Palm Hills Developments (PHD) and Al Shorouk for Touristic Developments have signed a co-development agreement for a mixed-use community in Ain Sokhna, Red Sea, under a revenue-sharing scheme, with investments valued at EGP 3.5 bn, Invest-Gate reports.

Under the deal, PHD will undertake construction, development, infrastructure, marketing, and sales activities. Setting a sales target of EGP 5.1 bn, the Egypt-based developer is expected to hand over the development’s phase I within three years from the launching, said the company’s press release on June 8.

Extending over 116 acres, with a built-up area exceeding 163,000 square meters, the project’s masterplan has been finalized, to be executed over five phases. It will offer 1,201 residences, varying between standalone units, townhouses, senior and junior chalets, as well as serviced apartments.

Strategically located on Suez-Zaafarana Road, with a 1.5-kilometer beachfront, the new gated community will be complemented by a wide range of hospitality, recreational, and commercial facilities, bidding to meet the needs and tastes of all customers, according to the statement.

On his part, Yasseen Mansour, the company’s chairman and CEO, pointed out, “Our expansion into Ain Sokhna will further solidify our secondary homes proposition with this year-round destination. We hope to create a successful destination building on our success with the Hacienda brand on the Mediterranean North Coast.”