Mangroovy for Hotels and Orascom Development Egypt (ODE) have signed a land sale contract worth EGP 104.8 mn for merely 40,654.5 square meters of land area in its Red Sea resort town of El Gouna, Invest-Gate reports.

This comes as an extension for the Mangroovy Residence project, which is currently handing over its first phase, according to the company’s press release on August 9.

“The land plot will encompass different types of services to serve residences and guests, making it an integral part of the overall development that boasts a beachfront residence in El Gouna,” read the statement.

Meanwhile, the developer highlighted that DoubleTree by Hilton Mangroovy El Gouna will soon open its doors as part of Mangroovy Residence’s ambitious masterplan, acting as the focal point of the all-year-round destination.

The lavish beachfront community will feature a number of residences, ranging from one-bedroom apartments to four-bedroom townhouses. It is being modernly designed to overlook the famous Mangroovy beach, alongside some watersports facilities, swimming pools, dining outlets, a clubhouse, and more.