Egyptian Resorts Co announced that its board of directors has approved to launch of its latest project, 270, at a total cost of EGP 444.4 million.
The new development is set to span 44.54 square metres with a built-up area (BUA) extending over approximately 35,000 square metres, Egyptian Resorts said in a statement to the Egyptian Exchange (EGX) on Sunday.
270 will feature around 321 residential units varying in spaces and designs and is expected to be completed in 2025, the company noted.
Furthermore, the company plans to generate over EGP 1.155 billion in revenue from this project, according to the statement.
It is worth noting that Egyptian Resorts’ consolidated financial statements for the six-month period ended 30 June 2019 showed that the company had suffered a net loss of EGP 12.83 million, versus EGP 9.31 million in the prior-year period.