Manzara/Oase Luxium/Paradise Bay: a house of cards?

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Bigbozo

New Member
Hi,

I am posting a request for help with due diligence on the Vitaelex group behind Manzara, Oase Luxium and Paradise Bay, all in the area between Bodrum and Kusadasi.

These developments have been extensively marketed by a number of companies on the net since the start of 2009. For projects of this size, things don't seem to be what they should. Consider the following:

1. The individuals behind these projects are Nigel Andrews and Paul Collins, working out of an apartment in Kusadasi, AKA Royal Resorts Turkey. No track record delivering developments of any size, much less of the scope proposed.

2. The proposed developments are not modest apartment blocks, but full service apartment hotels (implied from rental guarantee) including retail operations.

3. Financial terms are unusually good, with rental guarantees around 6%, and 150% buyback guarantees after 5 years. Prices are not out of line with comparables in the area.

4. Brochures are short on detail - financials, location, build program would complicate the glossy pitch.

5. Paradise Bay site in Akbuk doesn't have planning permission (surprise!)

Having visited one of the sites, I have a deep uneasy feeling that this is a house of cards. I can't find evidence of the substantial investment these sites will need. Vitaelex will never pull off these 3 developments from a base of zero.

Can anyone offer anything more solid on Manzara/Oase Luxium/Manzara? They do have potential as 'hands-off' investments, or they may just be a black hole for deposits. And there is nothing of consequence on the forum so far...

Thanks for any help on this.
 
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RRT

New Member
Royal Resorts Turkey

Hi Big Bozo,

Firstly can you explain house of cards? anything damaging to our company on these forums based on slander will be taken up by our lawyer. All we are trying to do is build property, we have finished 7 villas in Yalikavak that are all sold for more than 450,000 Euros, our first villa in Kusadasi is complete as a show villa, our first block on Oase Luxium is 2 months away from being complete.

For a full due diligence report, contact Legal Independence in Bodrum.

Our registered office address was in an "OFFICE" not apartment in Kusadasi and if you would like to visit us then please come to Oase Shopping centre in Bodrum and see us there!

I hope that helps.

RRT
 
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Bigbozo

New Member
Thanks for shedding some light RRT. And I am sure you can clarify a few other topics...

Presumably, you have a website with photos of Oase Luxium progress - would you be so kind as to post a link to the website?

I would also very much like a link to the developer Vitalex you are using.

Since you mentioned the villas in Yalikavak, I am surprised you did not mention Royal Residence, to be built next to Miracle Beach Club in Kusadasi by Royal Resorts Turkey. This impressive 5* hotel was to offer 280 luxury fully furnished apartments, together with indoor and outdoor swimming pools, Jacuzzis, steam rooms, saunas, spa and massage facilities, beauty salon, hairdressers, cinema, ten pin bowling, tennis, crèche, 24 hour baby-sitting, doctors, pharmacy, supermarket and much more...Very much the model for all your properties in fact.

In April 2008, Paul from Royal Resorts posted on the Kusadasi forum: "...Turkish investment banker in Ankara who has bought all of the remaining apartments in Royal Residence. We have 280 in total, 49 were sold to British and Irish investors" Paul went on to confirm that Royal Residence would be opening in May 2010.

Well Paul, isn't it time construction started on this behemoth? Maybe one of the 49 investors could comment on the non existence of this development?

Oh, and with the sale of those half million villas, you may see your way clear to add a fax of the office in Kusadasi?

Still seeking answers...
 
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Elinor

New Member
Answers

Thanks for shedding some light RRT. And I am sure you can clarify a few other topics...

Presumably, you have a website with photos of Oase Luxium progress - would you be so kind as to post a link to the website?

I would also very much like a link to the developer Vitalex you are using.

Since you mentioned the villas in Yalikavak, I am surprised you did not mention Royal Residence, to be built next to Miracle Beach Club in Kusadasi by Royal Resorts Turkey. This impressive 5* hotel was to offer 280 luxury fully furnished apartments, together with indoor and outdoor swimming pools, Jacuzzis, steam rooms, saunas, spa and massage facilities, beauty salon, hairdressers, cinema, ten pin bowling, tennis, crèche, 24 hour baby-sitting, doctors, pharmacy, supermarket and much more...Very much the model for all your properties in fact.

In April 2008, Paul from Royal Resorts posted on the Kusadasi forum: "...Turkish investment banker in Ankara who has bought all of the remaining apartments in Royal Residence. We have 280 in total, 49 were sold to British and Irish investors" Paul went on to confirm that Royal Residence would be opening in May 2010.

Well Paul, isn't it time construction started on this behemoth? Maybe one of the 49 investors could comment on the non existence of this development?

Oh, and with the sale of those half million villas, you may see your way clear to add a fax of the office in Kusadasi?

Still seeking answers...
Hi

Did you get any answers from Paul? I am very interrsted in finding out all I can about these companies.

Elinor
 
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Bigbozo

New Member
Hi Elinor,

I have not had a reply from Paul.

The brochure for Manzara gives this information for the developer:

Construction and Management
VITAELEX DEVELOPMENTS LTD STI
Mr. Arno van den Berk
Bodrum/Turkey
www.vitaelex.com

The website does not exist, and a google search does not turn up much of consequence.

This information does not appear in the Oase Luxium brochure. It seems Vitaelex may have built the villas referred to in the RRT post.

Maybe someone on the forum has actually seen Oase Luxium taking shape and can confirm the significant investment for at least one of these developments is indeed taking place?

The search for answers continues...
 
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Elinor

New Member
Hello Again

It would be good to talk off forum - any idea how this can be arranged? My concern is that this is a public forum. I am visiting Bodrum this week and will make some visits. my surname is Munday if you put the 2 together and email y ahoo it would reach me.

Stay in touch.
 
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Nkkek

New Member
Hello Again

It would be good to talk off forum - any idea how this can be arranged? My concern is that this is a public forum. I am visiting Bodrum this week and will make some visits. my surname is Munday if you put the 2 together and email y ahoo it would reach me.

Stay in touch.
Hi Elinor,

Can you please update me on your findings as I am also looking into a potential buy from this company (Manzara project). You can email me at nikke_j and that would be at Hotmail

BR,
/N
 
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