Monday, May 29, 2017

Crystal Lagoons inks $117m Egypt project deal

Crystal Lagoons, the multinational water innovation company and developer of crystal clear lagoons, has partnered with top real estate developer, Tatweer Misr, to bring idyllic beachfront living to the $117 million Fouka Bay development in Egypt.

Fouka Bay, the 12th project of Crystal Lagoons in the country, has been designed in collaboration with world-renowned Italian architects 5+1AA and enjoys a prime position along the pristine coastline of Ras El Hekma region.

The resort is a two-hour drive from capital Cairo and is easily accessible via the newly constructed Fouka Road.

It features a variety of luxurious and architecturally stunning residences with panoramic views of the coastline and 800-m-long stretch of white sandy beach. The project is expected to be completed by 2022, said a statement from Crystal Lagoons.

This is the second contract Crystal Lagoons has signed with Tatweer Misir, the first being a ground-breaking project in its flagship development Il Monte Galala in Sokhna, which will see the birth of the world's first mountain lagoon.

The move brings the ‘world’s top amenity’ to the heart of the Fouka Bay project effectively turning each house into a waterfront home, it stated.

In addition to enhancing the aesthetic appeal of the destination, the crystal-clear lagoon will add significant value to the development by offering a range of USPs, including ample space for non-motorised watersports, such as sailing, kayaking, paddle boarding and swimming, all in a safe environment.

The lagoons are developed using 30 times less water than a golf course, half the water required of a park of the same size, 100 per cent less chemicals than a traditional filtration system and 98 per cent less energy required by conventional water treatments systems., it stated.

The low construction and maintenance costs, teamed with unmatched sustainable credentials, offer a substantial return-on-investment for TatweerMisr, it added.

Carlos Salas, the Middle East regional director of Crystal Lagoons, said: "Our latest venture with TatweerMisr is further testament to the vital role Crystal Lagoons plays in the successful introduction of new and existing real estate and hospitality projects to the market."

"Our hi-tech, energy efficient lagoons are an increasingly popular amenity choice for forward thinking developers in Egypt seeking an affordable, long-term solution for sustainable development," he added.

Ahmad Shalaby, the managing director, TatweerMisr, pointed out that its partnership with Crystal Lagoons has allowed the company to provide added value that is based on innovation for its guests and residents.

"The development of those projects has resulted in a unique value proposition that has provided each of our residents the dream beach house be it on the Mountains in Sokhna or the North Coast resort of Fouka," noted Shalaby.

Crystal Lagoons currently has 600 projects at various stages of development worldwide. The company has experienced incredible growth in Egypt over the past two years – the country is currently its fifth largest market with projects worth over $5 billion.

“We are now present in three of the country’s main second home destinations – namely the north coast, Sharm El Sheikh and the Red Sea coast. Many of our 12 projects are currently in the design stage, although we will start to see some of the first ones coming online in the North Coast later this year,” said Salas.

“Our proposition is particularly appealing to our business partners in Egypt – especially considering we can use any kind of water including brackish from underground aquifers that has no other use, eliminating the need to consume valuable fresh water resources,” he added.-TradeArabia News Service

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