Egypt’s real estate developer Misr Italia Properties says it has started carrying out its flagship Kai Sokhna, with investments worth one billion Egyptian pounds ($55.7 million).
The project is being executed in Ain Sokhna in three phases within a timeframe of two years and a half, the company’s co-chief executive Mohamed Hany El Assal said on Monday.
Kai Sokhna will include a hotel along with 360 units, El Assal said, adding that the hotel is being run by Hilton Worldwide Holdings, with a capacity of 180 rooms.
“We have so far achieved sales of 700 million pounds from the project,” he said. The accomplishment rates reached around 30 percent, he concluded.