FAQ’s (1 – 12)

• Where is the Pyramids 2 Red Sea Resort?

The Pyramids 2 Red Sea Resort can be found near the shores of the Red Sea, in the town of Hurghada, Egypt about 10km south of El Gouna.

• How many properties will there be at Pyramids 2 Red Sea Resort?

The resort will comprise or 2 phases each phase being self contained and having 200 units with a variety of studios, 1 bedroom, 2 bedroom and 3 bedroom apartments.

• Are the properties freehold or leasehold?

All the properties are freehold.

• Who is developing Pyramids 2 Red Sea Resort?

The developers are a well established UK Based company.

• Has the developer got land title?

Yes, the developer has full legal title to the land.

• What Licenses have been granted?

All the necessary licenses and planning permissions have been obtained, and are available on request.

• When will the property be completed?

The properties will be completed summer 2009.

• What are the payment terms on the property?

10% initial deposit then a further 40% on signing of purchase agreement (approx 30 days), 25% interim payment and then a final 25% on completion.

• Can the properties be bought in a company name?

Yes

• 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.

• What is the yearly maintenance fee?

The yearly maintenance fee will be GBP £500 per annum and will be fixed for 5 years.

• Is there a builder’s warranty on new build, if so how long?

Yes, warranties for new build are for 10 years.

 

FAQ’s (13 – 21)

• 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 of GBP £500, there will be utility (water & electricity) charges substantially lower than by European comparison.

• How much will the building & contents insurance cost?

Approx GB £100.00 per annum.

• What is the construction of the building?

The foundation of the building is reinforced concrete. The construction is of brick.

• What will be the orientation of the apartments?

The apartment’s main entrance will face North East but each apartment will differ depending on location on the development.

• Will there be a rental pool?

Yes, with rental prices based on our achievable rental return calculations – refer to our Pyramids 2 Rental Return document.

• How long is the rental season?

12 months.

• What is Egyptian Design & Finish?

Normally in Egypt a new build property is sold as a shell. Doors and windows are not installed, walls and floors are not finished, and kitchens and bathrooms are not equipped.

• What is European Design & Finish?

European Design & Finish includes; polished ceramic floors, tiling in kitchen and bathrooms, windows and doors installed, all electrical installations, pre-installation for digital TV platforms as well as sockets for telephone, television and data lines, Fitted kitchen with base units, stainless steel sink, granite worktops and mixer taps, Bathroom sanitary fittings in white porcelain (toilets, sinks, baths or showers) with mixer taps.

NB: We will be providing European Design & Finish

• Are the properties sold fully furnished?

Furniture and kitchen appliances are not included in the sale price, but will be available as furniture packs.

FAQ’s (22 – 32)

• What are the purchase costs?

Registration of the unit and lawyer fees will be in the region of £1,000 to £1,500.

• What are the lawyer’s fees involved in the purchase of the apartment?

See Point 22.

• Is there a Real Estate Tax?

There is an annual Real Estate Tax of EGP 500 (approx GBP £50)

• Is there any Stamp Duty?

No.

• Is there any Government Tax?

No.

• Is there any Capital Gains Tax or V.A.T?

No.

• Is there any Inheritance Tax?

No.

• Can I sell my property at any time?

Yes.

• What are the facilities in development, immediate and surrounding areas?

Large communal roof with BBQ’s, large swimming pool, with children’s section with on site lifeguard, café bar with Internet business centre, tropical gardens, fully equipped gymnasium, mini market, children’s play area, laundry service, and restaurants offering various cuisines (all within a manned 24 hour gated environment). For information on surrounding area refer to brochure.

• How long are the seasons in Hurghada?

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.

• How accessible is the area?

Flight time from the UK is 4.5 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.