Luxury
Front Line Beach Apartments Hurghada
Marlion Residences - FAQ
This exclusive front line Aparthotel beach development
consists of 256
apartments all with stunning views of the Red
Sea,
and completes in March 2010. Investors can see a potential return of
over 100%
return on investment in under 24 months and 500% return on investment within 5-7 years. Priced from
just £36,000
Q. What is the background of the
developer?
A. The developers are UK based and have several years experience in a
broad spectrum of projects spanning EMEA, the Middle East, North Africa
and shortly South America. Besides the Marlion Residences, they are
currently involved in two major hotel developments in central London
with a combined value of £280m.
Q. What are the legal fees in
purchasing an apartment in the Marlion Residences?
A. As a guide you should allow for around £1,000 to cover
legal fees.
Q. Has the development been granted
a building license and if so, can I see a copy?
A. Yes, please contact us and we will be happy to send you a copy of
the license.
Q. When is the development due to
start and when does it actually complete?
A. Work is due to commence at the beginning of March 2008, and with a
build time of two years it is expected for completion in March 2010.
Contact us NOW to
reserve your unit
Q. What guarantees are there in
place to ensure that the developer does not go over the expected build
time?
A. For each month the development is late, the purchase contracts
stipulates a 1% discount on the overall price due.
Q. Do all the apartments come with
furniture and white goods?
A. Yes
Q. What is the likely term and rates
of a typical mortgage that I will be offered?
A. Mortgages currently available are via a number of Egyptian banks and
are all based on a repayment option, for a minimum term of 12 years at
a rate of approximately 7% (sts). However, it is expected that over the
next two
years, the Egyptian market is likely to open up a lot more and these
rates will improve significantly.
Q. Is there any additional costs for
acquiring a mortgage?
It is assumed that purchasers will be liable for some limited fees e.g.
Survey costs + a 1.5% fee for the broker.
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reserve your unit
Q. What sort of cost do you envisage
for general service charges?
A. The on site management and maintenance service charges are expected
to be around £350 per annum and will cover insurance, general
maintenance of communal areas and utility up keep.
Q. Do you envisage any other running
costs besides the costs above?
No
Q. Is it true that by purchasing a
property in Egypt I will automatically be entitled to a
resident’s visa?
A. No – Although purchasing a property in Egypt does
facilitate the
process, residence is not guaranteed and owners will need to apply via
the standard procedure outlined by the Egyptian Embassy. For further
information, contact the Egyptian Embassy on: 020 7499 3304.
Q. What facilities are in place to
ensure that my apartment will be offered for let after completion?
A. Prior to completion the developers, in conjunction with the owners
will put together a Management Company, whose sole responsibility will
be to market and let out each apartment on a rota basis.
Q. How much personal use can I have
of my apartment?
If you decide to let your apartment as part of the Aparthotel your usage is 4 weeks per year.
Q. Do you arrange inspection trips
to the site?
A. At the moment no – the development is currently being
marketed off
plan and construction work is yet to commence. However, if you are
planning to visit the area, please contact us to arrange an inspection
of the site.
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