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LJDF Building Progress Update

Discussion in 'Morocco Property' started by Popcorn, Mar 17, 2009.

  1. Popcorn

    Popcorn New Member

    As you know I have been trying to get an update on the building progress for the various plots for some time now from PL and have just received the following response:

    "We would like to apologize for the delay in responding, however, Sean has been travelling extensively in the last few weeks. Please note that a full update for all owners will be coming out in the next 24 hours."

    LJDF Owners Group
  2. Popcorn

    Popcorn New Member

    I know you are all waiting for further news, but nothing has been released by PL yet ...
  3. Olimad

    Olimad New Member

    I have heard yesterday that RT7 will now be delivered second quarter 2010,

  4. Popcorn

    Popcorn New Member

    This is the email that was sent out to myself as an RT7 owner, however I am still awaiting more details on the individual plots for the group as a whole.

    Dear Le Jardin de Fleur Owner,

    Further to our regular newsletters, I am writing to inform you of the current status of Mediterrania Saïdia.

    You may already be aware that some developmental delays have occurred in the region and as a consequence, the original time schedule allocated for the Le Jardin de Fleur resorts has been affected for the reasons outlined below.

    • Some delays in the initial administrative and licensing process led to a knock-on delay to pre-agreed financing which in some cases caused the need to renegotiate agreements. It is essential that these details are processed thoroughly in Morocco to safeguard all corporate and individual investments. These issues have now been resolved as all 11 construction licenses were granted to Le Jardin de Fleur resorts last year.

    • Construction contracts have been subject to renegotiation in some instances which has also led to delays. This is because Property Logic requires a high standard of construction and third-party contracts are only granted or extended when the desired quality is assured.

    • The new master developer of Mediterrania Saïdia, Addoha, carried out a lengthy due diligence process since acquiring the majority stake of the master development company, Fadesa, last year. While this has caused delays in the construction of the communal facilities within the master plan, we believe it is a positive factor as Addoha has revised to a higher quality and incorporated significant improvements to the marina and golf courses.

    • Within the last year, Property Logic has signed hotel management contracts with eight hotel brands to ensure the long-term rental management of Le Jardin de Fleur resorts. This means that all interior furnishings will need to be in line with international hotel resort standards as Property Logic wants to ensure the highest standards of quality are implemented. Construction progress delays have also been caused by some of the hotel operators requesting changes to clubhouse plans which then need to be resubmitted for planning authorisation.

    Having discussed this situation with many clients on an individual basis in recent weeks, we have received a majority preference to extend completion dates by some months until the global credit situation becomes more stable. Property Logic anticipates delivering the fully operational Tulip Residences resort on plot RT-7 in the second quarter of 2010. In consideration of the delays, we will endeavour to accommodate owners wishing to spend their holidays in Saïdia prior to the delivery of their unit(s) in our functioning resorts. Although we cannot guarantee the availability, we will do our best to make this possible. Owners will be informed of updated timelines for all of the resorts and we will continue to send regular newsletters which are available to download in the news section of Le Jardin de Fleur | Home

    We would also like to inform you that Addoha announced the official opening date of mid June 2009 for the first phase of Mediterrania Saïdia at a press conference in February. This date will see the opening of the first championship golf course, the 5 star Barcelo hotel (600 rooms), the 4 star Iberostar hotel (400 rooms), the marina (with surrounding shops, bars and cafés) and the commercial centre. It is essential that the opening of Mediterrania Saïdia is accompanied by a global PR and marketing campaign for the destination to assist hotel operators in maximising reservations, which will in turn maximise rental, returns for property owners who opt into the leaseback programme.

    On a lighter note, we recommend you visit MAROCO THERAPIE – a recently launched website from the Moroccan Tourism Board who is in the process of promoting Saïdia as well as Mediterrania Saïdia - Actualités et événements - a destination website launched by Addoha.

    We would like to assure you that Property Logic is working hard with our partners to make sure Mediterrania Saïdia is a successful destination for your investment. We continue to attract strategic brand names to the area and to guarantee top quality build standards as part of our long-term commitment to you. Finally, we would like to take this opportunity to thank you for your continued understanding and support of Property Logic and Le Jardin de Fleur resorts.

    Yours sincerely,

    Joop Huisman
    Managing Director
    Property Logic
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