Abu Soma eyes EGP 600mn sales from Soma Bay’s housing units in 2019

Egypt’s Abu Soma Development says it targets contractual sales up to 600 million Egyptian pounds ($34 million) from a bunch of housing units in Sheraton Soma Bay Resort in Red Sea governorate within 2019.

Earlier, contractual sales stood at 300 million pounds at the end of 2018, chief executive Ibrahim El-Missiri told Amwal Al Ghad on Thursday.

“We are currently executing 250 housing units in the project, where we delivered 120 units at the end of last year,” El-Missiri said.

Also, Abu Soma plans to pump investments of 500 million pounds in Soma Bay this year, he earlier announced, adding that these investments will be driven by delivering 170 units in the project and developing 500,000 square metres there.

“We seek to complete the resort within the next ten years,” El-Missiri referred. Soma Bay is set to include 200 units including villas and apartments as well as chalets with spaces ranging between 100 and 400 square metres.

Soma Bay will also encompass five hotels; the Westin Cairo Golf Resort and Spa, Katameya Dunes, the Breakers Diving and Surfing Lodge, Robinson Club Soma Bay, and Kempinski Hotel Soma Bay, he said.

As for Abu Soma, it is a private firm operating in tourism sector for 25 years, by developing and managing hotels in Hurghada, Red Sea governorate, he said.