Royal Beach Hurghada

[Peter Mitry]

Royal Beach

Unfortunately Peter, I have yet to meet a broker in Hurghada whose word I can trust!

Having seen the promises to regency clients turn to dust by brokers, developers and legal teams all claiming it's the others responsibility that things have gone wrong, I wouldnt take the risk with my money there.

I saw in March 2008 - just 2 short months after reserving on regency beach that something was terribly wrong with the whole thing - how come it took you two years? It was too late by then for most

It is not the agents who apply for planning permission; that has to be done by the Developer and there are many issues which can delay the process. PHW submitted several changes to the design and each time that happens more fees have to be paid to the government and the application process starts all over again. Once EgyFrance took the project back from PHW they continued the application process and eventually got the licence in early 2009. Since then it has been plain sailing and construction is now up to third floor.

I am sure that those clients who remained loyal to the project will be happy that they did.

I do understand your reluctance to take the plunge after all of the disaster stories we have seen but unfortunately this is the nature of property investing, no investment is ever without risk. The greater the potential return, the higher the risk.

It is important to remember the golden rules:

NEVER buy without using an independent lawyer who understands the law in the country where you are buying
ALWAYS use a well researched and well recommended local agent
ALWAYS check your advisors on Google to see if there is anything adverse
ALWAYS ask your lawyer to check the financial standing of the Developer
NEVER pay cash to agents; always look for escrow account if using a UK lawyer or send money direct to Developer
INSIST on receipts for every payment
INSIST on immediate Signature Validation after completion or, better still registration through the Notary (costs a little more but more secure and no restrictions as to numbers of properties which can be owned or when you can sell them)

Latest pictures showing progress on Royal Beach are below.

 

[rossantony]

royal beach new master agent

We at EI never sold Royal Beach in the past because it was being marketed by PHW and there was no way we were going to get involved in anything that they were selling. The reason we decided not to market anything by PHW is that they would not supply us with Due Diligence on the project.

We have recently signed an agreement to market Royal Beach as it is being marketed now by a reputable UK based master agency.

We have been supplied with full due diligence on the project and each time I visit I see work going on on-site.

We have had one sale go through already and it was very easy with all the paperwork requested being promtly released to our clients lawyer.

If your agent, or developer cannot supply you with due diligence do not send any money to the developer. Do not be duped by "get in early discounts" or "pre-release" offers.

kind regards

 

[Randall]

We at EI never sold Royal Beach in the past because it was being marketed by PHW and there was no way we were going to get involved in anything that they were selling. The reason we decided not to market anything by PHW is that they would not supply us with Due Diligence on the project.

We have recently signed an agreement to market Royal Beach as it is being marketed now by a reputable UK based master agency.

We have been supplied with full due diligence on the project and each time I visit I see work going on on-site.

We have had one sale go through already and it was very easy with all the paperwork requested being promtly released to our clients lawyer.

If your agent, or developer cannot supply you with due diligence do not send any money to the developer. Do not be duped by "get in early discounts" or "pre-release" offers.

kind regards

You say you never got involved in anything PHW were selling....

Are any of you still promoting the same solicitor though ?

 

[NeilHollingsworth]

I think there is too much "we didn't do this, we didn't do that" going on now, WE ALL made mistakes in Egypt why don't we all put our hands up and admit it. It makes me sick.

It is how these mistakes have been dealt with that set people apart, there have been many people quiet on here while all these mistakes have been ongoing. I want to say a lot more but better bite my tongue.

 

[Randall]

Neil

I have always respected your honest answers on here and I know that you are actively involved in helping other purchasers who have been conned in buying in Egypt due to an attractive low cost 'off plan' purchase.

Why have you not started your own forum about the real Egypt property market ?

You could charge members a yearly fee which through my experience would pay them back many, many times through not being fleeced by shady characters.

Egypt is a fantastic place but it's buying process is being hindered by unscrupulous English wide boys (not developers).

 

[Randall]

Hi Neil

There is some progress thanks ...

Unfortunately due to the infamous developer trying to hinder LEGAL deals with interferance from untrustworthy sources things are going rather slow.

It is only due to the landowner being a 100% genuine landowner / developer and a couple of fantastic people getting involved that I and a few others have got this far otherwise we would have been one of the 'statistics'.

The agent ...Elite Overseas ....and the recommended solicitor .LAW...fell by the wayside many many months ago and have been no help at all.

To be honest they are as much use as a chocolate fireguard.......

I would like to end with a GREAT THANKS to the TWO people who have helped me secure a deal on my apartment that i would have been CHEATED of.

Keep up the good work Neil for all the others who are relying on you.

 

[Elite]

Hi Randall

I have pm'd you in relation to your post.
We cannot be held responsible for the short comings of the lawyer involved - who is in no way connected with our company - and we gave you some time ago the contact details for the Law Society should you wish to pursue a formal complaint.

Hi Neil

There is some progress thanks ...

Unfortunately due to the infamous developer trying to hinder LEGAL deals with interferance from untrustworthy sources things are going rather slow.

It is only due to the landowner being a 100% genuine landowner / developer and a couple of fantastic people getting involved that I and a few others have got this far otherwise we would have been one of the 'statistics'.

The agent ...Elite Overseas ....and the recommended solicitor .LAW...fell by the wayside many many months ago and have been no help at all.

To be honest they are as much use as a chocolate fireguard.......

I would like to end with a GREAT THANKS to the TWO people who have helped me secure a deal on my apartment that i would have been CHEATED of.

Keep up the good work Neil for all the others who are relying on you.

 

[hiteshm]

Royal Beach - From a medium term investment point of view

Afternoon all, I am looking at buying a property at Royal Beach for investment purposes only. I am looking at a 1 bed and have been quoted £50873.

Please may I have some advise on whether it is worth investing in this property and if I am getting a good price for a property on the 1st floor of block A. I have been informed that it will have unrestricted pool and sea views.

I have seen several other properties in the region like Royal Palm. How do you compare Royal beach to the other developments and do you think this is a sound medium term investment?

Thanks in advance for your assistance.

Regards
Hitesh

 

[Peter Mitry]

Royal Beach is already under construction and the price you have been quoted is good compared with other front line beach properties. Palme Royale will start construct next month and you should compare prices to see which offers the best deal. Both are good projects but you need to compare all points on a like for like basis.

 

[Alan Cockayne]

Thanks for these photos Neil.

This validates my argument about buying into a beach resort complex and not the tenement type projects causing so much concern these days.

See you at the show.

Alan. .

 

[propertywatch1]

Most of the developments ive seen have gone ok upto this stage of the build .... bricks, cement, sand are a minimal cost to the developers. its when the finishing stage comes around you get the delays and " extra costs ". Or as the egyptians like to call it " over costs "
Then buyers are caught up in the shall we shant we pay the extra.

 

[NeilHollingsworth]

Most of the developments ive seen have gone ok upto this stage of the build .... bricks, cement, sand are a minimal cost to the developers. its when the finishing stage comes around you get the delays and " extra costs ". Or as the egyptians like to call it " over costs "
Then buyers are caught up in the shall we shant we pay the extra.

Hi Derek, yes you are right however if buyers do their homework and research they should start to find out which ones these are. The builders/developers of Royal Beach have an impressive portfolio of completed developments in Cairo so they know what they are doing. Matched with good sales this is a good development however, it is more expensive than others so people go and buy the cheap one which they end up finding out why it is cheap.

These aren't expensive for front line beach properties with, rental guarantees and payment plans but they aren't £8,000!!!!!!!!!!

 

[Lysos]

Are people still being taken in by the "guaranteed rentals" trick ?.

 

[wemyss1960]

Investment

Hello Hitesh,

what is your budget?

Have you considered buying a 'Key ready' apartment in Palm beach Piazza,Sahl Hasheesh?

 

[NeilHollingsworth]

Are people still being taken in by the "guaranteed rentals" trick ?.

Hi Lysos, I think we have had this conversation before. 99% of the time I would agree with you however, there are times when the rental guarantees are genuine. There are 2 current developments that fall within the 1% that I know of, this one and Samra Bay Beach and Marine Resort.

 

[El Gouna Property]

Hi Lysos, I think we have had this conversation before. 99% of the time I would agree with you however, there are times when the rental guarantees are genuine. There are 2 current developments that fall within the 1% that I know of, this one and Samra Bay Beach and Marine Resort.

My personal opinion if you can manage to rent it yourself then don't take the rental guarantee if you can't take it and be happy with it for return on investment may be its not much sometimes but at least you cover part of your expenses for the property

Regards

 

[NeilHollingsworth]

Can we keep all this tit for tat on the private messages please.

 

[Jads]

Hi Guys,

I'm considering investing in Block E (Hotel Suite) of Royal Beach.
I undertand that Block E was not in the original plans submitted for buildings approval.
Does anyone know if permission for Block E has been submitted and granted ? If yes, has the construction for it started or when its going to start?

Thanks
Jads

 

[Alan Cockayne]

Amazing Neil.

Now are we are working from the same song sheet. Your words "it's coming along so well, it represents what the brochures said."

This is one of those projects you asked me "which developments are worthy of our clients"? I have promoted this project from day one but I don't advertise on here. I'm trying to be impartial.

Then again it's also one your colleagues Philip M. of LAW who did the last d.d. checks for us both yet you are stating he is not trustworthy. That sounds rather two faced if I may say.

And of course, more importantly EGY France can actually finance all the building work, unlike your beloved El Riad projects, which are those you quote "unlike many other projects which are standing still."

Yes, everyone can see the progress on Royal Beach Resort, which may I state for the record you had little imput.

Are people finally getting the message?


Alan.

 

[Alan Cockayne]

Neil, Neil Neil.... Why do you think you have the monopoly on all these projects?

We sub-agents introduced all the previous owners and new ones. We want satisfaction for all of them.

Cosying up with developers was always a good way for them to con you and you've constantly fell for their bull. You are too naive to understand and will face the consequences of supporting those who intend to use you.

I've stopped fully marketing many projects until these fiascos are delt with. You seem hell bent on perpetuating them.

However, the Royal (Regency) Beach project is one I have faith in. It is getting built, Sam Hadfield of Select Properties is doing a great job, unlike your friends Mohamed and Yasser's El Riad projects, you hold so dearly as good businessmen.

Alan.