PROJECTS: Egypt's Manara Developments to deliver Bella Vento hospitality project by 2025

$255mln project in Ain Sokhna includes a 5-star hotel

  
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh
Egyptian developer Manara Developments expects to complete and handover its 4 billion Egyptian pounds ($255 million) Bella Vento hospitality project in Galala City, Ain Sokhna by 2025, a company official said.
 
Board member Mahmoud Omar told Zawya Projects that the project includes 1,100 units and a 120-key five-star hotel and would be developed in four phases.  
 
He added that they would deliver 200 units in mid-2022 and the whole project would be completed in four years.
 
The project consultant is Archgate, he said.
 
Omar said the company will invest 250 million pounds ($16 million) in the project in 2021 and target 1 billion pound ($64 million) in sales for the said period.
 
He disclosed that they are planning new hospitality project in New Alamein City in the upcoming period.
(1 US Dollar = 15.74 Egyptian Pounds)
 
(Reporting by Eman Hamed; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021