I have pleasure in announcing the pre launch of Zina Heights in Hurghada. Construction has started.
What makes this development worth considering:
Investing in Hurghada usually means no rental guarantees. However with Zina Heights there is a three year rental guarantee scheme in place of 6%, 7% and 8% each year.
Linked to the above of course, but I like the fact that Zina Heights with 330 apartments has an integral boutique hotel and is being built by the builder and owner of the Marlin. The confidence on ability to rent is backed by the guarantee
Zina Heights is positioning itself as one of Hurghada’s most prestigious tourist and business hotels.
The master suites are located within a Deluxe Hotel resort and these residential apartments have the benefit of a range of generous and exclusive hotel services and guest amenities located on the ground floor, to include a range of fine dining restaurants, spa, boutiques, bars and concierge services.
Pre launch prices for Zina Heights start at €39,900 for a pool view up to €50,000 for seaview apartments, there is a wide choice of apartments available for the 330 total.
Central Hurghada (new).
Typical studio apartment:
Gross Size including common areas and terrace: 48.13 m2 Net area 42.97 m2 (inc terrace. Terrace 9.65m2
Please go to www.overseaspropertytalk.com for full review and to register for due diligence report, or contact me for more details and questions.
Zina Heights is in the newer part of Hurghada just off the new village promenade commonly known as the golden mile. Please see google earth image showing exact location.
It is south of Sakala and Al Dahar areas and south of downtown Hurghada in the newer part of the city. Many of the top hotels stretch along the coast in this part of Hurghada.
The payment plan is 40% deposit followed by 6 payments of 10% each time every 4 or 5 months until completion. Completion is scheduled for August 2010.
The money goes to the lawyers holding account and is released to the developer when they are satisfied that enough work has been completed at that stage. At the moment the build is 45% complete and this will be verified in the due diligence that is being completed by the lawyer.
Building work is ongoing as we speak. I will be posting construction update photos on a regular basis
The due diligence and the contracts ready in a weeks time.
The 3 year rental guarante (6%, 7%, 8%) will commence when the building is complete and the hotel is operational – this will be 3 months (approx) after the building finishes.
Guarantee monies will be paid to investors annually in arrears.
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