04 June, 2019

Egypt's Tabarak Holding to launch second phase of Red Sea residential project in Q4

Developer to deliver first phase of 90 Avenue project in November 2019

Image used for illustrative purpose. Container ships cross the Gulf of Suez towards the Red Sea before entering the Suez Canal, in El Ain El Sokhna in Suez, east of Cairo, Egypt April 24, 2017. Picture taken April 24, 2017.

Image used for illustrative purpose. Container ships cross the Gulf of Suez towards the Red Sea before entering the Suez Canal, in El Ain El Sokhna in Suez, east of Cairo, Egypt April 24, 2017. Picture taken April 24, 2017.

REUTERS/Amr Abdallah Dalsh

04 June 2019
Egyptian developer Tabarak Holding is planning to launch the second phase of its Fantasia Ras Sudr Lagoons resort development in South Sinai on the Red Sea Coast in the fourth quarter of 2019, the company CEO said.

Ali El-Shorbany told Thomson Reuters Projects that the second phase, spread over an area of 200,000 square metres (sqm), would be launched in October 2019.

He said the project is being developed in four phases but didn't disclose the construction timeline or phase-wise break-up of residential units.

The total area of the 700 million Egyptian pounds ($41.7million) project, comprising 93 villas, 272 chalets, and a 100-key four-star hotel, is 380,000 sqm, according to the company website.

The developer would deliver the first phase of the five billion pounds ($298 million) 90 Avenue residential compound in New Cairo in November, said El-Shorbany.

"90 Avenue project includes 1,370 housing units and a 50,000 sqm shopping mall," he said.

Tabarak Holding was established in 1979 and operates in the UAE, Saudi Arabia and Egypt.

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

(anoop.menon@refinitiv.com)


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