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Introduction to this
3
bed
Apartment
in
Hurghada
,
Egypt
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Property Type:
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Apartment
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Town:
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Hurghada
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Country:
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Egypt
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Beds:
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3
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Baths:
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1
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Plot Size:
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Build Size:
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Asking Price:
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£72450 (GBP)
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Description of this
3
bed
Apartment
in
Hurghada
,
Egypt
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3 bedroom 4th floor apartment, comes with 10 m2 balcony.
We have pleasure in launching the 5 star fabulous Beach Resort on the fabulous red sea coast of Egypt. This development has been pl
3 bedroom 4th floor apartment, comes with 10 m2 balcony.
We have pleasure in launching the 5 star fabulous Beach Resort on the fabulous red sea coast of Egypt. This development has been planned and designed by UK developers and is certain to become one of the premiere resorts in Egypt for many years to come. This is the pre launch phase and prices will increase (by 10-15%) upon the major launch of the development which will be at the end of January 2008.
In phase 1 there are just over 100 apartments and once complete there will be 190 apartments in the whole development. From the quality of construction, to its beachfront location and fabulous array of facilities, this complex will be a tremendous investment for people seeking capital growth and rental income. Not forgetting the fact that you can always rely on the sun in Egypt for your own personal holidays!
Egypt itself is now rated amongst the top 10 investment destinations for 2008 by A Place In The Sun magazine and with buyers coming from all round the world and genuine year round rental opportunities this is an opportunity not to be missed!
JUNIOR SUITES
A choice of Junior Suites are offered on all floors. Each suite has a sea view and a 10 sqm balcony, with the exception of the ground floor suites which come with 15sqm private patio area. These suites are complemented by fully fitted kitchens*, they are fully air-conditioned from a central system. The flooring is marbled throughout the property giving a fantastic look and feel. Furthermore each Junior Suite comes with Satellite Television showing 100 channels, and an internet connection.
1 BED APARTMENTS
A choice of 1 bedroom apartments are offered on all floors. Each suite has a sea view and a 10 sqm balcony, with the exception of the ground floor suites which come with 15sqm private patio area. These suites are complemented by fully fitted kitchens*, they are fully air-conditioned from a central system. The flooring is marbled throughout the property giving a fantastic look and feel. Furthermore each Junior Suite comes with Satellite Television showing 100 channels, and an internet connection.
2 BED APARTMENTS
A choice of 2 bedroom apartments are offered on all floors. Each suite has a sea view and a 10 sqm balcony, with the exception of the ground floor suites which come with 15sqm private patio area. These suites are complemented by fully fitted kitchens*, they are fully air-conditioned from a central system. The flooring is marbled throughout the property giving a fantastic look and feel. Furthermore each Junior Suite comes with Satellite Television showing 100 channels, and an internet connection.
3 BED APARTMENTS
A choice of 3 bedroom apartments are offered on all floors. Each suite has a sea view and a 10 sqm balcony, with the exception of the ground floor suites which come with 15sqm private patio area. These suites are complemented by fully fitted kitchens*, they are fully air-conditioned from a central system. The flooring is marbled throughout the property giving a fantastic look and feel. Furthermore each Junior Suite comes with Satellite Television showing 100 channels, and an internet connection.
* White goods come as part of the furniture package.
FURNITURE PACKAGES
Interactive Property Group on behalf of Developer can highly recommend the following furniture package deals:
• Junior Suite apartments: approx. £3,000
• 1 bedroom apartments: approx. £4,000
• 2 bedroom apartments: approx. £5,500
• 3 bedroom apartments: approx. £6,500
Location
Complex is ideally positioned eight kilometres from both Hurghada and the magnificent El Gouna. It is a 15 minute drive from the international airport in Hurghada. Flights from London Gatwick arrive in Hurghada on Tuesdays and leave on Fridays, Flights from Manchester arrive in Hurghada on Fridays and leave on Mondays.
Construction Schedule
Development is due for completion in January 2010.
Facilities And Maintenance
• Swimming pool: a large 750sqm swimming pool with waterfall plus a children's pool.
• Children's play ground: with swings, slides etc.
• Beauty and spa centre.
• Supermarket for all daily needs.
• 5 on-site bars and restaurants with room service available.
• Shopping mall with 20 boutiques.
• A diving school on the beach.
• A business centre.
• A hotel style reception area.
• On-site 24 hour Security service.
• 24 hour / 7 days a week medical centre.
• Shuttle bus service to Hurghada and El Gouna.
The annual maintenance fee is charged at £7.50/sqm per annum. This includes building insurance. Contents insurance can be arranged at 0.3% of your purchase price.
Payment Terms
It should be noted that all payments are made through a UK Lawyer, Legal Alliances Worldwide Ltd to further enhance your security.
Being regulated by the UK Law Society we feel that this gives you more peace of mind than using an unregulated Egyptian Lawyer.
Option 1 (Full purchase price)
£1,000 refundable reservation fee*
40% on signing of contract (minus reservation fee),
20% 6 months after contract,
20% 12 months after contract,
10% 18 months after contract.
10% on receiving the keys to your apartment following snagging.
Option 2 (5% discount)
£1,000 refundable reservation fee*
90% on signing of contract (minus reservation fee),
10% on receiving the keys to your apartment following snagging.
THE BUYING PROCESS
The Egyptian government has recently brought in legislation making it easier and more attractive for foreigners to invest in the country. As a result of this there has been a reduction in the Stamp Duty and both Capital Gains Tax and Inheritance Tax have been abolished.
The buying process is very simple and we suggest the following when purchasing in Egypt:
• Choose your property and send us the completed reservation form along with the £1,000 reservation fee. The property will then be taken off the market.
• The client will then be sent a “Confirmation of Reservation” which will act as a receipt for the reservation as well as a copy of the standard contract.
• The client will then employ a lawyer (we will offer a suggestion upon reservation); the lawyer will then go through the process of due diligence, confirming the legality of the development.
• The lawyer we recommend will then send you a “Contract Pack” detailing the steps you need to take.
• During this time the lawyer will be making and agreeing any changes to the purchase contract requested by the client.
• Once all parties have agreed upon the contract and the relevant checks the client will sign the contract.
• The first payment is then due with the reservation fee deducted.
• The client will be notified when further payments are due.
• Upon completion the client’s solicitor will manage the registration of the property with the local courts after which the ownership is transferred to the client.
From receiving the contract to the signing and payment, if the client is organised and motivated should take no longer than 3-4 weeks Taxes and Costs Legal costs as detailed above should be less than £1,000 but will depend on the client’s choice of legal representation. There is a Property Registration Fee and court fees payable upon completion, totalling around £400. Stamp Duty of 2,000 Egyptian Pounds (£200 approx) and no Capital Gains Tax or Inheritance Tax. Rental income is taxed at a flat rate of 20%.
* If after viewing this development by the end of January 2008, you decide not to proceed, the reservation is refundable.
Property Management
The Developer have partnered with a touristic investment company who are able to offer you full property management services at this complex. The touristic investment company will be based in the complex itself and are therefore perfectly positioned to help you out in terns of rentals should you choose to use them.
One of the most attractive selling points for this development is that 5* hotel occupancy throughout the year within the region is on average 97% . This is fantastic news for anyone considering renting out an apartment.
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Apartment for sale in Hurghada
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