DM Development posted EGP 700 mn in sales of 400 residential units of The Groove Sokhna Resort’s Brellia Village, along with EGP 300 mn from 102 other homes at phase 1 of the Red Sea project’s Sereia, during the third quarter of 2020, Invest-Gate reports.
The Egypt-based developer targets EGP 400 mn in sales of the second phase of Sereia and Capella in Q4 2020, DM Development Managing Director Ahmed Abd El-Hamid confirmed in a recent press release.
“Moreover, the company targets reinforcing its sales in 2021 to achieve EGP 1 bn. Our plan is finishing sales of Sereia’s chalets, in addition to selling villas in the exceptional Gala and Capella phases,” Abd El-Hamid was quoted as saying.
He further stated, “In light of its commitment to providing all services to the first phase owners, DM Development finished constructing the first phase of the beach area, including building a clubhouse with two pools and launching several restaurants and cafes.”
Global Waste Water Solution (GWWS) was also selected to carry out networks, utilities, and integrated infrastructure of The Groove Sohkna, which is situated in a prime location on Zafarana Road, 35 minutes away from the New Administrative Capital (NAC).
The fully-fledged gated community features 1,700 residential, administrative, and retail properties. The built-up area is 15% of the total resort area, whereas the 11-acre beach area represents 13%, and lakes and pools are 16%, which extend over 13 acres. Green and service areas cover 56% of The Groove Sohkna.
In December 2019, DM Development and Hilton International Hotel Management Group had announced plans to introduce a DoubleTree by Hilton Hotels in Ain Sokhna, as highlighted in a previous official statement.