Egypt’s property developer, Abraj Misr Company, is to launch a new phase of its flagship The Shore in Ras El Hekma area, on the North Coast in the next few days, Reuters reports.
The phase will be launched under the name of New Malibu, with investments worth EGP 200 mn (USD 11.2 mn). New Malibu includes 120 chalets of various sizes from 85 to 180 square meters. This new phase is designed in accordance with international standards to resemble architecture of Cyprus, Italy, and Malibu in California. Abraj Misr Chairman Aly Rabie says that The Shore is executed within a 24-month timeframe on 180 feddans, with investments totalling EGP 2 bn.
Rabie says that previous phases of The Shore have received a high turnout among clients. “We have had a high turnout for the previous phases of The Shore,” he adds.