Real estate and Tourism investments company For Free has finalized 70% of its Virgin Island project in Hurghada, with a total investment of EGP 80 million, reported Daily News Egypt.
Around 55% of the total units have been marketed in the project as the company set goals to further market the whole project by next year.
The project consists of apartments and holiday homes that measures range from 50 square meters to 240 square meters alongside three pools, landscapes count 63% of the whole project and buildings count 37% of the total area.
The company is looking for partnerships with local investors or investors from the Gulf are to cover the additional costs of the project’s development, according to Selim as he stated that the slowdown of the tourism sector in the past few years have affected the sales in touristic projects; therefore the company is looking for EGP 60 million worth of investments to be pumped in the project.
Some of the benefits presented by “For Free” real estate Company include unique design quality and construction standards, property management through regular maintenance and protection, property rental guarantee as owners according to For Free website could rent their properties through the company and receive an annual return of 5% from the total price of purchased unit.
The property also offers a variety of payment methods within four years or through long-term mortgage payments conducted from international and local banks.