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Maintenance Fees at Island Residence Club Golden Bay Malta

Cambridgeshire
posts: 1,361
reviews: 34
Maintenance Fees at Island Residence Club Golden Bay Malta

Having previously heard and read of horrendous increases in maintenance fees at other resorts in other countries, I am pleased to say the maintenance fee increases at Azure (Island Residence Club) at Golden Bay, Malta over several years has been very low.

tripadvisor.co.uk/Hotel_Review-g230152-d5738…

I own a 1 bedroom sea view deluxe apartment in platinum season (I know that the maintenance fees are the same no matter what season), but I am pleased to say that over the years the fees have only crept up each year, the following fees are for a week on a 1 bedroom deluxe apartment:-

2010 €529

2011 €539 1.89% increase on previous year

2012 €566 5% increase on previous year

2013 €580 2.47% increase on previous year

So 3 years of increases have amounted to a total of €51 or less than 10%

Wellington, New...
Destination Expert
for Wellington, Bay of Islands
posts: 9,308
reviews: 117
1. Re: Maintenance Fees at Island Residence Club Golden Bay Malta

Sounds like inflation adjustments to me. Does the resort have a sinking fund for major refurbishments or will the owners be levied a special levy when this work is due.

Cambridgeshire
posts: 1,361
reviews: 34
2. Re: Maintenance Fees at Island Residence Club Golden Bay Malta

The building was designed and built to a very high standard as the first function was to host the commonwealth meeting in 2005, this was attended by many heads of state.

There has been and continues to be a program of replacements due to wear and tear and improvements these have all been covered by the maintenance charges. As more units are sold so the total amount of maintenance charges increases and therefore increases the total fund.

Recent maintenance has included the complete redecoration of the main restaurant, this included replacing all the tables and chairs as well as the carpet and drapes. Also all the sofa beds have been replaced in recent years.

Continuing replacement of carpets in various parts of the property and planned and budgeted improvements include replacing all the old style TV’s with new flat screen TV’s with wifi in each room.

There is no need for a sinking fund for major refurbishments as these are covered by the maintenance charges.

Wellington, New...
Destination Expert
for Wellington, Bay of Islands
posts: 9,308
reviews: 117
3. Re: Maintenance Fees at Island Residence Club Golden Bay Malta

Wait until the resort is sold out and there are no developr funds to assist with maintenance and capital expenditure. Then you will see if your maintenance fees are kept as low as they are now. The Developers have a financial interest in keeping the resort pristine in order to get more units sold. Once these are sold they will leave with their money and it will be up to the owners to meet all these costs. For future reference it may be advisable once the final body corporate is established to recommend that a sinking fund be establihed to meet major refurbishment which in the case of this resort will be about 15 years away. By having a sinking fund all current owners pay their share rather than the owners at the time of refurbishment being faced with often large special levies. It costs a little more today but if you are in for the long term less pain downstream. I own at three resorts which have been through or are currently going through this major refurbishment and to our cost it was realised that sinking funds should have been established many years earlier to save us the pain of the often large extra levies.

Cambridgeshire
posts: 1,361
reviews: 34
4. Re: Maintenance Fees at Island Residence Club Golden Bay Malta

It is interesting that the companies that own the development also have permission to develop just a few hundred yards away and the second development is aimed at the very high earners. This development is being delayed due to the recession but they have bought the land and plans are in the final stages.

The timeshare is only to and including the year 2045, it is therefore it is highly unlikely that the owners will want it to deteriorate as they will have full possession in 2046.

Wellington, New...
Destination Expert
for Wellington, Bay of Islands
posts: 9,308
reviews: 117
5. Re: Maintenance Fees at Island Residence Club Golden Bay Malta

When they take ownership that is when you can expect the big money to be spent on refurbishment. Once they have sold your resort their concentration will turn to the new development next door and you as one of the owners will pick up the maintenance costs until handover. This is not a new phenomenon it has been going on for years. Developers start the development, sell it and move on to the next one. In reality you the owners are going to protect the developers interest in the property. They will have sold it at a significant profit, you maintain it for 30 years and they will get it back for free unless there is an agreed compsensation agreement in your purchase contract. Not a bad deal eh?

6. Re: Maintenance Fees at Island Residence Club Golden Bay Malta

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