3,403 m² Hotel-Zoned Land in Safaga, Next to Mövenpick – For Sale or Partnership

About this property

A prime investment plot in Safaga on the Red Sea, right next to the Mövenpick Hotel and looking towards Emaar's Marassi project. The land covers 3,403 m² and already carries a tourism (hotel) allocation, so it is ready for hospitality development: a boutique hotel, serviced apartments or another tourism project, subject to the usual planning and licensing approvals. Building terms: - Building coverage: 40% of the plot - Permitted height: ground floor + first floor + second floor Two ways to invest: - Direct sale: EGP 20,000 per m², EGP 68,060,000 in total. - Development partnership: the landowner is open to sharing the land with a developer. The structure, sharing ratio and terms are agreed in a face-to-face meeting. Extra upside: the tourism allocation may be convertible to a residential compound allocation, subject to approval from the competent authorities. Contact As-Home to arrange a site visit or a meeting with the owner.