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DM Development injects EGP 4bn into project in Ain Sokhna

DM Development injects EGP 4bn into project in Ain Sokhna
The Groove is being built on a 350,000 meter square land

By: Abdullah Bedier

Cairo – Mubasher: DM development plans to execute an integrated residential resort in Ain Sokhna under the name of “The Groove” with EGP 4 billion in investment.

The project, located on Galala Mountain, is positioned near New Cairo and the new administrative capital, chairman Ahmed Abdul Hamid said on the sidelines of the company’s annual suhoor, the meal Muslims share before fasting during the holy month of Ramadan.

The Groove is being built on a 350,000 meter square land of a total of 2 million square metres owned by the company, he added.

Residential units are scheduled to be delivered by 2020 with a total 1,700 units, he highlighted.

The project will include the first commercial island and the first squash academy in Ain Sokhna, in addition to a five-star hotel, a lake, a bay, and an integrated-service port for yachts, indicated.

DM development, founded in 2015, aims to fully deliver the first phase of The Groove in 2020, and plans to complete the second phase and build 40% of the third phase, according to the company’s official website.

 

Translated by: Mai Ezz El-Din