Marsa Alam

[Rivermead Global Property]

Hi can i ask has Zafarana been completed, i don't know it that is why i ask? If so then that should give some degree of security. Also did they have a rental guarantee and if it is completed and running has the rental guarantee been delivered?

[kc67]

Hi Neil,
I've just been on eyeonworldwide as Lou suggested and there is some interesting info on there - although it appears that Zafarana is not complete yet. Unfortunately as I run my business from a home office and have been side-tracked (once again) by this forum - it's so addictive!!! I'd better go and do some work or I'll be working til midnight to catch up.

[Rivermead Global Property]

Originally Posted by kc67

Hi Neil,
I've just been on eyeonworldwide as Lou suggested and there is some interesting info on there - although it appears that Zafarana is not complete yet. Unfortunately as I run my business from a home office and have been side-tracked (once again) by this forum - it's so addictive!!! I'd better go and do some work or I'll be working til midnight to catch up.

I will have a look, thanks kc67.

[samui13]

Zafarana is due to complete in April in stages (end of April being the first lot) right up to December.

If you go on to IPI BVs website they constantly post construction photos of the resort every month.

I feel secure in that this is an actual development which is (nearly) finished. The customers have been over and are pleased with what they see so far - Zafarana is up between Cairo and Hurgharda and is completely sold out.

To be honest, I am not buying for the rental guarantee (although its a bonus if we get it).

I really want the property for me later on (enjoying a few weeks a year now) so if the rental works out fine and if it doesnt then it wont be the end of the world, I will keep it all to myself and will not let them have to the keys to rent it if they dont pay my rental fees.

I too was dubious when looking into this but then I would be with any purchase in Egypt since its all so new - unless I bite the bullet now and buy something elsewhere I will end up living in crappy rainy England all my life!

Life is a gamble you have to take some risks!

Lou

[alx]

Hi,

I checked Zafa contract and it looks OK. I might be wrong, but i feel cheating. Time pressure, tangled procedure.

The key is the reservation form. What is the reason to force me paying increased price, or forfeit my deposit? There is no information about terms and conditions at this stage. It is a dark horse. The buyer should be free to accept or reject the offer. It is unfair.

What is "wish to proceed" or "not wish to proceed"? I would accept 14 days since i sign the contract. But it is not possible to decide if you wish to procede before you get the contract. No subject for decision.

Let us imagine the situation - i whish to proceed, i get the contract, but do not sign it. Is then deposit refundable?

They state "The project will be officially launched no later than 22 March 2008." Today new statement 26th March 2008. What is that? Is it a lie? Just a slight negligence? What kind of guarantees like cash refund shall be expected then?

I will skip lottery phase. let us see what will follow.

[alx]

Hi guys,

What do you think about Escrow Account?
"Beneficiary : Stichting Derdengelden IPI"

Do you know what is Stichting? If not - just check Wikipedia. It means NPO (Non-profit organization). Are you sure it is the right party for such operations? Is it a a real charitable organization? Does it function as a corporate tax-avoidance?

Non-profit organization - Wikipedia, the free encyclopedia

[kc67]

Hi alx,
Stitching Derdengelden googled means solicitors client/trust account. I asked my agent whether the escrow agent was IPI's own solicitors and she advised me that it was a totally different company - then sent through a copy of a registration from the Trade of Commerce for a company called Stitching Derdengelden IPI.
We are all supposed to get the plans and other documents emailed to us on Monday so I'm waiting for those before deciding whether or not to progress.

[alx]

Hi ks67,

No doubt it is an autonomous legal entity. However to register a company is just a piece of cake. Once i did it myself.

I am speaking about organizational and legal form of the company - NPO. It is not a commercial one and treated by law in a specific way...

[realestatemart]

Originally Posted by samui13

Zafarana is due to complete in April in stages (end of April being the first lot) right up to December.

If you go on to IPI BVs website they constantly post construction photos of the resort every month.

I feel secure in that this is an actual development which is (nearly) finished. The customers have been over and are pleased with what they see so far - Zafarana is up between Cairo and Hurgharda and is completely sold out.

To be honest, I am not buying for the rental guarantee (although its a bonus if we get it).

I really want the property for me later on (enjoying a few weeks a year now) so if the rental works out fine and if it doesnt then it wont be the end of the world, I will keep it all to myself and will not let them have to the keys to rent it if they dont pay my rental fees.

I too was dubious when looking into this but then I would be with any purchase in Egypt since its all so new - unless I bite the bullet now and buy something elsewhere I will end up living in crappy rainy England all my life!

Life is a gamble you have to take some risks!

Lou

sorry to ask but who is zafa ??/

[lyndsay552]

Zafa is short for Zafarana, a development up near the top of the red sea, same developers and seems to be same design as in marsa alam.