Fuka Bay’s return on investment grows to 400%, Ahmed Shalaby told Osoul Misr
Dr. Ahmed Shalaby, Chief Executive of Tatweer Misr said that Fouka Bay North Coast has added value to the real estate industry as a whole and to clients in particular, as clients who bought units from the 1st offering of late 2015 have reaped ROI of more than 400%.
Unit price quadrupled in the span of 6 years
The unit price that was valued at EGP1.5m six years ago jumped now to EGP6m
While touring the heart of Fouka Bay North Coast in the company of Osoul Misr magazine, he said that the client who bought units from the 1st phase against EGP1.5m has now to pay EGP6m thanks to the rapid development drive engulfing the project as well as high-end specifications guaranteeing sustainability.
Moreover, he noted that clients who bought units in the 2nd phase have reaped 300% ROI, which may jump to 400% at that phase next summer when the Lagoon is launched.
Tatweer Misr has finally reached a settlement with the Urban Communities Authority and signed contracts, as the project with an area of 100,000 m features the largest lagoon in the North Coast
He said that the company has finalized reconciliation procedures with the Urban Communities Authority and signed a contract for the third time. The ministerial decree and permits for the remaining phases of the project will be issued soon, he maintained.
The booming North Coast and New Alamein are seeing a relentless activity mostly triggered by the state-owned developmental projects, such as roads and services.
“This is clearly manifested in the rising occupancy rates and orders received from foreigners. We are getting testimonies from clients applauding the developmental drive that turned the North Coast into a place on a par with, or even better than, world renowned beaches. Top notch Arab and world singers were invited this summer to concerts in the North Coast which is becoming among their best favored destinations in the course of touring the world.”
He explained that Fouka Bay project has hosted brilliant singers, such as Kazm El Sahr, Tamer Hosny and a world famous female singer, all of whom have applauded the project.
Clients concur that Tatweer Misr is putting up high-end units with superb finishing for sale, adding that the units were delivered ahead of schedules, he noted.
The construction of Fouka Bay is in the works over 220 acres area spanning four phases, as it encompasses 24 models for units with the aim of meeting demands of clients and fulfilling the company’s standing keenness on keeping pace with any changes taking place in the market’s needs, with the units areas ranging from 70 to 542m.
Fouka Bay comprises the largest lagoon in the North Coast with it spreading over an area with up to 100,000m in length and 330m in width, as it has been carried out and is due to be run by Crystal Lagoon International, he concluded.
