Re: DAGNIFICADOS ASSILAH HOME BEACH RESORT

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Alaa Alani

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Sep 22, 2014, 12:43:37 PM9/22/14
to Asilah Home Beach
Dear Jose,

I sent you an invitation today to join the group, so please accept the invitation to start receiving updates.

As for the visit, please find below a brief summary of the meetings we held in Asilah:

Pre Meeting Discussion 13th September:
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  • We discussed the situation particularly the delay in developing the properties. Investors were not sure whether it's a financial problem or something else that caused the delay. Some investors have taken a legal action and got a court order that guarantees their money back or flats they reserved. One investor arranged with the developer to transfer ownership of the flat after paying the full price and completing the flat himself.
  • The rest of investors who attended were not keen to increase the deposit because they don't trust the developer, and are concerned they may loose their deposit. There was a suggestion to pay extra 10-20% to make progress with the buildings but most investors rejected that.
  • All investors are dissatisfied with the communication from the developer who left all investors in the dark without any updates for years. This is not acceptable at all.

Meeting with the Developer 14th September:
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  • About 20 investors, a representative for the developer (Mr Raji) and Anouar attended the meeting.
  • Mr Raji explained the reasons for the long delay which were the addition of an extra floor in some buildings and the change in the entrance gate.
  • Investors expressed their dissatisfaction and were angery for the excessive delay and lack of communication by the developer
  • The developer stated that the properties in the first eight blocks are almost complete with 3% left to finish.
  • The developer asked investors who reserved flats in blocks 9-16 to move to blocks 1-8 if they desire, as the first eight blocks will finish sooner. This is done on the basis of moving to a similar property without extra pay.
  • The developer stated that perimeter road, swimming pool and gardens will be completed in stage 1 with the first eight blocks within three months. This is of course impossible given the current situation on the ground and the amount of work required.
  • The developer stated that they have secured extra loan from the bank but money will be released in stages that are proportional to money paid by the developer
  • The developer has asked the investors for extra 10% or 10,000 Euros to be able to progress the development. Investors rejected this request and some left the meeting. The developer subsequently sent an email with this request.
  • The developer suggested forming a committee of three people amongst investors to visit the site regularly and monitor the progress of work. If they are satisfied with the progress, they can approve extra payment. This suggestion was not accepted by most investors.
  • Some investors had stayed after the meeting and had the opportunity to view some properties and discuss the plans with the developer. It seems that some work had been done in the last three years but this is far less than satisfying.

We tried to hold another meeting in Rabat but the long train journey was 5 hours so no one attended the meeting.

I hope this email has summarised the trip and meeting discussions we had last week but unfortunately we didn't come out with a good plan to overcome the issues we (investors) have with this development, and a plan to move forward.

There was a proposal discussed between some investors and I am going to summarise it here and hope to get your feedback on:

  1. We (investors) form a committee of 3-4 people to represent us. The committee will appoint legal representative (solicitor)
  2. We agree with the developer on a time scale and a strict dead line with penalty if there is delay
  3. The agreement with the developer should be legally binding and should state that ownership is transferred to the investors when the work is completed or by a certain date.
  4. We create an ESCROW (definition) bank account with full control by the committee or the legal representative
  5. Willing investors pay 10% or 10,000 Euros if they want their flats to be completed first. This is not compulsory and is up to the individuals to opt-in
  6. The committee after seeing a clear evidence of progress, can authorise the release of a proportional amount of money
  7. Work should be done in parallel on the flats as well as the site including infrastructure (water, electricity, sewerage, etc.) 
 
I am sorry if I missed some points but this is what I can recall from the meeting discussions.

Best Regards,

Alaa Alani




Buenos dias  a todos:
Mi nombre es Jose Antonio Lengo Cabello ,estuve con vosotros en la reunión en Assilah del dia 14-09-2014 

-Ante nuestra solicitud de que nos comunicaran por escrito la finalización de las obras, aun no he recibido nada, por lo me gustaría saber si alguno de ustedes  sabe algo o dieron una fecha concreta para esta contestación.

-Sr ALaa  Alani :
  Me gustaría saber qué sucedió en la reunión que se pretendia tener en Rabat al dia siguiente.
  ¿Qué sucedió con la lista para cambio de los apartamentos? 
  Creo que usted es el moderador del foro , por lo que le ruego  que me incluya en él para poder participar.


Saludos cordiales.





Alaa Alani

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Sep 22, 2014, 12:57:34 PM9/22/14
to Asilah Home Beach
Dear Asilah Home Beach Investors,

As promised, please find below a brief summary of the meetings we held in Asilah:

John Watters

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Sep 22, 2014, 2:36:03 PM9/22/14
to asilah_h...@googlegroups.com, afa...@yahoo.com
Alaa,
Many thanks for the update from the meeting. It's not a good situation and looks like it will be next year before the first apartments will be ready and that's probably dependant on investors putting up more cash. At the moment would not have 10,000 to put forward and I think it will be difficult to get any investors to put more money up.

Was Mohammed Elbassy not at the meeting who as I understand is the main person responsible for the development?

Definitely think the group need some legal guidance and would be willing to contribute to same. Suggest also if possible that there is a link up with the developers bank.

On the positive note,some sort of proposal has been put forward to progress the development. However, trust is well gone at this stage so will be difficult to convince anyone to put more money forward without a watertight guarantee.

Regards,
John.
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