tiba towers 2

[sunseasand]

hello , :wavey: i am looking to buy in hurghada and found tiba towers 2 studio .,within my funds . has anyone else bought off plan here ? any advice would be helpful . who is the developer and are they reputable? thanks

 

[El Gouna Property]

hello , :wavey: i am looking to buy in hurghada and found tiba towers 2 studio .,within my funds . has anyone else bought off plan here ? any advice would be helpful . who is the developer and are they reputable? thanks

Hi

Developer is Ex Partner of Iraida who was responsible for All Oasis Resorts construction, his name Mr. Saied and He already built Tiba Towers 1 In El Hadaba
which can give you a very clear idea about his finishing quality which is really good.

He is a very good person and construction is going ahead is n Tiba Towers location, and its almost sold out and he started selling now in his latest projects Tiba Heights


If need more info please let me know

Thanks

 

[NeilHollingsworth]

But don't you think the prices are just too low, the old saying "if it's too good to be true", how can anyone sell an apartment for these prices?

 

[El Gouna Property]

But don't you think the prices are just too low, the old saying "if it's too good to be true", how can anyone sell an apartment for these prices?

Dear Neil,

Its true just price is not high because the development is not very big, and construction is going very good and may be next time you are in Hurghada
you visit the location.

And you can say may be he is not greedy )))))

 

[NeilHollingsworth]

Dear Neil,

Its true just price is not high because the development is not very big, and construction is going very good and may be next time you are in Hurghada
you visit the location.

And you can say may be he is not greedy )))))

Hi Margaret, I will certainly be visiting the next time I am over, what size are the apartments in m2? I'm not saying it can't be done but I have seen prices quoted as £8,000 for an apartment, this just seems incredibly low and it's not about being greedy can he actually make anything especially as you say it is a small development.

 

[El Gouna Property]

Hi Margaret, I will certainly be visiting the next time I am over, what size are the apartments in m2? I'm not saying it can't be done but I have seen prices quoted as £8,000 for an apartment, this just seems incredibly low and it's not about being greedy can he actually make anything especially as you say it is a small development.

Dear Neil,

This 8000 GBP price in Tiba Heights not Tiba Towers 2and this price was for a studio 22m2 so its a very small size and its all sold out in the first week and my clients was killing me for it but all is gone and for prices it start from as following:

Tiba Heights:

1-Bed 44 m2 12926 GBP

Tiba Towers 2:

Studio 34m2 for 9168 GBP


If need full info I can email it to you or you can find in attached files about the 2 projects

 

[NeilHollingsworth]

Dear Neil,

This 8000 GBP price in Tiba Heights not Tiba Towers 2and this price was for a studio 22m2 so its a very small size and its all sold out in the first week and my clients was killing me for it but all is gone and for prices it start from as following:

Tiba Heights:

1-Bed 44 m2 12926 GBP

Tiba Towers 2:

Studio 34m2 for 9168 GBP


If need full info I can email it to you or you can find in attached files about the 2 projects

Thanks Margaret, £9168 still seems very low although 34m2 is small and 44m2 for a 1 bed is the same size as studios on other projects. I will have a look at the files and have a look next time I am out there.

 

[El Gouna Property]

Thanks Margaret, £9168 still seems very low although 34m2 is small and 44m2 for a 1 bed is the same size as studios on other projects. I will have a look at the files and have a look next time I am out there.

Ok Neil and if need to arrange a meeting with Developer let me know )) I can do it for you

 

[NeilHollingsworth]

Ok Neil and if need to arrange a meeting with Developer let me know )) I can do it for you

Thanks Margaret will do.

 

[Alan Cockayne]

Research

Thanks Margaret will do.

And before you go Neil do your due diligence check.
If the land is fully purchased and licenses are in order, the prices were incredible, only these small studios were reserved before the marketing was available !!!
Do they have funds to complete the rest?

I've known similar low prices but for fractional ownership. I feel that contracts need more scrutiny.

Alan.

 

[NeilHollingsworth]

And before you go Neil do your due diligence check.
If the land is fully purchased and licenses are in order, the prices were incredible, only these small studios were reserved before the marketing was available !!!
Do they have funds to complete the rest?

I've known similar low prices but for fractional ownership. I feel that contracts need more scrutiny.

Alan.

Hi Alan, after all the hassle I have had in Egypt I don't touch any project without independent solicitors outside of Hurghada looking at it. Has this builder finished a project already and have buyers taken full ownership?

 

[El Gouna Property]

Hi Alan, after all the hassle I have had in Egypt I don't touch any project without independent solicitors outside of Hurghada looking at it. Has this builder finished a project already and have buyers taken full ownership?

He already built Tiba Towers 1 in EL Hadaba and all papers available to check

 

[NeilHollingsworth]

He already built Tiba Towers 1 in EL Hadaba and all papers available to check

Thanks Margaret, does he own the land or is he doing a joint venture, if he is the allocatee has all land payments been paid, how many floors is the project and does he have a licence for all floors?

 

[Alan Cockayne]

Project searches.

Thanks Margaret, does he own the land or is he doing a joint venture, if he is the allocatee has all land payments been paid, how many floors is the project and does he have a licence for all floors?

Now readers..... You see how these developments need researching. Just taking a sales-person's word for ownership legalities is not a good idea.

We main-agents and contracted agencies set out to do these searches through independent lawyers and it costs us dearly. Neil and others in our profession put little trust in local knowledge these days.

But investors consistantly push these minor projects onto the market because they are "cheap" and risk the consequenses at a later stage when sales drop, when the funds are not forthcoming, the recession bites deeper or the banks want their mortgage premiums.

I've yet to prove those early "cheap unit" reservations actually are paid up clients. I believe these Egyptian speculators not only get "insider dealings" but reduced prices. Or their reservation fees back if the project fails to receive its full building licenses.

In that case, another point of interest. Do readers know that a bought unit registered for tax at an Egyptian value actually makes yours of equal status when inspected for property tax......
Hence the reluctance to enforce fines and to really visit each property to do a full valuation.

Makes you think doesn't it?

Alan. Coralife-Style Consultants.

 

[International Dreams]

Hi Neil

It worth a look at the development as all the paper work is in order, construction has started and the development is over 60% sold out already. As for clients paying i have sold 10 units in this development so far and some have exchange and some are about to. The development is 800m from the beach, so is second line which is why its cheap, they are only a few 1 bed left, some two bed and i think 1 x 3 bed unit but with units from just under 13K it a good deal. I would recommend doing some check for when the developer release the next development, as i know he is buying more land up. I have a feel that all the units will be nearly gone in next few weeks, as we have a lot of clients looking at them

 

[El Gouna Property]

Now readers..... You see how these developments need researching. Just taking a sales-person's word for ownership legalities is not a good idea.

We main-agents and contracted agencies set out to do these searches through independent lawyers and it costs us dearly. Neil and others in our profession put little trust in local knowledge these days.

But investors consistantly push these minor projects onto the market because they are "cheap" and risk the consequenses at a later stage when sales drop, when the funds are not forthcoming, the recession bites deeper or the banks want their mortgage premiums.

I've yet to prove those early "cheap unit" reservations actually are paid up clients. I believe these Egyptian speculators not only get "insider dealings" but reduced prices. Or their reservation fees back if the project fails to receive its full building licenses.

In that case, another point of interest. Do readers know that a bought unit registered for tax at an Egyptian value actually makes yours of equal status when inspected for property tax......
Hence the reluctance to enforce fines and to really visit each property to do a full valuation.

Makes you think doesn't it?

Alan. Coralife-Style Consultants.

Dear Alan,

I said papers are available to check so if any one doubt he or she can see it, and if anything negative I will not hide.

Thanks

 

[El Gouna Property]

Thanks Margaret, does he own the land or is he doing a joint venture, if he is the allocatee has all land payments been paid, how many floors is the project and does he have a licence for all floors?

Hi Neil,

In Tiba Towers 1 & 2 he own the land, and in Tiba Heights his latest projects he has a partner so its a joint venture with another partner, and all payments on the land is done, and for floors its ( Pool level, first, second, third and fourth)

and you welcome anytime next time you are in Hurghada to arrange a meeting with him and he will be so happy to answer all your questions and give you a copy of any paper you will need.

Regards

 

[NeilHollingsworth]

Hi Neil,

In Tiba Towers 1 & 2 he own the land, and in Tiba Heights his latest projects he has a partner so its a joint venture with another partner, and all payments on the land is done, and for floors its ( Pool level, first, second, third and fourth)

and you welcome anytime next time you are in Hurghada to arrange a meeting with him and he will be so happy to answer all your questions and give you a copy of any paper you will need.

Regards

Hi Margaret, thanks and I will be interested in meeting however, can you just clarify please the floor levels, is it ground plus 4 floors or ground plus 3 floors, making it a 4 floor project, I.E ground, first, second, third and fourth or is it ground, first, second and third?

 

[El Gouna Property]

Hi Margaret, thanks and I will be interested in meeting however, can you just clarify please the floor levels, is it ground plus 4 floors or ground plus 3 floors, making it a 4 floor project, I.E ground, first, second, third and fourth or is it ground, first, second and third?

it is ground plus 4 floors

 

[NeilHollingsworth]

it is ground plus 4 floors

Thanks Margaret, and he has the full building licence for these 5 floors? This is very interesting as no-one else seems able to get a licence to build so high, did he apply after he had started building do you know?