Egyptian Resorts Company (ERC) has launched its latest EGP 52 mn tourism project, Bay Condos, through its subsidiary, Sahl Hasheesh for Touristic Investment, shortly after it unveiled Bay Village compound last September for both locals and foreigners seeking to invest in the country’s second-home market, Invest-Gate reports.

Situated on 2,525 square meters in Sahl Hasheesh’s Old Town area, the new project will include 60 residential units, varying between studios and one-to-three-bedroom condos, with expectations to commence registration of contracts and reservations during the current month, ERC said in a bourse filing on June 11.

According to the statement, the built-up area of Bay Condos’ housing part is estimated at 4,200 square meters, with 1,210 square meters set to go to commercial spaces. With expected revenues of EGP 100 mn, the project’s construction works are expected to begin in 2020 and slated for completion in 2023.

As for ERC’s other project in Sahl Hasheesh, Bay Village, the company said it has so far managed to secure roughly EGP 181 mn worth of contractual sales, selling and reserving 112 units, which represent around 56% of total units

Covering an area of 11,000 square meters on the Red Sea coast, Bay Village will encompass nine buildings, housing 185 fully-finished seaside apartments and overlooking the compound’s two pools. To be designed by MA Architects, the project will be complemented by its own restaurants and retail area.