Egypt’s Tower Developments develops phase I of Tower Bay Port Said
Egypt’s real estate developer firm Tower Developments (TD) says it has started developing the first phase of its project Tower Bay in Port Said city, 170km (106 miles) northeast of Cairo, at the end of the first quarter of 2018.
The project is with investments worth 500 million Egyptian pounds ($28 million), TD’s chief executive Ahmed Lasheen unveiled Thursday, referring that the first phase represents ten percent of Tower Bay’s total space.
“This phase will include 300 housing units with various spaces,” Lasheen further told Amwal Al Ghad, saying that his company seeks to execute the project within a timeframe of four years.
The Egyptian official clarified that Tower Bay is being carried out over 102 feddans in four phases within seven years, with investments totalling five billion pounds.
“The fully-fledged project is set to comprise residential and hotel parts as well as an international school on a space of 10,000 square metres, in addition to a commercial centre on a space of 20,000 square metres,” Lasheen noted.