Regency Beach Pictures Update

[Lsab]

Let us know how it goes won't you? 30 months on top of the 8 months that I originally paid my deposit would have been far too much for me though.

[Elite Overseas Properties]

The first batch of contracts were posted on 27th August, will more going out daily. I know some of my clients have now received theirs.

[andyharris]

Originally Posted by soluman46

I have just returned from Hurghada and found my contract waiting. It is in English and Egyptian. However, there was some confusion as to payment terms because they thought I was paying 90% upfront. 5% discount is 2% lower than my loan terms so is not really feasible for me. I have now received an email correction but the build time is 30 months! That's the best part of three years. I am sure it will be fantastic when it's done but It's a lot of money with nothing to show for 3 years! I know it will be worth a lot more then.

The appendix lists all the facilities too, which is nice to know. However, my experience with another developer leaves me wondering if the promised facilities will arrive. having said that, Regency towers sports 3 lovely restaurant/bars and there are regular social events, so if that is anything to go by I think they will be delivered. The sea is very shallow for 100m until you reach the reef. I suppose you can swim in the pool if wading isn't your thing. The facilities I think will be excellent and include a cinema and night club in the basement, shopping and restaurants/bars. There will be a lot more surrounding the development by the time it's ready. I am really struggling to commit at present because of the delays and my experience with another developer so I am thinking about buying something already built. I need convincing!! I think AH really wants to please people and has been a very good host who plays an active role in making sure everyone is happy. (He does a pretty good Lois Armstrong!!) Regency Towers owners are enjoying themselves and are generally very happy. Andy strikes me as someone who values his investors and wants them to prosper along with him. It is refreshing to be able to speak directly with the person in charge! The snags at Regency Towers are being ironed out, but Egyptian skills are way behind UK and patience is required. In the end, it's an Egyptian build you are paying for, but beach front is becoming rarer! mmm! what to do? I know if I back out someone else will be paying a lot more for my reserved 1 bed (studio).

Cheers

soluman46

The contract reads 30 months to give ourselves a safety net, we have sold the majority of the resort and lodge the build money for the government to see for the change of licence. With all this in place we hope to build a lot faster, it is a big site and in egypt speed of build is related to the mount of workers on site, with all the funding available we will put as many workers on as the site will hold.

We are also planning to put an excellorator in the concrete to allow it to dry quicker and us to build quicker

It has been frustrating for all of us, however when you consider beach front in Hurghada is now selling for between £1000 and £1500 per m 2 I think all will reap the rewards in the long run.

Thanks for your patients and support

Andy

[crazedtraveller]

got my contract at last and it was mostly accurate!? Had to have the payment terms reprinted as I'm going for the 5% reduction.
For some reason I had to ask a number of times for my apartment's floor plans with measurements - not quite sure why, but I have them now and so things should start moving.
Only thing I'm waiting for is to see whether I can get a roof terrace - but I think that's done as a separate thing?
Anyone else with info' / thoughts?

[yield]

Can anyone living in Hurghada confirm if building has started on this resort yet?

Also were has realestatemart gone?

[propertastic]

Originally Posted by yield

Can anyone living in Hurghada confirm if building has started on this resort yet?

Also were has realestatemart gone?

As of today, no.

But there is a rumour going around town that the JCB's will move in on Sunday to start digging the foundations.

We shall all wait with baited breath to see if it happens or not.

[malachy]

did the pyramids take this long......

[Chris H]

Hi,

I have reserved a 1 bed junior conversion apartment in Regency Beach and have read with interest the comments on this forum over the last few months. As there seems to have been some progress in the last few weeks and maybe the intially construction is imminent I thought now would be a good time to join in the chat....

Reading through the contract last night I noticed the maintenance charge was £10/m2, whereas in all previous literature it was quoted as £7.50/m2. Is this an error in the contract or another case of price increases appearing without any previous warning, such as when the room sizes increased by 4m2, or the £1500 conversion price!

Anyone have any thoughts on this?

Cheers
Chris

[malachy]

Hi Chris,
Have you received any plans with your contract

[Chris H]

No. Just the contract and Appendices 1-3