Numerous investors that purchased entitlement to one or several weeks in a villa or apartment situated in the Freedom Bay resort on the Caribbean island of St. Lucia have asked for their money back.
The Malgretoute Hotel Development Company that owns the resort has now gone into receivership, and investors have not had their money returned. If you are one of those people and have invested money from your pension into the Freedom Bay resort, then we can help you to make a claim for compensation.
Freedom Bay Villa Ownership
The plans for the resort had everything you’d expect from a luxury development, such as beach facilities, tennis courts, a cricket academy, a gym, and a spa. However, what really caught investors’ eyes were the different ownership options that were available. For instance, there were one-bedroom villas available from £660,000 and two-bedroom ones from £975,000.
Additionally, plots of land were available at a cost of just £330,000 whereas a four-bedroom villa could be constructed at an estimated cost of just over £1 million.
The Malgretoute Hotel Development Company made available the option to purchase one 52nd of a one, two, and three-bedroom villa for a price of £17,500. For this, they would be able to stay in the villa for one week every year, or exchange the week in the villa for a week somewhere else, or let it out to the resort to earn rental income.
Returns Guaranteed
During the two-year construction process, investors were guaranteed to receive an annual return of 6% and then 8% thereafter for the next three years. This meant that over the five years period, investors would get at least one-third of what they originally put down back.
Refund Entitlement
As part of the contract investors signed, they were entitled to a full refund if the construction of their villa remained incomplete for two years or more after the agreed date of completion.
Many investors put money into the Freedom Bay resort via self-invested personal pensions (SIPPs). Whilst lots of refunds have been requested, as of yet, no funds have been returned and now the Malgretoute Hotel Development Company has fallen into receivership.
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
