The Egyptian Resorts Company (ERC) has announced recording a significant growth in contracted sales and reservations at its latest Sahl Hasheesh development, Bay Village, since its launch in October, Invest-Gate reports.

“Sales activity in recent months has been very encouraging for ERC’s Old Town district in Sahl Hasheesh,” CEO of ERC Wael El Hatow said in the company’s statement on December 9.

“The Red Sea area is a prime location for both domestic and foreign buyers looking to invest in a second home in the Egyptian market. Tawaya and now Bay Village leave ERC in a great position to [meet] this growing demand, and the volume of reservations is a great indicator of this solid interest,” the CEO highlighted.

According to El Hatow, renovations and re-development at the Old Town district is a core pillar of ERC’s development strategy for Sahl Hasheesh over the next three years.

Accordingly, ERC has already debuted multiple retail stores and F&B outlets throughout the Old Town district, in addition to ten to 15 stores set to open during Q1 2019. Retail offerings include restaurants, furniture and household appliances, service retail, and healthcare facilities.

“The new network of stores will play a key role in building an integrated community within ERC’s flagship development, Sahl Hasheesh,” the developer noted.

To be established over an area of 11,000 square meters, Bay Village will encompass nine buildings comprising 185 residential units, overlooking the compound’s two pools. 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 previously stated.