Byoum Residence, Orascom Development’s real estate project in Fayoum, said that phase one is expected to be operational by the middle of 2012, according to a statement.
This makes it six months ahead of schedule for delivery of 80 percent of the contracted units, the firm said.
Spanning 446,507 square meters, Byoum’s development is planned over two phases. The first phase entails the development of 89 percent of the land to feature 127 villas of four different types, 200 apartments among them 62 hotel serviced, a marina and a four-star hotel.
Byoum Residence is owned and managed by Misr Al Fayoum Company, of which Orascom Development owns 63 percent stake.
Orascom Development also said that work began on its four-star hotel and marina, scheduled to open by mid 2012.
