Atlas Golf - Marrakech

[redangel7861]

Originally Posted by barry the builder

I also brought on Atlas golf, but now wish i never, getting information out of the company is a joke.
I have asked for the bank guarantees on several occasions without success, and i have tried to find out when the golf course will be completed, again with no responce.
At the rate they are bringing the 1,000 plus units on line we will have a building site for the next 10 years.

AP1 is due for completion in Jan 2009. Golf course mid to late 2009. Whole project due for completion late 2011 early 2012.

Friend of mine just got back from a visit. Build ahead of schedule and coming along well. Finishing looks looks very good.

Red

[barry the builder]

Originally Posted by redangel7861

AP1 is due for completion in Jan 2009. Golf course mid to late 2009. Whole project due for completion late 2011 early 2012.

Friend of mine just got back from a visit. Build ahead of schedule and coming along well. Finishing looks looks very good.

Red

My main gripe over this development is the lack of communication, it was difficult enough when they had a UK office, now that has been closed who do we contact?

Also I'm angry over the increase in TAX. I was told that if i signed the contract before the 1st of Jan 2009 I would pay 14%, that however is not the case anything paid after the 1st Jan will be charged at 20%.
This includes any payments made at 14%. They will just add the extra 6% when we complete.

It also does not help when after a year of buying a property of plan it has not had one price increase. I have properties in Ras al Khaimah, Phillipines and Malaysia and all have gone up while this has stood still.

As for completion, AP1 is on schedual, however this is a huge development and as far as i know nothing else has yet gone on sale, let alone being built, and i dont think the golf course has started either.
They are basically going flat out to finish the first stage so they get our money. Mark my words, WE WILL HAVE A BUILDING SITE FOR MANY YEARS during which period it will be difficult to rent and not pleasant to stay in.

If I could sell my place at the price I brought it at almost a year ago i would do so in a shot. In fact if there is anybody out there who wants to buy it slightly below what i brought it for please contact me.

As I said in the last post I wish I never got into this one.

[redangel7861]

[barry the builder]

Originally Posted by redangel7861

Attachment 5812

Attachment 5813

Attachment 5814

These pics look no different to the ones posted months ago.

[redangel7861]

Originally Posted by barry the builder

These pics look no different to the ones posted months ago.

Got back from a five day visit from Marrakech 2 weeks ago. Spent a few hours inspecting the site.

Build progress well advanced. Build on 9 holes of the 18 hole golf course has started and will be complete Oct 09. Full Golf course will be complete in Mid Oct 2010.

Marrakech seems to be buzzing.

[barry the builder]

Originally Posted by redangel7861

Got back from a five day visit from Marrakech 2 weeks ago. Spent a few hours inspecting the site.

Build progress well advanced. Build on 9 holes of the 18 hole golf course has started and will be complete Oct 09. Full Golf course will be complete in Mid Oct 2010.

Marrakech seems to be buzzing.

It starting to look a little more prommising. Here is an email from the agent I brought my unit from.

ADDOHA MOROCCO TRIP NOTES

Contacts:

• Groupe Addoha | Bâtisseurs de bonheur...
• Morocco Properties. Property in Saidia, Marrakech, Tangier, Atlantic Coast.
• Anas Sefrioui – President of Addoha
• Fatim Zahra Lahlou – Addoha FD
• Kenza Sefrioui – GFM Operations Director
• Sanae Alami Afilal – GFM Marketing
• Abdeljabar El Hajjouji – GFM General Director, North
• Majad Alaoui – GFM Comercial Director
• Bruno Rossi – GFM Commerial Manager, Atlas Golf
• Pascal Boisson – Operations Director, Saidia
• Anbar Dellero – GFM Customer Services

General Notes:

• Addoha is the new master developer on Saidia, Atlas Golf and all other Fadesa Maroc projects. They have a 50% stake and 100% control of Fadesa Maroc. A full buy out is expected and they are waiting for the right price.
• Addoha are the largest Moroccan developer and have projects all over Morocco (Hivernage Golf, Amelkis Golf, Fez City Centre, Casa Centre, Casa Golf, Rabat Centre).
• 6,000 hectares owned and 280K properties in construction. All off plan and sold up to 2010.
• Housing shortage in Morocco and currently weathering the financial storm.
• Due to the 2007 merger and subsequent 2008 administration of Martinsa Fadesa in Spain (as well as several other external factors), communication with clients and agents has been very difficult for a long time.
• Addoha are addressing this and a more pro-active communications programme will start shortly (newsletters/magazine/website/direct mail etc).
• Morocco Properties Ltd will have a direct contact at Addoha for customer services and should now be able to answer questions more quickly.
• There will be a new logo for GFM (Groupe Fadesa Maroc).
• Agents were shown the 3 current GFM projects (Saidia, Alkudia Smir and Atlas Golf) that are all progressing very well.

Saidia:

• Excellent progress on Saidia re phase 1 property, landscaping, marina extension (now 1,300 berths), medina and all services.
• Launch date agreed for June 1st 2009. To be completed by this date – marina, medina, 1st golf course, all phase 1 property, airport extension, main road, Barcelo, Iberostar and an Addoha management company.
• Government have an agreement from the 2 hotel operators above to open by then.
• 1,500 existing Fadesa clients waiting to complete. Addoha will be contacting everyone in due course with more details on completion.
• Over 1,000 Jardin de Fleur properties sold and The Greens/Fairways sold out. Very few off plan properties remain on Saidia - the project has been enormously successful.
• A one-stop shop will be provided on Saidia for Groupe Fadesa Maroc clients completing to include free notary and mortgage arrangement services.
• An Addoha quality control team is now in place on Saidia for snagging.
• 2nd and 3rd golf course may be combined to make a 27-hole signature course.
• Property Logic have confirmed that David Lloyd are signing a contract for their last plot VVT-12 and will be selling this as a luxury fractional product. You will be able to swap weeks here for weeks in many other luxury locations globally including Dubai Sports World.
• Property Logic is introducing David Lloyd to Addoha with regards to setting up a tennis academy on Saidia.

Atlas Golf, Marrakech:

• Bruno Rossi is the new commercial manager on Atlas Golf.
• Agents met the whole commercial team for a site visit, lunch and evening meal.
• Excellent construction progress on phase 1.
• Completion of phase 1 apartments, riads, detached villas and golf expected by 2010.
• AP-1 apartments mostly sold and completion due in June 09.
• New release of detached and semi detached villas on individual plots (many with private pools). Construction well underway.
• Morocco Properties Ltd suggested that people completing on the first phase of apartments are offered special rates at one of the other golf courses in Marrakech. This will be considered.
• Finalising deal with the Marriott for the 1st hotel. The location of this hotel has been moved to the central island area of the project.
• Another operator is in negotiation for the 2nd hotel.

At this rate I might continue with my purchase at atlas golf.

Barry

[redangel7861]

Thanks for the update Barry.

Yes, I too am a lot more positive about the development after my visit. I've got a minimum five year plan at which point hopefully we will be all in the money.

Marrakech as a whole is buzzing and there is still strong interest in the real-estate market. It seems that many investors are now focusing on North Africa (Arabs, Russia, Japanese, Chinese and Europeans) as these regions exposure to the financial crisis is limited.

There is also a growing upper to middle class in Morocco itself who are also purchasing on these five star resorts.

In my opinion if you have a long term plan then Atlas Glof could turn out to be a very lucrative investment.

RED

[redangel7861]

Had a phone conversation with the Fadesa Marco, sales director last week.

He stated that letters are being sent to customers stating that completion date is 02nd May 2009. If so, time to start looking for Morrocan based mortgage to overcome the massive slide in sterlings vs MAD. UK finance is not an option as this will mean the apartment costing atlease 35% more than budgeted (due to the fall in sterling vs MAD).

[mumberler]

I have been trying to get some info from my agent Saffron Villa about completion dates but no luck so far. Do you have details of the person you spoke to as I'm trying to sort out finance and I need settlement figures, completion dates etc

Thanks

[redangel7861]

Originally Posted by mumberler

I have been trying to get some info from my agent Saffron Villa about completion dates but no luck so far. Do you have details of the person you spoke to as I'm trying to sort out finance and I need settlement figures, completion dates etc

Thanks

Please see attached correspondence from the Customer Services Team:

Atlas Letter_12.01.09.pdf

Contact Details in Letter