El Gouna launches Tuban on Red Sea Coast

Updated 10/1/2024 11:49:00 AM

Arab Finance: El Gouna, Orascom Development’s fully integrated and sustainable town in the Red Sea, has launched Tuban, its largest multi-purpose district to date, as per an emailed press release.

Spanning over 1 million square meters at the heart of El Gouna, Tuban is just minutes away on foot from El Gouna Hospital and G Valley, the integrated business hub for SMEs and entrepreneurs.

The first residential phase of the project, dubbed ‘Tuban Waterfalls’, will feature a remarkable collection of townhouses and apartments, meticulously designed in collaboration with the renowned architect Hector Barroso.

Designed by the globally acclaimed engineering firm EDSA, the master plan promises a seamless fusion of innovation and elegance.

Tuban in El Gouna will feature various residential units, ranging from standalone villas and townhouses to apartments, in addition to top-tier amenities, including marinas, a hotel, a vibrant commercial district, expansive green spaces, parks, and a waterfront promenade.

“Tuban is a ground-breaking development in El Gouna, seamlessly integrating residential, commercial, hospitality, and for the first time luxury senior living offerings into one central location. This project marks a significant milestone in the town’s evolution, reinforcing its status as a sought-after, fully integrated destination," Mohamed Amer, CEO of El Gouna, said.

"Strategically located, Tuban offers a truly unique living experience that caters to the diverse needs of our homeowners, providing a comprehensive range of services that enhance convenience and enjoyment. We are on track to deliver the first phase of this project by the first quarter of 2027," he added.

In the first half (H1) of 2024, El Gouna recorded real estate sales of EGP 7.8 billion, marking a 172.1% year-on-year (YoY) increase.

The company has also raised the average price per square meter in El Gouna by 67.3% YoY in H1 2024 to EGP 207,079.

El Gouna is on track to complete the construction of 384 units this year, 96 of which have already been delivered to clients within the agreed timeframe.