ERC launches EGP 200 mn residential development in Sahl Hasheesh: Our friends at Egyptian Resorts Company (ERC) have launched a new residential project in the Red Sea resort town of Sahl Hasheesh. The Bay Village project — which will cost around EGP 200 mn to construct — will target local and foreign buyers in the second-home market, ERC said in a press release (pdf). The EGX-listed company expects to generate around EGP 390 mn from the sale of 185 residential units spread across nine building blocks constructed over 11,000 sqm. “The project further diversifies ERC’s product offering and establishes ERC as not just a master developer but also a leading real estate developer in the country,” said CEO Wael El Hatow. Construction on Bay Village should be complete by 2023.

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