Marsa Alam

[chriscross34]

I agree, ive been impressed with the level of customer service offered by IPI. Well done IPI

 

[PW79]

Hi - I am considering investing in the Red Sea Beach Resort, does anyone know of the history behind the team developing this resort and/or how much of this resort has now been sold? Thanks

 

[chriscross34]

Hi PW79, unfortunately i don't know enough about the Red Sea beach resort developer but perhaps Peter could advise. Chris

 

[cin7166]

Ipi

Hi,

Does anyone know what is going on with zafarana? I've been reading the eyeonworldwide forum and there is something strange going on with the development, people are worried it won't be finished. It's a bit worrying what will happen to Marsa.

 

[dave2u]

yet another developer with financial problems and this had bank gurantees and was european.very worring for investors and i would say do not buy off plan in egpyt does not matter what the agents say there words are all wrtten in sand.
there are plenty of good finished apartments or let them do what they do in uk pay when its finished you would soon see if they had the money

 

[Peter Mitry]

The project is being developed by EU Properties in Holland which is a break away group from Marsa Alam Beach Resort (IPP),also in Holland.

They are well funded, backed by ABN Amro Bank and a very professional company from our dealings with them so far.

 

[cin7166]

The project is being developed by EU Properties in Holland which is a break away group from Marsa Alam Beach Resort (IPP),also in Holland.

They are well funded, backed by ABN Amro Bank and a very professional company from our dealings with them so far.

Hi Peter,

I've got an apartment in Marsa. I'm not sure what's going on with zafarana, but was worried about the knock on effect on Marsa. Do you know what's going on?

 

[Peter Mitry]

Hi Peter,

I've got an apartment in Marsa. I'm not sure what's going on with zafarana, but was worried about the knock on effect on Marsa. Do you know what's going on?

We never sold Zafarana so I know little about it. However, I thought that the Developers are IPP in Holland in which case you should contact Steve Travers, the Director.

I would be surprised if there were any major problems; they just won the 'Best Developer' award at OPP and in all our dealings with them they have been very efficient and professional.

 

[cin7166]

We never sold Zafarana so I know little about it. However, I thought that the Developers are IPP in Holland in which case you should contact Steve Travers, the Director.

I would be surprised if there were any major problems; they just won the 'Best Developer' award at OPP and in all our dealings with them they have been very efficient and professional.

They are IPI, the same company selling both Marsa and Zafarana. IPI International Property Investors B.V.

 

[Peter Mitry]

Sorry, I meant IPI. Steve Travers is your man.....I really don't think you have anything to worry about. They just issued a newletter for agents today which looks extremely positive. Ask your agent for a copy.

 

[DiverDan]

yet another developer with financial problems and this had bank gurantees and was european.very worring for investors and i would say do not buy off plan in egpyt does not matter what the agents say there words are all wrtten in sand.
there are plenty of good finished apartments or let them do what they do in uk pay when its finished you would soon see if they had the money

dave2u, buying a good finished property is not bad advice but obviously these usually cost more than off-plan, so not an option for everyone. As for UK system, that would also be great but if its not presented as an option there's not much you can do.

As for your opening remark, its not particularly constructive - from the information that's available these guys do not have financial problems, they have a problem with their building contractor, nothing particularly unusual in that. It would seem they could act a bit quicker to allay their investors fears, but other than that this is a basic commercial dispute.

Sure, buying off-plan has plenty of potential pit-falls, and the economic crisis has hardly helped, but forum's like this (and reputable agents) are there so that people can make decisions based on as much due-diligence as possible.

To declare my interest, I am an investor in MABR, and I'm not thrilled that the developer is getting so much negative publicity and handling things poorly, but once I started looking into off-plan stuff it was clear that if I waited for every box to be ticked I would never buy anything. There's a leap of faith involved and anyone buying off-plan has to realise there are scenarios where things don't work out and they might lose money, but with enough due diligence these risks can be minimised.

Good luck with whatever projects you are involved in.

 

[cin7166]

Thanks for the info. I wasn't sure what the problem was, but heard all the negative comments. I have an apartment in Marsa and was a bit concerned.

 

[t.rob]

dave2u, buying a good finished property is not bad advice but obviously these usually cost more than off-plan, so not an option for everyone. As for UK system, that would also be great but if its not presented as an option there's not much you can do.

As for your opening remark, its not particularly constructive - from the information that's available these guys do not have financial problems, they have a problem with their building contractor, nothing particularly unusual in that. It would seem they could act a bit quicker to allay their investors fears, but other than that this is a basic commercial dispute.

Sure, buying off-plan has plenty of potential pit-falls, and the economic crisis has hardly helped, but forum's like this (and reputable agents) are there so that people can make decisions based on as much due-diligence as possible.

To declare my interest, I am an investor in MABR, and I'm not thrilled that the developer is getting so much negative publicity and handling things poorly, but once I started looking into off-plan stuff it was clear that if I waited for every box to be ticked I would never buy anything. There's a leap of faith involved and anyone buying off-plan has to realise there are scenarios where things don't work out and they might lose money, but with enough due diligence these risks can be minimised.

Good luck with whatever projects you are involved in.

loose money ! what a understatement,if i had my chance again i would have walked away from egypt without a second glance , no matter if the sunshone 12 months of the year. seems to me that bull**** is the norm in egypt, promises etc . good luck and goodbye.

 

[DiverDan]

What happened?

 

[t.rob]

loose money ! what a understatement,if i had my chance again i would have walked away from egypt without a second glance , no matter if the sunshone 12 months of the year. seems to me that bull**** is the norm in egypt, promises etc . good luck and goodbye.

forgot to say the people who are selling in egypt , be carefull what you promise
to hard working people before you take there money.

 

[chriscross34]

mmm Cindy, i know Zafarana has been massively behind schedule, however ive got to say that I have found IPI excellent to deal with and at least they keep us updated on the MABR which as you know i have invested there too.

Chris, Birmingham UK

 

[dave2u]

i would still say do not buy off plan in egypt most are years late some look like they may never complete.there are some good bargains in the resale market. do not believe or trust what any agent says on off plan its not there money its yours.
back to ipi yes its a dispute with the builder but this was bank guranteed so whats gone wrong. investors have late delivery and rental garantees in doubt and thats just the good news.best of luck i hope its good news

 

[Alan Cockayne]

Progress in Marsa Alam

mmm Cindy, i know Zafarana has been massively behind schedule, however ive got to say that I have found IPI excellent to deal with and at least they keep us updated on the MABR which as you know i have invested there too.

Chris, Birmingham UK

If IPI could use foreign construction workers instead of an Egyptian workforce they would, except its not allowed. The Engineers I believe are from Holland and Europe but I'm afraid the "Task-Masters" of Egyptian labour forces are holding the industry to ransome.

We witnessed similar in the UK with trade unions. They fight for higher pay, better working standards and allowances. But unfortunately over the years in Egypt it's become more like the United States "Teamsters" Associations of the mid-century headed by mobsters and Mafia.

Good developments like Marsa Alam Beach Resort and Red Sea Beach Resort are strong and professional, however we are building in Egypt and the system is hard to work alongside. Well financed organisations do manage to complete, take El Gouna Estates for example and IPI's Zafarana is a success, it just needs the "whip cracking" a little more and it will be fine

What a shame Egyptian authorities do not respond to these forum critiscms and help us rather than "bleeding us" with property taxes and ownership issues. It seems we agents and lawyers must have all the answers.... I wish we had.

Alan - Coralife-Style Consultants.

 

[harvey1]

Hi Everyone, just thought i'd introduce myself i have just put a deposit down on a sea front property in Marsa Alam, it is due for completion in Nov 2008.

One of the reasons i chose Marsa Alam is because i love my diving and as yet this area hasn't been dived as much as Sharm etc. i also chose it because there is going to be alot of development but it is going to be hopefully kept low rise etc. There is a marina being built 2 minutes away. I'll be using it for holidays and letting family and friends use it but i'll also be renting it out. So it is an investment and hopefully i'll make some money long term but a bit more than that also

It's got 2 bedrooms and a roof terrace and also sea views all for £32500, i'll keep you posted with developments and problems etc that i come across so others can hopefully learn from my experience. Also if anyone has any advice they can give then i'd be happy to hear.

Hopefully this link will work, this is the property, a fully furnished package including air conditioning is available for £5k when the apartment is completed

2 bed flat for sale in Marsa Alam - Find a Property

I can't speak highly enough of the agent at City & Urban

Hi
Is your apartment on time and will it be completed in 2008?
I used the agent you are speaking highly of....is his name Saajad?
Also are the developers company name IGRED?

 

[chriscross34]

2008!! its almost 2010!!