Ahmed Shalaby, CEO of Tatweer Misr, revealed that the investment cost of its Il Monte Galala project in Ain Sokhna increased to reach EGP 16bn as a total cost until project completion.
Shalaby explained that this increase in cost is due to the floating of the Egyptian pound, compared to EGP 8bn at the beginning of the project.
He added that the total investment directed to the project since its launch until now reached EGP 4bn.
Shalaby added during a tour of Il Monte Galala’s site that the company plans to deliver the first part of the project’s first phase by December 2019 with a total of 24 units.
Shalaby pointed out that the whole phase will be delivered in 2022 with a total of 3,600 units of various areas.
“The company aims at speeding up the rates of implementation of the project to comply with the contract’s schedule. The company has directed EGP 2bn during the current year,” Shalaby noted and further elaborated, “it is planned to establish electronic lifts and transport to link all parts of the project and connect them with the sea. Also, industrial lakes are being developed by Crystal Lagoons company.”
He commented that the project is planned to be among the most important tourist destinations at the local and global level, which provides a range of integrated activities and services.
The company has already marketed 60% of the project’s first phase, Shalaby said, adding that 50 units of the first phase were sold to foreigners.
He announced that the company targets marketing 25% of the project’s total units to foreigners.
In February, the owner of Il Monte Galala and Fouka Bay, Tatweer Misr, officially partnered with Liverpool FC to market its coastal projects to foreigners.
Il Monte Galala is spread over an area of 2.2m sqm and will include three major entertainment areas.