Regency Beach Pictures Update - Page 29

propertastic · #**281** 27-06-2008, 01:21 AM

Quote:

Originally Posted by coco

I dont see how you can blame the delay on people only paying their deposits, I for one had the money in the bank ready to hand over upon signing of the contracts which never appeared. The whole thing was handled very badly from the start chopping and changing their minds about this that and the other, they still dont have a permit to build it, & it was released so long ago it feels like when god was a boy, unless they got it today i think there was a meeting with a govenor today if so, apologies, but its still taken an awfully long time which in our eyes regardless of any rumours or speculation is just unacceptable, we borrowed to invest in this development, 4 months of unnecessary interest down the swany, Couldnt even put it on long term deposit to try and claw back some interest because we have been expecting contracts "any day now" its a farce. some may say the money you'll make on the appreciation will far outway any interest paid but it will on many other developments too so i dont buy that. Anyway rant over!

I can't quite figure out how you came to think that I was blaming the delays on people only paying their reservation fees and not their full deposts!

Unfortunately, although this country has a wonderful climate and I can't think of a better place to spend a vacation, it's not easy to do business here.

The first words of Arabic I learned were in-shallah - 'if God wills it' or 'maybe it will; maybe it won't'.

As in, "we'll have your internet installed in a couple of days ... in-shallah". Which means you'll be doing well if you get online in under a month.

Unfortunately, this isn't Switzerland. But nor are the prices and nor is the weather.

So whenever something depends on the actions of some government officials, there can be no cast-iron guarantees with regards to dates.

coco · #**282** 27-06-2008, 11:52 AM

Quote:

Originally Posted by propertastic

I can't quite figure out how you came to think that I was blaming the delays on people only paying their reservation fees and not their full deposts!

Unfortunately, although this country has a wonderful climate and I can't think of a better place to spend a vacation, it's not easy to do business here.

The first words of Arabic I learned were in-shallah - 'if God wills it' or 'maybe it will; maybe it won't'.

As in, "we'll have your internet installed in a couple of days ... in-shallah". Which means you'll be doing well if you get online in under a month.

Unfortunately, this isn't Switzerland. But nor are the prices and nor is the weather.

So whenever something depends on the actions of some government officials, there can be no cast-iron guarantees with regards to dates.

"If people had paid their 40% deposits, then things would be different. " sorry perhaps i misunderstood this comment then & took it the wrong way.

yield · #**283** 27-06-2008, 07:07 PM

Quote:

Originally Posted by propertastic

Hi yield,

Thanks for sending me a PM. I'm not hiding from the Forum - just insanely busy right now!

I think that I posted to this thread (or another on Regency Beach) a month or so ago, and my opinions have not changed since then.

Yes, for those people who bought into Regency Beach looking for a holiday home who were looking forward to spending Christmas 2009 in their apartment, I can understand that the delays are disappointing.

However, as for those people who bought into the development primarily for investment purposes, they should be laughing all the way to the bank.

In its pre-release phase, Regency Beach was being sold at between GBP500-575/m2.

Since then, the prices of apartments at Regency Beach have risen by 40%, which brings it up to the market prices of smaller developments that are located right on the beach (similar levels to Hania, for example).

What this means is that someone who reserved an apartment for GBP50,000 for example, now has an investment that has a current market value of GBP70,000. So they have seen a GBP20,000 capital increase for the investment of a GBP1,000 reservation fee.

A 2000% return on investment inside 5 months is not bad going by anyone's standards!

We are in regular contact with Philip Morris of Legal Alliances Worldwide and I have seen many of the documents connected to the development. It's definitely going to happen.

If people had paid their 40% deposits, then things would be different. But with the only investment having been a GBP1000 reservation fee which is fully refundable, it's hardly a great gamble.

I think that, in a couple of years' time, when the development is finally complete a lot of people are going to be kicking themselves for having pulled out as a result of being impatient.

Hi Nick, thanks for the reply I also pm Peter who also replied.

But what about all the romours made against Property Hotspots, whats your view on this side of the story? or was it someone just having a dig at them?

When will building start? have they regersterd the land yet.

Thanks for the replies.

propertastic · #**284** 28-06-2008, 05:36 PM

Quote:

Originally Posted by yield

Hi Nick, thanks for the reply I also pm Peter who also replied.

But what about all the romours made against Property Hotspots, whats your view on this side of the story? or was it someone just having a dig at them?

When will building start? have they regersterd the land yet.

Thanks for the replies.

I had only been in Hurghada for 48 hours before I realized what a hotbed of gossip it was. This was before I ever got into the business even - when I was just making the initial research for the book. Everyone I spoke to was badmouthing the competition, developers badmouthing lawyers, lawyers badmouthing developers, etc.

I can honestly say that not a week passes without some new rumours being spread around town, the majority of which have no foundations to them at all. I have noticed that, whoever is doing the best at any one particular time seems to be the subject of most of the attempts to knock them back down.

We have investigated all of the rumours. But they just don't make a lot of sense to me.

Doesn't anyone else find it ironic that the two main items of concern are completely contradictory?

1. Some people are nervous because of the malicious rumours about the developer's improper conduct.

2. Some people are nervous because they want to pay their deposits and the developer won't take them until all of the necessary documentation is in place.

Very few developers in Egypt offer the security to buyers of having all of the finances going through a UK-based lawyer who is a member of the UK Law Society. This should give buyers a great deal more confidence than if they were asked to send funds directly to a developer.

Someone obviously has an axe to grind - the fact that whoever it is wants to remain anonymous tells me that there are not sufficient grounds for them to make these claims publically.

Lsab · #**285** 28-06-2008, 06:14 PM

For my part it wasn't so much the rumours (though the question of the directors disqualification was a concern) but the length of time it's taken to get started - we borrowed the money for the first installment and have been paying interest ever since - and the real disappointment of putting a deposit on a 1 bed junior suite and ending up with a studio. I know that has also been the biggest factor for several other buyers too. I also know that all those members that have pulled out wish all the best to those that haven't. Nobody is secretly hoping that it'll be a disaster

redangel7861 · #**286** 28-06-2008, 10:58 PM

Quote:

Originally Posted by Lsab

For my part it wasn't so much the rumours (though the question of the directors disqualification was a concern) but the length of time it's taken to get started - we borrowed the money for the first installment and have been paying interest ever since - and the real disappointment of putting a deposit on a 1 bed junior suite and ending up with a studio. I know that has also been the biggest factor for several other buyers too. I also know that all those members that have pulled out wish all the best to those that haven't. Nobody is secretly hoping that it'll be a disaster

Has anyone ever found out what the diqualification of Directorship in the UK was for??

queenie40something · #**287** 29-06-2008, 01:58 AM

There is a list but the question was asked several times and an answer was never supplied.

redangel7861 · #**288** 29-06-2008, 12:09 PM

Quote:

Originally Posted by queenie40something

There is a list but the question was asked several times and an answer was never supplied.

Hi Alison.

Quite worrying really, that people are not more concerned about this issue.

I wonder what the opinions of various agents are based on the latest round of incidence, would be interesting to know, as many have stated to me (when I was looking for opinions on where to purchase) that they were as honest as the snow is white (the "trust me governer I'm alright your money is safe with me" attitude). Quite scary to see how interlinked the Egyptian realestate market is (from lawyers, agents to developers), and how so many people have a common and at times twisted vested financial interest in selling products regardless of what the real facts are (this is not specific to the Regency Brand - which I'm sure is a wonderful product). The question is who to trust..the answer is "TRUST NO ONE". Do your own reasearch and ask as many questions as possible and don't be afraid to offend anyone. If you have any doubts then pull out, as there are always other opportunities in the market.

I have found that the Egyptian market is more dangerous place to invest than many other markets (and don't let any agent tell you otherwise). The mentality of many agents is to tell the customer what they want to hear in order to gain the commission and in my opinion the integrity of an agent will always be compromised due to the financial gains they stand to make. I have no problems with that, because they like the rest of us have a living to make, but trust an agent...never!!

In my opinion never get emotionally attached to an investment and always base your investment decision on facts and nothing else.

queenie40something · #**289** 29-06-2008, 12:13 PM

Hi Red - there are many that are worried and have pulled out. We just need to be careful about what is said on public forums.

Randall · #**290** 29-06-2008, 02:12 PM

Hi All

I am purchasing through a reputable local agent with years of experience. I originaly bought at Regency Beach and then withdrew because of cost and size etc.

I then bought at Al Rivera Beach and my agent advised me to withdraw from the sale due to problems, they themselves withdrew as agents for this developer due to legalities and for their personal business reputation.

I am now purchasing at Regency Heights and at no time have i been told about any problems with the Regency group and my agent is still selling for them.

Why not wait a while before casting doubts over them and therefore pulling out. The Regency Beach will be in a very good position and everyone has only paid £1k which you will get back if you withdraw.

When i contacted them about Regency Heights i could sense no concerns at all with this company.

There is nothing special being built at present at the reserve prices for Regency beach, for those who were happy with it,..................................correct me if i am wrong.

Cheers

Australia	Bulgaria	Brazil	Caribbean	Cyprus	Dubai	Egypt	France
Germany	Morocco	Portugal	Spain	Turkey	UK	US	UAE