Tower Developments aims to complete 35% of construction works in residential buildings of the first phase of Tower Bay project in Port Said by the end of the year, Ahmed Lashin, the company’s CEO, said.
Tower Bay is being built on 102 feddan over four phases, Lashin added, noting that it is scheduled to complete the whole construction work of the project’s first phase by 2022.
Lashin revealed that the project’s investments reached EGP 5bn, plus EGP 1bn for a 5-star hotel inside the project, stressing that the project is self-financed.
The company has marketed 30% of the first phase with EGP 500m contractual sales, he said
He added that the hotel, comprising of 215 rooms, will be managed by Hilton Hotels and Resorts, and the company will begin its construction next summer.
“Tower Bay is a quantum leap in real estate and tourism investment sector in Port Said, which aims to enhance the status of the governorate on the global and regional tourism map, thus contributing to supporting national economy,” Lashin said.
Additionally, the company is developing a commercial administrative project on a total area of 13,000 sqm in New Cairo. The project’s construction works have been completed and the company will start the internal and external finishes within a few weeks.
Moreover, the company studies investment opportunities in the New Administrative Capital, New Mansoura, New Alamein, and New Damietta, he concluded.