Egyptian developer MG Developments has completed 80 percent of the construction work for its 3 billion Egyptian pound ($191 million) Blue Blue hospitality project in Ain Sokhna.
Chairman Mohamed Metawee told Zawya Projects that the company is building a strip mall within the development at an investment of about 100 million pounds ($6.4 million).
He said construction of Phase 4 of Blue Blue, called Navy, would be completed by 2024 at an investment of 400 million pounds ($25.5 million). Phase 4 comprises of 160 units.
Blue Blue consists of 625 units spread over an area of 30 acres, according to a statement issued by the developer.
Sales Manager Mostafa Al Hakim told Zawya Projects that Blue Blue’s first and second phases have been delivered, while the third phase would be delivered by 2022.
The number of units for the first three phases weren’t disclosed.
Metawee said the company is also developing two commercial projects – Promark and The Mark - in the New Administrative Capital (NAC).
Both projects would be completed in 2024, he said.
Future projects include residential and mixed-use developments in the NAC, and a 50-acre residential project in Alamein City.
(1 US Dollar = 15.70 Egyptian Pounds)
(Reporting by Eman Hamed; Additional Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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