Dear Maya Residence Investors and Customers,

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We would like to share with you important information regarding the Maya Residence development project. While our aim is always to deliver quality and on time, the construction of our first project in Bali has experienced unexpected delays that have pushed the project's full completion date back by a few months. These delays only directly affect the investors of Maya Phase I, not the villa owners of the entire complex.

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Maya Residence is our first project in Bali. Although we have quickly adapted to the local market, there have been some challenges along the way. We are committed to transparency and take responsibility for these delays, putting our clients' interests first.

We would like to thank you for your trust and assure you that we will compensate any delay in delivery.

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What Was the Reason for Not Staying on Schedule?

Several factors have shaped the current situation. Here are the main reasons for the delay:

• The Main Contractor's Schedule: Although we endorsed the main contractor's proposed schedule and included a buffer, they still failed to meet the deadlines.
• Concrete Wall Construction: Hand-forming the formwork for the precast concrete walls was a surprisingly time-consuming process for us, which stretched construction deadlines significantly.
• Workers' Productivity: Our project was significantly impacted by long smoke and lunch breaks for workers, which significantly reduced the productivity of the workday. Although the third-party supervisor assured us that we were on schedule, this assessment proved to be overly optimistic.
• Cultural and Regional Specificities: The number of holidays and ceremonies in Bali surprised us, especially in March and April, when during Eid Mubarak many workers took a longer holiday of almost five weeks instead of the planned one week. This unexpected situation, with the construction site empty of men, not only led to a significant slowdown in work but also impacted processes already underway.

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Our Response and Your Compensation

We take full responsibility for these delays. No buyer of a Maya Residence has to worry about the completion of their villa. We will pay late fees to affected customers and have contacted each one personally to ensure their satisfaction.

In cooperation with our clients, we have changed our processes to speed up the pace of construction. Clients who have outstanding installments on their payment schedule have the option to use them to cover late payment penalties, demonstrating our commitment to on-time completion and financial stability.

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Situation in Maya Phase I and II:

The delay in the delivery of Maya Phase I will be compensated, and the exact completion date will be agreed upon individually for each villa owner. Phase II of Maya will be completed on schedule on 31 August 2024.

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Clubhouse (Common Areas Building):

At this stage, the full floor and structural works will be completed in September, after which the internal works will start. We will keep you informed of developments as they progress.

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Lessons Learned and Preventive Action

Our experience in developing the Maya Residence project has provided us with valuable lessons. We have taken a number of steps to avoid future delays:

• Enhancing Supervision: We hired a new and more experienced supervisor to ensure that construction activities meet all quality requirements and timelines. This new officer will play a key role in the day-to-day monitoring of construction processes.
• Technological Upgrades: This includes monitoring subcontractor activity, and deadlines, and proactively identifying potential risks.
• Improving Communication: We have put in place a daily reporting system with the main contractor, which allows us to react quickly to any delays and avoid major schedule slippages.
• Increasing Skilled Workers: We have increased the number of skilled workers in critical areas to improve the quality and speed of work.

We aim to learn from every project to continuously improve our work processes and deliver the highest quality results for our customers. We are committed to making each new project a success.

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An Enduring Commitment to Quality

Other projects, such as Amari Villas, are not affected by delays. The work there has been impressive, and we remain on schedule. We use a different main contractor with a strong team and a conscientious approach. Even during the holidays, the team worked in shifts, ensuring continuity of work. The main contractor has a logical mindset and a deep understanding of European standards, and his team meets deadlines accurately and reliably.

We are confident that we will continue to deliver the highest quality and are excited about the start of the third project.

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To Conclude

Our commitment to quality and customer satisfaction remains unchanged. All changes and new ventures are designed to improve our service and customer experience. Thank you for your trust!

Please feel free to share your feedback or questions with us as your opinion is important to us. Contact us at info@investlandbali.com or on WhatsApp +372 5683 2434 - we are always here for you.

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