Marsa Alam

[sefstars]

Dear all,

I am new to this forum, but i have been invested in marsa alam beach resort for a while now, (since 2008). My intentions are just to introduce myself and hopefully gain further knowledge of the goings on but from fellow investors.

So far my experience has been without incident, things are obviously moving a little slow, but not terribly so.

I was wondering with regards rental guarantee, does anybody know when after completion this is to be expected and also how they intend to make these payments, eg direct bank transfers or via a cheque.

Hopefully I will get a chance to chat to a few of you here.

Sef.

 

[cristinats]

Marsa alam Beach resort

Marsa Alam Beach Resort

Hello,
I bought a junior suite in December 2008.
I had indicated as the delivery date in June 2010, but work is still far behind.
Now it is for stage 1 of November, up in January 2011 ...
Who's news?
Thanks
Cristina, Trieste Italy

 

[Elite]

Yes Phase 1 is now due for completion in Q1 2011. Your contract states that your apartment/suite will be completed with 18months from the date of receipt of the total purchase price (or from site development payment date if paying by instalments). The developer, IPI, has a further 2 months grace period over the 18 months to finish the property (with written notice of this delay) and thereafter 0.15% of the property purchase price is payable for each week over the agreed construction period (unless you have paid in instalments - refer to article 7 of your contract for full details). When your property is ready for handover IPI will calculate any compensation amounts due.

 

[cristinats]

Thank you.
From whom you have information?
The work still seems very, very back!
I've bought in December 2008, and paid the installment "foundation" in February .... so just 18 months, I would expire in August already.
So however the property is subject to the penalty as soon as March 2011?

 

[sefstars]

Has anyone been to visit the site as yet?

 

[chriscross34]

hi, no ive not been to the site, IPI are pretty good at providing updates on their website

 

[214saverio]

Hello, I bought a resort in Marsa Alam Returns 2009 but the work was very late, fortunately for me I am a construction worker and IPI sq. photos on sites with Group that expires, a monthly publication, I realized that the data from their prefixes (March 2011) for the first phase of delivery and 'Too Optimistic Given the considerable amount of work to be some price CITO glucose walls and partitions ROOMS, Water Light, plastering, tiling, sewage, Water connections, pipelines for the light, swimming pools, driveways, under General Green, and I could give more.
not so that the labor force at the time and 'employed in construction (workers),but to deliver power to the period they propose to one of my calculation would take modest Workforce very, very, very superior.
In light of these considerations, by delays in delivery are not indifferent. I would have liked to come to me and I assume many other more 'transparency on the part of the developer (IPI GROUP)

 

[cristinats]

Delivery???

Thanks to all who enter your comment useful to understand when the resort will be completed.
The work is far behind, or only reflected in the photos?
The prosecutor IPI reassured me about the delivery of my apartments (Phase 1, Block D14) by November 2010, up in January 2011

 

[214saverio]

Consegna

Thanks to all who enter your comment useful to understand when the resort will be completed.
The work is far behind, or only reflected in the photos?
The prosecutor IPI reassured me about the delivery of my apartments (Phase 1, Block D14) by November 2010, up in January 2011

<snip>

hello, I did not go more in Marsa Alam, my only visual training are purely photographic, I repeat I am a construction worker with 30 years of working experience in various construction sites, and I hope to be wrong but IPI, CAN NOT 'THAT PROMISE WITH THE WORKFORCE HAS IN YARD AND THE MOLE considerable work to complete a delivery so 'soon. IPI delivery only then if the apartment without such infrastructure completed. (sewer connection, water connection, no swimming pools, electricity, gardens,) perhaps I might say 'deliver in January. would like a bit 'more' transparency by IPI on delivery times. I also bought Block E was delivered in August 2010 was for

 

[realinvestor]

Hello, I bought a resort in Marsa Alam Returns 2009 but the work was very late, fortunately for me I am a construction worker and IPI sq. photos on sites with Group that expires, a monthly publication, I realized that the data from their prefixes (March 2011) for the first phase of delivery and 'Too Optimistic Given the considerable amount of work to be some price CITO glucose walls and partitions ROOMS, Water Light, plastering, tiling, sewage, Water connections, pipelines for the light, swimming pools, driveways, under General Green, and I could give more.
not so that the labor force at the time and 'employed in construction (workers),but to deliver power to the period they propose to one of my calculation would take modest Workforce very, very, very superior.
In light of these considerations, by delays in delivery are not indifferent. I would have liked to come to me and I assume many other more 'transparency on the part of the developer (IPI GROUP)

Hi All,

I am glad that we finally have some investors really concerned about the potential delay of MABR. I am an original investor in both their old flagship Zafarana resort and also MABR. You do not need to be a construction expert at all. Just from the photos, common sense can suggest that it is highly unlikely that MABR will be fully completed by even Q2-2011. Yes, IPI will contractually need to pay penalties but question is how much cash reserve they have to pay all these penalities and guaranteed rents. After all quite a few number of units have yet to be sold in phase 1 and ZABR has fully stretched IPI's financial muscle to near-solvency.

concept looks really good but the pace of constructions is way behind the original schedule. The risk is growing that MABR will be delayed just like ZABR. And as one knows all too well how investors have had to sacrifice rental returns for nearly 2.5 years after the renegotiation of ZABR terms.

We all investors should begin to raise our serious doubts collectively to IPI or via the agents involved just like the ZABR investors group that did fight a long battle with IPI

 

[dolcecasaitaly]

Marsa Alam Beach Resort

Hi everybody!

I've just come back form an inspection trip at the Marsa Alam Beach Resort with some clients and I can safely say that everybody was satisfied with construction works, but most of all we are all satisfied for the great potential of the resort and therefore of the investment itself.

We had the great honour to talk to the CEO of IPI, we had the chance to "breath" the uniqueness of the development: it would be a really unique concept, a luxury resort and spa, the very first and only of the area. And this concept is continuosly upgraded, so you should be happy to have invested in such a promising resort.

And I had further confirmations from local people who told me that the developer is solid and that the project will be the most important in the area after Port Ghalib (I'd rather say it will be more important than Port Ghalib as I didn't like that city that much).

The resort importance will be increased by the entairtainment area across the street, where there will very likely be other shops, restaurants, and even a casino: this entairtainment area will be a center of attraction for the surrounding resorts and this will only help the Marsa Alam beach resort establish a good reputation and this "free publicity" will only help increase your rental yield and property value.

With regard to the delivery time, you are protected by the developer, by the contract and by the egyptian government that is looking out for the respect of construction's schedule of each developer, and IPI is doing whatever in its power to deliver the units on time. Should there be any tolerable delay, it's only because IPI is working in order to upgrade and improve the project, and you should be more than happy about this as it means that you've invested (or will invest) in something precious and valued.

Just think that some clients that had already invested in the Marsa Alam Beach Resort, after we came back from the visit to the site they decided to purchase other apartments!

With regard to the number of workers, there are almost 300 workers employed in the construction site, but you won't see them all together at one time as they are employed for specific jobs and tasks, so if the concrete works need to be done, "X" workers will be employed in the site as they are specialized in doing that. After that there will be, let's say "X" workers for the finishing and so on.

Hope this testimony helps you better understand the reliability of the project and of the developer and hope this helps you understand the uniqueness and preciousness of the investment.

And, please, if you have any questions ask them directly to the developer as he's the only one that can give you the right answers and all explanations you might need.

Cheers!

 

[214saverio]

hello, I was more 'happy if the clarification did not come from you but by the developer, the delay is not' reasonable monstrous but .....
IPI, investors would do better to send the guarantee of concrete delivery units'
.300 Workers for a project like MARSA ALAM are even a few per unit '

 

[dolcecasaitaly]

hello, I was more 'happy if the clarification did not come from you but by the developer, the delay is not' reasonable monstrous but .....
IPI, investors would do better to send the guarantee of concrete delivery units'
.300 Workers for a project like MARSA ALAM are even a few per unit '

Saverio, I wonder why you don't contact IPI directly...it seems your intention is to pointlessly "foment", while the easiest thing to do is pick up the phone and call the developer...

 

[dolcecasaitaly]

If you share pictures with us that would be great from you

Regards

Please allow me a few days and I'll post some pics.
However on IPI website you can find updated pics periodically

Cheers

 

[Cliff277]

Mabr

Hi dolcecasaitaly
When you visited MABR did you ask why there is a delay starting the rest of the suites in the hotel complex and when they are going to start them?

Cliff277

 

[dolcecasaitaly]

Hi dolcecasaitaly
When you visited MABR did you ask why there is a delay starting the rest of the suites in the hotel complex and when they are going to start them?

Cliff277

Sure they told me. Don't get me wrong but I suggest you contact IPI directly, they are at your disposal to give you all the answers and they are far more competent than me (I'm not that strong in concrete works, plaster, foundation... )
I only posted my experience, but I'm not the person who is entitled to give investors these answers as there's a developer in charge of that.
If there were big problems as someone would erroneously let intend you think that investors would have purchased other 5 properties (and they were 7 investors)?

 

[214saverio]

hello, I wonder why the developer did not inform the buyers in any way?
if there are problems and 'right to inform buyers that the developer
I think that the IPI does not care about those who purchased units' estate.
I have strong experience in construction and I can assure you that with this work force of about 300 workers can not be 'a work so finish' and as big as' MARSA ALAM, the time of their declared
nobody here wants to say that the IPI group has problems, but it 's obvious to everyone that something goes wrong, delivery times are now bibbliche (ZAFERANA) and it' an example

 

[dolcecasaitaly]

hello, I wonder why the developer did not inform the buyers in any way?
if there are problems and 'right to inform buyers that the developer
I think that the IPI does not care about those who purchased units' estate.
I have strong experience in construction and I can assure you that with this work force of about 300 workers can not be 'a work so finish' and as big as' MARSA ALAM, the time of their declared
nobody here wants to say that the IPI group has problems, but it 's obvious to everyone that something goes wrong, delivery times are now bibbliche (ZAFERANA) and it' an example

There's nothing wrong, the project is being upgraded and this means your investment is gaining value, trust me.

 

[214saverio]

hello, thanks but I'd rather it was to reassure investors IPI

 

[dolcecasaitaly]

If you share pictures with us that would be great from you

Regards

Hello,

I cannot upload pictures...I'm so bad with these things!:frown:

However you can find pics on the developer website (and they are a lot more professional than mine! :wink: )

Cheers

 

[chriscross34]

i agree, sure the development is behind but IPI are a professional company whose after-sales so far has been second to none. Please post any IPI replies. cheers Chris

 

[Peter Mitry]

Mars Alam Beach Resort

i agree, sure the development is behind but IPI are a professional company whose after-sales so far has been second to none. Please post any IPI replies. cheers Chris

Projects of this size rarely run exactly to plan and completions are often delayed. The difference is that with a company of the size and reputation of IPI things usually turn out better in the end.

 

[East London]

Peter your having a laugh, you must have heard of whats going on at Zafarana? Which is not a laughing matter for us investors at Zafarana.

 

[cristinats]

Hello, I can not get information from IPI.
They had to deliver the Marsa Alam Beach Resort (as per my contract) by November.
But we're back.
Now the blog is already talk of March!
write us buyers, my mail is [email protected]

 

[dolcecasaitaly]

Hello, I can not get information from IPI.
They had to deliver the Marsa Alam Beach Resort (as per my contract) by November.
But we're back.
Now the blog is already talk of March!
write us buyers, my mail is [email protected]

I'm sure IPI is at your disposal for any information, feel free to contact them.

Cheers

 

[214saverio]

I'm sure IPI is at your disposal for any information, feel free to contact them.

Cheers

hello sorry but we did not, IPI is absent no safeguard investor
no news
watching the progress from the photos laid on their site, I do not see any work progress.
are waiting for clarification of the famous dossier by IPI
I hope that the other is not a lie
As you can see I'm not the only concern for the delays
greetings
p, s nice photos

 

[dolcecasaitaly]

hello sorry but we did not, IPI is absent no safeguard investor
no news
watching the progress from the photos laid on their site, I do not see any work progress.
are waiting for clarification of the famous dossier by IPI
I hope that the other is not a lie
As you can see I'm not the only concern for the delays
greetings
p, s nice photos

Dear Saverio,
we had a long talk over the phone. I suggest you stop with this thing as your sole aim is to discredit IPI - as YOU unequivocally said - because you think they're not enough in contact with you. But I'm sorry to say this is not true as YOU told me you frequently speak with the representatives, you spoke with me and I clearly told you to wait after the meeting for official news. The meeting will probably take place at the end of next week, so don't worry that someone will be soon in contact with you.
It's not fair that you discredit someone just to do harm.

 

[Cliff277]

Dear Saverio,
we had a long talk over the phone. I suggest you stop with this thing as your sole aim is to discredit IPI - as YOU unequivocally said - because you think they're not enough in contact with you. But I'm sorry to say this is not true as YOU told me you frequently speak with the representatives, you spoke with me and I clearly told you to wait after the meeting for official news. The meeting will probably take place at the end of next week, so don't worry that someone will be soon in contact with you.
It's not fair that you discredit someone just to do harm.

Hi dolcecasaitaly
Can you tell me what meeting you are talking about, I am an English investor and do not know anything about a meeting. I can see progress in the photos but I am concerned that the rest of phase 1 has not been started.

Cliff

 

[dolcecasaitaly]

Hi dolcecasaitaly
Can you tell me what meeting you are talking about, I am an English investor and do not know anything about a meeting. I can see progress in the photos but I am concerned that the rest of phase 1 has not been started.

Cliff

it's a meeting for us italian area managers of the Marsa Alam Beach Resort, that's why you don't know anything about it.
I suggest you contact directly your agent and/or IPI.

I visited the site 3 weeks ago and phase 1 construction is progressing at a good pace, remember that should there be any delay it would only be because IPI is upgrading the project and this would be a great benefit for your investment.

Don't worry, you're in good hands with a developer of that caliber!