Tatweer Misr, the Egyptian real estate developer, announced recently the rapid progress in construction of Phase I of their flagship project IL Monte Galala, the leading mixed used development in Ain Sokhna and Fouka Bay resort on the North Coast. The company has tendered out various construction works with a total cost of over EGP 2 billion in 2017 of which 1.5 billion has been allocated towards construction of the highly-anticipated mountain resort of Il Monte Galala in AinSokhna and nearly 500 million towards the beautiful North Coast destination of Fouka Bay.
Already, the work is progressing rapidly at both construction sites with land grading, bearing walls and road construction in progress. The 700 units , at a total cost of EGP500 million, for phase 1 in Il Monte Galala, will be followed by a tender, during this year, for another 800 units at an estimated EGP 800 million in Il Monte Galala allowing for the on time partial delivery of phase 1 scheduled in 2019. In addition, the first man-made lagoons in Sokhna mountains is currently under construction as are the lagoons in Fouka Bay. By end of the project IL Monte Galala will have 6 lagoons with a total area of 40,000 square meters adding around 3 kilometers of sandy beach lines to the project in addition to the 1.3 Km sea front. As for the company’s project in North Coast “Fouka Bay” 4 million sqm of land grading, bearing walls and road works are under construction, in addition to the completion of concrete work in 25 buildings from phase I with work progressing on fully finishing the units. The works tendered in 2017 for 130 units in the amount of EGP 200 million will be followed by a new tender during this year with an additional 350 units at an estimated cost of EGP 500 million.
With an investment of 12 billion EGP, over the coming decade, IL Monte Galala-Sokhna is to date one of the largest mixed use development in Ain Sokhna. Phase I of the project will see the company deliver over 3000 residential and hotel units. Today, IL Monte Galala-Sokhna is positioned to become a local and international destination of choice offering unparalleled activities and lifestyle options unique to the Egyptian market. The North Coast project of Fouka Bay will see an investment of a little over 3 billion over the period of its completion with phase 1 of the project expected to be delivered by 2018.
Commenting on the progress of construction works in IL Monte Galala-Sokhna, Dr. Ahmed Shalaby, the CEO and Member of the Board of Tatweer Misr said: “The construction work at both Il Monte Galala and Fouka is progressing at a fast pace. We are currently in the process of building the units and are aiming to finish 6 fully finished mock up units in Il Monte Galala and 1 in Fouka within the year allowing our visitors a real life example of our final products in in both resorts. Most importantly, to us, is that we are speeding up our construction schedule to assure on time and highest quality delivery as promised. "
Given recent economic conditions and inflationary pressures, Tatweer Misr strategy focuses on three pillars, and driven by customer commitment, with the most important one being to speed up construction to ensure on time delivery, followed by revision of payment plan and finally a strategy to market its project globally. Only recently ,Tatweer Misr launched its 10 10 payment plan as a response to the general economic conditions and to help customers, amid rising inflationary pressures to manage the impact on their disposable income. According to Shalaby “The new financial payment strategy” that was launched early February has extended payment terms to a period of 10 years with equal installments instead of the market standard of 7 years “allows our customers increased flexibility”
Talking about the details of the Construction progress in the resorts Eng. Baher Ayoub, Member of the Board and Chief Projects Officer, Tatweer Misr explained in more details that “The construction work at IL Monte Galala and Fouka Bay, which will be implemented throughout the rest of 2017, comprises the construction of internal road network to connect different areas of phase I, in addition to land grading to identify different levels of buildings, as well as road bridges and man-made lagoons. This also goes hand in hand with the deployment of utilities and concrete works of phase I and the commencement of construction of the units. "
This phase is one of 3 phases to be successively launched within the coming years in Il Monte Galala, including units with different sizes and a comprehensive package of services and value-added amenities.
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