Marsa Alam

[awahee123]

Marsa v Hurghada

I agree but the price per square needs to be more attractive to get the mass investors.

What do you think of the prices in Marsa vs Hurghada??

Hi,

I think you are right regarding the price structure, it does seem a little excessive for the region and for what's on offer at the moment.
I think the developers have decided to up the prices from the start which I agree could be the only thing that undoes Marsa, if you see what I mean.
The brainy ones may realise earlier and decide to be more competitive,however you will get some who are prepared to sit on a shell and just wait for prices to creep up.
It's one for the future but for me my money is on Hurgada for now,
There is something for all here wether you are looking for beachfront or a bit further back.

 

[leeds]

Leeds

HI, i have just joined this forum and also thinking about putting a deposit on this development. has any one else found any other developments in this region that may be on interest before i take the plunge, also want to visit the area can anyone reccomend a hotel out there, thanks

 

[samui13]

google earth

Hi Leeds

If you get the coordinates off your agent (I dont have them with me at present) you can actually scroll right into the development spot.

We have put our money down - people said it was expensive but felt we liked the price and I couldnt see much else in marsa on the agents websites - you may find more if you are actually out there but time would not permit this for us - time is money, so we were happy to pay the price.

I know the Badawia resort in marsa is just along the cost (5 mins or so). If you go on google earth you can see all the hotels in the area. There looks like building either side of the actual plot of land already (whether that it going to be hotel or apartments I do not know).l

Good luck.

Lou

 

[leeds]

Thanks for that,
decided to take the plunge and opted for a 2 bed middle appartment, if you have any photos or any thing please let me know,

leeds

 

[samui13]

Marsa Alam Beach Resort

Just been advised by my agent that the launch for Marsa Alam Beach Resort has now been put back to 15 March 2008!

The specific question I asked last week when I filled in my mortgage application form last week and ordered the funds for end of Feb was is it still scheduled for end feb - "Yes" they said - typical!!!

 

[kitty]

2 bed middle apartment

hi all
looking at development and havent got much info so was wondering are the 2 bed in middle better value since alot have gone for them ,maybe ye have previous experience in market, have noy seen any layout
any advice appreciated good or bad!
also new to investing abroad

thanks
bomber
ps not a agent/seller

 

[taylorka]

Hi
I am still thinking about investing in the Marsa Alam Beach Resort, am very much in two minds...I have been considering this investment for a while now......

 

[cin7166]

I've invested in a 2 bed middle apartment. You have to be in before the 15th March for 10% pre launch discount.

 

[taylorka]

i am considering a 2 bed penthouse but i think what is putting me off is the amount they want up to the 6 month mark. maybe i should consider the middle apartments too. decisions decisions

 

[cin7166]

I really fancied a penthouse but ended up going for the cheapest option. If there were mortgages available I would have probably had the penthouse.

 

[taylorka]

maybe i need to look at a middle apartment rather than penthouse...

 

[cin7166]

They way I justified it to myself was that with the rental guarantees I would in effect be getting a 2 bed apartment I could use in the winter months, no hassle rental and half the money back over 5 years, so worse case scenario I have a 2 bed flat in the sun for £15k

 

[realestatemart]

opinion

Hi all
my opinion Marsa Alam city still need 8 to 10 years to be developed only divers go to this city and nothing else to do there if you love adventures in desert and diving plus be able to live in such old old old town without restaurants and bars or any big supermarkets not real hospital . then you can go and invest there still long time to be able to be something there if you don't need good return on it in 1 or 2 years, or don't want to rent it there so go there, only Divers able to live in this city i think

 

[cin7166]

The development includes restaurants, shops, marina, mini golf etc, so there will be things to do there when it's finished.

 

[thepupp1e]

We have gone for the penthouse option - only a few days more until launch!

 

[wemyss1960]

reservation fees

Once floorplans are issued, I assume that res fee will be refunded if the available apartments are unsuitable (views etc..)

 

[thepupp1e]

Once floorplans are issued, I assume that res fee will be refunded if the available apartments are unsuitable (views etc..)

Yes, that's right - if you can't get the apartment you want the reservation fee is refunded.

 

[realestatemart]

Yes, that's right - if you can't get the apartment you want the reservation fee is refunded.

That is the rule for all Real Estate Projects

 

[kc67]

Hi,
Snap! We also paid a deposit on a 2 bed middle apartment - they seem to be very popular! I'm glad that I came across this thread on the forum as we are also very concerned about paying all of the money up front. We found it very difficult to decide where to invest as there are so many conflicting viewpoints, but decided that at some point in the future Marsa Alam would catch up with the likes of El Gouna, Hurghada, etc., in terms of popularity - and in the meantime there is the guaranteed (average) guaranteed rental of 10% (I think it starts at 6% first year and reaches 14% in stages by year 5). Has anyone had any more info from their agents? Ours advised us yesterday that we should have the plans etc., by 15th March and would be contacted about 7 days after that to see which apartment we would like (they will phone everyone in order of when money was received in escrow account).

 

[alx]

Hi guys,
I am pretty new in investment, i am not a lawyer, but i am not a complete idiot.
I got today a reservation form from IPI and i concluded that there is no chance to purchase the apartment (at least for announced price),and there is the only chance to save your deposit - to cancel reservation. But i even do not expect that you will be given such a chance by IPI. It is only the beginning. I imagine what will happen to lucky beggars trying to sign a contract and paying the compleyte amount.
The terms and conditions are below.
I have following questions:
- when the project will launch? May be it is already launched?
- seven days before launch is no later than 15 March? or may be earlier? The y will send me another guide then. What happens if ten people will select the same apartment?
- whish or not wish to proceed - in which for i t should be? I just wil say "yes" by mobile phone?
- contracts will be prepared and sent immediately - what it means? 1 second? 1 hour? 1 week?
- since when i have 14 days? Since i say "yes" by phone?
- if i am not in time - what will be the price increase? 5%? 50%? 100%?
- what will be the forfeit - i know the answer: i will lose the deposit. Very nice Escrow account!
- The Agent for and on Behalf of the Vendor: fine! who is Agent? who is Vendor? no name...


Good luck with your Luxury Apartments!
Full text:

Marsa Alam Beach Resort
5 Star Luxury Apartments : Sales Reservation form

ull Name of Investor (s):
Mr X (As stated in
passport)
PLEASE SUPPLY COPY OF PASSPORT AND COPY OF ONE RECENT UTILITY BILL – TO BE SENT WITH RESERVATION FORM
resent Address:



he above Investor has placed a fully refundable option deposit under the following terms and conditions:
roperty Type: One bedroom Apartment
erms and Conditions:
. ˆ1,500 fully refundable deposit to be paid to Escrow Agent made under the following conditions: Investors will need to return the signed reservation form to IPI, with a copy of their passport and a recent
utility bill. The option will be placed ONLY when the funds have been received into Escrow. The order in which funds
are received will determine the order in which Investors will be offered an apartment. Investors will be placed on a waiting list based on their apartment preference and the time the funds show
in Escrow. The project will be officially launched no later than 22 March 2008. Seven days before the launch, those Investors who have pre-reserved will be sent a site map, location of
individual apartments and a full list of facilities.
A telephone call will be scheduled for each Investor on the official launch date, in list order.
Investors will be called by a representative of the Developer and asked which apartment th
wish to reserve from the availability. The Developer will take all reasonable measures to contact the Investor during their 15 minute windo
if for any reason the Investor is unable to take the call then they will be moved further down the list. Should the Investor not wish to proceed then they will be sent a form to fill out where they will ne
provide their account details for refund and written confirmation of cancellation. Should the Investor wish to proceed, contracts will be prepared and sent immediately. The Invest
then have a period of 14 days to complete the purchase and pay the balance into Escrow. Shou
Investor not complete by this time then they will be subject to the increased price. The Investor wil
be given a further 14 days to pay their full balance (property now at the increased price). How
should their full balance not be received into Escrow in this period the property will be placed back o
market and the deposit will be forfeited at the Developer’s discretion.
All monies paid by the Investor are paid directly to the Escrow Agent’s Account.
The details of the Escrow Agent’s Account for the deposit payment are :