Egyptian developer Tatweer Misr is planning to deliver 700 units of first phase of IL Monte Galala development, located in Ain Sokhna, Gulf of Suez by the end of 2021, the company's CEO said. 

The 6 billion Egyptian pound ($382 million) Phase 1 comprises of Zones A, B and C totalling 4,000 residential units. The 700 units scheduled for delivery by end-2021 are part of Zone A. 

Ahmed Shalaby told Zawya Projects that the company has completed 51 percent of IL Monte Galala since construction started in 2016. 

He said they are planning to deliver 1,500 units from Zones B and C in 2022.  

Phase 1 also includes a 40,000-square metre Crystal Lagoon, which is being developed at a cost of 250 million pounds ($16 million). 

Shalaby said the first phase would also include five hotels totaling 300 keys, while the second phase includes four hotels totaling 700 keys. 

The second phase will comprise of 6,000 units, he disclosed. 

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 = 15.74 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Additional reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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