Las cabanas

[Alan Cockayne]

Alan Cockayne and Marsa Alam projects.

hi Alan, yes ive invested in the Marsa Alam Beach resort. I invested there first but have provisionally agreed finances for the studio at Las Cabanas.

I think Marsa Alam sounds like it is going to be an exciting place over the next few years

Chris

Good for you Chris.

I hope all goes well. I'm sure you will recommend both of these projects that I'm marketing to your friends and family. The diving is really spectacular. The watersports are tremendous fun. Try kite-surfing sometime.

Kind regards.

Alan.
Coralife-Style Real Estate Consultants.

 

[Geir]

Hi!

We bought a three rooms apartment in Las Cabanas. And are still waiting for info about the delays in the project. We are a bit frustratided and are surprised that our contact in Sharm El Sheikh doesnt seem to get any answer from the developer in Marsa Alam.
Is the developer in Marsa Alam serious? Im wondering. At least we as their clients should have got info about delays and not need to go around asking everybody else how the situasion is!!! ;-((

A delay up to a year is very bad and we realy want some compensation for the delays.

Would be interesting to know how many at this forum who has bought at Las Cabanas.

In our contract it says:" In the event Seller fails to deliver the Unit at the agreed time proveiden herein, Seller shall compensate Buyer by the payment of 0,5 % of the amount paid by Buyer for each month of delay, starting after three month from the date as specified for the delivery of the unit.
Incase of delaying Period exceed six months this percent shall be increased to 1,5 % of the amount paid by Buyer for each month of delay."

If i understand this right, it has to go three months AFTER it should have been finished (31.3.2009) before they have to pay 0,5 % for the delays and then after six months - 1,5 % of the amount we have payed.

Is this right?

Regards Geir Moen.

 

[queenie40something]

Hi Geir - is your agent Tarek from Sharm Real Estate??

 

[Geir]

delays las cabanas

Hi Geir - is your agent Tarek from Sharm Real Estate??

Hi!
Yes he was with us when we looked at Las Cabanas february last year. And the mails we have sent has gone as a copy to him and the developer.

I think we have sent about four or five mails about the delay. But the problem now is that the developer doesnt reply the mails he gets from the people in Sharm Real Estate . And that gets us soooo frustrated

We are costumers and the only thing we ask is to be given replays from the developer about when the takeover can be.

Regards Geir Moen.

 

[Alan Cockayne]

[email protected]

Hi!
Yes he was with us when we looked at Las Cabanas february last year. And the mails we have sent has gone as a copy to him and the developer.

I think we have sent about four or five mails about the delay. But the problem now is that the developer doesnt reply the mails he gets from the people in Sharm Real Estate . And that gets us soooo frustrated

We are costumers and the only thing we ask is to be given replays from the developer about when the takeover can be.

Regards Geir Moen.

Hi Geir.

The name in the box is the project sales manager of the Las Cabanas Resort.
Tarek and I are competitors yet very good friends. I see no disrepute on his behalf.

Many projects have been hit by increased construction costs and cash-flow problems. Coralife-Style and my associates GIP4U in Sharm are agents for many developments and we try to satisfy every client needs and push for completions. We often get the blame for their poor management but in all honesty some Egyptian Developers have been notoriously untrustworthy. I have pleasure in stating that Las Cabanas is not one of them.

I"m sure diplomatically, Sherif can put you in the picture without causing any offence or treading on anyone's toes. Let me know if it helps.

Alan Cockayne - Coralife-Style Consultants.

 

[Geir]

delays las cabanas

Hi Geir.

The name in the box is the project sales manager of the Las Cabanas Resort.
Tarek and I are competitors yet very good friends. I see no disrepute on his behalf.

Many projects have been hit by increased construction costs and cash-flow problems. Coralife-Style and my associates GIP4U in Sharm are agents for many developments and we try to satisfy every client needs and push for completions. We often get the blame for their poor management but in all honesty some Egyptian Developers have been notoriously untrustworthy. I have pleasure in stating that Las Cabanas is not one of them.

I"m sure diplomatically, Sherif can put you in the picture without causing any offence or treading on anyone's toes. Let me know if it helps.

Alan Cockayne - Coralife-Style Consultants.

Hi Alan!

Be sure im not angry on Mr. Tarek....my frustration is with the developer who doesnt give any answers or replies at all .

That makes me mad and i now i cant do a thing about delays, but all i ask is that they inform us, as buyers, about status on the project.

And im verry surprised that there are so much problems getting some answers by the developer, even from the poples in Sharm Estate.

In Norway, 200 years ago we had postmen riding by horses to delivers post to people. Maybe thats what they should do in Egypt to. Using camels!!!!!

Maybe its easyer to get answers from the developer that way.


Regards Geir Moen.

 

[MrSkipsey]

Hi Alan!

Be sure im not angry on Mr. Tarek....my frustration is with the developer who doesnt give any answers or replies at all .

That makes me mad and i now i cant do a thing about delays, but all i ask is that they inform us, as buyers, about status on the project.

And im verry surprised that there are so much problems getting some answers by the developer, even from the poples in Sharm Estate.

In Norway, 200 years ago we had postmen riding by horses to delivers post to people. Maybe thats what they should do in Egypt to. Using camels!!!!!

Maybe its easyer to get answers from the developer that way.


Regards Geir Moen.

Gier, did you manage to sort out your problem with regards to the delay?

 

[chriscross34]

mmm things are quiet on this front, has anyone been out recently? how does the development look? deano, when are u going out?

Chris

 

[Deanosparky]

Hi All.

I am not planning on going out to the development at the moment.

I was planning to, untill I found out there was a delay. I am also very annoyed about this considering i only have one more payment to make, and I was only told about the delay about February time.
The developer did phone me to tell me this and I have asked about compensation-the reply i got was that they were trying their best to find a solution to the problem. The developer did say that I was to hold on to my last installment untill completion time

I think it would be a waste of time at the moment to go and visit as I believe there would probably not be a great deal to see other than a building site.

I am letting my solicitor deal with contacting the developer for any compensation, I am also on the case.

Does anyone have any recent photographs?

Its a shame about the delay especially as the hotel is up and running and has great reviews on trip advisor.
I would like to have an update about the development if anyone knows anything different, and if the delay is still about a year behind. I was told it will probably be completed by Christmas- personally i'm not holding my breath. Maybe this time next year it'll be ready me thinks!!
I think we should definatley have some kind of compensation especially as -if we were to not pay on time then we would be held contractually to pay and penatlies incurred!!!

If we do get some kind of compensation then i think our purchases will definatley be worth it!!!

I suppose there is a credit crunch on at the moment and although it's supposibly not be affecting the middle east, i think it may with lack of purchases and cash flow.

As Alan says maybe we should be a little patient considering the current economic climate!!

Anyone else got anything??

 

[Geir]

Delays Las Cabanas

Gier, did you manage to sort out your problem with regards to the delay?

Hi!
Im sorry i havent answered you earlier but havent been on this site for a while.
Yes we got an answer - end off this year (2009) ;-((.

But not explaining why the delays. So at last we know that nothing will happend before the end off this year.

What is interesting is what the developer will pay for the delays.

Regards Geir Moen

 

[Geir]

delays Las Cabanas

Hi All.

I am not planning on going out to the development at the moment.

I was planning to, untill I found out there was a delay. I am also very annoyed about this considering i only have one more payment to make, and I was only told about the delay about February time.
The developer did phone me to tell me this and I have asked about compensation-the reply i got was that they were trying their best to find a solution to the problem. The developer did say that I was to hold on to my last installment untill completion time

I think it would be a waste of time at the moment to go and visit as I believe there would probably not be a great deal to see other than a building site.

I am letting my solicitor deal with contacting the developer for any compensation, I am also on the case.

Does anyone have any recent photographs?

Its a shame about the delay especially as the hotel is up and running and has great reviews on trip advisor.
I would like to have an update about the development if anyone knows anything different, and if the delay is still about a year behind. I was told it will probably be completed by Christmas- personally i'm not holding my breath. Maybe this time next year it'll be ready me thinks!!
I think we should definatley have some kind of compensation especially as -if we were to not pay on time then we would be held contractually to pay and penatlies incurred!!!

If we do get some kind of compensation then i think our purchases will definatley be worth it!!!

I suppose there is a credit crunch on at the moment and although it's supposibly not be affecting the middle east, i think it may with lack of purchases and cash flow.

As Alan says maybe we should be a little patient considering the current economic climate!!

Anyone else got anything??

Hi!

What does your contract tell you about delays from the developer?

Regards Geir Moen

 

[jongdawson]

We bought through Sharm Real estate. Have visited the site twice and are going back on 24 June. Will be photographing progress.

No probs with anyone, all seems to be fine. Definately use a lawyer....we have a good one....£850 all in......Jon

 

[chriscross34]

hi jon, welcome!!, it would be good for more investors in las cabanas to keep in touch and post on here. ive put down a deposit on their only studio and am dealing with Alan from Property Matters Overseas who has been really prompt and helpful in all my dealings.

jon, who is your lawyer and what has he/she done for you as part of that fee? pm if easier.

What made u invest in Las Cabanas? I hope Orientals for Urban Development provide regular updates on this development once a buyer has signed the contract as it is more reassuring to know what is going on.

IPI who are developing the Marsa Alam beach resort have been very good at maintaining communications and have one of the best websites i've seen.

Anyone know latest in terms of release of further blocks and or when they expect to finish each phase now?

Chris

 

[Alan Cockayne]

Good news then?

We bought through Sharm Real estate. Have visited the site twice and are going back on 24 June. Will be photographing progress.

No probs with anyone, all seems to be fine. Definately use a lawyer....we have a good one....£850 all in......Jon

You've got the right idea Jon.

For readers, they would like to know

Is your lawyer Egyptian and is he using an Escrow Account to handle payments on your behalf?
Or are you paying personal bank transfers to the developer?

Are you using a UK lawyer to back you up if hiccups occur? (like quality of finishing, final registration issues and completion date penalties, guaranteed rental aggreement if one is the case etc.)

If so, is he handling the escrow transfers for you?

I ask because the latter is always preferable for the small fee that is chargeable. They give valid proof of payments and are accountable.

Don't always trust to chance.

Alan - Coralife-Style Consultants.

 

[chriscross34]

thanks Alan, useful points to note!!

Alan, do you know what the timescales are on the development now? As Deano mentionned, the hotel looks awsome and i too have seen the reviews for it on tripadvisor and was impressed. The villas look very nice and the appartment blocks, now they are being painted in a cream/off white colour should be much better.

It would be re-assuring to have an update

 

[jongdawson]

You've got the right idea Jon.

For readers, they would like to know

Is your lawyer Egyptian and is he using an Escrow Account to handle payments on your behalf?
Or are you paying personal bank transfers to the developer?

Are you using a UK lawyer to back you up if hiccups occur? (like quality of finishing, final registration issues and completion date penalties, guaranteed rental aggreement if one is the case etc.)

If so, is he handling the escrow transfers for you?

I ask because the latter is always preferable for the small fee that is chargeable. They give valid proof of payments and are accountable.

Don't always trust to chance.

Alan - Coralife-Style Consultants.

We have paid mostly direct to developer through our bank, we always insist on email receipt....all has worked for us so far...of course, we also get a letter from our bank with full payee details. As for the lawyer, egyptian, based in Sharm. Again, seems 100% as we have been over a couple of times. Keeps us informed and fluent english......as everyone knows though, for the ammount of investment (not a fortune) there is always risk. We have had our contract translated........it came in english as well as arabic, but we did not trust them to be identical......they are!! The developer wrote the penalty clause with which we are happy.....we added withholding payment of £2000 to be paid on our final inspect......

 

[Alan Cockayne]

Well done..... So far so good.

I know to some I'm a "Devil's Advocate." Mostly the developers, as they have had things easy for too long. "The proof of the pudding is in the eating" or completion and I always advise my clients on the side of caution.

p.s. was it a lawyer from Tarek of R.S.Real Estate Sharm ?

Alan. - Coralife-Style Consultants.

 

[jongdawson]

Well done..... So far so good.

I know to some I'm a "Devil's Advocate." Mostly the developers, as they have had things easy for too long. "The proof of the pudding is in the eating" or completion and I always advise my clients on the side of caution.

p.s. was it a lawyer from Tarek of R.S.Real Estate Sharm ?

Alan. - Coralife-Style Consultants.

Yes......Abbass, his name.....based in El Hadaba.

 

[Alan Cockayne]

Hi Jon.
I know him well....

Attention all readers.... Do not give Egyptian's Power of Attorney......
And make all lawyers accountable.

When asking for anything, - legal, furnishings, alterations, contract work or otherwise, always get it down in writing, in English and signed by those you employ or empower, with dates.
If you put in stipulations and penalties for failures to deliver, all the better.

Do not always expect the Egyptian version to read the same.
Do not ask others to manage, take rents or pay for furnishings and equipment if you are considering renting your property privately. The inventories and income should be your own responsibility. If you do not receive a rent book and statement of income and charges, prepare to have problems in the future.

Please do not let others think we are stupid....
As I always comment... It's your money. Be more forthright.

As I said, I know him very well.

Alan Cockayne. - Coralife-Style Consultants.

 

[Deanosparky]

Hi all,

Its seems there is some very usefull info being shared.

I have an english lawyer dealing with my legalities the cost was alot more more about £2000 fixed fee, But I do have the piece of mind that they are based in England and communication by phone is alot cheaper-especially if you are chasing an answer.

I have also recieved an email with attached photos of the block i'm buying in from Hany of the Orientals group, and he said the new completion date is expected to be end of December 2009. The photos don't show much- only 3 of them but if people would like i will email them to you.

It would be great to see the photos when you return Jon with an update, especially to see how progress is going.
Who are you meeting out there Jon? Is it a rep from the developer or are you going alone?

I've asked for some extras in my apartment and the developer sent me a breakdown cost in £'s and an agreement letter to sign and return, it's definatlry best to get paper work to always back you up.

I have also paid by bank transfer myself with a full reciept from the developer and also a copy of transfer from my bank.

Maybe if you are out there Jon and you've got time you you be able to do us all a a favour and ask about renting out the apartments through the hotel management, and what costs this would be, and what the likely income would be from doing this- I'm sure everyone on here would be really interested to find out what their returns might be. Thanks!!