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 LE6b ($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 said that the company has completed 51 per cent 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 totalling 300 keys, while the second phase includes four hotels totalling 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.
Tatweer Misr has launched a new community Marina Residence within its IL Monte Galala development in Ain Sokhna, Gulf of Suez. CEO Ahmed Shalaby said that the new community comprises of 440 residential units spread over an area of 50,000 square metres but didn’t elaborate.
The Tatweer Misr CEO said the residential and hospitality components of the project are being developed at a total investment of about LE18b ($1.1 billion) and LE2b ($127 million) respectively but added that investment numbers could increase due to building material prices going up.
He also added that they intend to deliver 2,000 units yearly from all their projects. The company’s under-construction portfolio currently includes Bloomfields in Mostakbal City and Fouka Bay in North Coast.
