Quote:
Originally Posted by redangel7861
AWAHEE.
This is at the pre-launch stage so no details have been realeased yet. On the 29.02.08 I will be attending a launch evening where all plans will be released. I have been told that the location is ten minutes from the airport and even closer to the local village.
All I know is that it will be a reputable UK based developer, all monies will be held in Escrow, completion is due Summer 09, 40% upfront and 60% on completion (mortgage written into contract with large international bank (HSBC I believe), in terms of luxury and finishing none of the local developments will compare with this development, £700 psqm now (if you put down £2,000 pre resevation deposit before 29.02.08 - fully refundable) goimg upto £800 psqm on the 01.03.08.
Location will be forntline beach, 170 apartments being built (Studio to 2 bed apartments with roof terrace). First 100 reservations will be guranteed frontline beach and sea views.
Details so far:
Studios – £21,000 – £31,500 (30m2 – 45m2)
1 bedroom - £31,500 - £42,000 (45m2 – 60m2)
2 bedroom - £45,500 up to £70,000 (65m2 – 100m2)
Hope this helps.
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redangel seems to indicate above that the developer will be writing into the contract a mortgage for 60% from HSBC. I dont know where he got this information from (presumably he was told it by the selling agent) but the head of mortgages at HSBC in Egypt who I met with yesterday was quite explicit in stating that there was no way they could pre qualify applicants for a development that was not to be completed for some time and that they have not signed upto any special arrangements with any one particular developer. She also indicated that they were very close to taking legal action against one developer (whom she would not name ) that had dared to use their logo without consent in their marketing materials and and thereby imply that there was a firm arrangement in place for HSBC to provide funding at completion.
Those depending on a mortgage from HSBC for 60% at completion would be advised to proceed with some caution as they could not confirm to me that they would even be offering a mortgage product in future. I do expect however that mortgages will be available from several banks and mortgage cos by the time this development is completed so
HSBC indicated to me that as a result of a rule change by the Central Bank of Egypt (CBE) in April this year they were no longer able to offer construction draw down finance as they had been planning. Only the mortgage companies of which there are 5 i believe at present can do this but it is only available in egyptian pounds at present.
HSBC Egypts present mortgage offering is as set out below
- only completed projects approved by their legal department at completion of works were eligible
- Egyptian Pounds (around 13%) or USD (2% over 1 year libor and rate adjusts annually )
- 10 year maximum term for foreigners ( max age 65 at last payment)
- foreigners "must have residency and comply with all HSBC requirements to lend to them"