Orascom Development Egypt (ODE) has announced the sale of a 110,000-sqm land plot in El Gouna to Hassan Allam Properties for $37.4 mn, Invest-Gate reports.

The new project will feature a boutique development, ideally located and offering a variety of fully finished waterfront condos ranging from one to four bedrooms, as well as duplexes and penthouses, all inspired by Greek architecture.

Additionally, the project is anchored by a 15,000-sqm crystal lagoon surrounded by pristine white sandy beaches, providing all homes with stunning views.

Mohamed Allam, Vice Chairman and CEO of Hassan Allam Properties, commented, “We are delighted to partner once again with ODE for the second time at El Gouna. This collaboration reflects our strategic vision and underscores our commitment to expanding our nationwide portfolio of projects, both in the city and by the sea. We are confident that our new joint venture will yield promising results. Together, we aim to continue driving innovation and excellence in the real estate sector, ultimately enhancing the quality of life for both El Gouna loyalists and investors alike.”

Omar El Hamamsy, CEO of Orascom Development Egypt, stated, “We are excited to embark on this journey once again with Hassan Allam Properties. Our partnership has achieved remarkable success in the past, and we look forward to continuing this collaborative trajectory with the new project in El Gouna. This venture highlights our shared commitment to creating sustainable, community-centric resorts that enrich the lives of El Gouna residents through targeted partnerships with leading developers, leveraging our collective expertise and vision.”