Phase 1 of Egypt's Tower Bay to be completed by 2022
The developer aims to complete construction work on 35% of the residential buildings in the first phase by the end of 2019
Egyptian real estate firm Tower Developments has reportedly revealed that construction work on Phase 1 of its Tower Bay project is scheduled to be completed by 2022, with the company’s chief executive officer, Ahmed Lashin, stating that the developer aims at completing 35% of the residential buildings in the first phase by the end of 2019.
Spread across an area covering 42.8ha, the Tower Bay project is located in the North African nation’s Port Said.
According to a report by Daily News Egypt, citing Lashin, overall investments on the project has totalled to $301.9m, with an additional $60.4m being secured for a 215-key five-star hotel project.
Construction work on the hotel will begin in the summer of 2020, and the property once developed will be managed by Hilton Hotels and Resorts.
The CEO added that the developer has marketed 30% of the Phase 1 of the project with $30.2m in contractual sales.
“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,” Daily News Egypt reported Lashin as saying.