Tanjah contracts!!

moroccomania · 17-09-07, 04:45 PM

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

manisha · 17-09-07, 05:17 PM

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.

camel · 17-09-07, 08:29 PM

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 · 20-09-07, 03:45 PM

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....

Stephen01 · 22-09-07, 04:49 PM

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 · 22-09-07, 04:58 PM

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......

Stephen01 · 22-09-07, 06:05 PM

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.

camel · 22-09-07, 09:43 PM

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.

Stephen01 · 24-09-07, 05:57 PM

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.

camel · 24-09-07, 07:12 PM

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.

Tanjah contracts!!

Tanjah contracts!!