Egyptian real estate developer Al Arabia Real Estate and Development (ARCO Egypt) is launching the first phase of its CityStars Al Sahel project, which will be built on 743 acres.
The first phase of the project cost EGP2 bn, including the building of 2,000 residential units. Citystars Al Sahel is situated in Fouka area in Ras El Hekma, between Alexandria and Marsa Matrouh.
The project combines a tourist resort encompassing separated and twin villas and luxury chalets, and a collection of entertainment areas and hotels. It also has a residential compound overlooking the sea, spanning over 1.8 km.
Former investment minister and general consultant for Citystars Al Sahel Ashraf Salman said that the first phase of the project is built on 160 acres. The company started selling units Wednesday.
Salman said that a ceremony to sell units will be held on 18 August in Rixos Hotel at the North Coast, and will be attended by high-profile figures from the Arab world and the globe.
ARCO Egypt plans to complete the Citystars Al Sahel project and deliver all units by 2019. The units’ spaces range between 144 and 400 metres.
Citystars Al Sahel will have a commercial mall and entertainment area, in addition to 10 lagoons on a total area of 460,000 metres, and five-star hotels, such as Fairmont and Swiss Hotel.
ARCO Egypt offers customers facilitations to reserve units in the project, with a 7% down-payment over seven years. Additionally, the company provides multiple financing solutions to facilitate buying units through mortgages.