Egypt’s property developer DM Developments seeks to increase investments into its first masterpiece flagship The Groove in Ain Sokhna to 500 million Egyptian pounds, according to its managing director Ahmed Abdel Hamid.
The company has already pumped 300 million pounds into the pr
The Groove is located in the Monte Galala beach area, 50 minutes away from New Cairo and only 35 minutes away from the New Administrative Capital.
“The Groove, which is spanning over 350,000 square metres, will encompass five-star hotel and 1,700 housing units that will be completely delivered at the end of 2020,” Abdel Hamid said.
The Groove’s beach area is spread over 15% of the total resort area compared to a 14% built-up area.
The project is with total investments of 4 billion Egyptian pounds with targeted sales of 6 billion pounds, he added.
The company will deliver the first phase of the project with 300 units by the end of the current year, Abdel Hamid noted.
DM Developments has a total lands portfolio of 2 million metre square including The groove as well as two other land plots in the North Coast and New Cairo.
Abdel Hamid said that DM Developments was established in 2014, and since then the company is keen on acquiring lands.
