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Wadi Degla & Masary to kick-off Ein Sokhna resort project at EGP2.5bn investments

Thursday 13 September 2018 06:51 PM

Ain Sokhna
Ain Sokhna

By Ahmed Aly
Consortium made up of Wadi Degla and Masary Investment Co. is poised to unleash the first phase of Ein Sokhna resort project within days over 320,000sqm at investment cost of EGP2.5bn.
" Masary, in collaboration with Wadi Degla, sold 30 percent stake in the first phase, corresponding to 250 residential units, out of a total of 750 hotel residential units, until last August," said chairman of Masary Hasan Atia, adding that the company is targeting EGP4bn sales.
Partnership with Wadi Degla stipulates Masary shall bear 40 percent of costs inclusive of the land value against 60 percent costs to be paid by Wadi Degla, he continued.
Masary and Wadi Degla eye units of the project's first-phase constructions to be delivered during 2020, as they plan the whole project to be accomplished in the span of four years, he added.
" The consortium received approvals of the Armed Forces over building heights and Tourism Development Authority's over a 100 meter safety area enclosing beaches."
With the first phase of the project amounting to 14,000 sqm, Ein Sokhna Resort will consist  of 1548 housing units, a hotel and shops, he noted.