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Egyptian developer Tatweer Misr has started construction of the third phase of its 220-acre Fouka bay hospitality project on the North coast, the company's CEO and managing director said.
Ahmed Shalaby told Zawya Projects that 850 units have been delivered to date while 400 are under construction.
“We aim to deliver units in the second and third phases during the summer of 2023 and the fourth phase during 2024,” he said.
Shalaby said Fouka Bay is also building its own 7,000 cubic metres per day (m3/day) desalination plant based on reverse osmosis technology and a 2,800 m3/day sewage treatment plant.
The desalination plant as well as the sewage treatment plant consists of four units that will be installed in stages, according to a project factsheet provided by the developer. The electrical systems for the entire project have been supplied by Schneider Electric while American company RainBird is supplying the irrigation systems.
He confirmed that the entire project, which also includes hotel apartments and crystal lagoons, is scheduled for completion in 2026.
Shalaby said the company expects to deliver 1,500 units across multiple projects by end of this year.
Tatweer Misr, he continued, has registered sales worth 3.5 billion Egyptian pounds ($182 million) in the first half out of the 2022 target of 8 billion pounds ($416 million).
Last month, Zawya Projects reported that Tatweer Misr invested 4.5 billion pounds ($234 million) in sustainability initiatives within its ongoing real estate projects Fouka Bay included.
(1 US Dollar = 19.23 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
