Regency Beach Pictures Update

[Lsab]

Yes we pulled out and have had deposits returned including half the solicitor's fees. Another member, who rarely posts, has also pulled out and received the same as we did. Can't fault them on that.

[yield]

So is anyone letf in this resort ? and what are Peter Mitry and Nick Pendrel of Egypt Real advising regarding this resort now???as they where beating on about buying on this resort in the first place.

Is this still a safe investment Peter or Nick in your opinion. I am sure many people would welcome your respones to this.

[lyndsay552]

I am still in !!

All this nonsense kicked off while I was over in Hurghada which meant that I had the benefit of speaking to Andy directly about it all.

I already own two properties in Hurghada, one in Regency Towers and one in Oasis Resort.

I was fully aware of First Leisure / Property Hotspots Worldwide long before any off this kicked off; its called doing your homework.

Lyndsay

[simpywimpy]

I spoke to LAW and they confirmed my details have been passed to accounts for the reservation fee and half solicitors fees back.

[yield]

Originally Posted by lyndsay552

I am still in !!

All this nonsense kicked off while I was over in Hurghada which meant that I had the benefit of speaking to Andy directly about it all.

I already own two properties in Hurghada, one in Regency Towers and one in Oasis Resort.

I was fully aware of First Leisure / Property Hotspots Worldwide long before any off this kicked off; its called doing your homework.

Lyndsay

Thanks Lyndsay, would be nice to hear Peter and Nicks view on this....

[r0ckcrew]

Andy,

This is where Forums and Blogs are dangerous things... All I can say is my dealings with yourself and PHW have been excellent. I have no axe to grind or agenda to follow.

I purchased a 1 bedroom apt in Regency Towers, sure there have been problems, but try speaking to , or trying to get hold of the CEO of a building company in the UK !! , anyway tell me of any building project that doesnt have some problems along the way?

Communication is the key to any of this and at least you have came on to the Forum to try and answer any questions, you cant please all the people but I would at least let you know you have one happy client.

Rgds

Tommy and Maureen

[andyharris]

Originally Posted by r0ckcrew

Andy,

This is where Forums and Blogs are dangerous things... All I can say is my dealings with yourself and PHW have been excellent. I have no axe to grind or agenda to follow.

I purchased a 1 bedroom apt in Regency Towers, sure there have been problems, but try speaking to , or trying to get hold of the CEO of a building company in the UK !! , anyway tell me of any building project that doesnt have some problems along the way?

Communication is the key to any of this and at least you have came on to the Forum to try and answer any questions, you cant please all the people but I would at least let you know you have one happy client.

Rgds

Tommy and Maureen

Thanks Tommy and Maureen

[propertastic]

Originally Posted by yield

Thanks Lyndsay, would be nice to hear Peter and Nicks view on this....

Hi yield,

Thanks for sending me a PM. I'm not hiding from the Forum - just insanely busy right now!

I think that I posted to this thread (or another on Regency Beach) a month or so ago, and my opinions have not changed since then.

Yes, for those people who bought into Regency Beach looking for a holiday home who were looking forward to spending Christmas 2009 in their apartment, I can understand that the delays are disappointing.

However, as for those people who bought into the development primarily for investment purposes, they should be laughing all the way to the bank.

In its pre-release phase, Regency Beach was being sold at between GBP500-575/m2.

Since then, the prices of apartments at Regency Beach have risen by 40%, which brings it up to the market prices of smaller developments that are located right on the beach (similar levels to Hania, for example).

What this means is that someone who reserved an apartment for GBP50,000 for example, now has an investment that has a current market value of GBP70,000. So they have seen a GBP20,000 capital increase for the investment of a GBP1,000 reservation fee.

A 2000% return on investment inside 5 months is not bad going by anyone's standards!

We are in regular contact with Philip Morris of Legal Alliances Worldwide and I have seen many of the documents connected to the development. It's definitely going to happen.

If people had paid their 40% deposits, then things would be different. But with the only investment having been a GBP1000 reservation fee which is fully refundable, it's hardly a great gamble.

I think that, in a couple of years' time, when the development is finally complete a lot of people are going to be kicking themselves for having pulled out as a result of being impatient.

[coco]

where did the posts go from yesterday where andy challenged simpy to identify herself & she did?? surely if she wants to put her name up on a post she is entitled to do so, or is it because he made a bit of a spanner out of himself that is was deleted?

[coco]

Originally Posted by propertastic

Hi yield,

Thanks for sending me a PM. I'm not hiding from the Forum - just insanely busy right now!

I think that I posted to this thread (or another on Regency Beach) a month or so ago, and my opinions have not changed since then.

Yes, for those people who bought into Regency Beach looking for a holiday home who were looking forward to spending Christmas 2009 in their apartment, I can understand that the delays are disappointing.

However, as for those people who bought into the development primarily for investment purposes, they should be laughing all the way to the bank.

In its pre-release phase, Regency Beach was being sold at between GBP500-575/m2.

Since then, the prices of apartments at Regency Beach have risen by 40%, which brings it up to the market prices of smaller developments that are located right on the beach (similar levels to Hania, for example).

What this means is that someone who reserved an apartment for GBP50,000 for example, now has an investment that has a current market value of GBP70,000. So they have seen a GBP20,000 capital increase for the investment of a GBP1,000 reservation fee.

A 2000% return on investment inside 5 months is not bad going by anyone's standards!

We are in regular contact with Philip Morris of Legal Alliances Worldwide and I have seen many of the documents connected to the development. It's definitely going to happen.

If people had paid their 40% deposits, then things would be different. But with the only investment having been a GBP1000 reservation fee which is fully refundable, it's hardly a great gamble.

I think that, in a couple of years' time, when the development is finally complete a lot of people are going to be kicking themselves for having pulled out as a result of being impatient.

I dont see how you can blame the delay on people only paying their deposits, I for one had the money in the bank ready to hand over upon signing of the contracts which never appeared. The whole thing was handled very badly from the start chopping and changing their minds about this that and the other, they still dont have a permit to build it, & it was released so long ago it feels like when god was a boy, unless they got it today i think there was a meeting with a govenor today if so, apologies, but its still taken an awfully long time which in our eyes regardless of any rumours or speculation is just unacceptable, we borrowed to invest in this development, 4 months of unnecessary interest down the swany, Couldnt even put it on long term deposit to try and claw back some interest because we have been expecting contracts "any day now" its a farce. some may say the money you'll make on the appreciation will far outway any interest paid but it will on many other developments too so i dont buy that. Anyway rant over!