Sahl Hasheesh Marina Construction about to Begin
31 August 2011
Orascom Development and Egyptian Resorts will begin construction of the Sahl Hasheesh Marina by the fourth quarter of 2011. The duo are currently looking for construction firms able to complete the project.
Orascom Development and Management signed a nine-year agreement with Egyptian Resorts last year to develop the 2.5 million m² of land owned by Egyptian Resorts at Sahl Hasheesh.
Marketing for the marina began last year, and $20 million worth of reservations have already been agreed. The low cancellation rate, which has not exceeded 5% is a massive testament to the quality and the opportunity, especially given the recent political unrest.
It is expected that all the project units will be sold within four years, bringing in phase 1 revenue of around $270 million. Clients can expect to receive their units around 2014.
Sahl Hasheesh is 11 miles south of Hurghada, and has around 679 property units and around 1,500 hotel rooms. Egyptian Resorts is also planning to invest 6 billion Egyptian pounds in upgrading infrastructure such as electricity grids, desalination projects and water plants. They have already invested 1.2 billion Egyptian pounds on infrastructure work during the first phase of development of the resort.
The resort is ideally located just a few minutes from Hurghada and its world-class amenities. Hurghada has only been developed over the last 20 years, and so, while being a busy resort with a great nightlife, it still retains an authentic Egyptian feel and has plenty of quiet spots for family holidaymakers.