New Compound Resorts to be Launched in 2017

Sunday, 25th December 2016

Micro Castle Co. for Real Estate Investment along with Ibn Sina for Hotel & Real Estate Investments are scheduled to launch their latest developmental projects at Egypt’s summer destinations, the North Coast and Marsa Matrouh, in 2017, reported Invest-Gate.

Among Micro Castle Co. many projects in the area, is the long-awaited 100- acre- Gawharet El Sahel (The Gem of The Shore) compound resort. According to the company’s CEO Mohamed El Mahdy, Micro Castle is to deliver  the remaining 40 units out of 880 units in 2017. Furthermore, Gawharet El Sahel project also includes commercial and entertainment areas, reported Al Mal.

Gawharet El Sahel is the company’s second developmental project in the North Coast. Micro Castle Co. has previously completed the construction of Tiba Beach compound resort at a total cost of EGP 300 mn, featuring 560 residential units including villas, twin houses, and chalets; and according to Arab Finance, the company has increased its prices by 12%.

As for its 3- acre- project Porto Perla compound in Alexandria, Micro Castle Co. has completed around 60% of the project at a total cost of EGP 12 mn. Porto Perla features six residential buildings with 170 units ranging from 63 to 115 square meters.

Ibn Sina for Hotel & Real Estate Investments confirms the delivery of  200 to 250 units at its Cecilia Lagoons project in Marsa Matrouh mid-2017, as part of the project’s first phase, reported Al Mal.

Upon completion, Cecilia Lagoons’ first phase will comprise around 300 residential units and commercial services spreading on 3 acres; in addition to, an- 8- acre waterpark, according to Deputy Manager Atef Ibrahim.

The entire project spreads on 123 acres and is to include “around 410 units more in its second phase; and 310 units and a hotel at its third phase,” he added.

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