Egypt-based Emaar Misr for Development has awarded a major contract to Arabtec Construction, a subsidiary of Dubai-based contractor Arabtec Holding, for the construction of an urban community ‘Greek Village’ at an estimated cost of E£1.608 billion ($100 million).

Emaar Misr is a specialist in developing and promoting real estate assets (high-class residential apartments, villas, trade centres) located in Egypt. The group also operates entertainment facilities and aparthotels.

The construction work is set to start immediately and the project is likely to be completed by 2022, said the Cairo-based developer, also a subsidiary of Emirati developer Emaar.

The Greek Village project boasts 42 townhouses, 18 residential buildings, and seven bungalows in Marassi on the northern coast, the company said in a statement to the Egyptian Exchange (EGX) on Sunday.

Marassi is a 6.5-million-sq-m gated, master-planned destination resort along the Sidi Abdel Rahman Bay, located 132 km west of Alexandria.

Its strategic location is a testimony to its unmatched luxury, tranquility and contagious briskness, said the Egyptian developer.

Characterised by ornamental blue and white domes, the Greek Village features unique architecture bringing authentic Greek accents to its townhomes and apartments.

The white-painted village nesting at levelled heights offers breathtaking Marassi sceneries of the lagoons and beautiful rooftops, said the Egyptian developer.

Elevated up to 18 m above sea level with most homes facing the north, the Greek Village ensures a refreshing experience in the cool summer breeze, it added.-TradeArabia News Service