Egyptian developer TLD (The Land Developers) announced the launch of il Bayou hospitality project in Sahl Hasheesh in the Red Sea governorate at an investment of 500 million Egyptian pounds ($20 million).
Spread over an area of 45,000 square metres, il Bayou project includes 85 standalone villas, twin and town houses, and 60 hotel apartments.
The company's chairman and CEO Ahmed El Tayebi told Zawya projects that Madrid-based L35 Architects has designed the project, adding that delivery will start in 2025 with Phase 1.
He said the company had allocated a spend of 200 million pounds ($8 million) for construction in 2022.
Last month TLD, awarded a 210-million-pound ($8.5 million) construction contract to ASASS Construction for its Armonia New Capital development.
(1 US Dollar = 24.60 Egyptian Pounds)
(Reporting by Eman Hamed & Marwa Abo Almajd; Editing by Anoop Menon)