Egyptian developer Tatweer Misr said on Sunday that it would deliver 2,000 residential units by the end of 2022 from its ongoing IL Monte Galala, Fouka Bay, and Bloomfields projects.

The company said in a statement that it plans to invest 3 billion Egyptian pounds (191 million) across these projects in 2022 and aims to close the year with sales of 8 billion ($508 million), the same as in 2021.

The 545-acre IL Monte Galala is located in Ain Sokhna, while the 250-acre Fouka Bay is on the North Coast, and the 415-acre Bloomfields is located in Mostakbal City.

Last year, according to the statement, Tatweer Misr delivered 1,200 units from the IL Monte Galala and Fouka Bay projects. It had invested 2 billion pounds ($127 million) in IL Monte Galala with 500 million pounds ($32 million) each in Fouka Bay and Bloomfields.

Last year's sales of 8 billion pounds also included a record first-half sales, the company's highest ever, of 3.7 billion pounds ($235 million). 

2021 also saw the company launching its fourth project, the 7-billion-pound ($445 million) D-Bay, located in the Dabaa area of the North Coast. The development, which is spread over 200 acres, will house 1,800 residential units. 

Other successes of 2021, as listed by the statement, included:

  • The launch of operations at the world's first on-mountain Crystal Lagoon and the first phase of the beach as part of Phase 1 of IL Monte Galala.
  • Inking of agreements for the first phase of Bloomfields' 90-acre educational Zone.
  • Launching a strategic partnership to attract more educational entities and investment funds to the Zone.

The developer also signed a strategic agreement with China's Huawei to deliver sustainable and smart technological software solutions throughout its projects.

(1 US Dollar = 15.74 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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