Tatweer Misr revealed on April 23 the latest updates on its flagship project, IL Monte Galala, Invest-Gate reports.

Located in Ain Sokhna, IL Monte Galala spans an area of 2.240 mn square meters.Units are built on different ground levels to allow all customers to enjoy a sea view.

The two-phase project will include fully-finished chalets and villas, hotel apartments, clubhouse, mountain park, food and beverage activities, and hotel apartments.

There are currently around 1,400 units under construction, while 1,200 units will be offered for construction soon.

Delivery of the first phase will start late 2019, with a plan to hand over 24 units in December of the same year.

Having started construction in summer 2016, the whole 3,600-unit first phase will be completely delivered by December 2022.

The project considers accessibility for people with disabilities. It also offers mobility solutions, helping the client to move around without a need for a car. There will be around 11 inclined elevators, and electrical bicycles, motorcycles, and buses, linking different levels of the project.

The price per meter was EGP 7,000-10,000 before flotation, increasing to a current price of EGP 18,000-20,000 per meter. Sizes of chalets and villas range from 80 to 400 square meters.

“According to the company’s latest study, total volume of investments in the project will exceed EGP 16 bn in the residential units over 10 years until 2027, excluding hotels’ investments,” according to Tatweer Misr Managing Director Ahmed Shalaby.

“Total spending this year is estimated at EGP 2 bn, bringing the total to EGP 4 bn by the end of this year,” Shalaby adds.

“We sold 25% of the whole project and 60-70% of the first phase,” Shalaby notes. “There are 50 contracts signed with clients overseas including nationalities from UK, China, and Venezuela,” he says.