MAC101
Well done getting the site up and running so quickly. It will be great seeing how it all progreses.

Thanks alot
Foody

Mac101. Excellant,just what we need.
Applegate, As you have been and are on section B, in your opinion would it be better overlooking the villas (hopefully a lot higher) but closer to the beach, or in section D or E Further from the beach but nothing in front. Anybody else's opinion? please. we go out in a weeks time, so if anyone wants me to ask or look for anything? I dont want to go and just look at a beautiful setting, and forget the nitty gritty. (Being a female) I shall probably say.Ahhhh. and forget the important things!

quote:

Originally posted by Charlie clark:
Hello applegate,

Thanks for the great update you seem to have got a lot more info about the site then anyone else.

can you please give us the details of the agent you bought from ?

As i may use the same one, as it will be my first investment overseas.

Thanks in advance.

Hi Charlie Clark,

I am with Property Borders but if i were you, I would maybe consider doing it direct with Prestige Properties as they are the developpers. No complaints about Property Borders though, they have been nice and useful so far.

Hi all

applegate - Thanks for the pictures they are great. This is just what we need for the site to be worthwile, they are on the site now for everyone to view - www.pbgr.co.uk
If anyone has anything for the site please send to mac101@pbgr.co.uk

Thanks applegate.

I spoke with mustapha at property borders today.

He was very nice and gave me a lot of advice on investing
in morocco i fink it helps him being moroccan.

as this will be my first investment i do not want to get my
hands burnt.

What is closer to Paradise beach asilah town or tangier ?

Tangier is, I think closer (15 km) and Asilah is about 25 kms away (if I remember well!). But as there are more traffic in the outskirts of Tangier it probably takes longer to reach central Tangier than Asilah.

I was told by Property Borders yesterday that full planning permission and bank guarantees were not final as yet.

Hmm
we are getting differing reports on planning permission and bank guarantees. I am going over there this Monday(19th). Whatever they tell me I will ask to see some evidence, or at least put it in writing. I suspect they are not in place yet because there has been no price increase

Has anyone worked out the rental returns for these developments ,there is a 13.5% property tax on rentable value of your property ,10% bin charges,then surely with smimming pools etc he management charge will be steep,then whatever you pay the rental company,then mortgage interest. Is everyboby just hoping for a quick sale within the first 5 years

mac101, we were told by Prestige Uk that Prestige in Spain hold the confirmation from the Moroccan govt re planning permission.

Your agent meeting you in Spain should be able to get hold of this proof.

Hi all

rf123 - I will see if they will do me a copy or at least put it formally in a letter.
capall - yes you are correct, there will be plenty to pay out, but it will easily pay for itself with good occupancy e.g.~85% through season. The trick will be to use several rental agencies. The most profitable bookings will be direct bookings, www.pbgr.co.uk will track the development of the site for the next 2 years but then if all goes well it will become a brochure site for the resort, offering bookings and payment on line for any member who has property there agency fee free, just a small administrative charge to cover the merchant banking charges.

This is an email I received from my agent yesterday. Thougth I would share it with you and get your thoughts.
------
I have received the following update this morning from Prestige. I have asked Prestige for confirmation that you will receive something in writing regarding bank guarantees and planning permission. It will be in the contracts.

There is now an agreement for a Bank Guarantee with Banco Popular for Paradise Golf & Beach Resort.

The contracted builders are CDG a government owned company, with over 3,000 employees; they constructed over 50,000 abodes last year alone.

As the project is a government backed development the land is zoned for tourist construction. Preliminary licences are in already in place and construction has been scheduled to commence July/August 2006.

Prestige Properties Overseas S.L have the same directors as Prestige Properties Overseas Ltd. Also the same directors are the developers of Paradise Golf & Beach Resort. The name on the contract will not be Prestige. Prestige Properties Overseas S.L are currently working on a developer website which will be released within the next couple of weeks, there clients will be able to view other developments undertaken by the same directors then.

Prestige and Palmera have only the connection of associates. Prestige Properties contracts other estate agencies to market their product. Palmera and IPL are only 2 of around 20 UK and Spanish Estate agents that have been licenced by Prestige to market their Paradise Golf & Beach development.

Prestige are a member of IPADA International Property Agents and Dealers Association and abide by their code of practices.

Palmera Properties Ltd. was also a member of IPADA and worked as associate agents for Palmera Properties S.L. (which wasn’t a member) and seems to be the company with the bad press.

The directors of Palmera Properties Ltd or Prestige properties have never been directors of Palmera Properties S.L., only associates.

Prestige has not changed names due to any debt. This was due only to change in directorship. Internal company changes to directorship and subsequently company name are common and legitimate.

has any one else checked out the price rises on the www.buyingmoroccanproperty.com/forum. It seems they wil go up by up to 30% on Wednesday 21st.
Also there is interesting information on the bank guarantees for pgbr? It seems it is Barclays (UK) putting up the guarantee.
Check it out and let me know your comments.
Foody

Hi guys

Have a look at the buying moroccan prop web site... Just seen 14% VAT going on all properties at Paradise beach!!!! just checked with my agent and they confirmed this, have a look and see what casablanca property has said.
This gets worse by the bloody minute, i think we will think again, just as things was beginning to look good...

Hi all (In short)
Just had a long chat with Simon from Casablanca props.
The 14% hike is shared with the developer so only 7%. Also this 7% is part of the initial 5-10% extra budget that was recomended so stamp duty etc is all done in the 7%. So as I understand it we are only 2% above budget---? I think.

Hi

Yea Simons phone must be red hot, I had the same conversation. When i read about the 14% vat, I assumed it was on top of the 5% or 10%. It it still yet another bad point, first things look ok then there is the bad then the good then the bad etc etc...........wot next?

Hi all,

mac101 - great website! Your idea of putting on our apartment rental announcements is a great idea. Would like to speak nearer the time re possible collaboration re my proposed website purely for rentals.
When you go next week (and phoenis too), can you ask for a photocopy of the planning permission?( even if not in english) - I'm afraid I've learned not to trust agents or developers assurances, even in an "official" letter.
I'd also be very interested to find out what appears on your aerial photo and looks like an airfield, and how close it is. It can't be Tangier Airport, as apparently that has been timed as being 14 minutes away by car. Is it a private airstrip? A military airfield? - I hope not!
Any further info will be very welcome next week.
To all those going out - have a good trip!

I have just been reading all your wonderful plans to move to Morroco and I think that is great but what worries me is that you are using Prestige Properties/ known as Palamera Properties and other names they go by. be warned read some forums such as Eye on Spain and other, people are having trouble with them, bank Guarentees are not forth comming, say you have to contact the developer yourself, reassured that planning licience in place when it is not even after three years of building having gone on. I could go on and on this is not sour grapes as things have gone wrong for me and a whole lot of others who are now trying to get money back of this companyas we have waited three years for completion, others who have completed have no water and no electricty, all PP say is that it is the developers fault they pass the buck all the time. Be aware that estate agents in spain do not come under regulations in Uk as we have tried it as they sell property through estate eagents in Uk.

BEWARNED

c4pete
Yes that is Tangiers airport, dont be fooled by the scale. It looks like it is just a few hundred feet away but infact its miles. I will tell you exactly how far when I get back. Oh about the website please Email me at mac101@pbgr.co.uk. If there is one thing I will do on Tuesday is ask for a copy of the planning licence.
Thanks bubbles_1 for this information, I will ask a few more questions while I am out there. Everything will be on the website when In get back.

Hi, I'm new to the site and have enjoyed reading the remarks about PBGR and accessing mac101's site designated to it.

PBGR sounds good but I can't find Prestige Properties website - at least not anything that mentions Morocco. If I buy into this development I'd like to do it direct rather than through an agent (with extra expense that occurs.) Does anyone have a website / contact number for Premier Properties?

Pulse:- Thanks, will undertake due dilligence checks with all developments that interest me.

Soup Dragon,

Check out prestigepropertiesoverseas.co.uk

It has been confirmed by two different sources that Prestige Properties Overseas Spain are the developers for PBGR. You will find their details on the website.

Good luck with your investment.

quote:

Originally posted by The Soup Dragon:
Hi, I'm new to the site and have enjoyed reading the remarks about PBGR and accessing mac101's site designated to it.

PBGR sounds good but I can't find Prestige Properties website - at least not anything that mentions Morocco. If I buy into this development I'd like to do it direct rather than through an agent (with extra expense that occurs.) Does anyone have a website / contact number for Premier Properties?

Pulse:- Thanks, will undertake due dilligence checks with all developments that interest me.

Plenty of big developers such as Fadesa have property starting at 70000 euros, so for those fretting over unproffesional treatment experienced, it might be worth revisiting your options.

When it comes to handing over hard earned money just think about who exactly you are giving it to. How do you know the owners new manipulative girlfreind is'nt spending those deposits the minute they hit the Bank account? These things really do happen.

Good luck

Thanks Thorr and rf123.

I had hoped I could avoid the £3k agency fees if I were to buy into this development. Pity.

If anyone knows of any lodges run by Brits in Tangier/Saidia/Fez area I'd like to get contact details. Especially if you found them helpful when it came to your house hunting.

Thanks in advance.

Hi all
Got back from my inspection trip early last night and have information to pass on. Firstly Prestige are still waiting for the go ahead to start preparing the ground for the build, and the bank guarantees are still pending, but guarantees seem less of a problem than the building permissions. Luke seemed to think they would have some good news this week, my driver thought it would be more likely next week. Luke indicated that there could be a situation where the bank guarantees were in place but sill no rubber stamp on building permissions and contracts will be issued. I believe that Prestige are acting with the best intentions, but even so the business side of me says don’t sign until building consent has been granted. Prestige have already had the rug pulled from under them with land to the south which they were hoping to obtain but suddenly went to Emaar. PBGR is much more in the bag but let’s wait for permissions to be fully granted.
Luke didn’t want to speak out of turn about building permission which is fair enough, so he promised me that the secretary would send an Email with the current situation. No doubt when building permissions are passed Prestige will be shouting it from the roof tops, wait until Prestige announce this don’t get confused by other reports.
Other interesting bits
1. Phase1(villas A,B,C,D,E and F) will be completed in 2 years the rest in three, so there will be a lot of building work in the third year.
2. Property will be Freehold.
3. Parking will be by the side or nearby, maybe underground.
4. Builders at the moment for phase1 are CDG as used be Emaar for their build
www.pbgr.co.uk has been updated with lots of interesting video footage. Please let me know your thoughts. I am still of the opinion that PBGR is a golden opportunity for investment. But I for one have to have proof of building permissions.