Egypt-based Emtelak for Real Estate Development has implemented 60 percent of its Garawla Islands project said its managing director, Ziad El Emam Tuesday.
The project is self funded with total investments worth 1.2 billion Egyptian pounds (US$135 million), spread over 176 feddans it will be completed within three years.
Garawla Islands project, which lies between Ras El-Hekma and Marsa Matrouh, is implemented over three phases. It includes 11 linked islands encompassing housing units with different spaces along with the biggest aqua park in the North Coast.
Garawla Islands project has achieved total contractual sales of 250 million Egyptian pounds during the last year. The company is aiming to report contractual sales of 350 million pounds powered by the clients’ orientation toward buying properties in the coastal area mainly in the North Coast And Ain Al-Sokhna.