Concept Real Estate Group pumped EGP 20m into construction works of the first phase of the Siela Resort North Coast project, according to Siela Chairperson Ehab Abou El Magd.
Abou El Magd added that Concept has completed the infrastructure of the project and concrete works of the first phase’s buildings.
The Siela project is located on an area of 10 feddans at the 57th kilomtres of Alexandria-Matrouh Road. It includes 650 units with an area ranging of between 50 and 120 sqm for each unit, at a 28% construction rate, besides some services developed across three phases, with investments of EGP 400m.
Abou El Magd pointed out that the company will hand over the first phase in 2019 and the second in 2020. Further, the company has finished marketing 90% of the units of the first and second phases.
He noted that the company will participate in four real estate exhibitions in the coming two months.
“The company’s expansion plan includes developing new real estate projects to diversify the company’s projects between residential, tourist, and commercial projects. In addition, we look for suitable opportunities in a number of new cities on an area exceeding five feddans,” Abou El Magd added.