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Old Town properties snapped up by foreign buyers

Article - June 1, 2015

Two of the country’s leading developers are working together to create exclusive, high quality beachfront apartments that are proving irresistable to overseas customers

In the heart of one of the Red Sea’s most luxurious addresses – Old Town, in the Sahl Hasheesh resort community – two of Egypt’s leading companies are combining forces to launch exclusive, high-end beachfront apartments.

The project is the first collaboration between Egyptian Resorts Company (ERC) – Egypt’s leading master developer of resort communities – and Palm Hills Developments, Egypt’s premier first and second home residential and commercial developer.

With a plan to be completed over the next 12-18 months, the Old Town Apartments project will include more than 130 exclusive beachfront apartments, ranging in sizes from 750 to 1,600 square feet.

Already Sahl Hasheesh’s commercial and entertainment center, with more than four dozen outlets and restaurants, Old Town promises to attract an abundance of clients seeking a space that combines some of the Red Sea’s most stunning views, exceptional amenities, year-round sun and – thanks to Palm Hills’ reputation as the country’s premier luxury developer – houses executed to only the highest standards of quality.

Indeed, Palm Hills’ reputation is more than enough reason for ERC to be celebrating. “Palm Hills’ partnership with us on a project shows the level of confidence they have in Sahl Hasheesh,” ERC’s CEO Mohamed Kamel states proudly.

On the other side of the partnership, members behind Palm Hills feel the same level of excitement by the notion of not only collaborating with one of Egypt’s most innovative and successful master developers of world-class community resorts, but also by investing in Sahl Hasheesh: the unique seaside community and the country’s fastest-growing destination on the Red Sea in terms of new hotel and second home construction.

“We believe that Sahl Hasheesh is the most promising all-year-long destination on the Red Sea and we are very excited to be a part of it,” says Tarek Abdel Rahman, Palm Hills’ co-CEO. “We are also delighted to be partnering with ERC, a company whose vision and dedication to quality have made this community possible. The beauty and limitless potential of Sahl Hasheesh make us confident that this project will prove to be a key milestone in our strategy to grow our business in prime locations.”

With as much as 85-90% of Sahl Hasheesh being sold to overseas clients, the community resort is mainly occupied by a multinational population. Although ERC considers this as phenomenal, the collaboration with local standout Palm Hills will mean that ERC will have the chance of tapping into the right segment of the domestic market, creating a local base of owners and vacationers for Sahl Hasheesh, and therefore inject Old Town with a new buzz and level of activity. “We view this partnership as highly strategic for us, because it will help us attract homeowners and vacationers from Egypt,” Mr. Kamel explains, excited about the opportunity to add new layers to the constantly evolving Sahl Hasheesh.

This symbiotic relationship serves as an inspiration for the two involved companies as it brings not only new business opportunities, but on a more personal level for the individuals behind the companies, a chance to learn and become inspired from one another. Furthermore, by exemplifying the commitment of both ERC and Palm Hills Developments in their efforts of creating new and innovative projects, the partnership exemplifies a uniting Egypt, drawing from local resources to help rebuild a stronger, dynamic nation.