The Sambala Independent Investors Group (SiiG) is a not for profit membership association representing property owners and investors in the Sambala development project,  São Fransisco, Santiago Island, Cape Verde.

See SiiG update https://mailchi.mp/ec54f8dd544d/condominium-general-meetings-update

UPDATE Dec 2021 - Please see this update from SiiG on 17th Dec.

https://mailchi.mp/ec54f8dd544d/condominium-general-meetings-update

The 4 condominium groups were set up in early 2021. The four condominiums A, D, G and H have now held their General Meetings. The administrator is working up budget for each condominium. This budget will be put to the 2022 AGMs of owners which the administrator is expected to call in early 2022.

2021 AGM SiiG. The AGM was held on Sunday 10th October 2021. The slides are in the members communication page.

This follow on from the AGM in 2020 on Sunday 18th October 2020 (Miranda slide and the meeting recording, which were made available before the AGM, plus the AGM slides and recording of the AGM itself, are also available on the communications page ), plus the AGM on Sunday 2nd June 2019 (the minutes are on the communications page).

SiiG Membership and communications

Membership was agreed at the AGM. (2020 membership ran from the 1st November 2020 to the 31st October 2021). Fees are now payable via conduminium groups to maintain site security.

Communications page password changed on 6th Feb 2021. Paid members were emailed the password.

SIIG  SNAPSHOT: February 2019

SiiG is a dynamic not for profit members only organisation. SiiG has an elected management and established governance in accordance with our constitution. SiiG is administered and coordinated by an elected committee of five with professional experience and complimentary skill sets.

The committee is mandated to address common owner issues as well as to support and promote initiatives which safeguard owner and investor rights as well as to assist the progressive Sambala development project. To that end the Committee has developed a broad set of plans to address the needs of members depending on the prevailing circumstance. The Committee has taken extensive legal advice on behalf of members, has retained two law firms (Portuguese and Cape Verdean) and has also entered into high level discussions with the Cape Verde government and other important local institutions.

The Committee is overseen and supported by an Advisory Board of nine. The Committee and Advisory Board are all private individuals who either own a Sambala property or have made an investment to purchase.

As at February 2019 SiiG membership represents in excess of 343 properties in the Sambala development or over 60% of the total sold. We actively welcome new members and our number increases weekly.

SiiG is currently engaged in supporting over 100 members taking legal action against Sambala for the non-performance of their property contracts, is assisting owners to take legal action against Sambala for the non payment of rental income and the non provision of furnishing. SiiG is currently investigating additional actions and activities to try to secure value for members.

Sambala Project Snapshot: February 2019

Sambala is a significant resort development project of a privately owned land parcel to the south east of Santiago Island, Cape Verde. The project is promoted and developed by Sambala Investimentos S.A; a Cape Verdean company controlled by the Grepne family.

The project is multi-phased and includes several thousand residential properties (apartments, townhouses and villas) as well as hotels, golf courses and a marina. Several hundred British and Irish investors purchased off plan properties between 2004 and 2010. Construction began in 2005 and to date over 240 properties are complete, with over 180 owners having taken formal title of their properties.

Construction of both residential properties and tourism infrastructure has however stalled for several years as Sambala needed to secure fresh funding to complete the project. 

Sambala have not had any direct communication with their clients for over twelve months.

Membership

The Sambala Independent Investors Group (SiiG) was formed in November 2013 by a large number of Sambala property owners and investors. Members are all private individuals who recognise that in order to safeguard and enhance their investments in Sambala there is a need to build a robust association with substantial representation and common unity of purpose. As such SIIG warmly welcomes new members. Annual SiiG membership costs £ 100. There is also a one off joining fee of £ 50 for new members to reflect the immediate access to work and legal opinion already obtained.