Egypt-based property developer, Tatweer Misr is planning to inject investments worth 500 million Egyptian pounds through IL Monte Galala and Fouka Bay projects in 2016, Managing Director of Tatweer Misr, Ahmed Shalaby said.
In an interview with Amwal Al Ghad, Shalaby said that his company has obtained the final licenses of IL Monte Galala to start implementing the project, clarifying that it is a residential tourism three-phase project on an area of 2.2m sqm in Ain Sukhna which is estimated to cost EGP 8bn.
Furthermore, the project’s first phase will be completed in five years, the second phase—which begins in sync with the last year of the first phase—will take a total of four years. The third phase is expected to be completed in three years and also begins during the last year of the first phase. The entire project will be completed in 10 years.
In addition, the company also put forward a tender to implement the pavement and drilling operations for the first phase of the project that will be established on 700,000 sqm, 33% of the total area. It has received 10 offers from different contractors. Tatweer Misr is currently studying those contracts and will award the project to the winning company later this month.
On the other hand, the Fouka Bay project-North Coast is implemented upon four phases over five years with investments amounting to EGP 1bn. The first phase included 155 units. The company has marketed the first phase of the Fouka Bay project, where its units are expected to be delivered within three years. The second phase of the project, which includes 500 units, will be offered during the summer.
Regarding the projects financing, he said that the company will rely on self-financing and sales proceeds to implement the residential portions of its projects. Financing by banks will be limited to the hotel sections as a long-term investment.
Moreover, Tatweer Misr submitted a proposal to the Ministry of Housing to develop an entire project at the New Administrative Capital. The proposal included development of 500 to 1,000 acres. The company is now awaiting the ministry’s approval and the implementation scheme. The new capital integrates the company’s project in Ain Sokhna, especially after completing the national roads networks.