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.