Property developer ARCO Egypt launches $225 mln CityStars Al Sahel – phase I
Egyptian real estate developer Al Arabia Real Estate & Development – ARCO Egypt has launched the first phase of CityStars Al Sahel project, which will be built on total of 743 feddans.
The first phase of the project is at initial cost of 2 billion Egyptian pounds ($225.2 million); set to cover 2,000 residential units.
Citystars Al Sahel is a project on the North coast Rivera of Egypt highlighted by a white sandy beach overlooking the Mediterranean including crystal lagoons and luscious landscape amidst the residential resorts with hotel service and unique recreational facilities .
The project is a mixture of a tourist resort encompassing separated and twin villas as well as luxury chalets, and a collection of entertainment and hotels areas which will accommodate the Arab tourism over the year. It will involve residential compounds overlooking the sea, spanning over 1,800 kilometres.
Citystars Al Sahel lies between Alexandria and Marsa Matrouh, in Fouka area in Ras El Hekma.
Ashraf Salman – former investment minister and general consultant for Citystars Al Sahel project said: “The launch of Citystars Al Sahel project represents a new experience for the Egyptian market.”
The company relies on innovative techniques seen for the first time by the country’s real estate investment industry in terms of the designs, master plan, and the new financial products, Salman added.
The company offers new financial products that ensure the completion of entire upcoming phases, facilitating the financing process, removal of any burdens for the buyers.
Salman further said the first phase of Citystars Al Sahel, built on 160 feddans, is seeing unprecedented remarkable results as the company started selling units yesterday.
“There will be a big ceremony to sell units in the project next August 18th in Rixos Hotel in North Coast, which will be attended by high-profile figures from the Arab world and the globe.” Salman said.
ARCO plans to complete Citystars Al Sahel project and deliver the entire units within 2019. It is set to become one of the most significant and unique tourist destinations overlooking the Mediterranean Sea. The units will be offered at various spaces ranging between 144 and 400 metres.
Citystars Al Sahel will have a commercial mall and the biggest entertainment area in the North Coast in addition to 10 lagoons on total space of 460,000 metres, and five-star hotels such as Fairmont and Swiss Hotel.
ARCO offers customers unique facilitations, to reserve units in the project, with a 7 percent down payment over 7 years. Additionally, the company provides multiple financing solutions to facilitate buying units through mortgage mechanism.
Al Arabia Real Estate & Development – ARCO, part of Citystars Properties Group, is a leading real estate company in the Egyptian market.
During March Economic Development Summit took place in Sharm El-Sheikh in March 2015, ARCO signed a memorandum of understanding on the South Marina area development project. It is a tourist residential project on a space of 2,800 feddans encompassing the world’s biggest lagoon. Works on the project will have a timeframe of 10 years approximately, at cost of $24 billion.
