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ERC announces launch of Bay Condos

ERC announces launch of Bay Condos

ArabFinance: Located in the heart of Sahl Hasheesh, the new project will expand on the previously launched Bay Village complex, further diversifying ERC’s real estate offerings and selection of second homes for clients.

Egyptian Resorts Company (EGX: EGTS.CA), one of Egypt’s leading master and real estate developers, is pleased to announce the launch of the new Bay Condos development through its subsidiary, Sahl Hasheesh Company. This new project follows the launch of its sister development, Bay Village, and is similarly designed by MA Architects.

Bay Condos is located in the Old Town district of the Sahl Hasheesh — the destination’s main commercial hub and the heart of its community. The project will be developed over 2,525 square meters with a total built-up area of c.4,200 square meters in residential space and 1,210 square meters in retail space. Construction of the 60-unit development, comprising of studios as well as a number of 1- to 3-bedroom condos, is set to break ground in 2020, with sales expected to begin in June 2019. The project is slated for completion by 2023 and should generate in excess of EGP 100 million in sales with a construction cost of EGP 52 million.

“We are pleased to announce the launch of our Bay Condos residential project, the new sister development to Bay Village, which was launched late last year,” said Wael El Hatow, Chief Executive Officer of ERC. “Bay Condos will further diversify ERC’s real estate offerings and grant prospective clients in the market for a second home a more diverse selection of units. Furthermore, its prime location will allow ERC to benefit from growing footfall in the Old Town once completed. We will continue to deliver on ERC’s strategic realignment as a leading real estate developer and maximize value from our land bank through the launch of distinctive new real estate offerings like Bay Condos.”

To date, Bay Village has sold and reserved 112 units (56% of its total) amounting to total contracted and reserved sales of EGP c.181 million.

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