Cairo – Mubasher: Remco for Tourism Villages Construction revealed the latest updates on Stella Di Mare II in Ain Sokhna and Stella Park in the New Administrative Capital.
Starting from 2015, the company has adopted a new strategy in real estate development through signing contracts for joint projects with other entities, according to a bourse disclosure on Monday.
The company has a 60% share in the 514-feddan Stella Di Mare II in Ain Sokhna which has 6,412 units. It has reached a completion rate of 55% with the company's share in target sales amounting to EGP 5.23 billion, including achieved sales of EGP 3.2 billion.
In addition, the company has a 55% share in the 151-feddan Stella Park which has 3,032 units. It has reached a completion rate of 32%. The company's share in target sales stands at EGP 4.37 billion, including achieved sales of EGP 1.62 billion.
Moreover, the company signed an initial agreement with the New Urban Communities Authority (NUCA) on 5 August 2019 to develop a land plot in New Cairo at a value of EGP 2.66 billion. The company made a 10% advance payment and the NUCA will issue the land allocation decision upon the payment of 15% of the total amount.
In the first half (H1) of 2021, the company incurred consolidated net losses of EGP 265.78 million, compared to EGP 342.33 million in H1-20, including minority shareholders' rights.
