$1.6bn waterfront goes up in Egypt
01 August 2016
Egypt-based Jumeirah Real Estate Investment & General Trading Company and Sakan Developments are to build a major mixed-use waterfront project in the heart of Ras El Hekma bay on the North Coast at a cost of E£15 billion ($1.68 billion).
The Jumeirah Bay Ras El Hekma project, to come up on a six million sq m area, will be developed in three phases and include seven residential areas with a total of 3,000 homes in green, open spaces, the Daily News Egypt said.
Jumeirah Bay Ras El Hekma will have a luxury five-star hotel, marina park, shopping mall, market, private beach, swimming pools, restaurants, cafes, and a beach club.
Work is scheduled to begin in the final quarter of 2016. In the first phase, a total of 980 housing units will built and will be handed over to the owners by December 2019, stated the report.
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