ArabFinance: Remco for Tourism Villages Construction (RTVC) announced that it has been adopting a new strategy in practicing the real estate development activities since 2015 through sealing partnership agreements, according to a statement filed to the Egyptian Exchange (EGX).

Regarding to the company’s 514-acre Stella Di Mare 2 project in Ain sokhna, Remco said it owns 60% of the total project, while the remaining share belongs to its partner in the project.

Stella Di Mare 2 is 55% complete, the company said.

Meanwhile, the company’s share in Stella Park project amounts to 55%, with the remaining 45% as the partner’s share in the total project.

Spanning a 151-acre land plot and featuring 3,032 units, Stella Park has been implemented by 32%.

Moreover, Remco has signed a preliminary agreement with the New Urban Communities Authority (NUCA) to obtain a new land plot in New Cairo at a value of EGP 2.66 billion, of which 10% has been paid as a down payment to be raised to 15%.

Remco is an Egypt-based company that operates in tourism and entertainment projects development and construction.

The company acquires plots of land, designs the development, sells individual units, and retains ownership of public areas such as hotels, landscaped areas, housing complexes, beaches, and water and sewage treatment plants.