Prima Sea View Residence is our latest development to be launched in the Al Ayhaa area of Hurghada with most apartments giving owners amazing sea views. Here is a short video with Neil (MD of Rivermead Global Ltd) giving you a brief summary of this new development, well worth watching to answer many of your initial questions.
Rivermead Global Ltd are excited to bring you Prima Sea View Residence, when we first saw the renders in Dec 2018 we were blown away (we have been waiting for our lawyer to complete the due diligence and for all marketing details we needed). With just 132 apartments in total, ranging from large spacious studio apartments to huge 3 bedroom apartments with amazing sea views, Prima Sea View Residence is not only changing the face of the architecture in Hurghada it is also bucking the trend of small apartments. With this in mind when looking at the prices you need to look at price per m2, as they are very large apartments and when taken into account the prices are very competitive if you are looking for more space.
Prima Sea View Residence is bringing a touch of modern architecture and luxury to the Hurghada property market. With a striking design and bold colours the developers vision sets it apart from surrounding complexes. Designed to resemble 3 cruise liners sailing towards the crystal blue waters of The Red Sea and giving most owners stunning sea views and some great onsite facilities.
It is being launched in two phases of identical blocks with both phases being constructed at roughly the same time, with the overall completion dates for the full resort being just 12 months apart.
The prices for Prima Sea View Residence Phase 1 are as follows and includes air conditioning units saving you money when furnishing
Studios from just - £26,250 (only 2 available)
One Beds from just - £31,000
Two Beds from just - £42,477
Three Beds from just - £71,590
These are the launch prices and will be increasing by 10% in 6 months Nov 2019
The payment plans for Prima Sea View Residence make this a very affordable development, with low reservation and contract fees and interest free payments.
5% Reservation fee
25% Paid on signing contract within 30 days
10% Paid after 4 months
45% Paid interest free on phase 1 until June 2022 and phase 2 June 2023 (phase 2 is not yet on the market)
15% Paid on completion
There is also a 5% discount for cash only available until 2 years before the completion dates, so until June 2020 on phase 1 and until June 2021 on phase 2, there will be no cash discounts after these dates.
This is a fee which covers the upkeep and maintenance of the communal areas, pool, and the security etc…
At Prima Sea View Residence the maintenance charge is a one off payment of 15% of the property price. That is all the maintenance fees you need to pay and as this is paid before getting the keys it means everyone will have paid their maintenance and it avoids non payment. This is now being used on a lot of new developments ensuring the maintenance is always carried out and owners can’t avoid paying. This 15% is also paid in instalments so you don’t have a lump sum to find in one go, this is paid alongside the property in quarterly payments.
Additional Buying Costs
Independent Solicitor – The one we recommend charges our clients £600 for all legal searches, contract review AND includes the Signature Validation, paid after reserving the property and before any contracts are signed. It also includes all government fees/official translator fees and covers the cost of the lawyer picking you up from your hotel/apartment and driving you to the various offices and back home again.
Connection to utilities - This fee will be finalised closer to the completion date due to the current currency fluctuations and the government changing prices.
Furniture - This will depend on what items you require and Rivermead Global have been chosen as the preferred supplier as we have our own furniture company and have been furnishing properties in The Red Sea since 2009. You are of course free to choose your furniture from anywhere, but we will be offering our clients some great deals and special offers when the time comes to furnish.
Phase 1 is due completion mid 2022
Phase 2 and overall completion is due mid 2023
Located just 450m from the sea in the up and coming area of Al Ayhaa where there are already some completed developments with supermarkets, cafes and restaurants, it won’t be long before the prices in this area will start to increase as the infrastructure improves and more shops/cafes are opened. You are buying at a good time. .
Around 10 minutes by taxi or bus North from Prima Sea View Residence you will find the ever popular destination of El Gouna. With 10km of pristine coastline, 5 star hotels, beautiful restaurants, superb shops and a whole host of sporting facilities including tennis and kite surfing. Visit El Gouna whenever you wish and enjoy ‘life as it should be’.
Downtown Hurghada is around a 25 min drive and can be reached by taxi or bus. Downtown Hurghada provides you with a different atmosphere to El Gouna, with more hustle and bustle. The centre of Hurghada has to be Sheraton Street, with a wide range of things to do, places to eat and people to meet.
As with all our developments we will be sending owner's monthly updates with photos and videos plus we will be posting updates to our Facebook Page which you can find using the link below and please LIKE the page to be kept updated:
We have our own team on the ground in Hurghada and we can arrange to show you any of our fantastic developments including Prima Sea View Residence, plus give you a tour of Hurghada if you are not very familiar with it. All you need to do is contact us below, it is as easy as that, we can then email you the plans/payment terms/photos or anything else you require.