Egypt property developer company DM Developments is implementing its first masterpiece flagship The Groove in Ain Sokhna, 120km (74.5 miles) east of Cairo, said managing director Ahmed Abdel Hamid on Sunday. Abdel Hamid further added that the project, which is with investments of around four billion Egyptian pounds, will include 1,700 housing units and five-star hotel. "The first phase is set to be delivered within 2020," the official stated, referring that the company's total volume of its land portfolio in Aim Sokhna reached two million square metres. "The company plans to be one of the five biggest firms in the real estate market, through its expansion scheme that focuses on attaining a vast number of land plots," Abdel Hamid said. In addition, Abdel Hamid clarified that his company seeks to carry out a new commercial and administrative project in New Cairo and another residential project in North Coast resort within the upcoming period.
