New sales centre highlights facets of upscale Marassi lifestyle. 6.25 million sq m neighbourhood with seven distinct districts. Year-round community and tourist destination. Golf course, Marina, amphitheatres and sea-side amenities
Cairo, Egypt; August 20, 2007: Emaar Misr, the wholly-owned subsidiary of Emaar Properties PJSC, is showcasing the myriad splendours of Mediterranean living with the roll-out of Marassi, a picturesque neighbourhood along the Sidi Abdel Rahman Bay. Emaar Misr has recently opened the sales centre for the year-round residential and tourism community that features seven distinct lifestyle districts spread over 6.25 million sq metres.
The EGP 9.92 billion (AED 6.39 billion, US$1.74 billion) destination development will drive Egyptian's tourism growth and create an upscale lifestyle community in the North Coast, close to the city of Alexandria and the historic township of El Alamein. Highlighting unmatched hospitality standards, elegant residences, extensive retail facilities and a veritable spread of leisure activities, Marassi will be a magnet for trendsetters seeking to live and work in an exclusive neighbourhood bracketed by the white-sand beaches and clear blue waters that make up one of the best beachfront areas in Egypt.
"Emaar Misr is drawing on world-class architectural and landscaping capabilities to create a vibrant township with Marassi," said Mr Sameh Muhtadi, Chief Executive Officer, Emaar Misr for Development S.A.E. "Our objective is to have a fully integrated lifestyle community that will add value to the economy of Egypt through employment generation, tourism growth and property development."
The project will also be managed by Emaar's Facility Management department, which will oversee the maintenance of the communities and ensure that international standards are sustained throughout.
He added: "Marassi will redefine the leisure and commercial landscape of Sidi Abdel Rahman and will appeal to residents and tourists alike for the diverse mix of amenities. This complements Emaar's vision to have international standard projects in the countries we operate in, and support the development plans of the government, which is focused on boosting the tourism sector."
Envisaged as a Mediterranean-style self-sustained township, Marassi has seven districts, each with distinctive identities and activities. Marassi homes are inspired by Mediterranean architectural styles including Egyptian, Greek, Andalusian, Italian, Spanish, Tunisian and Moroccan. The development's central location along the Alexandria/Marsa Matruoh Desert Road will be an added attraction for the project, which offers six km of open beachfront.
Savona Villas, an elegant and serene resort community, includes a man-made canal and expansive golf resort. The Altea Resort Villas community is a green haven, with an 18-hole golf course and views of the fairways.
Perched on a coastal bluff, the two-storey estate villas in the Valencia Residences offer stunning views of the Mediterranean Sea. Nature's beauty will also be showcased at the Safi Sands, featuring a five-star hotel, spa and convention facilities, boutique hotels and a beach club - all in Moroccan-style architecture.
Tunisian architecture, meanwhile, will be the focus of Port Zarsis. Homes here will also reflect the look and feel of Spain and Andalusia, complete with a soothing colour palette, traditional décor and urban design patterns including private paved courtyards.
The Santorini Hills resort apartment village, on the other hand, will be clustered to resemble a Greek hillside village, complete with plazas. Lastly, the Marassi Marina, the core of the development and its primary sea gate, will have a multi-slip marina, fine dining and shopping venues and hip apartments.
"Marassi is moving beyond the conventional parameters of lifestyle-oriented developments by showcasing vibrant tourism and leisure amenities. With a total of 3,000 hotel rooms and a strong focus on convention facilities, Marassi will also boost the Meetings, Incentives, Conferences and Exhibitions (MICE) sector of tourism, which is booming in Egypt, today," said Muhtadi.
Marassi is accessible from the Burj El Arab and El Alamein airports, both offering direct connections to major European cities. The project is also in easy proximity to historic sites and offers residents the choice of desert safari, eco-tourism and diving pursuits.
Potential investors can visit the Marassi Presentation Centre from 10am to 8pm. They can also visit www.emaar.com/misr or call (+202) 16116, for more details.
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About Emaar Misr for Development S.A.E:
Emaar Misr for Development S.A.E is the wholly owned subsidiary of the UAE-based Emaar Properties PJSC, a global property developer with a collective presence in over 36 markets spanning the Middle East, North Africa, Pan-Asia, Europe and North America.
Emaar Misr is the single largest foreign direct investor in Egypt's real estate sector with an investment portfolio of EGP31.67 billion (US$5.54 billion). Emaar's expansion into Egypt is in line with the company's Vision 2010 to become one of the most valuable companies in the world.
Emaar has identified Egypt as a key market for growth, and has announced four key projects: The EGP 12 billion (US$2.1 billion) Uptown Cairo; the EGP 9.92 billion (US$1.74 billion) Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; the EGP 5.75 billion (US$1 billion) residential community located at the fifth district New Cairo City; and the EGP 4 billion (US$700 million) commercial cum residential development on the Cairo - Alexandria desert road, which also features the largest outdoor shopping and entertainment destinations in the country, Cairo Gate.
About Emaar Properties PJSC:
Emaar Properties PJSC is one of the world's largest real estate companies and is rapidly evolving to become a global provider of premier lifestyles. Powered by its Vision 2010 to become one of the most valuable companies in the world, Emaar, ranked on the FT 500 Global companies, is charting a new course of growth with a two-pronged strategy of geographical expansion and business segmentation.
Listed on the Dubai Financial Market, part of the Dow Jones Arabia Titans Index and certified to ISO9001:2000 for quality standards, Emaar is developing Burj Dubai, on its way to become the world's tallest tower the world's tallest building. Emaar's portfolio currently covers the following countries: the UAE, Saudi Arabia, Jordan, Syria, Lebanon, Morocco, Egypt, Turkey, Libya, India, Pakistan, Indonesia, the US, the UK, France and Canada.
Emaar has strengthened its product sale competencies, market reach and best practices through strategic acquisitions and joint ventures. Emaar acquired John Laing Homes, America's second largest privately held home builder; Hamptons International, UK's premier realtor; and formed a joint venture with US-based Turner International to strengthen execution capabilities. Emaar has joined hands with Giorgio Armani, Accor Hotels and Premier Travel Inn to strengthen its presence in hospitality, and will launch ten luxury Armani Hotels & Resorts world-wide and 180 budget hotels in India.
Emaar holds 30 per cent equity in Dubai Bank, focused on retail and commercial banking. Emaar is also the largest shareholder in Amlak Finance, UAE's leading Islamic home financing company. For more information, visit www.emaar.com.
For further information please contact:
Kelly Home
Nivine William
ASDA'A Public Relations
Exclusive Affiliate of Edelman PR Worldwide in Middle East & North Africa
Tel: (+971 4) 335 5969
Fax: (+971 4) 335 6080
E-mail: k.home@asdaa.com
E-mail: n.william@asdaa.com
© Press Release 2007
