The Egyptian Resorts Company (ERC) announced launching its latest Bay Village project through its subsidiary, Sahl Hasheesh for Touristic Investment, for both locals and foreigners seeking to invest in the country’s second-home market, Invest-Gate reports.

To be established over an area of 11,000 square meters, Bay Village will encompass nine buildings housing 185 residential units, overlooking the compound’s two pools and will be served by its own restaurant and retail area, according to the company’s bourse filing released on September 24.

The sales plan for the project’s units will commence immediately and will be divided into three main phases, with three sub-phases within each one. The project is expected to generate total sales of EGP 390 mn, with the total investment value and other expenses estimated at EGP 200 mn, ERC stated.

CEO of ERC Wael El Hatow says, “The launch of Bay Village is a testament to the company’s commitment to maximizing the value of its 3.4 mn square meter land bank and marks an additional investment in the Old Town area, Sahl Hasheesh’s flagship commercial and residential district.”

“[Bay Village] is directly in line with our long-term strategy of diversifying and expanding our offerings across the whole real estate value chain to create sustainable and lasting growth,” he added.

The complex is in close proximity to ERC’s Tawaya residential project in Sahl Hasheesh in Egypt’s Red Sea coast and is scheduled for completion by 2023.