Tatweer Misr, a leading Egyptian real estate company, is planning to invest EGP 52 bn in three mega projects: Il Monte Galala in Ain Sokhna, Fouka Bay in North Coast and Blue Villas in Mostakbal City by 2027, Al-Mal reported.
Investments injected into Il Monte Galala, a 2.2 mn square meter housing project comprising 8000 units in Ain Sokhna, increased from EGP 10 bn to EGP 16 bn after the currency flotation.
“As it is set to pay U.S dollar-denominated installments for the project’s lands to Tourism Development Organization at prices quoted by the Central Bank of Egypt, Tatweer Misr Company became more burdened with higher costs after the EGP’s flotation,” Ahmed Shalabi, the company’s CEO, told Al-Mal.
The project includes hotels, restaurants, as well as administrative, educational and entertainment compartments. It will also feature artificial lakes, electric elevators and domestic transports constructed by Crystal Lagoons, a multinational construction company.
Il Monte Galala’s first phase is scheduled to be delivered in 2019 while the construction of Fouka Bay is expected to take three years.