egyptian billionaire buys swiss ex army compound
News Posted On: 22 July 2011
An Egyptian billionaire, Samih Sawiris has purchased an ex-army compound in Andermatt, Switzerland and plans to turn it into a luxurious resort. A lot of people might think he's crazy as the view is not exactly spectacular and the compound is only accessible through the Gotthard pass, but the Egyptian is adamant that he has got a great deal.
Apparently he bought the 1.3 million m² site for Fr.36 million, and Sawiris expects the first five-star hotel and several villas to be built by 2013. Over the next decade a total of 800 rooms are planned in six hotels, while there will be 490 apartments in 42 buildings and between 20 and 30 private villas. At the moment apartments in the village are being marketed for around Fr.1 million each.
Construction on new roads and bridges to improve access has already begun, and the turf has been laid for an 18-hole golf course. There are additional plans for conference and concert facilities and sports and leisure centre. The ski area is to be renovated with a new funicular railway being built to transport people from the village up to the ski runs. It is anticipated that this development will give employment to 2,500 people, and there are high hopes that this will bridge the gap left by the Army's departure.
Some of the villages 1,500 inhabitants are already working at the site. However he has faced some opposition, mainly from farmers who objected to seeing their land turned into a golf course, but since overcoming their objections he has already invested Fr.185 million into the development, and costs are expected to continue to rise. It's looking like a good investment however, as Fr.115 million worth of homes are already sold with most of the buyers being either European or Egyptian.
View Egypt property for sale
Written by Les Calvert
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