Viva Reef development Nabq, Sharm

[jojo]

Hi Aud

I asked about the warranty apparently there is a 10 year build warranty from the developers.
Extra costs that are involved are approx £300 for the electricity meter, so at least you only pay for what is used. An additional £500 for the kitchen - ground floor apartments have 5 units all other floors have 7 units (i think??) for approx £700. Pioneer charge 1.5% fee so this came in around £700. These are things to consider when working out what you can afford. Having said all that the cost still comes in cheaper than other apartments of the same size.
Each apartment comes with air conditioning included - one in the living room and one in each bedroom. Pioneer did tell us the second phase might be released around sept / october but the price will rise by around £50 per sqm. The ground floor apartments have already rose by £2000 since we went out on the 22nd July. i've just realised how much i sound like a saleswoman!!! I cant help it though i'm still in the excitement zone. I have to say i did exactly what you said, kept an open mind and checked out so many other developments but kept coming back to viva reef.
If you look at the photos you can see what looks like a pond / flooded area behind the development. This is going to be developed into a lake area landscaped with palm trees and pergolas to make it a feature of the surrounding area. sounds nice.
Like you i had no holidays left at work nor any spare cash for an impromptu holiday, but we found a last minute flight on xl airways website. It costs £260 each for 4 nights which was plenty enough time to sort things out. We booked the hotel seperately on their website - £90 for the nights for both of us and then i e-mailed Pioneer to ask if they would pick us up from the airport, which they were happy to do. It was worth it to owe work a couple of days work otherwise i think i would of waited and maybe eventually talked myself out of it altogether or missed the opportunity. Now im really glad we went and have paid our deposit, if you can get out there i would definitely recommend you to, then you can be certain in your own mind.
Any more questions feel free to ask. If you speak to Karen at Pioneer tell her Joanne and John say Hi!!
jo

[jojo]

Got my contracts today to check and sign, its not a 10 year warranty its a 5 year finishings warranty and a 25 year concrete and structure warranty.

[Damon36]

Hello, I have also brought in Viva Reef Building 5 through Pioneer Property. I visited the site at Easter 2008 and I have used an external solicitor in Sharm which was good, but a nightmare of a story to get it all sorted. I have seen the other site that was constructed by the developer and I am about to make my second payment. I am opening an Egyptian bank account (trying to) so hopefully that will help.
I am going back at Christmas this year to have a look and see how it is progressing. Anything you would like to ask, please let me know.

[annethedonn]

we have bought in Sunny Village in Nabq Bay, all finished now. Lots of new malls going up.

[jojo]

Originally Posted by Damon36

Hello, I have also brought in Viva Reef Building 5 through Pioneer Property. I visited the site at Easter 2008 and I have used an external solicitor in Sharm which was good, but a nightmare of a story to get it all sorted. I have seen the other site that was constructed by the developer and I am about to make my second payment. I am opening an Egyptian bank account (trying to) so hopefully that will help.
I am going back at Christmas this year to have a look and see how it is progressing. Anything you would like to ask, please let me know.

We've bought in building number 3. Feels like such a long way away at the moment until completion! we've just been sent our contracts and are about to send them back - were there any issues with the contracts that you had from pioneer? i've read them through and everything seems ok to me but it would be great to know how you found them just in case i'm missing something that should be altered or included. Could you keep me informed how you get on with the bank account side of things too, thats one of the items on our to do list. Im just hoping the exchange rate improves before our second payment in December!
Hopefully we can have a drink out there in a couple of years by the pool!

jo

[Odd-bod]

Hi Jojo/damon

I have reserved an apartment in building no 7 after all. I saw the difference in the contract with the warranty Jojo- I asked to see them beforehand & I found them to be very straightforward, however they did not include supplementary documents referred to so I await them with interest. (I am legally qualified although I don't practise)
You may know this, but for the money transfer, you can use a specialist service rather than a bank- my friend used one to buy in spain, and they attempt to get you a better exchange rate, I know HBOS has a subsiduary but I can't remember the name, I still have a bit to go before i need it.
We were nearly neighbours Damon but then I realised apt 6, building 6, sleeping 6 was possibly asking for trouble.
I probably will not visit beforehand deliberately because I don't want to see it with bits of wire hanging out of walls etc. but any photos are welcome.
I look forward to sharing a drink with you in 2 years time ,but I will pass on the sakara Jojo, I will bring a wee bottle of the malt whiskey, you'll be surprised how well it goes down in hot countries

[Damon36]

Hi oddbod/Jojo
The exchange rate is rubbish at the moment, so if you know of the transfer specialist please let me know!! I reviewed the contract and to me it seemed ok, other than the maintenance charges seemed high but looking at other developments it seems above average, but not the highest. Pioneer seem pretty good, although typical agents but can't blame them for that. The showroom is behind schedule and the photos do not seem to change much, but keeping my fingers x it goes pretty well.
My solictor said the developer had a bad reputation, but he hasn't substantiated that and Pioneer said they were surprised of the claim. Mt solicitir picked up on a few things, but nothing that would change my mind, just trying to get a better deal on an event of delay things like that.
I walked around the site and it is a good spot, i stayed at an excellent hotel literally 100m away and could see the devleopment from the hotel. If the Mall gets built in the mountains/hills a few miles away then that will really help to increase trade into Nabaq.
The bank account will be with HSBC as they have a few branches in Sharm, but its very long winded (5-6 weeks) and you have to visit a branch 2 or 3 times. £100 set up fee and it still costs £15-20 to make each international transfer, even to my current HSBC account!
Although current financial climate is not good, im still looking long term and hope it all works out.
it would be good to meet up for a drink, once it up and running!

[queenie40something]

Hi see this thread on bank accounts and transferring money http://www.propertycommunity.com/forum/egypt...ing-money.html

I have also bought in Nabq next door to Anne at Sierra where I am currently staying in my furnished apartment. There is a HSBC opposite La Strada and next to the new Metro and it is very quick and easy to set up an account. You can also set up online banking by opening up an account in the UK with them. I transferred my payment for my apartment via Natwest at a charge of about £20.

There are quite alot of new shops that have opened here recently. Hard Rock is still coming. Burger King is meant to be opening next week next to Nathans Famous Hotdogs - near to Zone Lounge which is now the Great British Pub. TGI Fridays and KFC signs are also up and they are next to Starbucks and Mc D's. There is also Churchills Cafe at the front of LTI where you can get proper bacon and sausages along with bubble and black pud. Also heard Terrazina is coming on the beach and also Carrefours with a cinema. There are alot of Sharm buyers posting in the Sierra thread. There are also a couple that have bought at La Serena.

[Odd-bod]

HI Damon

Called my friend, I will have to transfer in 6 weeks time anyway, she used Hifx.co.uk.
I have just called them to check it out & they say they will be able to get me 4% above the banks rate. they don't charge you commission but my friend's bank still charged her a fee to transfer the money to them.
2 ways it works you can phone them up and get the best rate at the time or for 10% of the total price you can secure the rate- can be for a single payment in advance or for all the transactions. I don't know whether the rate is likely to go up or down. You open a no-obligation account to speak to a broker, which you can do online.
Hope this helps

Aud

[jojo]

when i was transferring my 40%deposit i rang hifx up to check what the spot rate was. They could offer 10.2 but at the time the bank exchange was aroung 10.45 so i took a gamble and went with the bank transfer. Ryal Bank of Scotland charge a £20 fee that takes 3-4 working days to clear but by the time the money actually reached Pioneers account it was over a week later and the rate had dropped to 9.9 So the gamble didn't pay off and we should have stuck with the rate hifx offered butwe had no idea the rate would drop so much in such a short space of time. Although the difference was only 0.3 per pound with this being our biggest deopsit it worked out at a difference of roughly £500. i can definatley say that for our next payment due in december i'm definately going to use hifx but i will probably register to get a set rate, i.e if the rate reaches 10 then buy a that rate even if it is months before our payment is due. That way we can set our budget to know how much the biuld will cost us.

its a learning curve as i say.

Anyway its good to know we've got some neighbours now!
jo