Hania Beach, Central Hurghada, Egypt - Due for completion Summer '09.

[realestatemart]

Cheers Queenie. When was that taken? The stadium wasnt there when we was out there.

I think this picture was during the squash tournment as its not there all the time

 

[redangel7861]

Dear all.

The Hania beach thread is available for use again. Please could you adhere to the following when posting:

1. Adhere to the forum rules that can be found in the "sticky" threads at the top of the Egypt forum;

2. Stick to the topic ie. Hania and nothing else;

3. No abuse aloud

4. No postings of a commercial nature aloud;

*****THIS FORUM IS HERE FOR HANIA PURCHASERS TO SHARE INFORMATION ON THE DEVELOPMENT AND NOT RAMP THE DEVELOPMENT********


Kindest Regards
RED

 

[MrSkipsey]

Freehold/Leasehold,.....

Just spoke to Stuart at Experience International and he has confirmed that Hania is definately shared freehold.

 

[redangel7861]

Just spoke to Stuart at Experience International and he has confirmed that Hania is definately shared freehold.

Hi Skip.

I am aware that some people had reservations whether Hania was freehold or leasehold and if there was a restriction on re-sale of property. I also have been informed of the following:

1. Hania is freehold;

2. You can sell when you want;

3. You can sell to whom you want.

Regards
RED

 

[Roger]

different holds

Hi Skip.

I am aware that some people had reservations whether Hania was freehold or leasehold and if there was a restriction on re-sale of property. I also have been informed of the following:

1. Hania is freehold;

2. You can sell when you want;

3. You can sell to whom you want.

Regards
RED

According to Zeiad in another thread, resale of freehold property is not legally allowed for 5 years. The only way around it is to revoke the contract with the developer, meaning that you can only sell to them. Unless the fact that it is shared freehold alters things. I will ask in the apropriate thread.

The Due Dilligence also states that you have to offer the developer the option to buy first in the first 5 years. But then the Due Dilligence also says it's leasehold

 

[redangel7861]

According to Zeiad in another thread, resale of freehold property is not legally allowed for 5 years. The only way around it is to revoke the contract with the developer, meaning that you can only sell to them. Unless the fact that it is shared freehold alters things. I will ask in the apropriate thread.

The Due Dilligence also states that you have to offer the developer the option to buy first in the first 5 years. But then the Due Dilligence also says it's leasehold

Hi Roger.

Again these are all points you are going to have to clarify with the developer or agent that you are dealing with. Hopefully all these points will be cleared up on launch night.

I'm sure it's not a major issue as there are many freehold developments in Hurghada and if this was a real issue or problem I'm sure it would have been raised on all the other developments that are being offered in this area.

Again I am led to believe it is the norm with due dilligence reports in Egypt and just conforms with the local administration rules.

Regards
Red

 

[redangel7861]

HSBC Mortgage

I don't know if this has been mentioned already. The developer has agreed to provide a Mortgage via HSBC bank on the Hania Beach development. I believe it's a fixed rate 15 year term at 6.9%.

I believe the mortgage will be written into the contract. Is anyone considering the HSBC finance option??

Regards
RED

 

[Peter Mitry]

Hi Red I thought this was a Shariah mortgage? Is the HSBC option a fixed percentage throughout the term on the total capital amount? If so the true interest rate is much, much higher.

 

[redangel7861]

Hi Red I thought this was a Shariah mortgage? Is the HSBC option a fixed percentage throughout the term on the total capital amount? If so the true interest rate is much, much higher.

Hi Peter.

I'm really not sure on both points. So far very little information has been provided on the Mortgage terms. It's something I will have to look into. I'm not sure if I am going to take up the Finance Option and may just pay up by cash. But then again, as an investor it's always wise to use as little of your own capital as possible.

Once I'm sure of the terms of the mortgage I'll deceide on whether to take the finance option or not.


p.s
With regards to your point regarding the rate, I'm presuming it's going to follow the standard format of Mortgages available in the UK eg. if you purchase a property for 100k and put down a deposit of 40K then 6.9% will be applied on the remaining 60k on an annualised basis for the term of 15 years.

If it's a Shariah mortgage then the terms may differ. Again all of this is yet to be confirmed and I'm only speculating

Kindest Regards

RED

 

[Roger]

I don't know if this has been mentioned already. The developer has agreed to provide a Mortgage via HSBC bank on the Hania Beach development. I believe it's a fixed rate 15 year term at 6.9%.

I believe the mortgage will be written into the contract. Is anyone considering the HSBC finance option??

Regards
RED

Hi Red,

I would far rather raise the money here at a better interest rate, and where I have a better idea of the financial going ons. If that fails then I would need to know a lot more about the HSBC offer before I decide whether or not to take it up.

 

[Roger]

Hi Red I thought this was a Shariah mortgage? Is the HSBC option a fixed percentage throughout the term on the total capital amount? If so the true interest rate is much, much higher.

Hi Peter,

someone looking at this as an investment is unlikely to let the mortgage run to full term. Maybe if you only intend to have the mortgage for a year or three it's more attractive.

 

[redangel7861]

Hi Red,

I would far rather raise the money here at a better interest rate, and where I have a better idea of the financial going ons. If that fails then I would need to know a lot more about the HSBC offer before I decide whether or not to take it up.

Hi Roger.

I agree with you, until the terms of the mortgage are clear I will not apply for the finance option. One advantage of taking up the finance option is that the Finance is secured against the asset in Egypt and not against assets in the UK.

I have not looked into mortgage companies in the UK that offer finance against foreign assets, if these are available and are more favourable than the HSBC option then I will take the latter option. Although HSBC is a well known and respected financial institution so I don't see any problems with regards to borrowing from them.

Regards

RED

 

[redangel7861]

Mortgage and Plans

Red Hania says they offer this service in corperation with HSBC do you have clear information, and when the final plans ana availability will be announced?

RealEstate.

Mortgage will be provided by HSBC and full plans should be available in March.
I am led to believe that directors were in Hurghada last week and discussions with architects and various other related parties involved with the development went very well.

I am also led to believe that there is a lot of excitement rergarding this development. I guess we will just have to wait and see when full plans are released. I along with other pre-release investors have recieved confirmation from agents and the developer with regards to our place on the reservation list. I am really looking forward to the release of all the plans.

Regards
RED

 

[redangel7861]

Pics Of Hania

Please see attached pics of the area surrounding the Hania development:









More to come.

Regards
RED

 

[redangel7861]

More PICS

More PICS

 

[redangel7861]

More PICS

More PICS:







surrounding area of this development looks great.

Regards
RED

 

[Roger]

It does look good, Red, thanks for posting the pics

What is the development next door? Folks in the villas at the back must be sore at losing the view

How is construction work progressing, or are they unable to continue until plans are released?

 

[danwilliams]

Hania Beach Press Release!

Good Morning.

As most of you know we have been out in Hurghada last week and I would like to give you an update on some exciting things we are planning. plans will be done in approx three weeks. The only delay has been the fact we keep wanting to add things to make the site even better!!!

We are planning (subject to approval) to include a roof top bar/restaurant so after a long day sunbathing you can enjoy food and cocktails looking out to the ocean from the top floor.

Providing you haven't had top much to drink the night before in the hania bar you will be able to use our state of the art gym that will feature floor to ceiling glass giving you views out to the beach and sea whilst training.

There will be a very impressive glass entrance to the complex so when yourself or your guest arrive they will feel they are entering something special.

We are in talks with leading brands who are looking to take various commercial units so all amenities will be on hand for yourselves and guests.

Over the past few weeks we have been hard at work arranging what will happen with your apartments once complete.. who will manage them? who will help rent them out?

We are proud to say we have come to a deal with a leading rental management company (for details please pm me).

We will be running hania as a resort through some of the major tour operators.
So when someone goes to the travel agents and asks for accomadation in Hurghada hania will be one of there options. this as I am sure you will agree will bring massive rental potential to the development.

All purchasers will have a designated UK agent they can ring at any time with questions about their apartment. You can even send the names of anyone you know yourselves looking to use your apartment to the agent and they will arrange all flights, car hire, cleaning etc on your behalf.. could it get any easier!!

There are more things in the pipeline that we cannot disclose at this moment but I will keep you all posted.

Enjoy the rest of your day.

Kindest regards

Dan Tamplin

 

[Roger]

Great stuff, Dan. Thanks for the update

 

[MrSkipsey]

Looking good! Can anyone confirm if its coral so close to the shore in Pic 7?
Or just slightly deeper?