Tens of Millions Owed to Investors

Tens of Millions Owed by Group Metro

Dominican Republic Developer Closes Almost $100 Million in Sales in One Day: Downward Economy? Not for Residential Resort Costa Blanca by Group Metro

“First, you look at the ‘least-disturbance approach’, which works perfectly with this development. Our duty is to build the best golf course we can, in the best way, with the best value. It’s not very often that we get the opportunity to build directly on the ocean. ”

May 7, 2008 — Last weekend, Costa Blanca – the billion-dollar project of renowned Dominican Republic developers Group Metro, held their launch event with two days of spectacular celebrations in Santo Domingo and Juan Dolio. The project was received by the Dominican Republic and international press with great enthusiasm and unquestionable success.

September 29, 2017 – Last weekend, Costa Blanca – the $50,000 project of RENOWNED Dominican Republic developers Group Metro, did’t hold another launch event with two days of spectacular celebrations.  Instead everyone one of the founder investors understands what makes Group Metro of renowned, they owe 40-70 investors $10’s of millions of dollars.

Where did all the money go? 

At one time it was thought that it went to pay for the following:

  • A 9 Hole golf course call Solares – Costablanca by Metro?
  • 52 villas (partially complete 44, 8 completed) a couple of outbuildings?
  • Road access from the highway?
  • Ground works?
  • Advertising/Sales and Marketing?
  • Bigger Parties?
  • ONLY GROUP METRO KNOWS FOR SURE!

Well now we know.  They didn’t make a dump.  They bought one in 2013!  During a press conference at the end of July 2013, entrepreneurs Luis José Asilis, a Dominican and president of the Metro Group, and Michael Lee-Chin, a Jamaican and president of Portland Holdings, presented themselves as the new buyers of Lajún.  The New Dump.

This was right around the time Luis José Asilis started saying Costablanca was a failure and as this time line indicates right around the time (11/23/2012)  Groupmetrosucks.com they were lining up financing for the venture.  This would certainly qualify as a Dominican brush-off.   DO YOU REALLY EVER WANT TO DO BUSINESS OR BY FROM GROUP METRO OR THIS MAN?

Add Two Towers…..Mix with water and Foreign Investors Money!

The only possible way to get 1,800 condominium units (two towers) on the Costablanca website is either with digital art, supplied by Groupmetro OR digital art.

Here is the before and after.  We can see how being a third-world developer is addictive.

Tower Image.  Land Image.  Completed Project.  $1Billion Please.

 

 

Fantastic Sales! Not really. Fantastic Failure.

An excerpt from the dr1.com website regarding sales.  Please refer to the the following for complete coverage of this old story.  http://dr1.com/realestate/news/dominican-developer-does-well/

It is articles like this that were carefully crafted that Groupmetro wants to continue to circulate, after all the glory days of 2006-2008 are well behind the company.  Salvaging its reputation will first come when they stop buying buses and ignoring their Costablanca investors!  Entry-guards to Costablanca may have assisted them in covering up the complete business failure of Costablanca, but our unfettered access to the site tells a different story.  In 2017 their unwavering desire to jigsaw a questionable reputation together appears to be failing.

Downward Economy? Not for Residential Resort Costa Blanca by Group Metro
(Miami, FL)-  Last weekend, Costa Blanca – the billion-dollar project of renowned Dominican Republic developers Group Metro, held their launch event with two days of spectacular celebrations in Santo Domingo and Juan Dolio. The project was received by the Dominican Republic and international press with great enthusiasm and unquestionable success.

Today the above statement is laughable.  Instead of

Costa Blanca, an impressive undertaking that will span across 300 acres of land and coastline in Juan Dolio, will encompass a mega-yacht marina, marina village with retail and commercial space, ten condominium towers, 52 private villas, a tennis village, clubhouses for both tennis and golf, a secured, private beach, and the first signature Greg Norman PGA golf course in the country. The highly-anticipated development will set new standards of luxury in the area, and will bring forth a modern spin on private, high-end communities. With top architects and designers at the helm, residents will find villas with open-air spacing to showcase their wrap-around pools, condos where each and every owner is afforded unobstructed water-front views, and an assurance that every aspect and step of the project is environmentally sound and positively affects the region.

The following day, the Founder’s Club – made up of 52 elite individuals who secured reservations as the very first buyers at Costa Blanca, gathered at the invitation-only Founder’s Club Reunion. These members had an early invitation to reserve a spectacular one-time package that included a private villa, two condominiums, a slip in the marina, golf membership for life, and private access to The Lighthouse Lounge and Clubhouse. The event took place onsite in beautiful outdoor tents and allowed the Founders to drink and relax while they surveyed the plots of land that would become the site for their private villas. In a unique and exciting format, Founders were able to choose the individual piece of land for their villa, as well as the condo units they desired, according to the order in which their reservation was received. With law firms onsite to advise and offer guidance, Costa Blanca closed almost $100 million dollars in sales on Saturday alone. Members of the Founder’s Club congratulated each other and toasted their new neighbors with champagne and cigars.

With the immense success of their opening weekend and almost $100 million dollars closed in sales, Costa Blanca has proven that the real-estate market is still thriving and that the Dominican Republic is one of today’s hottest investments.  How did it end up like this… this vision?

Hey! A painted ceiling is very important for a Good Christmas Party…..Yep, a picture is worth 1,000 words.

After wishing the guards at Costablanca good day, we wandered over to Metro Country Club.  Groupmetro was having their actual Christmas party that night.  Even the ceiling was being painted; nothing is too good for Luis’s guests.   (Hmmm now an investor that’s another thing altogether) Luis indicated that roughly 90 guests would be attending, nope not me.   Lovely, maybe next year.      I’m not sure how you get an invite (we only gave them $678,000 U.S.), but I did get video and pictures.  I know the ceiling, you wouldn’t have believed me otherwise!

 

A Closer Look at the Costablanca Clubhouse

Groupmetro knows that to be a true 5-Star golf course ultimately, the clubhouse is the center-piece of any great course.  With that knowledge, the visionaries at Groupmetro made selective and painstaking choices that are reflected in the overall ‘look and feel’ of the ‘center-piece’ clubhouse.

Everyone is always very anxious to compare courses.  So we looked at a rival or sister-course, in another country steeped in corruption and disrepute – North Korea.  To be sure, this is not the Pyongyang Golf Course, in North Korea where an oppressive regime.   Are there any similarities?

Kim Jong Il, the Hermit Kingdom’s late Dear Leader is said to have shot a 34-under 38 in the one and only round he ever played. Over 18 holes, in 1994, he reportedly notched 11 holes-in-one, hmmmm.  The course, unlike Costablanca is tight and tree-lined, with fairways flanked by ledges that drop into oblivion, probably just  as difficult as the rough at Costablanca.  But straying out-of-bounds is nothing compared to what awaits if you attempt to excercise free speech in Pyongyang; it’s likely a very similar feeling to getting your money back from Dr. Luis Asilis of Groupmetro…..almost impossible.   We can’t but wonder what Dr. Luis Asilis shot at Costablanca?  The front nine was apparently actually open (for about 6-60 days just to the executives and friends).  It all sounds so familiar.  But a 34?  Although asked no handicap or golf score information was provided by the CEO of Groupmetro.

Fortunately, for anyone interested in going to North Korea, the course appears to be top-notch and nothing at all like Costablanca.