Abraj Misr, a real estate company is working on a project that will see setting up of additional hotel facilities and recreational spaces at the North Coast of Egypt. At the same time, Abraj Misr is planning to increase its paid-in capital to EGP 75m by being listed on the EGX stock exchange in 2015. The project will begin end of this summer.
Valued at EGP 1.5bn, the Sabiduria Project is divided into two phases, the first involving setting up of facilities on a 112 – acre piece of land. The second will involve setting up facilities on a 70 – acre piece of land. It will entail setting up of a hotel, a recreational area and 1,500 units. It will constitute the largest real estate developed unit in the North Coast of Egypt so far.
The facility will entail commercial and administrative areas, and both the residents and visitors will have access to world-class medical center. This center could also serve the entire north coast of Egypt, currently in shortage of sufficient medical services.
The company has already entered into contracts with a number of companies that will see through the first phase of drilling, filling and leveling the foundations.
95% of the facilities see the sea, and the whole facility comprises of different types of buildings, including Chalet, Condos, Bungalows, and will source 25% of power from solar systems across North Coast of Egypt.
