FAQ's
1) Where is the Paradise Gardens Resort?
The Resort can be found near the shores of the Red Sea, in the resort of Sahl Hasheesh about 25km south of Hurghada.
2) How many properties will there be?
The resort will compriser 350 units with a variety of studios, 1 bedroom, 2 bedroom and 3 bedroom apartments. Also included are 20 Townhouses. There will be communal parking but no communal roof terraces.
3) Are the properties freehold or leasehold?
All the properties are freehold.
4) Who is developing the Resort?
A LEADING Egyptian plc worth $750 million (US) and with over 25 years in the Hotel development/entertainment industry.
5) Has the developer got land title?
Yes, the developer has full legal title to the land.
6) What Licenses have been granted?
All the necessary licenses and planning permissions have been obtained.
7) When will the property be completed?
The properties will be completed March2010 2009.
8) What are the payment terms on the property?
10% initial deposit then a further 40% on signing of purchase agreement (approx 30 days), and then a final 50% on completion in March 2010
9) Can the properties be bought in a company name?
Yes, but companies cannot take out the mortgage.
10) Are mortgages available?
Yes, a capital repayment type mortgage, subject-to-status, on 65% of the purchase price is available after completing as a release of equity basis.
11) What is the yearly maintenance fee?
The yearly maintenance fee will be €20 per sq m per annum
12) Is there a builder’s warranty on new build, if so how long?
Yes, warranties for new build are for 10 years.
13) What type of running costs should the client expect?
Apart from the annual Real Estate Tax of EGP 500 (approx. GBP £50) and the annual maintenance fee, there will be utility (water & electricity) charges substantially lower than by European comparison.
14) How much will the building & contents insurance cost?
Approx £150.00 per annum.
15) How long is the rental season?
12 months.
16) Are the properties sold fully furnished?
Furniture and kitchens are not included and appliances are not included in the sale price, but will be available as furniture packs.
17) What are the purchase costs?
Registration of the unit and lawyer fees will be GBP£795.00 all in.
18) What are the lawyer’s fees involved in the purchase of the apartment?
See Point 22.
19) Is there a Real Estate Tax?
There is an annual Real Estate Tax of EGP 500 (approx GBP £50)
20) Is there any Stamp Duty?
No.
21) Is there any Government Tax?
No.
22) Is there any Capital Gains Tax or V.A.T?
No.
23) Is there any Inheritance Tax?
No.
24) Can I sell my property at any time?
Yes.
25) What are the facilities in development, immediate and surrounding areas?
26) Amenities
Sahl Hasheesh has every conceivable amenity... The resort will have lush landscaped gardens, large swimming pools and lagoon style water features with children’s section. Also, restaurant, bars, health facilities available to owners equipped gymnasium, children’s play area, laundry service, and restaurant offering various cuisines (all within a manned 24 hour gated environment).
27) How long are the seasons?
The Red Sea Riviera’s warm climate makes it an ideal destination at any time of the year. There are two seasons: a hot summer, which runs from May to October, followed by a mild winter for the remaining months. Temperatures range from a minimum average of 18°C in winter, with cool nights, to 36°C in summer, with comfortable warm nights.
28) How accessible is the area?
Flight time from the UK is 5 hours with scheduled weekly flights. Charter flights from Germany are almost daily. Flights from other major European cities include Munich 3.5 hours & Rome 3 hours. |
