Saidia site report

[Mr Goodliving]

The ugly properties seemed to have been designed and built by Fadesa, who are also the deeply involved in the Tasa, Greens and Fairways developments. Thank goodness for the variations that LJDF and Oasis are going to bring to the site.

Oasis have also just posted a news letter on there site too for latest images (March April I think), and LJDF are due for one in May, keep the updates coming please.

[Mr Ri]

Not sure if The Greens is going to be ugly from the outside. However from the inside, if you believe AZD's video presentation, it looks pretty smart to me.

The Greens Interior Video

[howellmr]

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
*********************************************
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.

[Investy]

Originally Posted by howellmr

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.

Howell

Thanks for taking time to post all this, very informative.

You know, I here some critics of us Saidia buyers stating prices were too high, but this sentiment to my mind stems from lack of knowledge and a poverty of imagination.

Critics tell me they can buy 2 bed appartment in Spain with good sea views for £100,000 but this misses the all important end user experience Saidia will offer where visitors get such a large range of onsite leisure ammenities, plus the massive marina surrounded by shops and restaurants and 3 onsite golf courses.

Its the differentiator between end user experience proposition that sets Saidia in a touristic market space pretty much all its own.

Ok I could buy that appartment in Spain and have the benefit of a local town, vineyards, local places to visit, BUT BUT BUT, this would be nothing out of the ordinary, such an experience is common place, nice, but nothing unique.

As for ugly builds, I'm reserving judgement until they are fully completed and planted up. You gotta expect unfisnished buildings to bare similarities with those war damaged properties in Beriut or Grosny.

Am I nervous, you bet I am, I'm a born pessimist, but its only natural when embarking on a mission where many lose ends remain untied.

In the end what keeps me sane is the knowledge that this is THE spearhead development for the nations Plan Azure / Vision 2010 initiative.

[camel with three humps]

Thank you and very interesting. Can you please who are Azur Developments ???? Are they the commercial/organizational arm of "Plan Azur" ??? or another company that is selling/building in Saidia.

[camel with three humps]

INVEST MY COMMENTS IN BLOCK CAPITAL.


You know, I here some critics of us Saidia buyers stating prices were too high,

YES , THE FACT OF THE MATTER IS THEY ARE TOO HIGH.

but this sentiment to my mind stems from lack of knowledge and a poverty of imagination.

NO COMMENTS.

Critics tell me they can buy 2 bed apartment in Spain with good sea views for £100,000

VERY CORRECT,WITH ALREADY BUILT IN INFRASTRUCTURE AND MORE IS BEING DONE. EU SYSTEM, ESBTABLISHED DEMOCRACY, NO THREAT OF RELEGIOUS TERRORISM, TRANSPORT SYSTEM WELL ESBALISHED ETC.

but this misses the all important end user experience Saidia.

THIS EXPERIENCE WILL BE A VERY DILUTED ONE. IT WILL BE ALL SINGING AND DANCING IN AREA WHERE THE KING HAS ACCESS. ITS LIKE WHEN YOU VISIT THE TOWNS WHERE THE KING HAS A PALACE, ALL AROUND THE PALACE ITS NICE & CLEAN AND ONLY FEW STREETS AWAY ITS DIRTY & SMELLY. WHILE WE ALL HAVE TO START SOME WHERE AND THIS IS NOT BEING REFLECTED IN THE PRICES.


will offer where visitors get such a large range of onsite leisure ammenities, plus the massive marina surrounded by shops and restaurants and 3 onsite golf courses.

SEE ABOVE


Its the differentiator between end user experience proposition that sets Saidia in a touristic market space pretty much all its own.

IF YOU WANT ALL THAT YOU BUY IN SHAM EL SHEIKH, ITS ALREADY THERE.

Ok I could buy that appartment in Spain and have the benefit of a local town, vineyards, local places to visit, BUT BUT BUT, this would be nothing

IT WILL BE OUT OF THE ORDINARY BUT IN A DIFFERENT WAY. HORSES FOR COURSES COME TO MIND.

out of the ordinary, such an experience is common place, nice, but nothing unique.

UNIQUENESS IS SHORT LIVED.


As for ugly builds, I'm reserving judgement until they are fully completed and planted up.

AGREE.

You gotta expect unfisnished buildings to bare similarities with those war damaged properties in Beriut or Grosny.

Am I nervous, you bet I am, I'm a born pessimist,

YOU CANNOT BE OTHERWISE YOU WOULD NEVER HAVE BOUGHT.


but its only natural when embarking on a mission where many lose ends remain untied.

THIS IS WHERE THE CRUX OF THE MATTER. THE PEOPLE INVOLVED WITH PLAN AZUR SHOULD HAVE & CAN STILL PROVIDE REGULAR HONEST, FRANK UP DATE EVERY MONTH ON ALL ISSUES. IN THE ABSENCE IT ONLY CREATE LACK OF CONFODENCE AND GIVES GROUNDS FOR RUMOURS. PERSONALLY. I NEVER HAD CONFIDENCE IN FADESA TO DELIVER. IN SO FAR AS "ADOHA" IS CONCERNED THE JURY IS OUT. BUT LOOKING AT THE MESS AT "TANJAH" I AM NOT CONFIDENT.


In the end what keeps me sane is the knowledge that this is THE spearhead development for the nations Plan Azure / Vision 2010 initiative.

NO COMMENTS.
__________________
Been investing abroad a few years. Always amazed people invest in places that produce just a few months rent per year

[Investy]

Camel, its the end user experience that should drive high rent yields. 'Horses for courses' is all well and good, but Saidia has its very own market segment, so there are'nt any other courses.

As for comparing to Sharm, well where do I start!!
I think you once said you could rent a villa in Spain for £400 per week in high season, which is true but yet again your completely missing the point. Ive seen those villas in places such as Arenal D'Castel in Menorca - really like Southend with sun!

Or rusticos in the middle of knowehere, certainly nowhere near a large sandy beach on a golf course with large marina.

[Investy]

Camel, one thing I have come round to now is not buying off plan again. Its nonsense for buyers to take all the risk not knowing whether a builder will survive. In future I pay no cash to anyone until I get a set of keys, afterall there will always be desperate sellers on most any project.

I also agree with a comment I think you made somewhere else where you said Brazil has a limitless supply of tropical white beaches which will hold price growth in check.

[camel with three humps]

Investy thank you for your reply. Before I go further it was not me talking about the Villa rental in Spain or for that matter Brazil. Generally I do agree with what you say about off plan.

Buying off plan is a unique skill, irrespective of where you buy. Of course the usual location, transport etc applies but the skill that I am talking about is buying at the right time and the most important is the previous works of the developer along with others.

I don't know if you log on to "Alcudia smir forum" or not, there is a person by the name of "shak" who had warned people about "Fadesa", he had been pounced by forum users who could have been the agents, naive buyers, people who did want to hear the negative.

[Mr Ri]

In my humble opinion, Saidia will be a flagship resort and return higher than normal rental yields. Why? Because tourism is a cornerstone of the political strategy for Morocco, and as the first Plan Azur resort, Mediterrania Saidia must be (seen to be) a success. If necessary, political 'mountains' will be moved to achieve this.

Therefore, it may be late, it may be expensive, it may have some problems along the way - but it will make it - and when the resort 'makes it', it will have a fabulous array of facilities and attractions, that will drive rental demand.

So that's the good bit.

Along the way Fadesa (not helped by the credit crunch) have demonstrated examples of poor quality, a lack of planning and non-existant customer service. This is a reputation they can ill afford.