Crystal Lagoons launch project in Egypt
Crystal Lagoons Corp has announced the launch of a US$5,500 million project in Egypt along with its local partners, Pyramids Plaza and Citystar Holding.
The project named ‘City of Stars’ is located 3 kms from the Red Sea and involves a master plan of 30,000 home units, hotels, a museum and a shopping center. This will be the first of four tourist projects that Crystal Lagoons has formally agreed with its Egyptian partners to be executed at Sharm El Sheikh, Hurghada and Alexandria.
By the end of 2009 Crystal Lagoons and its Egyptian partners will venture into a new real estate project located on Soma Bay in the Red Sea, approximately 500 km south of Cairo.
With a total investment of US$12,000 million, the Soma Bay project involves the construction of 18 giant lagoons; 10 hotels; 50,000 residential units; a commercial area; a waterpark and two 18-hole golf courses.