First Group to establish EGP 4 bn compound in Fouka North Coast

Real estate developer First Group is planning to establish a new EGP 4 bn compound in the North Coast’s Fouka area, Chairman Beshir Moustafa said, according to Al Masry Al Youm. The 95-feddan compound will include a four-star hotel and 1,600 residential units. Work on the first EGP 1 bn phase will begin by mid-next year, with plans to deliver the units by 2021. The company plans on self-funding the project and will treat bank loans as a “last resort” due to high interest rates, Moustafa said.