Tanjah contracts!!

[mandynewton]

OK! Anyone here who has the same grievances as I do!!! I've waited really long for contracts on this development. Things have changed along the way, unit numbers have been reassigned, payment plans have changed, and now the developers just keep fobbing me off!! We're not getting this for free you know....we ARE paying money!!

It's getting to a point where I'm thinking of just calling it quits and letting go of my money.......AAAARRRRGGGGHHHH!!!

Sorry, but its just so frustrating.

anyone have any more updates on the tanjah contracts? Will we ever get it?

Mandy

 

[moroccomania]

Let it all out mandy.......I know exactly where you're coming from. I'd say just be glad that this s* has happened before you signed contracts!! :deal:

If it happened after and there were delays, you'd be in a much bigger soup!! Coming back to the point, the last I heard from them was they were going to send it out in the next few weeks.......yes, we've heard it b4, but clients also do have the choice of pulling out and getting their money back...

may be you should consider that??

 

[mandynewton]

It's not about just getting your money back and calling it quits. For a start, they've had my money for months with the view that contracts will be out next week.....next week.....next week......Come on!

A decent level of customer service with some prudence is not a lot to expect from developers is it??......hmmm....or is it?

 

[moroccomania]

Hi Mandy

I'm sure you know by now, but here it is anyway. Prices have gone up by 30% and the building license has been granted. So I guess you should be a happier bunny now!

hehe.....

 

[imported_manisha]

Hiya everyone,

I’ve looked into this project and thought I would add my comments for all to see.

From all my research (and I've done a lot),I have concluded that Dreamworld are not the developer but the master agent. Obviously they have never made this clear, as a lot of people have asked the same question in several places.

Although I have not bought here, it looks like this company have already had their fair share of problems, and I would stay well away!! Apparently, it’s been over a year since they started marketing the development and have a lot of frustrated buyers on their hands. It looks like everyone has been waiting for the developer to get their building licences and authorisation documents from the Moroccan government, which they only seem to have got a few weeks ago - well, at least that’s what they’re claiming on their website.

Also, initial purchasers were promised an option to buy their apartments using an exchange bond. A newish scheme where buyers don’t need to provide the 25% cash deposit required by Dreamworld. Instead, an exchange bond insurance scheme is set up to cover a deposit of the 25%. The exchange bond therefore was to replace the cash deposit required initially and tied up until completion. At completion of the contract, the buyer will supposedly pay the 100% of the purchase price to Dreamworld and the exchange bond expires without liability.

Unfortunately, like a lot of the promises made by Dreamworld, this is now not going ahead!!! Instead, it seems they have fallen out with the company offering the exchange bond and have had to resort to a new payment plan. From my discussions with a local agent it has now become a 12% deposit followed by the remaining 13% (total of 25%) payable over the build period. Still attractive, but the question I ask is why offer the exchange bond in the first place if it can’t be fulfilled?? Surely, Dreamworld discussed all viable options with the exchange bond company before the first marketing push… Obviously not!

They also organised an inspection several months ago and the feedback from those that went on the trip was that it was poorly organised and to put it bluntly, a shambles.

To put the icing on the cake, after months and months of delays and unfulfilled promises, purchasers were finally promised a welcome pack and preliminary contracts last month. It seems that there are now further delays and the latest timeframe for this information to go out to purchasers is sometime in Dec 2007. From all the stuff I’ve read on other forums and discussion I’ve had with a few agents marketing the project, this company really haven’t got a clue what their doing. If you have already purchased here, I would seriously request a refund. There are lots of excellent projects currently available in the areas including the new Al Houara project and soon to be released Emaars, Tinja.

The latest word is that in order to salvage the situation, they have increased the prices by 30 – 40% and at present no longer selling Tanjah until they get themselves organised… What a joke.......

 

[moroccomania]

Hi Manisha

For someone who hasn't bought into the project, you surely have done a lot of research. Well done! I guess that's why you ended up not buying in, I guess.

Everything you've said here is correct. Everytime we have tried to contact dreamworld and get an idea of when the contracts / welcome packs are going to be sent out, we have always been told in the next week or two. I believe we have been hearing this for over 3-4 months now! And their two weeks are still not up!!!!

I think dreamworld have been too hasty in launching this development and as a result, shot themselves in the foot big time. A bit more due diligence and planning would have saved them so much hassle and boosted investor confidence as well.

I agree with manisha though that those who have already bought into it should seriously consider a refund and move on to other projects. I'm not sure about tinja as an alternative though as the prices seem quite high, but nevertheless, at this stage, anything will be better than dreamworld's legoland developments!

 

[imported_manisha]

Hello moroccomania,

I’ve been following Morocco for about a year now and have already invested in 2 properties during this time. I think the country has a lot to offer in terms of holiday ownership and long term investment. Of course, before I jumped into any of these projects, I made sure I did my research. I may not have bought on this project, but I was very keen at one point, so have followed it for about 7 months. I was on the verge of reserving, but got really put off when a spoke to a few agents and followed the various threads on other forums. Visually,the site looks amazing, but I’m not convinced of Dreamworlds capability to deliver. Have you actually delt with Dreamwold? I have only spoken to them once and they were helpful ,but directed me to one of their agents for detailed info!

At the moment I own an apartment on the Fedesa project in Alcudia Smir and a H type villa on the Oasis Beach and Golf Resort in Saidia...

 

[moroccomania]

Without going into details, lets just say that the number of times ive dealt with them and spoken to them, i might as well write an autobiograhpy on them!!

I don't blame you for having decided to go elsewhere. Dreamworld have been so incompetent, its unbelievable. Getting accurate information from them has been a constant issue. Their timelines have never been met. And now they and increase prices! At this present time, they are probably one of the worst developers/agents marketing moroccan projects.

Now, having said that, the projects they have are actually quite good. If you leave aside the fact that the company is shit, the projects are definitely worth investing in. The investment returns on their tanjah project, i believe, could be really good, and people who have invested in it (and have had the patience and nerve to wait it out!) will surely benefit.

Their el oasis de marrakech project also looks really good. If they just sort out their admin, they could be one of the better companies on the market today. They have been too ahead of themselves and now that they are raking in the money, they seem to be slacking off quite a lot. But from the last conversation with them, they are trying hard to sort things out. At the end of the day, they don't want to lose clients and fail as a company. They are in the business to sell and make money, and that's what they are aiming to do.

So given some more time, I think they will sort their issues out and get on track. Lets just hope its sooner rather than later....im not sure how much patience investors will have!

 

[moroccomania]

By the way, the last I heard from them was another 2 weeks for the contracts - this was a couple of days ago. Also I heard on the grapevine that one of their inhouse sales agent has left out of frustration. I do wish them good luck!!!! They are sure to need it.

 

[Lee Filkins]

Apart from Manisha's finding, buyers should know that GILMAR the developers iof Tanjah is the son of late JESUS GIL the corroupt ex Mayor of Marbella.

The present problems in Costa del Sol in terms of bribery, building without planning permission, excessive building i.e. more than planning permission, building on proptected land etc all stems from his doing during the period when he was the Mayor.

Gilmar was also Mayor of neighbouring town of Estepona and had left problems there but not on the same scale as of Marbella.

In the 80's, Gilmars company was involved in a building collapse outside Madrid in which I beleived a few people died

I understand that Gilmar is working with Moroccan partners and/or set up a new company in Morocco for the Tanjah project.

 

[moroccomania]

Great input camel and welcome to the discussion. With this added info (which, by the way, is quite worrying),what does that mean for the tanjah project? I presume that is one of the reasons why contracts are taking their sweet time - may be planning permission is the underlying issue?

It's also worrying because when a project is launched, all an investor sees is the glossies on teh front from the agents marketing them. No one is really aware of the underlying developers and their financial background. With investor money in their pocket, anything could happen during the build time (we hope not!) - but there is no surefire way to ensure the success of the build and as most projects in morocco are currently under construction, it will be another 12-18 months before anything solid can be established.

Let's just hope that tanjah is just a small percentage in the large pool of developments.

MM

 

[imported_manisha]

Camel, now that’s interesting! If Gillmar are not trust worthy then what trust can one put in Dreamworld?

I called them yesterday to see if any penthouses had come back on the market after the price increase (just to see if I could get one at the old price hehehe...) and was told that there was none available and that I would need to call back in a week or two…I did mention to the lady I spoke to that I had a previously dealt with one of her colleagues, Ifran, who had been helpful… she very much tried to stray me away from the subject and told me that due to unforeseen circumstances Ifran was no longer with the company.

Well, i think i've had enough and am now washing my hands of this project and am starting to look elsewhere, in particualr at Port Lixus in more detail…. CU.

 

[Lee Filkins]

Planning delays are a serious issues and to be fair to "Tangah" a lot of developers are in the same boat.

Its a developers ideal senario that they can sell every unit before a brick is laid. A lot of developers in order to steal a march on the competitor are doing this in Morocco. Personally I feel that this is counter productive and fatige sets in and the prospective buyers in practise find it difficult to get their money back and the bad taste sets in.

Finally if than the unit/s that they expected to acquire do not come up to their expectation its become a bit of a downer. I am pretty certain that some of the projects in Morocco will fall short of promises made before the money was parted from the future buyers.

By Moroccan law as I understand a guarantee must be at hand before a deposit reservation is paid. The Banks will not extend guarantee until 40% of the project funds are offered. As the developers are not willing to put this money up front they, try and obtain from our contract or as much as they can to acheive the 40%.

If you are not a gambling person than you should just walk away and do not fall for the so called pre launch prices irrespective of the development/per.

 

[mandynewton]

Hi manisha,

I've dealt with Ifran before and although he's a nice guy, I'd like to know where he is now and give him a nice whacking......the frustration and headache this has caused me, I wonder why I even considered this in the first place....

 

[SCAFF]

Hi all and hope you are all well. I have been reading through this thread with interest although i usually post on another forum regarding Tanjah. Found a lot of posts very negative although I'm sure you all have good reason. I reserved a pent house about a year ago with the thinking that this would be a great investment and nothing for me has changed, granted things have been a bit slow but things very seldom go to plan with this sort of investment especially when reserving pre licence you normally would expect a bit of a delay and other problems and that is why the returns are much greater than off plan. For the initial small reservation outlay you could not really say that there was any great risk taken, at any time you could get your reservation fee back , i assume with out to much trouble. For all those who stuck with it congratulations , in my opinion you made the correct choice as far as i am aware contracts will be out within the next two to four weeks. I have sent my fees on to FD so i would expect contracts soon. As for those who did not , if it didn't fell right for you then you probably also made the right decision as always there are plenty more fish in the sea.
Good luck to all.
Stephen.

 

[mandynewton]

Hey stephen,

Your comments are very straightforward and to the point, which I agree with. I also agree with the fact that reservation fees are refundable and you can pull out at any stage..... Whilst I agree with you about the investment angle, I still have my reservations about the overall credibility of the developer / agent Dreamworld and their capability to deliver on the project.

The issue is about service and response rather than investment value....if today they have been so unresponsive and un-customer-like, I'm not sure what's going to happen as the development goes along and they have hundreds of customers. Even though it may be good as an investment, sometimes you have to look at the bigger picture and the customer service levels offered by the company.

Shoddy customer service instils no confidence and makes you wonder what the future holds for the development.

No offence to anyone......

 

[SCAFF]

Hi mandy, as far as dreamworld are concerned we can only hope that they learn by the past and by reading comment's like these on various forums. At the end of the day they are in business to make money and if they have any sence and i'm sure they must have some then things will change. As for the developer Gillmar only hold a 30% share Addoah are the main developer and do have a good track record with plenty of experience in Morocco. I think it will take another year to find out if dreamworld have got their act together until then we can only speculate. Are you still in mandy or did you pull out.
Stephen.

 

[Lee Filkins]

Wether its Tangah or other deveopment. You may get your money back. The problem is if than you dont want to proceeed. The prices will move against you.

 

[SCAFF]

Hi Camel, i understand what you are saying and you make a very good point but there is a flip side to all this and that is if foreign property investment was straight forward and without problems then more people would do it making it more difficult for people like us to sell on our investment. Regardless of all the problems that has been mentioned on this and other sites i still have full confidence in this project. But i do understand that if someone was making their first overseas investment then the delay could be costly and off putting.
Stephen.

 

[Lee Filkins]

Hi Stephen1:
We make our bed and sleep on it. I however do not fully agree with your fip side theory.
Investment on property should not be a visit to the Casino. People who wants to invest in overseas properties will do so and it does not have to be a gamble.

In, todays time there is so much info for all kind of sources for the buyers to do an indepth due deligence and to learn from other peoples knowledge & experience this forum is a prime example of it.