| Message | Posted by |
All monies for Atlas plus the reservation fees will be refunded. I have now recevied mine, although it took a few months.
I have invested in a Gardens of Fedela property, in Marrakesh. It is offered by R2i (Mirleft also), but I have used another agent, he is a sub agent of R2i, but much better at kicking them than I was!
There is a forum on Gardens of fedela reference G406 | debbieb |
| I am investing in another of R2i s properties, a 3 bed villa in the Gardens Of Fedela, Mirleft, Morrocco, i have paid a reservation fee and am awaiting the contract. I noticed that the properties seem to be marketed now by Gem and others. It is a 9 year 7% rental yield deal. is anyone investing in the same, or has any observations about R2i? Many Thanks | zar2812 |
what is the position with regard to the reservation fee, will this be returned along with all the money plus interest? | india |
By now I guess you all know that Atlas and Olive Grove have been pulled by R2i - in my opinion after too long and too mcuh flannel to the countrary.
They are now offering all 120 Atlas and Olive investors their money back (dont hold your breath!) or an"amazing opportunity in another development for the same price" blah blah.
Has anyone gone for their Gardens of Fedela offer?
This is the small appartments in 3 supposedly seperate sites in South Marrakesh, as opposed to the Gardens of Fedela development where they have villas for sale in NW Marrakesh. | debbieb |
| Does anyone know what is the position with atlas or olive grove resort. Have these developments gone ahead? This forum is like the Marie Celeste! | kursulen |
| mfrien, if you pull out and ask for your money back, are you expecting to get your initial deposit that you paid to ready2invest or will you just have to write this off? i've looked at their other investments and i'm beginning to think they're all talk, they're very slick. | kursulen |
| I pulled out of this atlas resort some time ago, but was told I could not have my reservations deposit back. Any lawyers out there who knows if this is legal. Your advice would be most welcome. | kursulen |
i bought in atlas last year but have applied to get my money back today... not too keen an it being a flat --- wanted a house
will be interesting to see how this goes
has anyone else sold their "property" yet - ie without planning permission ? | mfrien |
| Concerned by lack of progress on planning permission on Atlas Resort and Spa. Not sure whether to throw in the towel and withdraw as this seems to be very drawn-out in comparison to others that I have invested in. Also have been promised a 2 bed villa but R2I seem to be trying to switch to 2 bed apartments instead. Would appreciate your thoughts on this. | heatherbonham |
Prices do include vat on both;just waiting for permissions now.Anyone else have any news?
| magnate |
My understanding is that both the Atlas and Olive Grove pre off plan prices are inclusive of VAT though i will double check and report back.
In fact,O..G is further down the line than Atlas even though it was marketed afterwards.It is a long story but condenses to the lack of any perceived cultural impact/ dilution from the O.G application (which already has outline permission)
| magnate |
| Also, anybody know anything about VAT in Morocco? Have read from other sites that VAT (7 %) has been conveniently "not added" to the purchase price and only later does a letter from the developer come stating that you need to be prepared to pay extra costs of 15-20% (VAT + the other 6-7% costs that R2I lists in their sales copy) at closing... by that time, you are already committed to the project and have to swallow the extra costs. Perhaps the VAT is included in the build cost in this "pre-off plan" deal but again no mention in the prelim contract. It's been rather quiet since Kursulen posted 3 weeks ago. | sunnydl |
| Have just found this forum after going through other overseas property forums. I have made a reservation on the other R2I development at Olive Grove (after reading all the posts, I think I may have picked up Gent's cancellation as it was all sold out previously until Dec 1). Looking back at the Atlas Spa original sales copy page 13 states by November "Planning permission granted. Unit allocated to investor. Full purchase agreement signed.Purchase funds move to Morocco. Investor receives Purchase Contract + Monies released to Developer." I called Claire Robinson at R2I to ask about progress on Atlas and she said the planning permission is still ongoing. Any heard of progress since then? I was interested if anyone has gotten the full purchase agreement yet and what details in listed in it as the preliminary agreement has many ommissions, lacks clarity (as Magnate has stated) and has no definite time frame except for end-09 (wasn't the completion date end-08?). I would need to transfer the rest of the purchase price next week and would feel better assured if others who have bought from R2I and the same developer have other experiences to share as Atlas Spa should be about a month or so further ahead than OG. | sunnydl |
I was originally going to buy one of these developments with cash, but the sale of a property has unexpectedly fallen through, so that means borrowing money! the idea of servicing a loan for three years until rents can come in is rather worrying and even if the price did increase substantially, it would need to, to make up for all the %payments and for others, loss of investment %. Could all this be another .com bubble? I don't think it's fair to hold on to money for so long. Who gets all the %? | kursulen |
| I've just just discovered this site and have read all the comments, but why have further posts dried up? I too have registered for a 2 bed town house at Atlas Resort and like many of you I can find nothing about the developer apart from what r2i say. I too am now concerned that with a completion date in sight of end 2009, it's a very long time to have money invested without any return. Will it even reach fruition? Does anyone know how much garden there will be on each property. I must admit I was seduced by the fantastic copy written up by r2i but since reading the contract again - I can see that there seems to be no penalty payments in place for late delivery. I just want to add that when r2i make comparisons of other developments per M2 those developments may include a private swimming pool in the M2 price and a huge garden. I think the M2 only refers to the build price, not really a fair comparison. | kursulen |
I am buying a town house at the Atlas Resort and Spa.
I am a little concerned that I could not transfer funds directly into the Escrow account, as there were delays/issues setting it up.
Does anyone know if the funds have been transferred to the Escrow account yet?
Does this concern anyone else?
Thanks | Go go gadget |
could any member please tell me the name of the developer of this project
Thanks | andyb65 |
| Have already expressed concern to R2i and totally agree that morrocan properties are noted for generous dimensions,some misrepresentation there, also misrepresented the dom.de,l'akhdar development ,these are villas not townhouses. | gent |
My understanding of the gross m2 computation of Moroccan property is
that in this instance, with a quoted 100m2,the internal build will be
80m2, with 60m2 of outside living area;far too small to shoehorn 2 bed
2 bath into without severe compromise on room size.
I have already made representations to the developer to recommend a min
100m2 of internal living area ,so if as many of us as poss can also do
this whilst still at the outline permission stage we can maximise the
possibility of more realistic sizings.First base is to make your views
known to R2i without delay!
Whilst existing planned dimensions would just about suffice in a
town central location,the expectation level regarding an out of town
site like OG will be for more spacious accomodation,especially within
the context of Marrakech where property in characterised by its
generous proportions.I will start a seperate thread on Olive Grove
incidentally.
| magnate |
| hi magnate,not sure if can pass on at this stage,have received plan from r2i for 100 sq m apart.that adds only to 70 sq m ! have been advised to ignore this plan. am hoping for more definitive version before commiting further. | gent |
Gent,
If you decide not to proceed with Olive Grove i would be grateful for first refusal.Can you do that?Whilst i prefer Atlas, it is taking longer than anticipated and may not come through,wheras i believe OG already has outline, but not detailed ,approval.I prefer the bird in the hand on this one.
What facts in particular are you after?Can i suggest you start a seperate dedicated message board on OG.
| magnate |
| morroco is fabulously exotic, have reserved a spot on olive grove development , was hopeing to get some feedback from you guys on atlas project, is anyone confident of anything ? need some hard facts , anyone got any ? | gent |
Seninar was very informative.Alaoui was top draw.Seems even outline
permission though is not expected until end of next month.Systems
in place to safeguard investor funds however are exceptionally
good.Site is 600m above plain level which should afford great views
back towards the city.Will be running shuttles to Marrakech for
residents.
Golf course a non runner but with only 350 or so dwellings on 160 H
site should have the air of spacious country park.If permission
is granted this will be a truly exceptional development with authentic
berber rustic architecture,mixed with modern sports and leisure
facilities..Sensible and realistic rental income option in
place.Permission hinges ultimately on developers ability to convince
authorities that establishment will not impinge and erode local village
culture and adversely disrupt lifestyle.
Contract
A few ommissions imho;
Total gross space definition lacks clarity.
Pro rata on actual size/price should also be adjustable downwards.
Overly generous timeframe on failure to complete cancellation clause
Absence of rental pool option.
All in all remarkably few.My proposed list of ammendments normally runs
into reams.Anticipated completion 18-20 months from commencement.
| magnate |
Hi All
I guess you've received yourcontracts now, and those that were able attended the seminar. i'd be grateful if you could let me know your feedback, & any thoughts on the contract itself.
| wild rover |
Should be a great opportunity to for you to find out more about
Mr.Aloiu then seeing as he will be at the seminar there in person!
Pm me and we can have a chat there over a drink.
| magnate |
I am still waitng for feedback from thinkwell properties and have not been able to find out anything about mr Alaoui. I originally was very impressed with the deal and have been very impressed with the r2i website and literature. But after reading different threads on other forums I have now become a little sceptical. I hope to attend the seminar though and have not given up hope but just require more questions to be answered. | dw40 |
R2i are holding a seminar on Morocco at the Landmark hotel in London on Thurs 26 Oct.Seems an ideal opportunity to attend,ask relevant questions and meet one another.I have just booked my train ticket.If anyone else intends to be there,please pm me and we can meet up for a drink and swap notes.
| magnate |
Hi, i'm trying to find out more about the developer, any one know of
other developments completed by them?, I'm awaiting a response from
Thinkwell services who i'm told is working with the developer on the
design (http://www.thinkwelldesign.com/), will keep you guys updated.
| rnamaji@hotmail.com |
| Hi wild rover,it is good to hear of other investors wanting to know who the developer is. I will be surprised if you get to know. However, if you do please let me know as I am seriously thinking about this development also. | andyb65 |
I've never used r2i but have been impressed with the quality & clarity of their research and their overall strategy when identifying opportunities. They seem to stick to very clear,simple guidelines. Having said that i've not come across anyone with direct experience of using them.
I have asked them to provide details of the developers previous developments, as we need to be assured of the quality of his projects. i've also asked about bank guarrantees, and have been advisedthat r2i will have a charge over the land, & that this is better / quicker than a guarrantee in the event of the developer failing.
magnate.......apologies for not replying to your pm, but i'vebeenaway for a few days. | wild rover |
Hi Magnate,
You're one step ahead of me with regards the Saidia complex. I intent to view some properties there whilst checking out the Atlas Spa R2i deal. All indicators point to a solid investment of very high quality ;- and there's 5 more developments coming along over the years. In principle, I'd be interested in co-ownership. Do you want to PM me a link to the details.
| ch-futures |
This is my first purchase from R2i and in Morocco,though not my first purchase abroad.This opportunity has served to focus my attention on Morocco.I had not given it serious consideration previously and must admit to being very pleasantly suprised by its potential ,to such an extent that i am now in the market for another property,but this time on the Med coast.
I have identified a 2 bed 2 bathroom penthouse apartment on the new Saidia complex(which looks to be a quite outstanding development) with a bank guarantee.My intention is to use for a few weeks per year personally and rent for the remainder and i would be delighted to hear from any like minded individual that may be interested in co owning in Morocco on an equal basis.
| magnate |
I want to visit before signing the contract and paying the money. It is important the brochure reflects reality, especially since this retreat spa is not near the sea and therefore reliant upon the views and location.
Has anybody dealt with R2i before ? Or know anything about the developer ? I'm going to suggest to R2i that they join this forum to keep members involved. Has anybody invested in Morocco before ? | ch-futures |
Not been to see the site yet but have every intension of doing so once planning permission has been granted.
Cannot make Brum,but will be at the Property Expo London most of Sunday.
Perhaps we can persuade R2i to organise(and fund!) an inspection trip,or at least subsidise it.
| magnate |
Hi Everyone,
Just found this forum from a reference in the R2i brochure for the development. I have deposit on 2 Bed town house, and awaiting further progress of the development. Although new to overseas investment, I have done a lot of due diligence and am currently seeking answers to questions from Jonty&Alice , to way up the risk /reward. Look forward to sharing information. Anyone going to the free seminars in London or Brirmingham ? I am planning to visit the site in Morocco and meet the developer, which I think is critical. Anyone been already ? | ch-futures |
| Yes I did, a 2 bed townhouse. On the basis that it cost about 760euros sq metre, and they'll be marketed at 1300eu sq m when they go off plan in Nov / Dec, I figured the downside should be limited with plenty of potential upside. | wild rover |
As far as i am aware it is only being sold by one agent,namely Ready to Invest.
There were 50 or so propwerties on pre release which all sold out within a week apparently.
How did the development come to your attention and have you purchased?
| magnate |
hi Magnate
May i ask which agent you used and the information / deal offered. I too am interested in this development
regards. | wild rover |
Have just placed a refundable deposit on this new development which is "hot off the press".
Permission is expected in November for 300, 2 and 3 bedroom exclusive
mountain retreats at foothills of mountains some 30 mins from Marrakech.
Would be very interested to share views and swop notes with other
investors as the plans are unveiled and the development progresses.
| magnate |