Investments in the Cassia North Coast project amounted to approximately EGP 600m, Paradise Real Estate chairperson Abbas Gendya said.
The Cassia North Coast compound and 5-star hotel are planned to be completed by 2022. The compound is open for booking and contracting from summer 2016, sales manager Mohammed Amara said.
According to Cassia North Coast’s Facebook page, this project features 160 rooms, dry ski facilities, and an aqua park as well as tennis, squash, and volleyball courts.
Also in the works is the Cassia Avenue Mall estimated at EGP 60m, which is located nearby and is ready to accept requests for renting and investment during summer 2016, Gendya said. The mall will include a 1,000-metre hyper market and more than 50 shops of well-known brands, according to the Facebook page.
Both the mall and hotel are located in front of Marina Gate 5, North Coast.
According to a statement from Amara, the real estate sector is the most developed sector in fiscal year 2015/2016, and the government has been providing and facilitating opportunities for investors in this sector in Egypt.
Amara is hopeful that this sector will continue to grow in the coming years. This project was funded entirely through personal investments, he said.