Regency Beach Pictures Update

[propertastic]

In answer to some of the questions above:

1. The refundable reservation fee is due for 30 days or 21 days from receipt of contract, which ever is longer. Obviously in this case, it is 21 days from receipt of contract.

2. Construction will not start before June now. Realistically I think that it means that it is unlikely to be delivered before the summer of 2010.

3. The majority of property in Egypt is sold as 'joint freehold'. It means that you not only buy the area between the four walls of your apartment (plus balcony), but that you also have a small share in the corridors, lobby, etc. It varies from development to development, but as a rule of thumb, is around 15% on top of the internal dimension.

Whichever development in Egypt you buy into, these rules will apply - not only Regency Beach. I have even heard rumours of some developments where they tried to add 75% to the internal area!

4. I hear a lot of stupid rumours every day, but the one about building a road between Regency Beach and the sea is the most stupid I've heard in a while. Anyone who has seen the site, right next to Regency Villas which finish only 20m from the sea will realize that there's hardly room to build a cycle path here!

5. You can't compare the price of the cheapest units at Regency Beach at pre-release with the cheapest units at Rivera Beach at pre-release. The cheapest units at Regency Beach on pre-release prices still had sea views and were only 200m from the beach maximum. At Rivera Beach, the cheapest units have no seaviews or even pool views and are nearly 500m from the beach. They are still good value for sure, but you simply aren't comparing like with like.

A fairer comparison for Regency Beach would be Hania Beach which is also located right on the beach with every unit having sea views. If Regency Beach was just being launched today, I would imagine that GBP650/m2 would be the starting price for units here.

As for the delays. I can certainly see that those who are looking at Regency Beach as purely a holiday home and were planning on eating their Christmas dinner there in 2009 have every right to be disappointed. However, those who are looking at it purely from an investment point of view should be pretty happy about the situation. For an investment of just a GBP1000 reservation fee, they have made anywhere from GBP7,500 - GBP30,000 in capital appreciation while the bulk of their money is still in the bank earning interest.

[Lsab]

Thanks for all the information Nick - certainly puts my mind at rest.

[Lsab]

Moved you to Rivera Beach thread guys

http://www.propertycommunity.com/forum/egypt...a-beach-4.html

[Zeiad Yehia]

Originally Posted by propertastic

This is correct.

I met with Phil Morris yesterday and he told me that they are just awaiting the final plans to be approved before the contracts go out.

The current estimate is that the final plans will be approved towards the end of May.

Well, it was clear from the beginning that papers were not complete yet, but thanks for the confirmation. If the end of May was the date provided by the government, then my expectation is the middle of June or the end of it. However, we'll see, and I will not proceed with any case there until every thing is in the right place,and until I see the Assignation Resolution and stamped plans with my own eyes.

All the best,

Zeiad Yehia
Solicitor

[Randall]

Hi All

This is just a last post from me on here.. I had to withdraw from my purchase when the prices went up and floor space shrank.

Just to say i did finaly get my 1k back. It took from Feb19th until today and lots of phone calls and false promises.

So if anyone cancels don't worry they do pay up eventualy.

Cheers and hope all goes well

[queenie40something]

Hi Randall - thats great that you finally got your £1000 back. Patience paid off in the end but you probably ended up with no hair LOL good luck on Rivera.

[Lsab]

Hi Randall - great news, really pleased for you. So we've lost you here but are you still going ahead with Rivera Beach?

[Randall]

Hi all

Thanks to everyone. I really want to go ahead with Rivera..Just waiting for the ok from my agent.

Cheers

[soluman46]

Originally Posted by Randall

Hi All

This is just a last post from me on here.. I had to withdraw from my purchase when the prices went up and floor space shrank.

Just to say i did finaly get my 1k back. It took from Feb19th until today and lots of phone calls and false promises.

So if anyone cancels don't worry they do pay up eventualy.

Cheers and hope all goes well

Well done Randall! Any idea on just how much the 57m2 shrank to? I'm still waiting for confirmation plans. I think its 3 weeks now in English time. I'm still hoping I can convert to a 1 bed and be able to swing the famous moggie!

cheers now

soluman46

[Lsab]

Originally Posted by soluman46

Well done Randall! Any idea on just how much the 57m2 shrank to? I'm still waiting for confirmation plans. I think its 3 weeks now in English time. I'm still hoping I can convert to a 1 bed and be able to swing the famous moggie!

cheers now

soluman46

Morning Soluman - Like you we're still waiting and like you we're hoping to convert to the 1 bed. Did you hear back from Bernadett after she asked that anyone wanting to do the conversion should get back to her? I emailed her 3 times but no reply! I'll wait now until we get the contracts. I'm not one of those that are happy because our money is still in the bank (though I'm not too bothered about the wait). We borrowed the first installment and would only have had to borrow half that amount had we known.