EGYPT – Remco Touristic Villages Construction Company (RTVC) will begin implementing its new project, Stell Di Mare II, over 2m sqm with total investments worth EGP 4bn.
The real estate company has several touristic and residential projects in Cairo, the North Coast and Sharm El-Sheikh.
The company anticipated sales of EGP 5bn from the projects.
The project is located in Ain Sokhna, on the 45th km of Al-Zafarana Road/ Suez Road, close to Stella Di Mare I. The timeframe for finalising the project is three years.
RTVS registered a 109.7% increase in losses during the first three quarters of the current fiscal year (FY) in its consolidated financial statements compared to the same period last year.
The construction company’s losses totalled EGP 47m during this period compared to EGP 22.4m in the first three quarters of fiscal year (FY) 2014/2015.
The construction of new projects for medium- and high-income clients has taken the lion’s share of both public and private companies and investments over the past two years.
Palm Hills Development (PHD) and Madinet Nasr Housing and Development (MNHD) signed an agreement to develop a residential community in East Cairo.
PHD also agreed to cooperate with Reacap Financial Investments (REACAP), a subsidiary of Smart Village Real Estate Investment Company (SVREICO), to develop a residential and commercial area in 6 October City’s Smart Village.
In September, Sixth of October for Development and Investment Company (SODIC) won a bid of 31 acres of land in 6 October City.
The company plans to establish a residential project on the area.