Egyptian developer Tatweer Misr is planning to start construction of its 1.2 billion Egyptian pound ($76 million) Marina Residence project within the 18-billion-pound ($1.2 billion) IL Monte Galala development in Ain Sokhna by December 2023, the company CEO said. 

Ahmed Shalaby told Zawya Projects that the 367-unit project, comprising of 312 chalets, 25 villas and 30 townhouses, would be developed in four phases, adding that delivery would begin in December 2025. 

He said IL Monte Galala’s 2-billion-pound ($127 million) hospitality component would comprise of nine hotels totalling 1,000 keys, adding that five hotels would be developed in Phase 1, and four in Phase 2. 

He pointed out that IL Monte Galala also includes a 250-million-pound ($16 million) Crystal Lagoon, spread over an area of ​​40,000 square metres. 

Meanwhile, the company has completed 80 percent of the project’s dedicated sewage treatment plant at a cost of 45 million pounds ($3 million), and 50 percent of seawater desalination plant, which is estimated to cost about 40 million pounds ($2.6 million). 

(1 US Dollar = 15.72 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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