Jumeirah Real Estate Investment & General Trading Company and Sakan Developments announced the launch of Jumeirah Bay Ras El Hekma project, located in the heart of Ras El Hekma bay on the North Coast.
The project will be built on 6m sqm with investments up to EGP 15bn ($1.6 billion). This project will contribute to revitalizing the tourism real estate sector in Egypt to provide a touristic, entertainment project commensurate with the importance of the location.
Jumeirah chairperson Sherif Helyo said that construction is scheduled to begin in the final quarter of 2016.
Helyo added that the project consists of three phases and seven diverse residential areas. The first phase of the project, consisting of 980 units, will be delivered by December 2019.
A master plan will be announced in due course with the schedule for the following stages, Helyo said.
“The project features a waterfront and a panoramic view of the sea and a 2,000-meter-long beach,” said Helyo. “It also will provide thousands of job opportunities and attract investments to develop this promising area.”
Vice chairperson of Jumeirah’s project, Ahmed Haggag, said the project provides a total of 3,500 housing units surrounded by green spaces and open areas, representing about 85% of the total size of the project.
Haggag added that the project also provides a diverse and comprehensive range of services and facilities including a global luxury 5-star hotel, Marina Park, shopping mall, popular market, private beach, swimming pools, restaurants, cafes, and a club on the beach.
Jumeirah Real Estate Investment & General Trading Company is an Egyptian real estate development company established in 2015.
Daily News Egypt