Egypt's United for Real Estate Development announced the launch of its 1-billion-Egyptian-pounds ($63 million) G-Bay Sokhna project in Ain Sokhna on Sunday.

Company CEO Mohamed Al-Zabalawy told Zawya Projects that the project would be developed in two phases, with construction starting in June 2022 and completed by the end of 2025.

He said the project comprises 888 chalets, green spaces, and an aqua park spread over an area of 115,000 square metres.

"Bonyan Architecture & Decoration is the engineering consultant," Al-Zabalawy said, adding that the company will soon announce a facility manager and operator for the project.

He said new projects would be announced in New Cairo, 6th of October City, and North Coast in the coming months but declined to elaborate.

(1 US Dollar = 15.77 Egyptian Pounds)

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)