Al Arabia Real Estate and Development (ARCO Egypt), an Egypt-based real estate developer, launched the first phase of City Stars Al Sahel Project, reported Daily News Egypt.
City Stars Al Sahel will be built over an area of 743 acres in Fouka Area in Ras El Hekma, between Alexandria and Marsa Matrouh, at a cost of EGP 2 billion, Amwal Al Ghad reported.
The project will include 2,000 residential units, twin villas, luxury chalets, entertainment areas and hotels, in addition to a residential compound sprawling over 1.8 kilometers, overlooking the sea.
A commercial mall, a massive entertainment area in the North Coast, 10 lagoons on total space of 460,000 metres, and five-star hotels such as Fairmont and Swiss Hotel are all part of the City Stars Al Sahel plan.
The units vary in size, ranging between 144 and 400 square meters. The delivery date for the units is scheduled for 2019. Sales of the units have started in early August, and ARCO will host a ceremony to sell units on August 18, said Ashraf Salman, former investment minister and general consultant for City Stars Al Sahel.
ARCO offers installment plans for clients to facilitate the payment process, with a 7% down payment, and installments over seven years.