MBG Developments has initiated the marketing of the first phase of the Ras El Bar Bay project in the Ras El Bar area, Invest-Gate reports.

The company acquired the project through a partnership system with the New Urban Communities Authority. The project spans an area of 42 acres.

Dr. Mahmoud Eladl, Chairman of MBG Developments, stated that the project’s investments exceed EGP 10 bn. It is strategically located in one of the best areas within the Ras El Bar region. The project is a mixed-use development encompassing residential, touristic, recreational, and commercial facilities. Its unique feature is its direct access to the sea.

The project has engaged prominent consulting firms for its design. It includes a five-star tourist hotel, hotel units, and housing units of various sizes suitable for different categories, starting from 60 sqm. Additionally, the project features a commercial mall that aims to attract major brands.

Eladl mentioned that the marketing process for the project will be conducted in three stages. The first stage has already commenced, and it has experienced an unexpectedly high demand due to its prime location along the Ras El Bar shoreline. Approximately 80% of the first stage has been successfully marketed within a short period. The remaining stages will be announced throughout 2024. The construction work for the project is scheduled to commence in March 2024.