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Thread: Santo Domingo, Dominican Republic2060 days old

  1. #21
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    Quote Originally Posted by dbbrainer View Post
    Might I ask, where is most of the investing coming from? How much of the investment is local? How much is foreign? In the case of foreign investment, where is the capital coming from?

    I am eager to see the next line of the metro. It promises to connect the routes better still.
    The majority of the investment in malls comes from Venezuelan expats, while the one in residential complexes is mixed between those expats, Cuban exiles, Mexicans, Colombians and locals. It's a regrettable thing to say, but it's estimated that 30% of all that investment comes from money laundering (the South American/Mexican operations that used to be concentrated on the western part of the island have relocated to this country, all thanks to the change in the penal process imposed by the Yanks). Think of Santo Domingo nowadays as a repeat of the Miami Vice era of the 80's.

    Sorry for not answering sooner, but I was at the funeral of my paternal grandpa today () and am still sort of disconnected from everything.
    Last edited by El Andullero; 2014-03-06 at 03:10.

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    dbbrainer (2014-03-06), LexRD (2014-03-06), saru21 (2014-03-06)

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  4. #22
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    Quote Originally Posted by Rodney View Post
    What is that???
    A map

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    Where in the western part of the island? Well, to be honest as long as some of that property tax money is being re-directed in order to fund education or new infra-structure and a real estate bubble is not artificially created at least there is capital flowing within the territory.

    - - - Updated - - -

    Also, a concern could be raised about gentrification and people being displaced. But that is a technical issue which impacts the social fabric, not really an economical concern in capitalism.

    - - - Updated - - -

    And by the way, it looks awesome. I can't wait to get back.

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    Quote Originally Posted by dbbrainer View Post
    Where in the western part of the island? Well, to be honest as long as some of that property tax money is being re-directed in order to fund education or new infra-structure and a real estate bubble is not artificially created at least there is capital flowing within the territory.
    Haiti, during Aristide. All of that changed after the coup and the UN moved in. Of course, the change for them wasn't too drastic due to our penal process changing from a Napoleonic setting (lock em' up) to an Anglo one (culture of proof, otherwise, release em'). To make the attempt of implementing a culture of proof in a country where the majority of its constabulary forces and judiciary are functional illiterates is like giving a Porsche 911 to a toddler that can barely hold his/her own in a bike. But then, the purpose of the powers at be (Elena Brineman and USAID) might have been for this to fail from the get go.

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    Quote Originally Posted by dbbrainer View Post

    And by the way, it looks awesome. I can't wait to get back.
    It has become impressive since that time you were here, is all I can say. Although many problems remain the same, and some new ones have arisen, i.e. there are a lot more traffic jams than ever, despite the tunnels and overpasses, but this is tied to the fact that the population of the city have tripled in the last two decades. You will have a field day if you get to analyze with an academical lens, though.
    Last edited by El Andullero; 2014-03-06 at 04:13.

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    I only heard of a mall in SD that was Venezuelan invested but nothing else.. Spaniards are robbing the country blind by the way, as they have been doing.

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    I'm a member of Skyscrapercity and asked one of my fellows over there and this is what they told me regarding the investments in Santo Domingo and some other stuff:


    Quote Originally Posted by jonjrs
    Most of the investment that you see in DR, specifically in the larger cities, is local. I'd say about 80-85%. Right now there are only three large real estate projects that feature Venezuelan investors, which are Blue Mall by the Veluttini group of Venezuela (an upscale shopping mall ala Bal Harbour in Miami, soon to feature the first JW Marriott in the Caribbean on the same site), Sambil Mall of the Cohen clan of Venezuela (targets the entire social spectrum) and Novocentro (a smaller mall and office project, formerly destined to become the failed Baninter Bank HQ).

    Galerias 360 is a local investment by the same group that owns Ferreteria Americana and Americana Departamentos, banking and construction as well. Agora Mall is the most popular mall right now, that's a project that was done by a local business group headed by the Barletta family that owns Santo Domingo Motors, which owns the GM and Nissan franchises in DR, Venezuela and BMW in Puerto Rico. They're old money, also having invested in banking, real estate and telecommunications. Most of the residential and office buildings that have cropped up in the past 20 years are local investments that started once the banking and investment laws were strengthened and opened up.

    Money laudering is a source of funding for many projects, but your friend vastly overestimates the amount. Once a lot of the laws were re-designed after the Baninter scandal in 2003 to take into account international banking standards and money laundering laws, it's become much more difficult for money launderers to get away with those things in DR. It happens in maybe 10-12% of projects.

    Even the majority of the hotels and all-inclusive resorts are owned by Dominican business groups headed by families. The Rainieri clan runs everything in Punta Cana, including the airport that they built in the 70s. They're about to start another project jointly with the Perelló clan of Bani in that region of the south, named Los Corbanitos. It's gonna be huge. The Abinader clan own multiple resorts in Bavaro, Puerto Plata and other parts of the nation. The one major resort owned by foreigners that I can think of is Casa de Campo, owned by the Fanjul brothers of West Palm Beach.

    There's one major project in the Miches section of El Seybo facing the Atlantic, named Tropicalia. It's by owned by the named of Gustavo Cisneros, former owner of multiple enterprises in Venezuela and of Univision Networks as well. A big player in all sorts of business all over Latin America. The resort is meant to be an eco-resort and from my experience, that area is perfect for it. They just need to fix their land title issues to purchase the remaining land and get started.

    What these hotels and resorts do is set up licensing and management deals with brands like Barcelo and Westin or Sheraton for years at a time. Even the Dominican Government owns a few hotels, rather large ones at that, such as the renowned Jaragua hotel in Santo Domingo.
    Unos nacieron para ser estrellas y otros para ser estrellados

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  13. #28
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    edit.

    - - - Updated - - -

    Quote Originally Posted by Rodney View Post
    I'm a member of Skyscrapercity and asked one of my fellows over there and this is what they told me regarding the investments in Santo Domingo and some other stuff:
    The only thing I have to say to your friend regarding money laundering is that "el que hace la ley, hace la trampa". It's him the one that is understimating the scale of corruption here. If all these sky rises aren't an indicator of it, then I have another one that is more ready at hand to be seen just by getting one's head on the street: the amount of Haitian immigrants here. Those, the drug trafficking and the residential complexes all go by the hand.

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    Here's what another poster told. These guys have been around for a while by the way.

    Quote Originally Posted by ElCrioyo
    Money laundering does occur to a certain extent and there have been some major real-estate bust come out in the public like Torre Atiemar. But I can assure you that 30% is way too high and in no way represents the reality of Foreign Direct Investment in the Dominican Republic.
    Unos nacieron para ser estrellas y otros para ser estrellados

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    Quote Originally Posted by Rodney View Post
    Here's what another poster told. These guys have been around for a while by the way.
    In a country where there has been only one major local drug lord apprehended (Florian Felix) while the others still walk scott free (except for the ones caught by the Yanks), yeah right. I can assure you this: If the Yanks wouldn't have ordered/participated in their apprehension, Quirino Paulino and the Boricuan hitman, Figueroa Agosto would still be walking/partying among us, and let's not talk about that Spaniard, Arturo Del Tiempo. I think that your friends are in sore need of a certain dose of reality.
    Last edited by El Andullero; 2014-03-07 at 03:00.

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