Prestigia

[1frenchy]

I come back on this forum l to inform you about the situation in Alcudiasmir Resorts.
First it was Fadesa Spain is to succeed:
1-Fadesa Maroc
2-The residences du soleil
3-golden Sands
4-GFM
5-Excellia
And now it is
6-Prestigia
how many time they change name
After some succession, I hope that our investment will be nice
Deserving appelation of a resort

[riaz]

I just hope they don't downgrade Prestigia to the Excelia standard! So have they taken down all the Excelia flags around the development and replaced them with Prestigia?

[Al Aqariya]

Hi Frenchy nice to hear from you,

This is interesting, because they can change names and management, but the problem is that alcudia smir is still a joint venture between the spanish and morocans. But Prestigia on the other hand is a recently created branch by addoha (100% addoha company) for the top-end. Does this mean that Fadesa Maroc becomes 100% daughter of addoha?
The actual situation is that Addoha has 50% stake in Fadesa Maroc Group (now Excelia) and 50% is still in hands of Martinsa Fadesa. In the Fadesa Maroc Group there are different subcompanies developping the different projects eg. Residences du soleil for alcudia smir, Optim Inmobiliere and Citaf (since oktober 2008 100% subsidiaries of Addoha) developing in Marakesh and saidia

The capital increase, bond issue in summer 2010 of $300 mln by addoha went to repay addoha debt, social housing programs and to speed up developments of prestigia. None of the capital went to Fadesa Maroc.

Anyway with this info and want to adress that the problem is that it is still not fully in hands of the moroccans and there can be issues on management level. Funding of Fadesa Maroc is also a curiosity if you imagine that the projections of return on sales on the different fadesa projects are not met. eg. alcudia smir hotel not sold develpment of AP-8/9/10 and v-3 is on hold so the projected ROI targets are not realised, same goes for Saidia projects. Above all the speed of building progress is also not encouraging. They blame it on rainfall but i think it is also liquidity issues.

It would be good news if it became fully addoha/prestigia brand then it could maybe benefit and they would really care about image because Prestigia is created by the morocans themselves.

My source for all this info/analyses is google.
I spoke with the office and they decline delay due to liquidity or mangement issues with Martinsa fadesa.
They say it is rainfall and issues with subcontractor?

Anyway i'm patiently waiting because i have no other option, in the end addoha also wants to saveguard her investment in fadesa, cancelation is no option for me as you have to wait for resale so i prefer waiting for completion

[VAF]

Frenchy , how do you know , excelia is renamed prestigia ?

From what I know Prestigia is 100 % Addoha and excelia is 50 % Addoha.

Al Aqariya, do you know the new completion date on AP2,AP4,AP5 & AP7 ?


Regards

[riaz]

Addoha would not want to taint the image of Prestigia and so I think there must be more behind this. Presigia is a very good brand. AP 1 is improving all the time, and as you know, the location is fantastic. The Ritz have a projected image of their development, looking good.

[mcneilee]

The management top to bottom needs to go .If morocco really wants to grow its economy it needs to cut taxes.

[1frenchy]

No matter the name provided it has good people

I had a lot of damage last year that I completely repaired.
Now as this year we had a lot of rain is the problem that affected income apartments unoccupied.
as I find myself next to a closed I receive the leakage through walls

Fadesa is trying to push us to be the trustee for getting rid of old problems, we do not want the trustee until the problems are not solved.

[sabrina]

Hello Frenchy,

How has the rain entered the unoccupied apartment next to yours? I though Excelia had waterproofed all AP 1 blocks last year? How did the water get into the apartment next to yours and what do they need to do to make sure this does not reoccur?

Sabrina

[1frenchy]

Hello Sabrina

The rain entered the unoccupied apartment next to me throught the separation wall wich is in the solarium
Fadesa is treated soil and terrace,but not the walls on the top.
in the future,this problem may infect the neighbors.

But you Sabrina you should be o.k. as you are located.

Remember

the one-year warranty covers defects apparent
but when those same flaws are repeated it becomes a 10-year warranty.

Regards

[sabrina]

Hi Frenchy,

I hope the Prestigia group fix all these problems soon. Addoha needs to invest some money into resolving all the problems associated with AP 1. The Prestigia group will be no better than Excelia unless Addoha spend money and time checking plumbing and fixing problems.

Sabrina