High demand for Marassi residential units

Fully-finished villas and townhomes developed to highest quality standards

First phase of beach clubhouse offers extensive array of amenities

Cairo, Egypt; September 29, 2009: Emaar Misr, the country subsidiary of global property developer Emaar Properties PJSC, has recorded further customer interest in Marassi, its pioneering master-planned resort development in Sidi Abdel Rahman. This follows the opening of the first phase of the Marassi Beach Clubhouse, which attracted over 80,000 visitors this summer. The clubhouse has further added to the appeal of Marassi, the EGP 10 billion Mediterranean development, as a preferred investment destination on the North Coast.

The fully-finished, high-quality homes are hugely sought after by end users and investors with a majority of the residential units in Marassi offered for sale during the summer already sold. Emaar Misr undertook hundreds of site tours for interested customers with over 1,500 people visiting the Marassi sales centre, which showcases model villas of the project.

Eng. Sameh Muhtadi, Chief Executive Officer, Emaar Misr, said: "Emaar Misr's uncompromising commitment to providing unparalleled quality in all our projects is evident with the appeal gained by Marassi this summer. The opening of the beach clubhouse and hundreds of residences in final stages of construction have earned the admiration of customers and yielded excellent results for the sales of our properties. We are working as per the original schedule to deliver world-class residences and life-style facilities at Marassi starting from next year, following the same successful development model as in Uptown Cairo and Mivida in Cairo."

He added: "The opening of the beach clubhouse is yet another important milestone that brings us closer to creating a year-round community on the North Coast. The Marassi clubhouse is a spectacular facility that is built to serve the discerning needs of Marassi residents and their guests. With its international hotels and superb facilities, Marassi will be a 12-month attraction that is unparalleled in the North Coast."

The recently opened Marassi beach clubhouse, developed at a cost of EGP 170 million, is the first of its kind in the North Coast, appealing to both domestic visitors and overseas tourists, who have easy access through the Burj El Arab and El Alamein airports, both offering direct connections to major European cities. Assuring a vibrant holiday destination, Marassi is situated near the picturesque Sidi Abdel Rahman Bay with calm waters and white sandy beaches.

Spread over 20,000 sq m, the beach clubhouse can offer full-year leisure and holiday amenities to over 3,500 guests at a time. The clubhouse provides beach club amenities such as pools, food & beverage outlets offering choice international cuisine and direct access to the beach. Designed to Moroccan and Moorish architectural styles, it complements the overall design ambience of Marassi, with features several residential villages in different styles.

Eng. Mohamed A. El. Moshneb, Senior Director - Development, Emaar Properties, explained: "Emaar is introducing world-class build quality to the region at Marassi, and currently, we are focusing on the on-schedule completion of the residential villages that form the first phase of this unique development. Our homes offer the distinctive advantage of being fully-finished to exemplary standards, enabling customers to move in immediately on hand-over. We are in the final stages of completing more than 400 residential units as per the original schedule in Marassi, consistent with Emaar's commitment to on-time delivery and quality."

Marassi features seven distinct lifestyle districts, each with distinctive identities and activities, inspired by Mediterranean architectural styles including Egyptian, Greek, Andalusian, Italian, Spanish, Tunisian and Moroccan. The first homes within Marassi will be handed over by end of 2010.

A pioneering master-developer Emaar Misr is also developing the EGP 12 billion Uptown Cairo and the EGP 6 billion Mivida residential communities located at the fifth district. Emaar Misr is upholding the same developmental ethos in the completion of Uptown Cairo and Mivida too with a focus on offering world-class homes in a modern lifestyle environment; including golf and recreational facilities that energises the local community.

-Ends- 

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 spanning the Middle East, North Africa, Pan-Asia, Europe and North America. Emaar Misr is one of the largest foreign direct investor in Egypt's real estate sector with an investment portfolio of EGP 31.67 billion.

Emaar has identified Egypt as a key market for growth, and has announced four key projects: The EGP 12 billion Uptown Cairo; the EGP 10 billion Marassi, a 1,544-acre tourist and residential destination at Sidi Abdul Rahman; the EGP 6 billion Mivida residential community located at the fifth district; and the EGP 4 billion 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. Emaar has also partnered with Abu Dhabi Municipality to manage the H.H. Sheikh Khalifa City aimed at providing housing for the Egyptian youth. 

About Emaar Properties PJSC:
Emaar Properties PJSC, listed on the Dubai Financial Market, is a global property developer with a significant presence world-wide. Besides building residential and commercial properties, the company also has proven competencies in shopping malls & retail, hospitality & leisure, education and healthcare.

For further information, please contact:  
Nivine William / Sameh Selim
ASDA'A Burson-Marsteller
Tel: (+202) 33380991
E-mail: n.william@asdaa.com, s.selim@asdaa.com

© Press Release 2009