Egypt's Amer Group to begin selling Syrian units

Reuters, Monday 24 Jan 2011

Luxury development spreads Dubai disease to Syria

Amer Group

Egyptian property developer Amer Group will begin selling units at its Porto Tartous tourist project in Syria this week, it said on Monday.

Amer Group, which sells property on Egypt's coasts, has been expanding outside the country with projects in Syria and Dubai. It has said it is also looking at Saudi Arabia.

The Syria project, which had been scheduled for launch in mid-November, will have more than 3,700 serviced apartments, a shopping mall, 100,000 square metres of office space and a yacht marina. It will also have a sports stadium and private beaches.

In November, Amer Group sold 500 million shares in an initial public offering that was oversubscribed 5.8 times.

Short link: