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Egyptian Resorts launches EGP 200m Bay Village project

Egyptian Resorts launches EGP 200m Bay Village project
The project is expected to be completed by 2023.
Egyptian Resorts
EGTS
-0.44% 4.51 -0.02

Cairo – Mubasher: Egyptian Resorts Company on Monday announced that it has launched its new Bay Village project through its subsidiary, Sahl Hasheesh Company.

The project’s total cost amounted to EGP 200 million, according to a filing to the Egyptian Exchange (EGX).

The project covers an area of 11,000 square meters with a built-up area of 21,400 square meters, and it is close to Tawaya project.

EGTS, one of Egypt’s leading master and real estate developers, expects to generate a total revenue of EGP 390 million from the project, the statement added.

Bay Village comprises nine building blocks housing 185 residential units, overlooking the compound’s two pools and will be served by its own restaurant and retail strip.

The new Bay Village compound further diversifies ERC’s real estate offerings, and it will cater to both locals and foreigners looking to invest in Egypt’s second-home market, the statement highlighted.

“The launch of Bay Village is a testament to the company’s commitment to maximise the value of its 3.4 million square meter land bank and marks an additional investment in the Old Town area, Sahl Hasheesh’s flagship commercial and residential district,” Wael El Hatow, CEO of EGTS, said.

Moreover, the sales plan for the 185 units will begin immediately and will be divided into three main phases, with three subphases within each one.

The project is expected to be completed by 2023.

By 10:25 am Egypt time, EGTS’s stock rose 2.77% at EGP 1.59.