Blue Sea Bay, Makadi Bay

[Steveand Christine]

We have just bought a 2 bedroom apartment at Blue Sea Bay (we already have an apartment at British Resort). We have paid all the money up front and got a 10% discount. We have just got back from Hurghada where we signed the contract at the solicitors who has also arranged the Court Validity Suite so our contract is now registered with the courts.
We discovered Colour Investments and this development after doing a search on the internet. We paid Colour Investments the initial deposit, finders fee and processing fee. They then put us in touch with a solicitor who took us through the remaining procedures (providing us with a copy of the due diligence report, he then checked the contract and then helped us to organise the transfer of the balance direct to Orascom).
We met the solicitor the day after we arrived in Hurghada and started the procedure for the Court Validity Suite. Once it was confirmed that Orascom had received all the money they sent the contract to our solicitor and a few days later we signed (one copy for the developer and one for the courts).
Also we noticed there were lots of adverts for Orascom and this development on the lampposts along Sheraton Street.

Steve & Christine

 

[Alan Cockayne]

Thanks for clarification Christine and Steve.
You've gone through the right process and have the results. But we are still confused from the previous Orascom letters.

Over to you Chris.

Alan.

 

[chriscross34]

ironic how someone suddendly posts something more positive after some not so encouraging points........

 

[NickWallwork]

Hi all,

We ARE authorised "marketing" agents (not PR agents) but I think the confusion has come in due to us promoting the development with a different marketing name for this pre-release phase... we have spoken with Nermine from Orascom and we have agreed it is best to re-name the development to avoid any further confusion!

As I mentioned on my previous post we always do this as often a developers marketing isn't that inspiring... I would value some comments on our brochure compared to Orascom's and you'll hopefully agree with me...

Anyway, we are now going to re-name the development to the less than inspiring "Makadi Bay" to avoid any further confusion.

We are very diligent in the developments we offer and we are professional sourcing agents. Hopefully if people can stop trying to knock us down with in-accurate points (like comparing us to a totally different company without checking their facts!) they might be able to benefit from the hard work we're done bringing this fantastic development to the market with Orascom and might not miss out on what I believe is one of the best deals I've seen in Egypt in a long time from one of the best, most reputable developers out there.

Is that fair?

Kind Regards
Nick

 

[NickWallwork]

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
Alan.

Alan, we don't work with Rooster and haven't attached ourselves with them at all...

Please see my post above I think the confusion has come in because of the marketing name we use...

Kind Regards
Nick

 

[chriscross34]

Hi Nick, thanks for clarification, i think it woulde help if Orascom knew the left arm from the right arm. Don't get me wrong Nick but ive no knowledge of your company, your website looks very professional and so does the marketing info. So i had to do my checks. The apartments look great and im sure this will be a nice development
my intention is not to paint organisations in a bad light unfairly. Hence the right to reply.


Well done

 

[Alan Cockayne]

Makadi Bay Residential Resort

Hi all,

We ARE authorised "marketing" agents (not PR agents) but I think the confusion has come in due to us promoting the development with a different marketing name for this pre-release phase... we have spoken with Nermine from Orascom and we have agreed it is best to re-name the development to avoid any further confusion!

Hi Nick.
I'm sure readers will now feel more confident in knowing exactly what and where they are investing thanks to this clarification. And because of your openeness I would like to help you promote the development.

As I mentioned on my previous post we always do this as often a developers marketing isn't that inspiring... I would value some comments on our brochure compared to Orascom's and you'll hopefully agree with me...
With Orascom's material you should sell from their name and reputation.

Anyway, we are now going to re-name the development to the less than inspiring "Makadi Bay" to avoid any further confusion.
Wise . We all now know where it is.

We are very diligent in the developments we offer and we are professional sourcing agents. Hopefully if people can stop trying to knock us down with in-accurate points (like comparing us to a totally different company without checking their facts!) they might be able to benefit from the hard work we're done bringing this fantastic development to the market with Orascom and might not miss out on what I believe is one of the best deals I've seen in Egypt in a long time from one of the best, most reputable developers out there.

Is that fair?

Yeppp... Investors want truths Nick. The're fed up of half lies and failed Egyptian promises. Keep up the honesty.

Cheers
Alan.

 

[NickWallwork]

Chris / Alan,

Thanks for the support chaps... it is tough sometimes when the wrong assumptions are made which actually is one of the main reasons we started our company - to help investors invest in the right projects with the proper research rather than going on assumptions.

The two directors (Myself and Nik Phillips) are both investors and we could have used an honest, reputable sourcing agent in our early investing days... so we started a company doing it for others! Seeing as we were doing the research anyway it made sense

Both myself and Nik have actually bought in this development (3 units between us) so you can gauge how much we believe in it's investment potential...

Anyway looking forward to hearing some positive thoughts on the development

Kind Regards
Nick

 

[Liverpool Fan]

5 year payment plan

hi i have just baught my apartment through another agent i have had a type 3 for
135'368 EGP , sofar i have just paid a £2000 deposit as i am using the stage payment option, i am awaiting the contract to come from Orascom to view and sign, can you please advise me on how i register it with the courts etc or is this something i can only do when the final payment has been made my agent as of yet has not mentioned that i need a solicitor, any information would be most gratefull

thanks to all

 

[NickWallwork]

Hi Stevie G,

Firstly it sounds like your agent isn't very good is they don't know this basic kind of information or haven't advised you of the process. Also the price is far more expensive than the units we have <snip>so looks like they are hiding their fees in the price rather than being upfront about charging a finders fee like us...

Anyway once you have a signed contract you can register it with the courts in Egypt using something called a "Court validity service" - you'll need a lawyer for this, I can recommend a good one should you need a reliable referral. This process gives you more security than just a signed contract from the developer. Also you should employ a lawyer to check out your contract details and due diligence otherwise you're relying on your own legal skills to check this which is a bit of a risk in my opinion...


Hope this helps

Kind Regards
Nick

 

[Liverpool Fan]

thanks

thanks nic

can i have your number please

 

[Liverpool Fan]

registering

tell me if i am happy with my contract is it possible for me to register it with the courts by myself from over here and also is there any charges for this service as i am totally new to this , if you could advise me , i will also ring you tomorrow when i return home if thats ok

SG

 

[NickWallwork]

No problem best to speak on the phone as it's quite complicated so give me a call tomorrow and I'll explain. I would definitely suggest a lawyer though (using power of attorney) as otherwise you'll have to visit the courts yourself to get it done...

Kind Regards
Nick

 

[petehall]

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.

the Makadi resort is one of the many i have researched and have just been told it will have no rental potential for at least five years.
most buyers are egyptian and are not into renting their places out, and this info was sent to me by an agent of the resort !
my main reason for purchase was an investment to let but i am moving on to check others out now.

 

[NickWallwork]

Rental potential Makadi

Hi Pete,

I personally would disagree and here are my reasons:

1. Thriving tourist industry in Makadi Bay already and the only options visitors have are the hotels. Check out Makadi Bay on Google and you'll see all the hotels and deals e.t.c. showing there is massive demand from holiday makers wanting to visit the area.

2. Stunning golf course right on the edge of the Makadi land site: Championship Golf Course - this will bring in visitors and potential renters wanting a golfing holiday as golf resorts are very rare to find in Egypt.

3. Stunning bay area with some of the best diving on the red sea, along with one of the best underwater wreaks all accessible through the dive school off the beach.

4. If there are a lot of Egyptians buying in the resort then there will be less competition for trying to rent your apartment out.

5. Location - only 25km from Hurghada airport, look how well Sahl Hasheesh has done over the past couple of years now it's built. Yields and prices there have rocketed and Makadi is just the next bay south of Sahl

6. Investment is not just about yield it's about capital growth. In this case due to the fantastic entry prices we've got you should make a very healthy return on capital growth alone then if you get any rental income that will be a bonus.


I hope that's given you something more to think about because I am personally very passionate about this site and feel it's one of the best potential investments i've seen in Egypt for a while which is why I have personally bought a unit there...

Kind Regards
Nick

 

[Steveand Christine]

Does anyone know if construction work has started on site yet?

 

[NickWallwork]

Construction work started...

Yes construction work has started. We have sent you some pictures of the site today actually so have a look at those. The site is in an excellent location on a really elevated plot looking down towards the sea, when finished it should be truly stunning.

If anyone else would like some pictures or progress updates on the site please drop me a mail and I'll be happy to send across some pictures. I also have some nice shots of the beach at Makadi and some of the front line hotels on the beach which also look very nice...

Hope this helps

Nick

 

[Steveand Christine]

Got photos. Thanks Nick. Looks good so far. Might have a pop down when we are in Hurghada for New Year

 

[El Gouna Property]

Got photos. Thanks Nick. Looks good so far. Might have a pop down when we are in Hurghada for New Year

Would you mind to share some of these pictures with us here

Thanks

 

[Steveand Christine]

I have put the photos on our website:-

makadi

Going to Hurghada for New Year so if we can we will try and take a trip to Makadi and take some more photos.

Steve & Christine