NeilHollingsworth
New Member
I am currently in Egypt speaking to El Riad and other parties, I have spent the last 3 days in the offices until past midnight discussing a way forward on DP1, 2, CSP, Pearl Vista, Aquarius Pearl. Please see below the final offer I have managed to negotiate, it is far better than I imagined I could get, but it shown there is light at the end of the tunnel if you want it and also you start a clean sheet away from the whole Desert Pearl/WWD mess. PLEASE NOTE THOUGH THIS IS AN OPTION, IF YOU STILL WANT TO STAY PUT AND FIGHT IT OUT NO PROBLEM, I JUST DON'T HAVE THE TIME ANY MORE AND FEEL I HAVE MANAGED TO GET A GOOD DEAL FOR YOU ALL AND I CAN NOW MOVE FORWARD.
El Riad need to sell the DP1 apartments to cover the loss of money from WWD, these are the only assets they can realise to stop the bank foreclosing and taking everything, there are some serious issues with the land on all three sites and it is not good. This is not new news and we all knew there were issues, I just didn't realise just how big the land issues were and it's not just the mortgage.
After a lot of negotiating they have made the following offers and bearing in mind we know from Grant Thornton and ****/WWDE's own admission that El Riad didn't receive the final 60% on DP1 I feel it is a generous offer, but it is only an option and I'm not recommending either way. However, I will not be pushing for anything extra and if people want to stay and fight in the courts then it will be on an individual basis. These are the options available:
Desert Pearl 1 people that have paid 100%: they can move to either Pyramids Beach to a like for like apartment (although they are more expensive) without paying anything extra, they will honour the 40% and not chase you for the missing 60% (not passed over by WWD),they. will also replace the furniture and it will be written into the contract. Or you can move to Mamma Mia in Sahl Hasheesh and pay the extra in difference of m2 price between DP and Mamma Mia which is €400 per m2, but you will be in Sahl Hasheesh.
Desert Pearl 1 people that have paid 100% and paid extra to El Riad, you can move to either Pyramids Beach or Mamma Mia with no extra cost for a like for like apartment although at the moment there are only 1 and 2 beds, again your furniture will be replaced and written into the contract.
Desert Pearl 1 people that have only paid 40%, you will be required to swap to Pyramids Beach you will get a like for like apartment BUT if the one you are going to is bigger you need to pay the extra m2 at £300 per m2, if you had furniture it will be replaced as above and written into the contract The final 60% will then be paid direct to El Riad
Desert Pearl 2, Coral Sea Pearl, Pearl Vista, Aquarius Pearl you have the same option as DP1 40% payers apart from the furniture as yours aren't furnished.
The extra m2 working outs are complicated but if you do wish to swap to either just email what you have now m2 and what you want to go to, either Pyramids Beach or Mamma Mia, the information on Mamma Mia is limited as it just being put together, it has however been approved by ERC who govern all Sahl Hasheesh and give out building licences. It is not being built by El Riad but an Italian developer, El Riad just own the land so it is a joint venture with ALL parties signing contracts.
For information on Mamma Mia please contact or information on Pyramids Beach please use this website pyramids beach hurghada the availability is not up to date but again just email for availability, they are looking to join some studios to make bigger apartments if required to cope with the swap, we have already allocated 50 from DP2 and CSP. Nothing will be done by way of contracts or payment until DWS give the green light and say everything has passed their due diligence, we have put in place processes using DWS's UK office in Milton Keynes and their Cairo office will do all the legal work, they are covered by the UK law society so have to do things right plus they are a huge law firm with a fantastic reputation.
They have already carried out 90% of the DD and are just waiting for two final documents before commencing a draft contract and rewriting the land Power of Attorney to ensure it is all legal. There will be a cost for the new contract and those not a member of the HRA will need to join and pay the same sum to the solicitors as the other members which is £400, unless you have paid the initial £100 for the initial due diligence on DP and CSP then it will be £300 direct to the solicitors account.
This is just a brief outline and there is much more detailed information if you wish to proceed to swap, it is however your choice and one you need to make yourselves, I am asking for as many replies as possible before I leave Egypt next Tuesday so I can get a written agreement from El Riad on the deal and then the solicitors take over .
The only other option will be an individual fight through the courts as I have spent 2 years fighting this and can not carry on, this is a better deal than I imagined I could get, the ball is now in your court.
El Riad need to sell the DP1 apartments to cover the loss of money from WWD, these are the only assets they can realise to stop the bank foreclosing and taking everything, there are some serious issues with the land on all three sites and it is not good. This is not new news and we all knew there were issues, I just didn't realise just how big the land issues were and it's not just the mortgage.
After a lot of negotiating they have made the following offers and bearing in mind we know from Grant Thornton and ****/WWDE's own admission that El Riad didn't receive the final 60% on DP1 I feel it is a generous offer, but it is only an option and I'm not recommending either way. However, I will not be pushing for anything extra and if people want to stay and fight in the courts then it will be on an individual basis. These are the options available:
Desert Pearl 1 people that have paid 100%: they can move to either Pyramids Beach to a like for like apartment (although they are more expensive) without paying anything extra, they will honour the 40% and not chase you for the missing 60% (not passed over by WWD),they. will also replace the furniture and it will be written into the contract. Or you can move to Mamma Mia in Sahl Hasheesh and pay the extra in difference of m2 price between DP and Mamma Mia which is €400 per m2, but you will be in Sahl Hasheesh.
Desert Pearl 1 people that have paid 100% and paid extra to El Riad, you can move to either Pyramids Beach or Mamma Mia with no extra cost for a like for like apartment although at the moment there are only 1 and 2 beds, again your furniture will be replaced and written into the contract.
Desert Pearl 1 people that have only paid 40%, you will be required to swap to Pyramids Beach you will get a like for like apartment BUT if the one you are going to is bigger you need to pay the extra m2 at £300 per m2, if you had furniture it will be replaced as above and written into the contract The final 60% will then be paid direct to El Riad
Desert Pearl 2, Coral Sea Pearl, Pearl Vista, Aquarius Pearl you have the same option as DP1 40% payers apart from the furniture as yours aren't furnished.
The extra m2 working outs are complicated but if you do wish to swap to either just email what you have now m2 and what you want to go to, either Pyramids Beach or Mamma Mia, the information on Mamma Mia is limited as it just being put together, it has however been approved by ERC who govern all Sahl Hasheesh and give out building licences. It is not being built by El Riad but an Italian developer, El Riad just own the land so it is a joint venture with ALL parties signing contracts.
For information on Mamma Mia please contact or information on Pyramids Beach please use this website pyramids beach hurghada the availability is not up to date but again just email for availability, they are looking to join some studios to make bigger apartments if required to cope with the swap, we have already allocated 50 from DP2 and CSP. Nothing will be done by way of contracts or payment until DWS give the green light and say everything has passed their due diligence, we have put in place processes using DWS's UK office in Milton Keynes and their Cairo office will do all the legal work, they are covered by the UK law society so have to do things right plus they are a huge law firm with a fantastic reputation.
They have already carried out 90% of the DD and are just waiting for two final documents before commencing a draft contract and rewriting the land Power of Attorney to ensure it is all legal. There will be a cost for the new contract and those not a member of the HRA will need to join and pay the same sum to the solicitors as the other members which is £400, unless you have paid the initial £100 for the initial due diligence on DP and CSP then it will be £300 direct to the solicitors account.
This is just a brief outline and there is much more detailed information if you wish to proceed to swap, it is however your choice and one you need to make yourselves, I am asking for as many replies as possible before I leave Egypt next Tuesday so I can get a written agreement from El Riad on the deal and then the solicitors take over .
The only other option will be an individual fight through the courts as I have spent 2 years fighting this and can not carry on, this is a better deal than I imagined I could get, the ball is now in your court.
