Egyptian real estate developer Al-Arabia Real Estate and Development (ARCO) has launched the first phase of its City Stars Al-Sahel project in Egypt.
The 672,000-square-metre first phase, which will be developed in the North Coast area, will cost about $225m and will comprise 2,000 residential units, according to a company statement.
Citystars Al-Sahel will be developed between Egypts second largest city Alexandria and Marsa Matrouh.
The scheme will be made up of residential, tourism and hospitality units to serve Arab tourists visiting the area, according to the statement.
The first phase of the project is expected to be completed by 2019.
Several projects have been announced in the North Coast area of Egypt, with developers looking for opportunities in the largely underdeveloped area between Alexandria and Marsa Matrouh.
The Jumeirah Bay Ras el-Hekma project in the El-Alamein city masterplanned area will be built across 6 million square metres and cost up to $1.6bn.
According to a company statement, the project will consist of three phases. The first phase of the project will consist of 980 units and will be completed by 2019.
Earlier this year, Egypts Ministry of Planning said infrastructure work required for the first phase of the El-Alamein city scheme will require an investment of up to $337m.
A statement from the ministry added that in the next fiscal year, 2016/17, it is prepared to earmark the amount from the state budget to develop the project.
Located on the north coast, west of Egypts second largest city, Alexandria, El-Alamein city will consist of a downtown retail area as well as some residential developments. Full details of the project have not been released.