Integrated Group To Develop Villa 55 Resort in Sharm El Sheikh

Wednesday, 7th December 2016

The Integrated Group for Real Estate Development (IGRED) has launched its latest 100,000- square-meter resort, named Villa 55, in Nabq Bay, Sharm El Sheikh at a total cost of EGP 420 mn, reported Al Mal.

IGRED CEO Yasser Ibrahim Sayed confirmed that the company will self finance the project, in spite of the substantial 31% increase in construction material cost following the Egyptian pound floatation. “Market value of units is expected to rise from 15% to 22%,” he told Al Mal.

Furthermore, IGRED is also preparing for yet another project on the North Coast with a EGP 2.5 bn investment. “Construction work is to begin right after building permits are granted,” Sayed said.

The company’s investments in the country are currently valued at a total cost of EGP 150 mn, according to Arab Finance. Its projects include the Marina View Resort in Marsa Alam, and Al Hayat Resort & Hotel in Sharm El Sheikh.

One Comment

  • This man yaser who owns the company sold apartments to people in el hayat sharm resort. The apartment were a mess and he’s never paid compensation. He takes money for maintenance and never carries it out. People wanted to let there aparments out as holiday let’s but can’t as he put hurdles in the way all the time. Do not buy anything from him

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