Swiss/Egyptian developer Orascom says that 53 units in its Chbika project in Morocco, with a total value of CHF10 million, have already been reserved.
Located on the Atlantic coast around 400km south of Agadir, Chbika will eventually include three hotels with a capacity of 1,000 rooms, 515 real estate units, a marina, a golf course, and town centre amenities.
26 per cent of the units have been reserved during the last two months, which, Orascom says, illustrates the recovery of the Moroccan property market. The first phase of the development is scheduled to open in 2013.
Orascom and its partner, Moroccan developer CDG, have recently signed a letter of intent with Club Méditerranée to establish a resort offering 350 rooms positioned as a 4 Trident family product. Orascom will retain 65 per cent stake in the joint venture with CDG holding the balance.