Marsa Alam

[Brigit]

Pictures

Hello all,
Almost every month there are new pictures on the IPI site. Enjoy!
We are from the Netherlands. Like the Zafarana project IPI keeps us well informed through these pictures, as well as through the newsletters and even by organising meetings.
Regards, Brigit

 

[Elite]

An entry level 1st floor 2-bed apartment with pool view has become available. pm me for more information.

 

[Elite]

New construction progress pictures have been added to the IPI website.

 

[CRZ990]

Hi everyone,
I made reservation for 1 bed apartment

I have a question, if everybody here were making payments before getting signed cotract from IPI?
I'm a bit concerned that I have to pay, though I don't have any legal document.

Thanks!

 

[Elite]

You only have to pay a deposit of 1,500 Euros before you receive the contract. If you pm me I have a draft contract for a 1-bed Junior Suite you can view before you agree to proceed further with your purchase.

 

[CRZ990]

You only have to pay a deposit of 1,500 Euros before you receive the contract. If you pm me I have a draft contract for a 1-bed Junior Suite you can view before you agree to proceed further with your purchase.

I'm new here, so I'm not allowed to send PMs yet. Sorry.
I already paid 1,500 Euros and sent reservation form with my signature. Then I received email with contarct attached and instructions to print the contract, sign and send it to IPI. Then I should pay 20% of the purchase price (I chose partial payments). I was advised that I will receive signed contract from IPI after I pay that 20% payment. So, I'm concerned that this would be my second payment, and I still do not have any IPI signed legal document, containing IPI liabilities to me.

Thanks!

 

[Brigit]

CRZ990,
Why don't you contact IPI directly to explain them your concerns? Then you have your answers from IPI themselves. Good luck!

 

[Elite]

You are required to sign and return the contract that has been sent to you (should be 3 copies sent by post) and send your first instalment payment to the escrow account, your contract will then be countersigned by IPI and a copy sent to you for your records.
You agent should be able to explain everything for you, or contact IPI directly as suggested by Brigit.

 

[CRZ990]

You are required to sign and return the contract that has been sent to you (should be 3 copies sent by post) and send your first instalment payment to the escrow account, your contract will then be countersigned by IPI and a copy sent to you for your records.
You agent should be able to explain everything for you, or contact IPI directly as suggested by Brigit.

Could you please give me a contact from IPI, so I could ask a list of agencies in Ireland with whom IPI is working with?

Thanks!

 

[Elite]

Is this so you can find an Irish agent you can use for your purchase, or are you looking to work with IPI yourself? Obviously I am more than happy to assist you with any purchase you wish to make at MABR.

 

[Brigit]

Dear CRZ990,
Take a look at the IPI website how to contact them. ipibv.nl

 

[Liz]

Anthony Seddons Solicitors

I'm new here, so I'm not allowed to send PMs yet. Sorry.
I already paid 1,500 Euros and sent reservation form with my signature. Then I received email with contarct attached and instructions to print the contract, sign and send it to IPI. Then I should pay 20% of the purchase price (I chose partial payments). I was advised that I will receive signed contract from IPI after I pay that 20% payment. So, I'm concerned that this would be my second payment, and I still do not have any IPI signed legal document, containing IPI liabilities to me.

Thanks!

I am very surprised that you are not using the services of a solicitor. I am using Anthony Seddons in London. This is what I recommend you do.
Kind Regards

 

[chriscross34]

Hi Liz, Anthony Seddon are the recommended solicitors for IPI investors, though i don't believe that makes them particularly impartial. Zeiad, this sites resident legal expert assisted several investors with MABR and I have found him very knowledgable about Egyptian law, which is a must!!

Chris

 

[Peter Mitry]

Legal Advice in Marsa Alam

Hi Liz, Anthony Seddon are the recommended solicitors for IPI investors, though i don't believe that makes them particularly impartial. Zeiad, this sites resident legal expert assisted several investors with MABR and I have found him very knowledgable about Egyptian law, which is a must!!

Chris

Zeiad is very thorough and completely impartial; not to mention a hell of a lot cheaper than any British lawyer! He also understands the Egyptian law better than all but a very few who take the time to come here.

 

[Cherie76]

Zafarana investors: Any penalties received?

Hi all

I'm new to this forum and have spent the past couple of days reading through posts. I've reseved a 2-bed and need to pay my deposit now, but before I do I would really appreciate it if you could help me with these questions :

1- The Q&A section at the end of the brochure states: "Completion is contractually due 18 months from the time the balance hits escrow. If the apartment is not finished by this time then you will begin to accrue your rental guarantee, in the case of 2 bed apartments or for suites you will receive a penalty payment of €25 per day per apartment. The entire resort (both phases) is expected to be completed by then end of 2010." --- Does this mean that if the property is not complete after 18 months that you will start receiving BOTH guaranteed rental as well as penalty?

2- As the Zafarana project has been delayed from the planned completion date of Summer 08, have investors received any penalty payment?! Has anyone started receiving rental, even though its still incomplete?

3- I'm planning on paying in stages. Any idea how the rental guarantee and penalty will work in this case as "the time the balance hits escrow" no longer applies, so its not clear what point the 18 months starts at.

4- Is anyone bothering with Bank Guarantees? The explanation on the brochure wasn't too clear, if you take out the bank guarantee does this mean you receive 9% rental as opposed to 10% through-out the 5 years? Is the guarantee provided by a bank nominated by IPI?

Thanks loads

 

[Cherie76]

... Also

Even though I've reserved a 2-bed I'm still more tempted by the suites. My only concern with them is that as IPI provides a rental guarantee for the 2-beds, during slower times when all appartments may not be filled, it will always be in their interest to first rent out the 2-beds, as opposed to the suites. The pool of income shared by suite owners will therefore be small/non-existant during these times.

I guess buying a suite makes more sense if you take on the responsibility of renting it out yourself or appointing a 3rd party management service?

Any views?

 

[Elite]

photos of Marsa Alam Beach Resort site

Just got back from the first site inspection - and I was very impressed with the site location and quality of the beach area, although this will of course be cleaned up further, parasols added etc when the complex is ready for handover.
The water was crystal clear, with the waves breaking over the house reef just off shore.

 

[queenie40something]

Hi - having not read all of this thread but have noticed this started in 2007 - 2 years ago - has building work started at all here yet?

 

[Elite]

Hi - having not read all of this thread but have noticed this started in 2007 - 2 years ago - has building work started at all here yet?

Currently foundations are going in for the shopping mall, and blocks A7 and D14 of the hotel suites. Phase 1 will be finished within 18 months.

 

[chriscross34]

Morning Elite, thanks for posting the pics.

Hi Queenie. As most investors in this resort will know, regular progress is posted on IPI's website which in itself is a really good tool.

IPI International Property Investors BV

There are construction pictures for both the Zafarana development and Marsa Alam Beach Resort. Queenie as Elite has stated, the foundations and services are being installed currently.

Updates are provided monthly and i have got to say their website looks great.

Chris