Turks and Caicos hotel project goes on hold
The initial phase of the newest of Turks and Caicos hotels projects on Dellis Cay scheduled to begin construction by mid-2010 has been delayed due to cash shortage with the foreign workers sent home and the local workers kept on hold.
The newest of Turks and Caicos hotels in Dellis Cay which was scheduled to begin construction by mid-2010 has been put on hold due to cash-strapped investors who have delayed the initial phase of the building project until further notice. The ambitious project comprised the building of a sprawling deluxe resort on the deserted Dellis Cay island part of the Turks and Caicos stretch of islets. The much anticipated construction was one of the most talked about projects in the islands and one of the most hyped up additions to Turks and Caicos holidays to be built over the last years.
According to a report featured in the Sun TCI newspaper the Trinidad and Tobago Unit Trust Corporation (TTUTC) has appointed a receiver to Dellis Cay, Turks and Caicos Islands. The newspaper spoke to Dr. Cem Kinay, the CEO of Turks Ltd, and his life long partner Oguz Serim who stated that:
“We have been struggling with very little cash in hand for the past weeks and have been operating under very difficult trading conditions. We asked TTUTC to consider providing us emergency funding and an extension of time of 60 days on the unpaid portion of the interest payment that was due on 22nd of August 2009, whilst we make efforts to regularise our financial position and provide a credible restructuring plan with new equity partners, Mandarin Oriental Group, and the existing purchasers. These requests are now rejected.”
Originally scheduled to begin by mid-2010, the initial construction phase of this new Dellis Cay Turks and Caicos hotel has been halted and according to the report foreign workers have been sent home and local workers put on hold.
Dr Kinay went on to say: “This is certainly not the end. I have invested all I have into Turks and Caicos Islands and I don’t have the intention to lose it all. I have been a victim of the Commission of Inquiry. I will continue to promote my projects in Turks and Caicos Islands and I will work on bringing in new potential investors who may be interested to complete the project despite this set back today. I will also continue to defend my reputation at all costs.”
Dellis Cay is a 20 minute boat ride from the main Turks and Caicos island of Providenciales and next to Parrot Cay. With the aim of building one of the island’s most lavish luxury hotels, the developers were creating a luxury island community involving unique designs from some of the world’s leading architects. On the other hand, Dr Kinay, the head of the Vienna-based developer O Property Collection, claims that allegations linking him to government corruption in the Turks and Caicos hurt sales.
For now though, it looks like we’ll just have to cross our fingers, pray, wait and hope for the investors’ cash flow to recover so that this project can continue and bring us yet another lovely addition to luxury Turks and Caicos holidays.
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