By: Abdallah Bedeir
Cairo – Mubasher: Tatweer Misr has invested around EGP 2.25 billion to EGP 2.4 billion into Il Monte Galala Ain Sokhna and Fouka Bay North Coast during the period between January to October.
The Egyptian real estate firm is planning to pump EGP 3 billion investments into both projects; EGP 2 billion into Il Monte Galala and EGP 1 billion into Fouka Bay, the company’s CEO Ahmed Shalaby told Mubasher.
Shalaby noted that the company has completed around 75% to 80% of the estimated investment scheme for the two projects, Shalaby added.
The company has achieved EGP 5 billion in sales during the first nine months of 2018, he indicated, pointing out that it is targeting sales of EGP 7 billion this year.
Spanning 2.2 million square metres, the project is executed with EGP 16 billion to EGP 17 billion in investments over two phases and targets revenues of EGP 30 billion to EGP 32 billion.
Tatweer Misr has obtained the ministerial decree regarding its project in Mostakbal City, Shalaby said, noting that the company is getting the required licenses to begin construction next year.
This project will be developed over 415 acres with EGP 33 billion in investments, including a 325-acre multi-use urban area at a cost of EGP 28 billion and a 90-acre educational project at a value of EGP 5 billion.
The real estate company is seeking to obtain land plots in Sheikh Zayed city and the North Coast next year, he stressed.
He further noted that the company is considering buying new land plots in the New Administrative Capital, New Alamein, and New Mansoura.
Translated by: Mai Ezz El-Din
