Egyptian property developer EG Master Developments is planning to deliver the 300-unit first phase of its 2.5 billion Egyptian pounds ($159 million) Valley Red Sea residential and hospitality project in three years, the company CEO said.

Company CEO Ramy Salib told Zawya Projects that the first phase of its six phases would be delivered by 2023, adding that the 250-acre development would be completed by 2030.

He said the project would include 5,800 villas and chalets, a 155-key four-star hotel, 4.5-acre aqua park and other leisure facilities.

Salib said the company has started enabling works for its one-billion pounds ($63.7 million) Asgard Mall in New Administrative Capital. The 2-storey mall would house 72 retail units, he said, adding that the enabling works would be completed by mid-2021.

(1 US Dollar = 15.70 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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