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(Residential units corrected in Head Line and body text; second last para corrected from 2,000 units annually from all projects to 1,500 units of IL Monte Galala by end of 2022)
Egyptian developer Tatweer Misr has launched a new community Marina Residence within its IL Monte Galala development in Ain Sokhna, Gulf of Suez.
CEO Ahmed Shalaby told Zawya Projects that the new community comprises of 367 residential units spread over an area of 50,000 square metres but didn’t elaborate.
On Wednesday, Zawya Projects had reported that Tatweer Misr is planning to deliver 700 units of IL Monte Galala Phase 1 by end-2021.
The Tatweer Misr CEO said the residential and hospitality components of the project are being developed at a total investment of about 18 billion Egyptian pounds ($1.1 billion) and 2 billion pounds ($127 million) respectively but added that investment numbers could increase due to building material prices going up.
He also added that they intend to deliver 1,500 units by the end of 2022 in IL Monte Galala. The company’s under-construction portfolio currently includes Bloomfields in Mostakbal City and Fouka Bay in North Coast.
IL Monte Galala will include 5,000 residences, 4,000 hotel apartments, and 9 hotels with 1,000 keys when complete in 2030.
(1 US Dollar = 15.71 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
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