Marsa Alam

[optom39]

Hi All
Just been reading the contract and have realised that the second draft says that owners taking up the rental agreement will be invoiced yearly for water and electricity. I thought these were included! Has anyone brought this up with IPI, and how much are these bills likely to cost?

[Cliff277]

Originally Posted by optom39

Hi All
Just been reading the contract and have realised that the second draft says that owners taking up the rental agreement will be invoiced yearly for water and electricity. I thought these were included! Has anyone brought this up with IPI, and how much are these bills likely to cost?

Hi Optom 39
I queried this with Sue and she said that if you have not taken the rental agreement then the charges are yours and if you have taken the rental agreement then all charges shall be borne by the management company.
Hope this helps
Cliff

[thepupp1e]

Originally Posted by optom39

Hi All
Just been reading the contract and have realised that the second draft says that owners taking up the rental agreement will be invoiced yearly for water and electricity. I thought these were included! Has anyone brought this up with IPI, and how much are these bills likely to cost?

Hi
We also queried this with IPI. We are in the rental agreement and we were told that the utilities charge was likely to be in the region of 10 Euros per month. Both the fixed charge and the utilities charge will be deducted from the gross rental income by the management company before it is distributed to the owners.

[anthonyday]

Hi all,

Completely agree with you Pierre. I have bought in Zafarana and am completely happy with all that has gone on so far there. I too have invested in multiple properties over the years and have quickly realized to rely on the advice of people I know and trust, not all of this speculation from completely anonymous people on a forum full of first time buyers.

Tony

[samui13]

Sorry for us being a forum full of first time buyers - if you dont like it then please go elsewhere!!!!!!!! None of us were or are anti-IPI, we were just all having open discussions between us to help each other along the way. Its only when people come on here trying to belittle us for having concerns about our hard earned cash that we start to get a little peed off.

Please feel free to give and receive advice but do not belittle people for checking things out.

Lou

[Cliff277]

Originally Posted by thepupp1e

Hi
We also queried this with IPI. We are in the rental agreement and we were told that the utilities charge was likely to be in the region of 10 Euros per month. Both the fixed charge and the utilities charge will be deducted from the gross rental income by the management company before it is distributed to the owners.

Hi All
Regards the Water and Electric charges I have just queried it again with Sue Lovett at IPI
And here is her reply.

Article 6 Revenues and charges
All annual costs, such as maintenance, service, insurance, joint facilities, local taxes and the like, shall be borne by the developer if the buyer uses the letting agreement under Article 3. If the letting agreement no longer applies, the costs shall be borne by the buyer. These costs are € 70,00 per month. Beside these fixed monthly costs the costs for the consumption for electricity and water will be invoiced to the owner. These costs will be invoiced yearly. Both the fixed and variable costs are due to yearly inflation and indexation by governmental increases.

Therefore, if you are take out the rental agreement the management company is responsible for electric and water.

Kindest regards,
Sue Lovett
IPI International Property Investors bv
IPI International Property Investors UK Limited

Cliff

[PierreM]

The maintenance fee is 50 euros a month/600 euros a year which include water and electricity.
If you opt for the rental guarantee, it is included. You will be charged if you go over the limit allocated.
Not sure for the suites but I think it is also taken care of if you take the pool rental.

Lou, I was not bashing the first time buyers at all. I was just saying that if it's your first time, you should take the information you read on this one forum very carefully. Ipi 's competition could spread rumours in order to scare customers away, because the project is good, so because they can't compete with their dodgy developments or over priced properties, they will bash the product you are interested in, if that makes sense. Read the internet and magazines but look at the bigger picture, who is working for who, what experience they have etc...
Most of agents have never bought a property abroad, journalists on tv and magazines are the same.
When I first bought I was lost, i didn't know anything at all, I trusted the agent and the product and guess what? they were right, the property in Jo'burg earns me around 6% a year on rental and 6 years later it is worth 3 times what it was.

I tell you what, before I invest in this resort, I checked at least 40 different projects and properties in hurghada, shal hasheesh and marsa alam, overall I believe marsa alam beach resor is the best. Price, quality, returns, projections, there's no other places that are this good today in egypt.
You can buy a villa in hurghada for 300K sterling but you probably won't get anywhere close the marsa alam returns.
In marsa alam, the kuwaitis are going to invest a lot of money in port ghalib, that's the key for me to the really high capital growth, and in terms of resale, this is going to be juicy. Just a question of timing I suppose.

Like I said, I am not an agent or a developer, I just buy properties, rent them and sell them if the market is good. I have done that for 6 years now. I was working for fruit and veg in south africa , in the uk, it's like waitrose. See Lou, I'm not from the rich class at all but I made the choice to invest instead of being an employee, I started with less than 20K sterling.
Anthony I am sure is the same, you have to rely on professionals, not on the internet, nobody will give you a good advice, just chaos and confusion between stuff they heard and stuff they misunderstood, it's easy to be confused.
Get yourself a good personal banker, a trustworthy lawyer not a shark after your cash, do a lot of homework and then call the agents, it is as simple as that.

[anthonyday]

Hi Lou,

I wasn't having a go at people being a first time buyer either, just saying that I agree with Pierre, that the best way to determine investment opportunities is to research them using people you trust such as your agent,lawyer, financial advisor etc rather than rely on speculation on these types of forums. As I've previously mentioned I only use these types of forums as a way to meet investors in projects I am involved in and monitor negative comments as these can adversely affect my investments. Not having a go at anyone for being a first time buyer, as rightly pointed out by Pierre, we were all in that boat at some stage. Just trying to give some advice, no need to be offended.

Tony

[Zeiad Yehia]

Dear All,

I am writing a quick clarification here, which has nothing to do with Marsa Alam Beach Resort DD, but kindl read carefully.

I'm simply commenting on notes here; that which said that lawyers are sharks, and that which said that a professional translator is needed:

1- When I had many clients asking me to check and verify the due diligence, we have agreed on a certain price, and when I was done with it, and because I felt that these people have already lost hopes, and possibly money, I did not ask ANY OF THEM to pay my verification fees. I believe that the definition of "shark" does not encompass people who have done work for free, especially when it is not the only thing I've done for free. I think that many people who are reading this can recall services whom I've done for them without charging them a single penny.

Lawyers, just like any other group of people, are different, as you cannot generalize and say that an entire certain group of people is this or that. Generalization is always wrong, and you can say I am srict, I delay for some days because I have a lot of things to do, I am whatever, but the "shark" description most definitely does not apply on me.

I am proud, so proud in fact, of never giving any one misleading information, and of being one of those who adopt "justice" in their work. Without getting into details, I have refused many profitable work because I intend never to go on he wrong side, and this identifies me as a person, not as a lawyer, and it is more concerned with who I am and how I was raised up, and not with my study / job.


2- Talking about translation. For those who are not aware of my background, kindly be informed that I have 'officially' translated Stephen Hawking's masterpiece "A Brief History of Time" to Arabic during my work for Bibliotheca Alexandrina www.bibalex.org and that my translation was highly praised. I was supposed to see Mr. Hawking himself in person during his visit to the library, which unfortunately was cancelled according to the fact that he needed special equipment in the conference center which was not ready. Kindly check with the libraries' sector of Bibliotheca Alexandrina for more information about my translation.


3- Now this is the most important point:

I have nothing agaist ANYONE, and I never mislead someone for the sake of someone else. Consequently when I have a client, my sole target is to protect their investment, do it properly, in order to enhance my name and reputation which are my every thing. When the transaction is safe I approve it directly, and when something is missing I do not disapprove it without mentioning reason, but I make sure to mention the missing parts.

Some projects have a very bad situation, while others have a minor defect that can be rectified easily, and I always mention what is needed for the transaction for being a valid and safe one. I would be the one to blame if things went wrong, an despite the fact that no one ever can predict the future, but at least the maximum protective measurements shall be taken, or otherwise I would be the one blaming myself for not taking it in the right time.


In addition, I never give a personal opinion. My legal opinions are based on the official and governmental documents that I revise. Subsequently when I sleep in the night, I do not feel scared for people whom I misled or gave them unsure information, because my bases are official documents and law, and I never go out of my line for any reason, especially money, or I would've been very rich already!


Just thought these points needed to be cleared, especially after reading some points in this thread that needed to be clarified.

The last note that you may know is that Marsa Alam Beach Resort have agreed already to most of my notes "almost all" that I wrote to them and to my clients, but I now started to get used to hear different stuff after verifying the DD of a certain project.

I am proud of myself, and with the way I do my job, regardless of this or that project, since my concern is my client and not the real estate war between different agencies / developers. I am totally out of this stuff, and will never be a part of it.

All the best,

Zeiad Yehia
Solicitor

[Zeiad Yehia]

Important Update:

Dear All,

Kindly be informed that I have been contacted by IPI's global netword director Mr. Mark James Stephen. The correspondance was very fruitful. The gentleman has emphasized that the conract is now bilingual after including Arabic, and has sent attached a sample that is written in a really good way. Also the title of deed evolution has been amended to be in compliance to the Egyptian laws.

I have expressed my respect to IPI as an esteemed developer, and confirmed that my sole issue was protecting my clients' investments. However, now that IPI has taken the time and effort to change the title of deed evolution method, and mention this clearly in the contract, in addition to accepting to add Arabic being the language solely recognized by Egyptian courts, I can only express my respect and appreciation, as this shows clearly that IPI is a serious developer.

I think this puts an end to the argument of Marsa Alam Beach Resort's due diligence.

There are few minor issues that I have mentioned to Mr. Stephen, and despite being of some importance but they're easy to be done. Every thing is easy to be done in fact, as long as people have true intention, and it is clear that the developer has a true intention to make his clients comfortable feeling they're in safe hands.

All the best,

Zeiad Yehia
Solicitor