SANTO DOMINGO.- Noval Properties, a long-established developer in the Dominican Republic, reaffirmed its commitment to transparency and responsibility in the management of its real estate projects.
In a statement, the developer addressed the status of The Reef project, following reports circulating on social media regarding alleged complaints from buyers about construction delays. The company emphasized that construction is currently progressing and that the delay was due to a setback in obtaining the necessary permits to begin building.
“In December of last year 2024, work began on the construction of the project, after almost three years of delays in obtaining permits, an administrative procedure that was extended for reasons beyond our control and that ended up affecting the scheduled construction timeline,” Noval Properties stated in the document sent to El Inmobiliario.
The developer, with over 20 years in the national market and a pioneer in real estate development in the eastern Dominican Republic, stated that it continues to work with the same dedication and professionalism to guarantee the successful completion of the project, thus ensuring the trust and satisfaction of clients, partners, and investors.
“This delay in obtaining the permits is the reason why the project will not be completed within the initially projected timeframe. This situation was communicated directly by our CEO in a timely manner to each of the buyers, most of whom agreed to continue with the project, understanding that the delays are due to external factors,” the company added.
He explained that he is addressing the comments directly because of his commitment to transparency, responsibility, and respect for investors, buyers, and the community at large.
He stated that “from the beginning, as we have done with each of our developments, Noval Properties has maintained an open dialogue with the buyers, with the commitment to regularly inform them about the progress of the construction and any relevant details.”.
He reaffirmed that despite inflation and increases in construction materials, buyers will not be affected, guaranteeing that the initial cost at which they acquired the property will remain unchanged until the project is delivered, giving peace of mind to clients and investors, and reinforcing his commitment to maximizing the benefit and profitability for buyers in each project.
Noval Properties is a leading company in tourist real estate development in the Dominican Republic, with more than two decades of experience, transforming the industry with innovative and high-impact projects for Dominican real estate tourism.
Its property portfolio includes a track record of more than 3,000 residential units delivered, 600,000 square meters under construction, and more than 6,500 units planned. “Noval has established itself as one of the most important developers in the Dominican Republic in the construction of tourist, commercial, residential, and hotel properties in the country’s most emblematic locations,” the statement notes.
Noval Properties reiterated that its after-sales department is in communication with each of the more than 400 buyers of the residential complex, with the aim of updating them on the new delivery date of the project.
“Even despite the setbacks caused by factors beyond our control, THE REEF is currently making satisfactory progress on the work in progress, and a refund has been offered to buyers who unfortunately cannot wait for the new delivery date or who wish to cancel their purchase.”
The construction firm made its communication channels and its entire team available to address any questions or concerns regarding the aforementioned development or any of its projects.
