Quote:
Originally Posted by kc67
Hi Lou,
You say that the Zafarana did work - did you buy an apartment there? If so, I presume that before they asked you for all the money up front that they made sure that the due diligence had been completed and they had all the proper licences and approvals in place. I'm a bit worried that we are so close to having to sign contracts on Marsa, however just yesterday when I asked my agent about due diligence I was told that it was not complete yet.
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My opinion - even in case due diligence is OK - it is not a big deal. The land in this area costs nothing - governement sells it for 2$/sq.m. I even can assume that Zafa and Marsa will be completed. However i have no doubts what will happen to private investors - they will suffer a lot. It is just a question of how much they will loose.
P.S. just got this by mail: (do you feel how easy launch date is shifted, now there is complete vagueness - where is the true? The true is that your commitment to pay in 14 days is still in force
) :
The official launch will be on Wednesday 26th March 2008, just after the Easter weekend.
Please also note, due to a hold up with the notarising of documentation in Egypt, we do not expect to have the due diligence ready by the launch date. Developer will now be asking reservation clients to choose apartments, however, they will not be required to pay further monies nor sign contracts until the due diligence has been supplied by the developer. This is now expected around the mid April 2008. This is obviously good news for some clients as it allows them an extra couple of weeks to organize funds.