DM Developments, a tourism development company, launched on Saturday The Groove real estate project in Ain Sokhna, with investments of EGP 4bn, according to Ahmed Abdel Hamid, managing director of DM Developments.
During a suhoor event, Abdel Hamid added that The Groove is located in the Monte Galala beach area, 50 minutes away from New Cairo and only 35 minutes away from the New Administrative Capital.
He noted that the project’s delivery will be by the end of 2020. The Groove is an integrated residential resort in Ain Sokhna and it is built over 350,000m sqm, out of DM Developments’ 2m sqm land bank.
Abdel Hamid said that DM Developments was established in 2014, and since then the company is keen on acquiring lands.
Abdel Hamid told Daily News Egypt that the company plans to launch a new integrated residential project in the North Coast, adding that the company owns land in Sheikh Zayed to develop another integrated project.
He revealed that the company will launch a mixed-use project in Fifth Settlement, New Cairo, which the company will develop soon.
He pointed out that DM Developments has contributed to setting the foundations for the basic infrastructure and facilities in Monte Galala in Ain Sokhna, which qualifies the city to become one of Egypt’s fastest growing resorts for real estate investment, as part of the company’s vision to change the traditional perceptions of urban cities.
Abdel Hamid explained that Monte Galala is particularly growing into an internationally renowned holiday resort strip on the Red Sea coast, a popular tourist destination and a residential area with a vast range of impressive architectural complexes, which qualifies Ain Sokhna to become the new urban residential extension of the capital in the near future.
Also, he added that by presenting The Groove, DM Developments aims to change urban culture through providing an exceptional second home at international standards, full of entertainment, needs, shops, fun, and luxury, all combined for the first time in Ain Sokhna.
“The Groove is designed to be a superior entertainment hub for all family members, with the first-ever commercial island and squash academy in Ain Sokhna, in addition to a five-star hotel with a 100-room capacity, a lagoon which serves only 12 special units, and a bay with a wide marina for yachts,” Abdel Hamid said.
The Groove’s beach area is spread over 15% of the total resort area compared to a 14% built-up area, with only 1,700 units.