Blue Sea Bay, Makadi Bay

[Sparky1972]

Hi All,

Colour investment are offering off plan 1 bed for 90000 EGP in Makadi Bay, (Blue Sea Bay.

Any advice on this and also on Colour investments. Is it a good investment and what are the risks, open questions etc.

 

[Deanosparky]

I have just spotted this aswell. I am in the process of buying at the las cabanas deveopment in marsa alam, but am always on the look out for more.
I will have a look in to colour investments to see what i can find.

 

[chriscross34]

Hi both, i downloaded the brochure from Colour Investments Website. There are no floor plans or property descriptions. Appt sizes range from 35 to 135 sq metres, 1 or 2 bed. Payment plans are available for the lowest priced properties upwards over 1, 2 3 and 5 year periods.

I attach a link below, certainly worth a look. The brochure doesn't state who the developer is only that they are well established. If anybody has discovered further information, please post on this forum


Off Plan Property Investment Company | Overseas Property | Investment Property | Property Development - Introduction

Chris

 

[Liverpool Fan]

Blue Sea Bay Hurghada Egypt

Hi all , i have spoken to colour investments about this project and as of yet he will not disclose the developer but does assure me that it is the biggest in hurghada, so with this info i approached another estate agent in hurghada , hurghada's biggest developer is a company called Orascum property and thay come highly recommended you can look them up on google colour investments have assured me that thay are the developer , now for the bad news Orascum are not developing blue sea bay , a company called Sigma property are the actuall developers and have not such a good track record of completing projects , so if you are thinking of buying i would ask for proof of the developer also a copy of the licence and build permits also who actually owns the land all this should be readily availiable as well as plans ,floor layouts, as well as property specs , hope this helps

Regarde Steevie G

 

[chriscross34]

Steve thanks, to be honest 'BUYER BEWARE' springs to mind. I did see on the colour investments website at the bottom that they are Sigma trading or something and i looked them up.

This developments seems too good to be true.... £10k may be a bargain but not if it never gets of the ground....

 

[NickWallwork]

Hi All,

I felt I had better post a reply here as some of the facts stated on this threat are simply incorrect. I particular Steve's post...

I am a director of Black Sigma Ltd (trading as Colour Investments) and we are the exclusive agents for this pre-release of Blue Sea Bay in Makadi Bay. I think the above statement about "Sigma properties" has come from a simple mistake regarding similar names... There is a company called "Sigma properties" that develops in Egypt but that IS NOT US.

The developer for this project is indeed Orascum and I am able to send over the floor plans, Unit types, Full due diligence including land title check, ownership check and planning permissions for any client who would like more information. Please just contact me at "nick @ colourinvestments . com" for a copy.

I agree of BUYER BEWARE for any development you buy into abroad which is why we first started our company a couple of years ago. We are professional property sourcers and we carry out full due diligence before we offer out any project to protect buyers.

Anyway hopefully that has set the record straight on the above points,
Kind Regards
Nick

 

[chriscross34]

Dear Nick,thanks for putting the record straight, it is something I have considered but would need more information.

[email protected]

 

[Deanosparky]

Hi Nik,

Could you forwrd me over all the info you have about this development please.

I have already downloaded brochure, but stuff like floor plans and legal stuff would be good.

Thanks,

Deano

[email protected]

 

[NickWallwork]

Hi Chris / Deano sending you a mail with full due diligence and further info now...

Kind Regards
Nick

 

[chriscross34]

thanks Nick

 

[samui13]

Hi there, just wanted to clarify something. You say the developer is Orascum. Just want to check that this developer is nothing to do with the developer that built el gouna which is orascom - the names are very similiar - are they the same company or is this developer a different one with a very similar name.

Cheers.

Lou

 

[t.rob]

trust

Hi there, just wanted to clarify something. You say the developer is Orascum. Just want to check that this developer is nothing to do with the developer that built el gouna which is orascom - the names are very similiar - are they the same company or is this developer a different one with a very similar name.

Cheers.

Lou

be very carefull -when investing in egypt

 

[NickWallwork]

Hi Lou,

It's the same developer that built el Gouna sorry it's just a typo in the name...

Kind regards
Nick

 

[chriscross34]

I've looked at the floor plans - really like the type 3 an d type 5 apartments as these have a nicer arabesque design to them. The first floor apartments have a nice balcony and domed ceilings.

Nick - type 4, arent these 3 story? or isnt the ground floor counted as these have three floors if you include the grouind floor as are the type 2.

Are you selling the type 3 and type 5 apartments as these are not listed on the pre-relese spreadhsheet?


Thanks Chris

 

[danny]

This is very confusing. I emailed the Orascom Marketing dept to ask them about Blue Sea Bay and they confirm they are not the developer of this resort. However, I was referred to the following link (below) which shows their 'Makadi Bay' Project, the apartments etc look the same as those shown in the Colour Investment brochure and associated particulars. Their response is copiede below:

Chris


Dear Sir,

In regards to your email here below, please be informed that we are not the developers of the "Blue Sea Bay" project.....

Our Company also has a project in Makadi bay, for more information on that regard, please visit the link ORASCOM

Should I be of further assistance, please don’t hesitate to contact me.

I hope this email finds you well…

Thank you and best regards

Maha Noufal

Marketing Executive


Building Better Towns

Nile City Towers, South Tower, 9th Floor

2005 A Corniche El Nil

Cairo – Egypt 11221

T +2 02 2461 8989 F +2 02 2461 8904
[email protected]
Orascom Hotel and Development

This thread has gone very quiet, why no response to this important question?

Are Black Sigma related to Black Swan/ Sigma, very unfortunate name if they are not?

No surprise that there is no answer if they are!!

 

[NickWallwork]

Hi all,

Sorry only just realised there were some un-answered questions on here...

- we are Black Sigma Ltd we also trade under Colour Investments as a trading name. Please see our website for our Ltd co number e.t.c. If you are unsure about who we are!
- We like to re-name our developments for marketing purposes as developers tend to always give sites very un-inspiring names like "Makadi Bay"! Blue Sea Bay is a much nicer name I think...
- Type 2 and 4 are indeed 3 storey I.e. Ground, first and 2nd floors...

Hope this clears up a couple of points...


Thanks
Nick

 

[chriscross34]

I had another reply from Orascom who confirmed that Colour Investments are not the authorised agents for 'Makadi Bay' Orascom have no connection with 'Blue Sea Bay'. If Orascom were the developer surely they would confirm this. The only development they are offering is 'Makadi Bay'

Nick - thanks for clarifying - who are you dealing with at Orascom, the point of my email to the developer was to verify Colour as an authorised agent...


Dear Sir,



Thank you for interest in Makadi Development



Color Investment is not an authorized Agent, the project is called “Makadi” not “Blue Sea Bay”



Please locate yourself and will guide with an authorized agent or sales person to contact you shortly



Please don’t hesitate to contact me for further inquiry



Best Regards,



Nermine El Gindy

Agent Relation Specialist







Nile City Towers, North Tower, 14th Fl.

2005 C Cornich El Nil Cairo- Egypt 11221

Office: (+202) 246.161.98

Mobile: (+2) 017.266.1103

[email protected]

ORASCOM I Cape Citadel-Sahl Hasheesh, Orascom Development & Management

MAKADI








--------------------------------------------------------------------------------

From: Maha Noufal
Sent: Tuesday, July 28, 2009 11:00 AM
To: 'Chris Hannon'
Subject: RE: Blue Sea Bay Resort, Makadi Bay - Nr Hurghada



Dear Sir,



I hereby confirm that our company is not the developer of Blue Sea Bay Project, and we have no authorized agency in the UK for this project. Yet, our authorized PR agency in the United Kingdom for Orascom Development projects is called Rooster.



Should I be of further assistance, please let me know.



Thank you and best regards,



Maha Noufal

Marketing Executive
Destinations Marketing

Orascom Hotels and Development

A Subsidiary of Orascom Development



T +2 02 2461 8989 l F +2 02 2461 8904
[email protected] l Orascom Hotel and Development

 

[Alan Cockayne]

Orascom UK

Nick - thanks for clarifying - who are you dealing with at Orascom, the point of my email to the developer was to verify Colour as an authorised agent...

From: Maha Noufal
Sent: Tuesday, July 28, 2009 11:00 AM
To: 'Chris Hannon'
Subject: RE: Blue Sea Bay Resort, Makadi Bay - Nr Hurghada

Dear Sir,

I hereby confirm that our company is not the developer of Blue Sea Bay Project, and we have no authorized agency in the UK for this project. Yet, our authorized PR agency in the United Kingdom for Orascom Development projects is called Rooster.

Could you be more explicit as to who "Rooster" are in regards to Orascom's P.R. company in the UK? I cannot find a web-site for them.

Alan - Coralife-Style Consultants.

 

[chriscross34]

Alan, i found Rooster on the net, they appear to be a PR company as Orascom stated. i don't know whether they are selling agents too or whether they have a network.

Rooster Press Centre

 

[Alan Cockayne]

Rooster.

I found it Chris.

Seems like a good company with plenty of clients. But PR agencies don't sell, they should only do their marketing. So I'm concerned how companies like Colour Investments can attach themselves to projects through PR companies and not be prepared to show everyone their contracts. Usually they are for a year to prove success and extended if they are.

Promoting sales, especially with the likes of Orascom who are a very credible company, it's always worth me checking as clients always ask me for the truths.

This is why I get involved. Over the years main agents like WWD and Sigma etc. can sell and take monies without jurisdiction. People get let down and the government don't seem to be bothered or flinch at the bad publicity it gets.

One day they will!!!!!

Cheers.
Alan.