How do you see the North Coast region?
As the ultimate vacation destination, the Egyptian North Coast is the hotspot for a complete beach life experience all summer long. Shaping up to be among the region’s most promising areas, studies have recently shown that 51% of vacationers consider the North Coast a more attractive spot than any other beach zone in Egypt, with El Gouna coming as a close second. In order to meet the rising demand, developers have built around 24 projects since the 1980s, 80% of which have been sold. This goes to show that even with the fierce competition, developers are able to cater to the varying needs of their target customers through offering higher-quality facilities, property management options, and community-based activities.
These numbers are expected to increase within the coming years as the government unveils more projects within the city of New Alamein, another ambitious addition aiming to alter the coastal scene in Egypt. Covering an area of 50,000 feddans, the city is set to host an array of economic and touristic attractions while accommodating 400,000 residents, adding more names to the existent competition.
The company has a distinctive project in the North Coast. Can you give us more details about the project?
One of the area’s most anticipated projects is our Fouka Bay project in the North Coast. The compound, which is located on around 250 feddans with an extended one-km long coastal front, has been launched in 2015 and will be executed on four phases with a total investment of EGP 3bn.
The Fouka Bay is being developed over five years. The First delivery in phase one will start in December 2018. The total units sold so far have reached 1,300.
What are the project’s services?
With its unique master plan which ensures low building density and a waterfront for every unit, Tatweer Misr and world-renowned Italian architects Gianluca Peluffo and Partners have set new standard of expectations in architectural design and lifestyle options.
Architecture at Fouka Bay also brings an innovative vision that represents the new face of the North Coast by combining the best elements of the blue sea, white sands and emerald landscapes to boast a cluster of 12 eye-shaped islands, enveloping a 7 km shoreline of tranquil lagoons. Positioned among landscaped gardens, crystal clear lagoons and a mesmerising backdrop of sea views, Fouka Bay is designed to accommodate a variety of housing options. Development at Fouka Bay offers a myriad of options to potential home owners, including waterfront villas, double decked twin houses and townhouses, standalone chalets, spacious cabins and bungalows, all of which enjoy a front row on the water and landscape views. Located 211 km from Alexandria, and 75 km from Marsa Matrouh, the idyllic spot is only a 2-hour drive away from Cairo.
What is Tatweer Misr’s vision regarding the export of real estate especially coastal projects?
Plans of exporting our real estate projects do not target Egyptian citizens working abroad, but mainly foreign clients. Studies show that British and Russian citizens, along with Arabian Gulf citizens, are the most interested in owning units in Egypt, which makes these countries fertile markets for this objective.
It is important to provide a real estate product that aligns with the requirements of this target group of customers, especially that British and Russian citizens prefer touristic residential units as second homes, prompting the company to market Il Monte Galala and Fouka Bay according to their criteria.
The Egyptian real estate market is regarded as the most affordable, compared to others in the region, giving us a more competitive advantage to expand. In addition, we have recently partnered with Liverpool FC to stimulate the company’s sales using the club’s name to market our projects in the UK which represents another part of our strategy to export our projects to Europe.