City Stars Properties completed Phase I of the artificial lake in its resort in Nabq, South Sinai, at a cost of $278m.
The total cost of the lake is $800m and it will be the largest artificial lake in the world with an area of 120,000 sqm, an official said.
Prime Minister Ibrahim Mehleb studied the project during his inspection tour in Sharm El-Sheikh in preparation for the mid-March summit.
The land area of Phase I of the project is 1m sqm of the total 7.5m sqm, according to the official, who added that this project is one of the biggest integral developmental projects in South Sinai.
The project cost exceeds EGP 3.5bn. Phase I of the project includes 1,500 housing units of the total of 20,000 rooms, as well as a 5-star hotel with a 450 room capacity.
The first phase includes the artificial lake, with which Egypt will be added to the Guinness World Records, said the official.
The lake is 2 km from the Gulf of Aqaba shore, according to the official.
The project targets tourists who come to Egypt with permanent residence, attracting the tourist flow, especially at the current period in which finishing Phase I of this project is the company’s major challenge.
The area of City Stars Properties’ Sharm El-Sheikh project is 7.5m metres, including 20,000 units distributed as villas, tourist housing units, and four hotels accommodating 1,200 rooms.
Godwin Austen Johnson is handling the architectural design of the project. It has begun working on the designs of the second phase, which provides tourist housing units.