With a value of EGP 250 m, Equity Real Estate Development (ERED) subsidiary of Waterway Developments, launches Port Said’s Palma project, mainly marked for renovation, to keep pace with the state development plan in the cities of the Suez Canal, Invest-Gate reports.
Managing Director of the Waterway Developments, Husam Hassan, states, “We seek to implement projects that are in line with the state development plan and create jobs for the residents of the provinces.” By launching this project in the cities of Sinai and the Suez Canal, Equity Real Estate Development expects to generate jobs for residents of nearby provinces while marking Sinai Liberation Day.
Port Said City Governor Adel Al Ghadban opens the Palma Hotel, the first 4-star hotel with 7-star services, built within the government. Palma Hotel is part of Equity Real Estate Development’s expansions in the Egyptian market with a strategy to implement development projects nationwide.
Commenting on the occasion, Husam Hassan notes that inaugurating Palma Hotel signifies ERED’s interests in executing projects serving the development plan endorsed by the state and the political leadership spearheaded by President Abd El-Fattah El-Sisi.
Under an agreement entered with the government, ERED revamps and runs Palma Hotel on a 25-year usufruct basis. Hassan explains that the hotel is renovated with the belief of turning it into Port Said City’s first hotel with hotel apartments ranging from 95m to 120m.
The hotel consists of 300 hotel apartments, each made up of a single/two room/s, a bathroom, and a kitchen. All units have a clear sea view, landscaping, and green areas, together with a large swimming pool, a swimming pool for kids, a hygiene club, and restaurants.
Located on the attractive Tarh El-Bahr Street, the hotel inaugurates activities and events to mark feasts and national days.
Hassan adds that hotel and the residential units are revamped so superbly to match the elegance of the Waterway Developments’ projects and those of its subsidiaries; and that the Palma Hotel will create many job opportunities for residents of Port Said Governorate, reflecting the developmental aspect of ERED.
ERED picks Port Said Governorate to capitalize own drive towards large-scale development and the strenuous efforts exerted by Governor Gen. Adel El Ghadban to allure investments to come to the city in line with the political leadership’s directives in this regard.
World business leaders working in the governorate, as Zohr Gas Field started and got operated along with other massive projects, starting off the governorate march towards prosperity.
The Waterway Developments and its subsidiaries executes a series of trailblazing projects in the Egyptian market. These projects introduce new concept of services, integrity and innovation, rejuvenating governorates across Egypt.