Ahmed Hassan, chairman of Mariout Hills Developments -a subsidiary of Mariout Hills Group, has revealed that investments worth EGP 2.4 bn were pumped into the first phase of the company’s residential project in New Alamein, Swiss Ranches – the first integrated eco-housing venture in the region, Invest-Gate reports.

The newest sustainable development project is slated to be an integrated community that combines housing and accommodation, health tourism, sports investment, as well as, several educational, medical, and recreational services, with a higher rate of return on investment (ROI) due to the low cost of consumption, Hassan noted in a statement released on May 4.

He further elaborated that the eco-city will comprise housing units that comply with global environmental regulations, which shall be achieved through the utilization of renewable energy solutions. This includes the installation of solar power systems, which minimize heating and cooling costs through the use of passive solar gain, in addition to the implementation of self-contained home sewage treatment systems as well as household wastewater recycling systems.

Swiss Ranches should represent the future vision of the pioneers of reconstruction in Egypt and the MENA region beyond the traditional building style, in order to establish eco-friendly products that use fewer environmentally harmful or resource-depleting raw materials – an effort that if successful could result in cuts in direct costs and inventory savings, Hassan explained.

Back in February, chairman of the Swiss-Egyptian multinational firm told Invest-Gate that eco-homes are primarily developed for driving foreign investments, and Mariout Hills is mainly targeting foreigners from north European countries. The developer is asking interested buyers to pay an average price per unit starting from USD 50,000 and up to a maximum of USD 150,000.

“There was an unprecedented turnout for foreign investors towards New Alamein’s Swiss Ranch,” Hassan unveiled, attributing the soaring demand to the terrible weather and higher cost of living in their homelands, which is offset by Egypt’s pleasant weather and cheaper living conditions.