Egypt’s DM Developments launches phase II of The Groove Sokhna flagship

Egypt’s property developer DM Developments says it has launched the second phase of its first masterpiece flagship The Groove in Ain Sokhna, 120km (74.5 miles) east of Cairo.

The second phase is with target sales worth 900 million Egyptian pounds ($50.2 million), DM’s managing director Ahmed Abdel Hamid said on Tuesday, adding that it will include 320 housing units.

“The Groove, which is spanning over 350,000 square metres, is to encompass five-star hotel and 1,700 housing units that will be completely delivered at the end of 2020,” Abdel Hamid said.

The company had earlier achieved sales worth 600 million pounds from all the units of the project’s first phase, he said.