Crystal Lagoons signs $117m deal for Egypt development
Crystal Lagoons has signed a contract with Egyptian real estate developer, Tatweer Misr to develop the $117m North Coast Fouka Bay development in Ras Al Hekmah
Crystal Lagoons has signed a contract with Egyptian real estate developer, Tatweer Misr to develop the $117m North Coast Fouka Bay development in Ras Al Hekmah.
Designed by Italian architects 5+1AA, Fouka Bay development is a two hour drive from Cairo and will be positioned across an 800-metre-long stretch of coastline.
The project is expected to be completed by 2022.
The company uses 30 times less water than a golf course for the project, half the water required of a park of the same size, and uses 100% less chemicals than a traditional filtration system.
The project also uses 98% less energy required by conventional water treatments systems.
The low construction and maintenance costs, teamed with unmatched sustainable credentials, offer a substantial return-on-investment for TatweerMisr.
Carlos Salas, the Middle East regional director of Crystal Lagoons, said: “Our latest venture with TatweerMisr is further testament to the vital role Crystal Lagoons plays in the successful introduction of new and existing real estate and hospitality projects to the market.”
This is the second contract Crystal Lagoons has signed with Tatweer Misir, the first was for the ground-breaking project in Tatweer Misr’s flagship project Il Monte Galala in Sokhna, which will see the development of the first mountain lagoon in the world.
Crystal Lagoons currently has 600 projects at various stages of development worldwide. The company has experienced incredible growth in Egypt over the past two years – the country is currently its fifth largest market.
The company is also involved in projects in Egypt worth over $5bn, including the 38-hectare lagoon situated in the $400m phase two of REMCO Group’s vast Stella Di Mare project in Ain Sokhna, the $400m Azha resort developed by Madaar, the 2.7-hectares lagoon within the $1bn Mousa Coast community and a 32-hectare lagoon at the $1.8bn Bo Islands development with Maxim Real Estate.