Sounds like you got an "insider" deal then if you can get such a good re-sale price. Go for it.
Have you got a copy of the land registration deed, or have you been promised one, or have you just assumed it is all in place without checking. In my development (Red Sea Residencia) I have already given a copy of my land deed to my new owners, during our pre-sale chats.
If you do not have the copy of the land deed yet I suggest you get one pronto, without it you cannot sell.
For the benefit of all, how can you sell something that does not exist yet if it is all still being built since you have NO TITLE.
My opinion, but I cannot see that there will be much rental potential in the area since it is too far out from Hurghada, and there will be lots of competition in better locations.
Red Sea Developments (UK & Egypt) - 2 Bed Apartments from £14950