Elmasa Real Estate Investment will open Royal Hotel in New Beni Suef city within two years, according to Ahmed El Mahgary, chairperson of the company.
El Mahgary noted that the Royal Hotel is a four star establishment and is located on an area of 7,500 sqm and includes 100 rooms, as the company has completed 50% of the construction and it intends to inaugurate the hotel within two years, with investments of EGP 45m.
He explained that the company only began the development of the hotel after conducting market studies on the city’s need for the project, which confirmed the actual need for such a project in the presence of a large number of investment and industrial activities in the city.
He pointed out that Royal Square compound is a residential project on an area of 28 feddans in the first district of the New Beni Suef city. It will be developed in two phases and will be completed in 2022, with total investments of EGP 200m.
Further, the project includes 150 residential villas along with a commercial mall on an area of 1,200 sqm. The company is developing the first phase of the project and completed 20% of the construction, according to El Mahgary.
The company will market the remaining units during TREEX real estate exhibition in Beni Suef this weekend.
Thika Company is organising the TREEX exhibition in Beni Suef from 28 to 31 December with 20 real estate companies participating to promote investing in Upper Egypt.
El Mahgary added that the company is developing three towers in Mokattam on Maadi Ring Road, Cairo governorate. Each tower is built on 400 sqm and includes 10 floors. The company has completed the concrete structure for the projects and marketed about 90% of the towers’ units.
“The company is adopting a plan to expand in the cities near Cairo governorate and is studying all the available opportunities, but it focuses on the construction of its projects, which are self-financed. Besides, launching new projects depends on the results of financial and marketing studies,” said El Mahgary.
