Oasis Beach & Golf Owners

[daktari]

Oasis Morroco

Camel with three humps, You have done well to pick the right developer and getting your money back.

Also agree that many have burnt their fingers and may share the sentiment 'not to go to Morroco' with their investment.

However on a general note:
Unfortunately I blame the un-initiated led by the experienced and law- twisting developers originating from EU. That gives Morroco a bad name.
Hence it will be in the King's interest to allow the Claimant a choice of jurisdiction if he was to protect his and his country's reputation.

If I am not mistaken, the dissatisfied purchasers are mostly from EU enticed in by EU developers, though registered in Morroco - a foreign field.

These developers are hiding behind the jurisdiction curtain so that they will twist and turn away taking the investors money. If the Morrocan authority do not wake up and cooperate, then they will be the ultimate loosers.

 

[Mr Ri]

Daktari

The developers, investors, and constructors are generally victims of the economic crisis. Lets not forget, most of this problem has been caused by the banking and finance industry - not by unscrupulous developers running off with investors money.

Surely the developers would much rather the worldwide financial instability had never happened.

Developers haven't restricted the availability of finance, made sterling lose value, or decided to increase Moroccan VAT. These are the major reasons why many buyers will not be able to complete, or why the property signed up for no longer represents good value in todays market.

Yes some developers have tried to palm off inferior product on their customers and they need to be called to task. I believe others are trying to survive by attempting to sit out the crisis.

What would you do if you were the developer?

 

[daktari]

Oasis Saidia

Mr Ri
If I was a developer, my call would be a meeting with the Morrocon authority and perhaps involve the King to provide some kind of rescue funds. Look at the banking rescue all over the world. Also, Dubai Palm project being injected with Abu Dhabi money.

The requirements for these projects in Morroco would be significantly less in financial terms.
I would imagine that Morrocon VAT increase could be negotiated with that goverment (UK had a temporary reduction in VAT - currently until Jan 2010). My point is that the developers need to negotiate all that with the King as it is his ambition which is at stake.

Yes, the developers, investors and the constructors are a victim of the economic crisis. Thats a fact anywhere. But the confidence not generated by the developers project managent is in question.

I have read elsewhere that the King is not quite impressed with some developers... so I guess it would be a negative for the King to intervene with the funding!!

Your earlier point that '...the developers have our money and we can't get it back...' also your point that '... the lowest risk option is to wait it out...'

I am concerned that the developers may fold and therefore this opition is equally a high risk.

Damn if you do, damn if you don't. Regretably.

It would be uplifting in confidence if the Chairman/Executives of the developers have met and discussed the funding with the Morrocon goverment - and the public informed of it.

 

[JeanM]

Why not a meeting with buyers

I remain surprised that the Oasis directors (Mrss North) have not called a buyers meeting (both in person and with remote web conferencing tools) to discuss the matter, and possibly find a financing solution with the owners against proper counterparts and guarantees towards the completion of the project. I still want to believe that the Palms villas will exist some day, as it is/was part of my retirement plan, and years are passing by.

Daktari.

I'm not an Oasis investor but I am a Saidia investor (The Greens).
At the moment I think the Saidia developers are still in business - in survival mode most likely.

If they progress with construction work they start to spend money that maybe they don't have, and potentially get themselves into debt.

If they complete the construction, then to get the bulk of the money they have to ensure all their buyers can complete. The probability is that there is a percentage of buyers who cannot complete. Of those that can complete, many will be looking for anyway they can to reduce the costs (and improve their investment in these difficult times).

If they do nothing, and wait for the economy, exchange rates, etc to improve then this is the lowest risk option.

No it doesn't suit us buyers as they have our money, and we can't get it back. Taking legal action to recover the deposits is a further investment for the buyer, and most likely, the developer will only pay at the court steps, or potentially go out of business.

So the tactic is sit and wait. If things improve then great.

 

[JeanM]

Meeting with the King and also the buyers

Your point about a meeting with Moroccan authorities and the King is valid. However I believe in parallel, the Oasis developers (Mrss North) should also meet with the buyers. Instead of perpetually looking for financing from banks, they could possibly find arrangements with the buyers, against proper guarantees and counterparts. Showing that commitment could also help getting a further guarantee from the authorities/King. At the end, the true risk takers at this moment are the owners who put money and hope on the table, at the same time they are linked to Morocco for the long term. So they should be part of the negotiation more directly.

Mr Ri
If I was a developer, my call would be a meeting with the Morrocon authority and perhaps involve the King to provide some kind of rescue funds. Look at the banking rescue all over the world. Also, Dubai Palm project being injected with Abu Dhabi money.

The requirements for these projects in Morroco would be significantly less in financial terms.
I would imagine that Morrocon VAT increase could be negotiated with that goverment (UK had a temporary reduction in VAT - currently until Jan 2010). My point is that the developers need to negotiate all that with the King as it is his ambition which is at stake.

Yes, the developers, investors and the constructors are a victim of the economic crisis. Thats a fact anywhere. But the confidence not generated by the developers project managent is in question.

I have read elsewhere that the King is not quite impressed with some developers... so I guess it would be a negative for the King to intervene with the funding!!

Your earlier point that '...the developers have our money and we can't get it back...' also your point that '... the lowest risk option is to wait it out...'

I am concerned that the developers may fold and therefore this opition is equally a high risk.

Damn if you do, damn if you don't. Regretably.

It would be uplifting in confidence if the Chairman/Executives of the developers have met and discussed the funding with the Morrocon goverment - and the public informed of it.

 

[Genesiswalker]

A post from http://groups.google.ie/group/oasisbeachgolf forum

We agree that as usual we have been waiting far too long for answers
and again with many broken deadlines.

We suggest we ask the North Brothers for:
1. A final expected date for the answer on the funding from the
Swiss bank.
2. A scheduled meeting/conference call with investors to discuss
the way forward whatever the outcome from the Swiss bank.
3. If the project is continuing what they are going to do to
deliver the remainder of the project in a timely way.

We would like to participate in a meeting or conference call as
suggested by Jean M, if there is enough interest from other investors.

If we put a positive spin on this the North brothers are inexperienced
at running the business and handling investor relations, therefore it
would be best all round if they would consult widely both with
investors, the King and Moroccan authorities canvassing support for a
solution that would benefit everyone concerned.

Does anyone know how to get direct contact with the North brothers?

We look forward to your views and responses.

Kind regards