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 Post subject: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Tue Feb 16, 2010 12:43 pm 
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DWS & Neil have made great progress with resolving the problems with Desert Pearl 2 & Coral Sea Pearl. Mohamed Hussein (ER) has now been in contact with Neil asking for his and DWS's help to resolve the problems together.

Concerning DP2 & CSP, it is being said that the land has been resold, this has yet to be verified by DWS. If it turns out to be true and there are issues with Mabrouk, DP2 & CSP owners may well be best served swapping to the Pyramids Beach Resort. ER have promised to acknowledge the payments of 40% and so only the remaining 60% will be needed to be paid for the new apartments in the Pyramids Beach Resort. DWS have asked ER for all the documentation for the Pyramids Beach Resort and will check due dilligence, planning permission. land ownership, building licence etc. DWS will draw up new contracts for us (cost yet to be announced). This, of course, will only happen if ER work with the HRA.

If you are a DP2 or CSP owner and have not yet joined the HRA, now may be your last chance to do so.

As far as I am aware Peter Morris may also know the issues with Mabrouk and will need to get his followers to swap to another development altogether. However, this would mean that you would lose the 40% as he will not be able to get it transferred and you will need to pay full price for any new apartments, if he can find some.

It really is looking encouraging at long last and there seems to be a light at the end of the tunnel for all of us, all thanks to Neil and DWS's staying with us for the long haul.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Tue Feb 16, 2010 5:58 pm 
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Great News for some, unfortunately not for us, we paid our 100% over 2 years ago and have to find another 10K just to secure a rabbit hutch or lose the money already paid !!! This would probably be the amount paid by the 1 bedders on DP2... I sincerely hope negotiations can be made on my behalf with all concerned parties. Afterall 160% seems a little extreme, for something 14sq mts less, than what I paid for originally.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Fri Feb 19, 2010 12:49 pm 
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Which begs the question : who has secured their apartments in the DP2 build if we are being asked to 'jump ship' to another building site with a further delay in its construction. Sounds like delaying tactics to me!! I'm more interested in what is going to happen to ER building licence due for renewal in March 2010 - only a few weeks away!!


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Wed Feb 24, 2010 5:28 pm 
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This is my first post, as I have been observing comments and recent revelations.

I am a DP2 owner.

It seems our nice friend at EL Riad would like to swap us over to another EL Riad development Pyramids Beach which as usual sounds good

Do we really trust them with more of our hard earned money? Can we really afford losing out more?

I am not sure we have to wait and see what DWS say

Wow the resort looks nice (looks like they have a professional wesite developer on board)

What really gives me no or little confidence is this fact

4) Who is developing Pyramids Beach?
A. A UK company with over 24 years experience in the overseas property market.

Who are they ? Guesses anyone?


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Thu Feb 25, 2010 1:51 pm 
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Hello Ultimate and welcome to the forum.

A swop to another development will only be done when DWS have completed all the due diligence. It's time to put your faith in DWS - we can't end up in any worse position!


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Sat Feb 27, 2010 4:05 pm 
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Hi All

This is to let you know that Mohamed Hussein (El Riad) is actively working and co-operating with the HRA Admin to swap DP2/CSP owners to the Pyramids Beach Resort.

ER have promised a 'like for like' swap (with no extra payment unless the apartment is bigger) and acknowledge the payments of 40% and so only the remaining 60% will be needed to be paid for the new apartments in the Pyramids Beach Resort.

Of course, the swap will only be done when DWS have completed all the due dilligence. DWS will draw up new contracts for us (cost yet to be announced).


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Sun Feb 28, 2010 12:20 pm 
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Hi,

Sorry to be the bearer of bad news, but I am a DP2 owner, but am represented by another lawyer. I have been told that El Riad have been contacting buyers and using rather forceful tactics to persuade people to change to Pyramids beach. However they have found that the plans submitted in no way represent what is being built (they only have permission for a one storey build).

Someone mentioned they would swap like for like in terms of size - but the prices of the development are a lot more expensive and the cost of my 1 bedroom delux would only buy a studio - it seems unlikely they would give me a one bed apartment? But seems more likely that the 40% deposit I paid has been added onto the price, although I can see extra faciilities like playgrounds etc!

In negotiation with my lawyer, El Riad did say that if we wanted to go ahead with the purchase in DP2 it would be complete by the end of 2013, but refused any explaination for the delay, thay also offer a 50% refund once they had resold the unit - as if that's likely to happen when they are not planning to complete until 2013!! Again stalling tactics!

My lawyer is also in negotiations with another builder who has suggested he would honour the 40% against one of his properties, seems very strange but my lawyers are completing their due dilligence checks and should no more soon.

Hope somewhere there is light at the end of the tunnel!!


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Sun Feb 28, 2010 8:13 pm 
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Hi Jayne

Who is your Lawyer? You have omitted to say. At a guess, it must be LAW. Please correct me if I'm wrong.

I wouldn't think any builder in Egypt would put in plans and request building permission for a 1 storey development.

Yes the prices are more expensive on Pyramids Beach Resort than DP2 & CSP but it is now 2-3 years on since we bought and prices have gone up. We are intending to swap and can say that we have had our 40% honoured and are only paying the remaining 60% for our chosen 'like for like' apartment on Pyramids Beach Resort. Some HRA members have chosen larger apartments and have opted to pay a little bit more for the extra m2 but that is their choice.

It seems a bit improbable that a new builder would want to honour your 40% deposit. Why would he want to? Is this 40% of the cost price of your new apartment or is it just the amount you have already paid?

DWS will be undertaking their own due dilligence on Pyramids Beach Resort for the HRA members.

Let's hope which ever route we all chose, we all get the outcome that we all want in the end.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Wed Mar 17, 2010 8:43 am 
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DESERT PEARL 2 & CORAL SEA PEARL, HURGHADA, RED SEA, EGYPT.

To all Purchasers of the above Developments.

This is an update on the current position that the HRA has with the above Developments.

Neil Hollingsworth has recently been to Hurghada and discussed all the problems with Desert Pearl 2 (DP2) & Coral Sea Pearl (CSP) at great length with Mohamed Hussein, El Riad. Concerning DP2 & CSP, it is claimed that the land has been resold and the apartments will not be available for a long time.

Mohamed Hussein has offered a 'like for like' transfer for any DP2 or CSP Purchaser onto their new development at Pyramids Beach Resort. Phase 1 is due to be completed March 2011 and Phase 2 is due to be completed March 2012. Mohamed will acknowledge the payments of 40% and so the only remaining balance of 60% will be due to purchase the new apartment on the Pyramids Beach Resort.

Denton, Wilde & Sapte, an International Lawyer with offices in London & Cairo, were appointed by the HRA and have carried out the due dilligence on Pyramids Beach Resort and are now willing to draw up the new contracts for HRA members. (Price yet to be confirmed).

Details of Pyramids Beach Resort are on http://www.onestop-overseas.co.uk/agents/

Many members of the HRA have already agreed to transfer to the Pyramids Beach Resort and have chosen their new apartments.

Please PM me, if you are a Purchaser on DP2 or CSP and are interested in transferring to the Pyramids Beach Resort.

HRA Administrator.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Thu Mar 18, 2010 2:31 pm 
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hi i am a puchaser from dp2 a member of this site though through my sins have not paid to dws but law ltd instead they got to me first .have received a letter from law ltd today basicaly saying that the due diligence on pyramids beach resort has come back not good so no way forward with el riad.......although a swap to another site has been put forward...as ony one else received this offer or has the due diligence been ok for dws any one help on this subject please regards .......mark


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Thu Mar 18, 2010 3:25 pm 
ellz69 wrote:
hi i am a puchaser from dp2 a member of this site though through my sins have not paid to dws but law ltd instead they got to me first .have received a letter from law ltd today basicaly saying that the due diligence on pyramids beach resort has come back not good so no way forward with el riad.......although a swap to another site has been put forward...as ony one else received this offer or has the due diligence been ok for dws any one help on this subject please regards .......mark


After reading various forums it is very confusing. Why have Law Ltd written contracts for purchasers on Pyramids Beach but when looking to swap people from DP2 the due diligence is no good, are they getting something from the other developer? Here is an email I have come across showing Law Ltd were very keen for El Riad to sign off their draft contracts on Pyramids Beach and no mention of anything being wrong AND were keen for them to make arrangements to swap people over to Pyramids Beach. Maybe some Law Ltd clients could ask the question what has changed, when they were happy to with the due diligence when dealing with One-Stop Construction and they were keen to swap people over after they had already carried out their due diligence? It all stinks of not getting something in return and therefore making false allegations about the due diligence?

rom: Philip Morris <Philip.Morris@lawlimited.co.uk>
Subject: RE: Pyramids Beach
To: "El Riad Agency" <el_riad_agency@yahoo.com>
Cc: garys@onestop-overseas.co.uk
Date: Thursday, November 19, 2009, 7:13 PM

Dear Mohamed,



Thank you for your quick reply.



As regards the commercial units the only requirement is that you build them based on the requisite permissions. There is no requirement for when they must be rented out. In any case the commercial units do not belong to the buyers and therefore they will not have any legal rights over them.



As regards the connections to the utilities, the contract must stipulate connection to the government mains. I appreciate that electricity supply can be provided by generator as a temporary measure but the noise pollution and the fact that they can cause regular disruptions of service means it is unacceptable to the buyers and will cause a great deal of dissatisfaction with buyers post completion. I speak from experience where a generator has been used and it was a disaster.



Similarly, with water supplies, the cost of shipping in water supplies by bowser is 3 times the normal cost of mains connection supply. The buyers would not agree to such an arrangement.



As a developer, you would normally apply for the mains connections in sufficient time during the build stage so that the Council surveyors can determine the route of the pipes, meters etc so that the connections are made prior to the first completions. The area of the development already has mains water and electricity laid which would only require you to connect to them.



I hope that this now finally deals with all outstanding issues and the contract can now be signed off. Please provide a signed copy of the contract to the One Stop representative. The wording for signing it off should be as follows:



“I Mohamed Hussein being an authorised representative of El Riad who are included as the Seller in this Contract of Sale hereby agree to all the provisions and appendices to be attached to this Contract of Sale and confirm the agreement of El Riad for this Contract of Sale to be used for all sales on the development known as Pyramids Beach.”



One Stop must sign in the same way as applicable to them. I have sent a copy of the contract to Gary Swales for his signature accordingly. He has promised to sign it immediately and return an original copy to me.



Mohamed, I believe we have now reached the final stage so that we can now proceed with exchanging contracts with the buyers and I very much look forward to doing this business with you on behalf of my clients.



Kind regards.



Philip



PS. I need to speak with you about the separate agreement we are trying to finalise in relation to the WWD matter. As you know I have in fact over 100 buyers who could potentially swap to Pyramids beach not 65 as I said to you yesterday. If we can close that agreement quickly then it will mean a great deal more funds for you to use towards this development. I am planning to come to Egypt in the first week of December to finalise and sign off the agreement to resolve the WWD dispute and I should like to speak with you first to complete some of the preliminary discussions.



P.S.G. Morris

Solicitor and Managing Director



Legal Alliances Worldwide

Solicitors

3-4 The Ash Lane Centre

Worcester Road

Kidderminster

Worcestershire

DY10 1JR

United Kingdom


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Thu Mar 18, 2010 7:12 pm 
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Well people it would appear this sorry matter is finally coming to a head!

I have been represented by LAW and must say that i haven't been entirely convinced by their approach. Nothing major but they are nothing like any solicitors i have dealt witht in the past ( and i have dealt with a lot!! all good things!).

So who to trust eh? move tp Pyramids 2 which to my mind is really not very nice looking and if you have a 3 bed the layout looks poor to say the least or take another punt on El Riad finally delivering something?

El Riad say there is planning permission for Pyramid Beach and yet LAW say not but have not proved this claim either way.

Aaaaargh!! which way to turn? time to flip a coin?


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Fri Mar 19, 2010 3:27 pm 
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Don't swap desert/coral sea pearl for anything you will lose more money,they want more money upfront for a shell in the dust, its all a scam stick with original contract lawers are getting a back hander for the swap you will end up in the same situation wait for the dp/csp to complete its the only way trust know one.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Fri Mar 19, 2010 6:57 pm 
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Hi Ozzy

Fair point.
There is always the option of staying with your orignal contract with DP2 & CSP. Unfortunately our contract has a Peter Morris signature and as everyone knows he won his court case saying he didn't sign any, so it is invalid and useless. The DP2/CSP land has allegedly been resold and for this to be resolved, you could possibly end up waiting 5-10 years.

I feel and so do many others, that the best solution is to take the transfer to the Pyramids Beach Resort with the HRA and let DWS do the due dilligence and draw up our new contract.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Sat Mar 20, 2010 2:43 am 
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IF THE PETER MORRIS/EL RIAD CONTRACTS ARE INVALID IN HURGHADA THEN WHY IS HE STILL HOUNDING PEOPLE ASKING FOR YET MORE MONEY TO SORT THIS PROBLEM, IF I HAD FECKED UP THAT BAD AND COULD DO IT I WOULD PAY BACK THE MONEY OR AT LEAST APOLOGISE NOT BE CHASING PEOPLE FOR MORE MONEY TO TRY TO SORT OUT MY INCOMPETANCE... BUT NO NOT THEM... THEY THINK THEY CAN SCAM MORE MONEY OUT OF EVERYONE AND ANYONE WHO PAYS THEM WILL LOSE THEIR MONEY. THE ONLY PERSON TO TRUST IN ALL THIS SKULLDUGGERY IS NEIL WHO HAS DONE EVERYTHING HE CAN TO TRY TO SORT THIS PROBLEM OUT WITH DWS. DO NOT TRY TO SORT THIS OUT WITH EL RIAD, THEY WILL SCAM YOU, AS WILL THEIR LAWYERS UNITED LAWYERS, MOHAMED REFAAT. IF I SOUND BITTER I AM MY APARTMENT IN DESERT PEARL HAS BEEN DOUBLE SOLD AND THEY STILL OWE ME THE REFUND ON THE BOUNCED CHEQUE!!!!!!!!!!!!!


Last edited by CELF on Sat Mar 20, 2010 7:31 am, edited 1 time in total.
letter changed in expletive


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Sat Mar 20, 2010 11:00 pm 
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well said :) lady muck , dont let them grind you down , you are to good 4 that.i think a lot of us have lost a lot of cash .

somebody will pay ( patience )


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Sun Mar 21, 2010 1:12 am 
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OH YES... THEY WILL PAY!!!!!!!


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Wed Mar 24, 2010 10:16 am 
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If Mohamed Refaat (United Lawyers), as it is alleged and if it is true, has been awarded the 40% of the m2 of DP1 which represents the WWDE payments and ER has been awarded the 60%, which represents the non payments of WWDE, then surely it should be Mohamed Refaat that should be pursued to reclaim the apartments and furniture or if that is not possible because the development was divided by m2 and not individual apartments, then Mohamed Refaat should be offering something similar and of the same value.

What is Mohamed Refaat doing with the 40% m2 that he has claimed as WWDE? These apartments belong to the purchasers of DP1 who made their payments to WWDE.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Wed Mar 24, 2010 11:14 am 
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Pinacolada wrote:
If Mohamed Refaat (United Lawyers), as it is alleged and if it is true, has been awarded the 40% of the m2 of DP1 which represents the WWDE payments and ER has been awarded the 60%, which represents the non payments of WWDE, then surely it should be Mohamed Refaat that should be pursued to reclaim the apartments and furniture or if that is not possible because the development was divided by m2 and not individual apartments, then Mohamed Refaat should be offering something similar and of the same value.

What is Mohamed Refaat doing with the 40% m2 that he has claimed as WWDE? These apartments belong to the purchasers of DP1 who made their payments to WWDE.


i know a few people who swapped like for like to lotus breeze, does this count towards el-riads 60% m2 or is this a bonus for him ?


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Thu Mar 25, 2010 5:06 pm 
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Thanks phil !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Pinacolada wrote:
Hi Ozzy

Fair point.
There is always the option of staying with your orignal contract with DP2 & CSP. Unfortunately our contract has a Peter Morris signature and as everyone knows he won his court case saying he didn't sign any, so it is invalid and useless. The DP2/CSP land has allegedly been resold and for this to be resolved, you could possibly end up waiting 5-10 years.

I feel and so do many others, that the best solution is to take the transfer to the Pyramids Beach Resort with the HRA and let DWS do the due dilligence and draw up our new contract.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Thu Mar 25, 2010 5:15 pm 
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El riad can take 20 years to build my apartment as now i could'nt give a flying fcuk and he can sell but it won't be theirs jsut like when you buy a car that has finance still on it,then you take it back.
Pinacolada wrote:
Hi Ozzy

Fair point.
There is always the option of staying with your orignal contract with DP2 & CSP. Unfortunately our contract has a Peter Morris signature and as everyone knows he won his court case saying he didn't sign any, so it is invalid and useless. The DP2/CSP land has allegedly been resold and for this to be resolved, you could possibly end up waiting 5-10 years.

I feel and so do many others, that the best solution is to take the transfer to the Pyramids Beach Resort with the HRA and let DWS do the due dilligence and draw up our new contract.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Thu Mar 25, 2010 5:19 pm 
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Has anyone seen that film with jim carrey "I LOVE YOU PHILLIP MORRIS" its about a crook in jail who meets up with another scamster El rat ass.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Sun Mar 28, 2010 1:33 am 
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THEY WERE GOING ON ABOUT THIS FILM ON ANOTHER FORUM.....HAVE THEY P****D OFF SOMEONE IN HOLLYWOOD?????


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL LATEST NEWS
PostPosted: Fri Apr 02, 2010 7:41 am 
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TO ALL DP1, DP2/CSP PURCHASERS WHO ARE CURRENTLY JOINING THE HRA:

When you make your payment to Denton, Wilde & Sapte, please P.M. me, so that I can check the payment with DWS, so that you can be come an HRA Member a.s.a.p. and have access to the Private Forum.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Thu Apr 22, 2010 3:20 pm 
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Hi

New member just viewing postings over the last 12 months. I really don't have a clue what is going on with all these snippets of information. I paid 40% for a studio in Coral Sea Pearl. We used along with a number of other buyers a solicitor called legal alliances worldwide who again we all paid money to to find out what could be done. They had negotiated a deal to swap to the Pyramids Beach development but eventually found out that the Construction Licence was a different type to the one EL Riad were promoting and not to touch this development " with a barge pole". There is info on this site that i read that pyramids beach is a perfectly good development!! The solicitors have agreed with a completely new developer that they will honour our deposits and can completely change to a new development with new builders, contracts, etc but they are a little higher in price and i am undecided what to do

I was also warned not to deal with a Peter Morris who i see has his name mentioned several times in the links (no offence to peter as i do not know him of course). I was also warned that El Riad were an absolute bunch of crooks and not to be trusted in any way shape or form and i have legal information explaining why. They agree things, then they don,t , etc , etc

There have been many other legal developments (you are promised there is light at the end of the tunnel or things are looking good) over the last 12 months and as usual they all cost you money and the result always comes to nothing.

This was our first investment as well as others most likely and we haven't a clue what we can further do. If anyone would be kind enough in lamens terms to simply outline what options they think i have if any in resurecting this deal without costing me a fortune i would of course be very grateful

Many thanks and sorry to sound so pessimistic but i am sure you can understand why

Kind Regards

Graham Bentley


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Thu Apr 22, 2010 3:57 pm 
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grahambentley wrote:
Hi

New member just viewing postings over the last 12 months. I really don't have a clue what is going on with all these snippets of information. I paid 40% for a studio in Coral Sea Pearl. We used along with a number of other buyers a solicitor called legal alliances worldwide who again we all paid money to to find out what could be done. They had negotiated a deal to swap to the Pyramids Beach development but eventually found out that the Construction Licence was a different type to the one EL Riad were promoting and not to touch this development " with a barge pole". There is info on this site that i read that pyramids beach is a perfectly good development!! The solicitors have agreed with a completely new developer that they will honour our deposits and can completely change to a new development with new builders, contracts, etc but they are a little higher in price and i am undecided what to do

I was also warned not to deal with a Peter Morris who i see has his name mentioned several times in the links (no offence to peter as i do not know him of course). I was also warned that El Riad were an absolute bunch of crooks and not to be trusted in any way shape or form and i have legal information explaining why. They agree things, then they don,t , etc , etc

There have been many other legal developments (you are promised there is light at the end of the tunnel or things are looking good) over the last 12 months and as usual they all cost you money and the result always comes to nothing.

This was our first investment as well as others most likely and we haven't a clue what we can further do. If anyone would be kind enough in lamens terms to simply outline what options they think i have if any in resurecting this deal without costing me a fortune i would of course be very grateful

Many thanks and sorry to sound so pessimistic but i am sure you can understand why

Kind Regards

Graham Bentley



Hi Graham, welcome to the forum, please have a read of this http://hurghadaresidentsassociation.com/public_html/viewtopic.php?f=2&t=115 I wrote it to give people like yourself an idea of what we have been up to over the past 15 months.

I am sure others on here will be only to pleased to help you with any questions.

_________________
Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Sat Apr 24, 2010 8:00 pm 
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Pinacolada,
Is the information about joining HRA and being represented by DWS dating back to September of last year up to date or is there another procedure in being?


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Sun Apr 25, 2010 8:53 am 
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lance42 wrote:
Pinacolada,
Is the information about joining HRA and being represented by DWS dating back to September of last year up to date or is there another procedure in being?


Hi Lance42, Pinacolada is away on holiday so I will try and help, the information is correct and has been updated due to payments and all admin now being handled by DWS's Milton Keynes office. Please contact me direct if you need any further information.

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Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Thu May 13, 2010 8:54 pm 
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Hi,
New member waiting to join H.R.A.I placed a 40%deposit on a 2 bed apt. at Coral Sea Pearl .This whole situation is a nightmare for all involved and it is obvious that Neil is a genuine guy who has been very helpful however El Raid has proven to be underhanded and have no concern for us buyers except for buying a more expensive apt in another complex which is far from completion.There is currently a worldwide recession and property prices have dropped over the past 3 years(30% in Spain,20% UK etc) so I do not see any excuse for Pyramids Beach being more expensive.I believe these prices have been over inflated with the foresight of capturing a large number of disgruntled WWD buyers which effectively means we are not getting 40% off the true price . My main concern is that I paid L.A.W for due dilligence on this apt which in my opinion hasn't been correctly completed and I am wondering if any legal action has been taken against L.A.W which is a member of the law society so these must be some recourse with them.I have confidence in Neil but none in El Raid.I would have thought that if it is confirmed that El Raid has received 40% for C.S.P then surely he must be taken to court or at least we own the freehold and a new developer could continue till completion.If we don't own the freehold!Who does?How can this be resold? Somebody needs to be responsible and brought to justice.Anyway on a lighter note I am thinking of contacting Stephen Spielberg as you could never make up a better storyline than this.
CONFUSED.COM :?:


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Thu May 13, 2010 9:26 pm 
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Posts: 34
cudey68 wrote:
Hi,
New member waiting to join H.R.A.I placed a 40%deposit on a 2 bed apt. at Coral Sea Pearl .This whole situation is a nightmare for all involved and it is obvious that Neil is a genuine guy who has been very helpful however El Raid has proven to be underhanded and have no concern for us buyers except for buying a more expensive apt in another complex which is far from completion.There is currently a worldwide recession and property prices have dropped over the past 3 years(30% in Spain,20% UK etc) so I do not see any excuse for Pyramids Beach being more expensive.I believe these prices have been over inflated with the foresight of capturing a large number of disgruntled WWD buyers which effectively means we are not getting 40% off the true price . My main concern is that I paid L.A.W for due dilligence on this apt which in my opinion hasn't been correctly completed and I am wondering if any legal action has been taken against L.A.W which is a member of the law society so these must be some recourse with them.I have confidence in Neil but none in El Raid.I would have thought that if it is confirmed that El Raid has received 40% for C.S.P then surely he must be taken to court or at least we own the freehold and a new developer could continue till completion.If we don't own the freehold!Who does?How can this be resold? Somebody needs to be responsible and brought to justice.Anyway on a lighter note I am thinking of contacting Stephen Spielberg as you could never make up a better storyline than this.
CONFUSED.COM :?:

youv'e a lot to learn . egyptian prices are not spain prices at the moment ?


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Fri May 14, 2010 6:22 am 
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Posts: 142
Hi Robo,

I also think the prices of some of the apartments in Hurghada are over priced and know for a fact there are much cheaper new developments at the moment , I tend to agree with the previous post to yours, but in saying that I would rather have something, to show sooner and see an end to all this.
BW


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Fri May 14, 2010 9:03 am 
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Joined: Thu Jun 18, 2009 10:04 am
Posts: 1449
Location: Oldham/Manchester
cudey68 wrote:
Hi,
New member waiting to join H.R.A.I placed a 40%deposit on a 2 bed apt. at Coral Sea Pearl .This whole situation is a nightmare for all involved and it is obvious that Neil is a genuine guy who has been very helpful however El Raid has proven to be underhanded and have no concern for us buyers except for buying a more expensive apt in another complex which is far from completion.There is currently a worldwide recession and property prices have dropped over the past 3 years(30% in Spain,20% UK etc) so I do not see any excuse for Pyramids Beach being more expensive.I believe these prices have been over inflated with the foresight of capturing a large number of disgruntled WWD buyers which effectively means we are not getting 40% off the true price . My main concern is that I paid L.A.W for due dilligence on this apt which in my opinion hasn't been correctly completed and I am wondering if any legal action has been taken against L.A.W which is a member of the law society so these must be some recourse with them.I have confidence in Neil but none in El Raid.I would have thought that if it is confirmed that El Raid has received 40% for C.S.P then surely he must be taken to court or at least we own the freehold and a new developer could continue till completion.If we don't own the freehold!Who does?How can this be resold? Somebody needs to be responsible and brought to justice.Anyway on a lighter note I am thinking of contacting Stephen Spielberg as you could never make up a better storyline than this.
CONFUSED.COM :?:


Hi cudey68, if you read the offer given El Riad are giving you a new apartment at your CSP price not the new price. You don't own CSP the land owner has the land in court and it has been in court for 12 years, unless he gets a very large amount of money he is happy to leave it there for another 20. Please read the offer properly before saying you are being overcharged, you are getting the price you paid however many years ago. The prices have risen though because they sell in Egyptian Pounds, which when you bought would have been 10-11 to the £, it is now 8 to the £ plus steel and other building materials have increased.

_________________
Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Fri May 14, 2010 5:25 pm 
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Posts: 2
Hi ,
I have been observing the open forums but will wait until I become a member of HRA to get a more detailed insight.I was in Hurghada in April 2008 and I was receiving .91 Egypt£ to 1 UK£ .I have contacted the regulatory authority regarding L.A.W as they are supposibly Egyptian specialists therefore if the land of C.S.P has been in the courts for 12yrs why wasn't it picked up by L.A.W.I believed we had to pay the higher advertised price for P.B so too hear that it is the same as what we paid for C.S.P is some consolation.Lets wait and see how watertight the new contracts will be for the swap to P.B although I am aware that no 2 beds are available so I may be a compromise.
Cheers
Cudey68


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Fri May 14, 2010 8:01 pm 
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Joined: Thu Jun 18, 2009 10:04 am
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Location: Oldham/Manchester
cudey68 wrote:
Hi ,
I have been observing the open forums but will wait until I become a member of HRA to get a more detailed insight.I was in Hurghada in April 2008 and I was receiving .91 Egypt£ to 1 UK£ .I have contacted the regulatory authority regarding L.A.W as they are supposibly Egyptian specialists therefore if the land of C.S.P has been in the courts for 12yrs why wasn't it picked up by L.A.W.I believed we had to pay the higher advertised price for P.B so too hear that it is the same as what we paid for C.S.P is some consolation.Lets wait and see how watertight the new contracts will be for the swap to P.B although I am aware that no 2 beds are available so I may be a compromise.
Cheers
Cudey68


Hi Cudey68, there are no 2 beds at the moment however there are many studios which can be redesigned to larger sizes, once they have a list of what they need the architects will get to work but they are promising to help everyone. The contracts will be as watertight as possible and at least the paperwork will have been checked by an excellent law firm.

_________________
Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Tue Jan 11, 2011 12:47 pm 
Dear All

After careful consideration over the past weeks and months I have not being able to get away from the facts that ER are just trying to extract as much money from investors in any underhanded way possible with no real sight that we will ever get a property legal or not legal. I have decided that I am not going to continue giving ER any more of my hard earned money.

I think I have explained all the reasons (FACTS) why I have come to this decision and if you wish to see them please follow these links:

http://www.propertycommunity.com/forum/ ... ad-26.html

http://www.webworldproperty.com/forum_p ... 1406&PN=72

The main fact is, ER is a repeat offender in taking money and not delivering properties so WHY are they going to change now? All that I can see happening is that we all end up paying more and more money to them and eventually we will end up without a property. Out of the many 100’s of investors, WHO has?

So I have taken the decision to move to another development as there is a local, reputable builder that is building a similar development in the same area which has ACTUALLY got workers on, has ACTUALLY got planning permission, will be completed this year and the builder has agreed to accept only the 60% that I would have paid ER as full payment on one of his properties, so this really was not a hard decision to make. I will have a property nearly identical to my original one “PURCHASED” or “NOT” from ER for my remaining money. I will have a contract direct with the builder, stage payments over the completion on a development set at build stages and that has got full due diligence. The biggest incentive though is that I am out of the ER trap.

On another note for all the o**c investors as this is a PB thread, the builder I have spoke to informed me that they have an agreement in place with o**c that any of their clients who wish to transfer to his development can do so at no extra cost, all they would have to pay is their original outstanding monies owed. This however does come with a provision, ER would have to pay any monies paid by o**c direct to the new builder, which should not be a problem as ER have defiantly not spent the money on “PB” but I suppose anything can be worked out.

Anyway I thought I would let you all know what I have found out and If after reading what has been said now and on my prior posts and want to take the same decision I have then PM me for more information or the builders direct contact details then I will be more than happy to help anyone get away from the ER trap.


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Wed Jan 12, 2011 10:53 am 
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Joined: Thu Jun 18, 2009 10:04 am
Posts: 1449
Location: Oldham/Manchester
gcole60 wrote:
Dear All

After careful consideration over the past weeks and months I have not being able to get away from the facts that ER are just trying to extract as much money from investors in any underhanded way possible with no real sight that we will ever get a property legal or not legal. I have decided that I am not going to continue giving ER any more of my hard earned money.

I think I have explained all the reasons (FACTS) why I have come to this decision and if you wish to see them please follow these links:

http://www.propertycommunity.com/forum/ ... ad-26.html

http://www.webworldproperty.com/forum_p ... 1406&PN=72

The main fact is, ER is a repeat offender in taking money and not delivering properties so WHY are they going to change now? All that I can see happening is that we all end up paying more and more money to them and eventually we will end up without a property. Out of the many 100’s of investors, WHO has?

So I have taken the decision to move to another development as there is a local, reputable builder that is building a similar development in the same area which has ACTUALLY got workers on, has ACTUALLY got planning permission, will be completed this year and the builder has agreed to accept only the 60% that I would have paid ER as full payment on one of his properties, so this really was not a hard decision to make. I will have a property nearly identical to my original one “PURCHASED” or “NOT” from ER for my remaining money. I will have a contract direct with the builder, stage payments over the completion on a development set at build stages and that has got full due diligence. The biggest incentive though is that I am out of the ER trap.

On another note for all the o**c investors as this is a PB thread, the builder I have spoke to informed me that they have an agreement in place with o**c that any of their clients who wish to transfer to his development can do so at no extra cost, all they would have to pay is their original outstanding monies owed. This however does come with a provision, ER would have to pay any monies paid by o**c direct to the new builder, which should not be a problem as ER have defiantly not spent the money on “PB” but I suppose anything can be worked out.

Anyway I thought I would let you all know what I have found out and If after reading what has been said now and on my prior posts and want to take the same decision I have then PM me for more information or the builders direct contact details then I will be more than happy to help anyone get away from the ER trap.


I find it quite interesting that you are trying to get El Riad to pay money back to a company that no longer exists and the directors are in fact under investigation for large scale fraud by the UK police, plus as mentioned by another investor the due diligence was carried out by Philip Morris, can you explain these actions?

_________________
Best, Regards, Neil Hollingsworth
Tel:0161 6525563/07717826505
Please have a look at our new website http://www.rivermeadglobalproperty.co.uk


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 Post subject: Re: DESERT PEARL 2 & CORAL SEA PEARL Latest News
PostPosted: Wed Jun 22, 2016 10:15 pm 
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Joined: Sun Nov 23, 2014 8:36 pm
Posts: 3
Especially for those who are still hoping to get their investment money , or who have problems with double the sale , - you have a chance to do it . I found a lawyer in Hurghada , which helped to solve my problems with El Riad. The impossible is possible)) who interesred in this can contackt me here or private mail.


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