Egyptian Resorts Company (ERC) is working on developing a new real estate project on an area of 1.2m square meters with investments amounting to EGP 15bn in Sahl Hasheesh.
ERC’s Chief Executive Officer Wael El Hatow stated that the company has completed the required various permits for the project and will be implemented within seven years. Part of the funding is secured through the company’s own resources, along with additional financing from investors.
The project will include a hotel and residential units.
Meanwhile, he revealed that there are strong opportunities for Sahl Hasheesh in property export due to many competitive advantages including the year round sunny beaches and five-hour flights between Hurghada and Europe.
He added that the prices of real estate in Sahl Hasheesh represent 50% of the prices found in other real estate export countries such as Spain and Greece.
According to El Hatow, foreign owners of properties in Sahl Hasheesh stands at 10%, but with the government’s support and increased marketing, the company hopes to increase this percentage.