Warning: Zafarana Beach Resort

[soulje]

Hello Lee,

We are the legitimate owners of an apartment on what was Zafarana Beach Resort, but is now days called El Hayah Beach Resort, in Zafarana, Egypt. We bought the apartment in 2006 from IPI, who did not give us our purchase, while it was standing there, ready to use, for already a couple of years. We became more than tired from waiting for IPI to deliver. So we asked EMR to hand over the apartment to us. In return we did have to pay EMR our share of the amount of money they lost on IPI and they need to finish of the resort. We did not purchase the apartment again. For the last year we are finally the legitimate owners.There are more European owners now, who also became tired of waiting and did not have any faith in IPI. The building period in the contracts was only 12 months. In the meantime more than 6 years past..... EMR finishes the apartments and the resort very nicely and untill now to everybodys satisfaction.

[Dawnied]

Hi
I've just found this posting and am interested to hear if you are one of the Italian investors who bought from IPS and are now dealing with GIC? Is it true that your money never reached the escrow account? So many rumours flying about - it would be interested to speak to someone from the Italian side.

Originally Posted by denisj77

Hy Sam,
I'm a Italian Investor in Marsa Alam Beach Resort Phase 2 ( IPI Group )
Have you got Info? Can You help me? Here in Italy , the principal seller of IPI Project (IPS) , addressed all of us investors in mabr to start a law suit with a Lower Company in Amsterdam (Boekel de Nerèe).
My-Email: [
Thanks

[river_traveler]

Originally Posted by Sam

For anybody who has either bought in this project or thinking to buy in this project, please be aware that a Dutch company known as IPI has been ILLEGALLY selling this project. The legitimate Egyptian developers have already established a court case against them.

For anybody who may be affected by this you may contact me for further information.

For anybody buying any property in Egypt please be aware of non-Egyptian representatives, especially agents marketing the project, signing the contract. They almost never have the authority to do so and a lot of people have lost money this way.

Thank you for warning!

[leeroberts]

Originally Posted by soulje

Hello Lee,

We are the legitimate owners of an apartment on what was Zafarana Beach Resort, but is now days called El Hayah Beach Resort, in Zafarana, Egypt. We bought the apartment in 2006 from IPI, who did not give us our purchase, while it was standing there, ready to use, for already a couple of years. We became more than tired from waiting for IPI to deliver. So we asked EMR to hand over the apartment to us. In return we did have to pay EMR our share of the amount of money they lost on IPI and they need to finish of the resort. We did not purchase the apartment again. For the last year we are finally the legitimate owners.There are more European owners now, who also became tired of waiting and did not have any faith in IPI. The building period in the contracts was only 12 months. In the meantime more than 6 years past..... EMR finishes the apartments and the resort very nicely and untill now to everybodys satisfaction.

Hi
The court case in Holland has told allot, it seems that people that repaid for their apartments from EMR (gotten new contracts etc.) will also lose out if IPI go under - as these new contracts are not safe - you need to get in contact with one of the steering groups - to get the wording - but IPI themselves have stated this now, after the court case!!!

Looks like we are all back in this together even the people that have repaid\over paid for their apartment.

[leeroberts]

Originally Posted by soulje

Hi Maiden, my reply to Gary has nothing to do with business deals or something like it. I am an owner of an apartment on The Zafarana resort, and just wondered if anyone could be helpful to him and maybe others in any way.

Hi Soulje
The court case in Holland has told allot, it seems that people that repaid for their apartments from EMR (gotten new contracts etc.) will also lose out if IPI go under - as these new contracts are not safe - you need to get in contact with one of the steering groups - to get the wording - but IPI themselves have stated this now, after the court case!!!

Looks like we are all back in this together even the people that have repaid\over paid for their apartment.

[realinvestor]

Originally Posted by leeroberts

Hi
The court case in Holland has told allot, it seems that people that repaid for their apartments from EMR (gotten new contracts etc.) will also lose out if IPI go under - as these new contracts are not safe - you need to get in contact with one of the steering groups - to get the wording - but IPI themselves have stated this now, after the court case!!!

Looks like we are all back in this together even the people that have repaid\over paid for their apartment.

Investors who paid more to EMR to get their apartments completed and become legal owners have nothing to fear. I know of three investors who have done extensive due diligence via a variety of Egyptian lawyers and all the guidance is the same. EMR is the legitimate owner of the land and the resort itself and as long as the process is done via the courts it is not only legitimate but legally empowers investors to secure their property under Egyptian law. Even in the worst case scenario of EMR going under, they will still be the owners of the unit. Anyone who states that the new contracts between EMR and the investors are not safe has virtually no idea of the process of ownership in Egypt and are misleading investors as they are associated with IPI. The court case in Netherlands was explicit in that IPI is now liable to pay all investors both for accrued rent and for delivery of apartments. Anyone who is left singing for IPI is now singing their song in the depths of the IPI grave.

[Lisajayne1]

Please can someone help!! This is my 1st time to a forum! We brought an apartment in MABR 21/2 years ago and have been burying our head in the sand & praying it will all come good in the end!!
A few months ago we were awaiting new investors & once again stupidly I hoped this was true
Now I am not getting replies to my emails & searched for IPI site but came across this forum.
Please please please can someone help me as to what is actually happening & where we stand with IPI & the escrow accounts?
I am so overwhelmed by what I have just read on the forum that I really could use some advise from someone who is unto date with what is happening

[Eco-Mariner]

Please note: Marsa Alam Beach Resort posts has its own thread.

Zafarana was originally a partnership with IPI however the two projects have totally different issues. That's why many investors are getting confused.


Eco-Mariner.
p.m. me if anyone needs updates.

[siamoricat]

Hi, I am an investor with MABR and in communication with around 70 other investors. We are looking to start legal action and are interested to know the outcome of the Zafarana situation. Could anyone please advise the outcome. Also who the lawyers were? We are at the stage of looking for reputable lawyers.

[soulje]

Hi Siamoricat, you can read about what happened with the Zafarana project in the article "Expats ripped off buying property in Egypt, on expatmoneywatch