Where did Banco De Reservas De La República Dominicana Money Go?
Same place as the private investors money….to buses, other projects and broken down concrete abandoned villas!
HERE IS THE BANK’S FORECLOSURE MAP
There was a time when getting loans, making news headlines, living large and reaping the benefits of silly real estate prices was par for the Costa Blanca Golf Course for Dr. Luis Asilis and Group Metro. Now, local bank funding for Group Metro’s Real Estate Division is virtually non-existent and funding has to come from high-net-worth individuals outside of the Dominican Republic to finance his visions. Group Metro’s real estate efforts continue to hinge on not paying back old investors, but continuing to sell the sizzle of new opportunities by taking money from new investors for new schemes. During every boom and bust the Dominican government continues to turn a blind eye to the fraud and corruption that is synonymous with Group Metro and the Dominican Republic itself. Inexplicably, the country and the company just move on to newer, wealthier suckers. It used to be people from Canada, Europe and the United States now the Chinese are taking an interest in the country. Strangely, almost all of those things have returned go look at some of the ridiculous prices being asked for Dominican real estate. Prices in the Dominican Republic continue to make no shred of sense. Please save your money invest it else where.
HERE IS AN ARTICLE FROM THE GOOD OLD DAYS.
Group Metro, Dominican Republic’s Leading Real Estate Company established in Juan Dolio, Receives a $20 Million Construction Loan for Costa Blanca Development from Banco De Reservas De La República Dominicana
JUAN DOLIO, Dominican Republic–(BUSINESS WIRE)–Group Metro, a leading real estate and transportation company in the Dominican Republic, recently received a $20 million construction loan from Banco de Reservas de La República Dominicana for Costa Blanca, an exclusive residential golf and beach community located in the Juan Dolio region. With construction well underway, this generous $20 million loan will be allocated to complete the Founder Residences and surrounding areas of Costa Blanca. www.costablanca.com.do
“The 52 exquisite Founder Residences are moving along at a rapid pace most recently reaching the rooflines”
“The 52 exquisite Founder Residences are moving along at a rapid pace most recently reaching the rooflines,” stated Luis Jose Asilis, CEO of Group Metro. “The 18-hole Greg Norman Signature Golf Course is also progressing at a steady pace. The irrigation system has already been completed for the first nine holes and we expect them to be ready for grassing before the end of the year,” he added.
Spanning 580 acres along the coastline of Juan Dolio Beach, just twenty minutes from the Santo Domingo International Airport, Costa Blanca is a billion dollar development that will encompass luxurious residential homes, retail, a full-scale marina, an 18-hole Greg Norman Signature Golf Course, and other sporting components. The private golf clubhouse will feature the Hole 19 Bar, fine dining restaurant, cigar lounge, pro shop, and more.
The General Manager of Banreservas, Daniel Toribio, confirmed that by approving this loan their Board of Directors is committed to the growth of the real estate market in the Dominican Republic. More specifically in the tourist areas, and therefore they are pleased to partner with Group Metro, a respected company in the real estate and construction industries, to complete the first phase of Costa Blanca in Juan Dolio.
The Founder Residences have enjoyed tremendous success, with 45 of the 52 Villas already sold. Residents of the Founders are part of the exclusive Founder’s Club, which presents numerous benefits. The Founder’s Club package includes a luxurious 4,500 sq. ft. private villa with golf, bay or marina views, as well as two condominiums, a private boat slip in the marina, and membership to the prestigious golf club. Members will also enjoy VIP treatment in addition to various properties and onsite amenities.
About Group Metro
Group Metro has established a formidable international reputation throughout its four decades of experience in transportation, tourism and real estate. From its landmark property, Metro Country Club, to the oceanfront condominium developments of Costa del Sol, Marbella, Costa Blanca and Las Olas, Group Metro is the definitive company for real estate and tourism in the Dominican Republic. Led by CEO, Dr. Luis Jose Asilis, the company has played an integral role in putting the Dominican Republic on the map as a top Caribbean destination. Please visit www.groupmetro.com, www.metrocountry.com or www.costablanca.com.do.
Sabrina Lacle, 305-856-8004 ext. 309