Orascom Development announced on Monday the launch of Fanadir Shores, its latest residential project within the El Gouna integrated city on the Red Sea coast.

Construction is expected to take one year, with delivery planned within two years, the company said in a press statement.

The luxury residential project features 57 units spread across seven buildings with direct access to the sea and a private lagoon for boats, according to the statement. Unit sizes average 220 square metres with prices starting from $2.6 million to $4 million.

In 2024, El Gouna recorded 11.8 billion Egyptian pounds ($234 million) in sales, up 63.8 percent from the previous year. Revenue rose 25.6 percent year-over-year to reach EGP 6.3 billion ($125 million). The developer delivered 371 units in 2024 and plans to deliver 410 units in 2025.

(Writing by Marwa Abo Almajd Editing by Anoop Menon)

(anoop.menon@lseg.com)  

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