Atlas Golf - Marrakech

[redangel7861]

I also brought on Atlas golf, but now wish i never, getting information out of the company is a joke.
I have asked for the bank guarantees on several occasions without success, and i have tried to find out when the golf course will be completed, again with no responce.
At the rate they are bringing the 1,000 plus units on line we will have a building site for the next 10 years.

AP1 is due for completion in Jan 2009. Golf course mid to late 2009. Whole project due for completion late 2011 early 2012.

Friend of mine just got back from a visit. Build ahead of schedule and coming along well. Finishing looks looks very good.

Red

 

[barry the builder]

AP1 is due for completion in Jan 2009. Golf course mid to late 2009. Whole project due for completion late 2011 early 2012.

Friend of mine just got back from a visit. Build ahead of schedule and coming along well. Finishing looks looks very good.

Red

My main gripe over this development is the lack of communication, it was difficult enough when they had a UK office, now that has been closed who do we contact?

Also I'm angry over the increase in TAX. I was told that if i signed the contract before the 1st of Jan 2009 I would pay 14%, that however is not the case anything paid after the 1st Jan will be charged at 20%.
This includes any payments made at 14%. They will just add the extra 6% when we complete.

It also does not help when after a year of buying a property of plan it has not had one price increase. I have properties in Ras al Khaimah, Phillipines and Malaysia and all have gone up while this has stood still.

As for completion, AP1 is on schedual, however this is a huge development and as far as i know nothing else has yet gone on sale, let alone being built, and i dont think the golf course has started either.
They are basically going flat out to finish the first stage so they get our money. Mark my words, WE WILL HAVE A BUILDING SITE FOR MANY YEARS during which period it will be difficult to rent and not pleasant to stay in.

If I could sell my place at the price I brought it at almost a year ago i would do so in a shot. In fact if there is anybody out there who wants to buy it slightly below what i brought it for please contact me.

As I said in the last post I wish I never got into this one.

 

[redangel7861]

Latest PICS - ATLAS Golf

 

[barry the builder]

View attachment 5812

View attachment 5813

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These pics look no different to the ones posted months ago.

 

[redangel7861]

These pics look no different to the ones posted months ago.

Got back from a five day visit from Marrakech 2 weeks ago. Spent a few hours inspecting the site.

Build progress well advanced. Build on 9 holes of the 18 hole golf course has started and will be complete Oct 09. Full Golf course will be complete in Mid Oct 2010.

Marrakech seems to be buzzing.

 

[barry the builder]

Got back from a five day visit from Marrakech 2 weeks ago. Spent a few hours inspecting the site.

Build progress well advanced. Build on 9 holes of the 18 hole golf course has started and will be complete Oct 09. Full Golf course will be complete in Mid Oct 2010.

Marrakech seems to be buzzing.

It starting to look a little more prommising. Here is an email from the agent I brought my unit from.

ADDOHA MOROCCO TRIP NOTES

Contacts:

• Groupe Addoha | Bâtisseurs de bonheur...
• Morocco Properties. Property in Saidia, Marrakech, Tangier, Atlantic Coast.
• Anas Sefrioui – President of Addoha
• Fatim Zahra Lahlou – Addoha FD
• Kenza Sefrioui – GFM Operations Director
• Sanae Alami Afilal – GFM Marketing
• Abdeljabar El Hajjouji – GFM General Director, North
• Majad Alaoui – GFM Comercial Director
• Bruno Rossi – GFM Commerial Manager, Atlas Golf
• Pascal Boisson – Operations Director, Saidia
• Anbar Dellero – GFM Customer Services

General Notes:

• Addoha is the new master developer on Saidia, Atlas Golf and all other Fadesa Maroc projects. They have a 50% stake and 100% control of Fadesa Maroc. A full buy out is expected and they are waiting for the right price.
• Addoha are the largest Moroccan developer and have projects all over Morocco (Hivernage Golf, Amelkis Golf, Fez City Centre, Casa Centre, Casa Golf, Rabat Centre).
• 6,000 hectares owned and 280K properties in construction. All off plan and sold up to 2010.
• Housing shortage in Morocco and currently weathering the financial storm.
• Due to the 2007 merger and subsequent 2008 administration of Martinsa Fadesa in Spain (as well as several other external factors),communication with clients and agents has been very difficult for a long time.
• Addoha are addressing this and a more pro-active communications programme will start shortly (newsletters/magazine/website/direct mail etc).
• Morocco Properties Ltd will have a direct contact at Addoha for customer services and should now be able to answer questions more quickly.
• There will be a new logo for GFM (Groupe Fadesa Maroc).
• Agents were shown the 3 current GFM projects (Saidia, Alkudia Smir and Atlas Golf) that are all progressing very well.

Saidia:

• Excellent progress on Saidia re phase 1 property, landscaping, marina extension (now 1,300 berths),medina and all services.
• Launch date agreed for June 1st 2009. To be completed by this date – marina, medina, 1st golf course, all phase 1 property, airport extension, main road, Barcelo, Iberostar and an Addoha management company.
• Government have an agreement from the 2 hotel operators above to open by then.
• 1,500 existing Fadesa clients waiting to complete. Addoha will be contacting everyone in due course with more details on completion.
• Over 1,000 Jardin de Fleur properties sold and The Greens/Fairways sold out. Very few off plan properties remain on Saidia - the project has been enormously successful.
• A one-stop shop will be provided on Saidia for Groupe Fadesa Maroc clients completing to include free notary and mortgage arrangement services.
• An Addoha quality control team is now in place on Saidia for snagging.
• 2nd and 3rd golf course may be combined to make a 27-hole signature course.
• Property Logic have confirmed that David Lloyd are signing a contract for their last plot VVT-12 and will be selling this as a luxury fractional product. You will be able to swap weeks here for weeks in many other luxury locations globally including Dubai Sports World.
• Property Logic is introducing David Lloyd to Addoha with regards to setting up a tennis academy on Saidia.

Atlas Golf, Marrakech:

• Bruno Rossi is the new commercial manager on Atlas Golf.
• Agents met the whole commercial team for a site visit, lunch and evening meal.
• Excellent construction progress on phase 1.
• Completion of phase 1 apartments, riads, detached villas and golf expected by 2010.
• AP-1 apartments mostly sold and completion due in June 09.
• New release of detached and semi detached villas on individual plots (many with private pools). Construction well underway.
• Morocco Properties Ltd suggested that people completing on the first phase of apartments are offered special rates at one of the other golf courses in Marrakech. This will be considered.
• Finalising deal with the Marriott for the 1st hotel. The location of this hotel has been moved to the central island area of the project.
• Another operator is in negotiation for the 2nd hotel.

At this rate I might continue with my purchase at atlas golf.

Barry

 

[redangel7861]

Thanks for the update Barry.

Yes, I too am a lot more positive about the development after my visit. I've got a minimum five year plan at which point hopefully we will be all in the money.

Marrakech as a whole is buzzing and there is still strong interest in the real-estate market. It seems that many investors are now focusing on North Africa (Arabs, Russia, Japanese, Chinese and Europeans) as these regions exposure to the financial crisis is limited.

There is also a growing upper to middle class in Morocco itself who are also purchasing on these five star resorts.

In my opinion if you have a long term plan then Atlas Glof could turn out to be a very lucrative investment.

RED

 

[redangel7861]

Completion AP1

Had a phone conversation with the Fadesa Marco, sales director last week.

He stated that letters are being sent to customers stating that completion date is 02nd May 2009. If so, time to start looking for Morrocan based mortgage to overcome the massive slide in sterlings vs MAD. UK finance is not an option as this will mean the apartment costing atlease 35% more than budgeted (due to the fall in sterling vs MAD).

 

[mumberler]

I have been trying to get some info from my agent Saffron Villa about completion dates but no luck so far. Do you have details of the person you spoke to as I'm trying to sort out finance and I need settlement figures, completion dates etc

Thanks

 

[redangel7861]

I have been trying to get some info from my agent Saffron Villa about completion dates but no luck so far. Do you have details of the person you spoke to as I'm trying to sort out finance and I need settlement figures, completion dates etc

Thanks

Please see attached correspondence from the Customer Services Team:

View attachment Atlas Letter_12.01.09.pdf

Contact Details in Letter

 

[redangel7861]

Received the latest avalability list. 90% of apartments sold. Not bad in the present climate.

 

[redangel7861]

Is there anyone out there proceeding or thinking of pulling out of Atals Golf??

 

[redangel7861]

]

I'm not looking to buy.

I also own a 2 bed penthouse.

I'm just trying to get opinion on if people are proceeding or thinking of cancelling.

I'm in two minds at the moment. My apartment is in block 18, where is yours located?

 

[mumberler]

I'm on Block 5. In my opinion long term this will be an excellent investment and I wouldn't cancel. I would only sell for a good profit as there is strong demand for this development as its location is excellent and the finish and spec is top notch. The only downside is I think it could be a while before they are rentable due to the site taking longer than anticipated to complete. I was hoping to delay completion of the property until the end of the year and will propose this when I get firm completion dates.

 

[redangel7861]

I'm on Block 5. In my opinion long term this will be an excellent investment and I wouldn't cancel. I would only sell for a good profit as there is strong demand for this development as its location is excellent and the finish and spec is top notch. The only downside is I think it could be a while before they are rentable due to the site taking longer than anticipated to complete. I was hoping to delay completion of the property until the end of the year and will propose this when I get firm completion dates.

Good point.

I was going to propose delaying completion until the 1st nine holes of the Golf Course are finished (they originally promised that AP1 would be complete along with 1st phase of Golf Course).

This will mean that the apartments are easier to rent.

 

[barry the builder]

Cancellation of contract

I'm on Block 5. In my opinion long term this will be an excellent investment and I wouldn't cancel. I would only sell for a good profit as there is strong demand for this development as its location is excellent and the finish and spec is top notch. The only downside is I think it could be a while before they are rentable due to the site taking longer than anticipated to complete. I was hoping to delay completion of the property until the end of the year and will propose this when I get firm completion dates.

Why don’t you try to sell it or better still try to cancel your contract and get the developer to pay back 70% of the money you have put in, all as per the terms of the contract. I can tell you, you won't be able to do either, because I have tried.

It did look as if Adoha was going to change the development around. Investors got letters saying how much effort they were going to put into customer relations and that we were all going to get newsletters on progress, etc, etc. What a load of B****ks. They were supposed to be finishing AP1 in May, that’s three weeks away.

The developer is completely ignoring the contract and doing whatever they want, whenever they want.

It’s not worth engaging a solicitor either because I have also tried that route. They managed to get one reply through their efforts which was that they won’t consider any cancellations until the end of the year, when they were hoping to be in a better cash position.

If there are any other investors trying to get out please let me know.

 

[redangel7861]

Why don’t you try to sell it or better still try to cancel your contract and get the developer to pay back 70% of the money you have put in, all as per the terms of the contract. I can tell you, you won't be able to do either, because I have tried.

It did look as if Adoha was going to change the development around. Investors got letters saying how much effort they were going to put into customer relations and that we were all going to get newsletters on progress, etc, etc. What a load of B****ks. They were supposed to be finishing AP1 in May, that’s three weeks away.

The developer is completely ignoring the contract and doing whatever they want, whenever they want.

It’s not worth engaging a solicitor either because I have also tried that route. They managed to get one reply through their efforts which was that they won’t consider any cancellations until the end of the year, when they were hoping to be in a better cash position.

If there are any other investors trying to get out please let me know.

Hi Barry,

I along with three other friends have sent notice of cancellation to GFM at their offices in Cassablanca (in writing and via e-mail).

They have acknowledged receipt of the letters (which is a start),and they have stated that they are drafting the cancellatiion contracts,which I should receive within the next seven days (via-mail). Once we receive the contracts we have been told to sign them, get them certified by a UK Solicitor and return them via DHL to their offices in Cassanblanca.

I am in direct contact via e-mail and phone with a customer services representative. Once I have all the administrative paperwork completed, I don't expect to get monies refunded until next year 2010 (and this after many calls and e-mails). Hence I'm not going to get myself stressed out, being patient is the key, the money will be refunded when it's refunded. With regards to refund, my contract cleraly states that the developer will withold 25% of sums already paid and refund 75%. I'm hoping that £ vs MAD stays weak so that most of the 25% will be absorbed by the weakness in sterling.

We WILL get our money back, but it won't be until 2010 (1st Quarter)

 

[barry the builder]

Hi Barry,

I along with three other friends have sent notice of cancellation to GFM at their offices in Cassablanca (in writing and via e-mail).

They have acknowledged receipt of the letters (which is a start),and they have stated that they are drafting the cancellatiion contracts,which I should receive within the next seven days (via-mail). Once we receive the contracts we have been told to sign them, get them certified by a UK Solicitor and return them via DHL to their offices in Cassanblanca.

I am in direct contact via e-mail and phone with a customer services representative. Once I have all the administrative paperwork completed, I don't expect to get monies refunded until next year 2010 (and this after many calls and e-mails). Hence I'm not going to get myself stressed out, being patient is the key, the money will be refunded when it's refunded. With regards to refund, my contract cleraly states that the developer will withold 25% of sums already paid and refund 75%. I'm hoping that £ vs MAD stays weak so that most of the 25% will be absorbed by the weakness in sterling.

We WILL get our money back, but it won't be until 2010 (1st Quarter)

Hi Redangel

Firstly I am a little supprised that you are getting out you seemed so possitive not long ago.
Please keep me informed on your progress. Right now I am considering playing a waiting game because I dont see much point in cancalling the contract when we won't be getting any money back until at least 1st quartar 2010. In my opinion they are waiting for the the economy to pick up so they start selling units again, that is the only way there cash position will improve. At which point would we be better in or out?

 

[redangel7861]

Pics

Completed on Atlas golf. PICS attached+

 

[redangel7861]

More PICS