Orascom consortium announces Dh2.9 billion Red Sea development

The project was unveiled for the first time globally at the Wafi Centre, Dubai, and will be showcased to the public for the first time at the Cityscape Exhibition, which opens at the Dubai World Trade Centre on Saturday.

Venice Marina, 18km from Hurghada International Airport, will be a 32 million square metre tourist resort featuring two 18-hole golf courses and 14 hotels. The development will offer freehold luxury apartments to investors with guaranteed returns from the developers.

The resort is being developed by Orascom, responsible for the famous El Ghouna development, among many others, along with Egypt Resorts Company, which developed Sahl Hasheesh, the largest resort in Egypt, and Richland Group of Companies, South Africa's leading property and resort developers.

Better Homes have been appointed as marketing and sales agents for Venice Marina.

'We are very excited to be involved in another innovative Orascom project,' said Walter Hart, director of Better Homes Project Marketing Division. 'We feel that this development has all the right elements: a spectacular waterfront location, innovative design, affordable prices and a convenient payment plan. What's more, the cherry on the top is the fixed return guaranteed for three years by the developer.'

Work has already begun on the development which offers apartments ranging upto three bedroom, two bathroom luxury apartments. An easy payment plan spreads repayments evenly over the construction period. Phase One, which is due for completion in December 2007, will include 1,850 units and will be nearest the development's marina and piazza area.

'Phase One is the most exciting part of the development as it will be the focus of the Riviera-style lifestyle,' Hart added.

Investors can also opt for a hotel investment option whereby the hotel leases the apartment on their behalf to paying guests with a guaranteed return of nine per cent for the first three years. This option also enables the purchaser to enjoy the use their own apartment for up to six weeks per year.

Hurghada, with it's crystal clear water, untouched reefs and a multitude of ship wrecks, has become one of the best Egyptian tourist destinations attracting over two million visitors per year. It is famed worldwide for its incomparable scuba diving and many of its best dive sites are situated along the 13km of beaches at Sahl Hasheesh where Venice Marina is located. Construction work has already begun on the Old Town Centre and Sunken City features of the development.

Hurghada International Airport has direct flights to most cities in Europe.