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Egypt’s Tatweer Misr will deliver residential units at its Fouka Bay, IL Monte Galala and Bloomfields projects by the end of 2022, a top company official said.
Ahmed Shalaby, Chairman and CEO of Tatweer Misr told Zawya Projects that the company expects to deliver about 1,500 units at its IL Monte Galala and Fouka Bay projects.
IL Monte Galala in Ain Sokhna is being developed at a total investment of 18 billion Egyptian pounds ($939 million). When complete, the 525-acre project will have 10,000 units including 6 hotels. The 4-billion-pound ($209 million) Fouka Bay in Ras El- Hekma is spread over an area of 220 acres and will have 2,500 units including 4 hotels when complete.
“We aim to fully operate the first phase of IL Monte Galala, which includes the world’s first crystal lagoon by a mountain, and the first phase of the beach in October,” Shalaby said.
He added that the company will start delivery of residential units from the first stage of Bloomfields project in Mostakbal City from the fourth quarter but didn’t disclose the number of units.
The 415-acre project, which is being developed at a total investment of 28 billion pounds ($1.5 billion), will comprise of 10,700 units built over on an area of 325 acres, and a separate 90-acre education zone, which will house 4-6 international schools and branches of international universities.
Shalaby said Tatweer Misr is targeting contractual sales of 8 billion pounds ($417 million) divided among the four projects for 2022.
“We have allocated 3 billion pounds ($156 million) this year for construction across the four projects,” he disclosed.
In terms of expansion plans, the company is planning a new project in Sheikh Zayed and is also looking outside the country, the Tatweer Misr chief disclosed.
“We aim to study the available investment opportunities in several countries in the region, with a focus on Saudi Arabia due to its promising investment opportunities,” he said.
(1 US Dollar = 19.18 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
