I already posted this on the Saidia Site Report thread but it may be of interest to you "Green" folks that might not have seen it.
Here is a response from Azur Developments to a number of questions I had.
Hope this information is helpful in answering similar questions you all might have had.
My questions are in italics
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We have taken a little time in responding in order to ensure that we can give you the most up-to-date information concerning Saidia.
As you will understand, we are not able to comment on those issues concerning deliveries etc.... by other developers, but we are able to give you full replies to your questions concerning the Greens and Fairways.
What is your latest expectation that the resort will in a state that it will be attractive and attract many visitors?
We remain confident of the success of Saidia. We are aware that both Addoha and Fadesa also take its success very seriously as there have been regular meetings between both themselves and representatives of the ministry of tourism, as well as with the Minister himself, in the last few weeks in order to move things forward. Such top level involvement from the government is an obvious sign that this Azur Plan project will be a definite success, as it is key to the other 5 projects. As you will understand any merger between companies, such as has happened between Addoha and Fadesa will create some delays due to administration and contractual requirements. Mediterrania Saidia is not immune to this and we biding our time with this process.
What is your scheduled completion date for The Fairways Townhomes?
Completion for the townhouses remains on schedule for June 2009.
Has the stike spread over to your construction? Visitors to the Saidia report lately reported very little construction going on at any of the sites. If so what impact will this have?
We have suffered some disruption as a result of the strike, whilst our contractors renegotiated their contracts with Addoha/Fadesa, but these have now been resolved in the main and we are expecting the resumption of construction by the first week of May. However these delays will not impact our completion dates as our construction is already well-ahead of schedule.
Why in your opinion has only one hotel commited to the Saidia Resort? What do they know that we don't? The Property Showrooms Greens brochure states "11 resort hotels run by some of the worlds most recognized brands" Can you name some of these recognized brands that have committed?
As far as we are aware 3 hotels are presently committed to the resort – Barcelo; Iberostar; Globalia. We also understand from our Saidia representative that construction has re-commenced on all three developments and we expect news on an official opening date in the near future. In addition to this, we also know that Addoha have charged a specialist company, established by the former Moroccan Tourism Minister, with the development of the hotels on the resort.
What affect has the recent credit crunch and worldwide property crisis had on your sales? I have noticed a slowdown in units reserved and also that you are offering new incentives to purchasers, golf memberships, guananteed rentals, etc.
The credit crunch has obviously affected all property markets and we have not been untouched by this. We are however relieved to only be selling Morocco because this remains one of the top emerging markets at present so close to Europe. We are attracting buyers from the UK and Spain who no longer see these home markets as safe investments, as all indications are that these will continue to fall. We are also finding that the strength of the Euro has started to generate more interest in Morocco. The reason for the incentives is that we are in the fortunate position of having more than 65% sold (particularly The Greens) and the prime units havegone. As such these incentives are in place for the less desirable units that remain.
What assurance can you provide that Azur Developments will not face the same financial problems as Fadesa and Superior?
Azur Developments is a small diligent company with low overheads and gearing and its focus purely on Morocco and its own developments. Morocco still has plenty of room for growth because the prices are considerably lower than those in mainland Europe and with Easyjet / Ryanair / Jet4you all having announced and due to announce new Moroccan routes this will continue to be one of the best destinations in which to invest.
