Land acquired for first project — Sahl Hasheesh — at an average price of USD 1.32/m²
1995
Incorporation, concept development and master planning for Phases I and II by RTKL
First plot sold for USD 37/m²
1998
- Infrastructure work begins with Bechtel as project manager
- Aggressive marketing to counter tourism industry crash
- Appreciation of overall financial climate led to practical and market leading sales terms and development schedules
Accomplished unprecedented sales bringing in new investors
2004 - 2007
- First regional four-star hotel begins operation followed by three other five-star hotels
- Sahl Hasheesh community management vision takes shape
- ERC begins considering additional land holdings to replicate business model
- Detailed development of community services and utilities reticulation model
- Third regional five-star hotel begins operations
- The Old Town receives its first tenant
- OHD acquires equity stake in ERC
- The company ramps up marketing efforts with a view to capturing increased market share as the tourism recovers
- ERC signs a beach and restaurant management agreement with Italian investment group Lu Lu
- ERC signs an exclusive contract to provide transportation within Sahl Hasheesh. ERC also signed a non-exclusive contract to provide car rentals and a bus service
- ERC’s Jamaran sells out, earning the company EGP 100 mn in unit sales
- Company achieves USD 11.4 mn in land sales
- Company achieves unprecedented land plot sales
- ERC and Palm Hills Developments jointly launch Tawaya, a beachfront apartments project in Sahl Hasheesh
- KarmSolar signs an agreement with ERC to begin building a solar-powered electrical power station
- Strengthen marketing campaigns to attract domestic visitors and second-home owners
- Continue to place emphasis on value-adding land sales to sub-developers
- Push forward with cost control schemes and proactive cash flow management