Egypt’s real estate developer First Residence for Real Estate Development launches the second phase of the Mangroovy Residence in El-Gouna, the Red Sea, Invest-Gate reports.
The developer’s board chairman and Financial Director Bassem Hafez says that his company will start handing over residential units of the project in December, 2018.
Mangroovy is a lavish seafront community, blessed with El-Gouna’s most desirable 360 square meters of sandy beaches.
The project, spanning an area of 180,000 square meters, has a layout that is inspired by the mangrove tree; a plant that forms the basis of intricate ecosystems in coastal regions around the world. The design flows in tree-like tendrils down to the shoreline, blending into the natural environment of the Red Sea coastline and lagoons, according to First Residence’s official website.
First Residence Marketing Director Sherin Haridi says that the project represents a new addition to the tourism property market, adding that the project has been designed in accordance with international standards in building and construction.