Egypt’s property developer Abraj Misr Company is planning to launch a new phase of its flagship development - The Shore - in the northern coastal area of Ras El Hekma over the next few days.

This will be launched under the name of New Malibu at an investment of E£200 million ($11.2 million), reported Amwal Alghad.

A total of 120 chalets, at spaces ranging between 85 sq m and 180 sq m will come up in the New Malibu phase which ahs been designed in accordance with international standards, and inspired from Cyprian, Italian, and California’s Malibu city, stated the report.

Abraj Misr Company aims to complete The Shore, being built at a cost of E£2 billion ($111 million), within a two-year period, it added.