Jumeirah Real Estate Investment and Sakan Development officially launched Jumeirah Bay Ras El-Hekma project located in Ras El Hekma Bay on the North Coast, reported Daily News Egypt.
The new project will sprawl over an area of 6 million square meter with a total cost of EGP 15 billion (US 1.6 billion), according to Amwal Al Ghad.
Construction is scheduled to begin the final quarter of 2016, said Sherif Helyo, Jumeirah’s Chairperson.
The project is comprised of three phases and seven various residential areas with the first phase consisting of 980 units, Helyo added.
Jumeirah Bay will have 7 different neighborhoods with 3500 units, a 5-star hotel, Marina Park, shopping mall, private beach, restaurants, and a club once completed. The first phase is set to be delivered by December of 2019.
“The project features a waterfront and a panoramic view of the sea and a 2,000 metre long beach,” said Helyo. “It also will provide thousands of job opportunities and attract investments to develop this promising area.”
Ras El-Hekma has one of the largest bays on the Mediterranean Sea covering over50 kilometers of land into the sea.