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any one purchased in egypt with wwd?
Yes i have purchased a 1 bed apartment in desert pearl 2
Still waiting for wwd for updates regarding progress
Barry d
Yes, My brother in law and I have purchased 2 times 2 bedroom apartments at The peart of Sahl Hasheesh. We are getting mixed messages from Egypt and the administrators of Worldwide Destinations.
What has been your experience and any advice?
Nick Clarke
Yes mixed messages indeed. It is a case of really having to be patient. I have purchased in Desert Pearl 2. Theres been a falling out between El Riad the constructors and Worldwide Destinations. WWD are supposed to have breached their contract with El Riad so they have been kicked off the projects as promoters. El Riad have requested that ALL buyers contact them immediatly with their contracts and evidence of payments.
I would suggest that you contact El RIad immediately. http://www.red-sea-villas.com/CSP/Contact.aspx
Theres loads of stuff on forums with mixed opinions, rants and scare mungereing so my advice would be to contact your agent but you MUST get in touch with El Riad.
I am sorry i dont know anything about The Pearl of Sahl Hasheesh.
The Pearl is a later development and so there may be longer for Worldwide to make its peace with El Riad. I have spoken to the new director who tells me that there were difficulties over the administration of payments and identifying which investor deposits were being sent to El Riad and the amount that was due not being fully up to date, but he suggested that this could be regularised and he was going to travel to Egypt to meet with El Riad soon. I would be interested in the outcome for your property as clearly this will set a precedent for us. Please let me know of any progress or news.
Many Thanks
7 April 2009
ADMINISTRATORS APPOINTED TO WORLDWIDE DESTINATIONS LTD
Nick Wood and Ian Richardson, Licensed Insolvency Practitioners in Grant Thornton's Recovery and Reorganisation practice, have been appointed on 6 April 2009 as Joint Administrators to Worldwide Destinations Limited (WWD-UK). WWD-UK most recently operated from offices in Cambridge.
The Administrators understand that WWD-UK acted as the UK agent in the sale of "off plan" Egyptian properties to UK purchasers for Worldwide Destinations Egypt for Real Estate Investments - AS (WWD-Egypt). The Administrators' appointment is to WWD-UK only and does not extend to WWD-Egypt
"We are seeking to hold discussions with representatives of WWD-Egypt as soon as possible, to determine the exact position with regard to the property developments. We are in the process of advising all known stakeholders of our appointment and taking possession of WWD-UK's assets and financial records", said Wood.
Property purchasers should contact Sebastian Ostlie on 0207 865 2284 and sebastian.ostlie@gtuk.com or Muntazir Haji on 020 7865 2715 and muntazir.haji@gtuk.com to obtain a questionnaire for their completion and return to the Administrators.
ENDS
Notes:
Grant Thornton UK LLP is a leading business and financial adviser with offices in 30 locations nationwide. We are a member firm within Grant Thornton International Ltd, one of the world's leading international organisations of independently owned and managed accounting and consulting firms. Clients of member and correspondent firms can access the knowledge and experience of more than 2400 partners in over 100 countries and consistently receive a distinctive, high quality and personalised service wherever they choose to do business.
This release has been prepared only as a topical guide to business matters. No responsibility for loss occasioned by any person acting, or refraining from acting, as a result of this press release can be accepted by us/Grant Thornton UK LLP. Professional advice should be sought before making any investments.
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