By Alaa El-Saman
Chairman of the Board of Directors for the Arab Group for Investment and Development, Badr Rabie, announced a new tourist resort project that will be built on 22 acres to include 75 villas in 6th of October City after an Ernst and Young study.
Each of the project’s 75 villas will occupy between 500 and 900 square meters of land.
The compound will include a mosque, a mall, green areas, parking lots, and a road network.
The Tameer Masr Group has been contracted to build the compound after the project’ received approval from 6th of October city, which has issued licences for construction.
The company is providing considerably favourable financing for the villas to be repaid over 60 months, with a 25% down payment and interest-free instalments.
The CEO of the Taamer Masr Group, Hakeem El-Attar, explained that the project was officially begun last May 15th and that the company had already completed the first phase of the work.
He noted that the company will complete 30% of the project by the end of the current year.
El-Attar added that the second phase, which includes building the concrete structures of the villas, would be completed next year, with the entire project to be completed within three years from the commencement of the contract.