Alcudia Smir - Kabila, Tangier, Morocco

Alcudia Smir - Kabila, Tangier, Morocco

AP1 - SEAVIEW APARTMENTS NOW AVAILABLE

Being constructed over 0.5m sq. m. of prime beach front land, this fabulous complex will consist of residential units, commercial units, restaurants and bars - making it a hub of activity and therefore an extremely good rental investment. The whole resort also has golf on-site and comes with bank guarantees.

It is being constructed and developed by Fadesa, a major International developer and the largest developer in Spain, and offers excellent value for money. The popularity of this resort was evident with the first phase of the project being completely sold out prior to official release.

The opportunity
All apartments on the first phase of this development were fully reserved prior to launch at the end of last year. However, Investors Provident has managed to secure 20 units from that phase from a large investor exclusively for our clients. The developers have release of the project will be launched within two or three months with an increase of at least 30% on the original prices. Therefore, investors purchasing any of these 20 units now will see an instant equity of around 15% on their investment.

Combined with outstanding location, excellent infrastructure, tourism in the surrounding area, bank guarantees, Alcudia Smir is one of the best investment opportunities in Morocco today.

Location
Alcudia Smir is located on the Mediterranean coast, just 15 minutes from the Spanish enclave of Ceuta and its international airport. It is also 20km from Tetouan and 50 km from Tangier. The pretty village of Chefchaouan with its stunning waterfalls is also located nearby.

The area is extremely popular due to its proximity to the Tangier Royal Golf Club and the Royal Golf Club of Cabo Negro, as well as both Tangiers and Tétouan airports and the ferry and hydrofoil ports in Tangiers.

Payment plan
At Alcudia Smir payment plan can be broken down as follows:

• 10% deposit
• 18% in 3 months
• 8% in Dec 07
• 8% in Mar 08
• 56% upon completion

Bank guarantees
One of the main attractions for investors is the availability of bank guarantees on this project. As our due diligence has shown, bank guarantees are extremely rare in Morocco due to the lack of national legislation, so the added security of an investment at Alcudia Smir, is likely to appeal to a broad spectrum of clients. Outside of the government backed 'Kings Resorts' such as Mediterrania Saidia, we are recommending this project more than any other due to this added security factor.

Finance options
Although the mortgage market is relatively new, finance on this project will be available upon completion (subject to status). This will be approx 70% of the valuation price and interest rates are likely to be around 6 – 6.5%.

Reservations
Due to the high levels of interest in this project, we will be taking reservation deposits on a first come basis. Investors can reserve a unit for £1,000 (non refundable), followed by the payment plan above.

Key facts

• Prices from £64,000
• Completion June 2008
• Unit types 2 and 3 bed apartments

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