Egypt’s Maxim Investment purchases Long Beach from EALB Bank

Egypt’s property developer Maxim Investment has purchased Long Beach project in Ain Sokhna from state-owned Egyptian Arab Land Bank (EALB), said sources in EALB on Saturday.

The bank has sold Long Beach for more than one billion Egyptian pounds (56.2 million), the sources further told Amwal Al Ghad.

Long Beach includes 140 villas, 500 chalets, 8 swimming pools, and one mall as well as 270 hotel rooms attached building service hotel rooms, besides 46 shops on the outer fence, restaurants, and cafeterias areas, in addition to a private parking area, they added.

EALB has recently sold 224 assets owned by the bank, achieving profits of 77 percent with sales worth 900 million Egyptian pounds during the period between January and March 2018.

Amr Mohsen, Maxim’s vice-chairman, announced on Sunday that the company is currently executing Long Beach’s final designs to launch the first phase with total 200 units within next October.

“The company targets one billion pounds in sales out of 100 homes, which are the project’s total units,” Mohsen said.