Hi

My favourites would be in El Gouna or Sahl Hasheesh. Mind you your budget may be a bit low for a 2 bed, particulary if you want frontline in these areas. One worth considering in Sahl Hasheesh would be Paradise Gardens, not front line, but only a few minutes walk from the public beach. Also Verandah looks nice, but may be a bit pricey.

If you're considering Hurghada, I like Westside Village and there will be a new beachfront release shortly near the Intercontinental Hotel, which should be good.