Egyptian real estate company Tower Developments is set to start work on the first phase of its flagship Tower Bay project in Port Said by May next year, said a report.

The first phase, being built at a cost of E£800 million ($45.2 million), will come up over a 45,000-sq-m area, reported Amwal Alghad, citing a senior company official.

“This phase is to encompass about 325 various units,” stated Ahmed Lasheen, the chief executive of Tower Developments.

The company will soon sign construction contracts worth around E£300 million to execute the first phase within the next nine months, he added.