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Hania Beach, Central Hurghada, Egypt - Due for completion Summer '09. - Page 47
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.
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"
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"
Your correct in assuming that I was informed by the developer that HSBC would be providing the mortgage. The details I was given were as follows:
HSBC would be providing a fixed rate 15 year interest only mortgage at 6.9%
Your correct in assuming that I was informed by the developer that HSBC would be providing the mortgage. The details I was given were as follows:
HSBC would be providing a fixed rate 15 year interest only mortgage at 6.9%
Rgds
RED
If this is HSBC Egypt (and Im assuming HSBC london wont be doing it directly) then the best they can do for foreigners today (assuming completed development and all DD done following completion) is 10 year term in USD with annual reset of interest rate at 2% over 1 yr us dollar libor. No-one is providing fixed rates longer than a year for mortgages for foreigners in egypt.
15 years is available to egyptians only but only in egyptian pounds and at not fixed and at circa 13%.
If this is HSBC Egypt (and Im assuming HSBC london wont be doing it directly) then the best they can do for foreigners today (assuming completed development and all DD done following completion) is 10 year term in USD with annual reset of interest rate at 2% over 1 yr us dollar libor. No-one is providing fixed rates longer than a year for mortgages for foreigners in egypt.
15 years is available to egyptians only but only in egyptian pounds and at not fixed and at circa 13%.
Not sure mate. The information I have given you is the information given to me by the developer. Maybe Dan could clarify this matter on the forum.
Ive recieved my confirmation letter confirming apt 309.
I was 50 inline overall and 11 in the list for the studios. My initial first choice was apt 329 and second choice was 307 (which was greyed out from the start).
I then changed my second choice to 309 and them ummed an arred over 421 as 420 & 419 had been greyed out also from the start (something the big wigs know about on the 3rd floor that we dont)?
Anyway,....I kept to my gut instinct and went for 329 and 309.
Whoever has 329 congratulations, I expect to be able to pop over and compare views on completion. Likewise with 421!
Hope everyone gets what they want and a 3rd choice isnt needed!!
Now we just have to agree contracts, wade through the legalities and then wait...
Does anyone know what I should be expecting on this? Ive never purchased anything like this before and am extremely nervous. Any help would be appreciated!
Do I have to make sure anything is included that may be left out 'accidently'?
Quote:
Originally Posted by redangel7861
Benefits of being on the top floor are the views and the proximity to the roof terraces and sunset lounge. The shops are also close by.
Just depends what side its all on mate. Wont be too impressed if a nightclub is put on the roof top terrace above me! Wanted a view as high and as close to the beach as possible as Ive seen a few developments where units at the back have had views spoilt by palm trees growing to an adult height.
I also opted for units on the end of the block. 1) So that the view is slightly more and 2) I can only expect at the worse case one noisy neighbour next to me instead of two either side!!!
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This should be my view
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