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Tatweer Misr launches EGP 7bn project in North Coast

Tatweer Misr launches EGP 7bn project in North Coast
Tatweer Misr aims to invest about EGP 3 billion in four projects this year

By: Abdullah Bedeir

Cairo – Mubasher: Tatweer Misr announced the launch of a new project in the North Coast in partnership with Kayan for Real Estate Development.

With an initial investment cost of EGP 7 billion, the development will be built over an area of 200 feddans (about 845,000 square metres (sqm)), the CEO of Tatweer Misr, Ahmed Shalaby, said in a press conference on Tuesday.

The project will feature about 1,800 housing units, including chalets, villas, and serviced apartments, he added.

The CEO revealed that the company aims to sell about 250-300 units in the project in 2021 with targeted contractual sales of EGP 2 billion.

The company will break ground on the project in 2022 after obtaining the required licences, with completion scheduled within six years starting from the date of obtaining the ministerial approval.

In addition, Tatweer Misr aims to invest about EGP 3 billion in four projects this year.

It targets to generate a total of EGP 8 billion in contractual sales in 2021, compared to EGP 6 billion in 2020.

The company’s four projects, located in eastern Cairo, the North Coast, and Galala City over an area of 5.8 million sqm, include 12 hotels and about 25,000 housing units. The residential part includes total investments of EGP 57 billion.