be payable at the
end of this year and next summer.
With winter weather conditions approaching and a moratorium on
construction that Pamporovo imposes from December to April, our
estimation is that phase 1 will be complete in the third quarter of
2008.
There are reasons for the delay, and it has taken us much longer
than originally forecasted to finalize plans for the water and
electricity infrastructure. We could have installed the chalets on the
existing foundations, but we are loathe to do so without there being
water and electricity connected, as the chalets could then become
damaged without any internal heating, for example, during the
coldest months of the year.
Once all infrastructure is completed, which we anticipate to be by
the second quarter of next year, we can then install the chalets, and
complete the site with landscaping, internal roadways and lighting.
Many of the chalets are already completed and are being stored at
our supplier’s facility, ready for transport to Mechi Chal in the New
Year.
Below is the latest update on the Pamporovo area. Further down are
details on the Mechi Chal clubhouse. You will be pleased to know we
are in negotiations with a world class SPA manufacturer, and will be
meeting with them again at the beginning of October.
Once again, on behalf of everyone at Someplace Else, apologies for
the delay and thank you for your patience. We will update you again
in approximately two months time.
Mechi Chal Update
Someplace
Phase One September 2007
Mechi Chal Update
Someplace