Superior Worldwide

[NZDonkey]

I have just carried out a search for other forums in connection with the above. One message states:-
"Just had this email from Legalex, anybody else heard anything.
"As you are probable aware Superior UK has gone into Administration.
The purchase contract that you signed for the acquisition of your property in Saidia, Morocco has been signed with OASIS AT SAIDIA SARL, being the seller. This is an independent company from Superior UK and Superior USA. However, the problem is not just over because of that reason. We are aware that Oasis at Saidia is expecting any day now the approval of a substantial finance package that will enable them to proceed with the construction and to overcome all short-term financial issues.
If this package is approved, we are confident hat the project can go ahead. If not, we will be the first to know and we will then contact you again with an analysis of the existing options and our advice.
You will be hearing from us again with an update very shortly."

Reading between the lines, it seams that Oasis at Saidia S.A.R.L. may be experiencing cashflow problems also.

 

[Isadora]

Oasis Lives On

I was able to contact Oasis through the new address and telephone number which we were notified about in the December letter.
I have been assured that Superior were the selling agents only and that there are no problems with Oasis Beach and Golf Resort Ltd.
For those who don't have the new number it's
0844 4721100
The customer relations person is Adele Woodruff.

 

[NZDonkey]

I trust you're happy in accepting their word that there are no problems with Oasis Beach and Golf Resort Ltd. Superior said the same about themselves a short while ago and look what's happened to them. Your contract is with Oasis at Saidia S.A.R.L. though isn't it and not Oasis Beach and Golf Resort Ltd?

 

[Isadora]

I'm not entirely happy with the situation but feel a bit better knowing that I can still contact the people I was dealing with at Oasis.
You are right. My contract is with Oasis SARL which is, so far as I can make out, a subsidary of Oasis Beach and Golf Ltd.
I have also spoken to my solicitors and they also think that I need not be concerned.
I will feel a lot better when I see the buildings started.

 

[NZDonkey]

Indeed - good luck and I hope everything works out for you

 

[Isadora]

Thanks NZ Donkey,
By the way, my solicitor also confirmed that the addtional tax is not due on contracts signed before 1st January.

 

[DC]

I would try Price Waterhouse Coopers to get to the bottom of things.

Most of the time, the Agent (Superior) is an intermediary, they can rebrand, like they did in USA but effectively, they had a sub contractor to build, even though it was shown to be there products.

Over time they had a tight relationship with Fadesa, (spain big builder),and brought and rebranded the products. In this case it seems Superior was acting like an Agent.

The developer does not inspire confidence if they are telling clients were are experiencing a short term funding problem. What is any client protection do you have in place from the Moroccan government, or developer. ie. Protection of funds, like in Spain. So if a developer goes belly up, you get your money back and interest.

In Spain this is actually law. That is why you have to check the developer out, and makes sure they are credible before ploughing your money in. And the lawyer checks out everything prior to paying money.

 

[DC]

I spoke to PWC

Ok the US part of the business took them down, and the US developers, and they had to close because of this. They were strong in US. Credit Crunch.

There apparantely will be no commercial creditor not paid, clients should speak to Superior and the directors the North Brothers are still available. Also go to lawyers and developers where they have invested.

They in a shark infested pond of agents, are good guys, yes the markets screwed them, but if your investment was done correctly you should be safe. Phone the Superior number apparantely according to Steve Smith at PWC it is working. Good luck all.

 

[Whitesaidfred]

Clarify please

Can somone please clarify which bits of Superior havegone into Administraition please

 

[Olly]

Can somone please clarify which bits of Superior havegone into Administraition please

To the best of 'current' knowldge Superior in Egypt only. However, yesterday, Superior USA already embroilled in a 2 year delay covering Oakmont Resort & Spa, also discovered the Developer - Engle Homes (part of TOUSA one of the USA's largest buidler / developers) has been placed in Chapter 11.

Apparently Oakmont will now be completed but many buyers are seeking to withdraw owing to other difficulties. A number of outstanding law suits are currently in review as I understand it.

Hope this helps...?

Olly

 

[Olly]

Superior Worldwide

Latest News fron Oasis Beach...

Funding IS MOST definitely in place according to the Company and, Superior's position has nothing to do with future progress.

Hope this is true...my sources are reasonably reliable since they're based in close proximity to the developer and conduct business with them on a regualr basis at senior level.

Olly

 

[Mr Goodliving]

This is the message, which has been sent from Oasis as an explanation to the situation.

"It has been brought to our attention that The Superior Real Estate Group Ltd have entered into administration in the UK to protect its creditors. This is indeed very sad news as we have always found the company to be extremely professional in their dealings with us.

We feel it necessary to write to you to confirm the exact position in respect of your purchase of real estate at Oasis Beach and Golf Resort, Saidia, Morocco.

Firstly we can confirm that your contract is with Oasis at Saidia SARL and not The Superior Real Estate Group Ltd who simply acted as one of the many sales agents appointed by Oasis.

We can also confirm that all your payments have been accounted for in Morocco and have been duly registered with the exchange control authorities. You have absolutely no cause for concern regarding your dealings with Superior Real Estate Group Ltd, your money is with us the developer or with lawyers so is completely safeguarded.

Many of you may be wondering what the current position is with Oasis, so we have taken the opportunity to explain the current situation to you and what we are planning for the future.

Firstly, we are proud to announce that all ground works are now completed in phase RT5 and the structures for the apartments will start this month. We are still awaiting licenses for phases VVT2 and VVT3 but expect these to be released over the course of the next twelve weeks. (Please appreciate we are dealing with the Moroccan authorities and this can be a time consuming and frustrating process!) Once we are in receipt of the licenses we can commence the construction in these phases immediately. This we anticipate will be May/June. The positive news is that virtually all the construction surrounding Oasis will be completed and the golf course open by the time our project is completed so there will be no issues with building works. This is great news to those of you who wish to rent your property out for rental income as there will be no impact on rental rates.

We have a very professional, talented and dedicated team of project managers, engineers and architects based in Marbella and on site at Saidia. Our promise to you as an owner is to ensure that construction is maintained to the highest level. Our intention is to have the best project within Mediterrania Saidia. Some of you will know that we have already won Arabian awards for the architecture!



Furthermore, we also appreciate that dealing with people that are based overseas is sometimes frustrating and it is for this very reason that we have now set up a full and integrated customer care centre which is based in Bristol. They are there to help you with any questions you may have both during and after construction. They will liaise with

Morocco and Spain and answer your queries in a prompt and professional manner.

The Oasis website is currently being refreshed and it will contain many new features including weekly photos showing the building works taking place. This will allow you as an owner to follow progress in real time. This should be fully operational in March.

For those of you that have not visited Mediterrania Saidia recently there has been incredible progress. The whole development is looking absolutely fantastic with the first hotel completed and opening for business in the summer. The first golf course is virtually ready to play and the marina already has some boats moored. The shopping centre known as the medina is also well advanced.

Finally, on behalf of Oasis at Saidia SARL, we would like to thank you for your patience and wish everyone health, wealth and happiness for 2008."



I have spoken to the Oasis people and my legal representatives and am confident that all is in hand with our investment.

 

[Olly]

Can somone please clarify which bits of Superior havegone into Administraition please

Latest information from Superior US is that all offices co-ordinated from the UK will close but, this is subject to confirmation.

If this is the case, it will include 2 offices in Cyprus and 3 in Spain as well as the Egyptian closure already announced.

Olly

 

[Investy]

Sounds like good news for you'all, what a relief!

Does anyone know the address for the Oasis website mentioned above?

 

[prince67]

Sent from Oasis

Hi Mr Goodliving - interesting statement from Oasis - where did this come from ? Did they email this to you, or post ? As a purchaser in Oasis, I haven't received anything yet ?

 

[Joppa]

I have forwarded the message above from Oasis to my solicitor to check out. He is contacting Fadesa to see if they are taking over, it is nt clear if the Morocco company has been liquidated, and is checking to see if the deposits are held in an Escrow account in Morocco. Will come back.
Joppa

 

[prince67]

Is your solicitor Miguel A. Gallardo of Gallardo Abogados & Asociados ? If so I won't bombard him with the same info !

 

[Joppa]

Yes he is.
Joppa

 

[Joppa]

I have received and assume everybody has now received the hard copy of the letter which Mr Goodliving postes above. Looks like we are all ok thankfully, but I am yet to receive confirmation from the solicitor.

 

[Pines Buyer]

Pines Buyer

I have spoken to Oasis Beach (UK) and am much more hopeful. Core staff and directors appear to be common to both defunct Superior and newly formed Oasis Beach & Golf UK, which may not be a bad thing as it should ensure continuity.
Am told an inspection-flight charter may be arranged for late spring/summer to impress us with the progress of the development as a whole -- though little has yet been achieved on The Pines and The Palms, it seems.
Just a thougght... In the light of recent events, and past lack of communication from Superior, does anyone know of plans for an Oasis owners' association so that information can more readily be shared?