Red Sea family resort

[Leporis]

I plan to buy an apartment in the RED SEA FAMILY RESORT.
Any comments, opinions about this investment are welcome.

"Red sea Family Resort is a luxurious off plan resort located in Al Ahyaa district of Hurghada , just minutes from the luxurious marines ,golf courses and lagoons of El gouna and the bustling center of Hurghada ,Redsea family is a resort which caters for everyone’s needs."

Regards,

Leporis

 

[Alan Cockayne]

Off-Plan projects

I plan to buy an apartment in the RED SEA FAMILY RESORT.
Any comments, opinions about this investment are welcome.

"Red sea Family Resort is a luxurious off plan resort located in Al Ahyaa district of Hurghada , just minutes from the luxurious marines ,golf courses and lagoons of El gouna and the bustling center of Hurghada ,Redsea family is a resort which caters for everyone’s needs."
Regards,
Leporis

Hi.

Buying off-plan is a great way to start investing, but it can be fraught with dangers, especially where distances are concerned. Your first move is to look at all the previous threads on the subject as many points are covered.

The main issue is to do all the research and due diligence reports before handing over cash. Ask who are the owners, the developers, the main agent and ask does the project have the capabilities and proof of building with it's own banking facilities without relying on your monies.

Some developments are marketing exercises, paper projects designed to extract money from the gullible. Check the developer's and their marketing agency's affiliation to organisations like AIPP, FOPDAC and the international division of NAEA who help protect clients and their members in disputes.

I'm not aware of the name of this project. It may be excellent. Some change names overnight as they may be confused with other locations. That's a major issue in Egypt. Egyptian developers love confusion.

There are around 3,000 registered Egyptian development licenses. 20 new projects come on the market each week along 1,000 km of coastline. Not all will deliver what they are promising and they are all looking in the same market sector for clients. AND cheap is exactly that and may not always give quality. Web-sites can look amazing; salesmen can be misleading. Like Dubai the Egypt market could be over subscribed and in the current economic climate may never get built.

Recommendations are good for existing builds. Don't expect forum members to have answers or experience of every new project. Do your homework well as this is a costly business to get wrong.

Alan - Coralife-Style Consultants.

 

[NeilHollingsworth]

I plan to buy an apartment in the RED SEA FAMILY RESORT.
Any comments, opinions about this investment are welcome.

"Red sea Family Resort is a luxurious off plan resort located in Al Ahyaa district of Hurghada , just minutes from the luxurious marines ,golf courses and lagoons of El gouna and the bustling center of Hurghada ,Redsea family is a resort which caters for everyone’s needs."

Regards,

Leporis

I am having some due diligence carried out on this development by a large law firm in Cairo due to the issues experienced in Hurghada you need to do as much research as possible.

 

[Leporis]

Hi, thank you for the valuable feedback. What do you suggest where to start the research?
Could you please share the details of that due diligence that you mentined?

Regards,
Leprois

 

[Peter Mitry]

Hi Neil who owns the Red Sea Family Resort; I have never heard of it?

 

[Leporis]

What I found out so far is that:

Owner: Red Sea Pearl Co. for Touristic & Real Estate Investment
Do you know anything about this company?

Regards,
Leporis

 

[NeilHollingsworth]

Hi Neil who owns the Red Sea Family Resort; I have never heard of it?

Hi Peter, this is what i am looking into as you know iam very nervous with Egyptian properties at the moment so not doing anything until it is all checked out.

 

[Peter Mitry]

We all know that all of the projects with 'Pearl' in the name were owned by WWD. However, there is a development on the El Gouna Road called 'Red Sea Pearl & Doriss'. Doriss are apparently very large Russian developers but as I understand it this project has been very badly designed and they have so far failed to sell anything in the past year. They have been looking for other more successful local Developers to take over the project but so far without success. Does anyone else know of them?

 

[Leporis]

At Dorissland's homepage they say it is 80% done and will be finished at Sept 2010. I wonder if this can be true or not. And what was the original deadline....
It is really hard to manage and follow this form distance...
What is the problem with this development how do you mean it is badly designed? Have you got details on this? It is important for me since these guys build Red Sea Family project as well, and would be my neighbours if I decide to buy there. But the news you say are worse and worse...so I dig into the deep a bit more...

Regards,
Leporis

 

[NeilHollingsworth]

If you can wait for a few days or a wekk i will see if i can get some information. Peter is right about the Russian influence but can't comment on the design aspect.

 

[Leporis]

Dear Neil,

thank you for your information and help!
I would like to make the decision (reservation or cancelation) latest till next Wednesday 26 Aug, if it is possible. The best would be to get a clear picture till then. If not it is ok later as well but the devloper will increase the price. Of course I am more willing to pay a bit more instead of loosing everything and causing nightmare to myself...

So thank you for your help and I am really looking for your information.
Regards,

Leporis

 

[NeilHollingsworth]

Dear Neil,

thank you for your information and help!
I would like to make the decision (reservation or cancelation) latest till next Wednesday 26 Aug, if it is possible. The best would be to get a clear picture till then. If not it is ok later as well but the devloper will increase the price. Of course I am more willing to pay a bit more instead of loosing everything and causing nightmare to myself...

So thank you for your help and I am really looking for your information.
Regards,

Leporis

Don't be pushed into making a desicion by someone saying the price will be increasing!!!

 

[Leporis]

No I definitely will not make the decision by that. Thank you for all the inputs and if you have any news let me know!

Thank you.

Regards,

Leporis

 

[Leporis]

There is a due diligence report of Red Sea Pearl but it is russian..or arabic...Should not it have an english version as well? I cannot read any of them. I think I get it translated...

Regards,

Leporis

 

[queenie40something]

Hi yes make sure you get it translated. Best get a good lawyer to go over it 1st before you make any decisions.

 

[Leporis]

I think you are right. Even if I get it translated probably I will need a lawyer to analyze the content.
So now I need a good lawyer with experince about the Egypt real estate project and russian skills. Things are never easy...

 

[Alan Cockayne]

I think you are right. Even if I get it translated probably I will need a lawyer to analyze the content.
So now I need a good lawyer with experince about the Egypt real estate project and russian skills. Things are never easy...

Red Sea Pearl are a marketing agent representing Egyptian projects.
The word "PEARL" represents the jewel in the crown of Egypt - THE RED SEA.
Their advert shows it attached to United Lawyers Company.... Find an independent one for advice as these may be biased.

The google map shows your Red Sea Family Resort as a plot of land near to Abu Shar a local housing site that is probably the area across the road from the sea front (so these are not beach front properties, hence the low prices.)

The development company needs D.D. done on it. It may be a good project, wait for Neil's information.
Do not rush into signing anything. You have lots more choice of worthy projects with good credentials.

Alan. - Coralife-Style Consultants.

 

[Leporis]

Alan,

Thank you for the information.
Yes according to the developer it is about 400 meters form the sea, just behind Dorrisland investment. The price is cheap, in this range I did not find any better offer so far. And the distance is not far from the sea so it can be good if it will be as real as it is on the project plan.
I am looking for offplans because of the price. Have you got information about new ones? I checked the ineternet but I think I saw almost all that I did not want to belive. Or any good link where I can see more offers?

I wait for Neil's information before I do anything.

Leporis

 

[queenie40something]

Hi I found this and dont know if it has any relevance red sea pearl Complaints - complaint

 

[brian m]

hi i just bought off plan in harmony lagoon near el gouna ,,, best of luck maybe well be neighbours ,,, brian