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ERC sees growth in Sales at its Sahl Hasheesh Development, Bay Village

ERC sees growth in Sales at its Sahl Hasheesh Development, Bay Village

ArabFinance: Egyptian Resorts Company (EGTS), one of Egypt’s leading real estate developers, today announced continued progress at its recently launched Sahl Hasheesh development, Bay Village.

Launched in October 2018, Bay Village is a residential development spanning 11 thousand square meters, located in the Old Town district of Sahl Hasheesh. Upon its completion, the development will include 185 residential units and boast luxury swimming pools, a dedicated retail strip and a restaurant. ERC’s subsidiary, SHC, began welcoming reservations for the first of the project’s phases in October 2018 and has contracted sales and reservations of EGP 79.6 million, representing 51 units. Bay Village is expected to generate a total of c. EGP 390 million in revenues.

“Sales activity in recent months has been very encouraging for ERC’s Old Town district in Sahl Hasheesh,” said ERC Chief Executive Officer Wael El Hatow. “The Red Sea area is a prime location for both domestic and foreign buyers looking to invest in a second home in the Egyptian market. Tawaya and now Bay Village leave ERC in a great position to service this growing demand, and the volume of reservations is a great indicator of this solid interest,” he continued. “Renovations and re-development at the Old Town district is a core pillar of ERC’s development strategy for Sahl Hasheesh over the coming three years.”

In parallel with the recent successful real estate launches currently taking place, ERC has already kicked off the opening of multiple retail stores and F&B outlets throughout the Old Town district with an additional 10 to 15 stores expected to open during the first quarter of 2019, with retail offerings spanning restaurants, furniture and household appliances, service retail and healthcare facilities. The new network of stores will play a key role in building an integrated community within ERC’s flagship development, Sahl Hasheesh.

ERC is planning to intensify its marketing activities to drive real estate sales and retail leases. The strategy rests on outdoor marketing, digital advertising and the hosting of several events and festivals aimed at increasing visibility for Sahl Hasheesh on both the national and international levels. To this end, Sahl Hasheesh recently hosted the first edition of its Motor Festival, which featured five different races alongside a vintage car show, and the seventh annual Sahl Hasheesh Triathlon endurance festival, featuring over 1,000 athletes from 30 different countries.

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