fadesa

[1frenchy]

Government of Morocco adjudges FADESA two new tourist projects by Mediterranean (MOR/ES)
Tuesday 5 December 2006
The group FADESA has been awarded both summoned competitions by the Morocco government for the development of two tourists resorts at the Mediterranean coast of Morocco, near Titouan.
It concerns a zone who has been recently baptized as 'Tamuda Bay' and which the authorities of Morocco wants to position as an international destination. For that reason, the resorts who will be developing FADESA will have as one of his principal attractives their location, because of their exclusive position at the coast of 'Tamuda Bay', vacacional destination of the royal family and where one of the most important sport ports of the country is situated, Marina Smir.

It concerns two resorts which will be separated by some kilometres.

The first will be located in the surroundings of an extraordinary salad virgin lagoon of 30 hectares, because it is conceived to develop this resort to a referring one of the zone. On a surface of 145 hectares, the Spanish company will develop a high standing hotel of 160 rooms, a spa, a 9-hole golf course, a leisure zone with beach clubs, aquapark and around 1.100 residentials and tourists houses.

The second resort will occupy 84 hectares and will be integrated by a 18-hole golf course, leisure zone, sportcenter, leisure zone and around 1.000 houses, between villages, apartments and rent houses.

Altogether, FADESA will invest more than €324 million in these resorts, impelled by the government with the objective to make of the Moroccan Mediterranean a leading tourist destination. In fact, in this zone, near Titouan, FADESA is already developing []Alcudia Smir,[/] another project with similar characteristics just a few kilometres far away. It concerns a resort integrated by a hotel, leisure zone and more of 2.100 houses.

Ten prestigious companies appeared at the public competition summoned by the Morocco government, and after a selection process of a month, FADESA became the winner.

Source: FADESA

[hello]

hello everyone;

Long time with out a post have been dealing with Fadesa for quite a few months now and I must say the company looks great on paper however once you scratch the surface it is the MOST unprofessional, unorganised and poorly run company I have ever seen. Management does not exist and Kabila is an example of how this company approaches everything in a very slap dash way, manana manana.

They have provided zero marketing and sales material. Unclear on Specs etc. They have gone to market without planning and as a result it has been a mess. On top of this they wanted the most basic and may I add illegal contracts to be signed, and then withdrawn. There are no clear answers from Fadesa.

On top of this Fadesa is planning to increase prices 20% as they have miscalculated their returns (amateurs!). Just because Fadesa needs to make more money does not mean that these apartments (without Air con) are worth anymore. Look at comparable property developments around. This is also not good news as they tell existing customers (who they say- nothing in writing may I add- that they will keep the original prices) as there is so much bad publicity around this development, coupled with can the market support 20% increase, looks nice on paper- what?s the reality?!

Also, bank guarantees need to be asked for as they are not a given. Fadesa is chopping and changing apartments around with villas, how long has it been since deposit cheques were sent???

Finally, on the grapevine, Fadesa is trying to negotiate the sale of over 80% of the development to a SINGLE investor, they wish to off load this turkey! how will the percentage increase been achieved if Fadesa do this? does this down value individual purchasers? Whatever is said Fadesa changes their minds like the wind, a company with zero customer relations run by unprofessional people.

I for one will not be doing business with Fadesa.
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