For Free Company for real estate and tourism investments has completed 70% of the Virgin Island tourist project in Hurghada with investments of EGP 80m.
This project is established on an area of 5,500 sqm, managing director Marwan Selim said. Ashraf Wahba Company for contracting is overseeing the execution works and the project is expected to be completed in 2017.
So far, the company has marketed 55% of the total units in the project, and targets to market the entire project next year.
The project includes hotels, touristic apartments, and holiday homes on areas ranging between 50-240 sqm, as well as three pools.
Landscaping accounts for 63% of the total project, and buildings for 37% of the total area.
Selim added that the company is looking for partnerships in its Venice Compound project in Hurghada with investments of EGP 60m. The project is being established on an area of 5,000 sqm, and includes 76 units ranging from 90-120 sqm. The company targets to continue developing the project after 40% of concrete constructions are complete.
The inactivity of the tourism sector during the past period has negatively impacted the sales movement in touristic projects, as well as the lack of financing that is required for completion of the project, Selim said. Therefore, the company is looking for partnerships with local investors or investors from the Gulf to complete the development of the project.
Al Marwan Consulting Group is taking over the designing and supervising works of the projects.