Egypt’s property developer DM Developments has announced launching the second phase of The Groove in Ain Sokhna, dubbed “The Waterfront,” encompassing 320 housing units, Invest-Gate reports.
Managing Director of DM Developments Ahmed Abdel Hamid said the company has successfully sold all the first phase’s units – which was launched about ten months ago – at a sales value of EGP 600 mn, according to an official statement on December 11.
Consequently, this prompted the company to kick off The Groove’s second phase, Abdel Hamid explains, pointing out that DM Developments anticipates recruiting about 1,000 workers, directly and indirectly, during the said phase.
“The Groove, which is spanning over 350,000 square meters, is to encompass five-star hotel and a total of 1,700 housing units that will be completely delivered at the end of 2020,” Abdel Hamid says, adding that the total marketing costs of the project’s two phases stand at EGP 1.5 bn.
The Groove is located on Galala Mountain, 50 minutes away from New Cairo and 35 minutes away from the new capital.
Abdel Hamid highlights that DM Developments contributed to laying the foundation stone of the mountain’s infrastructure and main facilities, as the Galala Mountain is deemed to be one of the leading touristic attractions in the Red Sea coast.
