Egypt’s property developer, Tower Developments (TD) has announced that phase 1 of its flagship Tower Bay project at Port Said in Egypt is set to be completed by 2022. TD’s Chief Executive Ahmed Lasheen has confirmed that, by end of this year, the first phase should be 35% complete.
The Tower Bay project
Tower Bay is being built on 102 feddan over four phases. According to Mr. Lasheen, the project’s investment reached US $302m, plus US $60.4m for a 5-star hotel within the project. “The company has marketed 30% of the first phase with US $30.2m contractual sales, hence the project is self-financed,” he said.
“The hotel whose construction is set to next summer, will be managed by Hilton Hotels and Resorts and will comprise of 215 rooms,” he added.
Mr. Lasheen further affirmed that, spread across an area covering 42.8ha, 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.
Tower Developments (TD)
Tower Development (TD) is also developing a commercial administrative project on a total area of 13,000 sqm in New Cairo. The project’s construction works have been completed and the company will start the internal and external finishes within a few weeks.
Moreover, the company studies investment opportunities in the New Administrative Capital, New Mansoura, New Alamein, and New Damietta.