Egypt-based Remco Touristic Villages Construction Company (RTVC) will start work on its new E£4 billion ($509 million) mixed-use project, Stell Di Mare II, in Ain Sokhna in the Suez Governorate.

The project, located on the 45th km of Al-Zafarana Road/ Suez Road, close to Stella Di Mare I, is expected to be completed by 2019, reported the Daily News Egypt.

RTVC's pilot project, spread over a 1.75-million-sq-m area abutting the Red Sea coast, includes three hotels in addition to 1,865 housing units ranging in size from 80-sq-m chalets to 500-sq-m independent villas.

A leading real estate firm in Egypt and the flagship of the Remco Group, RTVC has several touristic and residential projects lined up in Cairo, the North Coast and Sharm El Sheikh.

The company is eyeing sales worth E£5 billion ($636 million) from these projects, stated the report.

The real estate firm was first traded on the Egyptian Stock Exchange in 1998 and its current paid-up capital exceeds E£2 billion ($254 million).