The company announces it will not raise the price of the apartments for buyers, despite the revaluation in the area where the construction will take place over the last 3 years.
SANTO DOMINGO.- Noval Properties, a developer and promoter with over 20 years in the national market, announced that construction work on The Reef project will begin on November 30th, after nearly three years of efforts to obtain the necessary building permits.
In a statement, the company apologized to the buyers of the residential complex for the delays that have accompanied the process.
“Obtaining the permit from the Ministry of Environment and Natural Resources has taken almost three years. This delay is due to an excessive workload in that department and the lack of computerization in its digital processes, which has generated an additional burden in the management of applications and has prevented them from expediting the processing of projects that needed more personalized attention, such as The Reef,” the document states.
Noval Properties emphasizes that the area where the project will be carried out is particularly sensitive from an environmental perspective. “But we have finally succeeded. We have worked diligently to meet all the Ministry's requirements and ensure that the project is executed responsibly and sustainably, prioritizing the protection of the natural environment,” the statement explains.
One fact that the company highlights is the revaluation that the area where the housing complex will be carried out has had, increasing the value of the properties by up to 40%, and that despite this, there will be no price adjustments in existing contracts, nor will the price of its apartments be increased.
The above measure will be taken despite the increases recorded in construction materials and the rise in inflation.
Noval Properties states that this provision reflects its commitment to respecting established agreements and maintaining the trust that has been placed in the firm.
He clarifies that payments for the project will be made as each milestone in the construction schedule is met, providing buyers with greater peace of mind and complete transparency throughout the building process. “This measure guarantees that each payment is justified by the actual progress of the work,” he emphasizes.
She expressed her gratitude for the understanding and patience shown during this time, noting that in this new phase she is committed to maintaining an open dialogue with the buyers throughout the execution of the project and regularly informing them about the progress of the construction and any relevant details.
Noval Properties' statement explains that in order to obtain the construction permits for the project, some adjustments were made to the original planning, so that some buildings would be further away from the central lagoon, and to guarantee greater protection and vitality of the mangroves.
“We believe these changes add significant value, making the project even more ecological and green, aligning with everyone’s interests. The Central Lagoon remains as a protected natural mangrove, at the very heart of the project, and as an improvement, we have added more pools. The current master plan includes six large pools, which it didn’t have before,” he explains.
