Cairo – Mubasher: Remco for Tourism Villages Construction said it commenced the implementation of its new project Stella Di Mare Sidi Abdelrehman resort phase 2.
The new resort is sited across the side road from phase 1.
The company said it expects the new project to generate revenues amount to EGP 5 billion, noting that the project’s total investment cost stands at EGP 4 billion.
Remco said the project would be self-funded adding that it is scheduled to be finished within three years.
The second phase will comprise a 178 room 4 star Hotel and 78 individual villas of 220m2 amid lush landscaping and pools. The site comprises an area of 78,000m2.
Earlier, Remco said its consolidated losses for the first nine months of 2015 widened by 109.76% to EGP 47.09 million.
